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 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. 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 July 2025, the Company divested its global Cleaners and Disinfectants business. See Note 4. "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 and animal safety and security. To meet this mission, a growth strategy consisting of the following elements has been developed: (i) increasing sales of existing products; (ii) introducing innovative products and services; (iii) growing international sales; and (iv) acquiring businesses and forming strategic alliances. We have been historically successful at increasing product sales organically, including international growth, and maintain an active business development program to identify and capitalize on opportunities to acquire new products, businesses or technology. Neogen Corporation was formed as a Michigan corporation in June 1981 and operations began in 1982. Our principal executive offices are located at 620 Lesher Place, Lansing, Michigan 48912-1595, and our telephone number is (517) 372-9200. Neogen’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports are available free of charge via our website (www.neogen.com) as soon as reasonably practicable after such information is filed with, or furnished to, the United States Securities and Exchange Commission. 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. Food Safety Segment 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. 3 Neogen’s Food Safety products include tests and solutions within the following primary categories: Natural Toxins & Allergens. 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. 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 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. 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. Generally, royalty rates are in the range of 2% to 10% of revenues on products containing licensed technology. Some licenses involve technology that is exclusive to Neogen’s use, while others are non-exclusive and involve technology licensed to multiple licensees. 4 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, and advanced genomic services. The segment supports livestock producers, veterinarians, researchers, and companion animal owners globally. Life Sciences. 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. 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. 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. 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 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. 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. 5 GENERAL SALES AND MARKETING Within our Food Safety and Animal Safety segments, our sales efforts are generally organized by specific markets, and/or geography. As of May 31, 2026, a total of 817 employees were assigned to sales and marketing functions. DOMESTIC SALES AND MARKETING FOOD SAFETY 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 while providing 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 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; •Seafood, including harvesters and processors of a wide variety of seafood products; •Dairy, including milk and yogurt processors; •Beverage, including soft drink bottlers and beer and wine producers; •Water, including food producers, water bottlers and municipal water departments; •Healthcare, including hospitals and distributors to the healthcare industry; •Traditional culture media markets, including commercial and research laboratories and producers of pharmaceuticals, cosmetics and veterinary vaccines; •Food service, including fast food service establishments and retail grocery market chains; and •Dietary supplements, including producers and marketers of a wide variety of nutritional and holistic consumer products. ANIMAL SAFETY Neogen’s staff of specialized animal safety sales, marketing, customer and technical service representatives sell our products and services directly to consumers, dealers, veterinarians, distributors and other manufacturers and also handle technical support issues. Neogen further supports its distribution channels through product training, field support, various promotions and advertising. Neogen’s animal safety markets are primarily comprised of: •Companion animal veterinarians; •Livestock producers, veterinarians and breed associations; •Retailers, including large farm and ranch retailers; 6 •Breeding and genetics companies, including large dairy artificial insemination providers, poultry and swine genetics companies and the aquaculture industry; •Diagnostic labs and universities, including commercial and forensic testing laboratories; •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 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. UK, Europe, Middle East, Africa and India: U.K. 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 & 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: Neogen maintains offices and distribution facilities in Mexico, Guatemala, Brazil, Argentina, Chile, Uruguay and Colombia. Combined, the businesses distribute Neogen’s products and offer genomics services throughout Latin America to distributors and end customers. 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, Philippines, and Australia. Combined, the businesses distribute Neogen’s products throughout the Asia Pacific region to distributors and end customers. Our Chinese subsidiary, located in Shanghai, also operates a genomics testing laboratory, focusing on swine, dairy and beef cattle markets. Neogen’s Australasia subsidiary also operates a genomics testing laboratory, focusing on sheep and cattle markets in Australia and New Zealand. Neogen Canada: This business operates a genomics testing laboratory in Edmonton, Alberta. Neogen also has a food safety-focused training laboratory, instrument service center and commercial office in London, Ontario. Other distributor partners: Outside of our physical locations, Neogen uses our own sales managers in both the Food Safety and Animal Safety segments to work closely with and coordinate the efforts of a network of distributors in more than 100 countries. 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 U.S. 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 total revenues for those same periods. 7 RESEARCH AND DEVELOPMENT 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. 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 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. Neogen has ongoing development projects for several new and improved diagnostic tests and other complementary products for both the Food Safety and Animal Safety markets. Management expects that a number of these products will be commercially available at various times during fiscal years 2027 and 2028. Certain technologies used in some products manufactured and marketed by Neogen were acquired from or developed in collaboration with partners, independent scientists, governmental agencies, universities and other third parties. 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 $1.9 million, $1.6 million, and $3.3 million in fiscal years 2026, 2025, and 2024, respectively. PROPRIETARY PROTECTION AND APPROVALS Neogen uses a variety of intellectual property approaches to protect the competitive position of its offerings, including the use of patents, trademarks, trade secrets, proprietary and confidential know-how, as well as branding and trademarks. Patent and trademark registration applications are submitted whenever appropriate. From its inception, Neogen has acquired and been granted numerous patents and trademark registrations and has numerous pending patents and trademark applications. Neogen’s patent portfolio includes approximately 157 U.S. patents, 445 patents in countries outside of the U.S., and 102 pending patent 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. Our offerings are also protected by trade secrets and proprietary know-how when appropriate. 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. Management believes that Neogen has adequate rights to commercialize our products. However, we are aware that substantial research is conducted at universities, governmental agencies and other companies throughout the world, and that it always is possible that patents have been applied for and could be granted that are relevant to technologies that may be used in our products. To the extent some of our products may now, or in the future, embody technologies protected by patents of others, we may need to obtain licenses to use such technologies to continue to sell the products. These licenses may not be available on commercially reasonable terms. Failure to obtain any such licenses could delay or prevent the sale of certain new or existing products. In addition, patent litigation is not uncommon. Accordingly, there can be no assurance that we will continue to have adequate rights to commercialize our new products or that we will avoid litigation. 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 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. 8 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. These include validation by, among others, the AOAC International, independently administered third-party, multi-laboratory collaborative studies, and approvals by the USDA Food Safety Inspection Service. PRODUCTION AND SUPPLY Neogen manufactures products in the U.S., the U.K., Ireland and Brazil and provides genomics services in the U.S., Scotland, Brazil, Australia, China and Canada. 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 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 take place at our facilities in Michigan and Kentucky. 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. 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. and Western Europe. 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. and Poland. Animal health products. 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. Manufacturing of devices used for animal injections, topical applications and oral administration occurs in Kenansville, North Carolina. Veterinary biologics. Neogen maintains a Lansing-based USDA-approved manufacturing facility devoted to the production of the biologic products EqStim and ImmunoRegulin. P.acnes seed cultures are added to media and then subjected to several stages of further processing resulting in a finished product that is filled and packaged within the facility. Our BotVax B vaccine also is produced in the Lansing facility using Type B botulism seed cultures and a traditional fermentation process. Agricultural genomics services. 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 accelerate genetic improvement efforts, as well as identify economically important diseases. 9 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. 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. COMPETITION 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. For each of our individual products or product lines, we face intense competition from companies ranging from small businesses to divisions of large multinational companies. Some of these organizations have substantially greater financial resources than Neogen. We compete primarily on the basis of ease of use, speed, accuracy, and other performance characteristics of our products. The breadth of our product line, the effectiveness of our sales and customer service organizations, and pricing also are components in management’s competitive strategy. 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 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. FOOD SAFETY: 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. Competition for pathogen detection products includes traditional methods and antibody and genetic-based platforms; competition for natural toxins and allergen detection products includes instrumentation and antibody-based tests. 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 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: 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. In the veterinary market, Neogen markets BotVax B, the only USDA-approved vaccine for the prevention of botulism Type B in horses. We compete on other key products through differentiated product performance and superior customer and technical support. With some of our products, we provide solutions as a lower cost alternative and also offer a private label option for our customers. 10 Competition in the rodent control market includes several companies of comparable size that offer products into similar market segments. The retail rodent control market is not dominated by a single brand. 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, 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. These products are currently only sold in the U.S. through a combination of direct sales and distributors. 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. We differentiate ourselves by offering planograms and convenient reordering systems to maximize turns and profitability for our retail customers. Neogen Genomics, a leading worldwide commercial animal genomics laboratory, employs cutting-edge technology in the area of genomics. 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 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. GOVERNMENT REGULATION A significant portion of Neogen’s products and revenues are affected by the regulations of various domestic and foreign government agencies, including the U.S. Department of Agriculture (USDA), the Environmental Protection Agency (EPA), and the U.S. Food and Drug Administration (FDA). Changes in these regulations could affect revenues and/or costs of production and distribution. Neogen’s development and manufacturing processes involve the use of certain hazardous materials, chemicals and compounds. Management believes that our safety procedures for handling and disposing of such commodities comply with the standards prescribed by federal, state and local regulations. 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 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. In general, any international sale of our products also must comply with similar regulatory requirements in the country of destination. Each country has its own individual regulatory construct with specific requirements. To the best of our knowledge, Neogen products are compliant with applicable regulations in the countries where such products are sold. Many food safety diagnostic products do not require direct government approval. However, we have pursued voluntary approvals and certifications for a number of these products to enhance their marketability. Neogen’s veterinary vaccine products and some pharmaceutical products require government approval to allow for lawful sales. The vaccine products are approved by the U.S. Department of Agriculture, Center for Veterinary Biologics (USDA-CVB) and analogous agencies in jurisdictions where sold. The pharmaceutical products are approved by the FDA and analogous agencies in jurisdictions where sold. The products, and the facilities in which they are manufactured, are in a position of good standing with all agencies. We have no warning letters based on any review of these products or facility inspections and are not aware of any reason why we could not manufacture and market such products in the future. Other animal safety and food safety products generally do not require additional registrations or approvals. However, Neogen’s regulatory staff routinely monitors amendments to current regulatory requirements to ensure compliance. 11 HUMAN CAPITAL MANAGEMENT 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 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 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 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 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.