Neogen's 10-Q Drops Its Closing Target For The Zoetis Genomics Sale; Two Regulators Now Run To December
Australian and New Zealand reviews of the Genomics divestiture are both in a second phase, with the company expecting them to end by December's close.
Neogen's 10-Q, filed Wednesday, says regulators in Australia (ACCC) and New Zealand (NZCC) are each in a second review phase on the planned Genomics sale to Zoetis, with both due to finish by year-end 2026. The filing no longer gives a closing target for the deal.
What the filing says
The company says it will keep cooperating with the two regulators as they finish their reviews, which it expects to end by the end of December 2026.
The prior quarter's 10-Q targeted a closing in the first half of fiscal 2027. The current discussion of results gives no closing target.
The second-phase review is not new to this filing. Neogen first stated it in the 10-K filed in July, which said both regulators announced the move in July 2026.
The quarter's numbers
Revenue for the three months ended August 31, 2026 was $222.8 million, versus $209.2 million a year earlier. The operating loss narrowed to $1.8 million from $16.1 million.
Of the revenue rise, $16.9 million came from business growth; the rest reflects prior-year distributor inventory adjustments and when customers placed orders. So part of the rise was timing.
A $2.8 million gain from revaluing the performance milestone liability tied to the CAPInnoVet transaction also sits in the results, as does a $23.0 million amortization charge.
Balance sheet and what to watch
Standby letters of credit reduced revolver borrowing capacity to $199.9 million as of August 31, 2026. The revolver had $48.5 million outstanding at August 31, 2026, unchanged from May 31.
The 10-Q also says Neogen prepaid $20.0 million on its term loan in the first quarter of fiscal 2027 and repaid another $10.0 million after quarter-end.
The date to watch is the end of December 2026, when the company expects both the ACCC and NZCC reviews to conclude.
Correction, October 8, 2026: An earlier version of this story said nothing was drawn on Neogen's revolver; $48.5 million was outstanding.
Sources
- 10-Q Filing — Neogen (NEOG) — SEC EDGAR
- 10-Q Filing — Neogen (NEOG), Q1 2026 filed 2026-04-09 (comparison basis) — SEC EDGAR
- 10-K Filing — Neogen (NEOG), filed 2026-07-30 (earlier disclosure) — SEC EDGAR
- Neogen Reports First-Quarter Financial Results for Fiscal Year 2027 – Company Announcement - FT.com — Financial Times
- Full Transcript: Neogen Q1 2027 Earnings Call — benzinga.com
- Neogen’s (NASDAQ:NEOG) Q3 CY2026: Strong Sales, Stock Soars — Yahoo Finance
- Neogen Non-GAAP EPS of $0.08 beats by $0.03, revenue of $222.8M beats by $14.62M (NEOG:NASDAQ) | Seeking Alpha — seekingalpha.com
- Neogen: Fiscal Q1 Earnings Snapshot – WTOP News — wtop.com
