Emergent BioSolutions (EBS) H.C. Wainwright 26th Annual Global Investment Conference 2024 summary

Strategic focus and business overview

• Focuses on public health threats with high-barrier products for anthrax, smallpox, botulism, and Ebola.

• Operates in two main segments: medical countermeasures (MCM) and commercial (Narcan for opioid overdoses).

• Narcan transitioned to over-the-counter, increasing accessibility and potential for life-saving impact.

• Bioservices business is being de-emphasized, with support for existing customers only.

Financial performance and operational improvements

• First half 2024 revenue up 10% to $555 million; EBITDA improved by $100 million year-over-year.

• Achieved $110 million from asset divestitures and $50 million from a legal settlement.

• Reduced working capital by $70 million and refinanced term loan, extending maturity to 2029.

• 2024 guidance: revenue $1.05–$1.125 billion, EBITDA midpoint $160 million.

Product and market developments

• Received new contract modifications worth $250 million for MCM business.

• Launched new Ebola product (Ebanga) and received approval for smallpox and Monkeypox (Mpox) vaccines.

• Donated 50,000 doses of ACAM (Mpox vaccine) to WHO, with millions more available.

• Plans to expand product reach internationally, especially for newer products.