Slide 1: 2025 Third Quarter Financial Results
2025 Third Quarter Financial Results Our Mission: Protect and Save Lives October 29, 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, as amended. All statements, other than statements of historical fact, including statements regarding the future performance of the Compan
Slide 3: Today's Topics
Today’s Topics Presenter Topic Our Leadership in Public Health Joe Papa Multi-Year Transformation Plan Update President and CEO Key Performance Highlights Rich Lindahl Q3 & YTD 2025 Financial Results EVP, CFO and Treasurer Full Year 2025 Guidance Joe Papa Q3 Business Performance & Growth Catalysts P
Slide 4: Our Leadership in Public Health
Our Leadership in Public Health Joe Papa President and Chief Executive Officer 4 4
Slide 5: Combating Public Health Threats for Communities Around the World
Combating Public Health Threats for Communities Around the World At Emergent, we help prepare for today’s health challenges and tomorrow’s threats. Our mission is to protect and save lives. $775 - $835M 11 11 2025 Revenue Guidance Products Biodefense/MCM Contract Mods & Product Orders YTD 900+ Globa
Slide 6: Most Diverse Biodefense/MCM and Naloxone Products Globally
Most Diverse Biodefense/MCM and Naloxone Products Globally1 Smallpox Complications from Smallpox • ACAM2000® Vaccination • 25+ years of experience developing and • TEMBEXA® • CNJ-016® VIGIV manufacturing protections against critical public health threats Anthrax • Deep experience working with the U.
Slide 7: Multi-Year Transformation Plan Update
Multi-Year Transformation Plan Update Joe Papa President and Chief Executive Officer 7
Slide 8: Multi-Year Transformation Plan Remains on Track
Multi-Year Transformation Plan Remains on Track, Continued Focus on Advancing Turnaround Plan 2025 Turnaround Goals 2026+ Transformation • Pursue strategic investments that deliver • Strategic transformation for stable, long-term growth long-term growth and • Create long-term and sustainable value f
Slide 9: Strong Q3 Performance on Both Top and Bottom Line
Strong Q3 Performance on Both Top and Bottom Line Q3 Revenues of $231M, +$21M above high end of guidance Solid MCM performance reflects increased global YTD Adjusted EBITDA1 $194M, on high end of FY guidance demand and strategic diversification beyond the U.S. • 11 contract mods and orders received
Slide 10: Strong Sequential Naloxone Revenue Growth
Strong Sequential Naloxone Revenue Growth, Primarily Driven by NARCAN® Nasal Spray, Quarter-over-Quarter Through Q3 2025 ($ in millions) $75 $68 • Strong performance and quarterly growth through Q3 2025 • Continued market leadership in U.S. public interest $45 channel • U.S. public interest price fo
Slide 11: Financials
Financials Rich Lindahl EVP, Chief Financial Officer & Treasurer 11
Slide 12: Key Financial Performance Metrics Q3 2025 vs. Q3 2024
Key Financial Performance Metrics Q3 2025 vs. Q3 20241 ($ in millions) Total Revenues Adjusted EBITDA & Adjusted EBITDA Margin2 $294 + 200 bps 36% 38% $231 $105 $88 3 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Adjusted Gross Margin %2 Operating Expenses (R&D and SG&A) + 200 bps 61% $90 59% SG&A $(38) $13 R&D $
Slide 13: 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 Margin2 $849 + 1,400 bps $594 33% $194 19% $162 3 YTD 2024 YTD 2025 YTD 2024 YTD 2025 Adjusted Gross Margin %2 Operating Expenses (R&D and SG&A) $309 $(133) + 1,100 bps $62 R&D 5
Slide 14: Notable Revenue Elements YTD 2025 vs. YTD 2024
Notable Revenue Elements YTD 2025 vs. YTD 20241 ($ in millions) 2024 YTD Total Revenues $849 YTD 2024 Less: Janssen Settlement $50 YTD 2025 Divestitures $65 Normalized Revenues5 $734 $849 $727 $594 $545 $334 $231 $188 $201 $106 $122 $85 $61 $65 $49 Naloxone2 Anthrax MCM Smallpox MCM Other Products T
Slide 15: Sustained Improvement in Financial Metrics during Turnaround Progress
Sustained Improvement in Financial Metrics during Turnaround Progress in 20251 ($ in millions) Improved Liquidity Year Over Year Continued Debt Reduction 3,4 $96 $346 $6.9M unsecured Bonds repurchased Gross Debt $100 Net $250 Revolver $701 $693 Debt 3,4 $551 $100 Revolver $448 Cash Cash $246 $150 Ca
Slide 16: Capital Allocation Priorities
Capital Allocation Priorities Growth Debt Share Investments Repayment Repurchase • International MCM growth plan • Net Debt1 $448M, a 19% reduction • 12 Month $50M Share Repurchase • KLOXXADO® Nasal Spray 8 mg (Rx) vs. last year Program • Rocketvax investment/partnership • Net Leverage1 2.1x • 1.1M
Slide 17: Raising the Full Year 2025 Revenue & Profitability Guidance
Raising the Full Year (FY) 2025 Revenue & Profitability Guidance FY 2025 as of FY 2025 as of FY 2025 as of FY 2025 as of METRIC ($ in millions) October 29, 2025 August 6, 2025 May 7, 2025 March 3, 2025 Total revenues $775 - $835 $765 - $835 $750 - $850 $750 - $850 Net income $60 - $75 $40 - $65 $20
Slide 18: 2025 Key Summary
2025 Key Summary • Continued strong execution and progress on the turnaround phase of multi-year plan through the first 3 quarters of 2025 • Raising midpoint of MCM guidance – U.S. gov't orders in- line with expectations and strong international MCM sales represent 34% of total MCM revenue YTD • Inc
Slide 19: Q3 2025 Business Performance Catalysts to Enable Growth
Q3 2025 Business Performance Catalysts to Enable Growth Joe Papa President and Chief Executive Officer 19
Slide 20: Naloxone Business: Leading With Purpose to Help Save Lives
Naloxone Business: Leading With Purpose to Help Save Lives • New Harris poll of 1,230 parents in the U.S. found just one in five parents reported having naloxone on hand in the event of an overdose1 • While many factors are driving the reduction in opioid overdose deaths since 2023-2024, third-party
Slide 21: MCM Products: Supporting U.S. and International Governments' Biodefense Readiness
MCM Products: Supporting U.S. and International Governments' Biodefense Readiness and Supply Resilience New survey of 250+ policy opinion leaders reinforces Consistent and ongoing engagement with U.S. significant risk of bioterrorism across U.S.1 and allied governments Nearly 9 in 10 • Secured 4 new
Slide 22: Multiple Growth Opportunities Ahead
Multiple Growth Opportunities Ahead With a stronger cash and liquidity position in 2025, we plan to Strong cash & liquidity position invest to enable enables additional sustainable, long-term internal programs Expanding U.S. growth. and external & international MCM orders and business Exploring pote
Slide 23: Q3 Performance Summary
Q3 Performance Summary • Exceeded management expectations on Q3 financial performance; strong outlook for Q4 2025 • Raising full year revenue and profitability guidance • On track to execute on key turnaround actions, financial targets to drive our business forward o Strong performance for naloxone
Slide 24: Appendix
Appendix 24
Slide 25: Notable Revenue Elements Q3 2025 vs. Q3 2024
Notable Revenue Elements Q3 2025 vs. Q3 20241 ($ in millions) $294 Q3 2024 Q3 2025 $271 $231 $217 $133 $95 $84 $75 $57 $30 $24 $11 $14 $1 2 Naloxone Anthrax MCM Smallpox MCM Other Products Total All Other Total Revenues 4 Product Revenues 3 1. All financial information incorporated within this prese
Slide 26: 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 27: 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 28: Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) - Q3 2025 vs. Q3 2024 & YTD 2025 vs. YTD 2024 Three Months Ended September 30, Nine Months Ended September 30, (unaudited, $ in millions) 2025 2024 2025 2024 Source Net income (loss) $ 51.2 $ 114.8 $ 107.2 $ (159.3) Adjustments: Amort
Slide 29: 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 - Q3 2025 vs. Q3 2024 & YTD 2025 vs. YTD 2024 Three Months Ended September 30, Nine Months Ended September 30, (unaudited, $ in millions) 2025 2024 2025 2024 Net income (loss) $ 51.2 $ 114.8
Slide 30: Reconciliations of Total Revenues to Product and Services Sales, Net
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 % - Q3 2025 vs. Q3 2024 & YTD 2025 vs. YTD 2024 Three Months Ended September 30, Nine Months Ended September 30, ($ in millions) 202
Slide 31: Reconciliations of Total Debt to Net Debt
Reconciliations of Total Debt to Net Debt1 and Leverage Ratio to Net Leverage Ratio As of As of (unaudited, $ in millions) September 30, 2025 September 30, 2024 Total debt $ 693.1 $ 700.8 Less: Cash and cash equivalents 245.5 149.9 Net debt $ 447.6 $ 550.9 Twelve months ended Twelve months ended (un
Slide 32: Reconciliation of Total Revenue to Normalized Revenue
Reconciliation of Total Revenue to Normalized Revenue As of As of (unaudited, $ in millions) September 30, 2025 September 30, 2024 Total Revenue $ 594.2 $ 848.9 Less: Janssen Settlement — 50.0 Less: RSDL and Camden divestitures revenue — 64.6 Normalized Revenues $ 594.2 $ 734.3 32
Slide 33: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net Income to Adjusted Net Income – Full Year 2025 Forecast ($ in millions) 2025 Full Year Forecast Source Net income $60 - $75 Adjustments: Non-cash amortization charges $65 Amortization of IA and Other Income (Expense) Changes in fair value of financial instruments (2) Other Inco
Slide 34: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA – Full Year 2025 Forecast ($ in millions) 2025 Full Year Forecast Net income $60 - $75 Adjustments: Depreciation & amortization $100 Income taxes 31 Total interest expense, net 55 Inventory step-up provision 5 Changes in fair value of financial instrum
Slide 35: Reconciliations of Forecasted Total Revenues
Reconciliations of Forecasted Total Revenues to Forecasted Product and Services Sales, Net and of Forecasted Gross Margin and Gross Margin % to Forecasted Adjusted Gross Margin and Adjusted Gross Margin % - Full Year 2025 Forecast ($ in millions) 2025 Full Year Forecast Total revenues $775 - $835 Co
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