Emergent BioSolutions (EBS) 44th Annual J.P. Morgan Healthcare Conference summary

Turnaround and Strategic Transformation

• Launched a multi-year turnaround and transformation plan in 2024, focusing on stabilization, operational right-sizing, and aiming for transformation by 2026 and beyond.

• Streamlined operations through $150 million in divestitures and $250 million in operating expense reductions.

• Reduced gross debt by $275 million (32%) and net debt by $309 million (41%) since 2023, including a $100 million term loan paydown in December 2025; net leverage now at 2–2.1x.

• Adjusted EBITDA improved from negative in 2023 to $183 million in 2024 and is projected at $195–$210 million for 2025, with margin rising from 19% to 33%.

• Capital allocation prioritized growth investments, debt repayment, and share repurchases, including a $50 million share repurchase and $30 million bond repurchase program.

Business Segments, Product Portfolio, and Market Leadership

• Operates in biodefense (11 products for threats like smallpox, anthrax, botulism, Ebola) and opioid overdose treatment, leading with NARCAN® and KLOXXADO® Nasal Sprays.

• Maintains the most diverse global portfolio in medical countermeasures and naloxone, with 25+ years of experience.

• Diversified revenue base: 34% of MCM revenue now comes from outside the U.S., up from 15%.

• Strong relationships with U.S. and international governments, NGOs, and biopharma innovators support preparedness and product reach.

• Streamlined manufacturing to two main hubs in the U.S. and Canada, ensuring supply chain resilience.

Innovation, R&D, and Growth Pipeline

• Launched new FDA-approved NARCAN® backpack kit and OTC NARCAN® in a carrying case to improve access, especially for younger populations.

• Announced partnerships with RocketVax (rapid vaccine development) and Hikma (higher-dose naloxone, KLOXXADO®); completed RocketVax investment and secured exclusive U.S./Canada rights for KLOXXADO® in 2025.

• Advancing clinical trials for TEMBEXA (smallpox and mpox), expanding use of Ebanga (Ebola) and Raxibacumab (anthrax), and focusing on pipeline candidates for pandemic flu.

• Investing in sustainable growth through internal R&D, government-funded programs, and selective external partnerships.

• Ongoing evaluation of new growth opportunities aligned with internal capabilities and market needs.