--- Total Segment Adjusted Gross Margin %2 1.All financial information incorporated within this presentation is unaudited. 2. See "End Notes: Non-GAAP Financial Measures" and "Appendix" for the definitions of non-GAAP terms and reconciliations to the most directly comparable GAAP financial measures. 15 FINANCIALS Key Financial Performance Metrics FY 2023 vs. FY 2022 (Continued)1 ($ in millions) FY 2022 FY 2023 SG&A $ --- $188.3 $96.8 $339.5 $368.4 30% 35% Cost of Commercial Product Sales Cost of MCM Product ...

Fourth Quarter 2023 Total Revenues of $277 million, which aligned our Full Year to the mid-point of guidanceFull Year 2023 Total Revenues of $1.05 billion, which was the mid-point of guidanceFourth Quarter 2023 Net Loss of $50 million and Adjusted EBITDA of $3 millionIssues Q1 2024 and FY 2024 guidance GAITHERSBURG, Md., March 06, 2024 (GLOBE NEWSWIRE) -- Emergent BioSolutions Inc. (NYSE:EBS) today reported financial results for the quarter and year ended December 31, 2023. "Emergent has a long history of h ...

In today’s market, one of the biggest winners generating outsized interest is Emergent Biosolutions (NYSE:EBS). This mid-cap biotech company remains a unique turnaround story for investors, and many appear to be placing their bets on this company to come out of the pile as a key winner. Indeed, EBS stock has surged over 70% higher on some intriguing news this afternoon.The company’s turnaround efforts appear to be receiving a jolt today, with Emergent announcing Joseph Papa will be joining the company as it ...

Emergent BioSolutions (EBS) signed an indefinite-delivery, indefinite-quantity (IDIQ) procurement contract for a maximum value of up to $235.8 million with the U.S. Department of Defense (DoD) to supply its anthrax vaccine BioThrax.The vaccine is intended for use by all branches of the United States military as pre-exposure prophylaxis (PrEP) for anthrax disease.The procurement contract consists of a five-year base agreement ending on Sep 30, 2028, with an option to extend the contract for an additional fiv ...

GAITHERSBURG, Md., Jan. 11, 2024 (GLOBE NEWSWIRE) -- Emergent BioSolutions Inc. (NYSE:EBS) today announced that it has secured an indefinite-delivery, indefinite-quantity (IDIQ) procurement contract with a maximum value up to $235.8 million to supply BioThrax® (Anthrax Vaccine Adsorbed) for use by all branches of the U.S. military as Pre-Exposure Prophylaxis (PrEP) for anthrax disease. The new contract with the U.S. Department of Defense (DoD) and led by the Joint Program Executive Office for Chemical, Biol ...

GAITHERSBURG, Md., Jan. 09, 2024 (GLOBE NEWSWIRE) -- Emergent BioSolutions (NYSE:EBS), a global company providing solutions that address public health threats and brings lifesaving, life-extending products to market, today announced that Haywood Miller, Interim Chief Executive Officer and Rich Lindahl, Chief Financial Officer, will present at the 42nd Annual J.P. Morgan Healthcare Conference on Thursday, January 11, 2024, at 9:00 a.m. PT. The audio link for Emergent's session may be accessed here, and will ...

Shares of Emergent BioSolutions Inc. EBS, -3.63% slumped 2.8% in afternoon trading Tuesday, after surging more than 11% over the past two sessions, including Friday’s 8.3% rally. The rally to end last week came in the wake of an announcement by the Biden administration that overdose reversal medications like naloxone, also known has Narcan, will be made available at safety stations in federal facilities. The administration also indicated that the medications should be as available everywhere. “These lifesa ...

Financial Performance - Total revenues for Q3 2023 were $270.5 million, a 12.3% increase from $239.9 million in Q3 2022[20]. - Product sales, net, reached $249.8 million in Q3 2023, compared to $186.2 million in Q3 2022, reflecting a 34.1% increase[20]. - The net loss for Q3 2023 was $263.4 million, significantly higher than the net loss of $87.1 million in Q3 2022[20]. - Operating expenses for Q3 2023 totaled $512.6 million, up from $285.2 million in Q3 2022, marking an increase of 79.7%[20]. - The company reported a comprehensive loss of $264.4 million for Q3 2023, compared to a comprehensive loss of $86.2 million in Q3 2022[22]. - The company reported a net loss of $263.4 million for the quarter ended September 30, 2023, compared to a net loss of $261.4 million for the previous quarter[29]. - The consolidated gross margin for Q3 2023 was $87.2 million, compared to $75.3 million in Q3 2022, marking an increase of 15.9%[125]. - The total cost of sales for Q3 2023 was $176.8 million, up from $147.2 million in Q3 2022, which is an increase of 20.2%[125]. - The adjusted gross margin for Q3 2023 was $99.2 million, compared to $75.9 million in Q3 2022, reflecting a growth of 30.5%[125]. - The Company incurred a loss before income taxes of $265.9 million in Q3 2023, compared to a loss of $67.2 million in Q3 2022[125]. Assets and Liabilities - Cash and cash equivalents decreased to $87.8 million as of September 30, 2023, down from $642.6 million at the end of 2022[17]. - Total assets decreased to $1,893.1 million as of September 30, 2023, from $3,166.3 million at the end of 2022[17]. - Total liabilities were $1,195.9 million as of September 30, 2023, down from $1,778.6 million at the end of 2022[17]. - Total stockholders' equity as of September 30, 2023, was $697.2 million, reflecting a decrease from $957.7 million as of June 30, 2023[29]. - The total debt of the Company as of September 30, 2023, was $866.3 million, significantly reduced from $1,413.8 million as of December 31, 2022[81]. Impairments and Charges - The company reported a goodwill impairment of $218.2 million in Q3 2023[20]. - The company recognized a non-cash impairment charge of $306.7 million during the nine months ended September 30, 2023, due to indicators of impairment on certain asset groups within the CDMO reporting unit[61]. - The company recorded a $218.2 million non-cash goodwill impairment charge for the MCM reporting unit within the Products segment as of September 30, 2023[70]. - The total impairment charge for long-lived assets during the nine months ended September 30, 2023, was $306.7 million, with no charges recorded for the three months ended September 30, 2023[62]. Organizational Changes - In August 2023, the company initiated an organizational restructuring plan to reduce investment in and de-emphasize its CDMO services business[40]. - The January 2023 organizational restructuring plan resulted in a workforce reduction of approximately 125 employees and incurred charges of $9.4 million during the nine months ended September 30, 2023[63]. - The August 2023 organizational restructuring plan led to a workforce reduction of approximately 400 employees, incurring charges of $20.5 million during the three months ended September 30, 2023[64]. - Total restructuring costs for the three months ended September 30, 2023, amounted to $20.3 million, with severance payments accounting for $17.9 million[65]. Revenue Sources and Product Portfolio - The company operates in two segments: Products and Services, focusing on medical countermeasures and contract development and manufacturing services[33]. - The company has a current product portfolio of 12 products, which includes vaccines and therapeutics, contributing significantly to its revenue[33]. - The company launched the over-the-counter NARCAN Nasal Spray, expanding its customer base to retail pharmacies and digital commerce websites[48]. - The company generates revenue primarily through product sales, CDMO services, and contracts, recognizing revenue when control of goods or services is obtained by customers[99]. - The Products segment generated revenues of $249.8 million in Q3 2023, up from $186.2 million in Q3 2022, reflecting a growth of 34.1%[125]. - The Services segment reported revenues of $14.2 million in Q3 2023, a decrease from $36.3 million in Q3 2022, indicating a decline of 60.9%[125]. Future Outlook and Financial Requirements - As of September 30, 2023, the company has $211.2 million outstanding on its Revolving Credit Facility and $202.1 million on its Term Loan Facility, raising substantial doubt about its ability to continue as a going concern within one year[43]. - The company is required to maintain a minimum consolidated EBITDA through February 29, 2024, and to raise at least $75.0 million through equity or unsecured debt by April 30, 2024[44]. - The company has engaged legal and financial advisors to explore alternatives to enhance its capital structure amid uncertainties regarding its ability to satisfy capital raise requirements[46]. Legal and Regulatory Matters - The company is currently facing multiple legal proceedings related to its CDMO manufacturing capabilities, which may have a material adverse effect on its financial condition[118][119]. - The Company continues to cooperate with inquiries from various government agencies, including the Department of Justice and the SEC, regarding these legal matters[122]. Tax and Accounting Adjustments - The estimated effective annual tax rate for the year ended December 31, 2023, is (5)%, a decrease from 4% in 2022, primarily due to valuation allowance and goodwill impairment charges[114]. - The company identified an overstatement of its net state deferred tax liability as of December 31, 2022, leading to an understatement of income tax benefits by $8.1 million and $1.7 million for the three and nine months ended September 30, 2022, respectively[129]. - The company plans to file an amendment to its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, to provide further details on the restatement[129].

INTRODUCTION 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 our business strategy, future operations, future financial position, future revenues and earnings, our ability to achieve the objectives of our restructuring initiatives, including our future results, projected costs, prospects, plans and ...

Emergent BioSolutions Inc. (NYSE:EBS) Q3 2023 Earnings Conference Call November 8, 2023 5:00 PM ET Company Participants Haywood Miller - Interim Chief Executive Officer Paul Williams - Senior Vice President and Head, Product Business Rich Lindahl - Executive Vice President and CFO Conference Call Participants Nick Lorusso - TD Cowen Frank DiLorenzo - Singular Research Operator Good afternoon, everyone. I am the operator for today’s call. Thank you for joining today as Emergent discusses the Operational and ...