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202 5 A NNUA L REP OR T
The advancement of human and animal well-being through science and technology so we can fuel a brighter future for global food security. Table of Contents 02 Message from James C. Borel, Board Chair 04 Made to do More 08 Neogen Corporation Form 10-K 100 Officers and Directors 101 Neogen Corporation and Subsidiaries: Comparison of Five-Year Cumulative Total Return and Stock Profile Activity
By the Numbers Sales Fiscal Year 2025 50% International By Region 71% Food Safety By Segment and 55% U.S. Canada 71% Food Safety 12% 29% Animal Safety Asia Pacific Middle 14% Europe, East, Africa 16% 3% Latin America Australia and New Zealand 98% Consumables By Product 98% Consumables 2% Non-consumables 1
A Message from James C. Borel, Board Chair To Our Shareholders, Employees and Friends, As we reflect on the fiscal 2025, it represented another year of progress on the complex journey of integrating the largest acquisition in our history and building a more focused and scalable organization. It also represented a year of meaningful change, as some of the execution challenges we ve encountered with the integration required us to reassess and take decisive action. The progress we ve made on the integration of the former 3M Food Safety business has brought us closer to our longterm vision of delivering broader, more robust solutions to customers around the world. But the work has not been without complexity, as we ve faced operational inefficiencies as well as softer market conditions and global trade uncertainty. Neogen has launched a targeted improvement plan to address these areas head-on. We re focused on execution: resolving inefficiencies in production, strengthening supply chain planning, and ensuring the remaining integration activities proceed on track. These efforts are already underway, and we believe they will better position the company to deliver improved profitability and performance moving forward. 2 Alongside this work, we ve taken important strategic steps to simplify our business and sharpen our focus. We completed the divestiture of our global Cleaners & Disinfectants business and have an additional divestiture process underway, with the proceeds from both intended to be used for debt reduction. These moves will serve to simplify our business and allow us to concentrate more fully on our core capabilities. We also completed a refinancing of our term loan and revolving credit facility in fiscal 2025, reinforcing our financial position and flexibility. Despite near-term headwinds, we continue to see strength and opportunity in our core markets particularly in Food Safety. This year, we expanded our portfolio with new tools to support fast, accurate pathogen detection and spoilage monitoring, including the introduction of our rapid Listeria Right Now test for the Molecular Detection System platform. We also broadened our applications with the launch of CelluSmart , an enzymatic technology that brings our scientific expertise to the biofuels sector. These developments reflect our long-term commitment to innovation that matters.
We re also encouraged by the continued emphasis on food safety from regulatory agencies in the U.S. and globally. While we are not dependent on policy shifts to drive growth, we see Neogen s role as well aligned with these efforts, providing tools and expertise that support both the industry and regulatory oversight. In Animal Safety, we continue to serve a wide base of customers with our portfolio of preventive care and treatment products, even as that market remains in what we believe is a cyclical trough. We are actively managing through this period while remaining committed to the long-term needs of our partners across animal health and production. Throughout the year, the Board remained deeply engaged and worked alongside management to ensure decisions are grounded in long-term value creation. We welcomed Andrea Wainer to the Board and thanked retiring director Jim Tobin for more than a decade of service and guidance. With the upcoming retirement of another longtime director, Bill Boehm, we are grateful for his service and are planning to welcome Avi Pelossof to the Board as his replacement. These new directors will bring valuable experience and insights, as we work to ensure the Board continues to have the right mix of skills to guide the Company through this transitional period. Neogen has always been a company that embraces challenges as opportunities to improve and this year has been no different. We are not yet where we want to be, but are making progress and are confident in the path forward. The fundamentals of our business remain strong, the long-term trends are in our favor, and the actions we are taking now will help us emerge more focused, efficient, and positioned for growth. At every stage of this journey, we are guided by our brand promise: safety at your side. This reflects the trust our customers place in us, and our responsibility to deliver consistent, science-based solutions to support their work, wherever they operate. Thank you for your continued partnership and investment in Neogen. James C. Borel Chairman of the Board Neogen Corporation 3
 • shareholder letter icon 9/12/2025 Letter Continued (Full PDF)
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NEOG Shareholder/Stockholder Letter Transcript:

202 5 A NNUA L REP OR T

The advancement of human
and animal well-being through
science and technology so we
can fuel a brighter future
for global food security.
Table of Contents
02
Message from
James C. Borel, Board Chair
04
Made to do More
08
Neogen Corporation
Form 10-K
100
Officers and Directors
101
Neogen Corporation and
Subsidiaries: Comparison
of Five-Year Cumulative
Total Return and Stock
Profile Activity

By the Numbers
Sales     Fiscal Year 2025
50%
International
By Region
71%
Food Safety
By Segment
and
55% U.S.
Canada
71% Food Safety
12%
29% Animal Safety
Asia Pacific
Middle
14% Europe,
East, Africa
16%
3%
Latin America
Australia and
New Zealand
98%
Consumables
By Product
98% Consumables
2% Non-consumables
1

A Message from
James C. Borel,
Board Chair
To Our Shareholders, Employees and Friends,
As we reflect on the fiscal 2025, it represented another year
of progress on the complex journey of integrating the largest
acquisition in our history and building a more focused and
scalable organization. It also represented a year of
meaningful change, as some of the execution challenges
we   ve encountered with the integration required us to
reassess and take decisive action.
The progress we   ve made on the integration of the former
3M Food Safety business has brought us closer to our longterm vision of delivering broader, more robust solutions
to customers around the world. But the work has not
been without complexity, as we   ve faced operational
inefficiencies as well as softer market conditions and
global trade uncertainty. Neogen has launched a targeted
improvement plan to address these areas head-on. We   re
focused on execution: resolving inefficiencies in production,
strengthening supply chain planning, and ensuring the
remaining integration activities proceed on track. These
efforts are already underway, and we believe they will better
position the company to deliver improved profitability and
performance moving forward.
2
Alongside this work, we   ve taken important strategic steps
to simplify our business and sharpen our focus. We completed
the divestiture of our global Cleaners & Disinfectants business
and have an additional divestiture process underway, with the
proceeds from both intended to be used for debt reduction.
These moves will serve to simplify our business and allow
us to concentrate more fully on our core capabilities. We
also completed a refinancing of our term loan and revolving
credit facility in fiscal 2025, reinforcing our financial position
and flexibility.
Despite near-term headwinds, we continue to see strength
and opportunity in our core markets   particularly in Food
Safety. This year, we expanded our portfolio with new
tools to support fast, accurate pathogen detection and
spoilage monitoring, including the introduction of our
rapid Listeria Right Now test for the Molecular Detection
System platform. We also broadened our applications
with the launch of CelluSmart   , an enzymatic technology
that brings our scientific expertise to the biofuels sector.
These developments reflect our long-term commitment to
innovation that matters.

We   re also encouraged by the continued emphasis on food
safety from regulatory agencies in the U.S. and globally.
While we are not dependent on policy shifts to drive growth,
we see Neogen   s role as well aligned with these efforts,
providing tools and expertise that support both the industry
and regulatory oversight.
In Animal Safety, we continue to serve a wide base of customers
with our portfolio of preventive care and treatment products,
even as that market remains in what we believe is a cyclical
trough. We are actively managing through this period while
remaining committed to the long-term needs of our partners
across animal health and production.
Throughout the year, the Board remained deeply engaged
and worked alongside management to ensure decisions are
grounded in long-term value creation. We welcomed Andrea
Wainer to the Board and thanked retiring director Jim Tobin
for more than a decade of service and guidance. With the
upcoming retirement of another longtime director, Bill Boehm,
we are grateful for his service and are planning to welcome
Avi Pelossof to the Board as his replacement. These new
directors will bring valuable experience and insights, as we
work to ensure the Board continues to have the right mix of
skills to guide the Company through this transitional period.
Neogen has always been a company that embraces
challenges as opportunities to improve   and this year has
been no different. We are not yet where we want to be, but
are making progress and are confident in the path forward.
The fundamentals of our business remain strong, the
long-term trends are in our favor, and the actions we are
taking now will help us emerge more focused, efficient, and
positioned for growth.
At every stage of this journey, we are guided by our brand
promise: safety at your side. This reflects the trust our
customers place in us, and our responsibility to deliver
consistent, science-based solutions to support their work,
wherever they operate.
Thank you for your continued partnership and
investment in Neogen.
James C. Borel
Chairman of the Board
Neogen Corporation
3


shareholder letter icon 9/12/2025 Letter Continued (Full PDF)
 

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