Slide 1: Q1 2025 Financial Results
Q1 2025 Financial Results May 7, 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 Turnaround Progress Update President and CEO Q1 Business Review Rich Lindahl Q1 2025 Financial Results EVP, CFO and Treasurer Full Year 2025 Guidance Joe Papa 2025 Business Outlook & Catalysts to Enable Growth President and CEO Q&A 3
Slide 4: Turnaround Progress Update & Q1 Business Review
Turnaround Progress Update & Q1 Business Review Joe Papa President and Chief Executive Officer 4
Slide 5: Our Multi-Year Transformation Plan to Create Value
02 Our Multi-Year Transformation Plan STEP 03 to Create Value Transform • 2026+ strategic transformation for long-term growth and profitability STEP • Build synergistic verticals to further leverage EBS infrastructure 02 Turnaround - EXECUTING • Focus on profitable growth and improved operating perf
Slide 6: Turnaround Execution Progress – On Track
Turnaround Execution Progress – On Track Strong performance in Q1 2025 Reaffirming Guidance: 2025 revenues of $750 - $850M and Overall performance on track with strong results across Adjusted EBITDA1 of $150 - $200M commercial and medical countermeasures portfolio • $91M of international MCM revenue
Slide 7: Our Sustainable & Durable North American Manufacturing Model
Our Sustainable & Durable North American Manufacturing Model EBS products are USMCA-compliant NARCAN® Nasal Spray Final Assembly in the U.S. • Actively managing inventory purchases to minimize applicable tariffs on components shipped from European Union Lansing, Michigan • Specialized containment ca
Slide 8: Financials
Financials Rich Lindahl EVP, Chief Financial Officer & Treasurer 8
Slide 9: Key Financial Performance Metrics Q1 2025 vs. Q1 2024
Key Financial Performance Metrics Q1 2025 vs. Q1 20241 ($ in millions) Total Revenues Adjusted EBITDA (% & $) 2 $300 $222 + 1,300 bps 35% 22% $78 $67 3 Q1 2024 Q1 2025 Q1 2024 Q1 2025 2 Adjusted Gross Margin (% & $) Operating Expenses (R&D and SG&A) $100 + 700 bps $(32) 58% $15 R&D SG&A 51% $68 $122
Slide 10: Notable Revenue Elements Q1 2025 vs. Q1 2024
Notable Revenue Elements Q1 2025 vs. Q1 20241 ($ in millions) Q1 2024 Q1 2025 $300 $274 $222 $202 $119 $107 (26)% (26)% $56 $45 $48 $50 $49 114% (62)% (14)% $26 $20 $2 NARCAN 2 Anthrax MCM Smallpox MCM Other Products Total All Other Total Revenue Product Revenues 4 Sales, net 3 1. All financial info
Slide 11: Continued Strong, Improved Financial Metrics in 2025
Continued Strong, Improved Financial Metrics in 20251 ($ in millions) Continued Cash Improvements Material Debt Reduction 3,4 + $49 $149 Gross Debt + $21 $909 Net $831 Debt 3,4 $100 $700 $79 $551 $(209) $(280) (23)% (34)% Q1 2024 YE 2024 Q1 2025 Q1 2024 Q1 2025 Improved Liquidity Year Over Year Sign
Slide 12: Capital Allocation Priorities
Capital Allocation Priorities Growth Debt Share Investments Repayment Repurchase 12
Slide 13: Reaffirming 2025 Guidance
Reaffirming 2025 Guidance METRIC($ in millions) Full Year 2025 as of March 3rd, 2025 Full Year 2025 as of May 7th, 2025 Total revenues $750 - $850 $750 - $850 Net income $16 - $66 $20 - $70 1 Adjusted net income $20 - $70 $20 - $70 1 Adjusted EBITDA $150 - $200 $150 - $200 1 Adjusted gross margin %
Slide 14: Key 2025 Guidance Summary
Key 2025 Guidance Summary • Progressing on turnaround phase of multi-year plan with strong execution through first quarter • 2025 revenue focuses on core business across MCM and Commercial/naloxone segments • Strong profit follow through from 2024, generated through restructuring actions and improve
Slide 15: 2025 Business Outlook & Catalysts to Enable Growth
2025 Business Outlook & Catalysts to Enable Growth Joe Papa President and Chief Executive Officer 15
Slide 16: 2025 Business Outlook – Commercial Products
2025 Business Outlook – Commercial Products Unacceptable Levels of Opioid Overdose Deaths in the U.S. & Canada Expanding access, awareness and availability of NARCAN® Nasal Spray 4 mg (OTC) and KLOXXADO® Nasal Spray 8 mg (Rx) • Continued demand and market share leadership across public interest, B2B
Slide 17: 2025 Business Outlook – Medical Countermeasures
2025 Business Outlook – Medical Countermeasures Critical to U.S. and Int’l Public Health Preparedness and Response Strong and consistent engagement with U.S. gov't partners and allied nations • Aligned on expectations for 2025 deliveries with U.S. agencies • Continued strong U.S. and international s
Slide 18: 2025 Catalysts to Enable Growth
2025 Catalysts to Enable Growth With a stable cash and liquidity position in 2025, we plan to invest to enable sustainable, long-term growth through internal capabilities and business development. Completed RocketVax Obtained KLOXXADO® U.S. & international MCM Strong cash & liquidity investment & pu
Slide 19: Expanding the Presence of Our MCM Products
Expanding the Presence of Our MCM Products Current Markets & Expanding Canada Key markets for MCM products Canada USA European Union outside North America US Middle East North America/U.S. Centric manufacturing for biodefense with additional capacity opportunities APAC • Lansing, MI Africa • Winnipe
Slide 20: Q1 Summary & Go-Forward Plan
Q1 Summary & Go-Forward Plan • Strong Q1 financial performance and cash position • On track to execute on key turnaround actions, financial targets to drive our business forward – Remain committed and competitive in the naloxone category to help save lives – MCM plays a critical global role in biode
Slide 21: Appendix
EMERGENT Appendix 21
Slide 22: 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 23: 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, and inventory step-up provision.
Slide 24: Reconciliation of Net Income to Adjusted Net Income - Q1 2025 vs. Q1 2024
Reconciliation of Net Income to Adjusted Net Income - Q1 2025 vs. Q1 2024 Three Months Ended March 31, (unaudited, $ in millions) 2025 2024 Source Net income $ 68.0 $ 9.0 Adjustments: Non-cash amortization charges $ 18.6 $ 23.2 Amortization of intangible assets ("IA"), Other Income Cost of product a
Slide 25: Reconciliation of Net Income to Adjusted EBITDA - Q1 2025 vs. Q1 2024
Reconciliation of Net Income to Adjusted EBITDA - Q1 2025 vs. Q1 2024 Three Months Ended March 31, (unaudited, $ in millions) 2025 2024 Net income $ 68.0 $ 9.0 Adjustments: Depreciation & amortization $ 25.4 $ 27.9 Income taxes 24.7 3.1 Total interest expense, net 14.0 23.8 Inventory step-up provisi
Slide 26: 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 % - Q1 2025 vs. Q1 2024 Three Months Ended March 31, ($ in millions) 2025 2024 Total revenues $ 222.2 $ 300.4 Contracts and grants 1
Slide 27: Reconciliations of Total Debt to Net Debt and Leverage Ratio to Net Leverage Ratio
Reconciliations of Total Debt to Net Debt1 and Leverage Ratio to Net Leverage Ratio As of As of As of (unaudited, $ in millions) March 31, 2025 December 31, 2024 March 31, 2024 Total debt $ 700.0 $ 700.0 $ 909.2 Less: Cash and cash equivalents 149.1 99.5 78.5 Net debt $ 550.9 $ 600.5 $ 830.7 Twelve
Slide 28: 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 $20 - $70 Adjustments: Non-cash amortization charges $65 Amortization of IA and Other Income (Expense) Changes in fair value of financial instruments (9) Other Inco
Slide 29: Reconciliation of Net Income to Adjusted EBITDA – Full Year 2025 Forecast
Reconciliation of Net Income to Adjusted EBITDA – Full Year 2025 Forecast ($ in millions) 2025 Full Year Forecast Net income $20 - $70 Adjustments: Depreciation & amortization $100 Income taxes 33 Total interest expense, net 55 Inventory step-up provision 5 Changes in fair value of financial instrum
Slide 30: Reconciliations of Forecasted Total Revenues and Gross Margin – Full Year 2025 Forecast
Reconciliations of Forecasted Total Revenues to Forecasted Product and Services Sales, Net and of Forecasted Gross Margin and Gross Margin % to Forecasted Adjusted Gross Margin and Adjusted Gross Margin % - Full Year 2025 Forecast ($ in millions) 2025 Full Year Forecast Total revenues $750 - $850 Co
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