Immucell Corporation · NASDAQ:ICCC
Immucell — Investor Presentation (April 2026)
31 slides from Immucell's investor presentation, Apr 14, 2026
Slide 1: Introduction to ImmuCell
ImmuCell Introduction to ImmuCell Investor Create April 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains “ as “expects " "targets, “projects”, “forecasts, “seeks” and similar words and expressions. Such statements include, but 2 ed to, any forward: looking statements rel our plans gots ana strteies for cur busines ture demond for our products, nung growt
Slide 3: Business Description
Business Description EEO
Slide 4: ImmuCell's First Defense products have a unique value proposition
ImmuCell’s First Defense® products have a unique value propo: industries and rotavirus on a commercial scale ImmuCell” 4
Slide 5: ImmuCell achieved record product sales growth
ImmuCell achieved ear record of double ImmuCell Product Sales 2010 - 2025 Million $ Ss 28 192 13.1% CAGR Be as 153 137 2020 202! ‘source Company anal eps ImmuCell” Founded in 1982 in Portland, Maine IPO in 1987 Focused on calf health: First Defense® approved by USDA in 1991 73 employees 88% domestic
Slide 6: Newborn calf values are rising
Newborn calf values are di U.S. Newborn Calf Prices Per Year S/head Arecord-high share $4725 dairies’ revenue is now wfrom " calf-sales (2.3% vs. 0.5%) 4-7x increase $1,385] since 2024 $1,400 Bect-on-Dairy Calves Epon ney $420 + Increasing value of calves $208 has raised interest in calf health 2021
Slide 7: Scours is a significant problem affecting calves
Scours is a significant problem affecting calves Prevalence of Disease in Pre-Weaning Calves (%, U.S.)° scous I 13.5% labor burden, lost growth, Respiratory 16.1% it Navel/Joint 5.036 ee industry! Causes of Death in Pre-Weaning Calves (%, U.S.) Scours hygien Respiratory 29.0% Unknown 18.0% ws tromia
Slide 8: Scours disrupts early development and reduces lifetime productivity
Scours disrupts early development and re iL. [\y__ ifetime productivity is reduced: Calves that survive have lower growth rates and stunted mammary gland development limiting at production by 700 Ibs!, approximately $150 of lost milk revenue per lactation. ImmuCell” bul, Merl, Wood, M, &Hernndes ove
Slide 9: Number of animals (in millions)
Number of animals (in millions) 35.1 34.5 213 208 13.7 2021 2022 ImmuCell” 2023 2024 2025 Source: Company ans Total Calves -2.2M since 2021 Unprotected calves -3.2M since 2021 Calves using scours preventatives? +1M since 2021
Slide 10: Scours market grew 14% in 2025; a $200M Total Addressable Market
scours market grew 14% in 2025; a $200M Total Addressable Market Million $ In 2025, 55% of calves were n 00M Total ~7% five-year CAGR Addressable Market in U.S. 2021, 2022 2023 2024 2025 Source Company ants, bsadon sare of tego spend ImmuCell”
Slide 11: $1.4B global Total Addressable Market
$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 4008 mition calves in 20 s ted international Snarkets + Assuming 50% spend per Source: Company estimates ImmuCell” a
Slide 12: First Defense hyperimmune process
‘st Defense® hyperimmu: S G& ff ky Ue. Manufacture Hyperimmunize Collect Harvest Deliver antibodies vaccines cows colostrum antibodies to calves USDA. unites states USDA geee, Dorin, OMRI
Slide 13: First Defense provides Immediate Immunity
First Defense® provides Immediate Immunity™ excellent management practices Reduced severity and uration of illne Reduced pathogen sheddin, born immuno- i A roa q Immediate Immunity™ ® aint 5 a it Reduced mortality Faster gut barrier development Enhanced intestinal First Defen: ific actin lin Improve
Slide 14: 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® ‘CHALLENGE TRIALS SHOWED: We had lots of issues with our calves before Tri-Shield®. Lab results confirmed we ror rrr Coronavirus Chal 50, su SURVIVAL 97, su SURVIVAL were dealing with all three p
Slide 15: First Defense serves three customer segments
First Defense® serves three customer segments Dairies Cow-calf Operations Calf Ranches produces the milk . milk or milk replacer + Management focuses on preparing replacement heifers for the milking herd utilization, cow fertility, and calf survival . Management focuses on standardized protocols and
Slide 16: First Defense portfolio addresses key segment needs
‘st Defense® portfol addresses key segment needs RI- IELD’ OIRLSHIELD PUALFORCE’ = -Fitsf.igfense gy g g gy g Made from colostrum with First i IR Defense Technology? Gel tube Gel tube and Bolus Powder for addition to milk, water r electrolyte solution challenge, $15.00 per dose? $8.00 per dose (bolu
Slide 17: First Defense is gaining share in a competitive market
First Defense® is gaining share in a competitive market ImmuCell Share of Animals Treated ImmuCell Share of Category Spend 2017-2025 2021-2025 15% 13% ImmuCell 10% 2017 2021 2025 2021 2022 2023 2024 2025 Seurce:Animalheoth mart dta rover ImmuCell”
Slide 18: Neutralizing Antibodies: comparison with market leading competitor
Neutralizing Antibodies Comparison with Market Leading Competitor 5.6x. E. coli Coronavirus mCompettor mimmucel Rotavirus ImmuCell” i limited by effi f the vaccine, variable i ind a F / ity by delivering targeted neutralizing antibodies to as their immune systems develop regular colostrum,
Slide 19: ImmuCell has a strong competitive position
ImmuCell has a strong competitive position + Superior product performance, based on using proprietary vaccination and milk-protein purification technologies + Strongest colostrum supplier network measured by retention, growth and satisfaction + Proprietary hyperimmunization protocols and colostrum p
Slide 20: 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 Selected U.S. Territories Growth Strategy " — Increase number of sales territories Adding FTE Add inside sales and technical support in 2027 a. large new markets — Leverage local distributor
Slide 21: ImmuCell has the manufacturing capacity to support growth
ImmuCell has the manufacturing capacity to support growth Capacity improvement Matron fet aan Pe Yar ind: cess review Orrst... 5-6 identi nich * Increase vaccine potency Pel a6 + Equipment upgrades 36 + Eliminate waste 3.3 3.0 * Optimal colostrum use + Labor productivity * Equipment utilization Plan
Slide 22: Financial Overview
Financial Overview OEE
Slide 23: Financial performance recovering from backorders in 2023-24
ImmuCell’s financial performance recovering from backorders in 2023-24 Product Sales zx 5. . $19.24 YI Growth Gross Profit ) (2.16) (5.7) (2.49) (0.08) Net (Loss) Income % (33%) (81%) (3.1%) (134%) (0.4) EBITDA? 219 111 (2.58) 0.35 2m Free Cash Flow $1.22 $(0.11) —_$(6.57) $5.52) $(1.65) ImmuCell” N
Slide 24: Gross Margin momentum is driving quarterly performance improvement
Gross Margin momentum is driving quarterly performance improvement OPERATING STATEMENT 2025 2024 inmillons 3 a2 ‘i as Product Sales $763 $5: $5.47 $7.26, vy (1.6%) (8.4%) 549% 110.6% | «)~S0.7m1 Gross Profit 2 12 2.30 | impairment wri Gross Margin 382% 42.9% 22.5% 31.6% | down of inventory in Cie pe
Slide 25: Recovery from multi-year short supply results in improved balance sheet
Recovery from multi-year short supply results in improved balance sheet Cash $38 $3.8 $1.0 $58 $102 ‘Accounts Receivable 34 38 22 18 2. Inventory 93 7a 78 60 31 R 17 14 16 24 10 wip 87 57 58 35 19) Finished 19 0.0 04 01 02 Prepaid expenses 0s 04 0s 04 03 Fixed Assets, Other 25.6 30.1 323 30.9 28.2 f
Slide 26: ImmuCell has returned to positive cash flow from operations in 2025
ImmuCell has returned to posi ive cash flow from operations in 2025 Operating Activities $2.5 $04 $4.7) $2.5) 1.0, Restored cash generation in late 2024 Investing Activities (1.2) (0.5) (1.9) (4.0) (1.6) Financing Activities (12) 29 4 a1 39) Debt (15) (15) 18 11 (0.4) Prin eal payments 2024 and 2025
Slide 27: ImmuCell is in a strong liquidity position, poised for growth
ImmuCell is in a strong liquidity position, poised for growth Cash Cashflows funded inventory build and Debt & Lease . debt payments in 2025 Net Debt & Lease 94 113 Debt incurred for Re-Tain® investments and to manage through backorder BITDAL $2.2 Sut Net Debt & Lease/EBITDA Ratio 428 10.22 Current
Slide 28: Summary
Summary EEE
Slide 29: Opportunity in the U.S. and $1.4 billion worldwide
the U.S. and $1.4 billion worldwide First Defense® gained 5% share since planning further expansion in 2026-2027 ImmuCell”
Slide 30: New management team in place to accelerate profit growth
New management team in place to accelerate profit growth Olivier te Boekhorst President and CEO Tim Fiori Chief Financial Officer Bobbi Brockmann Senior Vice President, Sales and Marketing Previousy, Operating Partner at ARCHIMED Chairman & CEO of SeqCenter, Testing, Medical Diagnostics, and Latin ‘
Slide 31: Contact
Olivier te posers President and CEO Timothy Fiori, CFO investorelotions@immucel. com +1 207 878-2770 Joe Diaz, Lytham Partners, LLC iccc@lythampartners.com +1 602 889-9700