Immucell Corporation · NASDAQ:ICCC
Immucell — Investor Presentation (May 2026)
34 slides from Immucell's investor presentation, May 15, 2026
Slide 1: Introduction to ImmuCell
Nasdaq: ICCC Introduction to ImmuCell Investor Presentation May 15, 2026 Nasdaq: ICCC
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and will ofte
Slide 3: Business Description
Business Description 3 Nasdaq: ICCC
Slide 4: ImmuCell's First Defense® products have a unique value proposition
ImmuCell’s First Defense® products have a unique value proposition • ImmuCell is an animal health biologics company serving the dairy and beef industries • ImmuCell is the only animal health company with the ability to concentrate, purify and quantify specific colostrum antibodies against E. coli, c
Slide 5: ImmuCell achieved 15-year record of double-digit growth in calf health
ImmuCell achieved 15-year record of double-digit growth in calf health ImmuCell Product Sales 2010 – 2025 Millions $ Key Facts • Founded in 1982 in 27.6 Portland, Maine 26.5 • IPO in 1987 19.2 18.6 13.1% CAGR 17.5 15.3 • Focused on calf health: 13.7 First Defense® approved 10.2 9.5 10.4 11.0 by USDA
Slide 6: ImmuCell product sales are driven by Tri-Shield®
ImmuCell product sales are driven by Tri-Shield® ImmuCell Product Sales 2023 – 2026 Millions $ Key Facts Key themes Q1 2026 TriShield All other 10.4 • Increased sales activity 7.8 8.1 7.3 7.6 6.4 • High seasonal demand 6.0 5.4 5.1 5.5 5.5 from cow-calf segment 3.4 3.5 7.9 • Product availability 5.7
Slide 7: Newborn calf values are driving demand for calf health solutions
Newborn calf values are driving demand for calf health solutions U.S. Newborn Calf Prices Per Year $/head Take-aways A record-high share of $1,725 dairies’ revenue is now from calf-sales (2.3% vs. 0.5%) 4 – 7x increase $1,385 since 2024 Source: TheBullvine.com $420 Increasing value of calves $204 ha
Slide 8: Scours is a significant problem affecting calves
Scours is a significant problem affecting calves One of the most prevalent diseases in neonatal calves worldwide and accounts Prevalence of Disease for 30-40% of pre-weaning mortality in many production systems1 in Pre-Weaning Calves (%, U.S.)5 Scours 14.5% Economic impact of scours includes treatme
Slide 9: Scours disrupts early development and reduces lifetime productivity
Scours disrupts early development and reduces lifetime productivity Damage to intestinal lining: Pathogens create an infection that destroys intestinal epithelial cells reducing the calf’s ability to absorb nutrients, water, and electrolytes. Gut microbiome disruption: Undigested nutrients remain in
Slide 10: 1.5% decline of calves in 2025 offset by 10.4% higher use of scours biologics
1.5% decline of calves in 2025 offset by 10.4% higher use of scours biologics Calves Benefiting From Scours Preventatives in U.S.1 Number of animals (in millions) 35.1 34.5 33.5 33.4 -1.5% 32.9 Total Calves -2.2M since 2021 21.3 20.8 20.4 20.0 18.1 Unprotected calves -3.2M since 2021 Calves using sc
Slide 11: U.S. scours market grew 14% in 2025; a $200M Total Addressable Market
U.S. scours market grew 14% in 2025; a $200M Total Addressable Market Estimated Total Spend on Scours Preventatives in U.S. Million $ 93 82 14% growth in 2025 In 2025, 55% of calves were 75 76 untreated, creating an 71 estimated ~$200M Total ~7% five-year CAGR Addressable Market in U.S. 2021 2022 20
Slide 12: $1.4B global Total Addressable Market from 20 markets
$1.4B global Total Addressable Market from 20 markets • ~$200 million U.S. TAM based on 33 million calves • Scours is a global concern • More than 400 million $1.4 billion global TAM calves in 20 selected international markets • Assuming 50% spend per calf in international markets compared to U.S.,
Slide 13: First Defense® hyperimmunizes cows to deliver antibodies to calves
First Defense® hyperimmunizes cows to deliver antibodies to calves Manufacture Hyperimmunize Collect Harvest Deliver antibodies vaccines cows colostrum antibodies to calves 13 Nasdaq: ICCC
Slide 14: First Defense® provides Immediate Immunity™
First Defense® provides Immediate Immunity™ No production environment is sterile bovine coronavirus, Immediate Immunity™ rotavirus, E. coli and other bacteria and viruses are present despite • Reduced mortality excellent management practices • Reduced severity and duration of illness Calves are the
Slide 15: Addressing scours with First Defense® yields high return on investment
Addressing scours with First Defense® yields high return on investment Results from Using First Defense® Customer testimonial We had lots of issues with our calves before Tri-Shield®. Lab results confirmed we were dealing with all three pathogens, E. coli, coronavirus, and rotavirus. Since we starte
Slide 16: First Defense® serves three customer segments
First Defense® serves three customer segments Dairies Cow-calf Operations Calf Ranches • Calves are raised on the same farm that • Calves remain with the dam • Specialized facilities that raise calves produces the milk • The dam provides milk until weaning for multiple dairies or within vertically •
Slide 17: First Defense® portfolio addresses key segment needs
First Defense® portfolio addresses key segment needs Made from colostrum with First Defense Technology® E. coli K99, Coronavirus, and Rotavirus E. coli K99, Coronavirus Gel tube Gel tube and Bolus Powder for addition to milk, water or electrolyte solution Dairies, cow-calf operations (beef) Price se
Slide 18: First Defense® is gaining share
First Defense® is gaining share ImmuCell Segment Share (U.S.) 2021 – 2026 (Q1) +11.4% 35.2% Share of category spend 28.2% 29.1% 26.1% 24.5% 23.8% 18.1% Share of animals treated 14.0% 14.0% 15.2% 15.0% 13.2% 2021 2022 2023 2024 2025 2026 Q1 Source: Animal health market data provider Nasdaq: ICCC 18
Slide 19: First Defense® market share is based on performance
First Defense® market share is based on performance Neutralizing Antibodies Comparison with Market Leading Competitor • Vaccines train the immune system to recognize antigens and produce antibodies, limited by efficacy of the vaccine, variable immune response, and a 5.6x newborn calf’s lack of funct
Slide 20: ImmuCell has a strong competitive position
ImmuCell has a strong competitive position • Superior product performance, based on using ImmuCell Customer Accounts proprietary vaccination and milk-protein Per Quarter, 2023 – 2025 purification technologies • Strongest colostrum supplier network measured by Average quarterly retention, growth and
Slide 21: ImmuCell aims to be global leader in calf scours prevention and treatment
ImmuCell aims to be global leader in calf scours prevention and treatment Calves and Conversion Opportunities Growth Strategy Selected U.S. Territories • Increase outreach to U.S. operations, leveraging awareness and 30 years’ commercial experience – Increase number of sales territories Adding FTE –
Slide 22: First Defense® manufacturing output increased 35% since 2024
First Defense® manufacturing output increased 35% since 2024 Manufacturing Units (MUs) Of First Defense® 2021 – 2026 Average Monthly MUs released Key themes 2026 +35% 464,517 • Improve planning 379,533 343,911 298,771 • Reduce waste 273,255 251,775 • Increase utilization • Optimize colostrum use • P
Slide 23: Financial Overview
Financial Overview 23 Nasdaq: ICCC
Slide 24: ImmuCell's financial performance recovering from backorders in 2023-24
ImmuCell’s financial performance recovering from backorders in 2023-24 OPERATING STATEMENT 2025 2024 2023 2022 2021 Annual, in millions 2023-24 backorders addressed between Q4 2024 and Q2 2025, Product Sales $27.64 $26.49 $17.47 $18.57 $19.24 impacting YoY comparisons, for YTY Growth 4.3% 51.6% (5.9
Slide 25: Gross Margin momentum is driving quarterly performance improvement
Gross Margin momentum is driving quarterly performance improvement OPERATING STATEMENT 2025 2024 Quarterly, in millions Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Product Sales $7.63 $5.51 $6.44 $8.07 $7.75 $6.01 $5.47 $7.26 YTY Growth (1.6%) (8.4%) 17.8% 11.2% 52.1% 11.4% 54.9% 110.6% (1) ~$0.7M Gross Profit 2.911 2.
Slide 26: Recovery from multi-year short supply results in improved balance sheet
Recovery from multi-year short supply results in improved balance sheet BALANCE SHEET 2025 2024 2023 2022 2021 As of December 31, in millions Assets Cash $3.8 $3.8 $1.0 $5.8 $10.2 Stable cash flow in 2025 Accounts Receivable 3.4 3.8 2.2 1.8 2.7 Inventory 9.3 7.1 7.8 6.0 3.1 Capacity constraints and
Slide 27: ImmuCell has returned to positive cash flow from operations in 2025
ImmuCell has returned to positive cash flow from operations in 2025 CASH FLOW STATEMENT 2025 2024 2023 2022 2021 Annual, in millions Operating Activities $2.5 $0.4 $(4.7) $(1.5) $1.0 Restored cash generation in late 2024 Investing Activities (1.2) (0.5) (1.9) (4.0) (1.6) Financing Activities (1.2) 2
Slide 28: ImmuCell is in a strong liquidity position, poised for growth
ImmuCell is in a strong liquidity position, poised for growth SELECTED METRICS 2025 2024 2023 2022 2021 Annual, in millions Cash $3.8 $3.8 $1.0 $5.8 $10.2 Cashflows funded inventory build and Debt & Lease 13.2 15.1 16.7 12.5 10.3 debt payments in 2025 Net Debt & Lease 9.4 11.3 15.7 6.7 0.0 Debt incu
Slide 29: Q1 2026 Update: Unaudited Statements of Income
Q1 2026 Update: Unaudited Statements of Income Statements of Income 2026 2025 Key themes Q1 2026 in millions Q1 Q1 Product Sales $10.4 $8.1 • Record revenue performance with 28.4% growth YTY Growth 28.4% 11.2% Gross Profit 4.7 3.4 • Gross margin improvements driven by price Gross Margin 45.0% 41.6%
Slide 30: Q1 2026 Update: Unaudited Balance Sheets
Q1 2026 Update: Unaudited Balance Sheets BALANCE SHEETS March 31, December 31, Key themes Q1 2026 in millions 2026 2025 Assets • Cash increased from $3.8M at year end to $6.8M Cash $6.8 $3.8 driven by strong product sales in the first quarter Accounts Receivable 2.7 3.4 Inventory 8.7 9.3 • $0.5M red
Slide 31: Summary
Summary ImmuCell’ Nasdaq: ICCC 31
Slide 32: Summary: ImmuCell is poised for growth
Summary: ImmuCell is poised for growth 2025 U.S. spend on calf scours was more than $90 million for 15 million calves, ImmuCell is gaining share in growing 14% driven by the increase of calf values a large, growing market with significant runway for The Total Addressable Market for scours prevention
Slide 33: New management team in place to accelerate profit growth
New management team in place to accelerate profit growth Olivier te Boekhorst Tim Fiori Bobbi Brockmann President and CEO Chief Financial Officer Senior Vice President, Sales and Marketing Joined ImmuCell in November 2025. Joined ImmuCell in April 2025. Joined ImmuCell in January 2010. Previously, O
Slide 34: Questions?
Questions? Olivier te Boekhorst, President and CEO Timothy Fiori, CFO investor.relations@immucell.com +1 207 878-2770 Joe Diaz, Lytham Partners, LLC iccc@lythampartners.com +1 602 889-9700 34 Nasdaq: ICCC