ImmuCell is like a **specialized Pfizer for dairy and beef cattle**, developing preventative products and treatments.

They're similar to a **Johnson & Johnson, but focused entirely on animal health products and diagnostics for livestock**.

• First Defense: An orally delivered product designed to prevent scours in newborn dairy and beef calves.
• Tri-Shield First Defense: A passive antibody product used to treat E. coli, coronavirus, and rotavirus.
• California Mastitis Test: A diagnostic test used to detect somatic cell counts in milk and identify mastitic udder quarters.
• Dual-Force First Defense: A whey protein concentrate marketed for nutritional and feed supplement purposes.
• Re-Tain: A Nisin-based intramammary treatment currently in development for subclinical mastitis in lactating dairy cows.

ImmuCell Corporation (ICCC) sells its products primarily to other companies, specifically animal health distributors. The provided background information does not list the names of these specific distributor companies.

Olivier te Boekhorst President and Chief Executive Officer

Mr. te Boekhorst was appointed President, Chief Executive Officer, and Director of ImmuCell in November 2025. He brings over 25 years of leadership experience in animal health. Before joining ImmuCell, he served as an Operating Partner at ARCHIMED, a global healthcare investment firm where he focused on animal health investments and served as Chief Executive Officer and Chairman of a portfolio company. Prior to that, Mr. te Boekhorst was at IDEXX from 2004 to 2022, leading strategy and mergers and acquisitions activities and serving as Senior Vice President and General Manager of IDEXX's livestock and dairy antibiotic residue businesses. He previously worked at The Boston Consulting Group.

Timothy C. Fiori Chief Financial Officer, Director

Mr. Fiori was elected to serve as Chief Financial Officer effective April 7, 2025. He also serves as Treasurer and Secretary of the Company. For the past 24 years, Mr. Fiori held various financial and commercial operating positions at Idexx Laboratories, most recently as its Senior Director Finance, Commercial Operations since 2020.

Michael F. Brigham Director and Special Advisor to the CEO

Mr. Brigham served as President and Chief Executive Officer of ImmuCell from February 2000 through October 2025, having joined the company in 1989. He also served as Chief Financial Officer from October 1991 through October 2025. Mr. Brigham will continue as a member of the Board and serve as a Special Advisor to the CEO until January 2026. Prior to ImmuCell, he worked as an auditor at Ernst & Young for almost six years.

Bobbi Jo Brockmann Vice President of Sales and Marketing, Director

Ms. Brockmann joined ImmuCell as Director of Sales and Marketing in January 2010 and was promoted to Vice President of Sales and Marketing in February 2015. Prior to that, she was employed as Director of Sales since May 2008 and Sales Manager from February 2004 to April 2008 at APC, Inc.

Elizabeth L. Williams Vice President of Manufacturing Operations

Ms. Williams has served as Vice President of Manufacturing Operations since April 2016.

The key risks to ImmuCell's business include:

1. Regulatory and Manufacturing Challenges for Re-Tain: ImmuCell has encountered significant setbacks in bringing its Nisin-based mastitis treatment, Re-Tain, to market. The United States Food and Drug Administration (FDA) issued an "Incomplete Letter" due to manufacturing deficiencies at a contract manufacturer, despite the product showing promise in other technical sections. This led ImmuCell to pause further direct investment in Re-Tain and resulted in a non-cash impairment charge of approximately $2.7 million for Re-Tain-related assets in Q4 2025. This challenge represents a significant hurdle to a once-anticipated growth product.
2. Operational Challenges with First Defense Production Capacity: With the strategic shift towards focusing on its First Defense franchise, ImmuCell faces the operational challenge of increasing product yields and expanding manufacturing capacity to meet anticipated demand. Management has identified this as a key challenge for 2026 and 2027, aiming to raise production volume to between 5 million and 6 million units through process improvements. The company's ability to effectively scale production for First Defense is crucial for its continued revenue growth and market share gains.
3. Product Concentration Risk: Following the difficulties with Re-Tain, ImmuCell has intensified its focus on its First Defense product line. While First Defense is a successful product and a market leader in scours prevention, this increased reliance on a single product or closely related product line introduces concentration risk. Future performance becomes highly dependent on the sustained market acceptance, competitive positioning, and efficacy of the First Defense franchise, making the company vulnerable to any adverse changes in its market or competitive landscape.

Addressable Markets for ImmuCell's Main Products

ImmuCell Corporation's primary products, focused on enhancing the health and productivity of dairy and beef cattle, address significant markets in the animal health industry.

First Defense and Tri-Shield First Defense (Calf Scours Prevention)

• The total addressable market for calf scours prevention products in the U.S. was estimated at over $200 million in 2025.
• The international market for calf scours prevention is estimated to be at least five times larger than the U.S. market, suggesting a global market exceeding $1 billion.
• U.S. producers spent approximately $93 million in the calf scours category in 2025.
• The global diarrhea/scours ruminant vaccines market was valued at US$384.5 million in 2024 and is projected to reach US$633.0 million by 2030. North America was the largest revenue-generating market in this segment in 2024.

California Mastitis Test (Bovine Mastitis Diagnostics)

• The global bovine mastitis treatment market was estimated at $2 billion in 2024 and is expected to grow to $3.7 billion by 2034. Other estimates place the global market valuation between $1.67 billion and $2.66 billion.
• North America held approximately 38.7% of the global bovine mastitis market in 2024. The North American bovine mastitis market is projected to reach over USD 1.15 billion by 2032, growing from USD 0.67 billion in 2024.
• The overall cattle health diagnostics segment is forecast to achieve a 7.22% Compound Annual Growth Rate (CAGR) through 2031.
• Bovine mastitis results in substantial economic losses, with global annual healthcare costs estimated between US$19.7 billion and $30 billion. Annual losses in the U.S. alone exceed $2.1 billion.

ImmuCell Corporation (ICCC) is expected to drive future revenue growth over the next two to three years through several key initiatives, primarily centered on its First Defense® product line:

1. Strategic Focus and Expansion of the First Defense Franchise: ImmuCell has strategically shifted its complete focus to its First Defense® calf scours prevention franchise, discontinuing further investment in its Re-Tain® mastitis program due to FDA approval delays. This renewed focus includes increased investment in the market-leading First Defense® product line.
2. Increased Manufacturing Capacity and Efficiency: The company is actively expanding its manufacturing capabilities for First Defense® products. Capacity increased from approximately 3 million units in 2023 to 4.1 million in 2024 and 4.6 million in 2025, with a goal to reach 5 to 6 million units annually through operational enhancements without significant capital investment. This expansion is crucial to meet growing demand and support sales growth by overcoming previous supply constraints.
3. Commercial Team Expansion and Enhanced Customer Outreach: ImmuCell is strengthening its commercial operations by increasing its field sales force by 50% and intensifying customer outreach. These efforts are aimed at acquiring new customers and expanding market share for the First Defense® product portfolio.
4. Product Mix Shift and Introduction of New Product Formats: The company has observed a shift in its product mix towards Tri-Shield® First Defense®, driven by new customer acquisition and migration from lower-priced Dual-Force® products. Additionally, ImmuCell has introduced a new bulk powder product format for First Defense®, specifically targeting large calf-raising ranches, which opens up a new market segment.
5. Pricing Actions and Gross Margin Expansion: ImmuCell has implemented strategic pricing actions. These, combined with higher sales volumes and improved manufacturing efficiencies, have contributed to a significant expansion in gross margins, indicating the company's ability to realize better pricing for its products.

Share Issuance

• In 2024, ImmuCell issued 1,228,227 shares of common stock through an At-The-Market (ATM) Offering, generating gross proceeds of approximately $4.6 million.
• As of October 31, 2025, the number of outstanding common shares was 9,045,851, an increase from 8,979,091 shares outstanding at December 31, 2024.
• In January 2026, the company granted performance-based stock options to its CEO for up to 110,000 shares, and stock options to its CFO for 120,000 shares and SVP for 100,000 shares, all exercisable at $6.26 per share.

Outbound Investments

• In December 2025, ImmuCell announced a strategic decision to pause further investment in its Re-Tain® subclinical mastitis product program, choosing instead to focus on the First Defense® product line.
• This strategic shift resulted in an approximately $2.7 million non-cash impairment write-down of certain property, plant, and equipment related to Re-Tain® during the fourth quarter of 2025.

Capital Expenditures

• ImmuCell plans to increase manufacturing capacity for its First Defense® product line from 4.6 million units in 2025 to between 5 million and 6 million units annually in 2026 and 2027.
• These capacity increases are expected to be achieved primarily through operational enhancements and process improvements, with minimal capital investment anticipated for similar improvements in 2026.
• The company is assessing the capital required to repurpose the building and majority of approximately $15.5 million net book value of Re-Tain® assets as of September 30, 2025, for First Defense® liquid processing capacity.