Neogen Corporation

Neogen Corp develops and sells products and services used to test food, feed, and agricultural inputs for safety and quality, while also providing genomics and animal safety solutions. The company serves global food producers, laboratories, veterinarians, breeders, and distributors through a mix of direct sales and channel partners, with a strong international footprint.

10,9 %

46,9 %

−0,9 %

−2,7 %

3.82

2.91

— Neogen Corporation
%
Food Safety Testing55% Disposable tests, culture media, pathogen detection, sanitation, allergen, and toxin testing products.
Animal Safety25% Veterinary diagnostics, animal health products, genomics services, and related instruments.
Pest Control and Hygiene10% Rodent control, insect control, cleaners, and disinfectants used in agricultural and food environments.
Services and Support10% Genomics testing services, training, technical support, and instrument service activities.

Neogen sells to food processors, laboratories, and agricultural customers that need fast, reliable testing to protect...

  • Food processors and quality labsprimary

    Buy allergen, toxin, pathogen, sanitation, and sample testing products to verify food safety and compliance.

  • Livestock and animal production customersprimary

    Buy genomics services, diagnostics, and animal safety products to improve herd performance and health.

  • Veterinarians and companion animal channelssecondary

    Buy veterinary instruments, diagnostics, and related products for clinical use and resale.

  • Distributors and retailerssecondary

    Buy Neogen products for resale and channel reach, especially in markets without direct presence.

  • Breeding, genetics, and research organizationssecondary

    Buy genomics testing and specialized products to support breeding decisions and research workflows.

Neogen generates a large share of revenue outside the United States and maintains operations in 28 countries beyond the...

  • •Operations span 28 countries outside the United States
  • •Europe, Middle East, Africa, and India are served from Ayr, Scotland
  • •Latin America includes offices and distribution in Mexico, Brazil, and others
  • •Asia Pacific includes China, Japan, Korea, Australia, and New Zealand
  • •Canada has genomics and food safety service operations

Neogen is focused on expanding existing product sales, launching new products, and growing international revenue while...

01
Integrate the 3M Food Safety businessshort-term

Successful integration is needed to realize synergies, stabilize operations, and support growth.

02
Expand international salesmedium-term

International markets are a major growth lever and help diversify demand beyond the U.S.

03
Develop and commercialize new productsmedium-term

New products help offset competitive pressure and support share gains in food and animal safety.

04
Improve manufacturing and supply chain controlmedium-term

In-house production and better supply resilience can reduce disruption and support margins.

Neogen faces execution risk from integrating the 3M Food Safety business and from realizing expected synergies after a...

high

3M Food Safety integration risk

The company still needs to integrate manufacturing and operations to realize transaction benefits.

Scope
Synergies, cost structure, and growth expectations
Materiality
high
high

Supplier and single-source dependency

Some raw materials and products come from third parties or sole sources, creating disruption risk.

Scope
Production continuity, product availability, and margins
Materiality
high
high

Foreign exchange volatility

International revenue is large and management disclosed a material currency headwind in fiscal 2025.

Scope
Reported revenue and operating results
Materiality
high
high

Goodwill and intangible asset impairment

A large goodwill impairment already occurred, and further declines in cash flows could trigger more charges.

Scope
Balance sheet carrying values and earnings
Materiality
high
medium

Distributor channel dependence

A meaningful portion of sales is made through distributors, which can affect demand visibility and pricing.

Scope
Channel inventory swings and customer access
Materiality
medium
Goodwill impairment
Can materially affect net income and balance sheet equity
Fair value estimation
Changes in assumptions can trigger additional impairment charges
Revenue mix between products and services
Affects quarterly comparability and margin analysis
Foreign currency translation
Can change reported revenue growth without changing underlying demand
Divestitures and discontinued product lines
Reduces comparability across periods

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: 28/04/2026