The influence of recombination parameters on phase composition of previously disproportionated commercial ferromagnetic alloy KC37 (based on SmCo$_{5}$) is investigated by means of the differential thermal and X-ray diffraction analyses. The sequence of phase transitions, which precede recovery of initial phase composition, is established during recombination by heating to 550—950°C with exposure to 5 h. As shown, the heating of disproportionated products in vacuum to 550°C is accompanied by a partial disintegration of samarium hydride and formation of Sm$_{2}$Co$_{7}$ phase. Intermetallic Sm$_{2}$Co$_{7}$ and Sm$_{2}$Co$_{17}$ phases appear after vacuum treatment in the temperature range of 600—680°C. The proportion between these phases changes with increasing recombination temperature and exposure duration. As found, the recovery of SmCo$_{5}$ phase begins at 700°C, and its amount in the alloy gradually increases with temperature increasing.