What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-07-30 compared with 2024-07-30 · 114 added, 152 removed, 243 unchanged (52% of the section changed)

Neogen Corporation and its subsidiaries develop, manufacture and market a diverse line of products and services dedicated to food and animal safety.

Our Food Safety segment consists primarily of diagnostic test kits and complementary products (e.g., culture media) sold to food producers and processors to detect dangerous and/or unintended substances in human food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, ruminant by-products, meat speciation, drug residues, pesticide residues and general sanitation concerns;

as well as food quality and nutritional components.

The majority of the test kits are consumables, single-use, culture, immunoassay and DNA detection products that rely on proprietary antibodies and RNA and DNA testing methodologies to produce rapid and accurate test results.

Our expanding line of food safety products also includes genomics-based diagnostic technology, and advanced software systems that help testers objectively analyze and store, as well as perform analysis on, their results from multiple locations over extended periods.

Our Food Safety segment consists primarily of diagnostic test kits and complementary products (e.g., culture media) sold to food and animal feed producers and processors to preserve the safety and quality of food to prevent contamination and foodborne illnesses such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, and ruminant by-products.

These products also ensure the general hygiene of the food manufacturing environment.

We also have products to determine food quality and nutritional components.

The majority of the test kits are consumables, single-use, culture, immunoassay and nucleic acid detection products that rely on proprietary antibodies and RNA and DNA testing methodologies to produce rapid and accurate test results.

Our line of food safety services also includes advanced software systems that help testers objectively analyze, store and identify emerging issues from their results from multiple locations over extended periods.

On September 1, 2022, Neogen, 3M Company (“3M”) and Neogen Food Safety Corporation, formerly named Garden SpinCo, a subsidiary created to carve out 3M’s Food Safety Division (“3M FSD”, “FSD”), closed on a transaction combining 3M’s FSD with Neogen in a Reverse Morris Trust transaction and Neogen Food Safety Corporation became a wholly owned subsidiary of Neogen (“FSD transaction”, the "Transaction").

Following the FSD transaction, pre-merger Neogen Food Safety Corporation stockholders own, in the aggregate, approximately 50.1% of the issued and outstanding shares of Neogen common stock, and pre-merger Neogen shareholders own, in the aggregate, approximately 49.9% of the issued and outstanding shares of Neogen common stock.

Following the FSD transaction, pre-merger Neogen Food Safety Corporation stockholders owned, in the aggregate, approximately 50.1% of the issued and outstanding shares of Neogen common stock, and pre-merger Neogen shareholders owned, in the aggregate, approximately 49.9% of the issued and outstanding shares of Neogen common stock.

"Business Combinations" to the consolidated financial statements for further discussion.

3 unchanged sentences

Our line of drug detection products is sold worldwide for the detection of abused and therapeutic drugs in animals and animal products, and has expanded into the workplace testing and human forensic markets.

In April 2025, the Company announced that it has entered into an agreement to sell its global Cleaners and Disinfectants business.

"Assets Held for Sale" to the consolidated financial statements for further discussion.

Neogen’s products are marketed by our sales personnel and distributors throughout the world.

Our mission is to be the leading company in the development and marketing of solutions for food and animal safety.

Our mission is to be the leading company in fueling a brighter future for global food security.

To meet this mission, a growth strategy consisting of the following elements has been developed:

11 unchanged sentences

Natural Toxins & Allergens

Alert®, Agri-Screen®, Betastar®, NeoColumn, Raptor®, Reveal®, Soleris®

Alert®, Betastar®, Raptor®, Reveal®, Veratox®

Bacterial & General Sanitation

AccuClean®, AccuPoint®, AccuScan®, ANSR®, BioLumix®, Clean-Trace®, Colitag, F.A.S.T.®, Gene-Trak®, GeneQuence®, Listeria Right Now, MDS, MonitorMark®, MPNTray, Veratox®

AccuClean®, AccuPoint®, ANSR®, Clean-Trace®, Colitag, Listeria Right Now, MDS, MPNTray, Soleris®

Indicator Testing, Culture Media & Others

Acumedia®, Ceralpha®, Freeze Watch®, Harlequin®, Iso-Grid®, K-Blue®, K-Gold®, Lab M®, NeoNet®, NEO-GRID®, NeoSal®, Penzyme®, Petrifilm®, µPREP®

Acumedia®, Harlequin®, Iso-Grid®, K-Blue®, K-Gold®, Lab M®, NEO-GRID®, NeoSal®, Petrifilm®, µPREP®,

ANIMAL SAFETY:

3 unchanged sentences

Animal Care & Others

AluShield, AquaPrime®, BotVax®, EqStim®, Fura-Zone®, Horse Sense®, ImmunoRegulin®, MACLEOD®, NFZ, Nu Dyne®, PanaKare, Paradefense®, Peraside, Pro-Fix®, Pro-Flex®, RenaKare, Squire®, Stress-Dex®, SureBond®, Swine-O-Dyne®, Tetrabase®, Tetracid®, ThyroKare, Tri-Hist®, Uniprim®, Vet-Tie, Vita-15

Rodent Control, Insect Control & Disinfectants

Acid-A-Foam, Assault®, Barnstorm®, BioCres, BioPhene, BioQuat, Chem-Tech, Ltd., Chem-Tech’s CT logo (with circle), Chlor-A-Foam, COMPANION, CT-511®, Cykill, DC&R®, DeciMax®, Di-Kill®, Dy-Fly®, Dyne-O-Might®, Farm-Foam, Final-Fly-T®, Fly-Die Defense, Fly-Die Ultra, Iodis®, LD-44T, LD-44Z, Parvosol®, Place Pack®, PolyPetite, PolyShield, Preserve®, Preserve International®, Preserve International(design)®, Protectus, Provecta®, Provecta Advanced®, Prozap®, Prozap (stylized mark w/fancy Z), PY-75, Ramik®, Rodex, Siloxycide®, Standguard®, SureKill®, Synergize®, Triplox, Turbocide®, TurboCide® (stylized), Turbocide Gold®, Viroxide Super, Neogen® Viroxide Super and flask (design)®, VAP-5, VAP-20, War Paint®, X-185

AluShield, BotVax®, EqStim®, Fura-Zone®, Horse Sense®, ImmunoRegulin®, MACLEOD®, NFZ, PanaKare, Paradefense®, Peraside, Pro-Fix®, Pro-Flex®, RenaKare, Squire®, Stress-Dex®, SureBond®, ThyroKare, Tri-Hist®, Uniprim®, Vet-Tie, Vita-15

Rodent & Control

Assault®, Chem-Tech, Ltd., Chem-Tech’s CT logo (with circle), CT-511®, Cykill, DeciMax®, Di-Kill®, Dy-Fly®, Final-Fly-T®, Fly-Die Defense, Fly-Die Ultra, LD-44T, LD-44Z, Place Pack®, PolyPetite, PolyShield, Protectus, Provecta®, Provecta Advanced®, Prozap®, Prozap (stylized mark w/fancy Z), PY-75, Ramik®, Rodex, Standguard®, Turbocide®, TurboCide® (stylized), Turbocide Gold®, VAP-5, VAP-20, War Paint®, X-185

Genomic Services

Aviandx and Design®, Canine HealthCheck®, Canine HealthCheck and Design®, CatScan and Design®, EarlyBird Sex Identification®, Early Warning, Envigor, GeneSeek®, Genomic Profiler, Genomic Insight for Personalized Care, Igenity®, Infiniseek®, NeoSeek, Paw Print Genetics®, Paw Print Pedigrees®, SeekGain, SeekSire, Skimseek®, Thirty9, 9Teen

Canine HealthCheck®, Canine HealthCheck and Design®, CatScan and Design®, GeneSeek®, Genomic Profiler, Igenity®, Infiniseek®, NeoSeek, Paw Print Genetics®, Paw Print Pedigrees®, SeekGain, SeekSire, Skimseek®

We manage our organization through our Food Safety and Animal Safety segments.

1 unchanged sentence

Food Safety Segment

Neogen’s Food Safety segment is primarily engaged in the production and marketing of diagnostic test kits and complementary products marketed to food and feed producers and processors to detect dangerous and/or unintended substances in food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens and general sanitation concerns.

Our test kits are used to detect potential hazards or unintended substances in food and animal feed by testers ranging from small local grain elevators to the largest, best-known food and feed processors in the world, and numerous regulatory agencies.

Along with the detection of contaminants in foods, we also detect beneficial components in foods such as dietary fiber and carbohydrates.

Neogen’s products include tests for:

Grain producers and processors of all types and sizes use our Veratox, Reveal, Reveal Q+ and Reveal Q+ MAX tests to detect the presence of mycotoxins, including aflatoxin, aflatoxin M1, deoxynivalenol, fumonisin, ochratoxin, zearalenone and T-2/HT-2 toxin, to help ensure product safety and quality in food and animal feed.

Food allergens.

The world’s largest producers of cookies, crackers, candy, ice cream and many other processed foods use our Veratox, Alert, Reveal, Reveal 3-D and BioKits testing products to help protect their food-allergic customers from the inadvertent contamination of products with food allergens, including but not limited to peanut, milk, egg, almond, gliadin (gluten), soy, hazelnut and coconut residues.

Also included in our food allergen testing portfolio are Allergen Protein Rapid Kits and Allergen Protein ELISA Kits.

Foodborne pathogens.

Meat and poultry processors, seafood processors, fruit and vegetable producers and many other market segments are the primary users of Neogen’s ANSR and Reveal tests for foodborne bacteria, including E.

coli O157:H7, Salmonella , Listeria and Campylobacter .

Neogen’s ANSR pathogen detection system is an isothermal amplification reaction test method that exponentially amplifies the DNA of any bacteria present in food and environmental samples to detectable levels in 10 minutes.

Combined with ANSR’s single enrichment step, Neogen’s pathogen detection method provides DNA-definitive results in a fraction of the time of other molecular detection methods.

The Molecular Detection System ("MDS"), an isothermal DNA detection and bioluminescence device, and unique Molecular Detection Assays provide a total solution for fast and accurate pathogen and serotype detection.

Our Listeria Right Now test detects the pathogen in less than 60 minutes without sample enrichment.

Neogen’s Food Safety segment is primarily engaged in the manufacturing and marketing of diagnostic test kits and complementary products (e.g., culture media) sold to food and feed producers and processors to preserve the quality of food to prevent contamination and food-borne illnesses such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, ruminant by-products, and manufacturing environmental general sanitations;

as well as food quality and nutritional components.

Neogen’s food safety test kits are used by testers ranging from small local grain elevators to the largest, best-known food and feed processors in the world, and numerous regulatory agencies.

Along with the detection of contaminants in foods, Neogen’s food

safety test kits also detect beneficial components in foods such as dietary fiber and carbohydrates.

Neogen’s food safety products include tests for:

Natural Toxins & Allergens.

Grain producers and processors of all types and sizes use Neogen’s Natural Toxins tests, such as Veratox, Reveal, Reveal Q+ and Reveal Q+ MAX to detect the presence of mycotoxins in order to ensure product safety and quality in food and animal feed.

This line also includes tests to detect histamine, a natural toxin that occurs when certain species of fish begin to decay, and sulfite, an effective but potentially allergenic shrimp preservative.

Neogen’s Allergen test kits are used by the world’s largest producers of cookies, crackers, candy, ice cream and many other processed foods.

Food Allergen tests kits sold under the Veratox, Alert, Reveal, Reveal 3-D and BioKits brands help protect their food-allergic customers from the inadvertent contamination of products with food allergens, including but not limited to peanut, milk, egg, almond, gliadin (gluten), soy, hazelnut and coconut residues.

Bacterial and General Sanitation.

Meat and poultry processors, ready to eat food companies, fruit and vegetable producers and many other market segments are the primary users of Neogen’s ANSR, MDS (“Molecular Detection System”) and Reveal tests to detect foodborne bacteria, including E.

coli O157:H7, Salmonella , Listeria, Listeria monocytogenes, cronobacter, and Campylobacter .

Neogen’s ANSR and MDS pathogen detection systems are isothermal amplification reaction test methods that exponentially amplifies the DNA of any bacteria present in food and environmental samples to provide DNA-definitive results in a fraction of the time of other molecular detection methods.

Reveal’s lateral flow device combines an immunoassay with chromatography for a rapid and accurate one-step result.

Spoilage microorganisms.

Neogen’s Soleris products are used by food processors to identify the presence of spoilage organisms (e.g., yeast and mold) and other microbiological contamination in food.

The systems measure microbial growth by monitoring biochemical reactions that generate a color change in the media as microorganisms grow.

The sensitivity of the system allows detection in a fraction of the time needed for traditional methods, with less labor and handling time.

Our NeoSeek genomics services utilize a novel application of metagenomics to determine all bacteria in a sample, without introducing biases from culture media, and without the need to generate a bacterial isolate for each possible microbe in a sample.

The Microbial Luminescence System (MLS II) is designed for the rapid detection of microbial contamination in beverages, dairy and dairy-related products, utilizing adenosine triphosphate ("ATP") bioluminescence technology.

Sanitation monitoring.

Neogen manufactures and markets our AccuPoint Advanced rapid sanitation test to detect the presence of ATP, a chemical found in all living cells.

Also included in our ATP sanitation monitoring portfolio is the Clean-Trace hygiene monitoring system.

These easy-to-use and inexpensive tests use bioluminescence to quickly determine if a contact surface has been completely sanitized.

When ATP comes into contact with reagents contained in the test device, a reaction takes place that produces light.

More light is indicative of higher levels of ATP and a need for more thorough sanitation.

Our worldwide customer base for ATP sanitation testing products includes food and beverage processors, the food service and healthcare industries, as well as many other users.

Seafood contaminants.

Neogen’s specialty products for the seafood market include tests for histamine, a highly allergenic substance that occurs when certain species of fish begin to decay;

and sulfite, an effective but potentially allergenic shrimp preservative.

Waterborne microorganisms.

Neogen offers the food and beverage industries, including water companies, several platforms for performing the microbial analysis of water.

This includes Neogen’s filter tests, which are a

combination of Neogen Filter membrane filtration and Neogen Culture Media ampouled media, and the easy-to-use Colitag product.

With Colitag, after an incubation period, the sample changes color in the presence of coliforms and fluoresces in the presence of E.

Culture media.

Neogen manufactures various rapid testing tools to determine general sanitation and hygiene.

Neogen markets both AccuPoint Advanced and Clean-Trace TM rapid sanitation tests to detect the presence of ATP, a chemical found in all living cells.

These are easy-to-use and inexpensive tests that use bioluminescence to quickly determine if a contact surface has been properly cleaned.

Neogen’s worldwide customer base for ATP sanitation testing products includes food and beverage processors, the food service and healthcare industries, as well as many other users.

Indicator Testing, Culture Media & Other.

Neogen Culture Media, formerly Neogen’s Acumedia and Lab M products, offers culture media and prepared media for varied purposes, including traditional bacterial testing and the growth of beneficial bacteria, such as cultures for sausages and beer.

Also included under Neogen Culture Media is the Petrifilm solution.

Petrifilm® standard and rapid plates are all-in-one plating systems that serve as an efficient method for the detection and enumeration of various microorganisms.

Also included in the Petrifilm product line are the Petrifilm Plate Reader Advanced and Petrifilm Automated Feeder, which increase laboratory efficiency and productivity.

Our customers for culture media include food manufacturers and processors, commercial and research laboratories and producers of pharmaceuticals, cosmetics and veterinary vaccines.

Food quality and nutritional analysis.

Through the Ireland-based Megazyme, Ltd., Neogen supplies diagnostic kits and specialty enzymes used worldwide by quality control laboratories in the food, animal feed and beverage industries.

Megazyme’s validated assays and reagents are used across various food industries such as the grain, wine, biofuel and dairy markets, to measure dietary fibers, complex carbohydrates, simple sugars and organic acids, such as lactose.

Sample handling.

Neogen offers a range of sample handling products.

These innovative solutions are designed to make environmental and carcass sample collection and preparation more reliable and convenient than traditional methods.

These products are manufactured to meet the highest quality standards and government regulations, maximizing accuracy, consistency and efficiency, while remaining cost-efficient.

Digital services.

Our food safety and risk management software-as-a-service, Neogen Analytics, delivers a comprehensive Environmental Monitoring Program (EMP) automation solution for food companies.

Neogen’s customers for these product lines include food manufacturers and processors, commercial and research laboratories and producers of pharmaceuticals, cosmetics and veterinary vaccines.

Neogen offers several products, including filter tests and Colitag, for performing microbial analysis of water for the food and beverage industries, including water companies.

Neogen’s Soleris products are used by food processors to identify the presence of spoilage organisms (e.g., yeasts and molds) and other microbiological contamination in food.

To complement our microbiological offerings, Neogen also offers a wide range of sample collection products.

These solutions are designed to make environmental and carcass sample collection and preparation more reliable and convenient than traditional methods.

Through the Ireland-based Megazyme, Ltd., Neogen supplies diagnostic kits and specialty enzymes to worldwide quality control laboratories in the food, animal feed and beverage industries.

Megazyme’s validated assays and reagents are used across various food industries to measure dietary fibers, complex carbohydrates, simple sugars and organic acids, such as lactose.

Neogen’s food safety and risk management software-as-a-service, Neogen Analytics, delivers a comprehensive Environmental Monitoring Program (EMP) automation solution for food companies.

The software reduces risk by increasing the visibility of food safety testing results, elevating the ability to comply with and improve food safety standards.

Neogen's capabilities expanded with additional services to include data aggregation and digitalized workflow services for product testing and sanitation programs.

Neogen's capabilities also provide additional services to include data aggregation and digitalized workflow services for product testing and sanitation programs.

Neogen Analytics is now integrated with Clean-Trace and Petrifilm Plate Reader Advanced, which enhances customer experiences with Neogen software and devices.

Laboratory services.

Neogen offers food safety analysis services in the United States ("U.S.") and India.

These ISO-accredited laboratories offer a variety of fee-for-service tests for the food and feed industries.

The majority of Neogen’s food safety test kits use immunoassay technology to rapidly detect target substances.

Our ability to produce high-quality antibodies sets our products apart from immunoassay test kits produced and sold by other companies.

Our kits are available in microwell formats, which allow for automated and rapid processing of a large number of samples, as well as lateral flow and other similar devices that provide distinct visual results.

Typically, test kits use antibody-coated test devices and chemical reagents to indicate a positive or negative result for the presence of a target substance in a test sample.

The simplicity of the tests makes them accessible to all levels of food producers, processors and handlers.

Neogen also offers other testing methods and products to complement its immunoassay tests.

Our test kits are generally based on internally developed technology, licensed technology, or technology that is acquired.

Lastly, Neogen’s laboratory services offers food safety analysis services in the U.S.

Our ISO-accredited lab offers a variety of fee-for-service tests for the food and feed industries.

Neogen’s bacterial test kits and systems are built upon the company's culture media business where culture media is the basis of many of the indicator and pathogen diagnostic workflow.

Many of Neogen's diagnostic test systems can be read on automated or semi-automated readers allowing faster customer workflow, less hands-on time and provide definitive results.

Neogen’s test kits are generally based on internally developed technology, licensed technology, or technology that is acquired.

The Food Safety segment incurs expense for royalties for licensed technology used in our products, primarily for our allergen products and the pathogen product line.

3 unchanged sentences

ANIMAL SAFETY SEGMENT

Neogen’s Animal Safety segment is primarily engaged in the development, manufacture, marketing and distribution of veterinary instruments, pharmaceuticals, vaccines, topicals, parasiticides, diagnostic products, a full suite of agricultural biosecurity products such as rodent control, cleaners, disinfectants and insect control, and genetic evaluation and genomic testing services.

Veterinary instruments.

Neogen markets a broad line of veterinary instruments and animal health delivery systems primarily under the Ideal and Prima Tech brand names.

Approximately 600 different products are offered, many of which are used to deliver animal health products, such as antibiotics and vaccines.

Ideal’s D3 and D3X Needles are stronger than conventional veterinary needles and are detectable by metal detectors at meat processing facilities — a potential market advantage in the safety-conscious beef and swine industries.

Neogen’s Prima product line consists of highly accurate devices used by farmers, ranchers and veterinarians to inject animals, provide topical applications and use for oral administration.

The Prima line also includes products used in artificial insemination in the swine industry, animal identification products and handling equipment.

Veterinary pharmaceuticals.

Animal Safety’s NeogenVet product line provides innovative, value-added, high-quality products to the veterinary market.

Top NeogenVet products include PanaKare, a digestive aid that serves as a replacement therapy where digestion of protein, carbohydrate and fat is inadequate due to exocrine pancreatic insufficiency;

Natural Vitamin E-AD, which aids in the prevention and treatment of vitamin deficiencies in swine, cattle and sheep;

and RenaKare, a supplement for potassium deficiency in cats and dogs.

Neogen also markets Uniprim, a veterinary antibiotic.

Veterinary biologics.

Neogen’s BotVax B vaccine has successfully protected thousands of horses and foals against Type B botulism, commonly known as Shaker Foal Syndrome.

Our product is the only USDA-approved vaccine for the prevention of Type B botulism in horses.

Years of research and many thousands of doses have proven Neogen’s EqStim immunostimulant to be safe and effective as a veterinarian-administered adjunct to conventional treatment of equine bacterial and viral respiratory infections.

The Company’s ImmunoRegulin product uses similar immunostimulant technology to aid in the treatment of pyoderma (a bacterial skin inflammation) in dogs.

Veterinary OTC products.

Animal Safety products offered by Neogen to the retail over-the-counter (OTC) market include Ideal brand veterinary instruments packaged for the retail market.

OTC products also include Stress-Dex, an oral electrolyte replacer for performance horses, and SyrFlex Cohesive Flexible Bandages for wound care.

Hoof care, disposables and artificial insemination supplies are marketed to the dairy and veterinary industries.

Neogen also offers several companion animal parasiticides, marketed under the Provecta brand name, through this channel.

Rodent control products.

Neogen’s comprehensive line of proven rodent control products, sold under brand names such as Ramik, CyKill and Havoc, effectively address rodent control and serve as a critical component of an overall biosecurity plan for animal protein production operations.

Neogen offers several active ingredients, including diphacinone, bromethalin, brodifacoum and zinc phosphide, formulated with food-grade ingredients to generate the highest acceptance and most palatable bait possible.

Cleaners and disinfectants.

Used in animal and food production facilities, Neogen’s cleaners and disinfectants, including Synergize, BioSentry 904 Disinfectant, Acid-A-Foam, BioPhene, Viroxide Super, and Companion can prevent disease outbreaks.

The products are also used in the veterinary clinic market to maintain sanitary conditions and limit the potential hazards of bacteria, fungi and viruses.

Neogen’s water line cleaner and disinfectant products, including Peraside, NeoKlor, AquaPrime and Siloxycide, are used to clean water lines and provide continuous disinfection of a livestock facility’s water supply.

Insect control products.

Neogen’s highly effective insect control products utilize environmentally friendly technical formulas, and several are approved for use in food establishments and by pest control professionals in a wide range of environments.

The Company’s Prozap insect control brand is used in the large animal production industry, particularly with cattle and equine producers.

Neogen’s SureKill line of products is used by professional pest management entities to control a variety of insects, and the Company’s StandGuard Pour-on solution and Protectus are used for horn fly and lice control in beef cattle.

Animal genomics services.

Neogen provides value-added services to leading agricultural genetics providers, national cattle associations, companion animal breed registries and direct-to-consumer canine genetic test providers, university researchers, and numerous commercial beef and dairy cattle, swine, sheep and poultry producers.

With six global state-of-the-art genomics laboratories and comprehensive bioinformatics to interpret genomics test results, Neogen offers identity and trait determination and analysis.

Our technology employs high-density DNA genotyping and genomic sequencing for identity and trait analysis in a variety of important animal and agricultural plant species.

Our extensive bioinformatics database identifies and predicts an animal’s positive or negative traits based on DNA test results.

This information has helped livestock producers increase the speed of genetic improvement in their herds and the overall performance and quality of their animals.

Neogen’s December 2021 acquisition of Genetic Veterinary Sciences, Inc.

expanded the Company’s portfolio through the addition of more than 350 genetic tests for companion animals, including dogs and cats.

Neogen’s Animal Safety segment encompasses a broad portfolio of products and services aimed at enhancing animal health, agricultural biosecurity, and genetic progress.

These offerings span life sciences, veterinary instruments and disposables, animal care solutions, rodent and insect control, disinfectants, and advanced genomic services.

The segment supports livestock producers, veterinarians, researchers, and companion animal owners globally.

Life Sciences.

Neogen’s Life Science/Toxicology line of products include reagents and test kits for immunoassay production, life science research, and forensic and animal toxicology.

Our product offering includes a wide range of tests to provide solutions for drugs of abuse, including designer and emerging drugs.

The drug detection assays include over 125 test kits used to screen more than 300 drugs and their metabolites in various forensic matrices, including oral fluid, whole blood, urine, serum, plasma, meconium and others.

Our portfolio for life science research includes assays for detecting levels of hormones, steroids, lipoxins, and histamine in a wide range of samples and species types.

Additionally, we offer reagents and unique colorimetric and chemiluminescent substrates for immunoassay production and research applications.

Many of the products and services in the Animal Safety segment use licensed technology.

As a result, the Animal Safety segment incurs expense for royalties for licensed technology used in our products and services, primarily related to genomics services.

Neogen’s Life Science/Toxicology division offers reagents and test kits used in immunoassay production, forensic and animal toxicology, and life science research.

Their drug detection assays—over 125 kits—screen more than 300 drugs and metabolites across a range of biological matrices.

Research assays detect hormones, steroids, lipoxins, and histamine in varied species.

Neogen also provides unique colorimetric and chemiluminescent substrates for research use.

Veterinary Instruments & Disposables.

Through its Ideal and Prima Tech brands, Neogen offers an extensive range of approximately 600 veterinary instruments and delivery systems used for administering antibiotics and vaccines.

Among these, the Ideal D3 and D3X needles stand out for their enhanced strength and ability to be detected by metal detectors in meat processing facilities, which provides a distinct safety advantage in the beef and swine industries.

The Prima Tech line features precision instruments designed for injections, topical and oral administration, artificial insemination, and animal identification, catering to the needs of farmers, ranchers, and veterinarians.

Animal Care & Other.

Neogen’s NeogenVet product line delivers a comprehensive range of innovative and high-quality solutions for the veterinary market.

Among its offerings are digestive aids and nutritional supplements such as PanaKare, which serves as a pancreatic enzyme replacement therapy;

Natural Vitamin E-AD, designed to address vitamin deficiencies in swine, cattle, and sheep;

and RenaKare, which supports potassium levels in cats and dogs.

The company also markets Uniprim, a broad-spectrum veterinary antibiotic, and offers companion animal parasiticides under the Provecta brand.

In equine health, Neogen provides BotVax B, the only USDA-approved vaccine for the prevention of Type B botulism, commonly known as Shaker Foal Syndrome.

To support immune function, EqStim has proven to be a safe and effective immunostimulant for treating bacterial and viral respiratory infections in horses, while ImmunoRegulin is used in dogs to assist in managing pyoderma, a type of bacterial skin inflammation.

Rodent Control, Insect Control, & Disinfectants.

Neogen offers a comprehensive line of rodent and insect control products, along with cleaners and disinfectants, that play a critical role in biosecurity and disease prevention across animal production operations.

Its rodent control solutions, sold under brand names such as Ramik, CyKill, and Havoc, incorporate a variety of active ingredients including diphacinone, bromethalin, brodifacoum, and zinc phosphide.

These ingredients are blended with food-grade components to ensure high

palatability and effectiveness.

Neogen’s cleaners and disinfectants, such as Synergize, BioSentry 904, and Peraside, are widely used in food production and veterinary environments to maintain hygiene and minimize the risk of disease outbreaks.

The company also addresses insect control with its Prozap brand, designed for large animal production including cattle and equine facilities.

For professional pest control, the SureKill line offers broad-spectrum insecticide solutions, while StandGuard is specifically used in beef cattle for the control of horn flies and lice.

Genomics Services.

Neogen operates six global genomics labs offering DNA genotyping, sequencing, and trait analysis for livestock and companion animals.

Their bioinformatics database supports genetic improvement in animal performance.

The 2021 acquisition of Genetic Veterinary Sciences, Inc.

expanded their companion animal offerings by over 350 genetic tests for dogs and cats.

Clients include breed registries, researchers, and producers across multiple species.

Neogen’s Animal Safety segment delivers integrated solutions across animal health, productivity, and safety through innovation in diagnostics, care, and genetics.

Their science-driven products and services continue to support the evolving needs of global animal industries while maintaining a strong focus on biosecurity and genetic progress.

Revenues from Neogen’s Animal Safety segment accounted for 28.7%, 29.1%, and 33.5% of our total revenues for fiscal years ended May 31, 2025, 2024 and 2023, respectively.

5 unchanged sentences

To reach each customer and prospect with expertise and experience, Neogen has a staff of specialized food safety sales and technical service representatives assigned to specific markets or geographies.

This staff sells our products directly to end users and also handles technical support issues that arise with customers.

This staff sells our products directly to distributors and end users and also handles technical support issues that arise with customers.

Neogen’s food safety markets are primarily comprised of:

• Milling and grain , including grain elevators, feed mills, pet food manufacturers and grain inspection companies;

• Meat and poultry , including meat and poultry processors, producers of ready-to-eat meat and poultry products, and the USDA’s Food Safety Inspection Service (FSIS);

• Prepared foods and ingredients , including flour millers, malters, bakeries, candy and confection manufacturers, manufacturers of prepared meals, nuts, spices, cookies, crackers and other snack foods;

• Meat and poultry , including meat and poultry processors, producers of ready-to-eat meat and poultry products, and the USDA’s Food Safety and Inspection Service (FSIS);

• Ready-to-eat , including flour millers, malters, bakeries, candy and confection manufacturers, manufacturers of prepared meals, nuts, spices, cookies, crackers and other snack foods;

• Fruits and vegetables , including growers and processors of juice and packaged fresh cut grocery items;

17 unchanged sentences

• Distributors.

To expand the reach of its animal safety OTC and veterinary products, Neogen has a dedicated sales team that sells the Company’s products to animal health product distributors;

To expand the reach of its animal safety over-the-counter and veterinary products, Neogen has a dedicated sales team that sells the Company’s products to animal health product distributors;

• Other manufacturers and government agencies.

INTERNATIONAL SALES AND MARKETING

Neogen maintains locations outside of the United States in 24 countries to provide a direct sales presence.

Neogen maintains locations outside of the United States in 28 other countries to provide a direct sales presence.

We also maintain a network of distributors to reach countries where we do not have a direct presence.

2 unchanged sentences

Customers in the U.K., France, Germany, Italy, the Netherlands, United Arab Emirates (U.A.E.) and India are served by our employees.

In other regions, customers are generally served by distributors managed by Neogen Europe personnel.

In other countries, customers are generally served by distributors managed by Neogen Europe personnel.

Neogen Europe management is also responsible for various other manufacturing operations and service providers, including Neogen Ireland, Quat Chem, Ltd., Neogen Italia, Megazyme, Ltd., Delf, Ltd., and Abbott Analytical, Ltd.

Neogen Europe has two additional manufacturing locations in Heywood and Liverpool, England, which manufacture culture media supplements and microbiology technologies.

Neogen also operates an accredited laboratory in India, located in Kochi, in the state of Kerala, that performs food safety and water quality testing for food producers, major hotels and restaurants in its home region, as well as safety and quality analysis for the country’s expanding nutraceutical market, and growing food export businesses.

Neogen Europe has an additional manufacturing locations in Heywood, England, which manufactures culture media supplements and microbiology technologies.

Mexico, Central and South America.

2 unchanged sentences

Neogen do Brasil, headquartered near São Paulo, is also responsible for Rogama, located in Pindamonhangaba, Brazil.

This company operates a genomics testing laboratory (formerly named Deoxi) and develops, manufactures and markets rodent control and insect control products.

This company operates a genomics testing laboratory (formerly named Deoxi) and develops, manufactures and markets rodent and insect control products.

Rogama offers registered pest control products to Brazil’s agronomic, professional and retail markets.

10 unchanged sentences

The distributors provide local training and technical support, perform market research and promote Company products within designated countries around the world.

Sales to customers outside the United States accounted for 49.7%, 48.4%, and 39.7% of our total revenues for fiscal years ended May 31, 2024, 2023 and 2022, respectively.

Sales to customers outside the U.S.

accounted for 50.2%, 49.7%, and 48.4% of our total revenues for fiscal years ended May 31, 2025, 2024 and 2023, respectively.

No individual foreign country contributed 10% or more of our revenues for those same periods.

RESEARCH AND DEVELOPMENT

Neogen has a strong commitment to its research and development activities.

Neogen has a commitment to its research and development activities.

Our product development efforts are focused on the development and commercialization of innovative new products that advance our business strategy and on the enhancement of existing products.

6 unchanged sentences

We have entered into agreements with these parties that provide for the payment of royalties based on sales of products that use the pertinent licensed technology.

Royalties, expensed to sales and marketing, under these agreements amounted to $3,250, $3,392, and $1,999 in fiscal years 2024, 2023, and 2022, respectively.

Royalties under these agreements, , expensed to sales and marketing, amounted to $1,605, $3,250, and $3,392 in fiscal years 2025, 2024, and 2023, respectively.

PROPRIETARY PROTECTION AND APPROVALS

8 unchanged sentences

For example, many of our products employ unique antibodies capable of detecting microorganisms and other substances at minute levels.

In some instances, we have chosen to keep confidential the methods and techniques used to manufacture and use those antibodies when trade secret and/or proprietary know-how protections are more appropriate.

In some instances, we have chosen to keep confidential the methods and

techniques used to manufacture and use those antibodies when trade secret and/or proprietary know-how protections are more appropriate.

Management believes that Neogen has adequate rights to commercialize our products.

6 unchanged sentences

One of the major areas affecting the success of biotechnology and pharmaceutical development involves the time, cost and uncertainty surrounding regulatory approvals.

Neogen products requiring regulatory approval, which we currently have in place, include BotVax B, EqStim, ImmunoRegulin and Uniprim.

Neogen’s rodent control, disinfectant, parasiticide and insect control products are subject to registration in the United States and internationally.

Neogen products requiring regulatory approval include BotVax B, EqStim, ImmunoRegulin and Uniprim, and regulatory approvals for those products have been received.

Neogen’s rodent control, parasiticide and insect control products are subject to registration in the U.S and internationally.

Neogen utilizes third-party validations and certifications on many of our products and associated methods to provide our customers with confidence that our products perform to specified levels.

7 unchanged sentences

Food safety diagnostics.

Manufacturing of diagnostic tests for the detection of natural toxins, pathogens, food allergens and spoilage organisms, final kit assembly, quality assurance and shipping takes place at our facilities in Lansing, Michigan.

Proprietary monoclonal and polyclonal antibodies for Neogen’s diagnostic kits are produced on a regular schedule in our immunology laboratories in Lansing.

Generally, the final assembly and shipment of diagnostic test kits to customers in Europe is performed in our Ayr, Scotland facility.

Many of the Company’s food safety diagnostic instruments and readers are produced by third-party vendors to our specifications, quality tested in Lansing or by our vendors, and then shipped to customers.

Culture media products are manufactured in an ISO-approved facility in Lansing and in Heywood and Liverpool, England.

Products are blended following strict formulations or custom blended to customer specifications and shipped directly to customers from Lansing and the U.K.

Proprietary monoclonal and polyclonal antibodies for Neogen’s diagnostic kits are produced on a regular schedule in our immunology laboratories in Lansing, Michigan.

Generally, the shipment of diagnostic test kits to customers in Europe is performed from a third-party facility in the Netherlands.

Many of the Company’s food safety diagnostic instruments and readers are produced by third-party vendors to our specifications and then shipped to customers.

Culture media products are manufactured in an ISO-approved facility in Lansing and in Heywood, England.

Products are blended following strict formulations or custom blended to customer specifications and shipped to customers from the U.S.

and the Netherlands.

The Heywood location produces prepared media plates, sterile liquid media, and other related products in ready-to-use format for food testing laboratories across the U.K.

22 unchanged sentences

Neogen manufactures insect control products at its facilities in Iowa and Brazil.

Neogen purchases component parts and raw materials from more than 1,000 suppliers.

Neogen purchases component parts and raw materials from many suppliers.

Though many of these items are purchased from a single source to achieve the greatest volume discounts, we believe we have identified acceptable alternative suppliers for most of our key components and raw materials where it is economically feasible to do so.

25 unchanged sentences

While the technical materials used by competing companies are similar, Neogen uses manufacturing and bait formula techniques, which we believe may better attract rodents to the product and thereby improves overall product performance.

Within the insect control market, Chem-Tech products specifically focus on the area of insect control for food and animal safety applications.

Within the insect control market, our products specifically focus on the area of insect control for food and animal safety applications.

There are several competitors offering similar products, however, we have a proprietary formulation chemistry that optimizes the delivery and safe application of insect control products at the customer’s location.

45 unchanged sentences

Our Purpose & Promise, Our Principles, and Our Values.

Our Purpose & Promise, the advancement of human and animal technology so we can fuel a brighter future for global food security, is our reason for coming to work and the impact we can have on the world and each other.

Our Purpose & Promise, and the impact we can have on the world and each other, is our reason for coming to work.

Our Principles represent our commitment to our clients and industry, and Our Values represent our commitment to each other.

1 unchanged sentence

Our Code of Conduct codifies our commitment to conducting business ethically.

Equity, Diversity, Inclusion, and Belonging (EDIB).

We strive to create an environment where colleagues feel valued and understand the important role we play in embracing diversity to improve the quality of our innovation, collaboration and relationships.

Upholding our core value of “Cultivate Belonging,” we implement policies and practices that not only attract diverse talent, but also support an inclusive culture where everyone can truly belong and thrive.

Our commitment extends beyond our workforce, influencing our partnerships, community engagements, and business practices globally.

Talent Attraction, Development and Retention.

We employ a variety of programs and platforms designed to attract, develop and retain our colleagues.

Employee benefits and policies are designed for diverse needs.

Employee benefits and policies are designed to support employees at all life’s moments.

Neogen is committed to training and developing our employees so that they can deliver exceptional results to our customers and shareholders.

3 unchanged sentences

Our compensation and benefits programs are designed to be competitive and support colleague well-being, including physical and mental health, financial wellness, and family resources.

We recognize the diverse needs of our colleagues around the world and have developed compensation and rewards programs that vary by country and region to address them.

Employee Health and Safety .

We are committed to ensuring a safe working environment for our colleagues.

We are committed to ensuring a safe working environment for our colleagues and promote a zero-incident safety culture.

Our sites have injury prevention programs, and we strive to build on our safety culture.

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business