ImmuCell (ICCC) Investor presentation summary

Business overview and market opportunity

• Focuses on animal health biologics for dairy and beef industries, specializing in scours prevention for calves with First Defense® products.

• Only commercial provider of concentrated, purified, and quantified colostrum antibodies against E. coli, coronavirus, and rotavirus.

• Achieved a 15-year record of double-digit sales growth, with a 13.1% CAGR from 2010 to 2025.

• U.S. scours market reached $93M in 2025, growing at 14% annually, with a $200M total addressable market and $1.4B global TAM.

• First Defense® serves dairies, cow-calf operations, and calf ranches, offering tailored product formats and pricing.

Product differentiation and competitive position

• First Defense® delivers immediate immunity by providing targeted neutralizing antibodies, outperforming competitors by 3.3x–5.6x in antibody levels.

• Demonstrated high efficacy in challenge trials, reducing mortality and severity of scours, and improving lifetime productivity of calves.

• Gained 12.5% share of category spend since 2021, now at 36.3% in H1 2026.

• Proprietary hyperimmunization and colostrum processing, strong supplier network, and high customer satisfaction underpin competitive advantage.

Financial performance and growth

• Product sales reached $27.6M in 2025, with gross margin expanding from 22.1% in 2023 to 41.4% in 2025.

• Returned to positive cash flow from operations in 2025, ending Q2 2026 with $8.9M in cash.

• Adjusted EBITDA rose to $5.4M YTD 2026, with net income margin at 21.5%.

• Manufacturing output increased 62% since 2023, with $8M capacity expansion planned for 2027 to triple production and reduce timelines.