olivLaw · US equity research
ImmuCell Corporation ICCC
In Vitro & In Vivo Diagnostic Substances · SIC 2835 · Vertical: In Vitro & In Vivo Diagnostic Substances (SIC 2835)
ImmuCell is an animal health biologics company that develops and sells the First Defense line for preventing neonatal calf scours. The company moved past a long order backlog into faster sales growth in 2026, and its production expansion plan could sustain this momentum if demand holds.
At the close of 04 Nov 2026, ImmuCell Corporation (ICCC) stock was 10.37 USD (+1.17% on the day), with market capitalisation 94.2 m USD, P/E 138.2 on diluted EPS of 0.08 USD over the last 12 months, beta 0.36, 52-week range 4.56–11.72 USD. Latest reported quarter (Q2 2026): revenue of 7.2 m USD (+11.5% YoY), net income of 1.8 m USD (+265.6% YoY), diluted EPS 0.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 52.2
- neutral
- Bollinger (20, 2)
- 9.72 – 10.99
- in the upper half of the band · %B 0.51 · band width 12.3%
- SMA 50 / 200
- 10.07 / 8.92
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.08 / 0.10
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.4% | −1.1% | +7.5 pp | — |
| 3 months | −3.5% | −0.5% | −3.1 pp | — |
| 6 months | +19.7% | +4.4% | +15.4 pp | — |
| Year to date | +68.6% | +12.3% | +56.3 pp | — |
| 1 year | +72.8% | +13.5% | +59.3 pp | −26.8% |
| 3 years | +100.6% | +76.4% | +24.2 pp | −63.5% |
| 5 years | +15.4% | +63.7% | −48.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.0 m | 7.8 m | 8.1 m | 6.4 m | 5.5 m | 7.6 m | 10.4 m | 7.2 m |
| Cost of revenue | 4.4 m | 4.9 m | 4.7 m | 3.6 m | 3.1 m | 4.7 m | 5.7 m | 4.7 m |
| Gross profit | 1.6 m | 2.8 m | 3.4 m | 2.8 m | 2.4 m | 2.9 m | 4.7 m | 2.4 m |
| Research & development | 786.1 k | 819.4 k | 756.8 k | 831.9 k | 694.3 k | 758.9 k | 317.7 k | 119.7 k |
| Operating income | -574.9 k | 621.4 k | 1.1 m | 569.6 k | 20.1 k | -58.0 k | 2.0 m | 1.9 m |
| Depreciation & amortisation | 685.9 k | 684.7 k | 686.8 k | 679.0 k | 708.7 k | 709.5 k | 531.5 k | 470.6 k |
| Interest expense | 144.1 k | 136.2 k | 127.9 k | 124.8 k | 134.5 k | 106.1 k | 99.7 k | 95.7 k |
| Pre-tax income | -700.4 k | 520.6 k | 1.4 m | 503.8 k | -135.3 k | -2.8 m | 2.0 m | 1.9 m |
| Income tax | 1.3 k | 6.0 k | 1.9 k | 1.9 k | 4.5 k | 3.3 k | 12.5 k | 46.0 k |
| Net income | -701.7 k | 514.6 k | 1.4 m | 501.9 k | -139.7 k | -2.8 m | 1.9 m | 1.8 m |
| Diluted EPS | -0.09 | 0.06 ≈ | 0.16 | 0.06 | -0.02 | -0.31 ≈ | 0.21 | 0.20 |
| Operating cash flow | -639.3 k ≈ | -3.1 k | 1.6 m | 1.6 m ≈ | -1.2 m ≈ | 482.5 k | 3.6 m | 3.0 m ≈ |
| Capex | 88.4 k ≈ | 196.2 k | 329.1 k | 155.2 k ≈ | 593.9 k ≈ | 172.3 k | 177.2 k | 733.9 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 70 percentile of its own 10-quarter history (min 24.3, median 81.1, max 1,516.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.0 m | 13.7 m | 15.3 m | 19.2 m | 18.6 m | 17.5 m | 26.5 m | 27.6 m |
| Revenue YoY | +5.3% | +24.9% | +11.8% | +25.4% | −3.5% | −5.9% | +51.6% | +4.3% |
| Net income | -2.3 m | -1.3 m | -1.0 m | -78.3 k | -2.5 m | -5.8 m | -2.2 m | -1.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.42 | -0.19 | -0.14 | -0.01 | -0.32 | -0.75 | -0.26 | -0.12 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -21.1% | -9.4% | -6.7% | -0.4% | -13.4% | -33.1% | -8.1% | -3.8% |
| Free cash flow | -2.4 m | -1.2 m | -2.8 m | -1.7 m | -5.5 m | -6.6 m | -107.8 k | 1.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.8 m USD
- Financial debt
- 9.1 m USD
- Net debt
- 5.3 m USD
- Equity
- 27.1 m USD
- Total assets
- 42.5 m USD
- Debt / equity
- 0.34x
- Current ratio
- 4.26x
- ROE
- -3.8%
- ROA
- -2.4%
- FCF margin
- 4.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 15.3 m | 19.2 m | 18.6 m | 17.5 m | 26.5 m | 27.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Cost of revenue | 8.5 m | 10.6 m | 10.9 m | 13.6 m | 18.6 m | 16.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Gross profit | 6.9 m | 8.7 m | 7.6 m | 3.9 m | 7.9 m | 11.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Research & development | 4.4 m | 4.2 m | 4.5 m | 4.4 m | 3.9 m | 3.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Operating income | -1.4 m | 257.4 k | -2.3 m | -5.7 m | -1.6 m | 1.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Depreciation & amortisation | — | — | — | — | 2.7 m | 2.8 m | SEC (XBRL)· 30 Mar 2026verified |
| EBITDA | — | — | — | — | 1.1 m ≈ | 4.4 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Interest expense | — | 314.4 k | 348.5 k | 475.6 k | 568.7 k | 493.4 k | SEC (XBRL)· 30 Mar 2026verified |
| Pre-tax income | -1.0 m | -69.1 k | -2.5 m | -5.8 m | -2.1 m | -1.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Income tax | -10.1 k | 9.2 k | 7.7 k | 4.6 k | 10.1 k | 11.6 k | SEC (XBRL)· 30 Mar 2026verified |
| Net income | -1.0 m | -78.3 k | -2.5 m | -5.8 m | -2.2 m | -1.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | -0.14 | -0.01 | -0.32 | -0.75 | -0.26 | -0.12 | SEC (XBRL)· 30 Mar 2026verified |
| Weighted average diluted shares | 7.2 m | 7.6 m | 7.7 m | 7.7 m | 8.2 m | 9.0 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.9 m | 10.2 m | 5.8 m | 978.7 k | 3.8 m | 3.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Receivables | 1.8 m | 2.7 m | 1.8 m | 2.2 m | 3.8 m | 3.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Inventories | 2.1 m | 3.1 m | 6.0 m | 7.8 m | 7.1 m | 9.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Current assets | 12.2 m | 16.3 m | 14.0 m | 11.5 m | 15.0 m | 16.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Property, plant & equipment, net | 26.8 m | 26.9 m | 28.4 m | 27.6 m | 25.3 m | 21.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Goodwill | 95.6 k | 95.6 k | 95.6 k | 95.6 k | 95.6 k | 95.6 k | SEC (XBRL)· 30 Mar 2026verified |
| Intangibles (excl. goodwill) | 95.5 k | 76.4 k | 57.3 k | 38.2 k | 19.1 k | 0 | SEC (XBRL)· 30 Mar 2026verified |
| Total assets | 40.3 m | 44.5 m | 44.9 m | 43.8 m | 45.1 m | 42.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Accounts payable | 1.4 m | 1.6 m | 2.0 m | 2.1 m | 2.5 m | 2.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Short-term debt | — | — | 8.9 m | 10.4 m | 1.5 m | 1.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Long-term debt | 9.5 m | 812.2 k | 10.2 m | — | 9.0 m | 7.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Current liabilities | 2.2 m | 2.5 m | 3.1 m | 4.2 m | 4.4 m | 4.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Total liabilities | 12.1 m | 11.9 m | 14.5 m | 18.8 m | 17.6 m | 15.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Equity | 28.3 m † | 32.6 m † | 30.4 m † | 25.0 m † | 27.5 m † | 27.1 m † | SEC (XBRL)· 30 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.3 m | 954.2 k | -1.5 m | -4.7 m | 357.9 k | 2.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Capex | 4.1 m | 2.6 m | 4.0 m | 1.9 m | 465.7 k | 1.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Free cash flow | -2.8 m ≈ | -1.7 m ≈ | -5.5 m ≈ | -6.6 m ≈ | -107.8 k ≈ | 1.2 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Investing cash flow | -2.6 m | -1.6 m | -4.0 m | -1.9 m | -461.2 k | -1.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 1.9 m | 3.9 m | 1.1 m | 1.8 m | 2.9 m | -1.2 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 94.2 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Quality79
- Valuation16
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.86 – 23.80 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)8.61 – 13.38 (Mid 10.45)WACC 9.0% · starting FCFF 4.6 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 13.8%
- Peers: EV/EBITDA8.69 – 23.80 (Mid 16.87)4 companies used · median multiple 24.3x · quartiles 12.5x – 34.3xIDXX, LNTH, NEOG, QDEL
- Peers: P/E1.86 – 2.71 (Mid 1.88)3 companies used · median multiple 25.0x · quartiles 24.8x – 36.1xIDXX, LNTH, NNNN
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.1% | 67 (vs peers) | 13% |
| Net margin · Quality | 2.6% | 80 (vs peers) | 8% |
| FCF conversion · Quality | 535.3% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 14.2% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.1x | 100 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 8.9x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 4.8x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 138.2x | 0 (on a fixed band) | 13% |
| EV/EBITDA · Valuation | 14.9x | 1 (on a fixed band) | 13% |
| FCF yield · Valuation | 4.5% | 56 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality79/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation16/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ImmuCell Corporation (ICCC). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 27.6 m USD in 2025; YoY growth 4.3%; net margin 2.6%; ROE 2.6%; net debt/EBITDA -0.1x.
The estimated value range is 8.61–13.38 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 10.45 USD, the price of 10.37 USD leaves a potential of 0.8% (value / price − 1) and a margin of safety of 0.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 2.6%
- FCF conversion: 535.3%
- Revenue CAGR 3Y: 14.2%
- Net debt / EBITDA: -0.1x
- Interest coverage: 8.9x
- Current ratio: 4.8x
What contradicts it
- P/E (TTM): 138.2x
- EV/EBITDA: 14.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
In Vitro & In Vivo Diagnostic Substances (SIC 2835) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IDXXIdexx Laboratories Inc | 55.0 bn | 47.1 | 68.9% | 25.4% | +10.4% | −7% / +50% |
| LNTHLantheus Holdings, Inc. | 6.6 bn | 24.5 | 22.2% | 17.7% | +0.5% | +72% / +41% |
| NEOGNeogen Corporation | 2.7 bn | — | -2.7% | -6.3% | −2.7% | +108% / −27% |
| TRIBTrinity Biotech PLC | 2.4 bn | — | — | -51.6% | +8.3% | −80% / −91% |
| CLDXCelldex Therapeutics, Inc. | 2.4 bn | — | -43.9% | -190,220.9% | −78.0% | +11% / −1% |
| NTLAIntellia Therapeutics, Inc. | 1.7 bn | — | -6,424.8% | -672.2% | +16.9% | +37% / −58% |
| QDELQuidelortho Corp | 984.6 m | — | -19.3% | -14.2% | −1.9% | −48% / −79% |
| ACHVAchieve Life Sciences, Inc. | 718.3 m | — | -845.0% | — | unavailable | +43% / +21% |
| MYGNMyriad Genetics, Inc. | 575.8 m | — | -32.5% | -14.0% | −1.6% | −21% / −68% |
| TKNOAlpha Teknova, Inc. | 395.7 m | — | -24.2% | -38.4% | +7.4% | +57% / +261% |
| ICCCImmuCell Corporation | 94.2 m | 138.2 | 2.6% | 2.6% | +4.3% | +73% / +101% |
| IMDXInsight Molecular Diagnostics Inc. | 86.7 m | — | — | -2,955.6% | +115.6% | −57% / −30% |
| BMRABiomerica, Inc. | 8.0 m | — | -113.8% | -115.5% | −16.2% | −27% / −77% |
| CDIOCardio Diagnostics Holdings, Inc. | 4.9 m | — | -75.4% | -44,771.8% | −57.5% | −43% / −97% |
| QCLSQ/C Technologies, Inc. | 3.2 m | — | -155.0% | — | −5.3% | −89% / −100% |
| VNRXVolitionRx Limited | 2.8 m | — | — | -1,043.1% | +40.0% | −97% / −99% |
| VRAXVirax Biolabs Group Ltd | 695.1 k | — | -109.6% | -95,739.2% | −96.0% | −88% / −98% |
| NNNNAnbio Biotechnology | — | 25.0 | 27.0% | 74.1% | +5.6% | −84% / unavailable |
1- and 3-year price returns: for ICCC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.77 Total return -25% · Per year -25% | 13.68 Total return 32% · Per year 32% | 20.53 Total return 98% · Per year 98% |
| 3 years | 9.08 Total return -12% · Per year -4% | 17.84 Total return 72% · Per year 20% | 29.16 Total return 181% · Per year 41% |
| 5 years | 10.61 Total return 2% · Per year 0% | 23.26 Total return 124% · Per year 18% | 41.42 Total return 299% · Per year 32% |
- Exit P/E± 4.46
- Net margin± 3.12
- Annual revenue growth± 2.34
- Annual dilution± 0.26
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ImmuCell is an animal health biologics company that develops and sells the First Defense line for preventing neonatal calf scours. The company moved past a long order backlog into faster sales growth in 2026, and its production expansion plan could sustain this momentum if demand holds.
SWOT
Strengths
- The First Defense line holds a strong position in pre-formed antibody products, which supports differentiation from vaccines 1.
- The company has expanded production capacity and cleared its order backlog 12.
- Sales growth in the third quarter of 2026 points to customer response and better commercial execution 3.
Weaknesses
- Near-total dependence on a single product leaves the company exposed to shifts in demand or competition 1.
- Concentration of sales in a few large distributors creates counterparty risk and exposure to their commercial terms 1.
- Debt and debt service have increased, and the bank debt service coverage covenant was below the required level in earlier periods 1.
Opportunities
- Adoption among farms that do not yet use any biological scours product offers room for growth in the U.S. market 1.
- International expansion and new formats such as functional feed powders could open new customer segments 13.
- Converting the Re-Tain facility could add production capacity without further research spending on an unapproved product 12.
Risks
- Customer concentrationhigh
A very large share of sales and receivables comes from a few distributors, and financial difficulty at any of them could hit revenue directly 1.
- Single-product dependencehigh
The entire strategy rests on the First Defense line, so a commercial setback there would have a major effect on the company 1.
- Production riskhigh
Contamination, equipment failures and weak biological yields could reduce output and margins, and capacity expansion adds execution risk 1.
- Debt service coveragemedium
The bank covenant on debt service coverage was not met in some periods, and another breach could lead to tougher financing terms 1.
- Colostrum supplymedium
Supplier farms are concentrated in one state, so a disease outbreak or policy change could limit supply 1.
Investment thesis
What would need to be true (bull case)
- If sales growth from the third quarter of 2026 holds beyond base-period effects, the company could show a durable growth trend 3.
- The scours prevention market is growing and First Defense has a stated efficacy advantage over vaccines 1.
- Gross margin recovery and the end of the backlog suggest operations have improved, which could support profitability if production stays stable 12.
What would break the thesis
- Dependence on one product and a few large distributors makes results sensitive to small shifts in demand or trade terms 1.
- The premium price relative to competitors could limit adoption, especially if cheaper alternatives gain ground on smaller farms 1.
- Execution risks tied to capacity expansion and possible contamination could delay growth or raise costs 12.
What to watch
- Full third-quarter 2026 financial results and management commentary on the sources of growthQ3 2026
- Progress of the first expansion phase and final cost against the budget of about 3.5 million dollars2027
- Trend in distributor concentration of sales and collection of receivablesnext 10-K
- Compliance with the bank covenant on debt service coverage2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
ImmuCell Corporation, founded in 1982, develops, manufactures and commercializes products meant to improve the survival and health of dairy and beef calves. Its main product, First Defense, uses hyperimmunized bovine colostrum to deliver antibodies against the principal viral and bacterial causes of neonatal calf diarrhea 1. Products go to market through animal health distributors, and in December 2025 the company said it would focus its strategy exclusively on First Defense 1.
Production relies on colostrum sourcing and qualification, antibody purification, blending, fill-finish and product testing, with some formats made by third parties 1. Manufacturing capacity grew from about 3 million units in 2023 to 4.6 million units in 2025 1. The business is highly concentrated: nearly all sales come from First Defense, and a large share passes through two major distributors 1.
In 2026 ImmuCell began expanding production by converting the former Re-Tain facility, in two investment phases 2. Recent quarterly reporting shows an acceleration in sales, and final third-quarter 2026 results are to be presented on a conference call 3.
Segments
Market context
U.S. spend on biological scours preventatives exceeded 90 million dollars in 2025, up about 14% from 2024 1. The cumulative average growth rate since 2021 is 6.9% a year, and rising calf values support demand 1.
The company estimates that about 55% of U.S. calves are not yet protected by a biological scours product, which could leave room for further adoption 1. Canada and other international markets remain a growth direction, though international sales were volatile in 2025 and 2026 12.
Trends
- Rising calf valuestailwind
High calf values and dairy-beef crossbreeding make scours prevention more attractive to producers, according to the company 1.
- Recovery from backlogtailwind
Clearing the order backlog by mid-2025 allowed sales to grow in 2026, although comparison base effects partly flatter recent quarters 23.
- Colostrum and input costsheadwind
Rising raw material and colostrum costs could compress gross margin if not offset by pricing 12.
- Seasonal sales patternmixed
Sales are seasonal, peaking in the first quarter with the beef calving season, which makes quarterly comparisons harder to read 1.
Competitive position
Competition also comes from nutritional supplement providers and plasma or egg-derived antibody products used by producers who do not vaccinate 1. Competitive pressure could rise as large players widen their scours prevention offers 1.
- ZoetisZTS
Large animal health company named as a competitor in calf scours prevention.
- ElancoELAN
Animal health company active in scours prevention markets, named in the source.
- MerckMRK
Pharmaceutical group with an animal health division, named as a competitor.
- Boehringer Ingelheim
Privately held German pharmaceutical company with animal health activities, named as a competitor.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report13 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Current report09 Jul 2026Results of operations · Financial statements and exhibits
- Current report17 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report10 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report14 May 2026Results of operations · Financial statements and exhibits
- Quarterly report14 May 2026
- Current report08 May 2026Material agreement
- Proxy statement24 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / ImmuCell Corporation · 30 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / ImmuCell Corporation · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / ImmuCell Corporation · 13 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.