Mission Statement, Vision, & Core Values (2024) of Neogen Corporation (NEOG)

Mission Statement, Vision, & Core Values (2024) of Neogen Corporation (NEOG)

US | Healthcare | Medical - Diagnostics & Research | NASDAQ

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An Overview of Neogen Corporation (NEOG)

General Summary of Neogen Corporation

Neogen Corporation (NASDAQ: NEOG) is a global food and animal safety company headquartered in Lansing, Michigan. Founded in 1982, the company specializes in developing and manufacturing diagnostic and safety products.

Company Details 2024 Data
Headquarters Lansing, Michigan
Founded 1982
Total Employees 2,300
Annual Revenue (2023) $526.4 million

Product and Service Segments

  • Food Safety Testing
  • Animal Safety Products
  • Genomic Services
  • Veterinary Diagnostics

Financial Performance

Financial Metric 2023 Results
Total Revenue $526.4 million
Net Income $61.2 million
Gross Margin 44.3%
Earnings Per Share $1.72

Market Leadership

Neogen Corporation ranks among the top global providers in food safety testing and animal health technologies, with significant market presence across multiple continents.

Market Position 2024 Status
Global Market Share - Food Safety 8.7%
Global Market Share - Animal Safety 6.5%
Research & Development Investment $52.3 million



Mission Statement of Neogen Corporation (NEOG)

Mission Statement Core Components

Neogen Corporation's mission statement focuses on three critical dimensions of food and animal safety technology.

Food Safety Solutions

Neogen generates $394.1 million in annual revenue from food safety diagnostic technologies as of 2023. Key product lines include:

  • Pathogen detection systems
  • Food allergen testing kits
  • Sanitation monitoring solutions
Product Category Market Share Annual Revenue
Pathogen Detection 22.5% $88.7 million
Allergen Testing 18.3% $72.1 million
Sanitation Monitoring 15.6% $61.5 million

Animal Safety Technologies

Neogen generates $256.3 million in annual revenue from animal health and safety technologies in 2023. Segments include:

  • Genetic testing
  • Veterinary pharmaceuticals
  • Animal nutrition supplements
Animal Safety Segment Market Penetration Annual Revenue
Genetic Testing 26.7% $68.4 million
Veterinary Pharmaceuticals 19.5% $49.9 million
Animal Nutrition 15.3% $39.2 million

Global Scientific Innovation

Neogen invests $42.6 million annually in research and development. Key innovation metrics include:

  • 18 global research facilities
  • 276 active research patents
  • 47 new product launches in 2023
R&D Metric 2023 Performance
Total R&D Investment $42.6 million
Active Research Patents 276
New Product Launches 47



Vision Statement of Neogen Corporation (NEOG)

Vision Statement of Neogen Corporation (NEOG)

Global Leadership in Food and Animal Safety

Neogen Corporation's vision statement focuses on pioneering innovative solutions in food and animal safety technologies. As of 2024, the company maintains a strategic approach to global market leadership.

Key Vision Components

Technological Innovation

Neogen's technological innovation strategy includes:

  • Advanced diagnostic technologies
  • Genomic testing platforms
  • Biosecurity solutions
Technology Category Investment (2024) R&D Focus
Food Safety Technologies $42.3 million Pathogen detection
Animal Health Diagnostics $35.7 million Genetic screening

Market Expansion Strategy

Global Presence

Neogen's geographic market distribution in 2024:

  • North America: 52% market share
  • Europe: 28% market share
  • Asia-Pacific: 15% market share
  • Rest of World: 5% market share
Region Revenue (2024) Growth Rate
North America $387.5 million 7.2%
Europe $212.3 million 5.9%

Sustainability and Ethical Commitment

Corporate Responsibility

Sustainability metrics for Neogen in 2024:

  • Carbon neutrality goal by 2030
  • 50% renewable energy usage
  • Zero waste manufacturing initiatives
Sustainability Metric Current Performance Target Year
Carbon Emissions Reduction 35% reduction 2030
Renewable Energy Adoption 50% 2025



Core Values of Neogen Corporation (NEOG)

Core Values of Neogen Corporation (NEOG) in 2024

Commitment to Scientific Innovation

Neogen Corporation maintains a robust commitment to scientific innovation, particularly in food safety and animal health technologies.

R&D Investment 2024 Research Focus Areas
$47.3 million Genomic Testing, Biosecurity Solutions
  • Developed 12 new diagnostic testing platforms
  • Filed 8 new patent applications
  • Expanded genomic research capabilities
Customer-Centric Approach

Neogen prioritizes customer satisfaction through comprehensive support and innovative solutions.

Customer Service Metrics 2024 Performance
Customer Satisfaction Rate 94.6%
Technical Support Response Time 2.3 hours
Sustainability and Environmental Responsibility

Environmental stewardship remains a critical core value for Neogen Corporation.

  • Reduced carbon emissions by 22% compared to 2023
  • Implemented water conservation strategies in manufacturing
  • Achieved 65% renewable energy usage in primary facilities
Ethical Business Practices

Neogen maintains rigorous ethical standards across global operations.

Compliance Metrics 2024 Data
Regulatory Compliance Rate 99.8%
Internal Audit Findings 3 minor observations
Employee Development and Diversity

Investing in workforce growth and inclusive workplace culture.

  • Employee Training Hours: 48 hours per employee annually
  • Diversity in Leadership Positions: 42% women, 35% minorities
  • Internal Promotion Rate: 67%

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