Emergent Biosolutions Inc. · NYSE:EBS
Emergent Biosolutions — Q3 2026 Earnings Presentation
35 slides from Emergent Biosolutions's earnings presentation, Nov 2, 2026
Slide 1: 2026 Third Quarter Financial Results
1 November 2, 2026 2026 Third Quarter Financial Results Our Mission: Protect and Save Lives ®
Slide 2: Safe Harbor Statement and Trademarks
2 Safe Harbor Statement and Trademarks 2 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
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 Multi-Year Transformation Plan Update Q3 2026 Business Performance & Key Highlights Q3 2026 Financial Results & Full-Year Guidance 2026 Growth Catalysts Q&A Session TopicPresenter
Slide 4: EBS: The Most Diverse Biodefense/MCM and Naloxone Portfolio
4 1. Supporting data is on file with the company. *Ebanga® 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: www.emergentbiosolutions.com/products-servic
Slide 5: Multi-Year Transformation Plan Update
5 Multi-Year Transformation Plan Update Joe Papa President and Chief Executive Officer
Slide 6: Our Multi-Year Transformation Plan
6 Transformation Goals Our Multi-Year Transformation Plan Turnaround Priorities The leader in solving public health threats for communities around the world Continued commitment to prioritizing patient safety, quality and compliance • Focus on segment revenue growth and improved operating performanc
Slide 7: 2026 Business Performance & Key Highlights
7 2026 Business Performance & Key Highlights Joe Papa President and Chief Executive Officer 7
Slide 8: Q3 2026 Business Highlights
8 ü Solid MCM performance driven by accelerated contract awards and product deliveries • Contract mod for CYFENDUS from USG; sales to 13 different countries • To date International MCM sales were $72M, or 22% of total MCM revenues • Continued engagement with U.S. and allied governments • Aiming to c
Slide 9: AI Revives New Biologic Threat Risks: A Call for Partnership
9 AI Revives New Biologic Threat Risks, Demanding Stronger Biosecurity A Call for Partnership Emergent aims to collaborate with AI companies on bioterrorism preparedness Potential Initiatives • AI for health preparedness council: cross-sector partnership involving Emergent, technology companies, fed
Slide 10: Strong Engagement with U.S. and International Governments on Biodefense Preparedness
10 Strong Engagement with U.S. and International Governments on Biodefense Preparedness Key Highlights • MCM Q3 2026 revenue of $59M total • Awarded contract modification valued at approximately $24M for CYFENDUS® (Anthrax Vaccine Adsorbed, Adjuvanted); delivered product shipments ahead of schedule
Slide 11: Leading Efforts to Help Reduce Opioid Overdose Deaths
11 Leading Critical Efforts in the U.S. and Canada to Help Reduce Opioid Overdose Deaths Landscape Insights • OTC NARCAN® Nasal Spray 4 mg continues to be a standard of care; KLOXXADO® Nasal Spray 8 mg is an important option • U.S. public interest channel continues to support state, community based
Slide 12: Q3 2026 Financial Results & Full-Year Guidance
12 Q3 2026 Financial Results & Full-Year Guidance Rich Lindahl EVP, Chief Financial Officer
Slide 13: Key Financial Performance Metrics Q3 2026 vs. Q3 2025
13 Key Financial Performance Metrics Q3 2026 vs. Q3 20251 Total revenues consistent with prior guidance Q3 YoY influenced by timing of MCM deliveries (Q2 2026 vs Q3 2025) Adjusted Gross Margin % 2 ($ in m ill io ns ) ($ in m ill io ns ) ($ in m ill io ns ) ($ in m ill io ns ) Total Revenues 1. All f
Slide 14: Q3 Revenue Elements
14 $231 $110 Total Revenue $217 $14 $103 $7 Total Product Sales, net All Other Revenue 1. All financial information incorporated within this presentation is unaudited. 2. Product sales, net are reported net of variable consideration including returns, rebates, wholesaler fees and prompt pay discount
Slide 15: Key Financial Performance Metrics YTD 2026 vs. YTD 2025
15 Key Financial Performance Metrics YTD 2026 vs. YTD 20251 Results in-line with expectations and highlight continued cost discipline Adjusted Gross Margin %2 ($ in m ill io ns ) ($ in m ill io ns ) ($ in m ill io ns ) ($ in m ill io ns ) Total Revenues 1. All financial information incorporated with
Slide 16: YTD Revenue Elements
16 $594 $500 Total Revenue $545 $49 $468 $32 Total Product Sales, net All Other Revenue 1. All financial information incorporated within this presentation is unaudited. 2. Product sales, net are reported net of variable consideration including returns, rebates, wholesaler fees and prompt pay discoun
Slide 17: Disciplined Balance Sheet Management During Turnaround
17 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 "Appendix" for the definitions of non-GAAP terms and reconciliations to the most directly comparable G
Slide 18: Strong Cash Generation Enables Significant Deleveraging
18 $868 $757 Strong Cash Generation Enables Significant Deleveraging Generated $352M of cumulative operating cash flow through Q3 2026 and reduced net debt 3,4 by $418M vs. YE 20231 1. All financial information incorporated within this presentation is unaudited. 2. Net leverage calculated as net deb
Slide 19: Capital Allocation Update
191. This amount is excluding the excise tax of $0.2M for the nine months ended September 30, 2026. Prioritized Focus Areas • International MCM growth plan • Internal R&D investments (~$50M investment in Ebanga® milestone) • Business development opportunities Growth Investments Debt Refinancing & Re
Slide 20: Full-Year 2026 Guidance
20 METRIC ($ in millions) FY 2026 as of November 2, 2026 Action FY 2026 as of August 5, 2026 FY 2026 as of April 30, 2026 FY 2026 as of February 26, 2026 Total revenues $600 - $645 REVISED1 $645 - $675 $720 - $760 $720 - $760 MCM revenues: Impacted by expected timing of USG and International sales C
Slide 21: 2026 Business Outlook & Catalysts to Enable Growth
21 2026 Business Outlook & Catalysts to Enable Growth Joe Papa President and Chief Executive Officer
Slide 22: Key Growth Catalysts
22 Key Growth Catalysts Drive organic growth through internal R&D programs • TEMBEXA® • EBANGA® • raxibacumab We plan to invest in growth opportunities that enable sustainable and long-term growth. Exploring potential for government-funded R&D programs. Selectively evaluating strategically suitable
Slide 23: Product/Candidate Pipeline
23 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 IMOJEV® Japanese Encephalitis Substipharm Biologics (U.S.
Slide 24: Closing Remarks
24 • Continued to deliver on multi-year transformation plan; prioritizing key turnaround actions and achieving financial targets to drive our business forward • EBS believes it can play an important role in partnering with AI leaders against potential bad actors / biological threats, in our increasi
Slide 25: Q&A Session
25 Q&A Session Questions? Answers.
Slide 26: End Notes: Non-GAAP Financial Measures
26 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 27: End Notes: Non-GAAP Financial Measures (Continued)
27 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 28: Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)
28 Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) – Q3 2026 vs. Q3 2025(1) (unaudited, $ in millions) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Source Net income (loss) $ (32.7) $ 51.2 $ (206.1) $ 107.2 Adjustments: Inventory step-up prov
Slide 29: Reconciliation of Net Income (Loss) to Adjusted EBITDA
29 Reconciliation of Net Income (Loss) to Adjusted EBITDA and Net Income (Loss) Margin to Adjusted EBITDA Margin – Q3 2026 vs. Q3 2025(1) (unaudited, $ in millions) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net income (loss) $ (32.7) $ 51.2 $ (206.1) $ 107.
Slide 30: Reconciliation of Gross Margin to Adjusted Gross Margin
30 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 % – Q3 2026 vs. Q3 2025(1) & YTD 2026 vs. YTD 2025(1) APPENDIX Three Months Ended September 30, Nine Months Ended September 30, ($ in mill
Slide 31: Reconciliations of Total Debt to Net Debt and Net Leverage Ratio
31 Reconciliations of Total Debt to Net Debt (1) and Net Leverage Ratio (2) (unaudited, $ in millions) As of As of As of As of September 30, 2026 September 30, 2025 December 31, 2023 September 30, 2023 Total debt $ 514.3 $ 693.1 $ 868.4 $ 866.3 Less: Cash and cash equivalents 175.7 245.5 111.7 87.8
Slide 32: Reconciliation of Net Loss to Adjusted Net Income – FY 2026 Forecast
32 Reconciliation of Net Loss to Adjusted Net Income (Loss) – Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Source Net loss $(255) - $(225) Adjustments: Inventory step-up provision $5 Cost of products and services, net Severance and restructuring costs 11 Cost of products and servi
Slide 33: Reconciliation of Net Loss to Adjusted EBITDA – FY 2026 Forecast
33 Reconciliation of Net Loss to Adjusted EBITDA – Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Net loss $(255) - $(225) Adjustments: Depreciation & amortization $81 Income taxes 13 Total interest expense, net 38 Inventory step-up provision 5 Severance and restructuring costs 11 S
Slide 34: Reconciliation of Forecasted Revenues and Adjusted Gross Margin
34 Reconciliations of Forecasted Total Revenues to Forecasted Product and Services Sales, Net and of Forecasted Gross Margin and Gross Margin % to Forecasted Adjusted Gross Margin and Adjusted Gross Margin % - Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Total revenues $600 - $645
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Emergent BioSolutions — Q3 2026 Earnings Presentation on 6ix