Here are 1-3 brief analogies for United-Guardian (UG):

• Corning, but focused on specialized lubricants and cosmetic ingredients instead of glass.
• A highly specialized 3M, concentrating on medical lubricants and cosmetic ingredients.
• The 'Intel Inside' for the personal care product and medical device industries.

• Cosmetic and Personal Care Ingredients: United-Guardian manufactures and supplies specialty ingredients for use in a wide range of beauty, skin care, hair care, and other personal care products.
• Health Care Products: This segment includes the prescription drug Renacidin, used for treating kidney stones, and specialty lubricants for medical devices.
• Specialty Industrial Products: The company produces various industrial lubricants, rust inhibitors, and other chemical additives for diverse industrial applications.

United-Guardian, Inc. (symbol: UG) primarily sells its products to other companies (Business-to-Business, B2B) rather than directly to individuals. The company manufactures and markets a diverse range of proprietary specialty industrial products, pharmaceuticals, cosmetic ingredients, and medical lubricants.

According to United-Guardian's financial filings (e.g., their most recent 10-K report), no single customer accounted for 10% or more of the company's sales in recent fiscal years. As such, United-Guardian does not publicly disclose the names of specific "major customers" because no individual customer meets the threshold for mandatory disclosure by the SEC.

However, based on its product lines, United-Guardian serves a broad base of customers across several industries. These customer categories represent who its customers are collectively:

• Pharmaceutical and Biotechnology Companies: These customers purchase Active Pharmaceutical Ingredients (APIs), finished dose pharmaceutical products, and specialized excipients for use in their own formulations.
• Cosmetic and Personal Care Product Manufacturers: Companies in this sector utilize United-Guardian's specialty ingredients, such as natural emollients, thickening agents, and other components, for creams, lotions, hair care products, and various other beauty and personal care items.
• Industrial and Medical Device Manufacturers, and Healthcare Distributors: This category encompasses companies that use United-Guardian's proprietary specialty lubricants (including the LUBRAJEL® brand) and release agents for industrial applications, or as components in medical devices, as well as distributors supplying these products to healthcare facilities.

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Donna Vigilante, President

Donna Vigilante was appointed President of United-Guardian, Inc. in June 2023 and also joined the company's Board of Directors in May 2025. She has been with United-Guardian for over 20 years, having previously served as a Vice President and managed the Research and Development department. Ms. Vigilante has been responsible for the development of many of the company's products. She holds a Bachelor of Science degree in biochemistry with a minor in business from Stony Brook University and focuses on new marketing strategies and expanding product lines, particularly naturally-derived and environmentally friendly products.

Andrea J. Young, Chief Financial Officer, Controller, Treasurer & Secretary

Andrea J. Young serves as Chief Financial Officer, Controller, Treasurer, and Secretary, and also as Human Resources Manager for United-Guardian, Inc. She joined the company as CFO and Controller in September 2016. Ms. Young is a seasoned financial professional with extensive experience in accounting and financial management. Her previous roles include Assistant Controller at Utopia Home Care, Inc., Divisional Financial Controller at Graham Field Health Products, and former Audit Manager at Deloitte. Andrea Young holds a Master of Business Administration degree in Finance from Long Island University.

Peter A. Hiltunen, Senior Vice President, Production Manager

Peter A. Hiltunen holds the titles of Senior Vice President of Production & Procurement and Production Manager at United-Guardian, Inc. He possesses extensive experience in overseeing the company's manufacturing operations and supply chain. Mr. Hiltunen is crucial in ensuring the efficient and cost-effective production of United-Guardian's product portfolio, with responsibilities including managing raw material sourcing, inventory control, production scheduling, quality assurance, and overall operational efficiency.

Denise Costrini, Marketing Director

Denise Costrini is the Marketing Director at United-Guardian, Inc. In this role, she is responsible for developing and executing the company's marketing strategies to promote its products and enhance brand awareness. Her responsibilities encompass market research, advertising, public relations, digital marketing, and brand management, playing a vital role in understanding customer needs and market trends.

The key risks to United-Guardian's business include:

1. High Dependence on Volatile Cosmetic Ingredients Segment and Intense Competition/Tariffs: United-Guardian's earnings have been significantly impacted by a sharp decline in its cosmetic ingredients sales, a primary revenue driver. This segment faces substantial headwinds from increased competition, particularly from cheaper Asian producers, and U.S. tariffs on Chinese imports, leading to supply chain disruptions and excess inventory. The company experienced a 63% plunge in cosmetic ingredients sales in Q1 2025, contributing to an overall 24% revenue decline.

2. Significant Reliance on a Single Pharmaceutical Product (Renacidin®): The company's pharmaceutical segment, primarily driven by its flagship drug Renacidin®, represents a substantial portion of its revenue, making it a "single-point failure" risk. While Renacidin sales have shown some growth, the heavy reliance on this one product exposes the company to risks associated with supply chain issues, regulatory changes, or increased competition in its niche market.

3. Unsustainable Dividend Payout Ratio Amidst Declining Profitability: United-Guardian's dividend policy is a critical vulnerability, with a payout ratio that has reached 111.1%. This means the company is distributing more in dividends than it earns, indicating an unsustainable model that is being funded by retained earnings or reserves rather than current profits. This unsustainable payout ratio is exacerbated by plummeting earnings and a challenging operating environment characterized by declining net profit, reduced net sales, and lower operating cash flow.

United-Guardian (UG) operates primarily in the personal care, pharmaceutical, and industrial sectors, manufacturing and marketing proprietary ingredients and finished products. The addressable market sizes for its main product categories are as follows:

• Personal Care Ingredients: The global personal care ingredients market was valued at approximately USD 13.45 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 4.6% during the forecast period. Other estimates place the global market size at USD 11.83 billion in 2024, expected to reach USD 16.22 billion by 2030 with a CAGR of 5.47%. Another report indicates a global market size of USD 15.48 billion in 2025, predicted to increase to about USD 25.96 billion by 2034, growing at a CAGR of 5.92%.
• Pharmaceuticals (Active Pharmaceutical Ingredients - API): The global active pharmaceutical ingredients market size was estimated at USD 255.0 billion in 2024 and is projected to reach USD 359.45 billion by 2030, growing at a CAGR of 5.8% from 2025 to 2030. Another assessment values the global API market at USD 136.22 billion in 2024, with a projection to reach USD 198.39 billion by 2030 at a 6.6% CAGR.
• Medical Lubricants: null
• Specialty Industrial Products: null

Here are 3-5 expected drivers of future revenue growth for United-Guardian (UG) over the next 2-3 years:

• Expanded Formulary Access for Renacidin: United-Guardian is actively working with an external pharmaceutical consultant to secure placement of Renacidin, its most significant pharmaceutical product, on additional drug formularies. This initiative is expected to significantly increase sales of Renacidin in the coming years.
• Strategic Expansion in Sexual Wellness Ingredients: The company has implemented strategic distribution arrangements, including a partnership with Brenntag Specialties in late 2023 for a new line of sexual wellness ingredients across the United States and various international markets. Additionally, United-Guardian has broadened its collaboration with Azelis Group in Europe and is extending its distributor network to include South Korea for certain products, aiming to diversify revenue and expand its geographic footprint.
• Consistent Growth in Medical Lubricants: The medical lubricants segment has demonstrated steady growth, with sales increasing by 6% in the first nine months of 2025 and 16% in fiscal year 2024. This consistent performance is anticipated to continue contributing to future revenue.
• Recovery and Market Share Gains in Cosmetic Ingredients: Despite recent declines attributed to inventory adjustments by a major distributor, management is focused on efforts to restore competitiveness and regain market share in Asia through expanded distribution. The anticipated launch of the new Natrajel line in 2026 is also expected to support the stabilization and growth of cosmetic ingredient sales.

Capital Expenditures

• United-Guardian's investing cash flow, which includes capital expenditures, was -$468,680 in 2020, -$183,470 in 2021, $897,560 in 2022, $4,730,000 in 2023, and -$7,080,000 in 2024.
• In 2024, a significant portion of the net cash used in investing activities, amounting to $7,077,395, was primarily attributed to increased investment in marketable securities.
• The company had plans for capital expenditures by the end of 2024, including upgrading its building sprinkler system and replacing the roof on its facility in Hauppauge, NY.