ImmuCell (ICCC) Investor presentation summary

Market opportunity and growth drivers

• Calf scours is a major global issue, causing up to 40% of pre-weaning mortality and $800M–$1B in annual U.S. economic losses, with prevention remaining a high-priority unmet need.

• Rising calf values and increased focus on calf health have driven demand for scours prevention solutions, with U.S. newborn calf prices up 4–7x since 2024.

• The U.S. scours prevention market grew 14% in 2025 to $93M, with a $200M total addressable market and 55% of calves still untreated.

• Global TAM is estimated at $1.4B across 20 international markets, assuming 50% per-calf spend compared to the U.S.

Product portfolio and competitive advantages

• First Defense® is the only commercial product delivering concentrated, purified, and quantified colostrum antibodies against E. coli, coronavirus, and rotavirus.

• The product provides immediate immunity, reducing mortality, illness severity, and pathogen shedding, and improving nutrient absorption and gut health.

• Clinical trials show up to 100% survival in coronavirus challenges and significant reductions in treatment needs and disease duration.

• First Defense® delivers 3.3x–5.6x more neutralizing antibodies than leading competitors and offers additional colostrum-derived benefits.

• The portfolio addresses dairies, cow-calf operations, and calf ranches, with multiple formats and price points.

Market share and operational performance

• First Defense® gained 11% share since 2021, reaching 35.2% of category spend and 18.1% of animals treated in Q1 2026.

• Manufacturing output increased 35% since 2024, supporting higher sales and improved product availability.

• Gross margins expanded from 22.1% in 2023 to 41.4% in 2025, driven by higher volumes and manufacturing efficiencies.

• The company is expanding U.S. sales territories and preparing for international growth, with capacity expansion planned for 2026–2027.