ImmuCell Corporation (NASDAQ: ICCC) is an animal health biologics company, founded in 1982 and publicly registered since 1987, that develops, manufactures, and commercializes products designed to improve the survivability and health of neonatal dairy and beef calves. Revenue comes entirely from direct product sales, with the First Defense product line accounting for 99% of total product sales in both FY2025 and FY2024. The company also sells its own California Mastitis Test (CMT), which contributed approximately 1% of product sales in those same periods. Product sales in FY2025 were $27.6 million, a 4% increase over $26.5 million in FY2024, driven in part by $4.2 million in incremental Tri-Shield sales from higher purchasing volume and new dairy and beef customers. The company manufactures at a single facility in Maine. In late 2025, ImmuCell decided not to pursue manufacture of its Re-Tain intramammary antibiotic product and is seeking to license or partner that technology. The company reported a net operating loss for FY2025 and has raised capital through at-the-market equity offerings.

Revenue model

Transactional product sales. ImmuCell sells veterinary biologic products directly to dairy and beef producers. First Defense accounted for 99% of total product sales in FY2025 and FY2024. CMT contributed approximately 1% of product sales in the same periods. Total product sales were $27.6 million in FY2025.

Products and services

First Defense: a hyperimmunized bovine colostrum-based product providing pathogen-specific antibodies against E. coli, bovine coronavirus, and bovine rotavirus, delivered as single-dose boluses, gel syringes, or multi-dose powder. Tri-Shield: a First Defense line extension that saw $4.2 million in incremental FY2025 sales. CMT (California Mastitis Test): used to detect somatic cell counts in milk, representing approximately 1% of FY2025 product sales. Re-Tain: an intramammary antibiotic product for subclinical mastitis that the company decided not to manufacture in late 2025, with licensing or partnership now being pursued.

Customers and end markets

Commercial dairy operations, specialized calf ranches, and beef producers managing newborn calves. End market is calf scours prevention. Spend on biological scours preventatives exceeded $90 million in 2025, up approximately 14% from 2024, with a cumulative average growth rate of 6.9% since 2021, per a market-leading animal health data provider cited in the FY2025 10-K.

Value-chain role

Vertically integrated manufacturer and direct seller of veterinary biologics. ImmuCell sources hyperimmunized bovine colostrum as a primary input, manufactures finished products at a single facility in Portland, Maine, and sells to dairy and beef producers. Products are regulated as veterinary biologics by the USDA Center for Veterinary Biologics in the U.S. and by the Canadian Food Inspection Agency in Canada. The company relies on trademarks, trade secrets, and contractual agreements to protect proprietary manufacturing processes.

Geographic exposure

Primary operations and manufacturing are concentrated at a single facility in Maine. Products are sold in the United States and Canada. The company disclosed plans to expand into new international markets as of the FY2025 10-K filing.

Source: SEC 10-K, filed 2026-03-30

Industry: In Vitro & In Vivo Diagnostic Substances Peers: X4 Pharmaceuticals Inc Atreca, Inc. ZEO ScientifiX Inc Curis Inc Senti Biosciences Inc Disc Medicine Inc EOM Pharmaceutical Holdings, Inc. Pyxis Oncology Inc Surface Oncology, Inc.