ImmuCell (ICCC) Investor presentation summary

Unique value proposition and market position

• Only company able to concentrate, purify, and quantify specific colostrum antibodies against E. coli, coronavirus, and rotavirus at commercial scale, serving dairy and beef industries.

• First Defense® is a USDA-licensed scours prevention product line, driving stable revenue and profit growth.

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

• Gained 5% market share since 2021, now treating 15% of animals and capturing 29% of category spend in 2025.

• Competitive advantage based on superior antibody levels (3.3x–5.6x vs. competitors) and additional colostrum benefits.

Market dynamics and growth drivers

• U.S. scours market grew 14% in 2025, reaching a $200M total addressable market; global TAM estimated at $1.4B.

• Calf values have surged 4–7x since 2021, increasing demand for health solutions and scours preventatives.

• Despite a 1.5% decline in calf numbers in 2025, use of scours biologics rose 10.4%, with 45% of calves now protected.

• Scours remains a major issue, causing 30–40% of pre-weaning mortality and $800M–$1B annual economic burden in the U.S.

Product efficacy and customer segments

• First Defense® delivers immediate immunity by providing targeted antibodies, reducing mortality, illness severity, and pathogen shedding.

• Challenge trials show up to 100% survival and significant reductions in treatment and illness duration.

• Serves dairies, cow-calf operations, and calf ranches, with tailored product formats and pricing for each segment.