Agreement Calls for Development Services and Tech Transfer in Preparation for Commercial Manufacturing of Injectable Pharmaceutical Product

Partner's Program Size Positions it to Become a Top Five Commercial Customer for Lifecore

CHASKA, Minn., Dec. 17, 2025 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQ:LFCR) ("Lifecore"), a fully integrated contract development and manufacturing organization ("CDMO"), today announced that it has signed a CDMO master services agreement with a new large global pharmaceutical customer. Under the terms of the agreement, Lifecore will conduct development services and tech transfer for an injectable pharmaceutical product with the intent to transfer commercial supply from facilities overseas to Lifecore's facilities. Once commercial transfer activities are complete and all regulatory requirements are satisfied, Lifecore expects to become the commercial supplier of choice for the product.

This is the second agreement that Lifecore has signed in the past three months with a multinational pharmaceutical company. Based on the current commercial revenues for this latest program, the new partner has the potential to become one of Lifecore's top five commercial customers.

"As we close 2025, we cannot be more excited to experience the momentum that has been generated by our talented business development team. Attracting and winning new business from two prominent pharmaceutical companies in quick succession speaks to our team's ability to communicate our competitive differentiation in quality, technical expertise, and reliability for sterile injectables," said Paul Josephs, chief executive officer of Lifecore. "We greatly appreciate the trust being placed in our company by our new partner, and we're excited to continue to become a more impactful organization while improving healthcare outcomes."

About Lifecore Biomedical

Lifecore Biomedical, Inc. (NASDAQ:LFCR) is a fully integrated contract development and manufacturing organization (CDMO) that offers highly differentiated capabilities in the development, fill and finish of sterile injectable pharmaceutical products in syringes, vials, and cartridges, including complex formulations. As a leading manufacturer of premium, injectable-grade hyaluronic acid, Lifecore brings more than 40 years of expertise as a partner for global and emerging biopharmaceutical and biotechnology companies across multiple therapeutic categories to bring their innovations to market. For more information about the company, visit Lifecore's website at www.lifecore.com.

Important Cautions Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Securities Act of 1933 and the Securities Exchange Act of 1934. Words such as "anticipate", "estimate", "expect", "project", "plan", "intend", "believe", "may", "might", "will", "should", "can have", "likely" and similar expressions are used to identify forward-looking statements. In addition, all statements regarding our expansion of our CDMO business, broadening of our commercial customer base, the transferring of commercial supply and becoming a supplier of choice for the aforementioned injectable pharmaceutical product, the new partner becoming one of Lifecore's top five commercial customers, our competitive differentiation in quality, technical expertise, and reliability for sterile injectables, and our becoming a more impactful organization while improving healthcare outcomes are forward-looking statements. All forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially, including such factors among others, the timing and amount of future expenses, revenue, net income (loss), Adjusted EBITDA, cash flow and capital requirements, and timing and availability of and the need for additional financing; our ability to maintain or expand our relationships with our current customers, including the impact of changes in consumer demand for the products we manufacture for our customers; our ability to grow and diversify our business with new customers, including the potential loss of development customers if they do not receive required funding or regulatory approvals, or for other reasons; our ability to comply with covenants under our credit agreements and to pay required interest and principal payments when due; our ability to raise additional capital for ongoing needs, including through equity financing, debt financing, collaborations, strategic alliances or licensing arrangements; the impact of macroeconomic events or circumstances on our operations and financial performance, including inflation, tariffs, interest rates, social unrest and global instability; the performance of our third-party suppliers; pharmaceutical industry market forces that may impact our customers' success and continued demand for the products we produce for those customers; our ability to recruit or retain key scientific, technical, business development, and management personnel and our executive officers; our ability to comply with stringent U.S. and foreign government regulation in the manufacture of pharmaceutical products, including current Good Manufacturing Practice, or cGMP; the outcome and cost of existing and any new litigation or regulatory proceedings; and other risk factors set forth from time to time in the company's filings with the Securities and Exchange Commission ("SEC"), including, but not limited to, the Annual Report on Form 10-K for the year ended May 25, 2025 (the "2025 10-K"). For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the SEC, including the risk factors contained in the 2025 10-K. Forward-looking statements represent management's current expectations as of the date hereof and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.

Lifecore Biomedical, Inc. Contact Information:

Vida Strategic Partners
Stephanie Diaz (Investors)
415-675-7401
sdiaz@vidasp.com

Tim Brons (Media)
415-675-7402
tbrons@vidasp.com

Ryan D. Lake (CFO)
Lifecore Biomedical
952-368-6244
ryan.lake@lifecore.com

Lifecore Biomedical Signs CDMO Master Services Agreement with New Large Multinational Pharmaceutical Customer