What changed in this filing

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Item 1. Business

2026-07-30 compared with 2025-07-30 · 101 added, 146 removed, 211 unchanged (54% of the section changed)

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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 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.

FSD products are reported in the Food Safety segment.

Neogen’s Animal Safety segment is engaged in the development, manufacture, marketing and distribution of veterinary instruments, pharmaceuticals, vaccines, topicals, parasiticides, diagnostic products, rodent control products, cleaners, disinfectants, insect control products and genomics testing services for the worldwide animal safety market.

Neogen’s Animal Safety segment is engaged in the development, manufacture, marketing and distribution of veterinary instruments, pharmaceuticals, vaccines, topicals, parasiticides, diagnostic products, rodent control products, insect control products and genomics testing services for the worldwide animal safety market.

The majority of these consumable products are marketed through veterinarians, retailers, livestock producers and animal health product distributors.

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.

In July 2025, the Company divested its global Cleaners and Disinfectants business.

"Assets Held for Sale and Divestiture" 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 fueling a brighter future for global food security.

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

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

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The content of our website or the website of any third party that may be noted herein is not incorporated by reference in this Form 10-K.

Product trademarks and registered trademarks owned by Neogen include:

Megazyme®, Megazyme (design)®, Megazyme device (logo)®, NeoCenter, Neogen®, Neogen flask (logo)®, Neogen and flask (logo)®

Natural Toxins & Allergens

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

Bacterial & General Sanitation

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

Indicator Testing, Culture Media & Others

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

ANIMAL SAFETY:

Veterinary Instruments & Disposables

Ag-Tek®, Breeder-Sleeve®, Calf Eze, Dr.

Frank’s®, D3® Needles, D3 color mark – red®, D3X, ElectroJac®, EquiSleeve, E-Z Catch®, Ideal®, Jolt®, Maxi Sleeve®, MegaShot, PolySleeve®, Prima®, Prima Marc, Prima-Shot, Prima Tech®, Pro-Shot, Safe-T-Flex, SyrFlex

Animal Care & Others

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

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.

See the “Notes to Consolidated Financial Statements” section of this Form 10-K for financial information about our business segments and international operations.

Food Safety Segment

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:

Neogen’s Food Safety segment is primarily engaged in the manufacturing and marketing of diagnostic solutions, test kits, consumables, and complementary products sold to food and feed producers, processors, laboratories, and regulatory agencies.

These solutions are designed to help detect, monitor, and manage food safety and quality risks, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, and environmental sanitation indicators, as well as certain food quality and nutritional components.

Neogen’s food safety solutions are used by customers ranging from small, local agricultural operations to large, multinational food and feed processors, as well as governmental and regulatory organizations.

In addition to detecting contaminants, certain solutions are used to measure beneficial food components, such as dietary fiber and carbohydrates.

Neogen’s Food Safety products include tests and solutions within the following primary categories:

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.

Neogen’s natural toxins solutions are used across the milling and grain industry, including producers, laboratories, inspection agencies, and food and feed producers of all types and sizes.

These products are used to detect the presence of mycotoxins in food and animal feed to support product safety and quality.

This portfolio also includes tests to detect histamine, a natural toxin associated with the decomposition of certain fish species.

Neogen’s allergen detection solutions are used across the food and beverage industry, including manufacturers, laboratories, research organizations, and other food handling organizations.

Food allergen test kits are designed to help customers monitor and manage inadvertent allergen contamination and support accurate product labeling.

These solutions include tests for allergens such as peanut, milk, egg, almond, gliadin (gluten), soy, and hazelnut residues, among others.

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.

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.

Neogen provides rapid testing tools designed to support general sanitation and hygiene monitoring.

These products are used to detect adenosine triphosphate (ATP), a compound found in all living cells, as an indicator of surface cleanliness following sanitation procedures.

These solutions are used by customers worldwide, including food and beverage processors, food service operators, healthcare facilities, and other industries where hygiene verification is required.

Neogen’s microbial detection solutions are used by meat and poultry processors, ready‑to‑eat food manufacturers, fruit and vegetable producers, and a variety of other market segments to detect foodborne bacteria.

These are used to test for organisms such as E.

coli (including O157:H7), Salmonella, Listeria species , Listeria monocytogenes, Cronobacter , and Campylobacter .

The Molecular Detection System (MDS) is a pathogen detection system that uses loop-mediated isothermal amplification (LAMP) to exponentially amplify bacterial DNA in food and environmental samples, enabling faster access to presumptive results through shorter run times compared to other molecular detection methods.

Reveal® products use lateral flow immunoassay technology combined with chromatography to provide single‑step qualitative test results.

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.

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.

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 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.

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 offers culture media and prepared media used for a variety of applications, including traditional bacterial testing and the growth of beneficial microorganisms, such as cultures used in food and beverage production.

Petrifilm® standard and rapid plates are all‑in‑one plating systems used for the detection and enumeration of various microorganisms.

Customers for these products include food manufacturers and processors, commercial and research laboratories, and producers in the pharmaceutical, cosmetic, veterinary vaccine, nutraceutical, and personal care industries.

Neogen also offers products for microbial analysis of water used in the food and beverage industry.

The Soleris® system is used in the nutraceutical, personal care and cosmetic industry, as well as food processors to detect spoilage organisms, such as yeasts and molds, and other microbiological contamination in a variety of products.

To complement these offerings, Neogen Sample Collection solutions provide products designed to support environmental monitoring, food sample preparation, transport, and consistency of sample handling.

Neogen’s food safety data and risk management software‑as‑a‑service offering, Neogen Analytics, is designed to aggregate and track data generated from environmental monitoring, product testing, and sanitation verification activities.

The software is intended to increase visibility into food safety testing results, support trend analysis, and help customers make informed decisions related to food safety and regulatory compliance.

Neogen Analytics supports data aggregation and digital workflow applications and may be used alongside certain Neogen instruments and testing platforms, including Petrifilm® Plate Reader Advanced, in certain geographies.

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

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Some licenses involve technology that is exclusive to Neogen’s use, while others are non-exclusive and involve technology licensed to multiple licensees.

Revenues from Neogen’s Food Safety segment accounted for 71.3%, 70.9%, and 66.5% of our total revenues for fiscal years ended May 31, 2025, 2024 and 2023, respectively.

ANIMAL SAFETY SEGMENT

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.

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

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

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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.

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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.

Rodent Control & Insect Control.

Neogen offers a comprehensive line of rodent and insect control products 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.

These ingredients are blended with food-grade components to ensure high palatability and effectiveness.

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

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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.

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

Our bioinformatics database supports genetic improvement in animal performance.

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.

On March 2, 2026, Neogen Corporation announced that it had entered into a definitive agreement to sell its Genomics business to Zoetis Inc.

for $160.0 million.

The transaction is subject to customary closing conditions and regulatory approvals, and the parties continue to work toward a closing by the end of the first half of fiscal year 2027.

In July 2026, the Australian Competition and Consumer Commission (ACCC) and the New Zealand Commerce Commission (NZCC) each announced that they are moving their respective reviews of the Company’s proposed genomics divestiture into the second phase of review.

The Company will continue to cooperate with the ACCC and the NZCC as they complete their respective review processes.

GENERAL SALES AND MARKETING

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As of May 31, 2026, a total of 817 employees were assigned to sales and marketing functions.

During the fiscal years ended May 31, 2025, 2024 and 2023, no single customer or distributor accounted for 10% or more of our revenues.

DOMESTIC SALES AND MARKETING

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 distributors and end users and also handles technical support issues that arise with customers.

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

Neogen’s food safety markets are primarily comprised of:

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UK, Europe, Middle East, Africa and India:

Neogen Europe, Ltd., headquartered in Ayr, Scotland, sells products and services to our network of customers and distributors throughout the U.K., Europe, the Middle East and Africa.

Neogen Ireland Ltd, headquartered in Bray, Ireland, sells products and services to our network of customers and distributors throughout Europe, the Middle East and Africa.

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

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

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

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

Neogen Food Safety UK Ltd is a manufacturing site based in Bridgend, Wales.

Mexico, Central and South America:

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Combined, the businesses distribute Neogen’s products and offer genomics services throughout Latin America to distributors and end customers.

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 and insect control products.

Neogen do Brasil, headquartered in Indaiatuba, Brazil, distributes food safety products.

Rogama, located in Pindamonhangaba, Brazil operates a genomics testing laboratory (formerly 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.

Asia Pacific:

Neogen maintains offices in Japan, Korea, Thailand, China, Australia and New Zealand.

Neogen maintains offices in Japan, Korea, Thailand, China, Philippines, and Australia.

Combined, the businesses distribute Neogen’s products throughout the Asia Pacific region to distributors and end customers.

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accounted for 51.2%, 50.2%, and 49.7% of our total revenues for fiscal years ended May 31, 2026, 2025 and 2024, respectively.

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

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

RESEARCH AND DEVELOPMENT

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As of May 31, 2026, we employed 89 scientists and support staff in our worldwide research and development group, including immunologists, chemists, geneticists, engineers and microbiologists.

Management currently expects our future research and development expenditures to approximate 2% to 3% of total revenues annually.

Management currently expects our future research and development expenditure to approximate 2% to 5% of total revenues annually.

The research and development team continues to align with subject matter experts in academia, industry and regulatory agencies for advancing innovative scientific solutions to benefit the Food Safety and Animal Safety sectors.

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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 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.

Royalties under these agreements, expensed to sales and marketing, amounted to $1.9 million, $1.6 million, and $3.3 million in fiscal years 2026, 2025, and 2024, respectively.

PROPRIETARY PROTECTION AND APPROVALS

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patents, 445 patents in countries outside of the U.S., and 102 pending patent applications globally.

Neogen’s trademark estate includes approximately 100 trademark registrations within the U.S., 370 trademark registrations in countries outside of the U.S, and 5 trademark registration applications globally.

Neogen’s trademark estate includes approximately 84 trademark registrations within the U.S.

and 449 trademark registrations in countries outside of the U.S.

We do not expect the near-term expiration of any single patent to have a significant effect on future results of operations.

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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.

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As of May 31, 2026, there were approximately 1,257 full-time employees assigned to manufacturing operations and providing services in these locations, operating on multiple shift schedules, with occasional 24/7 production during high-demand periods.

We believe that we are on track to manufacture sellable Petrifilm product and begin our planned multi-quarter manufacturing transition of Petrifilm to our Lansing manufacturing site beginning in fiscal year 2027.

Operational and performance qualification testing has taken place throughout fiscal year 2026.

Future demand increases could be accommodated by adding shifts.

Management believes we could increase the current output of our primary product lines by using the current space available.

However, to do so would require investment in additional equipment.

However, to do so would require investment in additional equipment and personnel.

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 Michigan and Kentucky.

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

Proprietary monoclonal and polyclonal antibodies for Neogen’s diagnostic kits are purified on a regular schedule in our protein chemistry 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.

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and Western Europe.

Enzyme substrates are manufactured at Megazyme in Bray, Ireland.

Our Clean-Trace product line is manufactured in Wales.

Other former 3M FSD products are currently manufactured within 3M plants in the U.S.

Food quality and nutritional analysis test kits and supporting reagents like purified enzymes are manufactured at Megazyme in Bray, Ireland.

Our Clean-Trace sanitation monitoring product line using ATP as an indicator of sanitation is manufactured in Wales.

Sample collection products are produced in our Lexington, Kentucky facility.

Molecular diagnostics products that detect harmful pathogens by amplifying genetic material are made in a Lansing, Michigan facility.

Other former 3M Food Safety Division ("FSD") products such as Petrifilm product line are currently manufactured within 3M plants in the U.S.

Animal health products.

Manufacturing of animal health products, pharmacological diagnostic test kits, and test kits for drug residues takes place in our FDA-registered facilities in Lexington, Kentucky.

In general, manufacturing operations including reagent manufacturing, quality assurance, final kit assembly and packaging are performed by Neogen personnel.

Certain animal health products and veterinary instruments that are purchased finished or that are toll manufactured by third-party vendors are warehoused and shipped from our Kentucky facilities.

Manufacturing of animal health products, pharmacological diagnostic test kits, and test kits for drug residues take place in our FDA-registered facilities in Lexington, Kentucky.

In general, manufacturing operations include reagent manufacturing, quality assurance, final kit assembly and packaging which are performed by Neogen personnel.

Certain animal health products and veterinary instruments that are purchased finished or are toll manufactured by third-party vendors are warehoused and shipped from our Kentucky facilities.

Some veterinary instruments are produced in our facilities in Lansing and are then shipped to Kentucky for distribution to customers.

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Neogen offers agricultural genomics laboratory services and bioinformatics at our locations in the U.S., Scotland, Brazil, Australia, China and Canada.

Through our laboratory services and bioinformatics (primarily in beef and dairy cattle, pigs, sheep, poultry, horses and dogs), Neogen Genomics allows our customers to speed genetic improvement efforts, as well as identify economically important diseases.

Cleaners, disinfectants and rodent control products.

Manufacturing of rodent control products and/or cleaners and disinfectants takes place in the following locations:

Wisconsin, Tennessee, California, England and Brazil.

Certain cleaners and disinfectants are manufactured in Neogen facilities, while others are purchased from other manufacturers for resale or toll manufactured by third parties.

Insect control products.

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

Through our laboratory services and bioinformatics (primarily in beef and dairy cattle, pigs, sheep, poultry, horses and dogs), Neogen Genomics allows our customers to accelerate genetic improvement efforts, as well as identify economically important diseases.

Rodent and insect control products.

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

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.

There can be no assurance that we would avoid a disruption of supply in the event a supplier discontinues shipment of product.

Shipments of higher volume products are generally accomplished within a 48-hour turnaround time.

Strategic review is conducted regularly to consolidate and maintain critical sources of supply to sustain volume discounts and we believe we have identified acceptable alternative suppliers for some of our key components and raw materials where it is economically feasible to do so.

There can be no assurance that we would avoid a disruption of supply in the event a supplier discontinues shipment of raw materials or semi-finished products.

While competitors differ across individual markets, we are not aware of any single competitor that is pursuing Neogen’s fundamental strategy of developing and marketing a broad line of products, ranging from disposable tests and culture media to veterinary pharmaceuticals and instruments for a large number of food safety and animal safety concerns.

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Future competition may become even more intense and could result from the development of new technologies, which could affect the marketability and profitability of Neogen’s products.

Our competitive position also depends on our ability to continue to develop proprietary products, attract and retain qualified scientific and other personnel, develop and implement production and marketing plans and protect the intellectual property for new products.

Our competitive position also depends on our ability to continue to develop proprietary products, attract and retain qualified scientists and other personnel, develop and implement production and marketing plans and protect the intellectual property for new products.

Additionally, we must continue to generate or have access to adequate capital resources to execute our strategy.

With a large professional sales organization offering a comprehensive catalog of food safety solutions, management believes we maintain a general advantage over competitors offering only limited product lines.

With a large professional sales organization offering a comprehensive catalog of food safety solutions, management believes that we maintain a general advantage over competitors offering only limited product lines.

In most cases, Neogen sales and technical service personnel can offer unique insight into a customer’s numerous safety and quality challenges and offer testing and other solutions to help the customer overcome those challenges.

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While our offerings will not always compete on all platforms in all markets, the products we offer provide tests that can be utilized by most customers to meet their testing needs.

In addition to our extensive product offerings and robust distribution network, we focus our competitive advantage in the areas of customer service, product performance, speed, and ease of use of our products.

In addition to our extensive product offerings and robust distribution network, we focus our competitive advantage on the areas of customer service, product performance, speed, and ease of use of our products.

Additionally, by aggressively maintaining Neogen’s ability to produce at low cost, we believe that we can be competitive with new market entrants that may choose a low pricing strategy in an attempt to gain market share.

ANIMAL SAFETY:

Neogen’s Animal Safety segment does not encounter any single competitor across the various products and markets we serve.

Given the broad range of products offered and the diverse markets served by Neogen's Animal Safety segment, the Company does not face a single competitor that competes across all of its businesses.

In the life sciences and toxicology markets, we compete against several other diagnostic and reagent companies with similar product offerings.

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through a combination of direct sales and distributors.

Numerous companies, including a number of large multinationals, compete for sales in the cleaner and disinfectant product segment.

Neogen’s broad line of products is sold around the world, primarily to assist in the cleaning and disinfecting of animal production facilities.

In addition to our extensive portfolio of animal safety products, Neogen also competes in the retail market by providing solutions to common retail problems, such as stock outs, wasted floor space, and inconsistent brand identity.

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The result of this technology allows the acceleration of natural selection through parentage testing and selective breeding of traits such as disease resistance, yield improvement and meat quality.

Competition comes mainly from a number of general laboratory service providers, some significantly larger than us as well as several smaller companies offering genomics services.

Competition comes primarily from a number of general laboratory service providers, some significantly larger than us as well as several smaller companies offering genomics services.

Neogen Genomics is not involved in cloning or the development of transgenic animals.

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However, changes in such regulations or rules could involve significant costs to us and could be materially adverse to our business.

The rodent control products, insect control products, cleaners, disinfectants and sanitizers manufactured and distributed by Neogen are subject to EPA and various U.S.

The rodent control products and insect control products distributed by Neogen are subject to EPA and various U.S.

state regulations as well as other analogous agencies in the markets where we sell such products.

13 unchanged sentences

HUMAN CAPITAL MANAGEMENT

Our people are a critical component in our continued success.

As a team, they put Neogen’s core values into action, while executing key initiatives to maintain long-term sustainable growth.

We strive to create a workplace of choice to attract, retain, and develop top talent to achieve our vision and deliver shareholder results.

As of May 31, 2025, we employed 2,974 people worldwide, with 1,676 located in the U.S.

and 1,298 international.

We maintain good relations with both our union and non-union employees and have not experienced any work stoppages.

The Company is committed to fostering a diverse and inclusive workplace that attracts and retains exceptional talent.

Through ongoing employee development, comprehensive compensation and benefits, and a focus on health, safety and employee wellbeing, the Company strives to help its employees in all aspects of their lives so they can do their best work.

Our employees are an important component of our business operations and long-term strategy.

As of May 31, 2026, we employed 2,636 people worldwide, with 1,346 located in North America and 1,290 international.

Our workforce includes both union and non-union employees.

We did not experience any material work stoppages in fiscal year 2026.

We seek to attract, develop, and retain employees with the skills, experience, and capabilities necessary to support our business objectives.

Our approach to human capital management includes workforce planning, employee development, compensation and benefits, workplace culture, and health and safety initiatives.

Workplace Culture and Employee Engagement .

We have established our Neogen DNA, which guides us in acting with the utmost integrity as we pursue our mission and goals.

Our Neogen DNA is made up of three parts:

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

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.

We value responsibility, consistency, and integrity.

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

We have established a framework referred to as our “Neogen DNA”, which is intended to guide our conduct and decision making.

This framework consists of our Purpose & Promise, Principles, and Values, and emphasizes responsibility, consistency, and integrity.

Our Code of Business Conduct & Ethics outlines expectations for ethical business practices and applies to all employees.

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 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.

We have internal programs designed to develop and retain talent, including career planning, leadership development, performance management and learning programs.

We utilize a variety of programs and platforms designed to attract and retain qualified employees and support their ongoing development.

These include recruiting initiatives, performance management processes, learning and development opportunities, leadership development programs, and career planning resources.

We believe these efforts support employee engagement and continuity of leadership and enhance our ability to execute our business strategy.

Compensation and Benefits .

We strive to support our colleagues’ well-being and enable them to achieve their best at work and at home.

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.

We offer compensation and benefits programs that are intended to be competitive within the markets in which we operate and aligned with our business objectives.

These programs are designed to support employees' well-being and may include offerings related to physical and mental health, financial wellness, and family support.

Our programs vary by country and region to reflect local market practices and regulatory requirements.

Employee Health and Safety .

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.

Our procedures emphasize the need for the cause of injuries to be investigated and for action plans to be implemented to mitigate potential recurrence.

Our safety programs have resulted in strong safety performance.

We are committed to maintaining a safe working environment for our employees.

Our health and safety programs focus on injury prevention, compliance with applicable regulations, and continuous improvement of safety practices.

We investigate workplace incidents and implement corrective actions intended to reduce the risk of recurrence.

We believe these efforts support workplace safety across our operations.

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