United-Guardian Inc 2025年度报告

Excellence Through Innovation® Annual Report 2025 Cosmetic IngredientsMedical LubricantsPharmaceutical ProductsSexual Wellness Ingredients CORPORATE PROFILE United-Guardian, Inc. is a publicly-traded (NASDAQ:UG), fully integrated research, development, andmanufacturing company that has been supplying unique and innovative products to the personal care, healthcare and pharmaceutical sectors since 1942. United-Guardian’s products are developed by the company’sGuardian Laboratories Division, and all products, except for one pharmaceutical product, are manufacturedat its 50,000 square foot facility in Hauppauge, New York. The cosmetic ingredients are marketed through aworldwide network of distributors and are used by many of the major multinational cosmetic companies. Thehealth care products are primarily medical lubricants marketed directly to manufacturers of medical devicesor contract manufacturers utilized by those manufacturers, which incorporate them into their finished productsand distribute them to hospitals, pharmacies, and other health care facilities. The pharmaceutical productsare sold primarily to three full-line national drug wholesalers, which distribute them to pharmacies, hospitals,physicians, long-term care facilities, and other health care providers. The LUBRAJEL®line of hydrogels, along with RENACIDIN®, the company’s principal pharmaceutical product,are the company’s most important products. The LUBRAJEL line is used in both personal care and medicalapplications, while RENACIDIN is used primarily to prevent and dissolve calcifications in urethral catheters.Innovation is a central theme of United-Guardian’s growth strategy. Our focus is to continue expanding thepipeline of classic and naturally derived hydrogel products to address unmet market and customer needs. Over the years, the company has been issued over 32 patents. The company currently relies primarily onproprietary manufacturing methods and product formulations, which are protected as trade secrets, ratherthan patent protection. United-Guardian has received ISO 9001:2015 certification from DQS Inc., indicatingthat the company has implemented and maintains a quality management system. In 2025, the companyreceived EFfCI GMP certification from DQS Inc., indicating adherence to good manufacturing practices forcosmetic ingredients. OFFICERS DIRECTORS DONNA VIGILANTEPresidentDirector ANDREW A. BOCCONEDirector; Independent Business Consultant, KEN GLOBUSChairman of the Board of Directors Former President and General Counselof United-Guardian, Inc.Hauppauge, NY Former President of Kline & Company, Inc.(business consulting firm), Little Falls, NJ PETER A. HILTUNENSenior Vice PresidentProduction and Procurement S. ARI PAPOULIAS ARTHUR M. DRESNERDirector; Counsel to the law firm ofDuane Morris LLPNew York, NY Director; Principal of ChemRise LLC(a business advisory firm providing adviceto companies in the chemicals industry),Tarrytown, NY ANDREA YOUNGChief Financial Officer & ControllerTreasurerSecretary LAWRENCE F. MAIETTADirector; Former Partner in the accountingfirm of PKF O’Connor Davies, LLPNew York, NY CATHERINE KOLINSKI Director; Independent Business Consultant,Former Vice President of Ashland SpecialtyIngredients (manufacturer and distributor ofspecialty chemicals), Bridgewater, NJ LETTER TO STOCKHOLDERS Dear Stockholder: As I reflect on 2025, our performance was filled with both positive outcomes and unpredictable challenges includingglobal tariffs and geopolitical tensions. While our financial performance resulted in a decrease in sales for the year,due primarily to a decrease in sales of our cosmetic ingredients, sales of our pharmaceutical products actuallyincreased by 15%, and sales of our medical lubricants increased by 4%. The net result was a 13% decrease in sales,from $12,181,971 in 2024 to $10,545,468 in 2025, generating net income of $3,250,875 ($0.71 per share) in 2024compared with $2,105,738 ($0.46 per share) in 2025. The growth in our pharmaceutical sales was driven by higher sales volumes across all three national drugwholesalers, together with lower Medicare rebates. Renacidin®, our most important pharmaceutical product, wasthe primary driver of the increase. In addition to the growth in Renacidin sales we also negotiated a settlement withour contract manufacturer for Renacidin related to a facility shutdown that began at the end of 2023 and extendedthrough the first quarter of 2024. This settlement will enable us to recover lost profits associated with orders thatcould not be fulfilled during the shutdown. The benefit of the settlement is expected to be recognized in the firstquarter of 2026. During 2025, we invested considerable time and resources in advancing our objective of expanding domesticRenacidin sales. We previously identified that awareness of the product and the ability of patients to have it coveredby insurance were the two most significant barriers to growth. Our marketing efforts