Instituto Rosenbusch S.A.

What it is

Rosenbusch makes and sells veterinary products — antiparasitic drugs, vitamins, hormone treatments, and vaccines — structured across two lines: Pharmaceutical (antibiotics, antiparasitics, vitamins and minerals) and Biological (vaccines for cattle, horses, pigs, sheep, and dogs).

The company traces its roots to 1917, when veterinarian Dr. Francisco Rosenbusch — who spent his career researching biological products for livestock — formally constituted the business as Instituto de Biología Experimental in 1924. It is the only veterinary company in its sector listed on the Buenos Aires stock exchange.

Who owns it

In February 2026, the Balestrini family — through holding vehicles Rinder S.A. and San Teobaldo S.A., together with family members Rodolfo, Matías, Andrés, and Nicolás Balestrini — sold their entire 80.16% controlling stake to Córdoba-based agribusiness Agro 2000 S.A., in a deal that valued the whole company at around $7.5 million.

The agreed price was $0.1785 per share. The remaining roughly 20% of shares trade freely on the BCBA, held by retail and other investors.

Who runs it

Dr. Rodolfo Martín Balestrini serves as President and Chairman of the Board of Directors. He signed the April 2026 shareholder-meeting notice to the CNV (Argentina’s securities regulator) in that capacity, meaning he remained at the helm even after the ownership transfer.

A CFO or separate general manager is not disclosed in available sources.

The money, in plain words

In the most recent full year (FY 2025), Rosenbusch lost ARS 4.6 billion (US$3 mn) (~$3.1 million) on sales of ARS 6.4 billion (US$4 mn) (~$4.4 million) — a net loss margin of –71.8%, meaning it spent nearly ARS 1.72 (US$0.00)for every real of revenue it brought in (our calculation). That compares with a loss margin of –17.1% in FY 2024 and a small profit margin of +12.4% in FY 2023 (our calculations).

Revenue from the local market fell 51.6% and export revenue dropped 5.1%, while costs of sales actually rose 19.8% — flipping gross profit negative for the first time, meaning the company lost money even before counting administrative or financial expenses.

Total assets stand at ARS 7.7 billion (US$5 mn) (~$5.3 million USD), but total liabilities of ARS 8.3 billion (US$6 mn) (~$5.7 million) exceed them, leaving shareholders’ equity at a negative ARS 800 million (~–$548,000 USD) — technically, liabilities outweigh everything the company owns. The company itself acknowledged “significant financial difficulties” that have damaged its balance sheet, with high costs and limited access to working-capital credit.

What it is doing now

In April 2026, management convened a shareholder assembly for May 13, 2026, with an agenda that included considering a capital increase by converting shareholder loans from Agro 2000 S.A. — the new owner — into equity, as a way to repair the negative balance sheet.

The assembly agenda also listed consideration of “loss of share capital” under Argentina’s General Companies Law — a legal trigger that, if not resolved, can force dissolution. The new controlling shareholder Agro 2000 appears to be the primary source of rescue financing.

What to watch

• Capital injection outcome: Whether the May 2026 assembly approves converting Agro 2000’s loans into shares will determine if the negative equity — and the legal dissolution risk — is resolved.
• Mandatory takeover bid (OPA): Under Argentine securities law, Agro 2000’s acquisition of the majority block triggers a mandatory public tender offer to minority shareholders; the terms and price of that offer, and whether regulators accept installment payments, remain an open dispute.
• Revenue recovery: Domestic sales collapsed 51.6% in FY 2025; any stabilisation of Argentine livestock-sector demand and input costs is the clearest path to operational breakeven.
• Delisting risk: With equity negative and legal proceedings active, the CNV could impose special trading conditions or, in an extreme scenario, suspend the listing.

This is news, not investment advice.