Combating Public Health Threats for Communities Around the World Company Overview 44th Annual J.P. Morgan Healthcare Conference Joe Papa President and Chief Executive Officer January 14, 2026 1 1 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 Company or any of our ...

Core Insights - Emergent BioSolutions Inc. reported third-quarter 2025 financial results, exceeding revenue guidance by $21 million, with a focus on margin expansion and confidence in meeting adjusted EBITDA guidance for the year [2][5][36] Financial Performance - Total revenues for Q3 2025 were $231.1 million, a decrease of 21% compared to Q3 2024's $293.8 million [3][5] - Net income for Q3 2025 was $51.2 million, down 55% from $114.8 million in Q3 2024, resulting in a net income margin of 22% [3][5] - Adjusted EBITDA for Q3 2025 was $87.8 million, with an adjusted EBITDA margin of 38% [3][5] Year-to-Date Performance - Year-to-date revenues for 2025 totaled $594.2 million, a 30% decline from $848.9 million in 2024 [4] - Year-to-date net income was $107.2 million, a significant recovery from a loss of $159.3 million in 2024 [4] - Adjusted net income for the year-to-date period was $109.6 million, compared to a loss of $14.7 million in 2024, marking an 846% increase [4] Revenue Breakdown - Q3 2025 product sales included: - Naloxone: $74.9 million, down 21% from $95.3 million in Q3 2024 [8][9] - Anthrax MCM: $1.4 million, down 88% from $11.4 million [10] - Smallpox MCM: $83.6 million, down 37% from $132.7 million [13] - Other Products: $57.5 million, up 91% from $30.1 million [14] - Total product sales for Q3 2025 were $217.4 million, a 19% decrease from $269.5 million in Q3 2024 [8] Operating Expenses - Total operating expenses for Q3 2025 were $154.6 million, down 33% from $229.3 million in Q3 2024 [17] - Cost of product and services sales decreased by 30% to $85.9 million [18] - Selling, general and administrative expenses decreased by 49% to $38.9 million, largely due to the absence of a one-time expense from the previous year [21] Segment Performance - Commercial Products segment revenues for Q3 2025 were $74.9 million, down 21% from $95.3 million in Q3 2024 [24] - MCM Products segment revenues were $142.5 million, down 18% from $174.2 million [26] - The adjusted gross margin for the MCM Products segment increased to 73% despite a revenue decline [28] Updated Financial Guidance - The company raised its full-year 2025 revenue guidance to a range of $775 million to $835 million, up from the previous range of $765 million to $835 million [36] - Adjusted net income guidance was also increased to $70 million to $85 million, reflecting improved operational performance [36]

Financial Performance - Q2 2025 revenues reached $141 million, exceeding the high end of guidance by $21 million[14] - Adjusted EBITDA guidance is raised to $175 - $200 million for 2025[14] - Net leverage decreased significantly from 99x in Q2 2024 to 19x in Q2 2025[14] - Cash position improved to $267 million, with liquidity at $367 million, a $297 million increase year-over-year[14] - 11 million shares were repurchased in Q2 2025 for $69 million[16] Business Segments - International MCM sales accounted for 48% of total MCM revenue year-to-date[16,54] - NARCAN demand rebounded by 50% in Q2 2025 compared to Q1 2025[16,57] Future Outlook - Full year 2025 revenue is projected to be in the range of $765 - $835 million[14] - The company is pursuing organic and inorganic growth initiatives to create shareholder value[15,67] - The company plans to invest to enable sustainable, long-term growth[62]

Core Insights - Emergent BioSolutions Inc. reported second quarter 2025 financial results, exceeding revenue guidance by $21 million and improving profitability metrics significantly compared to the previous year [2][5][36] - The company is raising its full-year 2025 profitability guidance, reflecting strong execution of its multi-year transformation plan and sustained demand for its products [2][5] Financial Performance - **Q2 2025 vs. Q2 2024**: - Total revenues decreased by 45% to $140.9 million from $254.7 million - Net loss improved by 96% to $12.0 million from $283.1 million - Adjusted EBITDA increased by 382% to $28.5 million from a loss of $10.1 million [3][5][36] - **Year to Date (YTD) 2025 vs. YTD 2024**: - Total revenues decreased by 35% to $363.1 million from $555.1 million - Net income turned positive at $56.0 million compared to a loss of $274.1 million - Adjusted EBITDA increased by 87% to $106.1 million from $56.8 million [4][36] Revenue Breakdown - **Product Sales**: - Naloxone sales decreased by 44% to $67.5 million, primarily due to lower OTC and Canadian sales - Anthrax MCM revenues decreased by 70% to $11.6 million, affected by sales timing - Smallpox MCM revenues increased by 127% to $40.6 million, driven by higher sales of VIGIV CNJ-016 [8][9][10][12] - **Other Revenues**: - Revenues from services decreased by 93% to $15.0 million, largely due to a one-time arbitration settlement - Revenues from contracts and grants increased by 61% to $10.5 million, attributed to development work related to Ebanga™ [14][15] Operating Expenses - Total operating expenses decreased by 70% to $139.3 million from $458.2 million, driven by significant reductions in costs across various categories [16][17] - Research and development expenses decreased by 62% to $12.5 million, reflecting cost management efforts [19] - Selling, general and administrative expenses decreased by 49% to $43.7 million, due to restructuring initiatives [20] Segment Performance - **Commercial Products**: - Revenues decreased by 44% to $67.5 million, with a gross margin of 32%, down from 48% [24][26] - **MCM Products**: - Revenues decreased by 8% to $58.4 million, with a gross margin of 44%, up from 40% [27][29] Financial Forecast - The company updated its full-year 2025 financial forecast, projecting total revenues between $765 million and $835 million, with net income expected between $40 million and $65 million [36][37]

Core Insights - Revive Therapeutics is advancing research on Bucillamine as a treatment for nerve agent exposure in collaboration with Defence R&D Canada, with the study expected to conclude by September 2025 [1][2] - Bucillamine has potential applications in treating traumatic brain injury and mitigating the effects of chemical exposure, making it a critical medical countermeasure in current geopolitical climates [2][5] - The company aims to secure government contracts for stockpiling Bucillamine as a nerve agent countermeasure, targeting significant market opportunities with Western governments [6][9] Company Overview - Revive Therapeutics focuses on developing therapeutics for infectious diseases and medical countermeasures, leveraging regulatory incentives from the FDA [10] - The company is also exploring Bucillamine for long COVID and advancing other therapeutic programs, including Psilocybin and molecular hydrogen [10] Market Opportunity - The global market for nerve agent countermeasures is driven by government defense spending, particularly in light of ongoing conflicts and the need for soldier survivability [4][5] - Successful approval of Bucillamine could lead to lucrative procurement contracts with the Canadian government and its allies, representing a substantial market opportunity [6][13] Research and Development - Bucillamine is recognized for its safety profile and antioxidant properties, which may protect against neurological damage from nerve agents [3] - The ongoing study with DRDC is a critical milestone, with potential expedited regulatory pathways for approval and stockpiling initiatives anticipated in 2026 [2][13]

Emergent BioSolutions (EBS) Conference Summary Company Overview - Emergent BioSolutions is a biopharma company with a focus on biodefense and medical countermeasures, established for over 25 years [2][3] - The company produces critical products for the U.S. Government and allied nations, including vaccines and therapeutics for smallpox, anthrax, Ebola, and botulism [3][4][22] Core Products and Market Position - Key products include: - Tymbexa (smallpox vaccine) - Sifendis (anthrax vaccine) - BioThrax (anthrax treatment) - Ibanga (Ebola treatment) - Narcan (opioid overdose reversal) [21][22][30] - Narcan is the largest product, with a market share of approximately 70-75% in the naloxone category [37] Financial Performance and Strategic Plan - Emergent aims for revenue between $750 million to $850 million and adjusted EBITDA of $150 million to $200 million for fiscal 2025 [43] - Adjusted EBITDA improved from negative in 2023 to $183 million in 2024, indicating a successful stabilization phase [14][43] - The company is currently in a turnaround phase, focusing on investments in R&D and business development to drive growth [15][41] Challenges and Opportunities - The company faced significant debt issues, which have been addressed through debt reduction and maturity extensions [9][12] - Emergent is working to enhance the accessibility of Narcan, aiming to include it in first aid kits and increase distribution through partnerships with retailers and e-commerce platforms [30][34][36] Regulatory and Market Environment - Emergent benefits from bipartisan support for biodefense initiatives, which is crucial for securing government contracts [20] - The company manufactures products in the U.S. and Canada, minimizing the impact of tariffs and aligning with reshoring trends in the pharmaceutical industry [48][50] Future Aspirations - The long-term goal is to transform Emergent into a sustainable growth company, with a focus on reducing opioid overdose deaths and expanding international market presence [57][58] - The company aims to leverage its CDMO capabilities to assist other pharmaceutical companies in bringing manufacturing back to the U.S. [51][53] Conclusion - Emergent BioSolutions is positioned to play a critical role in public health through its innovative products and strategic initiatives aimed at addressing pressing health threats, particularly in the context of opioid overdoses and biodefense [36][57]