ImmuCell : August 2023 Corporate Presentation

ImmuCell Corporation

Forward-Looking Statements

Cautionary Note Regarding Forward-Looking Statements (Safe Harbor Statement):

This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts, and will often include words such as "expects", "may", "anticipates", "aims", "intends", "would", "could", "should", "will", "plans", "believes", "estimates", "targets", "projects", "forecasts", "seeks" and similar words and expressions. Such statements include, but are not limited to, any forward-looking statements relating to: our plans and strategies for our business; projections of future financial or operational performance; the timing and outcome of pending or anticipated applications for regulatory approvals; future demand for our products; the extent, nature and duration of the COVID-19 pandemic and its consequences, and their direct and indirect impacts on our production activities, operating results and financial condition and on the customers and markets that we serve; the impact of Russia's military invasion of Ukraine and attack on its people on the world economy including inflation and the price and availability of grain and oil; the impact of the global supply-chain disruptions on our ability to obtain, in a timely and cost- effective fashion, all the supplies and components we need to produce our products; the impact of inflation and rising interest rates on our operating expenses and financial results; the scope and timing of ongoing and future product development work and commercialization of our products; future costs of product development efforts; the estimated prevalence rate of subclinical mastitis and producers' level of interest in treating subclinical mastitis given the current economic and market conditions; the expected efficacy of new products; estimates about the market size for our products; future market share of and revenue generated by current products and products still in development; our ability to increase production output and reduce costs of goods sold per unit; the adequacy of our own manufacturing facilities or those of third parties with which we have contractual relationships to meet demand for our products on a timely basis; the impacts of backlogs on customer relationships; the efficacy or timeline to complete our contamination remediation efforts; the likelihood, severity or impact of future contamination events; the anticipated costs of (or time to complete) planned expansions of our manufacturing facilities and the adequacy of our funds available for these projects; the robustness of our manufacturing processes and related technical issues; estimates about our production capacity, efficiency and yield; future regulatory requirements relating to our products; future expense ratios and margins; the efficacy of our investments in our business; future compliance with bank debt covenants; anticipated changes in our manufacturing capabilities and efficiencies; our effectiveness in competing against competitors within both our existing and our anticipated product markets; projections about depreciation expense and its impact on income for book and tax return purposes; and any other statements that are not historical facts. These statements are intended to provide management's current expectation of future events as of the date of this earnings release, are based on management's estimates, projections, beliefs and assumptions as of the date hereof; and are not guarantees of future performance. Such statements involve known and unknown risks and uncertainties that may cause the Company's actual results, financial or operational performance or achievements to be materially different from those expressed or implied by these forward-looking statements, including, but not limited to, those risks and uncertainties relating to: difficulties or delays in development, testing, regulatory approval, production and marketing of our products (including the First Defense® product line and Re-Tain®), competition within our anticipated product markets, customer acceptance of our new and existing products, product performance, alignment between our manufacturing resources and product demand (including the consequences of backlogs), uncertainty associated with the timing and volume of customer orders as we come out of a prolonged backlog, adverse impacts of supply chain disruptions on our operations and customer and supplier relationships, commercial and operational risks relating to our current and planned expansion of production capacity, and other risks and uncertainties detailed from time to time in filings we make with the Securities and Exchange Commission (SEC), including our Quarterly Reports on Form 10-Q, our Annual Reports on Form

10-K and our Current Reports on Form 8-K. Such statements involve risks and uncertainties and are based on our current expectations, but actual results may differ materially due to various factors, including the risk factors summarized under PART II: OTHER INFORMATION, ITEM 1A - RISK FACTORS and uncertainties otherwise referred to in this Quarterly Report on Form 10-Q. In addition, there can be no assurance that future risks, uncertainties or developments affecting us will be those that we anticipate. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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Table of Contents

1. Company Overview and Strategic Opportunity..…….……..…………………………………………………….….….....4-27
2. Testimonials………………………………………………………………….……..…….…………………………………….……….…28-32
3. Financial Review(1).………………..….……..……………………………..……………………………………………..…..........33-39
4. Other Information..……………...………...………………………………………….……………………………...……….…….40-52

(1)Detailed financial reports, summary press releases and conference calls open to interested investors are provided quarterly.

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Section #1: Company Overview

and Strategic

Opportunity

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Company Overview

ImmuCell Corporation (Nasdaq: ICCC) is an animal health company focused on:

• Capitalizing on the significant growth in sales of the First Defense® product line (for dairy and beef calves) and revolutionizing the subclinical mastitis treatment paradigm with Re-Tain®, our novel purified Nisin product (for dairy cows)
• Delivering Immediate Immunity™ to newborn dairy and beef calves to improve herd productivity, while avoiding unnecessary dam vaccine injections, via the Company's leading-edge First Defense® product line
• Addressing the $2 BILLION of annual economic harm to the dairy industry due to mastitis infections WITHOUT traditional antibiotics used in human medicine - thereby reducing the amount of antibiotics in the human food chain, with Re-Tain® (in late stages of FDA approval process)

Company-owned headquarters and USDA production facility for First Defense®(34,850 ft2 finished interior = 19,100 ft2 on first floor and 15,750 ft2 on second floor)

Company-owned FDA production facility for Re-Tain® (16,200 ft2 finished interior = 9,800 ft2 on first floor and 6,400 ft2 on second floor)

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