Slide 1: 2026 First Quarter Financial Results
1 April 30, 2026 2026 First Quarter Financial Results Our Mission: Protect and Save Lives
Slide 2: Safe Harbor Statement/Trademarks
2 Safe Harbor Statement/Trademarks 2 This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical fact, including statements regarding the future performance of the Co
Slide 3: Today's Agenda
3 Today’s Agenda Joe Papa President and CEO Rich Lindahl EVP, Chief Financial Officer Joe Papa President and CEO Our Leadership in Public Health Q1 2026 Business Performance & Key Highlights Q1 2026 Financial Results FY 2026 Guidance 2026 Growth Catalysts Q&A Session TopicPresenter
Slide 4: Our Leadership in Public Health
4 Our Leadership in Public Health Joe Papa President and Chief Executive Officer
Slide 5: EBS: The Most Diverse Biodefense/MCM and Naloxone Portfolio
5 1. Supporting data is on file with the company. *EbangaTM is a trademark of RIDGEBACK BIOTHERAPEUTICS L.P. **KLOXXADO® is a registered trademark of Hikma Pharmaceuticals USA Inc. Learn more about Emergent products and access prescribing information here: https://www.emergentbiosolutions.com/produc
Slide 6: Multi-Year Transformation Plan to Create Shareholder Value
6 • Focus on segment revenue growth and improved operating performance • Invest in internal R&D advancement • Identify new growth opportunities aligned with internal capabilities • Continue activities to improve balance sheet & credit ratings • Create long-term and sustainable value for shareholders
Slide 7: 2026 Business Performance & Key Highlights
7 2026 Business Performance & Key Highlights Joe Papa President and Chief Executive Officer 7
Slide 8: Q1 2026 Key Highlights
8 ü Solid MCM performance reflects increased global demand and strategic diversification beyond the U.S. • 4 contract awards and product orders received • Int'l MCM sales represent 37% of total MCM Q1 revenue • Continued engagement with U.S. and allied governments ü Maintained market share position
Slide 9: MCM Business: Continued Leadership with U.S. and International Governments
MCM Business: Continued leadership with U.S. and International Governments on Biodefense Preparedness Increasingly dangerous geopolitical landscape reinforces importance of MCM supply resilience International orders represent 37% of total MCM revenues in Q1 4 MCM contract awards and product orders r
Slide 10: Naloxone Business: Reducing Opioid Overdose Deaths
10 Naloxone Business: Committed to Reducing Opioid Overdose Deaths by Increasing Access, Awareness and Availability • U.S. FDA approved OTC NARCAN® Nasal Spray Carrying Case and Multipacks (6 and 24 count presentations) • Announced partnership with British Columbia to supply NARCAN® Nasal Spray for
Slide 11: Diversified Growth Opportunities With Strategic Manufacturing Partnerships
111 Diversified Growth Opportunities With Strategic Manufacturing Partnerships, Onshore and Nearshore Production Capabilities Rockville, MD Lansing, Michigan • Specialized containment capabilities for platforms with BSL-2 and BSL-3 requirements Canton, Massachusetts • Multi-product facility for manu
Slide 12: Q1 2026 Financial Results
12 Q1 2026 Financial Results Rich Lindahl EVP, Chief Financial Officer
Slide 13: Key Financial Performance Metrics Q1 2026 vs. Q1 2025
13 $67 $57 $52 $47 $15 $10 Q1 2025 Q1 2026 58% 52% Q1 2025 Q1 2026 $222 $156 Q1 2025 Q1 2026 $79 $36 Q1 2025 Q1 2026 ($ in millions) 1. All financial information incorporated within this presentation is unaudited. 2. See "End Notes: Non-GAAP Financial Measures" and "Appendix" for the definitions of
Slide 14: Notable Revenue Elements Q1 2026 vs. Q1 2025
14 $222 $156 Total R evenue $202 $20 $145 $11 Total Product S ales, net All Other R evenue 1. All financial information incorporated within this presentation is unaudited. 2. Q1 2025 included NARCAN California sales and Public Interest pricing adjustments. 3. Product sales, net are reported net of v
Slide 15: Sustained Improvement in Financial Metrics During Turnaround
15 $149 $160 Q1 2025 Q1 2026 2.7x 2.4x Q1 2025 Q1 2026 $249 $260 $149 $160 $100 $100 Q1 2025 Q1 2026 1. All financial information incorporated within this presentation is unaudited. 2. Net Debt divided by Trailing Twelve Month Adjusted EBITDA. 3. See "End Notes: Non-GAAP Financial Measures" and "App
Slide 16: April 2026 Debt Refinancing
16 April 2026 Debt Refinancing $250 $100 $150 $125 Term Loan Debt C ommitted Financing C apacity (DDTL + R evolver) ü Debt Refinancing Transaction Overview • Closed new $150M First Lien Term Loan • Decreased interest expense by 200bps annually; estimated total 5 year savings of ~$15M through 2031 •
Slide 17: Capital Allocation Priorities During Turnaround Period
17 Growth Investments Capital Allocation Priorities During 2026 Turnaround Period Debt Refinance Share Repurchase • International MCM growth plan • Internal R&D investments • Business development opportunities Debt Refinancing & Reduction • Completed April 2026 term loan refinancing • New $150M term
Slide 18: FY 2026 Revenue & Profitability Guidance
18 Rich Lindahl EVP, Chief Financial Officer FY 2026 Revenue & Profitability Guidance
Slide 19: FY 2026 Guidance
19 METRIC ($ in millions) FY 2026 as of April 30, 2026 Action FY 2026 as of February 26, 2026 Total revenues $720 - $760 $720 - $760 MCM revenues: Flat to slightly down with meaningful contribution from international sales Commercial revenues: Flat to slightly up Net loss $(30) - $(10) $(30) - $(10)
Slide 20: 2026 Business Outlook & Catalysts to Enable Growth
20 2026 Business Outlook & Catalysts to Enable Growth Joe Papa President and Chief Executive Officer
Slide 21: Multiple Growth Opportunities Ahead
21 Multiple Growth Opportunities Ahead Drive organic growth through internal R&D programs • TEMBEXA® • EBANGA™ • raxibacumab With a stronger cash and liquidity position in 2026, we plan to invest to enable sustainable, long-term growth. Exploring potential for government-funded R&D programs. Selecti
Slide 22: Near-Term Focus Maximizes Value of Current Assets and Pipeline
22 Product/Candidate Disease Area Partner(s) Stage of Development Discovery Preclinical Phase 1 Phase 2 Phase 3 Submission Approved Ebanga™* Zaire ebolavirus BARDA TEMBEXA® Smallpox BARDA Mpox PANTHER, Africa CDC-led raxibacumab Anthrax BARDA Vaccine Candidate Japanese Encephalitis Substipharm Biolo
Slide 23: Closing Remarks
23 • Continued to deliver on multi-year transformation plan; on track to execute on key turnaround actions, financial targets to drive our business forward • Operated with lean, efficient and customer-focused business model • Successfully lowered interest expense and debt balance through refinancing
Slide 24: Q&A Session
24 Q&A Session Questions? Answers.
Slide 25: Appendix
EMERGENT Appendix 25
Slide 26: 2026 U.S. Government Approved Budgets Provide Opportunity
26 2026 U.S. Government Approved Budgets Provide Opportunity for Incremental Biodefense and Opioid Overdose Preparedness Program FY2024 enacted ($m)1 FY2025 enacted ($m)1 FY2026 enacted ($m)1 Change 25-26 ($m) Biomedical Advanced Research and Development Authority (BARDA) $1,015 $1,015 $1,050 +$35 P
Slide 27: End Notes: Non-GAAP Financial Measures
27 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
Slide 28: End Notes: Non-GAAP Financial Measures (Continued)
28 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, stock-based compensation expense, severance and restructuring costs (benefits) and inventory step-up p
Slide 29: Reconciliation of Net Income to Adjusted Net Income
29 Reconciliation of Net Income to Adjusted Net Income – Q1 2026 vs. Q1 2025(1) (unaudited, $ in millions) Three Months Ended March 31, 2026 2025 Source Net income $ 6.8 $ 68.0 Adjustments: Non-cash amortization charges $ 18.3 $ 18.6 Amortization of intangible assets ("IA"), Other Income Severance a
Slide 30: Reconciliation of Net Income to Adjusted EBITDA
30 Reconciliation of Net Income to Adjusted EBITDA and Net Income Margin to Adjusted EBITDA Margin – Q1 2026 vs. Q1 2025(1) (unaudited, $ in millions) Three Months Ended March 31, 2026 2025 Net income $ 6.8 $ 68.0 Adjustments: Depreciation & amortization $ 23.5 $ 25.4 Income taxes 6.6 24.7 Total int
Slide 31: Reconciliations to Adjusted Gross Margin
31 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 % – Q1 2026 vs. Q1 2025(1) APPENDIX Three Months Ended March 31, ($ in millions) 2026 2025 Total revenues $ 156.1 $ 222.2 Contracts and gr
Slide 32: Reconciliations of Total Debt to Net Debt and Net Leverage Ratio
32 Reconciliations of Total Debt to Net Debt1 and Net Leverage Ratio 2 (unaudited, $ in millions) As of As of March 31, 2026 March 31, 2025 Total debt $ 589.7 $ 700.0 Less: Cash and cash equivalents 160.3 149.1 Net debt $ 429.4 $ 550.9 Twelve months ended Twelve months ended (unaudited, $ in million
Slide 33: Reconciliation of Net Loss to Adjusted Net Income – FY 2026 Forecast
33 Reconciliation of Net Loss to Adjusted Net Income – Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Source Net loss $(30) - $(10) Adjustments: Non-cash amortization charges $74 Amortization of IA and Other Income (Expense) Changes in fair value of financial instruments (8) Other I
Slide 34: Reconciliation of Net Loss to Adjusted EBITDA – FY 2026 Forecast
34 Reconciliation of Net Loss to Adjusted EBITDA – Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Net loss $(30) - $(10) Adjustments: Depreciation & amortization $90 Income taxes 29 Total interest expense, net 40 Inventory step-up provision 4 Changes in fair value of financial instr
Slide 35: Forecasted Adjusted Gross Margin Reconciliation – FY 2026
35 Reconciliations of Forecasted Total Revenues to Forecasted Product and Services Sales, Net and of Forecasted Gross Margin and Gross Margin % to Forecasted Adjusted Gross Margin and Adjusted Gross Margin % - Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Total revenues $720- $760
Slide 36: Slide 36