ImmuCell ImmuCell Announces Unaudited Financial Results for the Second Quarter Ended

Announces Unaudited Financial Results for

Second Quarter Ended June 30, 2021

Q2 2021 Net Income of $141,000 versus Q2 2020 Net Loss of ($766,000)

Maine - August 12, 2021 - ImmuCell Corporation (Nasdaq: ICCC) ("ImmuCell" or the "Company"),

a growing animal health company that develops, manufactures and markets scientifically-proven and practical products that improve the

health and productivity of dairy and beef cattle, today announced its unaudited financial results for the quarter ended June 30,

53% increase in product sales to $4.5 million during the second quarter of 2021 helped us record net income of $141,000 in contrast to

a net loss of ($766,000) during the second quarter of 2020," commented Michael F. Brigham, President and CEO. "We reduced

the backlog of First Defense orders by $1.1 million during the quarter to $1.9 million as of June 30, 2021. As

of the week ended August 6, 2021, we had reduced this backlog further to under $1.3 million."

have experienced manufacturer-related delays with the installation of the last two pieces of equipment needed to meet our June 30 target

for completion of the investment to increase our annual production capacity for the First Defense product line

from approximately $16.5 million to approximately $23 million," Mr. Brigham added. "The installation of one piece was completed

in July, and we are working around the unavailability of the other, implementation of which has been delayed into the fourth quarter.

Most importantly, we were able to increase production output to the annualized rate of approximately $18.2 million and record a gross

margin as a percentage of product sales of 46% during the second quarter of 2021."

this quarter, we expect to issue a press release discussing the FDA's response to our last of five significant Technical Section

submissions pertaining to Re-Tain ," concluded Mr. Brigham. "This response from the FDA will determine

whether we will be able to commence an initial, limited market launch of Re-Tain around year end."

Sheet Data as of June 30, 2021:

The Company will host a conference call on Friday, August 13, 2021 to discuss its financial results for the quarter ended June

30, 2021. Interested parties can access the conference call by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international) at

9:00 AM ET. A teleconference replay of the call will be available for seven days at (877) 344-7529 (toll free) or (412) 317-0088 (international),

utilizing confirmation #10158172. Investors are encouraged to review the Company's updated Corporate Presentation slide deck that

provides an overview of the Company's business and is available under the "Investors" tab of the Company's website

at www.immucell.com, or by request to the Company.

ImmuCell Corporation's (Nasdaq: ICCC) purpose is to create scientifically-proven and practical products

that improve the health and productivity of dairy and beef cattle. ImmuCell manufactures and markets First Defense ,

providing Immediate Immunity to newborn dairy and beef calves, and is in the late stages of developing Re-Tain

a novel treatment for subclinical mastitis in dairy cows without a milk discard requirement that provides an alternative to traditional

antibiotics. Press releases and other information about the Company are available at: http://www.immucell.com

Statements of Operations (Unaudited)

Balance Sheet Data (In thousands) (Unaudited)

a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes

or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance

with GAAP. The non-GAAP measures included in this press release, however, should be considered in addition to, and not as a substitute

for or superior to, the comparable measure prepared in accordance with GAAP. We believe that considering the non-GAAP income (loss) before

income taxes and certain non-cash expenses assists management and investors by looking at our performance across reporting periods on

a consistent basis excluding these certain charges that are not uses of cash from our reported income (loss) before income taxes. We

start with our reported income (loss) before income taxes because presently we are not paying cash for income taxes and do not anticipate

paying significant cash for income taxes in the near-term future. We calculate non-GAAP income (loss) before income taxes and certain

non-cash expenses as indicated in the table below:

(Loss) Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased to $843,000 during the three-month period ended June

30, 2021 in contrast to ($116,000) during the three-month period ended June 30, 2020. EBITDA increased to $1,101,000 during the six-month

period ended June 30, 2021 compared to $654,000 during the six-month period ended June 30, 2020. The figures reported in the table above

differ from the calculation of EBITDA in the following two significant ways:

We have not added back interest expense or interest rate swap termination fees because we do pay cash for these expenses; and

We have added back stock-based compensation expense because this is a non-cash expense that is not added back to the calculation of EBITDA.

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

Press Release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section

21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any 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; factors that may affect the dairy and beef industries and 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 the Company's

production activities, operating results and financial condition and on the customers and markets the Company serves; 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; the future 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 anticipated costs

of (or time to complete) planned expansions of our manufacturing facilities and the adequacy of our funds available for these projects;

the continuing availability to us on reasonable terms of third-party providers of critical products or services; the robustness of our

manufacturing processes and related technical issues; estimates about our production capacity, efficiency and yield, which are highly

subject to biological variability and the product format mix of our sales; the future adequacy of our working capital and the availability

and cost of third-party financing; future regulatory requirements relating to our products; future expense ratios and margins; future

compliance with bank debt covenants; costs associated with sustaining compliance with current Good Manufacturing Practice (cGMP) regulations

in our operations; our effectiveness in competing against competitors within both our existing and our anticipated product markets; the

cost-effectiveness of additional sales and marketing expenditures and resources; anticipated changes in our manufacturing capabilities

and efficiencies; the value of our net deferred tax assets; projections about depreciation expense and its impact on income for book

and tax return purposes; anticipated market conditions; and any other statements that are not historical facts. Forward-looking statements

can be identified by the use of words such as "expects", "may", "anticipates", "aims",

"intends", "would", "could", "should", "will", "plans", "believes",

"estimates", "targets", "projects", "forecasts", "seeks" and similar words

and expressions. In addition, there can be no assurance that future developments affecting us will be those that we anticipate. Such

statements involve risks and uncertainties, 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 or excess inventory buildup), our reliance upon third parties for financial support, products and services, our small size

and dependence on key personnel, changes in laws and regulations, decision making and delays by regulatory authorities, a recurrence

of inflation, currency values and fluctuations and other risks 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 above.