Emergent BioSolutions (EBS) Goldman Sachs 47th Annual Global Healthcare Conference 2026 summary

Strategic focus and business model

• Partners globally with governments on biodefense, producing vaccines and therapeutics for high-threat agents like smallpox, anthrax, botulism, and Ebola.

• Holds leading positions in both biodefense and opioid overdose treatment markets, with NARCAN as the top opioid overdose brand.

• Maintains a diverse and durable portfolio, supporting government stockpiles and ensuring product potency and supply chain resilience.

• Streamlined manufacturing network with primary hubs in Michigan and Canada, supporting a range of complex biologics.

Financial performance and turnaround

• Initiated a multi-year turnaround in 2024, focusing on stabilization, cost reduction, and efficiency, removing $250 million in operating expenses.

• Achieved positive EBITDA of $183 million in 2024, up from negative in 2023, through asset divestitures and litigation settlements.

• Q1 2026 revenue reached $156 million and EBITDA $36 million, both ahead of expectations despite a year-over-year decline due to a prior one-time order.

• Improved cash balance by $11 million year-over-year, with significant debt reduction and refinancing extending term loan maturity to 2031.

Growth initiatives and innovation

• Investing in key products: TEMBEXA (smallpox/mpox), raxibacumab (anthrax), and Ebanga (Ebola), with ongoing international expansion.

• Launched NARCAN innovations, including a carrying case and multi-packs for first responders, enhancing accessibility.

• Expanded business development with new licensing deals and manufacturing partnerships, including a live attenuated virus product and a Canadian facility collaboration.

• Increased international revenue share from 15% to 37% in Q1 2026, supported by major contracts in Canada and the U.S.