ImmuCell (ICCC) Q4 2025 TU earnings summary

Executive summary

• Strategic focus shifted to prioritize First Defense, suspending investment in Re-Tain due to regulatory delays and resource allocation considerations.

• Achieved near-record Q4 2025 sales of $7.6 million, down 1.6% year-over-year, with full-year 2025 sales up 4.3% to $27.6 million.

• Domestic sales grew 8.7% in Q4 2025 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 declines 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 $7.6 million (down 1.6% year-over-year); full-year 2025 product sales grew 4.3% to $27.6 million.

• Domestic Q4 sales: $7.0 million (up 8.7%); international Q4 sales: $0.6 million (down 52.6%).

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

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

• Tri-Shield product saw 41.3% growth in Q4 2025 year-over-year, reflecting customer migration from Dual-Force.

Outlook and guidance

• Continued focus on expanding First Defense sales and operational excellence.

• Expectation of maintaining seasonality trends, with Q4 and Q1 as strongest quarters.

• Ongoing capacity expansion plans, including further lyophilization improvements and potential capital investments.

• Investigational studies for Re-Tain to be completed in first half of 2026 to support future partnering.

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