Emergent Biosolutions Inc. · NYSE:EBS
Emergent Biosolutions — H.C. Wainwright 28th Annual Global Investment Conference (September 2026)
31 slides from Emergent Biosolutions's conference presentation, Sep 14, 2026
Slide 1: Combating Public Health Threats for Communities Around the World
1 September 14, 2026 Combating Public Health Threats for Communities Around the World Joe Papa President and Chief Executive Officer H.C. Wainwright 28th Annual Global Investment Conference
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: Our Leadership in Public Health
3 Our Leadership in Public Health
Slide 4: Experienced and Trusted Management Team
4 Joseph Papa President and CEO Richard Lindahl EVP, CFO Coleen Glessner EVP, Quality, Ethics and Compliance Bill Hartzel SVP, Manufacturing and Bioservices Paul Williams SVP, Products Business & Gov’t Affairs Experienced and Trusted Management Team Michelle Pepin SVP, Chief Human Resources Officer
Slide 5: 1. Supporting data is on file with the company. 2. *Ebanga® is a trademark
5 1. Supporting data is on file with the company. 2. *Ebanga® is a trademark of RIDGEBACK BIOTHERAPEUTICS L.P. 3. **KLOXXADO® is a registered trademark of Hikma Pharmaceuticals USA Inc. 4. Learn more about Emergent products and access prescribing information here: https://www.emergentbiosolutions.co
Slide 6: Strategic Manufacturing Partnerships and Platform - Onshore and Nearshore Production Capabilities
6 Strategic Manufacturing Partnerships and Platform - Onshore and Nearshore Production Capabilities Products Technology Drug Substance Drug Product LANSING WINNIPEG CANTON ROCKVILLE BAYVIEW (ACCESS THROUGH EXTERNAL PARTNERSHIP) BioThrax® (Anthrax Vaccine Adsorbed) External Filling CYFENDUS® (Anthrax
Slide 7: Transformation Goals
7 Transformation Goals Our Multi-Year Transformation Plan Turnaround Priorities • Focus on segment revenue growth and improved operating performance • Invest in internal R&D advancement and international market expansion • Identify growth opportunities aligned with internal capabilities • Continue a
Slide 8: Naloxone Business Update
8 Naloxone Business Update Intensifying competition across EBS naloxone business: Since OTC FDA approval in 2023, EBS has maintained its leadership position and adapted to an evolving landscape. EBS must address new financial pressures as a result of these market dynamics today to deliver meaningful
Slide 9: Restructuring Operations & Implementing Greater Efficiencies to Help Prepare for the Future
9 Restructuring Operations & Implementing Greater Efficiencies to Help Prepare for the Future New Restructuring Efforts Address Business Challenges: • Reorganization expected to yield annualized savings of ~$40M • Significant cost/expense reductions • Reduction in workforce (90 roles) and vacant rol
Slide 10: MCM Business: Ongoing Engagement with U.S. and International Governments on Biodefense Preparedness
10 MCM Business: Ongoing Engagement with U.S. and International Governments on Biodefense Preparedness Biodefense preparedness is critical against biological threats in an increasingly dangerous world Current outbreak of Ebola in the Democratic Republic of the Congo caused by the Bundibugyo virus, a
Slide 11: News Reports: Anthropic Warns of AI Biological Weapon Threats
11 News Reports: Anthropic Warns of AI Biological Weapon Threats 1. Anthropic, Detecting and countering misuse of AI: September 2026, https://www.anthropic.com/threat-intelligence-report-september-2026, accessed September 10, 2026.
Slide 12: YTD Financial Results & Full-Year Guidance
12 YTD Financial Results & Full-Year Guidance
Slide 13: Key Financial Performance Metrics YTD 2026 vs. YTD 2025
13 Key Financial Performance Metrics YTD 2026 vs. YTD 20251 Strong YTD results driven by accelerated MCM deliveries Adjusted Gross Margin %2 ($ in m ill io ns ) ($ in m ill io ns ) ($ in m ill io ns ) ($ in m ill io ns ) Total Revenues 1. YTD data through June 30, 2026 financial information incorpor
Slide 14: Continued Stable Financial Metrics During Turnaround in 2026
14 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 15: Growth Investments, Debt Management and Share Repurchase
151. This amount is excluding the excise tax of $0.1M and $0.2M for the three months ended June 30, 2026 and six months ended June 30, 2026, respectively. Prioritized Focus Areas • International MCM growth plan • Internal R&D investments (~$50M investment in Ebanga® milestone) • Business development
Slide 16: FY 2026 Guidance
16 METRIC ($ in millions) FY 2026 as of August 5, 2026 Action FY 2026 as of April 30, 2026 FY 2026 as of February 26, 2026 Total revenues $645 - $675 REVISED1 $720 - $760 $720 - $760 MCM revenues: Flat to slightly down with meaningful contribution from international sales Commercial revenues: Expect
Slide 17: 2026 Business Outlook & Catalysts to Enable Growth
17 2026 Business Outlook & Catalysts to Enable Growth 17
Slide 18: Key Growth Catalysts
18 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 19: Near-Term Focus Maximizes Value of Current Assets and Pipeline/R&D Opportunities
19 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 20: Closing Remarks
20 • Continued to deliver on multi-year transformation plan; on track to execute on key turnaround actions, financial targets to drive our business forward • Restructuring operations to improve overall cost structure, drive efficiencies and align resourcing to current business realities • Successful
Slide 21: Q&A Session
21 Q&A Session Questions? Answers.
Slide 22: End Notes: Non-GAAP Financial Measures
22 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 23: End Notes: Non-GAAP Financial Measures (Continued)
23 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 24: Reconciliation of Net Income (loss) to Adjusted Net Income
24 Reconciliation of Net Income (loss) to Adjusted Net Income – Q2 2026 vs. Q2 2025(1) (unaudited, $ in millions) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Source Net income (loss) $ (180.2) $ (12.0) $ (173.4) $ 56.0 Adjustments: Inventory step-up provision $ 0.2 $ —
Slide 25: Reconciliation of Net Income (loss) to Adjusted EBITDA
25 Reconciliation of Net Income (loss) to Adjusted EBITDA and Net Income (loss) Margin to Adjusted EBITDA Margin – Q2 2026 vs. Q2 2025(1) (unaudited, $ in millions) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) $ (180.2) $ (12.0) $ (173.4) $ 56.0 Adjustm
Slide 26: Reconciliations to Adjusted Gross Margin
26 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 2026 vs. Q2 2025(1) & YTD 2026 vs. YTD 2025(1) APPENDIX Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2026
Slide 27: Reconciliations of Total Debt to Net Debt and Net Leverage Ratio
27 Reconciliations of Total Debt to Net Debt1 and Net Leverage Ratio 2 (unaudited, $ in millions) As of As of June 30, 2026 June 30, 2025 Total debt $ 589.7 $ 700.0 Less: Cash and cash equivalents 139.7 267.3 Net debt $ 450.0 $ 432.7 Twelve months ended Twelve months ended (unaudited, $ in millions)
Slide 28: Reconciliation of Net Loss to Adjusted Net Income – Full Year 2026 Forecast
28 Reconciliation of Net Loss to Adjusted Net Income – Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Source Net loss $(245) - $(225) Adjustments: Inventory step-up provision $4 Cost of products and services, net Severance and restructuring costs 11 Cost of products and services, ne
Slide 29: Reconciliation of Net Loss to Adjusted EBITDA – Full Year 2026 Forecast
29 Reconciliation of Net Loss to Adjusted EBITDA – Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Net loss $(245) - $(225) Adjustments: Depreciation & amortization $82 Income taxes 15 Total interest expense, net 40 Inventory step-up provision 4 Severance and restructuring costs 11 S
Slide 30: Reconciliations of Forecasted Revenues and Gross Margin – Full Year 2026
30 Reconciliations of Forecasted Total Revenues to Forecasted Product and Services Sales, Net and of Forecasted Gross Margin and Gross Margin % to Forecasted Adjusted Gross Margin and Adjusted Gross Margin % - Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Total revenues $645 - $675
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