Emergent Biosolutions Inc. · NYSE:EBS
Emergent Biosolutions — Q4 2025 Earnings Presentation
40 slides from Emergent Biosolutions's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 & Full Year Financial Results
Q4 2025 & Full Year Financial Results Our Mission: Protect and Save Lives February 26, 2026 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 Agenda
Today’s Agenda Presenter Topic Joe Papa Multi-Year Transformation Plan President and CEO 2025 Business Performance & Key Highlights Rich Lindahl Q4 & FY 2025 Financial Results EVP, Chief Financial Officer FY 2026 Guidance Joe Papa 2026 Growth Catalysts President and CEO Q&A Session 3
Slide 4: Multi-Year Transformation Plan
Multi-Year Transformation Plan Joe Papa President and Chief Executive Officer 4
Slide 5: Multi-Year Transformation Plan to Create Shareholder Value
Multi-Year Transformation Plan to Create Shareholder Value 2026 and Beyond 2026 2024-2025 Transform Turnaround (Underway) Business has been • Advance strategic transformation for stabilized and right-sized long-term growth and profitability • Focus on segment revenue growth and improved operating pe
Slide 6: 2025 Business Performance & Key Highlights
2025 Business Performance & Key Highlights Joe Papa President and Chief Executive Officer 6 6
Slide 7: Strong Q4 & Full Year Performance on Both Top and Bottom Line
Strong Q4 & Full Year Performance on Both Top and Bottom Line Strong Financial Performance Solid Business Impact & Growth Initiatives ü FY 2025 Revenues of $743M with strong MCM sales while managing ü Solid MCM performance reflects increased global demand and NARCAN® Q4 impact of prolonged U.S. gove
Slide 8: MCM Business: Supporting U.S. and International Governments' Biodefense Readiness
MCM Business: Supporting U.S. and International Governments' Biodefense Readiness and Supply Resilience Consistent and ongoing engagement with U.S. and allied governments International orders represent 34% of total MCM revenues in 2025 11+ MCM contract awards and product orders received NEW in Q1 20
Slide 9: Naloxone Business: Broader Access, Awareness and Availability Helps Save Lives
Naloxone Business: Broader Access, Awareness and Availability Helps Save Lives Key stakeholders and actions drive OTC NARCAN® Nasal Spray 4 mg NEW in Q1 2026 naloxone access and availability continues to be a standard of care • Executive Order: illicit fentanyl designated • Market-leading offerings,
Slide 10: Q4 2025 & FY Financial Results
Q4 2025 & FY Financial Results Rich Lindahl EVP, Chief Financial Officer 10
Slide 11: Key Financial Performance Metrics Q4 2025 vs. Q4 2024
Key Financial Performance Metrics Q4 2025 vs. Q4 20241($ in millions) Total Revenues Adjusted EBITDA & Adjusted EBITDA Margin2 $195 $149 11% $(10) 8% $21 $11 Q4 2024 3 Q4 2025 Q4 2024 Q4 2025 Adjusted Gross Margin % 2 Operating Expenses (R&D and SG&A) +300 bps 43% $(7) 40% $70 SG&A $63 R&D $9 $12 R&
Slide 12: Key Business Highlights | Strong Full Year Results
Key Business Highlights | Strong Full Year Results1 ($ in millions) Total Revenues Adjusted EBITDA and Adjusted EBITDA Margin2 $1,044 +1,000 bps 28% $743 18% +$22 $183 $205 2024 2025 2024 2025 Adjusted Gross Margin %2 Operating Expenses (R&D and SG&A) +900 bps $(140) 54% $379 45% $71 R&D $239 SG&A $
Slide 13: Notable Revenue Elements Full Year 2025 vs. Full Year 2024
Notable Revenue Elements Full Year 2025 vs. Full Year 20241 ($ in millions) 2024 FY Total Revenues $1,044 Less: 2024 Janssen Settlement $50 2025 Divestitures $65 Normalized Revenues5 $929 $1,044 $909 $743 $683 $399 $277 $266 $226 $139 $114 $94 $77 $135 $60 Naloxone2 Anthrax MCM Smallpox MCM Other To
Slide 14: Sustained Improvement in Financial Metrics During Turnaround Progress in 2025
Sustained Improvement in Financial Metrics During Turnaround Progress in 20251 ($ in millions) Improved Liquidity Year Over Year Full Year Operating Cash Flow $305 $105 $100 $112 $200 Revolver $171 $205 $100 Cash Revolver $59 Cash $100 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Adjusted Net Income (Loss) Per D
Slide 15: $110M Gross Debt Paydown in 2025
$110M Gross Debt Paydown in 2025 Gross Debt of $590M, ($278M) or (32)% versus year end 2023 Gross Debt Net Leverage1,2 Net Debt2 of $384M, ($373M) or (49)% versus year end 2023 Q1 2024: 5.7x Net Debt2 YE 2024: 3.3x $868 YE 2025: 1.9x ü Used Balance Sheet Cash to paydown $757 $110M of gross debt $700
Slide 16: Capital Allocation Priorities During 2026 Turnaround Period
Capital Allocation Priorities During 2026 Turnaround Period Growth Investments Debt Repayment Share Repurchase • International MCM growth plan $110M Debt Paydown Initiated $50M Share Repurchase • $100M Term Loan paydown Program • KLOXXADO® Nasal Spray 8 mg • Initiated $30M Bond Repurchase • 3.1M Sha
Slide 17: Continued to Raise Midpoint of FY 2025 Guidance Throughout the Year
Continued to Raise Midpoint of FY 2025 Revenue & Profitability Guidance Throughout the Year METRIC ($ in millions) FY 2025 Actuals FY 2025 as of FY 2025 as of FY 2025 as of FY 2025 as of October 29, 2025 August 6, 2025 May 7, 2025 March 3, 2025 Total revenues $743 $775 - $835 $765 - $835 $750 - $850
Slide 18: FY 2026 Revenue & Profitability Guidance
FY 2026 Revenue & Profitability Guidance Rich Lindahl EVP, Chief Financial Officer 18
Slide 19: FY 2026 Revenue & Profitability Guidance
FY 2026 Revenue & Profitability Guidance FY 2026 as of METRIC ($ in millions) February 26, 2026 Total revenues $720 - $760 MCM revenues: Flat to slightly down with meaningful contribution from international sales Commercial revenues: Flat to slightly up Net income $(30) - $(10) Adjusted net income1
Slide 20: 2025 Key Summary
2025 Key Summary • Continued strong execution and progress on the turnaround phase of multi-year plan through 2025 • Increased gross margin & profit follow through from 2024, with a lean, efficient business model to build upon going forward • Strong operating cash flow in 2025 and expecting this tre
Slide 21: 2026 Business Outlook & Catalysts to Enable Growth
2026 Business Outlook & Catalysts to Enable Growth Joe Papa President and Chief Executive Officer 21
Slide 22: EBS' Aspiration: THE leader in Solving Public Health Crises Around the World
EBS' Aspiration: THE leader in Solving Public Health Crises Around the World Complications Smallpox from Smallpox • ACAM2000® Vaccination • 25+ years of experience developing and manufacturing • TEMBEXA® • CNJ-016® VIGIV protections against critical public health threats with the most diverse biodef
Slide 23: 2026 U.S. Government Approved Budgets Provide Opportunity for Biodefense and Opioid Preparedness
2026 U.S. Government Approved Budgets Provide Opportunity for Incremental Biodefense and Opioid Overdose Preparedness Program FY2024 enacted ($m)1 FY2025 enacted ($m)1 FY2026 enacted ($m)1 Change 25-26 ($m) Biomedical Advanced Research and Development $1,015 $1,015 $1,050 +$35 Authority (BARDA) Proj
Slide 24: Multiple Growth Opportunities Ahead
Multiple Growth Opportunities Ahead With a stronger cash and liquidity position entering 2026, we plan to invest to enable sustainable, long- term growth. Exploring potential for government-funded R&D development programs. Selectively evaluating strategically suitable external programs. Accelerate i
Slide 25: Near-Term Focus Maximizes Value of Current Assets and Pipeline/R&D Opportunities
Near-Term Focus Maximizes Value of Current Assets and Pipeline/R&D Development Opportunities Stage of Development Product/Candidate Disease Area Partner(s) Discovery Preclinical Phase 1 Phase 2 Phase 3 Submission Approved Ebanga™* Zaire ebolavirus BARDA Smallpox BARDA TEMBEXA® Mpox PANTHER, Africa C
Slide 26: Closing Remarks
Closing Remarks • 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 • Introduced FY 2026 revenue and profitability guidance • Conti
Slide 27: Questions? Answers.
Q&A Session Questions? Answers. 27
Slide 28: Appendix
EMERGENT Appendix 28
Slide 29: 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 30: 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, inventory step-up provision, settlement charges, net, restructuring costs (benefits), and changes in the f
Slide 31: Notable Revenue Elements Q4 2025 vs. Q4 2024
Notable Revenue Elements Q4 2025 vs. Q4 20241 ($ in millions) Q4 2024 Q4 2025 $195 $182 $149 $138 $77 $65 $53 $38 $36 $33 $7 $11 $13 $11 2 Naloxone Anthrax MCM Smallpox MCM Other Products Total Product All Other Revenues 3 Total Revenue Sales, net 1. All financial information incorporated within thi
Slide 32: Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Diluted Share – Q4 2025 vs. Q4 2024 & YTD 2025 vs. YTD 2024 Three Months Ended Twelve Months Ended December 31, December 31, (unaudited, $ in millions) 2025 2024 2025 2024 Source Net income (loss) $
Slide 33: 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 – Q4 2025 vs. Q4 2024 & YTD 2025 vs. YTD 2024 Three Months Ended December 31, Twelve Months Ended December 31, (unaudited, $ in millions) 2025 2024 2025 2024 Net income (loss) $ (54.6) $ (31
Slide 34: Reconciliations of Total Revenues and Gross Margin to Adjusted 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 % – Q4 2025 vs. Q4 2024 & YTD 2025 vs. YTD 2024 Three Months Ended December 31, Year Ended December 31, ($ in millions) 2025 2024 20
Slide 35: Reconciliations of Total Debt to Net Debt and 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) December 31, 2025 December 31, 2024 March 31, 2024 Total debt $ 589.7 $ 700.0 $ 909.2 Less: Cash and cash equivalents 205.4 99.5 78.5 Net debt $ 384.3 $ 600.5 $ 830.7 Twel
Slide 36: Reconciliation of Total Revenue to Normalized Revenue
Reconciliation of Total Revenue to Normalized Revenue As of As of (unaudited, $ in millions) December 31, 2025 December 31, 2024 Total Revenue $ 742.9 $ 1,043.6 Less: Janssen Settlement — 50.0 Less: RSDL and Camden divestitures revenue — 64.6 Normalized Revenues $ 742.9 $ 929.0 36
Slide 37: Reconciliation of Net Loss to Adjusted Net Income – Full Year 2026 Forecast
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 $73 Amortization of IA and Other Income (Expense) Inventory step-up provision 4 Cost of products and services,
Slide 38: Reconciliation of Net Loss to Adjusted EBITDA – Full Year 2026 Forecast
Reconciliation of Net Loss to Adjusted EBITDA – Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Net loss $(30) - $(10) Adjustments: Depreciation & amortization $90 Income taxes 36 Total interest expense, net 40 Inventory step-up provision 4 Contingent consideration milestones (5) Tot
Slide 39: Reconciliations of Forecasted Revenues and Gross Margin – Full Year 2026
Reconciliations of Forecasted Total Revenues to Forecasted Product and Services Sales, Net and of Forecasted Gross Margin and Gross Margin % to Forecasted Adjusted Gross Margin and Adjusted Gross Margin % - Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Total revenues $720 - $760 Co
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Emergent BioSolutions — Q4 2025 Earnings Presentation on 6ix