MERIDIAN MEDICAL TECHNOLOGIES, INC.

                                    FORM 10-Q
                      For the Quarter ended April 30, 1997



                                    FORM 10-Q
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   (Mark One)

             [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                 For the quarterly period ended April 30, 1997


            [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

  For the transition period from: ___________________ to ____________________

                         Commission file number: 0-5958


                       MERIDIAN MEDICAL TECHNOLOGIES, INC.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


            Delaware                                            52-0898764
-------------------------------                            --------------------
(State or other jurisdiction of                               (IRS Employer
 incorporation or organization)                              Identification No.)


10240 Old Columbia Road, Columbia, Maryland                        21046
-------------------------------------------                    -------------
 (Address of principal executive offices)                        (Zip Code)

Registrant's telephone number, including area code:           410-309-6830

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                            YES [X]               NO [ ]

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.


            Class                               Outstanding as of May 22, 1997
------------------------------------            -------------------------------
   Common Stock, $.10 par value                         2,912,502 Shares




<PAGE>


                      MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q
                      For the Quarter ended April 30, 1997


                                                                        Page No.
                                                                        --------

PART I.  FINANCIAL INFORMATION

ITEM 1.  Financial Statements (Unaudited)

            Consolidated Condensed Balance Sheets as of
              April 30, 1997 and July 31, 1996 . . . . . .. . . . . .      5

            Consolidated Condensed Statements of Operations for
              the Three-Month and Nine-Month Periods Ended
              April 30, 1997 and 1996  . . . . . . . . . . .  . . . .      6

            Consolidated Condensed Statements of Cash Flows
              for the Nine-Months Ended April 30, 1997
              and 1996 . .. . . . . . . . . . . . . . . . . . . . . .      7

            Notes to Consolidated Condensed Financial
              Statements . . . . . . . . . . . . . .  . . . . . . . .      8

ITEM 2.     Management's Discussion and Analysis of Financial
              Condition and Results of Operations . . . . . . . . . .     12

PART II. OTHER INFORMATION

ITEM 5.     Other Information . . . . . . . . . . . . . . . . . . . .     17

ITEM 6.     Exhibits and Reports on Form 8-K . . . . . . . .. . . . .     17

SIGNATURES . . . . . . . . . . . . . . . . . . . .. . . . . . . . . .     18




<PAGE>



                      MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q
                      For the Quarter ended April 30, 1997


The financial statements of Meridian Medical Technologies, Inc. ("MMT" or
"Company") contained in this Form 10-Q are not comparable to the financial
statements contained in previous filings by Survival Technology, Inc. ("STI")
filed with the Securities and Exchange Commission ("Commission") as a result of
the merger of Brunswick Biomedical Corporation ("Brunswick") with and into STI
to form the Company and significant, one-time, non-recurring adjustments in
connection with such merger.

Due to the substantial differences between the revenues and results of the
Company as compared to STI and Brunswick, management believes comparisons of the
Company's revenues and results against the proforma combined statements of STI
and Brunswick have the greatest utility.

A comparison of the Company's financial statements against unaudited, proforma
financial statements assuming Brunswick Biomedical and STI were fully merged
during all prior periods and one-time, non-recurring merger costs are excluded
for all periods presented is summarized below.


                       Meridian Medical Technologies, Inc.
                Proforma Financial Analysis Excluding Merger Cost
                                   (Unaudited)
                                      $000


<TABLE>
<CAPTION>

                                Three Months Ended             Nine Months Ended
                                    Proforma    Proforma                 Proforma
                                    Combined    Combined                 Combined
                        4/30/97     1/31/97     4/30/96      4/30/97      4/30/96
                        -------     -------     -------      -------      --------

<S>                     <C>         <C>         <C>          <C>          <C>    
Revenues
Drug Delivery           $ 4,831     $ 3,942     $ 5,120      $13,904      $11,141
STI Military              5,027       4,237       3,777       13,389       11,621
Cardiopulmonary             822         608       1,418        2,370        3,145
                        -------      ------       -----      -------      -------
   Total Revenues       $10,680     $ 8,787     $10,315      $29,663      $25,907

Gross Margin            $ 3,805     $ 3,234     $ 2,790      $10,820      $ 7,658
%                          35.6%       36.8%       27.1%        36.5%        29.6%

SG&A                    $ 1,450     $ 1,319     $ 1,424      $ 4,324      $ 3,986
R&D                         655         627         528        2,311        1,504
Depreciation/Amort          738         744         506        2,185        1,485
Restructuring Charges         0           0           0            0           94
                        -------     -------     -------      -------      -------
     Total              $ 2,843     $ 2,690     $ 2,458      $ 8,820      $ 7,069


Operating Income        $   962     $   544     $   332      $ 2,000      $   589

Excludes One time non-recurring Merger Related Cost of:
-3 Months Ended 4/30/97 $0
-3 Months Ended 1/31/97 $3,949
-3 Months Ended 4/30/96 $4,464
-9 Months Ended 4/30/97 $3,949
-9 Months Ended 4/30/96 $4,464

</TABLE>


Certain statements in the Quarterly Report on Form 10-Q are forward-looking and
are identified by the use of forward-looking words or phrases such as,
"believes," "expects," is or are "expected," "anticipates," "anticipated," and
words of similar




<PAGE>


                      MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q
                      For the Quarter ended April 30, 1997


import. These forward-looking statements are based on the Company's current
expectations. Because forward-looking statements involve risk and uncertainties,
the Company's actual results could differ materially. In addition to the factors
discussed generally herein, among the factors that could cause results to differ
materially from current expectations are: (i) any failure to comply with
covenants in the Company's financing arrangement; (ii) the general economic and
competitive markets and countries where the Company and its subsidiaries offer
products and services; (iii) changes in capital availability or costs; (iv)
fluctuations in demand for certain of the Company's products, including changes
in government procurement policy; (v) the continued commitment of customer and
strategic partners to the Company's products and programs; (vi) technological
challenges associated with the development and manufacture of current and
anticipated products; (vii) commercial acceptance of auto-injectors and new
products and competitive pressure from traditional and new drug delivery methods
and medical devices; and (viii) delay, costs and uncertainties associated with
government approvals required to market new drugs and medical devices.




<PAGE>

                      MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q
                      For the Quarter ended April 30, 1997



                      CONSOLIDATED CONDENSED BALANCE SHEETS

PART I. FINANCIAL INFORMATION
ITEM 1.  Financial Statements
                                                   April 30,          July 31,
                                                     1997               1996
                                                  (unaudited)        (unaudited)
                                                  -----------        -----------
ASSETS
Current assets
  Cash (restricted cash, $0 and $961,200)         $   635,300       $ 1,488,900
  Short-term investments                                    0           257,500
  Receivables                                       6,872,800         7,439,300
  Inventories                                       6,277,600         5,330,400
  Prepaid expenses and other assets                   678,400           823,200
  Deferred income taxes                             1,217,500         1,217,500
                                                    ---------         ---------
     Total current assets                          15,681,600        16,556,800
                                                   ----------        ----------

Fixed assets                                       28,925,200        27,015,700
  Less accumulated depreciation                    13,253,900        12,031,400
                                                   ----------        ----------
                                                   15,671,300        14,984,300
                                                   ----------        ----------

Goodwill, net                                       1,308,400         1,443,700
Developed technology, patents and licenses,
   at cost, less amortization                       9,967,900         7,193,100
Other intangible assets                             1,453,700         1,390,000
                                                  -----------         ---------
                                                  $44,082,900       $41,567,900
                                                   ----------        ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Note payable to banks                           $ 4,242,200       $ 3,875,400
  Note payable to Syntex                              188,400           588,400
  Current portion of long-term debt                   575,000           516,800
  Accounts payable                                  5,900,800         4,358,500
  Restructuring reserve                               262,800           640,400
  Customer deposits                                   764,700           736,000
  Other liabilities and accrued expenses            2,421,200         1,611,900
                                                  -----------      ------------
    Total current liabilities                      14,355,100        12,327,400
Notes payable (long-term)                          13,777,100        15,171,400
Other long-term debt                                1,026,400         1,184,300
Other noncurrent liabilities                          725,000           616,500
Long-term capital lease obligations                                      30,400
Deferred income taxes                               1,605,500         1,605,500
                                                  -----------      ------------
    Total liabilities                              31,489,100        30,935,500
                                                  -----------      ------------

Minority interest in consolidated
 subsidiary Shareholders' equity:                                     6,788,500
  Common stock                                        291,300               700
  Additional paid-in capital                       28,711,000        15,866,100
  Preferred stock, Series A - F                                           7,500
  Warrants                                          2,072,900         2,072,900
  Accumulated deficit                             (18,343,300)      (13,907,200)
  Unearned stock option compensation                 (139,600)         (175,600)
  Currency translation adjustment                      13,000            (9,000)
  Treasury stock, at cost                             (11,500)          (11,500)
                                                  ------------        ---------
    Total shareholders' equity                     12,593,800         3,843,900
                                                   ----------         ---------
                                                  $44,082,900       $41,567,900
                                                  ===========       ===========

     See accompanying notes to consolidated condensed financial statements.




<PAGE>



                      MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q
                      For the Quarter ended April 30, 1997



                    CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>



                                 Three Months Ended           Nine Months Ended
                                     April 30                     April 30        
                              -------------------------    -----------------------
                                  1997          1996           1997          1996
                              ------------ ------------    -----------  -----------

<S>                           <C>          <C>            <C>           <C>       
Net sales                     $10,679,700  $ 2,664,500    $29,663,300   $ 4,392,100
Cost of sales                   6,875,100    1,519,000     18,843,400     2,541,000
                              -----------  -----------    -----------    ----------

  Gross profit                  3,804,600    1,145,500     10,819,900     1,851,100
                              -----------  -----------    -----------    ----------

Selling, general &
 administrative expense         1,449,700      431,600      4,324,500     1,217,400
Research & development
 expense                          655,200      369,800      2,311,400       984,300
Write off in-process R&D                     4,464,000      2,702,300     4,464,000
Write off merger costs                                      1,246,300
Depreciation and
 amortization expense             737,800      116,600      2,184,700       206,800
                              -----------  -----------    -----------    ----------
                                2,842,700    5,382,000     12,769,200     6,872,500
                              -----------  -----------    -----------    ----------

Operating income (loss)           961,900   (4,236,500)    (1,949,300)   (5,021,400)
                              -----------  -----------    -----------    ----------
Other income (expense):
 Interest expense                (322,200)     (75,800)    (1,928,600)      (92,900)
 Other (expense)income            (50,300)      11,500         74,000        16,200
                              -----------  -----------    -----------    ----------
                                 (372,500)     (64,300)    (1,854,600)      (76,700)
                              -----------  -----------    -----------    ----------

Income(loss)before income taxes   589,400   (4,300,800)    (3,803,900)   (5,098,100)
Provision for income taxes                                    367,000
Minority interest in
  consolidated subsidiary                                     265,200   
                              -----------  -----------    -----------    ----------

Net income (loss)             $   589,400  $(4,300,800)   $(4,436,100)  $(5,098,100)
                              -----------  -----------    -----------    ----------

Per common share:
 Net income (loss)per share   $       .20  $    (62.86)   $     (2.69)  $   (74.52)
                              ===========  ===========    ===========    ==========
Average number of
 common shares
 outstanding                    2,912,502       68,417      1,648,464        68,417
                              -----------  -----------    -----------   -----------

</TABLE>


     See accompanying notes to consolidated condensed financial statements.





<PAGE>



                      MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q
                      For the Quarter ended April 30, 1997


                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                   (Unaudited)



 
                                                          Nine Months Ended
                                                               April 30       
                                                     ---------------------------
                                                         1997           1996
                                                     -------------   ----------
Cash flows from operating activities:
  Net loss                                         $(4,436,100)     $(5,098,100)
  Adjustments to reconcile net loss to net cash
    provided by (used for) operating  activities
     Depreciation and amortization                   2,247,400          224,100
     Amortization of deferred compensation              54,400           54,300
     Amortization of notes payable discount            397,700
     Loss on fixed asset disposals                      (7,200)
     Write off in-process R & D                      2,702,000        4,464,000
     Deferred interest to note principal               757,300
     Decrease in receivables                           566,500          158,000
     (Increase) decrease in inventories               (947,200)          (3,300)
     (Increase) decrease in prepaid expenses
        and other assets                               141,000         (321,300)
     Increase (decrease) in accounts payable         1,542,300          586,500
     Currency Translation                                                22,200
     Decrease in restructuring reserve                (377,600)
     Increase (decrease) in other liabilities and
       accrued expenses                               (381,100)          (8,700)
                                                   ------------       ---------
       Net cash provided by (used for)
         operating activities                        2,259,400           77,700
                                                   -----------        ----------

Cash flows from investing activities:
  Purchases of fixed assets                         (2,505,000)         (92,100)
  Purchases of patents and licenses                    (55,000)
  (Increase) decrease in other noncurrent assets      (354,300)        (911,100)
  Purchase of 61% in STI                                            (21,696,500)
  Majority Interest in STI for April 96                                (491,000)
  Sale of short-term investments                       257,500
  Proceeds from fixed asset dispositions                 2,900
  Increase (decrease) in other noncurrent
  liabilities                                          108,500                 
                                                   -----------       -----------
       Net cash provided by (used for)
         investing activities                       (2,545,400)     (23,190,700)
                                                   -----------      ------------

Cash flows from financing activities:
  Proceeds on sale of preferred stock                                 1,722,400
  (Payment) proceeds on note payable to bank           715,900          (20,900)
  Payment on note payable to Syntex                   (400,000)
  Payment on notes payable (long-term)              (1,000,000)        (350,000)
  Proceeds (payment) on long-term debt                (138,300)      16,713,600
  Increase in deferred revenue                         285,200
  Increase in other noncurrent liabilities             (30,400)         (41,800)
  Equity for investment in STI                                        5,956,700
                                                   -----------      -----------
       Net cash provided by (used for)
         financing activities                         (567,600)      23,980,000
                                                   ------------     -----------
Net (decrease) increase in cash                       (853,600)     $   867,000
Cash at beginning of period                          1,488,900           85,100
                                                   -----------      -----------
Cash at end of period                              $   635,300      $   952,100
                                                   ===========      ===========





<PAGE>



              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

See accompanying notes to consolidated condensed financial statements.

A.    In the opinion of management, the accompanying unaudited consolidated
      condensed financial statements contain all adjustments (consisting of
      normal recurring accruals) necessary to present fairly the Company's
      financial position as of April 30, 1997 and July 31, 1996, the results of
      its operations for the three-month and nine-month periods ended April 30,
      1997 and 1996, and its cash flows for the nine-month periods ended April
      30, 1997 and 1996. The results of operations for the three-month and
      nine-month periods ended April 30, 1997 are not necessarily indicative of
      the results that may be expected for the fiscal year ending July 31, 1997.

B.    On November 20, 1996, Brunswick Biomedical Corporation ("Brunswick") was
      merged into Survival Technology, Inc. ("STI") to form Meridian Medical
      Technologies, Inc. ("MMT" or the "Company"). At the time of the merger,
      Brunswick held approximately 61% of STI's outstanding common stock, which
      it had purchased from the estate of STI's late founder on April 15, 1996.
      As a result, STI had been treated for financial accounting purposes as a
      consolidated, majority-owned subsidiary of Brunswick from that date.

      Although STI was the surviving corporation of the merger as a legal
      matter, the merger was treated as a purchase of STI by Brunswick for
      financial accounting purposes. As a result, Brunswick's historical
      financial statements became the Company's financial statements, STI's
      assets and liabilities have been revalued to their respective fair values
      and Brunswick's historical financial statements will reflect the combined
      operations of STI and Brunswick after April 15, 1996 (subject to minority
      interests). The minority interests were eliminated upon completion of the
      merger on November 20, 1996.

      Pursuant to the Merger Agreement, each outstanding share of Brunswick's
      common stock was exchanged for 2.1 shares of STI's common stock and STI's
      common stock remained outstanding and unchanged. Each of Brunswick's
      outstanding shares of preferred stock was converted into a right to
      receive 2.1 shares of STI's common stock and a warrant to purchase 0.4 of
      a share of STI's common stock at an exercise price of $11.00 per share,
      exerciseable for a period of five years following the merger. In addition,
      STI assumed Brunswick's obligations under outstanding options and
      warrants. These provisions of the Merger Agreement resulted in 1,708,928
      shares of STI's common stock being issued in exchange for Brunswick stock
      at the time of the merger and may result in the issuance of an additional
      1,054,560 shares of STI's common stock if all options and warrants were
      exercised and the required consideration paid. Each of the 1,888,126
      shares of STI's common stock previously owned by Brunswick were retired in
      the merger. Following the merger, 2,912,502 shares of STI's common stock
      were outstanding. The transaction was approved by both STI's and
      Brunswick's shareholders.

      Upon completion of the merger, the surviving corporation's name was
      changed to Meridian Medical Technologies, Inc. Also, the fiscal year end
      of Brunswick was changed from June 30 to July 31 to correspond with the
      fiscal year end of STI.

      The Company's unaudited consolidated condensed financial statements
      include Brunswick and STI's revenue and expenses for the three-month and
      nine-month periods ended April 30, 1997 and Brunswick's and STI's assets
      and liabilities as of July 31, 1996 (subject to minority interests) and
      April 30, 1997. The


<PAGE>


      Company's unaudited consolidated condensed financial statements as of an
      for the three-month and nine-month periods ended April 30, 1996 do not
      include STI balances. Other significant accounting principles and
      practices followed by the Company are set forth in Note 1 of the Notes to
      the June 30, 1996 Consolidated Financial Statements of Brunswick included
      in the STI proxy statement dated October 30, 1996.

C.    On November 20, 1996 Brunswick and STI completed the merger. The resulting
      merger of the 39% minority interest of STI was accounted for as a
      purchase. The purchase price was allocated first to tangible assets and
      identifiable intangible assets and liabilities of STI based on an
      independent assessment of their fair values, with the excess of fair value
      over the purchase price allocated to reduce proportionately the value
      assigned to noncurrent assets.

      The purchase price and purchase price allocation are summarized as
      follows:

      Stock exchanged                                 $11,885,000
      Transaction expenses                              1,200,000
                                                      -----------
      Purchase Price                                   13,085,000

      Historical net book value of assets
      acquired                                          6,788,500
                                                      -----------

      Excess of purchase price over historical net
      book value of assets acquired                   $ 6,296,500
                                                      ===========
                                                      

      Allocation of excess purchase price, reflecting proportionate allocation
      of negative goodwill:

      Decrease to property, plant and equipment       $  (308,991)
      In-process research and development               2,702,234
      Developed technology                              3,332,870
      Other intangible assets                             570,387
                                                      -----------

      Total                                           $ 6,296,500
                                                      ===========

      The developed technology and other intangible assets will be amortized on
      a straight-line basis over 10 years. The allocation of excess purchase
      price to in-process research and development represents the independent
      assessment of the fair value of a number of research and development
      projects whose technological feasibility has not yet been established.
      These research and development projects have no alternative future use
      and, therefore, have been charged to expense as of the date of
      consummation of the transaction.

D.    At the effective time of the merger ("Effective Time"), the Company
      assumed Brunswick's indebtedness under a senior bridge loan of $11
      million, a subordinated promissory note ("Note") of $4.7 million, and a
      subordinated loan ("Subordinated Loan") of $1 million. At the Effective
      Time, the senior bridge loan converted into a $10 million Term Loan ("Term
      Loan") and $1 million of the outstanding principal amount was repaid. In
      addition, the lenders of the senior bridge loan made available to the
      Company a $5 million revolving credit loan, a portion of which was used to
      discharge the Company's existing debt under the Merrill Lynch Business
      Financial Services' Line of Credit Agreement.


<PAGE>


      The Term Loan and the revolving credit loan bear interest at a variable
      rate equal to the Prime Rate plus 1.50% and the Prime Rate plus 1.25%,
      respectively. These loans are secured by substantially all of the assets
      of the Company and will mature on the fifth anniversary of the Effective
      Time. Quarterly principal payments on the Term Loan will be required in
      scheduled amounts ranging from $250,000 to $750,000, and mandatory
      prepayments of 75% of the Company's excess cash flow will be required on
      an annual basis. Financial covenants will require the Company to maintain
      certain levels of net worth and debt to EBITDA (earnings before interest,
      taxes, depreciation and amortization) ratios while limiting the Company's
      capital expenditures made in any one fiscal year. The Company was in
      compliance with the financial convenants as of April 30, 1997.

      The Note matures on the fifth anniversary of the Effective Time and bears
      interest at the rate of 12% per annum through April 15, 1998 and 13%
      thereafter. Through April 30, 1998, accrued interest will be compounded
      and added to principal. Thereafter, accrued interest is payable quarterly
      in arrears. Principal under the Note is payable in one payment on the
      maturity date. The Company may only prepay the Note after repaying all
      senior indebtedness, including the Term Loan and the revolving credit
      loan, or with the consent of the senior lender. The Company is obligated
      to prepay the Note, subject to the rights of the senior debt, upon
      obtaining certain additional debt and equity financings to the extent of
      the net cash proceeds from such financings.

      The Subordinated Loan matures on the same day as the Note and bears
      interest at the same rate as the Note. Principal of the Subordinated Loan
      is payable in seven consecutive quarterly installments of $125,000
      beginning on April 30, 1999, with one final payment on the maturity date.
      The Subordinated Loan may be prepaid only after satisfaction of the Term
      Loan, the revolving credit loan, or with the consent of the senior lender.
      The Company is obligated to prepay the Subordinated Loan, subject to the
      rights of the senior lender, upon obtaining certain additional debt and
      equity financings to the extent of the net cash proceeds from such
      finacings.

E.    A total of $2,446,332 in transaction expenses were incurred by Brunswick
      and STI to complete the merger. Of these costs, $1,200,000 was included as
      transaction expenses in the determination of the purchase price. The
      remaining costs amounting to $1,246,332 consisted of $1,075,670 incurred
      by STI which, as the acquired company, was expensed as of the transaction
      date and $170,662 of Brunswick transaction expenses not directly related
      to the merger, primarily directors and officers insurance premiums of
      $160,000.

F.    Inventories consisted of the following:

                                            April 30,           July 31,
                                              1997                1996
                                              ----                ----
        Components and subassemblies       $ 4,384,900         $ 3,260,700
        Work in process                      1,844,400           1,417,200
        Finished goods                         660,900           1,108,200
                                           -----------         -----------
                                             6,890,200           5,786,100
        Inventory reserve                     (612,600)           (455,700)
                                           -----------         -----------
          Total                            $ 6,277,600         $ 5,330,400
                                           -----------         -----------
G.    In fiscal 1995, STI's Board of Directors approved a restructuring plan
      which resulted in a $450,000 charge against earnings for the relocation of
      corporate headquarters. As part of this plan, STI initiated certain
      organizational changes during 1996 resulting in additional charges related
      to employee severance 


<PAGE>


      benefits provided to certain employees terminated during fiscal 1996.

                                       Relocation      Restructuring
                                     of Facilities     of Operations      Total
                                     -------------     -------------      -----

      Relocation of facilities        $450,000                         $450,000
      Restructuring of operations                      $321,900         321,900
      Cash payments                     (7,200)        (124,300)       (131,500)
                                      ---------        ---------       ---------

      Reserve as of July 31, 1996      442,800          197,600         640,400

      Cash payments                   (201,700)        (175,900)       (377,600)
                                      ---------        ---------       ---------

      Reserve as of April 30, 1997    $241,100         $ 21,700        $262,800
                                      --------         --------        --------

      In October 1996, the Company signed an agreement to sublease its corporate
      office space in Rockville, Maryland and entered into a new lease in
      Columbia, Maryland for the relocation of the corporate headquarters. The
      reserve balance at April 30, 1997 is sufficient to cover future
      anticipated costs. The Company moved its corporate headquarters in
      December 1996.

H.    From August 1, 1996 through November 20, 1996, income tax provisions were
      calculated separately for Brunswick and STI. Thereafter, the income tax
      provision was calculated for MMT consisting of the combined Brunswick/STI
      entities. Through November 20, 1996 a tax provision of $415,000 was
      established based on STI's income before taxes of $1,098,000. During the
      period August 1, to November 20, 1996, Brunswick incurred a loss before
      income taxes of $1,382,000 and hence, no tax provision was established.

      As a result of net operating losses (NOL's) incurred by Brunswick in prior
      fiscal periods, the Company has significant NOL carry-forwards available
      to offset future tax obligations.

      The combined MMT operations incurred a loss for income taxes of $126,000
      in the second quarter and hence a $48,000 tax benefit was recorded.

I.    Average number of common shares outstanding for the three months and the
      nine months ended April 30, 1997 reflect the weighted average of Brunswick
      shares through the merger date and MMT shares thereafter. Brunswick shares
      were converted to STI shares at the ratio of 2.1 STI shares for each
      Brunswick share. The number of Brunswick common shares outstanding as of
      August 1, 1996 was 68,417. The number of MMT shares outstanding as of
      April 30, 1997, was 2,912,502. In February 1997, the Financial Accounting
      Standards Board issued Statement No. 128, Earnings per Share, which is
      required to be adopted in the Company's quarter ending January 31, 1998.
      At that time, the Company will be required to change the method currently
      used to compute earnings per share and to restate all prior periods. Under
      the new requirements for calculating primary earnings per share, the
      diluted effect of stock options will be excluded. The Company has not yet
      determined the impact of adopting this new accounting standard.

<PAGE>



ITEM 2.     Management's Discussion and Analysis of Financial Condition and
            Results of Operations

The Quarter and Nine Months in Review

On November 20, 1996, Brunswick Biomedical Corporation ("Brunswick") was merged
into Survival Technology, Inc. ("STI") to form Meridian Medical Technologies,
Inc. ("MMT" or the "Company"). At the time of the merger, Brunswick held
approximately 61% of STI's outstanding common stock, which it had purchased from
the estate of STI's late founder on April 15, 1996. As a result, STI had been
treated for financial accounting purposes as a consolidated, majority-owned
subsidiary of Brunswick from that date.

Although STI was the surviving corporation of the merger as a legal matter, the
merger was treated as a purchase of STI by Brunswick for financial accounting
purposes. As a result, Brunswick's historical financial statements became the
Company's financial statements, STI's assets and liabilities have been revalued
to their respective fair values and Brunswick's historical financial statements
reflect the combined operations of STI and Brunswick after April 15, 1996
(subject to minority interests). The minority interests were eliminated upon
completion of the merger on November 20, 1996.

For the reasons described above, the financial statements of the Company
contained in this Form 10-Q are not comparable to the financial statements
contained in reports previously filed by STI with the Commission, and, due to
substantial differences between the revenues and results of STI and Brunswick,
comparisons of results between periods before and after the purchase of
Brunswick's interest in STI are of limited utility. This report on Form 10Q
includes comparisons to STI and Brunswick's combined proforma financial
statements to enhance the utility of the information herein.

MMT's business plan following the merger is to operate as a medical device
company focusing on Early Intervention Home Healthcare and Emergency Medical
Technologies. The Company has three business units. The Drug Delivery Systems
business unit capitalizes on injectable drug delivery devices with an emphasis
on commercial auto-injectors. This business unit also supplies customized drug
delivery system design, pharmaceutical research and development, and sterile
product manufacturing to pharmaceutical and biotechnology companies. The
Cardiopulmonary Systems business unit focuses on non-invasive cardiac
diagnostics and telemedicine. It is continuing the research and development
activities for the PRIME ECG(TM) program, an 80-lead cardiac mapping system for
rapid and improved diagnostic accuracy of cardiac ischemia and is planning a US
expansion of its telemedicine business. The STI Military Systems business unit
focuses on the world-wide market for auto-injectors used by military personnel
for self-administration of nerve gas antidotes, morphine and diazepam.

Financial Discussion

MMT earned a net profit of $589,400 ($0.20 per share) on sales of $10.7 million
for the third quarter of fiscal 1997 ended April 30, 1997 compared with a net
loss of $4.3 million on sales of $2.7 million in the same period of fiscal 1996.
The Company incurred a net loss for the nine months ended April 30, 1997 of $4.4
million ($2.69 per share) on sales of $29.7 million compared with a net loss of
$5.1 million on sales of $4.4 million during the nine-month period ended April
30, 1996. The comparative third quarter loss and nine month loss included a
write-off totaling $4.5 million for in-process research and development
associated with the revaluation of STI's assets when Brunswick acquired its 61%
share on April 15, 1996. (See STI's proxy dated October 30, 1996.) A more
meaningful comparison of MMT's


<PAGE>




ITEM 2.     Management's Discussion and Analysis of Financial Condition and
            Results of Operations

current quarter and nine month financial results is against prior year proforma
combined results of STI and Brunswick. All comparisons against proforma combined
results exclude one-time, non-recurring merger related cost as shown below.


                       Meridian Medical Technologies, Inc.
               Proforma Financial Analysis Excluding Merger Costs
                                   (Unaudited)
                                     $000's
                                    Proforma

                           Three Months Ended                 Nine Months Ended
                           ------------------                 -----------------
                                          Proforma                      Proforma
                                          Combined                      Combined
                        4/30/97           4/30/96           4/30/97     4/30/96
                        -------           -------           -------     -------

Revenue                 $10,680           $10,315           $29,663     $25,907

Gross Margin            $ 3,805           $ 2,790           $10,820     $ 7,658
%                         35.62%            27.04%            36.48%      29.56%

SG&A                    $ 1,450           $ 1,424           $ 4,324     $ 3,986
R&D                         655               528             2,311       1,504
Depreciation/Amort          738               506             2,185       1,485
Restructuring Charges         0                 0                 0          94
                        -------           -------            ------     -------
Total                   $ 2,843           $ 2,458           $ 8,820     $ 7,069

Operating Income        $   962           $   332           $ 2,000     $   589

Other (Expense) Income
Interest Expense        $  (322)          $  (134)          $(1,929)    $  (334)
Other Income            $   (51)          $    12           $    74     $   132
                        -------           -------            ------     -------
Income before Tax       $   589           $   210           $   145     $   387

EBIT                    $   911           $   344           $ 2,074     $   721
EBITDA                  $ 1,649           $   850           $ 4,259     $ 2,206
                     

Excludes One time Merger Related Cost of:
-3 Months Ended 4/30/97       $0
-3 Months Ended 4/30/96       $4,464
-9 Months Ended 4/30/97       $3,949
-9 Months Ended 4/30/96       $4,464

Quarter Ended April 30, 1997 and 1996

Revenues were $10.7 million in the current quarter compared to $10.3 million in
the prior year quarter, a gain of 4 percent. The increase resulted from
continued strength in the EpiPen(R) and EpiE-Zpen(R) products, initial revenue
from Mylan Laboratories under a previously announced contract for development of
injectable drug formulations, as well as higher auto-injector sales to the USDoD
for restocking.


<PAGE>



ITEM 2.     Management's Discussion and Analysis of Financial Condition and
            Results of Operations

under the Base Maintenance Program and higher auto-injector sales to NATO allied
countries. Gross margins were 35.6 percent in the current quarter compared to
27.0 percent in the prior year quarter. The increase reflects higher revenues
and the continuation of the cost reduction programs initiated at the time of the
merger partially offset by reserve provision of approximately $500,000
established for product and equipment writedowns. Operating expenses were $2.8
million in the current quarter compared to $2.5 million in the prior year
quarter. The higher cost results primarily from development cost for the TRUJECT
auto-injector platform and development cost for the PRIME ECG(R) cardiac mapping
system and higher amortization of step-up valuation from the merger. Other
expense was $373,000 in the current quarter compared to $122,000 in the prior
year quarter. The increased cost reflects interest cost related to merger debt
partially offset by a benefit of $285,000 due to adjustment of interest cost
which was over accrued in the prior quarter.

Nine months ended April 30, 1997 and 1996

MMT reported a loss of $4.4 million for the nine months ended April 30, 1997.
Negatively impacting the nine month financial results was the recording of
one-time, non-recurring merger related costs of $3.9 million. These adjustments
consisted of (1) write-off of $2.7 million of in-process research and
development which represents the allocation of excess purchase price to
in-process research and development projects whose technical feasibility has not
yet been established and (2) the write-off of $1.2 million of merger cost
incurred by STI. Revenues for the nine months ended April 30, 1997 were $29.7
million compared to revenues of $25.9 million in the prior year period. The
increase of 14 percent results from strong demand for its core products plus
increased STI Military System shipments of auto-injectors to the USDoD for
restocking under its Base Maintenance Program and increased shipments of
auto-injectors to NATO allied countries. Gross margins for the nine months ended
April 30, 1997 were 36.5 percent compared to gross margins of 29.6 percent in
the prior year period. The increase reflects higher revenues coupled with
continued cost reductions from programs initiated with the merger. Operating
expenses for the nine months ended April 30, 1997 was $8.8 million compared to
operating expenses of $7.1 million in the prior year period. The higher cost
primarily results from higher development cost for the TRUJECT auto-injector
platform and the PRIME ECG(R) mapping systems and higher amortization of step-up
valuations from the merger. Other expense for the nine months ended April 30,
1997 was $1.9 million compared to other expense in the prior year period of
$202,000. The increased cost results from interest cost attributable to the
$16.7 million principal balance on organization debt (see liquidity and capital
resources section following) and the higher utilization of the Company's line of
credit facility to finance transaction costs associated with the merger.

Net income, earnings before interest and taxes (EBIT), and earnings before
interest, taxes, depreciation and amortization (EBITDA), exclusive of one-time,
non-recurring merger related adjustments increased due to the factors discussed
above for both the quarter and nine-months ended April 30, 1997 compared to
proforma combined results of the prior year.


<PAGE>


ITEM 2.     Management's Discussion and Analysis of Financial Condition and
            Results of Operations


Business Discussion

Meridian has three business units. The Drug Delivery Systems business unit
recorded revenues of $4.8 million in the fiscal third quarter ended April 30,
1997 and $13.9 million for the nine months ended April 30, 1997. Third quarter
revenues reflected the continued strength of EpiPen(R) and EpiE-Zpen(R) products
as well as $900,000 of revenues from Mylan Laboratories under a previously
announced contract for development of generic injectable drug formulations. YTD
revenues for the Drug Delivery Systems business unit were $13.9 million, an
increase of $2.0 million versus prior year primarily from stronger sales of the
EpiPen and EpiE-Zpen(R) products. In addition to the agreement with Mylan
Laboratories, new strategic alliances were initiated and signed to license,
develop and manufacture generic injectable drugs for the Canadian market with an
option for the marketing rights in Europe. Meridian filed three Abridged New
Drug Applications (ANDA) for generic injectable drugs during the current year.

The STI Military Systems business unit recorded revenues of $5.0 million the
fiscal third quarter and $13.4 million for the nine months ended April 30, 1997.
Current quarter and nine month revenues resulted from shipments of
auto-injectors to the USDoD for restocking under the Base Maintenance Program
and higher shipments of auto-injectors to a NATO allied governments. Additional
orders have been received from the USDoD for delivery of ComboPens and AtroPens
for delivery in the fourth quarter of this fiscal year. The STI Military Systems
business unit strategy includes pursuing development of a Morphine
auto-injector, a new multichamber auto-injector and new markets in both the US
and Europe for civil defense utilizing our AtroPen auto-injector.

The Cardiopulmonary Systems business unit recorded shipments of telemedicine
products, primarily the Cardiobeeper(R), totaling $0.8 million for the current
quarter and $2.4 million for the nine months ended April 30, 1997. This business
unit is actively pursing a strategic alliance to market the CardioBeeper CB-12L
cardiac monitor which recently received clearance by the US Food and Drug
Administration. The Cardiopulmonary Systems business unit continues its strategy
to pursue strategic partners to market the PRIME ECG(R) cardiac analysis system
and is pursuing options to dispose of non-core businesses.

Liquidity and Capital Resources

Liquidity

The Company's cash balance at April 30, 1997 was $635,300. During the nine
months ended April 30, 1997 net cash usage was $853,600. Cash generated from
operations was $2.3 million offset by cash used for investing activities of $2.5
million and financing activities of $567,600. Cash generated from operations
resulted primarily from net income, exclusive of non-cash charges, plus
increases in accounts payable. Investing cash usage was primarily for capital
equipment while financing cash usage was primarily for payment of a bridge loan
incurred with the merger offset in part by increased borrowing on the Company's
line of credit.

Debt

At the effective time of the merger ("Effective Time"), the Company assumed
Brunswick's indebtedness. (See Note D to the Notes to Consolidated Condensed
Financial Statement in


<PAGE>


ITEM 2.     Management's Discussion and Analysis of Financial Condition and
            Results of Operations

this 10-Q submission). Meridian's total long term debt at April 30, 1997 was
$13.8 millions, $1.5 million less than at July 31, 1996. Long-term debt maturing
in one year amounts to $575,000 with the remaining debt maturing by November 20,
2001. Under the terms of the senior bridge loan with ING (U.S.) Capital
Corporation ("ING") and the subordinated promissory note with the late founder's
estate, principal payments were deferred and interest was applied to principal
rather then paid. These third quarter transactions increased the principal
amounts owed ING by $243,500 and increased the principal amount owed the estate
by $152,800.

Meridian did not incur any new debt instruments during the third quarter. Total
cash payments for principal and interest, excluding payments for the line of
credit were $136,500, of which $29,800 was for interest.

The revolving credit line of $5 million with ING ended the quarter with a
balance of $4.2 million leaving available cash liquidity of $758,000 under the
credit line.

The Company is continuing to seek external financing through strategic partners
or alliances with entities interested in and with the resources to support the
Company's research programs and activities. The Company also is exploring
alternatives to restructure all or a portion of its indebtedness. No assurance
can be given that the Company will be successful in finding strategic partners
or alliances or restructuring its indebtedness. A failure to obtain additional
financing or restructure the debt could require the Company to curtail planned
and pending research programs as well as certain other operations.

Balance Sheet Review

Working capital at April 30, 1997 was $1.3 million, a reduction of $3.1 million
from the July 31, 1996 level. The reduction resulted primarily from higher
levels of short-term borrowings under the Company's revolving credit agreement,
higher levels of accounts payable and accrued liabilities partially offset by
increased inventories. Higher levels of accounts payable and accrued liabilities
result from merger related activities. Increased inventories support anticipated
higher shipments in near term. Capital expenditures totaled $2.5 million of
which $611,000 was financed by outside sources during the nine months ended
April 30, 1997 which consisted primarily of equipment to implement cost
reduction programs and capacity additions at MMT's St.
Louis manufacturing facility.

Increases in developed technology, patents and licenses and other intangible
assets increased as a result of the merger of STI and Brunswick on November 20,
1997.


<PAGE>


PART II - OTHER INFORMATION

ITEM 5.

On May 29, 1997, the Board of Directors selected the accounting firm of Ernst &
Young LLP as independent public accountants for the Company based on the
recommendation of the Audit Committee.

ITEM 6.     Exhibits and Reports on Form 8-K:

      (a)   Exhibits:

            27.  Financial Data Schedule

      (b)   Reports on Form 8-K

            Form 8-K filed as of April 29, 1997 (Item 4. Changes in Registrant's
            Certifying Accountant)




<PAGE>



                                   SIGNATURES


Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                          MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                          -----------------------------------
                                                      Registrant

   May 29, 1997                           By:   /s/ James H. Miller
-------------------                             -----------------------------
      Date                                      James H. Miller
                                                President and
                                                Chief Executive Officer
                                                (Principal Executive
                                                Officer)



   May 29, 1997                            By:  /s/ G. Troy Braswell
-------------------                             -----------------------------
      Date                                      G. Troy Braswell
                                                Vice President-Finance
                                                and Chief Financial Officer
                                                (Principal Financial and
                                                Accounting Officer)