<PAGE>

                                   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 OCTOBER 31, 1996

                                        OR

[ ]       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                   (I.R.S. Employer 
    incorporation or organization)                 Identification Number)

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, 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 AT OCTOBER 31, 1996
-------------------------------------          -------------------------------

COMMON STOCK, $.10 PAR VALUE                          3,097,953 SHARES


<PAGE>


                                          2


                         MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                      FORM 10-Q
                        FOR THE QUARTER ENDED OCTOBER 31, 1996


PART I. FINANCIAL INFORMATION                                          PAGE NO.
-----------------------------                                          --------

ITEM 1. Financial Statements (Unaudited)

     Consolidated Condensed Balance Sheets as of
       October 31, 1996 and July 31, 1996  . . . . . . . . . . . . .         4

     Consolidated Condensed Statements of Income
       for the Three Months Ended October 31,
       1996 and 1995 . . . . . . . . . . . . . . . . . . . . . . . .         6

     Consolidated Condensed Statements of Cash Flows
       for the Three Months Ended October 31, 1996
       and 1995  . . . . . . . . . . . . . . . . . . . . . . . . . .         7

     Notes to Consolidated Condensed Financial
       Statements  . . . . . . . . . . . . . . . . . . . . . . . . .         9


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


PART II. OTHER INFORMATION
--------------------------

ITEM 2.  Changes in Securities . . . . . . . . . . . . . . . . . . .        17

ITEM 4.  Submission of Matters to a Vote of Security
         Holders . . . . . . . . . . . . . . . . . . . . . . . . . .        17

ITEM 6.  Exhibits and Reports on Form 8-K  . . . . . . . . . . . . .        18

SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        22


<PAGE>


                                          3


                         MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                      FORM 10-Q
                        FOR THE QUARTER ENDED OCTOBER 31, 1996
                                           
                                           
Certain statements in this 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 import.  These forward-looking statements are based on
the Company's current expectations.  Because forward-looking statements
involve risks 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 customers 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) delays, costs and uncertainties associated with
government approvals required to market new drugs and medical devices.


<PAGE>


                                          4


PART I. FINANCIAL INFORMATION
-----------------------------

ITEM 1. Financial Statements

                           MERIDIAN MEDICAL TECHNOLOGIES, INC.
                          CONSOLIDATED CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                  October 31,         July 31,
                                                     1996               1996
                                                  (unaudited)         (audited)
                                                  -----------         ---------
<S>                                               <C>             <C>
ASSETS
CURRENT ASSETS:
     Cash                                         $   270,700     $    122,800
     Receivables                                    4,732,600        7,332,300
     Inventories                                    4,431,200        4,988,800
     Prepaid expenses and other assets              1,196,200          752,400
     Deferred income taxes                          1,217,500        1,217,500
                                                  -----------     ------------
        Total current assets                       11,848,200       14,413,800
                                                  -----------     ------------

FIXED ASSETS                                       27,047,300       26,547,400
     Less accumulated depreciation                 12,167,600       11,732,400
                                                  -----------     ------------
                                                   14,879,700       14,815,000
                                                  -----------     ------------
PATENTS AND LICENSES, AT COST LESS
  AMORTIZATION OF $720,100 AND $675,100             1,812,200        1,848,400
OTHER NONCURRENT ASSETS                                 2,000            7,800
                                                  -----------      -----------
                                                  $28,542,100      $31,085,000
                                                  -----------      -----------
                                                  -----------      -----------

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
     Note payable to bank                         $   629,200      $ 3,875,400
     Note payable to Syntex                           388,400          588,400
     Current portion of long-term debt                545,500          516,800
     Accounts payable                               2,600,800        2,240,700
     Customer deposits                                715,800          736,000
     Restructuring reserve                            570,200          640,400
     Other liabilities and accrued expenses         1,482,300        1,611,900
                                                  -----------      -----------
        Total current liabilities                   6,932,200       10,209,600

OTHER LONG-TERM DEBT                                1,182,100        1,184,300
OTHER NONCURRENT LIABILITIES                          652,600          616,500
DEFERRED INCOME TAXES                               1,605,500        1,605,500
                                                  -----------      -----------
     Total liabilities                             10,372,400       13,615,900
                                                  -----------      -----------
</TABLE>

<PAGE>


                                          5

<TABLE>
<S>                                               <C>              <C>
SHAREHOLDERS' EQUITY:
  Common stock, $.10 par value;
   10,000,000 shares authorized;
   3,097,950 and 3,091,700 issued
   and outstanding                                    309,800          309,100
  Paid-in capital in excess of par value            5,156,600        5,114,700
  Retained earnings                                12,703,300       12,045,300
                                                  -----------      -----------
     Total shareholders' equity                    18,169,700       17,469,100
                                                  -----------      -----------

                                                  $28,542,100      $31,085,000
                                                  -----------      -----------
                                                  -----------      -----------
</TABLE>
See accompanying Notes to Consolidated Condensed Financial Statements.


<PAGE>


                                          6


                         MERIDIAN MEDICAL TECHNOLOGIES, INC.
                     CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                                       (UNAUDITED)

<TABLE>
<CAPTION>
                                                       Three Months Ended
                                                           October 31,
                                                 ---------------------------
                                                      1996           1995
                                                      ----           ----
<S>                                               <C>            <C>
Net sales                                         $ 9,256,500    $ 5,294,900

Cost of sales                                       5,931,600      3,514,600
                                                  -----------    -----------
     GROSS PROFIT                                   3,324,900      1,780,300
                                                  -----------    -----------
Selling, general, and administrative
  expenses                                          1,246,400        804,200
Research and development expenses                     508,500        171,700
Depreciation and amortization expenses                483,600        421,200
Restructuring charge                                                  94,000
                                                  -----------     ----------
                                                    2,238,500      1,491,100
                                                  -----------     ----------

     OPERATING INCOME                               1,086,400        289,200
                                                  -----------     ----------

Other (expense) income:
  Interest expense                                    (60,400)      (120,600)
  Other income                                         47,300         66,200
                                                  -----------      ---------
                                                      (13,100)       (54,400)
                                                  -----------      ---------

Income before income taxes                          1,073,300        234,800

Provision for income taxes                            415,000         90,400
                                                  -----------      ---------


NET INCOME                                        $   658,300     $  144,400
                                                  -----------     ----------
                                                  -----------     ----------


NET INCOME PER COMMON SHARE                              $.21           $.05
                                                         ----           ----
                                                         ----           ----


AVERAGE NUMBER OF SHARES OUTSTANDING                3,129,200       3,109,000
                                                  -----------     -----------
</TABLE>

See accompanying Notes to Consolidated Condensed Financial Statements.


<PAGE>

                                          7


                         MERIDIAN MEDICAL TECHNOLOGIES, INC.
                   CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                       (UNAUDITED)
<TABLE>
                                                  THREE MONTHS ENDED
                                                      OCTOBER 31
                                                --------------------------
                                                    1996            1995
                                                    ----            ----
<S>                                             <C>               <C>

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                    $658,300          $144,400
  Adjustments to reconcile net income
    to net cash provided by
    operating activities:
     Depreciation and amortization               483,600           421,200
     Gain on fixed asset disposal                 (1,900)          (13,600)
     Deferred lease incentives                    (7,600)           (7,600)
     Decrease in receivables                   2,599,700           988,900
     Decrease (increase) in inventories          557,600        (1,353,000)
     Increase in prepaid expenses
       and other assets                         (443,800)          (45,500)
     Increase in accounts payable                360,100           431,900
     (Decrease) in customer deposits             (20,200)          (12,500)
     (Decrease) increase in 
       restructuring reserve                     (70,200)           73,200
     Decrease in other liabilities
      and accrued expenses                      (129,600)         (155,500)
                                              ----------       -----------
       Net cash provided by 
        operating activities                   3,986,000           471,900
                                              ----------       -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchases of fixed assets                     (497,900)         (464,300)
  Proceeds from sale of fixed assets               2,000            36,700
  Purchases of patents and licenses               (8,800)          (10,400)
  Increase in other noncurrent
    liabilities                                   43,700            43,800
                                              ----------       -----------
       Net cash used for investing
        activities                              (461,000)         (394,200)
                                              ----------       -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  (Payments) proceeds on note payable to bank (3,246,200)            4,600
  Payments on note payable to Syntex            (200,000)         (200,000)
  Proceeds on other long-term debt               146,300
  Payments on other long-term debt              (119,800)         (130,500)
  Decrease in deferred revenue                                    (250,000)
  Sale of common stock                            42,600             7,900
                                              ----------       -----------

<PAGE>

                                          8


       Net cash used for financing
       activities                             (3,377,100)         (568,000)
                                              ----------       -----------
NET INCREASE (DECREASE) IN CASH                  147,900          (490,300)
CASH AT BEGINNING OF PERIOD                      122,800           503,600
                                              ----------       -----------
CASH AT END OF PERIOD                        $   270,700        $   13,300
                                              ----------       -----------
                                              ----------       -----------

</TABLE>

   See accompanying Notes to Consolidated Condensed Financial Statements.

<PAGE>

                                          9


                         MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                      FORM 10-Q
                        FOR THE QUARTER ENDED OCTOBER 31, 1996

                 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 October 31, 1996, the results of its 
        operations and cash flows for the three-month periods ended October 
        31, 1996 and 1995.  The results of operations for the three-month 
        period ended October 31, 1996 are not necessarily indicative of the 
        results that may be expected for the fiscal year ending July 31, 1997.

     B. The significant accounting principles and practices followed 
        by the Company are set forth in Note 1 of the Notes to Consolidated 
        Financial Statements in the Survival Technology, Inc.  Annual Report 
        on Form 10-K for the year ended July 31, 1996.

     C.   Inventories consisted of the following:

<TABLE>
                                                  OCTOBER 31,     JULY 31,
                                                     1996          1996
                                                     ----          ----
<S>                                               <C>           <C>

     Components and subassemblies                 $3,192,600    $2,968,600
     Material, labor and overhead
          costs in process                         1,088,800     1,401,900
     Finished goods                                  792,100     1,055,800
                                                  ----------   -----------
                                                   5,073,500     5,426,300
     Inventory reserve                              (642,300)     (437,500)
                                                  ----------   -----------
         Total                                    $4,431,200    $4,988,800

</TABLE>

     D. In fiscal 1995, a restructuring plan was approved by the 
        Company's Board of Directors resulting in a $450,000 charge against 
        earnings for the relocation of its corporate office.  As part of this 
        plan, the Company initiated certain organizational changes during 
        fiscal 1996 resulting in additional charges related to severance 
        benefits provided to certain employees terminated during fiscal 1996.

        The following table sets forth the Company's restructuring 
        reserve as of October 31, 1996:

<PAGE>

                                          10


                                RESTRUCTURING RESERVE
                                ---------------------

<TABLE>
<CAPTION>
                                     RELOCATION         EMPLOYEE
                                   OF FACILITIES       SEPARATIONS      TOTAL
                                   -------------       -----------      -----
<S>                                <C>                 <C>           <C>
Reserve as of July 31, 1995         $   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                                __           (70,200)     (70,200)
                                    -----------         ---------    ---------
Reserve as of October 31, 1996        $ 442,800         $ 127,400    $ 570,200
                                    -----------         ---------    ---------
                                    -----------         ---------    ---------
</TABLE>

<PAGE>

                                          11


                         MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                      FORM 10-Q
                        FOR THE QUARTER ENDED OCTOBER 31, 1996

                 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS


        In October 1996, the Company signed a letter of intent 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 for the relocation of facilities at 
        October 31, 1996 is sufficient to cover both the moving costs and the 
        lease rate differential on the sublease.  The Company moved its 
        corporate headquarters in December 1996.

     E. As previously reported, on November 20, 1996, Brunswick 
        Biomedical Corporation ("Brunswick"), the holder of approximately 
        61.1% of the outstanding shares of the Company's outstanding common 
        stock, merged with and into the Company in accordance with the terms 
        of an Agreement and Plan of Merger dated as of September 11, 1996.  
        Additional information regarding the merger is set forth in the 
        Company's proxy statement dated October 30, 1996 and Current Report 
        on Form 8-K dated December 5, 1996.


<PAGE>

                                          12

                         MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                      FORM 10-Q
                        FOR THE QUARTER ENDED OCTOBER 31, 1996


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS

THE QUARTER IN REVIEW

On November 20, 1996, the shareholders of Survival Technology, Inc., ("STI" 
or the "Company") approved a plan of merger with Brunswick Biomedical 
Corporation ("Brunswick") forming Meridian Medical Technologies, Inc. First 
quarter results reflect the operations of the Company without giving effect 
to the merger. Although the Company is the surviving corporation of the 
merger as a legal matter, the merger is treated as a purchase of the Company 
by Brunswick for financial accounting purposes.  As a result, the Company's 
assets and liabilities will be revalued to their respective fair values and 
Brunswick's historical financial statements will reflect the combined 
operations of the Company and Brunswick after November 20, 1996.  The Company 
will retain its fiscal year end as July 31.

The Company reported net income of $658,300 ($0.21 per share) on sales of 
$9.3 million for the first quarter of its fiscal year 1997.  This represents 
a 356% increase in net income and a 75% increase in sales when compared to 
the net income of $144,400 ($0.05 per share) on sales of $5.3 million 
reported in the same period last year.

Revenues increased $4 million during the current quarter on the strength of 
higher U.S. and international military product and commercial auto-injector 
sales.  Military product sales increased $2 million (95 percent) to $4.1 
million due to continued deliveries to the U.S. Department of Defense of the 
new Diazepam auto-injector launched last year coupled with the expansion of 
military auto-injector sales into new international markets.  During the 
first quarter, the Company also signed supply agreements with two allied 
governments for military auto-injector products.  Revenue from these 
contracts are expected to aggregate an additional $4 million in fiscal 1997.

Commercial sales improved by $2 million (61 percent) during the first quarter 
on the strength of auto-injector sales to Center Laboratories, Inc., the 
Company's exclusive distributor for the EpiPen-Registered Trademark- and Epi 
E-Z Pen-TM- auto-injectors, and revenues generated from a new auto-injector 
development and supply agreement with a major multi-national 

<PAGE>

                                          13

                         MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                      FORM 10-Q
                        FOR THE QUARTER ENDED OCTOBER 31, 1996

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS (CONTINUED)

pharmaceutical company signed during the first quarter.  This agreement 
contributed revenue of approximately $675,000 during the quarter and is 
expected to generate additional revenue of $1.5 million over the remainder of 
fiscal 1997.  Sales of the Company's EpiPen and Epi E-Z Pen auto-injectors 
increased $942,700 during the first quarter.  This favorable sales trend is 
due primarily to sales of the new Epi E-Z Pen, launched in March 1996, 
coupled with Center's expanded marketing efforts in the U.S.

Gross margins were 36% for the quarter ended October 31, 1996 compared to 33% 
in the comparable prior year period and 29% for the fiscal year ended July 
31, 1996.  This improvement is attributable to higher sales coupled with 
overhead cost reductions implemented in the first quarter of fiscal 1997.

Operating expenses increased by $747,400 (50%) due to higher levels of 
expenditures associated with the development of the Company's new generation 
auto-injector products as well as higher bad debt expense associated with a 
receivable balance in dispute.

Other expenses decreased $41,300 in the first quarter of fiscal 1997 when 
compared with the same period in fiscal 1996 due primarily to lower interest 
expense.  Improved cash flow from operations contributed to lower levels of 
bank borrowing during the first quarter.

LIQUIDITY AND CAPITAL RESOURCES

During the current quarter, the Company had a $5 million line of credit 
agreement ("Agreement") with Merrill Lynch Business Financial Services Inc. 
("MLBFS").  Outstanding borrowings under the Agreement totalled $629,200 at 
October 31, 1996  The interest rate charged by MLBFS was the 30-day 
commercial paper rate as published in the Wall Street Journal plus 265 basis 
points.  The Agreement placed a $5 million limit on capital expenditures in 
any one fiscal year which aggregated $497,900 for the quarter ended October 
31, 1996.

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

<PAGE>

                                          14



                         MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                      FORM 10-Q
                        FOR THE QUARTER ENDED OCTOBER 31, 1996


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS (CONTINUED)

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 MLBFS Agreement.  The 
Company expects to rely on its revolving credit loan to satisfy its working 
capital and capital expenditure requirements.

The Term Loan and the revolving credit loan bear interest at a variable rate 
equal to the Federal Funds Rate plus 2% and the Federal Funds Rate plus 
1.75%, 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 $500,000 to $750,000, and 
mandatory prepayments of 75% of the Company's excess cash flow will be 
required on an annual basis.  Financial covenants under the Term Loan and the 
revolving credit loan 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 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 
be 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 payable on the maturity date.  The 
Subordinated Loan may be prepaid only after satisfaction of the Term Loan, 
the revolving credit loan and the Note, 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 financings.

<PAGE>

                                          15



                         MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                      FORM 10-Q
                        FOR THE QUARTER ENDED OCTOBER 31, 1996


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS (CONTINUED)

The Company has a Loan Agreement pursuant to which Syntex Laboratories, Inc. 
agreed to lend $5.4 million to the Company to finance working capital 
requirements and capital expenditures designed to increase the production 
capacity of the Company's Cartrix-TM- syringe system.  The outstanding loan 
balance bears interest at the same rate of interest the Company pays on its 
current commercial line of credit facility.  Principal payments continued for 
the calendar quarter ended September 30, 1996 at the minimum of $200,000 per 
quarter reducing the outstanding loan balance to $388,400 at October 31, 1996.

To assist in the Company's previously reported capital investment program, 
the Company entered into a loan agreement with The CIT Group/Equipment 
Financing, Inc. ("CIT") in May 1995.  This arrangement will consist of a 
series of loans for the acquisition of production molds, high speed component 
preparation and filling equipment and facility renovations not to exceed a 
maximum aggregate of $3 million.  Loan proceeds to date totalled $1.7 million 
of which $1.3 million was outstanding at October 31, 1996 at a weighted 
average interest rate of 8.8%.

Although management believes that the Company should be able to service its 
indebtedness and comply with the financial convenants of the Term Loan, 
management recognizes that the Company must achieve higher operating results, 
obtain external financing through strategic partners or alliances with 
entities interested in and with the resources to support the Company's 
research programs and activities and/or obtain additional equity financing.  
No assurances can be given that the Company will be successful in achieving 
higher operating results, finding strategic partners or alliances, or raising 
additional capital.

BALANCE SHEET REVIEW

Working capital was $4,916,000 at October 31, 1996 compared with $4,204,200 
at July 31, 1996 representing an increase of $711,800 (17%). This increase 
resulted primarily from a significant decline in short-term borrowings under 
the Company's credit facility with MLBFS.

Cash provided by operating activities aggregated approximately $4 million for 
the quarter ended October 31, 1996.  Receivables decreased $2.6 million (35%) 
during the current quarter from the liquidation of fiscal 1996 year end 
receivables coupled with improved collection procedures.  Inventories 
decreased $557,600 (11%) due to the completion of shipments 

<PAGE>

                                          16



                         MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                      FORM 10-Q
                        FOR THE QUARTER ENDED OCTOBER 31, 1996


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS (CONTINUED)

under DoD orders in September 1996 for the new Diazepam auto-injector 
launched in fiscal 1996.  In addition, the Company has implemented several 
programs designed to lower on-hand inventory levels, which has improved cash 
flow.

During the current quarter, note payable to bank decreased $3.2 million due 
to liquidation of high fiscal year 1996 receivable balances coupled with 
improved collection efforts associated with first quarter product deliveries. 
Note payable to Syntex decreased $200,000 in line with scheduled quarterly 
payments discussed above under "Liquidity and Capital Resources."

Capital expenditures aggregated $497,900 during the first quarter of fiscal 
1997 which consisted primarily of improvements designed to automate and 
validate current production processes at the Company's St. Louis 
manufacturing facility.  In addition to capital expenditures required to 
automate the Company's aseptic filling, assembly and final packaging 
processes and to fund new product development, the Company expects to incur 
additional expenditures to introduce new and expand existing product lines 
acquired from Brunswick.  The Company's working capital following the merger 
plus the revenue from sales of existing products may not be sufficient to 
meet such capital expenditures as presently structured.  Management 
recognizes that the Company must generate additional resources, whether 
through internal or external sources, to meet its objectives or consider 
modifications or reductions to its programs.  Shareholder's equity increased 
$700,600 on the strength of net income ($658,300) in the quarter ended 
October 31, 1996 coupled with the issuance of stock under employee stock 
options.

<PAGE>

                                          17

                         MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                      FORM 10-Q
                        FOR THE QUARTER ENDED OCTOBER 31, 1996
                                           

PART II.  OTHER INFORMATION

ITEM 2.   CHANGES IN SECURITIES

Financial covenants under the Term Loan and the revolving credit loan 
described herein require the Company to maintain certain levels of net worth 
and debt to EBITDA ratios and limit the Company's capital expenditures in any 
one fiscal year to amounts varying from $2 million to $3.5 million.  In 
addition, covenants under such indebtedness restrict the ability of the 
Company to pay any dividends on its common stock.

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Company held its annual meeting of stockholders on November 20, 1996 
following the end of the first quarter.  A total of 2,877,157 shares of 
common stock were voted at the annual meeting in person or by proxy.  The 
following matters were voted on at that meeting:

(1)  Approval of an Agreement and Plan of Merger and the Transactions 
     Contemplated Thereby - - The proposal to was approved by a vote of 
     2,192,657 shares for; 329,336 shares against, and 920 shares as 
     abstentions and broker non-votes.

(2)  Election of Directors - - The nominees listed in the proxy statement 
     dated October 30, 1996 were elected to the terms of office as disclosed 
     therein as follows:



               DIRECTOR                 VOTES FOR          VOTES AGAINST
               --------                 ---------          -------------

          Bruce M. Dresner              2,802,541             74,616
          Robert G. Foster              2,802,491             74,666
          James H. Miller               2,802,261             74,896
          E. Andrews Grinstead, III     2,802,491             74,666
          David L. Lougee               2,802,390             74,767

(3)  Ratification of Selection of Accountants - - The proposal to ratify the 
     selection of Price Waterhouse LLP as independent accountants for fiscal 
     year 1997 was approved by a vote of 2,865,046 shares for, 361 shares 
     against, and 11,750 shares as abstentions and broker non-votes.

<PAGE>

                                          18

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Exhibits:

               2.1  Agreement and Plan of Merger dated September 11, 1996 
                    (incorporated by reference herein from Exhibit 6(a) to 
                    Amendment No. 1 to Schedule 13D filed by Brunswick dated 
                    September 13, 1996).

               3.1  Amendment to First Amended and Restated Certificate of 
                    Incorporation, dated November 20, 1996 (filed herewith).

               4.1  Form of warrant to be issued by the Registrant to former 
                    holders of Brunswick preferred stock (incorporated by 
                    reference herein from Exhibit 4.1 to Form 8-K filed by 
                    the Registrant dated December 5, 1996). 

               4.2  Forms of warrants assumed and to be issued by the 
                    Registrant in connection with the merger with Brunswick 
                    (filed herewith).

               4.3  Form of warrant issued to the Estate of Stanley J. 
                    Sarnoff, assumed by the Registrant (incorporated by 
                    reference herein from Exhibit 4b to Schedule 13D filed by 
                    Brunswick dated April 15, 1996.

              10.1  Credit Agreement, dated as of April 15, 1996, among 
                    Brunswick, as the Borrower, Various Lenders and 
                    Internationale Nederlanden (U.S.) Capital Corporation as 
                    the Agent for the Lenders (incorporated by reference 
                    herein from Exhibit 1 to Schedule 13D filed by ING (U.S.) 
                    Investment Corporation dated December 2, 1996).

              10.2  Warrant Purchase Agreement, dated as of April 15, 1996, 
                    between Brunswick and Internationale Nederlanden (U.S.) 
                    Capital Corporation (incorporated by reference herein 
                    from Exhibit 2 to Schedule 13D filed by ING (U.S.) 
                    Investment Corporation dated December 2, 1996).

              10.3  Registration Rights Agreement, dated as of April 15, 
                    1996, between Brunswick and Internationale Nederlanden 
                    (U.S.) Capital Corporation (incorporated by reference 
                    herein from Exhibit 3 to Schedule 13D filed by ING (U.S.) 
                    Investment Corporation dated December 2, 1996).

<PAGE>

                                          19

              10.4  First Amendment to Credit Agreement, dated as of October 
                    25, 1996, between Brunswick and Internationale 
                    Nederlanden (U.S.) Capital Corporation (incorporated by 
                    reference herein from Exhibit 4 to Schedule 13D filed by 
                    ING (U.S.) Investment Corporation dated December 2, 1996).

              10.5  First Amendment to Warrant Purchase Agreement, dated as 
                    of October 25, 1996, between Brunswick and Internationale 
                    Nederlanden (U.S.) Capital Corporation (incorporated by 
                    reference herein from Exhibit 5 to Schedule 13D filed by 
                    ING (U.S.) Investment Corporation dated December 2, 1996).

              10.6  Assumption Agreement to the Credit Agreement, dated as of 
                    November 20, 1996, between Meridian Medical Technologies, 
                    Inc. and Internationale Nederlanden (U.S.) Capital 
                    Corporation (incorporated by reference herein from 
                    Exhibit 6 to Schedule 13D filed by ING (U.S.) Investment 
                    Corporation dated December 2, 1996).

              10.7  Assumption Agreement to the Warrant Purchase Agreement, 
                    dated as of November 20, 1996, between Meridian Medical 
                    Technologies, Inc. and Internationale Nederlanden (U.S.) 
                    Capital Corporation (incorporated by reference herein 
                    from Exhibit 7 to Schedule 13D filed by ING (U.S.) 
                    Investment Corporation dated December 2, 1996).

              10.8  $10,000,000 Term Note of Meridian Medical Technologies, 
                    Inc. dated November 20, 1996 (incorporated by reference 
                    herein from Exhibit 8 to Schedule 13D filed by ING (U.S.) 
                    Investment Corporation dated December 2, 1996).

              10.9  $15,000,000 Revolving Note of Meridian Medical 
                    Technologies, Inc. dated November 20, 1996 (incorporated 
                    by reference herein from Exhibit 9 to Schedule 13D filed 
                    by ING (U.S.) Investment Corporation dated December 2, 
                    1996).

             10.10  Warrant Certificate for 90,912 Warrants of Meridian 
                    Medical Technologies, Inc.- Certificate No.-1 
                    (incorporated by reference herein from Exhibit 10 to 
                    Schedule 13D filed by ING (U.S.) Investment Corporation 
                    dated December 2, 1996).

             10.11  Warrant Certificate for 83,579 Warrants of Meridian 
                    Medical Technologies, Inc.-Certificate No.-1 
                    (incorporated by reference herein from Exhibit 11 to 
                    Schedule 13D filed by ING (U.S.) Investment Corporation 
                    dated December 2, 1996).

<PAGE>

                                          20

             10.12  Employment agreement with James H. Miller, dated November 
                    20, 1996 (filed herewith).

             10.13  Form of Registration Rights Agreement with former 
                    Brunswick stockholders (filed herewith).

     (b)       Reports on Form 8-K:

               (a)  On September 16, 1996, the Company filed a report on Form 
                    8-K, pursuant to Item 5 thereof, to report the signing of 
                    the merger agreement with Brunswick Biomedical 
                    Corporation.

               (b)  On December 5, 1996, the Company filed a report on Form 
                    8-K, pursuant to Item 2 thereof, to report the 
                    consummation 

<PAGE>

                                          21


                         MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                      FORM 10-Q
                        FOR THE QUARTER ENDED OCTOBER 31, 1996
                                           

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K (CONTINUED)

                    of the previously announced merger.  The report on Form 
                    8-K included or referred the following financial 
                    statements:

               (1)  Audited consolidated financial statements of Brunswick as 
                    of June 30, 1996 and for the year ended, together with 
                    the report of the independent accountants thereon, were 
                    previously included on pages F-1 through F-28 of the 
                    Registrant's definitive proxy statement dated October 
                    30,1996.

               (2)  Audited consolidated financial statements of Brunswick as 
                    of June 30, 1995 and 1994 and for the two years ended 
                    June 30, 1995 and 1994, together with the report of the 
                    independent public accountants thereon.  (filed 
                    therewith).

               (3)  Unaudited Interim Financial Statements of Brunswick for 
                    the one month ended July 31, 1996 and 1995 and as of 
                    October 31, 1996 and 1995 and for the quarters then ended 
                    are not yet available and will be filed as an amendment 
                    to the Form 8-K as soon as practicable, but not later 
                    than 60 days after the date thereof.

               (4)  Unaudited pro forma combined financial information as of 
                    July 31, 1996, giving effect to the merger, were 
                    previously included on pages 50-55 of the Registrant's 
                    Definitive Proxy Statement dated October 30, 1996.

<PAGE>

                                          22

                         MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                      FORM 10-Q
                        FOR THE QUARTER ENDED OCTOBER 31, 1996


                                    SIGNATURES

     Pursuant to the requirements 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



 December 13, 1995                 By:  /s/JAMES H. MILLER        
-------------------                     --------------------------
     Date                               James H. Miller  
                                        President and 
                                        Chief Executive Officer 
                                        (Principal Executive Officer)



 December 13, 1995                 By:  /s/JEFFREY W. CHURCH     
-------------------                     -------------------------
      Date                              Jeffrey W. Church
                                        Senior Vice President - Finance    
                                        and Chief Financial Officer
                                        (Principal Financial and 
                                         Accounting Officer)