IMMUCELL CORP /DE/ (ICCC) Company Report

ImmuCell Corporation (ICCC) reported Q4 2025 product sales of $7.6 million, a 1.6% decrease year-over-year, and full-year 2025 product sales of $27.6 million, a 4.3% increase year-over-year.
The company is undergoing a significant strategic shift to focus on First Defense products, pausing investment in Re-Tain due to an FDA Incomplete Letter and a contract manufacturer's refusal to extend their agreement.
This strategic change resulted in an estimated $2.9 million non-cash impairment write-down of Re-Tain related assets and an estimated $600,000 inventory write-down in Q4 2025.
Domestic sales grew 8.7% in Q4 2025, and Tri-Shield product sales increased by 41.3% compared to Q4 2024, indicating a shift towards this product within the First Defense suite.
ICCC plans to repurpose most Re-Tain manufacturing assets for First Defense, expand its sales team by 50%, and aims to maintain a more than 15% increase in lyophilization output in 2026, similar to 2025, to support First Defense growth.

Jan 9, 2026, 2:00 PM

Transcript

ImmuCell Corporation Announces Strategic Shift to First Defense and Q4 2025 Sales Results

ICCC

Earnings

New Projects/Investments

Hiring

ImmuCell Corporation announced a strategic shift to focus on its First Defense product line, pausing investment in Re-Tain due to an FDA Incomplete Letter related to contract manufacturer issues and high confidence in First Defense's growth potential.
For Q4 2025, total product sales were $7.6 million, a 1.6% decrease year-over-year, while full-year 2025 total product sales increased 4.3% to $27.6 million compared to 2024. Domestic sales grew 8.7% in Q4 2025, and Tri-Shield sales grew 41.3% compared to Q4 2024.
The company will record a non-cash impairment write-down of approximately $2.9 million for Re-Tain related assets and an estimated $600,000 inventory write-down in Q4 2025.
ImmuCell plans to expand its sales team by 50% and repurpose most Re-Tain manufacturing assets to support First Defense capacity expansion, with potential capital outlays including approximately $3 million for a new freeze dryer.

Jan 9, 2026, 2:00 PM

Transcript

ImmuCell Shifts Strategy to First Defense, Reports Q4 and Full-Year 2025 Sales

ICCC

New Projects/Investments

Demand Weakening

Management Change

ImmuCell Corporation is shifting its strategy to focus on its First Defense product line and suspending investment in Re-Tain due to an FDA Incomplete Letter and issues with its contract manufacturer.
For Q4 2025, total product sales were $7.6 million, a 1.6% decrease compared to Q4 2024, though domestic sales grew 8.7% to $7 million. Full-year 2025 total product sales increased 4.3% to $27.6 million compared to full-year 2024.
The strategic shift will result in a non-cash impairment write-down of approximately $2.9 million for Re-Tain related assets and an inventory write-down of about $600,000 in Q4 2025.
The company plans to repurpose most Re-Tain manufacturing assets for First Defense, expand its sales team by 50%, and seek a potential partner for Re-Tain after completing investigational studies in the first half of 2026.

Jan 9, 2026, 2:00 PM

Transcript

ImmuCell Reports Preliminary Q4 and Full Year 2025 Sales Results and Impairment Charges

ICCC

Earnings

New Projects/Investments

Demand Weakening

ImmuCell announced preliminary unaudited total sales of $7.6 million for Q4 2025, representing a 1.6% decline compared to Q4 2024, while full-year 2025 total sales increased 4.3% to $27.6 million.
The company plans to record approximately $3.6 million in non-cash impairment write-downs during Q4 2025, including $2.9 million related to Re-Tain® assets following an FDA Incomplete Letter and a strategic shift to focus on First Defense®.
Tri-Shield® sales demonstrated strong growth, increasing 41.3% to $6.0 million in Q4 2025 and 26.5% to $19.9 million for the full year 2025, with plans to expand the sales force and manufacturing capacity for First Defense®.

Jan 8, 2026, 9:13 PM

8-K

ImmuCell Announces Preliminary Q4 and Full Year 2025 Sales and Strategic Shift

ICCC

Earnings

New Projects/Investments

ImmuCell reported preliminary, unaudited total sales of $7.6 million for Q4 2025, a 1.6% decline from Q4 2024, and $27.6 million for the full year 2025, a 4.3% increase from 2024.
Tri-Shield® sales significantly increased, growing by 41.3% to $6.0 million in Q4 2025 and by 26.5% to $19.9 million for the full year 2025, while Dual-Force® and other sales declined.
The company is shifting its strategic focus to First Defense® after receiving an FDA Incomplete Letter for its Re-Tain® product, leading to a planned $2.9 million non-cash impairment write-down of Re-Tain® property, plant, and equipment in Q4 2025.
ImmuCell plans to repurpose approximately $15.5 million of Re-Tain® assets for First Defense® to expand liquid processing capacity and is also expanding its sales force by 50%.

Jan 8, 2026, 9:05 PM

Press Release

ImmuCell Shifts Strategic Focus to First Defense® After FDA Re-Tain® Setback

ICCC

New Projects/Investments

Profit Warning

ImmuCell Corporation received an Incomplete Letter from the FDA on December 23, 2025, for its Re-Tain® New Animal Drug Application (NADA), primarily due to deficiencies from a contract manufacturer.
As a result, ImmuCell has decided to pause further investment in Re-Tain® and increase its investment in the First Defense® franchise.
This strategic shift is expected to result in a non-cash impairment write-down of approximately $2.3 million related to Re-Tain® assets during the fourth quarter of 2025.
The company plans to expand its First Defense® field sales force by 50% and enhance its manufacturing capabilities for the product, which generated approximately $27.8 million in revenue for the trailing twelve months ended September 30, 2025.

Dec 29, 2025, 1:00 PM

8-K

ImmuCell Shifts Strategic Focus to First Defense® After FDA Re-Tain® Setback

ICCC

New Projects/Investments

Guidance Update

ImmuCell Corporation received an Incomplete Letter from the FDA for its Re-Tain® New Animal Drug Application (NADA) on December 23, 2025, leading the company to pause further investment in the product.
As a result, ImmuCell will increase investment in its market-leading First Defense® franchise, including a 50% expansion of its field sales force and manufacturing capabilities.
The company anticipates recording a non-cash impairment write-down of approximately $2.3 million during the fourth quarter of 2025 related to Re-Tain® assets, which had a net book value of approximately $15.5 million as of September 30, 2025.
First Defense® has demonstrated significant growth, with annual revenue increasing from $4.4 million to approximately $27.8 million in the trailing twelve-month period ended September 30, 2025.

Dec 24, 2025, 6:05 PM

Press Release

ImmuCell Reports Q3 2025 Financial Results and CEO Transition

ICCC

Earnings

Management Change

Demand Weakening

ImmuCell Corporation reported a net income of $1.8 million for the nine months ended September 30, 2025, a $4.5 million swing from a net loss in the prior year, with basic net income per share of approximately $0.20.
Total product sales for Q3 2025 decreased by 8% compared to Q3 2024, primarily due to the timing of shipments and earlier restocking of distribution channels, though domestic sales increased by 2%.
Gross margin as a percentage of product sales significantly improved to 43% during Q3 2025, up from 26% in Q3 2024, driven by enhanced manufacturing performance and a 6% composite price increase.
Oliver Tebukurst was appointed President and CEO, effective November 1, 2025, following the earlier appointment of Timothy Fiori as CFO in April 2025.
Adjusted EBITDA for Q3 2025 was $751,000, and for the nine months ended September 30, 2025, it was $4.4 million, showing strong year-over-year improvement.

Nov 14, 2025, 2:00 PM

Transcript

ImmuCell Reports Improved Nine-Month Financials Amidst CEO Transition

ICCC

Earnings

CEO Change

CFO Change

ImmuCell Corporation reported a net income of $1.8 million for the nine months ended September 30, 2025, a significant improvement from a net loss of $2.7 million during the prior year period, with basic net income per share at approximately $0.20.
Product sales for the third quarter of 2025 decreased by 8% compared to the third quarter of 2024, which was in line with previous comments about the effect of restocking distribution channels earlier in the year. However, product sales for the nine-month period ended September 30, 2025, increased by 7% over the same period in 2024.
Gross margin as a percentage of product sales significantly improved to 43% during Q3 2025, up from 26% during Q3 2024, driven by enhanced manufacturing performance and a composite price increase of around 6%.
The company generated adjusted EBITDA of $751,000 for Q3 2025 and $4.4 million for the nine months ended September 30, 2025, showing favorable comparison to prior year periods.
Olivier te Boekhorst was appointed as the new President and CEO effective November 1, 2025, following a CEO succession plan, and Timothy Fiori joined as CFO in April 2025.

Nov 14, 2025, 2:00 PM

Transcript

ImmuCell Reports Q3 2025 Financial Turnaround and CEO Transition

ICCC

Earnings

CEO Change

CFO Change

ImmuCell Corporation reported a significant financial turnaround for the nine months ended September 30, 2025, achieving net income of $1.8 million compared to a net loss of $2.7 million in the prior year period, and basic net income per share of approximately $0.20.
Gross margin as a percentage of product sales increased to 43% during Q3 2025 and the nine-month period ended September 30, 2025, up from 26% and 27% respectively in the prior year periods, driven by improved manufacturing performance and a 6% composite price increase.
Product sales for Q3 2025 decreased by 8% compared to Q3 2024, primarily due to the effect of restocking distribution channels earlier in the year, although domestic sales were up 2% year-over-year and 9.5% quarter-over-quarter. Year-to-date product sales for the nine months ended September 30, 2025, increased by 7%.
The company announced Oliver Tebukurst as the new President and CEO, effective November 1, 2025, bringing over 25 years of animal health experience, and Timothy Fiori joined as CFO in April.