ImmuCell Reports Strong Q4 and Full-Year 2025 Results

Company focuses on expanding its First Defense calf scours prevention franchise while stepping away from Re-Tain subclinical mastitis program

Published on Mar. 6, 2026

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ImmuCell NASDAQ: ICCC executives highlighted a year of operational change, improved margins, and a strategic pivot toward expanding its First Defense calf scours prevention franchise while stepping away from investment in its Re-Tain subclinical mastitis program. The company reported strong sales growth and margin expansion in 2025, despite some non-cash write-downs, and outlined plans to further boost manufacturing capacity and commercial efforts for First Defense.

Why it matters

ImmuCell's shift in focus to its core First Defense franchise reflects the company's efforts to capitalize on a large and growing market opportunity for calf health solutions, particularly as it looks to address supply constraints that have hampered growth in recent years. The company's strategic pivot away from the Re-Tain program also signals a disciplined approach to capital allocation as it seeks to maximize shareholder value.

The details

ImmuCell reported fourth-quarter 2025 product sales of approximately $7.6 million, down 1.6% from the prior-year quarter, but noted the decline was significant because the fourth quarter of 2024 benefited from increased demand and 'catching up from a prior backorder situation.' For the full year, the company reported total product sales of $27.6 million, an increase of 4.3% compared with 2024. Gross margin improved in 2025, rising to 41% from 30% the prior year, driven by higher manufacturing volumes and efficiencies, as well as product price increases. However, the company recorded non-cash write-downs totaling about $650,000 across the third and fourth quarters of 2025, mainly related to work-in-process colostrum inventory. Operating expenses also increased year over year, primarily due to higher general and administrative costs. Despite the write-downs, ImmuCell's net loss improved to $1.0 million in 2025, compared to a net loss of $1.6 million in 2024.

  • In the fourth quarter of 2025, the company recorded non-cash write-downs totaling about $650,000.
  • For the full year 2025, ImmuCell reported total product sales of $27.6 million, an increase of 4.3% compared with 2024.

The players

ImmuCell Corporation

A biotechnology company that develops, manufactures, and markets immunological products and diagnostic assays designed to enhance animal health in dairy and beef cattle. Headquartered in Portland, Maine, the company focuses on supporting herd health management through its portfolio of passive immunology solutions and veterinary diagnostics.

Timothy Fiori

Chief Financial Officer of ImmuCell.

Olivier te Boekhorst

President and CEO of ImmuCell.

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What they’re saying

“2025 was a very successful year, with a new management team, expanded manufacturing capacity to address customer demand and a multi-year backorder, and a strategic focus on 'maximizing shareholder value' from the First Defense franchise.”

— Olivier te Boekhorst, President and CEO (Earnings call)

“The two main challenges for 2026 and beyond are increasing yield and capacity and 'stepping up' commercial activities to drive top-line growth.”

— Olivier te Boekhorst, President and CEO (Earnings call)

What’s next

ImmuCell plans to continue expanding its manufacturing capacity and commercial efforts to drive growth in its First Defense calf scours prevention franchise, while evaluating how to repurpose assets previously used for the Re-Tain subclinical mastitis program.

The takeaway

ImmuCell's strategic pivot to focus on its core First Defense business reflects the company's efforts to capitalize on a large and growing market opportunity for calf health solutions, as it works to address past supply constraints and position the company for long-term success.