Slide 1: 2025 Second Quarter Financial Results
2025 Second Quarter Financial Results Our Mission: Protect and Save Lives August 6, 2025 1
Slide 2: Safe Harbor Statement/Trademarks
Safe Harbor Statement/Trademarks This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including statements regarding the future performance of the Company or any of
Slide 3: Today's Topics
Today’s Topics Presenter Topic Joe Papa Mid-Year Transformation Plan Update President and CEO Key Performance Highlights Rich Lindahl Q2 & YTD 2025 Financial Results EVP, CFO and Treasurer Full Year 2025 Guidance Joe Papa Q2 Business Performance & Growth Catalysts President and CEO Q&A 3
Slide 4: Mid-Year Transformation Plan Update
Mid-Year Transformation Plan Update Joe Papa President and Chief Executive Officer 4
Slide 5: Multi-Year Transformation Plan is on Track, Focused on Advancing Turnaround Efforts
Multi-Year Transformation Plan is on Track, Focused on Advancing Turnaround Efforts 2025 Turnaround Priorities 2026+ Transformation • Pursue strategic investments that deliver • Strategic transformation for stable, long-term growth long-term growth and • Create long-term and sustainable value for pr
Slide 6: Strong Q2 Performance on Both Top and Bottom Line
Strong Q2 Performance on Both Top and Bottom Line Q2 Revenues of $141M, +$21M above high end of guidance Solid MCM performance reflects increased global demand and strategic diversification beyond the U.S. Guidance: raising the low end/midpoint of Adjusted EBITDA1 to • Industry MCM leader with 7 con
Slide 7: Well Positioned as a Trusted Public Health Partner for the U.S. Government & Allied Governments
Well Positioned as a Trusted Public Health Partner for the U.S. Government & Allied Governments 25+ years of experience developing and manufacturing protections against health threats. We invest in our biodefense capabilities to remain ready to help protect and save lives. Sustainable and durable No
Slide 8: Financials
Financials Rich Lindahl EVP, Chief Financial Officer & Treasurer 8
Slide 9: Key Financial Performance Metrics Q2 2025 vs. Q2 2024
Key Financial Performance Metrics Q2 2025 vs. Q2 20241 ($ in millions) Total Revenues Adjusted EBITDA & Adjusted EBITDA Margin 2 $255 + 2,400 bps $141 20% $29 3 $(10) Q2 2024 Q2 2025 (4)% Q2 2024 Q2 2025 Adjusted Gross Margin % 2 Operating Expenses (R&D and SG&A) $119 $(63) + 2,300 bps $33 R&D SG&A
Slide 10: Notable Revenue Elements Q2 2025 vs. Q2 2024
Notable Revenue Elements Q2 2025 vs. Q2 20241 ($ in millions) Q2 2024 $255 Q2 2025 $184 $141 $120 $126 $68 $71 $39 $41 $18 $15 $12 $7 $5 NARCAN 2 Anthrax MCM Smallpox MCM Other Products Total All Other Total Revenues Product Revenues 4 Sales, net 3 1. All financial information incorporated within th
Slide 11: Key Financial Performance Metrics YTD 2025 vs. YTD 2024
Key Financial Performance Metrics YTD 2025 vs. YTD 20241 ($ in millions) Total Revenues Adjusted EBITDA & Adjusted EBITDA Margin 2 $555 + 1,900 bps $363 29% 10% $106 $57 3 YTD 2024 YTD 2025 YTD 2024 YTD 2025 Adjusted Gross Margin % 2 Operating Expenses (R&D and SG&A) $219 $(95) + 1,500 bps $48 R&D 5
Slide 12: Notable Revenue Elements YTD 2025 vs. YTD 2024
Notable Revenue Elements YTD 2025 vs. YTD 20241 ($ in millions) YTD 2024 $555 YTD 2025 $457 $363 $328 $239 $147 $113 $95 $98 $60 $68 $55 $35 $8 NARCAN 2 Anthrax MCM Smallpox MCM Other Products Total All Other Total Revenues Product Revenues 4 3 Sales, net 1. All financial information incorporated wi
Slide 13: Continued Strong, Improved Financial Metrics in 2025
Continued Strong, Improved Financial Metrics in 20251 ($ in millions) Improved Liquidity Year Over Year Material Debt Reduction 3,4 $367 $297 Gross Debt $100 $864 Net Revolver $794 Debt 3,4 $700 Cash $433 $267 $70 Cash Cash Q2 2024 Q2 2025 Q2 2024 Q2 2025 Operating Cash Flow Generation Significantly
Slide 14: Capital Allocation Priorities
Capital Allocation Priorities Growth Debt Share Investments Repayment Repurchase • International MCM growth plan • Net Debt1 $433M, a 45% reduction • 12 Month $50M Share Repurchase • KLOXXADO® Nasal Spray 8 mg (Rx) vs. last year Program • Rocketvax investment/partnership • Net Leverage1 1.9x • 1.1M
Slide 15: Raising the Low End/Midpoint of Full Year (FY) 2025 Profitability Guidance
Raising the Low End/Midpoint of Full Year (FY) 2025 Profitability Guidance METRIC ($ in millions) FY 2025 as of August 6, 2025 FY 2025 as of May 7, 2025 FY 2025 as of March 3, 2025 Total revenues $765 - $835 $750 - $850 $750 - $850 Net income $40 - $65 $20 - $70 $16 - $66 1 Adjusted net income $45 -
Slide 16: 2025 Key Summary
2025 Key Summary • Continued strong execution and progress on the turnaround phase of multi-year plan through mid-year 2025 • MCM business on track – U.S. gov't orders in-line with expectations and strong international MCM sales represent 48% of total MCM revenue YTD • Increased gross margin & profi
Slide 17: Q2 2025 Business Performance Catalysts to Enable Growth
Q2 2025 Business Performance Catalysts to Enable Growth Joe Papa President and Chief Executive Officer 17
Slide 18: Naloxone Business: Critical Efforts to Reduce Overdose Deaths
Naloxone Business: Critical Efforts to Reduce Overdose Deaths • While many factors are driving the reduction Saving lives by expanding access to NARCAN® Nasal Spray 4 mg, in opioid overdose deaths since 2023-2024; KLOXXADO® Nasal Spray 8 mg and other solutions third-party sources* have associated th
Slide 19: Medical Countermeasures: Continued Support for Global Preparedness and Response
Medical Countermeasures: Continued Support for Global Preparedness and Response • U.S. and Allied NATO member nations expanding defense spending to 5% from 2% by 2035; signals increased demand for medical countermeasures, providing a potential tailwind for EBS’s business • HERA Industry Day Meeting
Slide 20: Multiple Growth Opportunities Ahead
Multiple Growth Opportunities Ahead With a stronger cash and liquidity position in 2025, we plan to invest to enable sustainable, long- term growth • Exploring potential for government-funded R&D development programs • Selectively evaluating strategically suitable external programs Completed Rocketv
Slide 21: Q2 Performance Summary
Q2 Performance Summary • Exceeded management expectations on Q2 financial performance; strong outlook for 2H 2025 • Raising the low end/midpoint of full year profitability guidance • On track to execute on key turnaround actions, financial targets to drive our business forward o Well positioned with
Slide 22: Appendix
Appendix 22
Slide 23: End Notes: Non-GAAP Financial Measures
End Notes: Non-GAAP Financial Measures In this presentation, we sometimes use information derived from consolidated and segment financial information that may not be presented in our financial statements or prepared in accordance with generally accepted accounting principles in the United States (“G
Slide 24: End Notes: Non-GAAP Financial Measures (Continued)
End Notes: Non-GAAP Financial Measures (Continued) We define Adjusted Gross Margin, which is a non-GAAP financial measure, as Gross Margin, excluding the impact of intangible asset amortization, restructuring costs, changes in the fair value of financial instruments, settlement charge, net and inven
Slide 25: Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) - Q2 2025 vs. Q2 2024 & YTD 2025 vs. YTD 2024 Three Months Ended June 30, Six Months Ended June 30, (unaudited, $ in millions) 2025 2024 2025 2024 Source Net income (loss) $ (12.0) $ (283.1) $ 56.0 $ (274.1) Adjustments: Amortization
Slide 26: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA and Net Income (Loss) Margin to Adjusted EBITDA Margin - Q2 2025 vs. Q2 2024 & YTD 2025 vs. YTD 2024 Three Months Ended June 30, Six Months Ended June 30, (unaudited, $ in millions) 2025 2024 2025 2024 Net income (loss) $ (12.0) $ (283.1) $ 56.0
Slide 27: Reconciliations of Total Revenues to Product and Services Sales, Net and Gross Margin
APPENDIX Reconciliations of Total Revenues to Product and Services Sales, Net and of Gross Margin and Gross Margin % to Adjusted Gross Margin and Adjusted Gross Margin % - Q2 2025 vs. Q2 2024 & YTD 2025 vs. YTD 2024 Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2025 2024 2025
Slide 28: Reconciliations of Total Debt to Net Debt and Leverage Ratio
Reconciliations of Total Debt to Net Debt1 and Leverage Ratio to Net Leverage Ratio As of As of (unaudited, $ in millions) June 30, 2025 June 30, 2024 Total debt $ 700.0 $ 863.8 Less: Cash and cash equivalents 267.3 78.5 Net debt $ 432.7 $ 785.3 Twelve months ended Twelve months ended (unaudited, $
Slide 29: Reconciliation of Net Income to Adjusted Net Income – Full Year 2025 Forecast
Reconciliation of Net Income to Adjusted Net Income – Full Year 2025 Forecast ($ in millions) 2025 Full Year Forecast Source Net income $40 - $65 Adjustments: Non-cash amortization charges $65 Amortization of IA and Other Income (Expense) Changes in fair value of financial instruments (7) Other Inco
Slide 30: Reconciliation of Net Income to Adjusted EBITDA – Full Year 2025 Forecast
Reconciliation of Net Income to Adjusted EBITDA – Full Year 2025 Forecast ($ in millions) 2025 Full Year Forecast Net income $40 - $65 Adjustments: Depreciation & amortization $100 Income taxes 34 Total interest expense, net 55 Inventory step-up provision 5 Changes in fair value of financial instrum
Slide 31: Reconciliations of Forecasted Total Revenues and Adjusted Gross Margin – Full Year 2025
Reconciliations of Forecasted Total Revenues to Forecasted Product and Services Sales, Net and of Forecasted Gross Margin and Gross Margin % to Forecasted Adjusted Gross Margin and Adjusted Gross Margin % - Full Year 2025 Forecast ($ in millions) 2025 Full Year Forecast Total revenues $765 - $835 Co
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