Shares of Neogen Corp (NEOG) plunged 24.72% in pre-market trading on Wednesday following a trifecta of disappointing news from the food and animal safety products manufacturer. The company released its fiscal third-quarter earnings report, announced a significant cut to its full-year guidance, and revealed the upcoming departure of its CEO.

Neogen reported third-quarter adjusted earnings of $0.10 per share, falling short of analysts' expectations of $0.11 per share. Revenue for the quarter came in at $221 million, missing the consensus estimate of $224.9 million and representing a 3.4% year-over-year decline. The company cited uncertainty related to global trade policies as a contributing factor to the underwhelming results.

Adding to investors' concerns, Neogen substantially reduced its full-year revenue forecast. The company now expects fiscal year 2025 revenue to be approximately $895 million, down from its previous guidance range of $905 million to $925 million. This revision reflects growing macroeconomic uncertainty and the anticipated impact of tariffs in the fourth quarter.

In a separate announcement, Neogen revealed that CEO and President John Adent will be stepping down after an eight-year tenure with the company. The board has formed a special committee to search for Adent's successor, engaging a leading global executive search firm to assist in the process. Adent will continue in his current role until a new CEO is appointed, ensuring a smooth transition.

The combination of missed earnings, lowered guidance, and the unexpected leadership change has clearly rattled investor confidence, leading to the sharp pre-market sell-off. As the trading session begins, market participants will be closely watching Neogen's stock for any signs of stabilization or further decline.