Emergent BioSolutions (EBS) H.C. Wainwright 28th Annual Global Investment Conference summary

Strategic positioning and product portfolio

• Holds leading positions in biodefense with vaccines and therapeutics for smallpox, anthrax, botulism, and Ebola, partnering globally with governments.

• NARCAN remains the top product for opioid overdose, with expanded access through OTC status and new packaging innovations.

• Portfolio includes ACAM2000 for mpox, KLOXXADO nasal spray, and a new Japanese encephalitis vaccine under development.

• Provides Most-Favored-Nation pricing to the U.S. government and maintains a streamlined manufacturing network with recent facility restarts.

• Multi-year transformation plan underway, focusing on stabilization, turnaround, and targeted investments.

Financial performance and operational efficiency

• Achieved $390 million in revenue and $132 million adjusted EBITDA in the first half of 2026, with improved margins and reduced operating expenses.

• Reduced gross debt from $800 million to $515 million, with EBITDA leverage now below 2x.

• Capital allocation prioritizes international growth, internal investment, debt reduction, and a $50 million share repurchase program through 2027.

• Restructuring actions included $40 million in expense reductions, lab closures, and asset sales to enhance flexibility and efficiency.

Market dynamics and growth drivers

• NARCAN faces increased competition from generics, leading to lower revenue estimates but retention of about 50% market share.

• Medical countermeasures business is expanding internationally, with 20-30% of revenue now from outside the U.S.

• New product pipeline includes TEMBEXA for smallpox/mpox, Ebanga for Ebola, raxibacumab for anthrax, and a pan-Ebola antibody in development.

• Ongoing innovation in packaging and accessibility for NARCAN aims to further reduce opioid overdose deaths.