Slide 1: 2026 Second Quarter Financial Results
2026 Second Quarter Financial Results Our Mission: Protect and Save Lives August 5, 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 Update President and CEO Q2 2026 Business Performance & Key Highlights Rich Lindahl Q2 2026 Financial Results & Full-Year Guidance EVP, Chief Financial Officer Joe Papa 2026 Growth Catalysts President and CEO Q&A Session 3
Slide 4: Multi-Year Transformation Plan Update
Multi-Year Transformation Plan Update Joe Papa President and Chief Executive Officer 4
Slide 5: EBS: The Most Diverse Biodefense/MCM and Naloxone Products Globally
EBS: The Most Diverse Biodefense/MCM and Naloxone Products Globally1 Smallpox • ACAM2000® • TEMBEXA® • 25+ years of experience developing and manufacturing • CNJ-016® (VIGIV) Ebola protections against critical public health threats • Ebanga® • Vast experience working with the U.S. and allied governm
Slide 6: Our Multi-Year Transformation Plan
Our Multi-Year Transformation Plan Turnaround Priorities Transformation Goals • Focus on segment revenue growth and improved operating • Advance strategic transformation for long-term growth and profitability performance • Build synergistic verticals to further leverage EBS infrastructure • Invest i
Slide 7: Naloxone Business Update
Naloxone Business Update Since OTC FDA approval in 2023, EBS has maintained its leadership position and adapted to an evolving landscape. Intensifying competition across EBS naloxone business: Addition of new naloxone Continued progress on agents; most recently, new 4 More aggressive pricing leading
Slide 8: Restructuring Operations & Implementing Greater Efficiencies to Help Prepare for the Future
Restructuring Operations & Implementing Greater Efficiencies to Help Prepare for the Future Restructuring across all functions to improve the overall cost structure, remain efficient and nimble and align resourcing to the current needs of the organization New Restructuring Efforts Address Business C
Slide 9: 2026 Business Performance & Key Highlights
2026 Business Performance & Key Highlights Joe Papa President and Chief Executive Officer 9 9
Slide 10: Strong Q2 2026 Performance Results
Strong Q2 2026 Performance Results Strong Financial Performance Business Results & Key Initiatives ü FY 2026 Q2 Revenues of $234M - exceeded high end of guidance range - ahead ü Solid MCM performance driven by accelerated contract awards and product of internal expectations deliveries • 6 contract a
Slide 11: MCM Business: Ongoing Engagement with U.S. and International Governments on Biodefense Preparedness
MCM Business: Ongoing Engagement with U.S. and International Governments on Biodefense Preparedness Biodefense preparedness is critical against biological threats in an evolving global security environment Key Highlights Seeking to collaborate on Artificial Intelligence (AI) driven bioterrorism prep
Slide 12: Q2 2026 Financial Results & Full-Year Guidance
Q2 2026 Financial Results & Full-Year Guidance Rich Lindahl EVP, Chief Financial Officer 12
Slide 13: Key Financial Performance Metrics Q2 2026 vs. Q2 2025
Key Financial Performance Metrics Q2 2026 vs. Q2 20251 Revenue exceeded high end of guidance based on accelerated MCM deliveries Strong profitability driven by product mix and continued YoY cost discipline Total Revenues Adjusted EBITDA & Adjusted EBITDA Margin2 $93 41% ($ in millions) ($ in million
Slide 14: Notable Revenue Elements Q2 2026 vs. Q2 2025
Notable Revenue Elements Q2 2026 vs. Q2 20251 ($ in millions) Q2 2025 Q2 2026 $234 $220 $102 $141 $126 $68 $52 $54 $41 $12 $12 $15 $14 $5 Naloxone Anthrax MCM Smallpox MCM Other Total Product Sales, All Other Revenue3 Total Revenue Products net 2 1. All financial information incorporated within this
Slide 15: Key Financial Performance Metrics YTD 2026 vs. YTD 2025
Key Financial Performance Metrics YTD 2026 vs. YTD 20251 Strong YTD results driven by accelerated MCM deliveries Total Revenues Adjusted EBITDA & Adjusted EBITDA Margin2 $27 $390 34% ($ in millions) $363 ($ in millions) 31% $20 $112 $132 YTD 2025 YTD 2026 YTD 2025 YTD 2026 Adjusted Gross Margin %2 O
Slide 16: Notable Revenue Elements YTD 2026 vs. YTD 2025
Notable Revenue Elements YTD 2026 vs. YTD 20251 ($ in millions) YTD 2025 YTD 2026 $365 $328 $390 $363 $166 $147 $113 $95 $70 $60 $34 $35 $25 $8 Naloxone Anthrax MCM Smallpox MCM Other Total Product Sales, All Other Revenue3 Total Revenue Products net 2 1. All financial information incorporated withi
Slide 17: Continued Stable Financial Metrics During Turnaround in 2026
Continued Stable Financial Metrics During Turnaround in 20261 Cash & Liquidity YoY Material Debt Reduction3,4 Gross Debt Net Debt 3,4 $367 ($ in millions) ($ in millions) Revolver $700 $100 $590 $433 $450 $190 Cash $267 Revolver $50 Cash $140 Q2 2025 Q2 2026 Q2 2025 Q2 2026 $145M of $190M AR Balance
Slide 18: YTD Capital Allocation Update
YTD Capital Allocation Update Prioritized Focus Areas Growth Investments • International MCM growth plan • Internal R&D investments (~$50M investment in Ebanga® milestone) • Business development opportunities Debt Refinancing & Reduction • Completed April 2026 term loan refinancing Debt Management •
Slide 19: FY 2026 Revenue & Profitability Guidance
FY 2026 Revenue & Profitability Guidance FY 2026 as of FY 2026 as of FY 2026 as of METRIC ($ in millions) Action August 5, 2026 April 30, 2026 February 26, 2026 Total revenues $645 - $675 REVISED1 $720 - $760 $720 - $760 MCM revenues: Flat to slightly down with meaningful contribution from internati
Slide 20: 2026 Business Outlook & Catalysts to Enable Growth
2026 Business Outlook & Catalysts to Enable Growth Joe Papa President and Chief Executive Officer 20
Slide 21: Key Growth Catalysts
Key Growth Catalysts 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 external programs. Accelerate growth through external business Expand international devel
Slide 22: 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 Opportunities Stage of Development Product/Candidate Disease Area Partner(s) Discovery Preclinical Phase 1 Phase 2 Phase 3 Submission Approved Ebanga™* Zaire ebolavirus BARDA ü Smallpox BARDA ü TEMBEXA® Mpox PANTHER, Africa CDC-led *
Slide 23: 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 • Restructuring operations to improve overall cost structure, drive efficiencies and align resourcing to current business realities
Slide 24: Questions? Answers.
Q&A Session Questions? Answers. 24
Slide 25: 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 26: 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, stock-based compensation expense, severance and restructuring costs (benefits) and inventory step-up prov
Slide 27: Reconciliation of Net Income (loss) to Adjusted Net Income – Q2 2026 vs. Q2 2025
Reconciliation of Net Income (loss) to Adjusted Net Income – Q2 2026 vs. Q2 2025(1) Three Months Ended June 30, Six Months Ended June 30, (unaudited, $ in millions) 2026 2025 2026 2025 Source Net income (loss) $ (180.2) $ (12.0) $ (173.4) $ 56.0 Adjustments: Inventory step-up provision $ 0.2 $ — $ 0
Slide 28: Reconciliation of Net Income (loss) to Adjusted EBITDA and Margin – Q2 2026 vs. Q2 2025
Reconciliation of Net Income (loss) to Adjusted EBITDA and Net Income (loss) Margin to Adjusted EBITDA Margin – Q2 2026 vs. Q2 2025(1) Three Months Ended June 30, Six Months Ended June 30, (unaudited, $ in millions) 2026 2025 2026 2025 Net income (loss) $ (180.2) $ (12.0) $ (173.4) $ 56.0 Adjustment
Slide 29: 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 % – Q2 2026 vs. Q2 2025(1) & YTD 2026 vs. YTD 2025(1) Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2026 202
Slide 30: Reconciliations of Total Debt to Net Debt and Net Leverage Ratio
Reconciliations of Total Debt to Net Debt1 and Net Leverage Ratio 2 As of As of (unaudited, $ in millions) 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) Ju
Slide 31: 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 $(245) - $(225) Adjustments: Inventory step-up provision $4 Cost of products and services, net Severance and restructuring costs 11 Cost of products and services, net,
Slide 32: Reconciliation of Net Loss to Adjusted EBITDA – Full Year 2026 Forecast
Reconciliation of Net Loss to Adjusted EBITDA – Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Net loss $(245) - $(225) Adjustments: Depreciation & amortization $82 Income taxes 15 Total interest expense, net 40 Inventory step-up provision 4 Severance and restructuring costs 11 Stoc
Slide 33: Reconciliations of Forecasted Revenues and Gross Margin – Full Year 2026 Forecast
Reconciliations of Forecasted Total Revenues to Forecasted Product and Services Sales, Net and of Forecasted Gross Margin and Gross Margin % to Forecasted Adjusted Gross Margin and Adjusted Gross Margin % - Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Total revenues $645 - $675 Co
Slide 34: Slide 34