Exhibit 99.3

NEOGEN CORPORATION

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED MAY 31, 2005

	Historical
	Neogen		Antibiotic Dairy			Pro Forma Adjustments			Combined
	(in thousands)
Net Sales	$	62,756	$	9,202		$	—		$	71,958
Costs of Goods Sold		32,153		4,352			—			36,505
Gross Margin		30,603		4,850			—			35,453
Sales, General and Administrative		21,834		1,445	(a)		400			23,679
Operating Income		8,769		3,405			(400	)		11,774
Other Income (Expense)		147		—	(b)		(702	)		(555	)
Income Before Income Taxes		8,916		3,405			(1,102	)		11,219
Income Taxes		3,000		1,079	(c)		(375	)		3,704
Net Income (Loss)	$	5,916	$	2,326		$	(727	)	$	7,515
Diluted Net Income per Share (based on 8,492,000 average shares outstanding)									$	0.88

COST OF SALES, GENERAL AND ADMINISTRATIVE EXPENSES IN THIS PRO FORMA STATEMENT REPRESENT EXPENSES REPORTED BY THE FORMER OWNER AND ARE NOT NECESSARILY INDICATIVE OF EXPENSES THAT WILL BE INCURRED FOLLOWING THE ACQUISITION BY NEOGEN.

(a) give recognition to estimated amortization of intangibles

(b) eliminate interest earned ($7) and provide for interest on borrowed funds ($695)

(c) provision is made for taxes at Neogen’s statutory rates, reduced by the tax effect pro forma adjustments

NEOGEN CORPORATION

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

NOVEMBER 30, 2005

	Historical
	Neogen		Antibiotic Dairy			Pro Forma Adjustments			Combined
	(in thousands)
Assets
Current Assets	$	33,508	$	4,152	(a)	$	(2,000	)	$	35,660
Net Property and Equipment		12,300		1,343	(b)		(16	)		13,627
Other Assets		23,450		—	(c)		11,508			34,958
Total Assets	$	69,258	$	5,495					$	84,245
Liabilities and Equity
Current Liabilities	$	6,475	$	2,047	(d)	$	300		$	8,822
Long Term Debt		—		—	(e)		12,640			12,640
Other Long Term Liabilities		3,081								3,081
Equity		59,702		3,448	(f)		(3,448	)		59,702
Total Liabilities	$	69,258	$	5,495					$	84,245

(a) give recognition to cash expended in the purchase

(b) give recognition to the value of fixed assets acquired in the transaction

(c) give recognition to the intangible assets acquired in the transaction, after elimination of equity

(d) give recognition to transaction costs incurred

(e) give recognition to long-term debt incurred in the transaction

(f) eliminate equity acquired

NEOGEN CORPORATION

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE PERIOD OF SIX MONTHS ENDED NOVEMBER 30, 2005

	Historical
	Neogen		Antibiotic Dairy				Pro Forma Adjustments			Combined
	(in thousands)
Net Sales	$	35,034	$	4,395			$	—		$	39,429
Costs of Goods Sold		16,703		2,196				—			18,899
Gross Margin		18,331		2,199				—			20,530
Sales, General and Administrative		11,879		713	(a	)		200			12,792
Operating Income		6,452		1,486				(200	)		7,738
Other Income (Expense)		233		—	(b	)		(375	)		(142	)
Income Before Income Taxes		6,685		1,486				(575	)		7,596
Income Taxes		2,332		515	(c	)		(195	)		2,652
Net Income (Loss)	$	4,353	$	971			$	(380	)	$	4,944
Diluted Net Income per Share (based on 8,470,000 average shares outstanding)										$	0.58

COST OF SALES, GENERAL AND ADMINISTRATIVE EXPENSES IN THIS PRO FORMA STATEMENT REPRESENT EXPENSES REPORTED BY THE FORMER OWNER AND ARE NOT NECESSARILY INDICATIVE OF EXPENSES THAT WILL BE INCURRED FOLLOWING THE ACQUISITION BY NEOGEN.

(a) give recognition to estimated amortization of intangibles

(b) eliminate interest earned ($27) and provide for interest on borrowed funds ($348)

(c) Provision is made for taxes at Neogen’s statutory rates, reduced by the tax effect pro forma adjustments