ImmuCell (ICCC) Q4 2025 TU earnings summary

Executive summary

• Strategic focus shifted to First Defense, pausing investment in Re-Tain due to FDA setbacks and resource prioritization.

• Preliminary unaudited Q4 2025 sales were $7.6 million, down 1.6% year-over-year, while full-year 2025 sales reached $27.6 million, up 4.3% from 2024.

• Domestic sales grew 8.7% in Q4 and 6.5% for the year, while international sales declined 52.6% in Q4 and 9.6% for the year.

• Tri-Shield sales surged 41.3% in Q4 and 26.5% for the year, offsetting a 53% Q4 and 28.2% annual decline in Dual-Force and other sales.

• Expansion of sales team and creation of new territories to drive further growth in First Defense.

Financial highlights

• Q4 2025 product sales were $7.6M, down 1.6% year-over-year; domestic sales up 8.7%, international sales down 52.6%.

• Full-year 2025 product sales grew 4.3% to $27.6M, with domestic growth offsetting international declines.

• Tri-Shield Q4 sales: $6.0M (up 41.3%); Dual-Force Q4 sales: $1.5M (down 53.7%).

• Full-year Tri-Shield sales: $19.9M (up 26.5%); Dual-Force sales: $6.9M (down 27.4%).

• Inventory write-down of $600K for unsuitable colostrum.

Outlook and guidance

• Continued focus on expanding First Defense capacity and operational excellence, with ongoing lyophilization improvements.

• Manufacturing improvements increased lyophilization output by over 15% in 2025, with further gains expected in 2026.

• Sales force expanded by 50% to support commercial growth.

• Hiring underway for two new U.S. sales territories and an international business development executive.

• Capacity expansion plans to be detailed in coming quarters; seasonality in sales expected to persist.