# EDGAR Filing Document

**Accession Number:** 0001367644
**File Stem:** 0001367644-26-000059
**Filing Date:** 2026-4
**Character Count:** 115291
**Document Hash:** 74487617a8dce29b6973ef46f0bd921d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001367644-26-000059.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001367644-26-000059

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20260430

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Emergent BioSolutions Inc.
- **CENTRAL INDEX KEY:** 0001367644
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 141902018
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33137
- **FILM NUMBER:** 26926214

**BUSINESS ADDRESS:**
- **STREET 1:** 300 PROFESSIONAL DR
- **CITY:** GAITHERSBURG
- **STATE:** MD
- **ZIP:** 20879
- **BUSINESS PHONE:** 240-631-3200

**MAIL ADDRESS:**
- **STREET 1:** 300 PROFESSIONAL DR
- **CITY:** GAITHERSBURG
- **STATE:** MD
- **ZIP:** 20879

?xml version='1.0' encoding='ASCII'? ebs-20260430

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): April 30, 2026

**EMERGENT BIOSOLUTIONS INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-33137** | **14-1902018** |
| (State or other jurisdiction | (Commission File Number) | (IRS Employer |
| of incorporation) | | Identification No.) |

---

**300 Professional Drive, Gaithersburg, Maryland 20879** 

(Address of principal executive offices, including zip code)

**(240) 631-3200** 

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.001 par value per share | EBS | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company &nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

    

------

**Item 2.02. Results of Operations and Financial Condition.**

On April 30, 2026, Emergent BioSolutions Inc. (the "Company") issued a press release (the "Press Release") announcing its financial and operating results for the quarter ended March 31, 2026. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this "Form 8-K") and is incorporated herein by reference.

**Item 7.01. Regulation FD Disclosure.**

On April 30, 2026, the Company will host a conference call to discuss its financial and operating results for the quarter ended March 31, 2026. The Company will use presentation materials in connection with this conference call (the "Earnings Call Slides"), which will be posted on the Company's website at <u>www.emergentbiosolutions.com</u>. A copy of the Earnings Call Slides is furnished as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference. Information on the Company's website is not, and will not be deemed to be, a part of this Form 8-K or incorporated into any other filings the Company may make with the U.S. Securities and Exchange Commission.

The information contained in Items 2.02 and 7.01 of this Form 8-K and Exhibits 99.1 and 99.2 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise be subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits.** 

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press release issued by Emergent BioSolutions Inc. on April 30, 2026.](ebs20260331ex99er.htm)</u> |
| 99.2 | <u>[Earnings Call Slides, dated April 30, 2026.](ebs2026-03x31deck.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURE**

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 hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **EMERGENT BIOSOLUTIONS INC.** | **EMERGENT BIOSOLUTIONS INC.** |
| Dated: April 30, 2026 | By: | /s/ RICHARD S. LINDAHL |
|  |  | Name: Richard S. Lindahl<br>Title: Executive Vice President, Chief Financial<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Officer |

---

## Exhibit 99.1

![emergentlogograycarminera.jpg](emergentlogograycarminera.jpg)

**EMERGENT BIOSOLUTIONS REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First Quarter 2026 Total Revenues of $156.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First Quarter 2026 Net Income of $6.8 million and Net Income Margin of 4%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First Quarter 2026 Adjusted EBITDA of $35.6 million and Adjusted EBITDA Margin of 23%

**GAITHERSBURG, Md., April 30, 2026**—Emergent BioSolutions Inc. (NYSE: EBS) today reported financial results for the first quarter ended March 31, 2026.

"Emergent's first quarter results demonstrate a strong and positive start to 2026, with healthy topline revenue of $156 million, above the high-end of our guidance range, and adjusted EBITDA of $36 million," said Joe Papa, president and CEO of Emergent. "We are further strengthening our financial position in 2026 through our recently announced debt refinancing, which increases our strategic flexibility and meaningfully reduces interest expense payments. Additionally, we are pleased to have monetized our capability and capacity in our Canton facility by securing a strategic manufacturing partnership with Substipharm Biologics, which includes a manufacturing agreement and exclusive U.S. (future) distribution rights to its Japanese Encephalitis vaccine, following U.S. FDA approval. We maintained our market share position with NARCAN® Nasal Spray through our efforts across multiple distribution channels, as well as by launching a new carrying case and multipack presentations, and we continued to deliver our biodefense medical countermeasures to multiple government partners in the United States, Canada and around the world. Our mission to protect and save lives remains a prominent driving force for our entire team and we are proud to do so while executing our multi-year transformation plan and turnaround strategy to build several growing and profitable verticals over time."

**FINANCIAL HIGHLIGHTS** <sup>(1)</sup>

**Q1 2026 vs. Q1 2025**

---

| | | | |
|:---|:---|:---|:---|
| *($ in millions, except per share amounts)* | **Q1 2026** | **Q1 2025** | **% Change** |
| Total Revenues | $156.1 | $222.2 | (30)% |
| Net Income | $6.8 | $68.0 | (90)% |
| Net Income per Diluted Share | $0.07 | $1.19 | (94)% |
| Adjusted Net Income <sup>(2)</sup> | $11.9 | $42.2 | (72)% |
| Adjusted Net Income per Diluted Share <sup>(2)</sup> | $0.21 | $0.74 | (72)% |
| Adjusted EBITDA <sup>(2)</sup> | $35.6 | $79.1 | (55)% |
| Net Income Margin | 4% | 31% |  |
| Adjusted EBITDA Margin <sup>(2)</sup> | 23% | 36% |  |
| Gross Margin % | 41% | 50% |  |
| Adjusted Gross Margin % <sup>(2)</sup> | 52% | 58% |  |

---

**RECENT BUSINESS UPDATES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Secured two new strategic manufacturing partnerships with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ SAB Biotherapeutics to advance its type 1 diabetes candidate, SAB-142

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Substipharm Biologics to support its Japanese Encephalitis vaccine in the United States

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refinanced term loan with new $150 million facility and amended asset-backed loan facility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Appointed John D. Fowler, Jr. to Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced partnership with British Columbia to supply NARCAN<sup>®</sup> Nasal Spray for the launch of the expanded BC Take Home Naloxone Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Partnered with professional baseball player Davis Schneider to raise awareness of NARCAN® Nasal Spray in Canada

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced launch of new NARCAN<sup>®</sup> Nasal Spray Carrying Case and Multipacks to expand opioid overdose preparedness following U.S. FDA approvals on supplemental new drug applications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced participation in several international preparedness conferences

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Secured over $60 Million in new contract award with the U.S. Government and new orders with an international government partner for smallpox medical countermeasures

------

![emergentlogograycarminera.jpg](emergentlogograycarminera.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Secured approximately $140 million in medical countermeasures contract awards with the Government of Canada

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Secured delivery order up to $21.5 Million to supply BioThrax<sup>®</sup> (Anthrax Vaccine Adsorbed) to the U.S. Department of War in 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced the Board of Directors authorized up to $50.0 million in repurchases from February 25, 2026 through March 31, 2027

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced resolution of New York Attorney General investigation related to legacy claims

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Received approval from Singapore Health Sciences Authority for expanded indication of ACAM2000<sup>®</sup> (Smallpox and Mpox (Vaccinia) Vaccine, Live) to include mpox

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced continued support to PANTHER for the ongoing Africa CDC-led Mpox Study in Africa

**FIRST QUARTER 2026 FINANCIAL PERFORMANCE** <sup>(1)</sup>

**Revenues**

The Company uses the following categories in discussing revenues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* **Naloxone** — comprises contributions from NARCAN<sup>®</sup> Nasal Spray and KLOXXADO<sup>®</sup> Nasal Spray

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* **Anthrax MCM** — comprises contributions from CYFENDUS<sup>®</sup>, BioThrax<sup>®</sup>, ANTHRASIL<sup>®</sup>, and Raxibacumab

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Smallpox MCM** — comprises contributions from ACAM2000<sup>®</sup>, CNJ-016<sup>®</sup> (VIGIV) and TEMBEXA<sup>®</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* **Other Products** — comprises contributions from BAT<sup>®</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* **All Other Revenues** — comprises revenues from the Services operating segment and contracts and grants revenues

---

| | | | | |
|:---|:---|:---|:---|:---|
| *($ in millions)* | **Q1 2026** | **Q1 2025** | **$ Change** | **% Change** |
| **Product sales, net:** <sup>(3)</sup> |  |  |  |  |
| &nbsp;&nbsp;Naloxone | $42.9 | $45.3 | $(2.4) | (5)% |
| &nbsp;&nbsp;Anthrax MCM | 21.6 | 47.9 | (26.3) | (55)% |
| &nbsp;&nbsp;Smallpox MCM | 64.2 | 106.4 | (42.2) | (40)% |
| &nbsp;&nbsp;Other Products | 16.0 | 2.3 | 13.7 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Product sales, net** | $144.7 | $201.9 | $(57.2) | (28)% |
| **All other revenues** | $11.4 | $20.3 | $(8.9) | (44)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | $156.1 | $222.2 | $(66.1) | (30)% |
| *NM - Not Meaningful* |  |  |  |  |

---

**Product Sales, net** <sup>(3)</sup>

*Naloxone*

For Q1 2026, revenues from Naloxone products decreased $2.4 million, or 5%, as compared with Q1 2025. The decrease was primarily attributable to lower sales of OTC NARCAN<sup>®</sup>, driven primarily by an unfavorable price-volume mix in US sales, partially offset by increases in Canadian sales of branded NARCAN<sup>®</sup> and the timing of the integration of KLOXXADO<sup>®</sup> into the Company's product portfolio.

*Anthrax MCM*

For Q1 2026, revenues from Anthrax MCM products decreased $26.3 million, or 55%, as compared with Q1 2025. The decrease was due to lower international sales of ANTHRASIL<sup>®</sup>, mainly to the Canadian government, coupled with lower volumes of CYFENDUS<sup>®</sup> sales to the USG, primarily due to the impact of timing. These decreases were partially offset by an increase in USG BioThrax<sup>®</sup> sales due to timing of exercised purchase options. Anthrax vaccine product sales are primarily made under annual purchase options exercised by the USG. Fluctuations in revenues result from the timing of the exercise of annual purchase options, the timing of USG purchases, the availability of governmental funding and the Company's delivery of orders that follow.

------

![emergentlogograycarminera.jpg](emergentlogograycarminera.jpg)

*Smallpox MCM*

For Q1 2026, revenues from Smallpox MCM products decreased $42.2 million, or 40%, as compared with Q1 2025. The decrease was primarily driven by lower ACAM2000<sup>®</sup> sales, largely due to reduced international volumes and an overall decline in TEMBEXA<sup>®</sup> sales driven by lower USG sales volume due to timing partially offset by higher international sales. These decreases were partially offset by an increase in CNJ-016<sup>®</sup> (VIGIV) USG sales due to timing. Fluctuations in revenues from Smallpox MCM result from the timing of the exercise of annual purchase options in the existing procurement contracts, the timing of USG purchases, the availability of governmental funding and the Company's delivery of orders that follow.

*Other Products*

For Q1 2026, revenues from Other Product sales increased $13.7 million, or 596%, as compared with Q1 2025. The increase was primarily due to higher Canadian and other international BAT<sup>®</sup> sales.

**All Other Revenues**

*Services*

For Q1 2026, revenues from Services decreased $2.2 million, or 31%, as compared with Q1 2025. The decrease was primarily attributable to a decline in production at the Company's Winnipeg facility.

*Contracts and Grants*

For Q1 2026, revenues from contracts and grants decreased $6.7 million, or 51%, as compared with Q1 2025. The decrease was primarily due to lower project spend on Ebanga<sup>TM</sup> related development work.

**Operating Expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *($ in millions)* | **Q1 2026** | **Q1 2025** | **$ Change** | **% Change** |
| Cost of product and services sales, net | $72.0 | $88.5 | $(16.5) | (19)% |
| Research and development ("R&D") | 10.5 | 15.1 | (4.6) | (30)% |
| Selling, general and administrative ("SG&A") | 46.6 | 52.4 | (5.8) | (11)% |
| Amortization of intangible assets | 16.5 | 16.3 | 0.2 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | $145.6 | $172.3 | $(26.7) | (15)% |

---

*Cost of Product and Services Sales, Net*

For Q1 2026, cost of product and services sales, net decreased $16.5 million, or 19%, as compared with Q1 2025. The decrease was driven by reductions in cost of MCM Product sales of $13.4 million and cost of Services of $5.4 million, partially offset by an increase in cost of Commercial Product sales of $2.3 million.

*Research and Development Expenses*

For Q1 2026, R&D expenses decreased $4.6 million, or 30%, as compared with Q1 2025. The decrease was primarily due to lower project spend on Ebanga<sup>TM</sup> related development work, partially offset by increases in development overhead spend.

*Selling, General and Administrative Expenses*

For Q1 2026, SG&A expenses decreased $5.8 million, or 11%, as compared with Q1 2025. The decrease was primarily due to lower professional services, marketing, and administrative support expenses, primarily attributable to cost-saving initiatives implemented as part of the Company's ongoing turnaround and transformation efforts.

**ADDITIONAL FINANCIAL INFORMATION**<sup>(1)</sup>

**Capital Expenditures**

---

| | | | |
|:---|:---|:---|:---|
| *($ in millions)* | **Q1 2026** | **Q1 2025** | **% Change** |
| Capital expenditures | $2.4 | $3.6 | (33)% |
| Capital expenditures as a % of total revenues | 2% | 2% |  |

---

For Q1 2026, capital expenditures decreased largely due to reduced development activities across the Company's facilities.

------

![emergentlogograycarminera.jpg](emergentlogograycarminera.jpg)

**REPORTABLE SEGMENT INFORMATION**

The Company manages the business with a focus on three operating segments: (1) a Commercial Products segment consisting of NARCAN<sup>®</sup> Nasal Spray and KLOXXADO<sup>®</sup> Nasal Spray; (2) a MCM Products segment consisting of Anthrax - MCM, Smallpox - MCM and Other products and (3) a services segment consisting of our Bioservices offerings ("Services"). Commercial Products and MCM Products are our two reportable segments. The Services operating segment no longer meets the quantitative thresholds of a reportable segment and did not meet the aggregation criteria set forth in Accounting Standards Codification 280, Segment Reporting, and as such is categorized within "All other revenues" along with "Contracts and Grants". The Company evaluates the performance of these reportable segments based on revenues and segment adjusted gross margin, which is a non-GAAP financial measure. Segment revenue includes external customer sales but does not include inter-segment services. The Company does not allocate contracts and grants revenue, R&D, SG&A, amortization of intangible assets, interest and other income (expense) or taxes to its evaluation of the performance of these segments.

**FIRST QUARTER 2026 REPORTABLE SEGMENT RESULTS**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *($ in millions)* | **Commercial Products** | **Commercial Products** | **Commercial Products** | **Commercial Products** | **Commercial Products** | **Commercial Products** | **Commercial Products** |
| *($ in millions)* | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
| *($ in millions)* | **2026** | **2026** | **2025** | **2025** | **$ Change** | **$ Change** | **% Change** |
| **Revenues** | $| 42.9 | $| 45.3 | $| (2.4) | (5)% |
| **Cost of sales** | 26.8 | 26.8 | 24.5 | 24.5 | 2.3 | 2.3 | 9% |
| **Intangible asset amortization** | 9.4 | 9.4 | 9.5 | 9.5 | (0.1) | (0.1) | (1)% |
| **Gross margin**\* | $| 6.7 | $| 11.3 | $| (4.6) | (41)% |
| **Gross margin %**\* | 16 | 16% | 25 | 25% |  |  |  |
| Add back: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Intangible asset amortization | $| 9.4 | $| 9.5 | $| (0.1) | (1)% |
| **Segment adjusted gross margin \*\*** | $| 16.1 | $| 20.8 | $| (4.7) | (23)% |
| **Segment adjusted gross margin % \*\*** | 38 | 38% | 46 | 46% |  |  |  |
| \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. |
| \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our Commercial Products segment is calculated as gross margin plus intangible asset amortization. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our Commercial Products segment is calculated as gross margin plus intangible asset amortization. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our Commercial Products segment is calculated as gross margin plus intangible asset amortization. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our Commercial Products segment is calculated as gross margin plus intangible asset amortization. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our Commercial Products segment is calculated as gross margin plus intangible asset amortization. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our Commercial Products segment is calculated as gross margin plus intangible asset amortization. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our Commercial Products segment is calculated as gross margin plus intangible asset amortization. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our Commercial Products segment is calculated as gross margin plus intangible asset amortization. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. |

---

Cost of Commercial Product sales increased $2.3 million, or 9%, to $26.8 million for the quarter ended March 31, 2026. The increase was primarily due to higher KLOXXADO<sup>®</sup> sales due to timing of its integration into the Company's product portfolio, and Canadian branded NARCAN<sup>®</sup> sales.

Commercial Products gross margin decreased $4.6 million, or 41%, to $6.7 million for the quarter ended March 31, 2026. Commercial Products gross margin percentage decreased 9 percentage points to 16% for the quarter ended March 31, 2026. The decrease was largely due to an unfavorable price and volume mix of OTC NARCAN<sup>®</sup> as well as Canadian branded NARCAN<sup>®</sup>. Commercial Products segment adjusted gross margin in the current year period excludes the impact of intangible asset amortization of $9.4 million.

------

![emergentlogograycarminera.jpg](emergentlogograycarminera.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *($ in millions)* | **MCM Products** | **MCM Products** | **MCM Products** | **MCM Products** | **MCM Products** | **MCM Products** | **MCM Products** |
| *($ in millions)* | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** | **Quarter Ended March 31,** |
| *($ in millions)* | **2026** | **2026** | **2025** | **2025** | **$ Change** | **$ Change** | **% Change** |
| **Revenues** | $| 101.8 | $| 156.6 | $| (54.8) | (35)% |
| **Cost of sales** | 36.8 | 36.8 | 50.2 | 50.2 | (13.4) | (13.4) | (27)% |
| **Intangible asset amortization** | 7.1 | 7.1 | 6.8 | 6.8 | 0.3 | 0.3 | 4% |
| **Gross margin**\* | $| 57.9 | $| 99.6 | $| (41.7) | (42)% |
| **Gross margin %**\* | 57 | 57% | 64 | 64% |  |  |  |
| Add back: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Intangible asset amortization | $| 7.1 | $| 6.8 | $| 0.3 | 4% |
| &nbsp;&nbsp;Inventory step-up provision | 0.1 | 0.1 | 1.8 | 1.8 | (1.7) | (1.7) | (94)% |
| &nbsp;&nbsp;Severance and restructuring benefits |  |  | (0.8) | (0.8) | 0.8 | 0.8 | 100% |
| &nbsp;&nbsp;Stock-based compensation expense | 0.5 | 0.5 | 0.3 | 0.3 | 0.2 | 0.2 | 67% |
| **Segment adjusted gross margin\*\*** | $| 65.6 | $| 107.7 | $| (42.1) | (39)% |
| **Segment adjusted gross margin %\*\*** | 64 | 64% | 69 | 69% |  |  |  |
| \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | \* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. |
| \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our MCM Products segment is calculated as gross margin plus intangible asset amortization, inventory step-up provision, severance and restructuring benefits and the portion of stock-based compensation expense that is recorded as cost of sales. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. In calculating these measures, we began excluding stock-based compensation that is recorded as cost of sales in the first quarter of 2026, as this reflects a non-cash expenditure that is not related to segment operating performance. As reflected in the table above, we have recast our 2025 results to also reflect this adjustment. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our MCM Products segment is calculated as gross margin plus intangible asset amortization, inventory step-up provision, severance and restructuring benefits and the portion of stock-based compensation expense that is recorded as cost of sales. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. In calculating these measures, we began excluding stock-based compensation that is recorded as cost of sales in the first quarter of 2026, as this reflects a non-cash expenditure that is not related to segment operating performance. As reflected in the table above, we have recast our 2025 results to also reflect this adjustment. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our MCM Products segment is calculated as gross margin plus intangible asset amortization, inventory step-up provision, severance and restructuring benefits and the portion of stock-based compensation expense that is recorded as cost of sales. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. In calculating these measures, we began excluding stock-based compensation that is recorded as cost of sales in the first quarter of 2026, as this reflects a non-cash expenditure that is not related to segment operating performance. As reflected in the table above, we have recast our 2025 results to also reflect this adjustment. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our MCM Products segment is calculated as gross margin plus intangible asset amortization, inventory step-up provision, severance and restructuring benefits and the portion of stock-based compensation expense that is recorded as cost of sales. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. In calculating these measures, we began excluding stock-based compensation that is recorded as cost of sales in the first quarter of 2026, as this reflects a non-cash expenditure that is not related to segment operating performance. As reflected in the table above, we have recast our 2025 results to also reflect this adjustment. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our MCM Products segment is calculated as gross margin plus intangible asset amortization, inventory step-up provision, severance and restructuring benefits and the portion of stock-based compensation expense that is recorded as cost of sales. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. In calculating these measures, we began excluding stock-based compensation that is recorded as cost of sales in the first quarter of 2026, as this reflects a non-cash expenditure that is not related to segment operating performance. As reflected in the table above, we have recast our 2025 results to also reflect this adjustment. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our MCM Products segment is calculated as gross margin plus intangible asset amortization, inventory step-up provision, severance and restructuring benefits and the portion of stock-based compensation expense that is recorded as cost of sales. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. In calculating these measures, we began excluding stock-based compensation that is recorded as cost of sales in the first quarter of 2026, as this reflects a non-cash expenditure that is not related to segment operating performance. As reflected in the table above, we have recast our 2025 results to also reflect this adjustment. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our MCM Products segment is calculated as gross margin plus intangible asset amortization, inventory step-up provision, severance and restructuring benefits and the portion of stock-based compensation expense that is recorded as cost of sales. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. In calculating these measures, we began excluding stock-based compensation that is recorded as cost of sales in the first quarter of 2026, as this reflects a non-cash expenditure that is not related to segment operating performance. As reflected in the table above, we have recast our 2025 results to also reflect this adjustment. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | \*\* Segment adjusted gross margin, which is a non-GAAP financial measure, for our MCM Products segment is calculated as gross margin plus intangible asset amortization, inventory step-up provision, severance and restructuring benefits and the portion of stock-based compensation expense that is recorded as cost of sales. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company's management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. In calculating these measures, we began excluding stock-based compensation that is recorded as cost of sales in the first quarter of 2026, as this reflects a non-cash expenditure that is not related to segment operating performance. As reflected in the table above, we have recast our 2025 results to also reflect this adjustment. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. |

---

Cost of MCM product sales decreased $13.4 million, or 27%, to $36.8 million for the quarter ended March 31, 2026. The decrease was primarily due to lower cost of sales for ANTHRASIL<sup>®</sup>, ACAM2000<sup>®</sup>, CYFENDUS<sup>®</sup> and TEMBEXA<sup>®</sup> reflecting reduced sales volumes and the absence of significant prior-year non-recurring manufacturing related costs, including shutdown and severance expenses. These decreases were partially offset by an increase in cost of sales for CNJ-016<sup>®</sup> (VIGIV), BAT<sup>®</sup> and BioThrax<sup>®</sup> driven by greater sales volumes and increased overhead costs at the Winnipeg facility.

MCM Product gross margin decreased $41.7 million, or 42%, to $57.9 million for the quarter ended March 31, 2026. MCM Product gross margin percentage decreased 7 percentage points to 57% for the quarter ended March 31, 2026. The decrease in gross margin percentage was primarily due to an unfavorable sales mix weighted more heavily toward lower margin products as well as product absorption-related variances. These impacts were partially offset by a decrease in shutdown and severance related costs compared with the prior year. MCM Product segment adjusted gross margin in the current year period excludes the impacts of intangible asset amortization of $7.1 million, the portion of stock-based compensation expense recorded as cost of sales of $0.5 million, and inventory step-up provision of $0.1 million.

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**2026 FINANCIAL FORECAST**

The Company provides the following updated financial forecast for full year 2026, reflecting management's expectations based on the most current information available.

---

| | | | |
|:---|:---|:---|:---|
| **METRIC**<br>*($ in millions***)** | **Updated Range**<br>**(as of 04/30/2026)** | **Action** | **Previous Range<br>(as of 02/27/2026)** |
| **Total revenues** | $720- $760 | UNCHANGED | $720 - $760 |
| **Net loss** | $(30) - $(10) | UNCHANGED | $(30) - $(10) |
| **Adjusted net income** <sup>(2)</sup> | $45 - $65 | REVISED | $25 - $45 |
| **Adjusted EBITDA** <sup>(2)</sup> | $155 - $175 | REVISED | $135 - $155 |
| **Adjusted gross margin %** <sup>(2)</sup> | 45% - 47% | UNCHANGED | 45% - 47% |

---

---

| | |
|:---|:---|
| **Key Assumptions**<br>*($ and shares in millions)* | **Updated Range**<br>**(as of 04/30/2026)** |
| Interest expense | ~$40 |
| R&D | ~6% to 7% of Revenues |
| SG&A | ~26% to 28% of Revenues |
| Weighted avg. fully diluted share count | ~52 |
| Stock-based compensation expense | ~$20 |
| Capex | ~$17 |
| Depreciation & amortization | ~$90 |

---

**Q2 2026**

---

| | |
|:---|:---|
| **METRIC**<br>*($ in millions***)**  | **Q2 2026 Forecast** |
| **Total revenues** | $170M - $185M |

---

**FOOTNOTES**

<sup>(1)</sup> *All financial information included in this release is unaudited.*

<sup>(2)</sup> *See* "*Non-GAAP Financial Measures" and the "Reconciliation of Non-GAAP Financial Measures" tables for the definitions and reconciliations of Company-wide non-GAAP financial measures to the most closely related GAAP financial measures. Reconciliations of segment non-GAAP financial measures are included within the reportable segment tables. In the first quarter of 2026 we revised our calculations of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to our operating performance. The updated ranges for our 2026 forecast reflect this adjustment.*

<sup>(3)</sup> *Product sales, net are reported net of variable consideration including returns, rebates, wholesaler fees and prompt pay discounts in accordance with GAAP.*

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**CONFERENCE CALL, PRESENTATION SUPPLEMENT AND WEBCAST INFORMATION**

Company management will host a conference call at 5:00 pm eastern time today, April 30, 2026, to discuss these financial results. The conference call and presentation supplement can be accessed from the Company's website or through the following:

**<u>By phone</u>**

Advanced registration is required.

Visit <u>https://register-conf.media-server.com/register/BI0e62cf901eb14511aa46f6bcbd70e7fc</u> to register and receive an email with the dial-in number, passcode and registrant ID.

**<u>By webcast</u>**<br>Visit <u>https://edge.media-server.com/mmc/p/qw3ajghx/</u>

A replay of the call can be accessed from the Emergent website.

**ABOUT EMERGENT BIOSOLUTIONS INC.**

At Emergent, our mission is to protect and save lives. For over 25 years, we've been at work preparing those entrusted with protecting public health. We deliver protective and life-saving solutions for health threats like smallpox, mpox, botulism, Ebola, anthrax and opioid overdose emergencies. To learn more about how we help prepare communities around the world for today's health challenges and tomorrow's threats, visit our website and follow us on LinkedIn, X, Instagram, Apple Podcasts and Spotify.

**NON-GAAP FINANCIAL MEASURES**

In the accompanying analysis of financial information, we sometimes use information derived from consolidated and segment financial information that may not be presented in our financial statements or prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Certain of these financial measures are considered not in conformity with GAAP ("non-GAAP financial measures") under the United States Securities and Exchange Commission ("SEC") rules. Specifically, we have referred to the following non-GAAP financial measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted Net Income** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted Net Income per Diluted Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted EBITDA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted EBITDA Margin**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted Gross Margin**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted Gross Margin %**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Segment Adjusted Gross Margin**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Segment Adjusted Gross Margin %**

We define Adjusted Net Income and Adjusted Net Income per Diluted Share, which are non-GAAP financial measures, as net income and net income per diluted share, respectively, excluding the impact of non-cash amortization charges, severance and restructuring costs (benefits), inventory step-up provision, acquisition and divestiture costs, loss on assets held for sale, contingent consideration milestones, changes in fair value of financial instruments, stock-based compensation expense, other income, net and tax effects. In the first quarter of 2026 we revised our calculation of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to our operating performance. We use Adjusted Net Income for the purpose of calculating Adjusted Net Income per Diluted Share. Management uses Adjusted Net Income per Diluted Share to assess total Company operating performance on a consistent basis. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results and GAAP financial measures, provide management and investors with an additional understanding of our business operating results, including underlying trends.

We define Adjusted EBITDA, which is a non-GAAP financial measure, as net income before depreciation and amortization, income taxes, total interest expense, net, inventory step-up provision, changes in fair value of financial instruments, severance and restructuring costs (benefits), acquisition and divestiture costs, loss on assets held for sale, contingent consideration milestones, stock-based compensation expense and other income, net items. We define Adjusted EBITDA Margin, which is a non-GAAP financial measure, as Adjusted EBITDA divided by Total Revenues. In the first quarter of 2026 we revised our calculation of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to our operating performance. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results and GAAP financial measures, provide management and investors with a more complete understanding of our operating results, including underlying trends. In addition, EBITDA is a common alternative measure of operating performance used by many of our competitors. It is used by investors, financial analysts, rating agencies and others to value and compare the financial performance of companies in our industry, although it may be defined differently by different companies. Therefore, we also

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believe that this non-GAAP financial measure, considered along with corresponding GAAP financial measures, provides management and investors with additional information for comparison of our operating results with the operating results of other companies.

We define Adjusted Gross Margin, which is a non-GAAP financial measure, as Gross Margin, excluding the impact of intangible asset amortization, stock-based compensation expense, severance and restructuring costs (benefits) and inventory step-up provision. We define Adjusted Gross Margin %, which is a non-GAAP financial measure, as Adjusted Gross Margin as a percentage of Products and services sales, net. In the first quarter of 2026 we revised our calculation of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to our operating performance.

We define Segment Adjusted Gross Margin, which is a non-GAAP financial measure, as a segment's Gross Margin excluding the respective impact of intangible asset amortization, restructuring costs (benefits), stock-based compensation expense and inventory step-up provision. We define Segment Adjusted Gross Margin %, which is a non-GAAP financial measure, as Segment Adjusted Gross Margin as a percentage of a segment's revenues. In the first quarter of 2026 we revised our calculation of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to segment operating performance.

Non-GAAP financial measures are not defined in the same manner by all companies and may not be comparable with other similarly titled measures of other companies. The determination of the amounts that are excluded from these non-GAAP financial measures are a matter of management judgment and depend upon, among other factors, the nature of the underlying expense or income amounts. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our Consolidated Statements of Operations and Consolidated Statements of Cash Flows. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release.

**SAFE HARBOR STATEMENT**

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical fact, including statements regarding the future performance of the Company or any of our businesses, our business strategy, future operations, future financial position, future revenues and earnings, our ability to achieve the objectives of our restructuring initiatives, acquisitions and divestitures, including our future results, projected costs, prospects, plans and objectives of management, are forward-looking statements. We generally identify forward-looking statements by using words like "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "confident," "commit," "forecast," "future," "outlook," "goal," "intend," "may," "plan," "position," "possible," "potential," "predict," "project," "should," "target," "will," "would," and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. These forward-looking statements are based on our current intentions, beliefs, assumptions and expectations regarding future events based on information that is currently available. You should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could differ materially from our expectations. Readers are, therefore, cautioned not to place undue reliance on any forward-looking statement contained herein. Any such forward-looking statement speaks only as of the date of this press release, and, except as required by law, we do not undertake any obligation to update any forward-looking statement to reflect new information, events or circumstances.

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There are a number of important factors that could cause our actual results to differ materially from those indicated by such forward-looking statements, including, among others, the availability of USG funding for contracts related to procurement of our medical countermeasures ("MCM") products, including CYFENDUS® (Anthrax Vaccine Adsorbed (AVA) Adjuvanted), previously known as AV7909, ACAM2000® (Smallpox (Vaccinia) Vaccine, Live), CNJ-016® (Vaccinia Immune Globulin Intravenous (Human) (VIGIV)), BAT® (Botulism Antitoxin Heptavalent (A,B,C,D,E,F,G)-(Equine)), BioThrax® (Anthrax Vaccine Adsorbed) EbangaTM (ansuvimab-zykl) and/or TEMBEXA® (brincidofovir) among others, as well as contracts related to development of medical countermeasures; our ability to meet our commitments to quality and compliance in all of our manufacturing operations; our ability to negotiate additional USG procurement or follow-on contracts for our MCM products that have expired or will be expiring; the commercial availability and impact of a generic and competitive marketplace on future sales of NARCAN® (naloxone HCL) Nasal Spray, over-the-counter NARCAN® Nasal Spray and KLOXXADO® Nasal Spray; our ability to perform under our contracts with the USG, including the timing of and specifications relating to deliveries; the ability of our contractors and suppliers to maintain compliance with current good manufacturing practices and other regulatory obligations; our ability to collect reimbursement for raw materials and payment of service fees from our Bioservices customers; the results of pending government investigations and their potential impact on our business; our ability to satisfy the conditions of our litigation settlement agreements, and the potential impact of such agreements, including the funds to resolve related litigation, on our business; our ability to comply with the operating and financial covenants required by (i) our term loan facility under the Credit Agreement, dated April 16, 2026, by and among the Company, the lenders from time to time party thereto, and OrbiMed Royalty & Credit Opportunities V, LP, as administrative agent, (ii) our revolving credit facility under a credit agreement, dated September 30, 2024, among the Company, certain subsidiary borrowers, the lenders from time to time party thereto and Wells Fargo, National Association, as Agent, and (iii) our 3.875% Senior Unsecured Notes due 2028; our ability to maintain adequate internal control over financial reporting and to prepare accurate financial statements in a timely manner; our ability to maintain sufficient cash flow from our operations to pay our substantial debt, both now and in the future; our ability to invest in our business operations as a result of our current indebtedness; the impact of our share and debt repurchase programs; the procurement of our product candidates by USG entities under regulatory authorities that permit government procurement of certain medical products prior to FDA marketing authorization, and corresponding procurement by government entities outside the United States; the success of our commercialization, marketing and manufacturing capabilities and strategy; our ability to identify and acquire companies, businesses, products or product candidates that satisfy our selection criteria; our ability to attract and retain qualified personnel; our ability to adequately secure and protect our intellectual property rights; the impact of cybersecurity incidents, including the risks from the unauthorized access, interruption, failure or compromise of our information systems or those of our business partners, collaborators or other third parties; and the accuracy of our estimates regarding future revenues, expenses, capital requirements and need for additional financing. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ materially from our expectations in any forward-looking statement. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any forward-looking statements. Readers should consider this cautionary statement, as well as the risks identified in our periodic reports filed with the Securities and Exchange Commission, when evaluating our forward-looking statements.

**Trademarks**

Emergent<sup>®</sup>, BioThrax<sup>®</sup>, BaciThrax<sup>®</sup>, BAT<sup>®</sup>, Trobigard<sup>®</sup>, ANTHRASIL<sup>®</sup>, CNJ-016<sup>®</sup>, ACAM2000<sup>®</sup>, NARCAN<sup>®</sup>, CYFENDUS<sup>®</sup>, TEMBEXA<sup>®</sup> and any and all Emergent BioSolutions Inc. brands, products, services and feature names, logos and slogans are trademarks or registered trademarks of Emergent BioSolutions Inc. or its subsidiaries in the United States or other countries. All other brands, products, services and feature names or trademarks are the property of their respective owners, including KLOXXADO<sup>®</sup>, which is a registered trademark of Hikma Pharmaceuticals USA Inc.

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| | |
|:---|:---|
| **<u>Investor Contact</u>**<br>Rich Lindahl<br>Executive Vice President, Chief Financial Officer<br>lindahlr@ebsi.com | **<u>Media Contact</u>**<br>Assal Hellmer<br>Vice President, Communications<br>mediarelations@ebsi.com |

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**Emergent BioSolutions Inc.** 

**Consolidated Balance Sheets**

**(in millions, except per share data)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(unaudited)** | |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $160.3 | $205.4 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 1.2 | 3.7 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 121.6 | 84.2 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 327.6 | 343.4 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 26.9 | 25.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 637.6 | 662.5 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 199.4 | 205.4 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 470.4 | 436.5 |
| &nbsp;&nbsp;&nbsp;Other assets | 13.0 | 14.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1320.4 | $1318.6 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $39.5 | $55.6 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 9.4 | 12.2 |
| &nbsp;&nbsp;&nbsp;Accrued compensation | 22.0 | 41.8 |
| &nbsp;&nbsp;&nbsp;Accrued acquisition obligation | 50.4 |  |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 12.2 | 5.0 |
| &nbsp;&nbsp;&nbsp;Current tax liability | 7.2 | 6.8 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 8.0 | 10.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 148.7 | 132.2 |
| &nbsp;&nbsp;&nbsp;Debt | 573.6 | 572.1 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | 33.3 | 37.8 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 41.7 | 53.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $797.3 | $796.0 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value per share; 15.0 shares authorized, no shares issued and outstanding  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.001 par value per share; 200.0 shares authorized, 61.4 and 60.9 shares issued; 51.8 and 52.1 shares outstanding, respectively. | 0.1 | 0.1 |
| &nbsp;&nbsp;Treasury stock, at cost, 9.6 and 8.7 common shares, respectively | (261.6) | (252.6) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 944.5 | 942.4 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net | (6.9) | (7.5) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (153.0) | (159.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | $523.1 | $522.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1320.4 | $1318.6 |

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------

**Emergent BioSolutions Inc.** 

**Consolidated Statements of Operations**

**(unaudited, in millions, except per share data)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Revenues:** |  |  |
| &nbsp;&nbsp;Product and services sales, net | $149.7 | $209.1 |
| &nbsp;&nbsp;Contracts and grants | 6.4 | 13.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 156.1 | 222.2 |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;Cost of product and services sales, net <sup>(1)</sup> | 72.0 | 88.5 |
| &nbsp;&nbsp;Research and development | 10.5 | 15.1 |
| &nbsp;&nbsp;Selling, general and administrative | 46.6 | 52.4 |
| &nbsp;&nbsp;Amortization of intangible assets | 16.5 | 16.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 145.6 | 172.3 |
| **Income from operations** | 10.5 | 49.9 |
| **Other income (expense):** |  |  |
| &nbsp;&nbsp;Interest expense | (11.0) | (14.7) |
| &nbsp;&nbsp;Loss on assets held for sale |  | (12.2) |
| &nbsp;&nbsp;Other, net | 13.9 | 69.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income, net | 2.9 | 42.8 |
| **Income before income taxes** | 13.4 | 92.7 |
| **Income tax provision** | 6.6 | 24.7 |
| &nbsp;&nbsp;**Net income** | $6.8 | $68.0 |
| **Earnings per common share** |  |  |
| &nbsp;&nbsp;Basic | $0.13 | $1.25 |
| &nbsp;&nbsp;Diluted | $0.07 | $1.19 |
| **Weighted average shares outstanding** |  |  |
| &nbsp;&nbsp;Basic | 51.9 | 54.4 |
| &nbsp;&nbsp;Diluted | 56.5 | 57.3 |
| <sup>(1)</sup> Exclusive of intangible asset amortization | <sup>(1)</sup> Exclusive of intangible asset amortization | <sup>(1)</sup> Exclusive of intangible asset amortization |

---

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**Emergent BioSolutions Inc.**

**Consolidated Statements of Cash Flows**

**(unaudited, in millions)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $6.8 | $68.0 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 1.9 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 23.5 | 25.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 1.8 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (4.5) | 18.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncash loss on assets held for sale |  | 12.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | (8.4) | (9.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of assets | 0.8 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (3.9) | (11.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (38.9) | (73.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 15.8 | (2.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (0.5) | 9.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (14.4) | (5.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (1.8) | (7.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term incentive plan accrual | 0.4 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | (20.2) | (32.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable and payable, net | 4.6 | (8.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 3.2 | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | (33.8) | (11.2) |
| **Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | (2.4) | (3.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property, plant and equipment |  | 38.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Milestone payments from prior asset divestiture |  | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of convertible note receivable |  | (5.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) investing activities** | (2.4) | 59.5 |
| **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock upon exercise of stock options | 0.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of treasury stock | (9.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from stock-based compensation activity |  | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes paid for stock-based compensation activity | (2.8) | (0.5) |

---

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**Emergent BioSolutions Inc.**

**Consolidated Statements of Cash Flows (Continued)**

**(unaudited, in millions)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities:** | (11.4) | (0.4) |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash, cash equivalents and restricted cash |  | (0.7) |
| &nbsp;&nbsp;&nbsp;Net change in cash, cash equivalents and restricted cash | (47.6) | 47.2 |
| Cash, cash equivalents and restricted cash, beginning of period | 209.1 | 105.6 |
| Cash, cash equivalents and restricted cash, end of period | $161.5 | $152.8 |
| **Supplemental cash flow disclosures:** |  |  |
| Cash paid for interest | $13.1 | $16.7 |
| Cash paid for income taxes, net of refunds | $5.3 | $14.5 |
| **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;Purchases of property, plant and equipment unpaid at period end | $1.0 | $1.5 |
| &nbsp;&nbsp;Excise tax liability accrued for treasury stock purchases | $0.1 | $— |
| **Reconciliation of cash and cash equivalents and restricted cash:** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $160.3 | $149.1 |
| &nbsp;&nbsp;Restricted cash | 1.2 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $161.5 | $152.8 |

---

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**Emergent BioSolutions, Inc.**

**Reconciliation of Non-GAAP Financial Measures**

**Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share**<sup>(1)</sup>

---

| | | | |
|:---|:---|:---|:---|
| *($ in millions, except per share data)* | **Three Months Ended March 31,** | **Three Months Ended March 31,** |  |
| *($ in millions, except per share data)* | **2026** | **2025** | **Source** |
| **Net income** | $6.8 | $68.0 |  |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash amortization charges | $18.3 | $18.6 | Amortization of intangible assets ("IA"), Other Income |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and restructuring costs (benefits) | 0.2 | (1.3) | Cost of product and services sales, net, SG&A and R&D |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory step-up provision | 0.1 | 1.8 | Cost of product and services sales, net |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and divestiture costs |  | 0.2 | SG&A |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on assets held for sale |  | 12.2 | Other Income (Expense) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration milestones | (5.0) | (50.0) | Other Income (Expense) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value of financial instruments | (8.4) | (9.5) | Other Income (Expense) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 1.9 | 1.5 | Cost of product and services sales, net, SG&A and R&D |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net items | (0.3) | (7.9) | Other Income (Expense) |
| &nbsp;&nbsp;&nbsp;Tax effect | (1.7) | 8.6 |  |
| Total adjustments: | $5.1 | $(25.8) |  |
| **Adjusted net income** | $11.9 | $42.2 |  |
| **Net income per diluted share** | $0.07 | $1.19 |  |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash amortization charges | $0.32 | $0.32 | Amortization of IA, Other Income |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and restructuring benefits |  | (0.02) | Cost of product and services sales, net, SG&A and R&D |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory step-up provision |  | 0.03 | Cost of product and services sales, net |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and divestiture costs |  |  | SG&A |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on assets held for sale |  | 0.21 | Other Income (Expense) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration milestones | (0.09) | (0.87) | Other Income (Expense) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value of financial instruments | (0.08) | (0.17) | Other Income (Expense) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 0.03 | 0.03 | Cost of product and services sales, net, SG&A and R&D |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net items |  | (0.14) | Other Income (Expense) |
| &nbsp;&nbsp;&nbsp;Tax effect | (0.04) | 0.16 |  |
| Total adjustments: | $0.14 | $(0.45) |  |
| **Adjusted net income per diluted share** | $0.21 | $0.74 |  |
| Diluted shares used in computing Adjusted net income per diluted share | 56.5 | 57.3 |  |
| <sup>(1)</sup> Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense.  | <sup>(1)</sup> Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense.  | <sup>(1)</sup> Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense.  | <sup>(1)</sup> Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense.  |

---

------

**Emergent BioSolutions, Inc.**

**Reconciliation of Net Income and Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin**<sup>(1)</sup>

---

| | | |
|:---|:---|:---|
| *($ in millions)* | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *($ in millions)* | **2026** | **2025** |
| **Net income** | $6.8 | $68.0 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation & amortization | $23.5 | $25.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 6.6 | 24.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense, net | 10.2 | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory step-up provision | 0.1 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value of financial instruments | (8.4) | (9.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and restructuring costs (benefits) | 0.2 | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and divestiture costs |  | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on assets held for sale |  | 12.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration milestones | (5.0) | (50.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 1.9 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net items | (0.3) | (7.9) |
| Total adjustments | $28.8 | $11.1 |
| **Adjusted EBITDA** | $35.6 | $79.1 |
| **Total revenues** | $156.1 | $222.2 |
| **Net income margin** | 4% | 31% |
| **Adjusted EBITDA margin** | 23% | 36% |
| <sup>(1)</sup> Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense.  | <sup>(1)</sup> Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense.  | <sup>(1)</sup> Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense.  |

---

------

**Emergent BioSolutions, Inc.**

**Reconciliations of Total Revenues to Product and Services Sales, Net and of Gross Margin and Gross Margin %** 

**to Adjusted Gross Margin and Adjusted Gross Margin %**<sup>(1)</sup>

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|<br>*($ in millions)* | **2026** | **2025** |
| **Total revenues** | $156.1 | $222.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts and grants | 6.4 | 13.1 |
| **Product and services sales, net** | $149.7 | $209.1 |
| **Cost of product and services sales, net** | 72.0 | 88.5 |
| **Intangible asset amortization** | 16.5 | 16.3 |
| **Gross margin** | $61.2 | $104.3 |
| **Gross margin %** | 41% | 50% |
| **Add back:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible asset amortization | $16.5 | $16.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 0.5 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and restructuring benefits |  | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory step-up provision | 0.1 | 1.8 |
| **Adjusted gross margin** | $78.3 | $121.8 |
| **Adjusted gross margin %** | 52% | 58% |
| <sup>(1)</sup> Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense.  | <sup>(1)</sup> Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense.  | <sup>(1)</sup> Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense.  |

---

------

**Emergent BioSolutions, Inc.**

**Reconciliation of Net Loss Forecast to Adjusted Net Income Forecast**

---

| | | |
|:---|:---|:---|
| *($ in millions)* | **2026 Full Year Forecast** | **Source** |
| **Net loss** | $(30) - $(10) |  |
| &nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash amortization charges | $74 | Amortization of IA and Other Income (Expense) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value of financial instruments | (8) | Other Income (Expense) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory step-up provision | 4 | Cost of products and services, net |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration milestones | (10) | Other Income (Expense) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 20 | COGS, R&D and SGA |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense (income), net items | 20 | Other Income (Expense) |
| Tax effect | (25) |  |
| Total adjustments: | $75 |  |
| **Adjusted net income** | $45 - $65 |  |

---

**Reconciliation of Net Loss Forecast to Adjusted EBITDA Forecast**

---

| | |
|:---|:---|
| *($ in millions)* | **2026 Full Year Forecast** |
| **Net loss** | $(30) - $(10) |
| Adjustments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation & amortization | $90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense, net | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory step-up provision | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value of financial instruments | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration milestones | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense (income), net items | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | $185 |
| **Adjusted EBITDA** | $155 - $175 |

---

------

**Emergent BioSolutions, Inc.**

**Reconciliations of Forecasted Total Revenues to Forecasted Product and Services Sales, Net and of Forecasted Gross Margin and Gross Margin % to Forecasted Adjusted Gross Margin and Adjusted Gross Margin %**

---

| | |
|:---|:---|
| <br>*($ in millions)* | **2026 Full Year Forecast** |
| **Total revenues** | $720- $760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts & Grants | ($35)-($35) |
| **Product and services sales, net** | $685 - $725 |
| **Cost of product and services sales, net** | $381- $388 |
| **Intangible asset amortization** | (64) |
| **Gross margin** | $240 - $273 |
| **Gross margin %** | 35% - 38% |
| **Add back:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible asset amortization | $64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory step-up provision | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 3 |
| **Adjusted gross margin** | $311-$344 |
| **Adjusted gross margin %** | 45% - 47% |

---

## Exhibit 99.2

![](ebs2026-03x31deck001.jpg)

1 April 30, 2026 2026 First Quarter Financial Results Our Mission: Protect and Save Lives

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![](ebs2026-03x31deck002.jpg)

2 Safe Harbor Statement/Trademarks 2 This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical fact, including statements regarding the future performance of the Company or any of our businesses, our business strategy, future operations, future financial position, future revenues and earnings, our ability to achieve the objectives of our restructuring initiatives, acquisitions and divestitures, including our future results, projected costs, prospects, plans and objectives of management, are forward-looking statements. We generally identify forward-looking statements by using words like "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "confident," "commit," "forecast," "future," "outlook," "goal," "intend," "may," "plan," "position," "possible," "potential," "predict," "project," "should," "target," "will," "would," and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. These forward-looking statements are based on our current intentions, beliefs, assumptions and expectations regarding future events based on information that is currently available. You should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could differ materially from our expectations. Readers are, therefore, cautioned not to place undue reliance on any forward- looking statement contained herein. Any such forward-looking statement speaks only as of the date of this presentation, and, except as required by law, we do not undertake any obligation to update any forward-looking statement to reflect new information, events or circumstances. There are a number of important factors that could cause our actual results to differ materially from those indicated by such forward-looking statements, including, among others, the availability of USG funding for contracts related to procurement of our medical countermeasures ("MCM") products, including CYFENDUS® (Anthrax Vaccine Adsorbed (AVA) Adjuvanted), previously known as AV7909, ACAM2000® (Smallpox (Vaccinia) Vaccine, Live), CNJ-016® (Vaccinia Immune Globulin Intravenous (Human) (VIGIV)), BAT® (Botulism Antitoxin Heptavalent (A,B,C,D,E,F,G)-(Equine)), BioThrax® (Anthrax Vaccine Adsorbed) EbangaTM (ansuvimab-zykl) and/or TEMBEXA® (brincidofovir) among others, as well as contracts related to development of medical countermeasures; our ability to meet our commitments to quality and compliance in all of our manufacturing operations; our ability to negotiate additional USG procurement or follow-on contracts for our MCM products that have expired or will be expiring; the commercial availability and impact of a generic and competitive marketplace on future sales of NARCAN® (naloxone HCL) Nasal Spray, over-the-counter NARCAN® Nasal Spray and KLOXXADO® Nasal Spray; our ability to perform under our contracts with the USG, including the timing of and specifications relating to deliveries; the ability of our contractors and suppliers to maintain compliance with current good manufacturing practices and other regulatory obligations; our ability to collect reimbursement for raw materials and payment of service fees from our Bioservices customers; the results of pending government investigations and their potential impact on our business; our ability to satisfy the conditions of our litigation settlement agreements, and the potential impact of such agreements, including the funds to resolve related litigation, on our business; our ability to comply with the operating and financial covenants required by (i)our term loan facility under the Credit Agreement, dated April 16, 2026, by and among the Company, the lenders from time to time party thereto, and OrbiMed Royalty & Credit Opportunities V, LP, as administrative agent,, (ii) our revolving credit facility under a credit agreement, dated September 30, 2024, among the Company, certain subsidiary borrowers, the lenders from time to time party thereto and Wells Fargo, National Association, as Agent, and (iii) our 3.875% Senior Unsecured Notes due 2028; our ability to maintain adequate internal control over financial reporting and to prepare accurate financial statements in a timely manner; our ability to maintain sufficient cash flow from our operations to pay our substantial debt, both now and in the future; our ability to invest in our business operations as a result of our current indebtedness; the impact of our share and debt repurchase programs; the procurement of our product candidates by USG entities under regulatory authorities that permit government procurement of certain medical products prior to FDA marketing authorization, and corresponding procurement by government entities outside the United States; the success of our commercialization, marketing and manufacturing capabilities and strategy; our ability to identify and acquire companies, businesses, products or product candidates that satisfy our selection criteria; our ability to attract and retain qualified personnel; our ability to adequately secure and protect our intellectual property rights; the impact of cybersecurity incidents, including the risks from the unauthorized access, interruption, failure or compromise of our information systems or those of our business partners, collaborators or other third parties; and the accuracy of our estimates regarding future revenues, expenses, capital requirements and need for additional financing. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ materially from our expectations in any forward-looking statement. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any forward- looking statements. Readers should consider this cautionary statement, as well as the risks identified in our periodic reports filed with the Securities and Exchange Commission, when evaluating our forward-looking statements. Trademarks: Emergent®, BioThrax®, BaciThrax®, BAT®, Trobigard®, ANTHRASIL®, CNJ-016®, ACAM2000®, NARCAN®, CYFENDUS®, TEMBEXA® and any and all Emergent BioSolutions Inc. brands, products, services and feature names, logos and slogans are trademarks or registered trademarks of Emergent BioSolutions Inc. or its subsidiaries in the United States or other countries. All other brands, products, services and feature names or trademarks are the property of their respective owners, including KLOXXADO®, which is a registered trademark of Hikma Pharmaceuticals USA Inc.

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![](ebs2026-03x31deck003.jpg)

3 Today's Agenda Joe Papa President and CEO Rich Lindahl EVP, Chief Financial Officer Joe Papa President and CEO Our Leadership in Public Health Q1 2026 Business Performance & Key Highlights Q1 2026 Financial Results FY 2026 Guidance 2026 Growth Catalysts Q&A Session TopicPresenter

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![](ebs2026-03x31deck004.jpg)

4 Our Leadership in Public Health Joe Papa President and Chief Executive Officer

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![](ebs2026-03x31deck005.jpg)

5 1. Supporting data is on file with the company. \*EbangaTM is a trademark of RIDGEBACK BIOTHERAPEUTICS L.P. \*\*KLOXXADO® is a registered trademark of Hikma Pharmaceuticals USA Inc. Learn more about Emergent products and access prescribing information here: https://www.emergentbiosolutions.com/products-services/our-products/ • 25+ years of experience developing and manufacturing protections against critical public health threats • Vast experience working with the U.S. and allied governments to meet some of their most significant preparedness needs • Continued investment in biodefense/MCM capabilities to remain ready to fulfill the needs of the U.S. in protecting the public and the warfighter • Broad naloxone portfolio with differentiated offerings, proprietary distribution network; over 10 years of trusted brand leadership with NARCAN® Nasal Spray EBS: The Most Diverse Biodefense/MCM and Naloxone Products Globally1 Product Portfolio Smallpox • ACAM2000® • TEMBEXA® • CNJ-016® (VIGIV) Anthrax • ANTHRASIL® • BioThrax® • CYFENDUS® • raxibacumab Opioid Overdose Emergency • NARCAN® Nasal Spray 4 mg • KLOXXADO® Nasal Spray 8 mg Botulism • BAT® Ebola • EbangaTM Mpox • ACAM2000®

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![](ebs2026-03x31deck006.jpg)

6 • Focus on segment revenue growth and improved operating performance • Invest in internal R&D advancement • Identify new growth opportunities aligned with internal capabilities • Continue activities to improve balance sheet & credit ratings • Create long-term and sustainable value for shareholders ü Made strategic divestments ü Improved profitability and balance sheet financials; reduced debt and net leverage ü Executed on share and debt repurchases to return value to shareholders • Advance strategic transformation for long-term growth and profitability • Build synergistic verticals to further leverage EBS infrastructure Business has been stabilized and right-sized Turnaround (Underway) Transform2024-2025 2026 2026 and Beyond Multi-Year Transformation Plan to Create Shareholder Value The leader in solving public health threats for communities around the world Continued commitment to prioritizing patient safety, quality and compliance

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![](ebs2026-03x31deck007.jpg)

7 2026 Business Performance & Key Highlights Joe Papa President and Chief Executive Officer 7

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![](ebs2026-03x31deck008.jpg)

8 ü Solid MCM performance reflects increased global demand and strategic diversification beyond the U.S. • 4 contract awards and product orders received • Int'l MCM sales represent 37% of total MCM Q1 revenue • Continued engagement with U.S. and allied governments ü Maintained market share position across naloxone category • Differentiated commercial capabilities and innovative line extensions • New OTC NARCAN® Nasal Spray Carrying Case and Multipack launches ü Strategic growth initiatives/activities • New manufacturing agreement and exclusive U.S. government (future) distribution opportunity, following U.S. FDA approval, with Substipharm Biologics for Japanese Encephalitis vaccine; expanding operations at Emergent Canton facility • New multi-year manufacturing agreement with SAB Biotherapeutics advance type 1 diabetes candidate, SAB-142 ü FY 2026 Q1 Revenues of $156M - exceeded high end of guidance range - ahead of internal expectations; strong MCM sales contributions ü FY Q1 2026 Adjusted EBITDA1 $36M, 23% margin ü Improved cash balance to $160M, and liquidity of $260M increased $11M vs. prior year • Strong year-over-year improvement in net working capital • Sufficient cash and liquidity to focus on growth initiatives • Continued focus on debt optimization and returning value to shareholders through share repurchases ü Continued capital allocation to create value • Refinanced Prior Term Loan to extend maturity to 2031, improve operational flexibility & lower interest rate • Amended the Revolver to $50M, extended maturity to 2031, and added a Delayed Draw Term Loan ("DDTL") committed capacity for $75M • Continued share repurchases through Q1 2026 1. See "End Notes: Non-GAAP Financial Measures" and "Appendix" for the definitions of non-GAAP terms and reconciliations to the most directly comparable GAAP financial measures. Strong Financial Performance Solid Business Impact & Growth Initiatives Strong Q1 2026 Performance on Both Top and Bottom Line

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![](ebs2026-03x31deck009.jpg)

MCM Business: Continued leadership with U.S. and International Governments on Biodefense Preparedness Increasingly dangerous geopolitical landscape reinforces importance of MCM supply resilience International orders represent 37% of total MCM revenues in Q1 4 MCM contract awards and product orders received Key Highlights in Q1 2026: • $140M CAD in multi-product agreements in Canada; $35M CAD confirmed orders for 2026 • $54M for CNJ-016® (VIGIV) U.S. gov't / ASPR contract award • Up to $21.5M delivery order to supply BioThrax® to the U.S. gov't / Department of War • $6.6M in new incremental orders with international gov't partner 9

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10 Naloxone Business: Committed to Reducing Opioid Overdose Deaths by Increasing Access, Awareness and Availability • U.S. FDA approved OTC NARCAN® Nasal Spray Carrying Case and Multipacks (6 and 24 count presentations) • Announced partnership with British Columbia to supply NARCAN® Nasal Spray for the launch of the expanded BC Take Home Naloxone Program • New awareness campaign in Canada with professional baseball player, Davis Schneider Key HighlightsLandscape Insights • OTC NARCAN® Nasal Spray 4 mg continues to be a standard of care; KLOXXADO® Nasal Spray 8 mg is an important option • Expanding consumer access through retail- enabling product availability - new lines/kits • Leading public awareness via Ready to Rescue campaign and college engagements Market Leadership in U.S. public interest & Canada • U.S. and Canada still experiencing persistent and evolving shifts with opioid epidemic and accidental poisonings1 • Rates of opioid misuse and dependency are highest among young adults ages 18 to 252 • $50+B in total reported opioid settlement dollars; ongoing support from Federal and State support programs 1. International Overdose Awareness Day – Facts and Stats. Available here: https://www.overdoseday.com/facts-stats/, accessed April 28, 2026. 2. https://doi.org/10.3390/ijerph19010022

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111 Diversified Growth Opportunities With Strategic Manufacturing Partnerships, Onshore and Nearshore Production Capabilities Rockville, MD Lansing, Michigan • Specialized containment capabilities for platforms with BSL-2 and BSL-3 requirements Canton, Massachusetts • Multi-product facility for manufacturing of bulk vaccine product, live virus BSL-2 capable Rockville, Maryland • cGMP fill/finish facility with capabilities to handle viral and non-viral drug product (idle manufacturing capacity) Winnipeg, Manitoba • Development and manufacturing of biotherapeutics and complex formulations • Integrated plasma and hyperimmune capabilities Bayview, Maryland • Monoclonal antibody manufacturing capabilities (partnership in place for manufacturing access) Key Highlights: • New manufacturing agreement and exclusive U.S. government (future) distribution opportunity, following U.S. FDA approval, with Substipharm Biologics for Japanese Encephalitis (JE) vaccine ◦ Expanding operations at Emergent Canton facility ◦ JE vaccine licensed internationally as brand name, IMOJEV® • Emergent Winnipeg will support multi-year manufacturing agreement with SAB Biotherapeutics to advance its T1D candidate, SAB-142

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12 Q1 2026 Financial Results Rich Lindahl EVP, Chief Financial Officer

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13 $67 $57 $52 $47 $15 $10 Q1 2025 Q1 2026 58% 52% Q1 2025 Q1 2026 $222 $156 Q1 2025 Q1 2026 $79 $36 Q1 2025 Q1 2026 ($ in millions) 1. All financial information incorporated within this presentation is unaudited. 2. See "End Notes: Non-GAAP Financial Measures" and "Appendix" for the definitions of non-GAAP terms and reconciliations to the most directly comparable GAAP financial measures. Total Revenues Adjusted EBITDA & Adjusted EBITDA Margin2 Adjusted Gross Margin %2 Operating Expenses (R&D and SG&A) SG&A SG&A Key Financial Performance Metrics Q1 2026 vs. Q1 20251 Revenue exceeded high end of guidance and continued cost management discipline R&D SG&A R&D (600) bps $(43) $(10) 23% 36% Q1 2026 Revenue exceeded high end of guidance range

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14 $222 $156 Total R evenue $202 $20 $145 $11 Total Product S ales, net All Other R evenue 1. All financial information incorporated within this presentation is unaudited. 2. Q1 2025 included NARCAN California sales and Public Interest pricing adjustments. 3. Product sales, net are reported net of variable consideration including returns, rebates, wholesaler fees and prompt pay discounts in accordance with U.S. GAAP. 4. Comprises revenues from Bioservices and Contracts and Grants revenues. Notable Revenue Elements Q1 2026 vs. Q1 20251 $45 $48 $106 $3 $43 $22 $64 $16 Naloxone Anthrax MC M S mallpox MC M Other Products 2025 2026 ($ in millions) 3 2 4

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15 $149 $160 Q1 2025 Q1 2026 2.7x 2.4x Q1 2025 Q1 2026 $249 $260 $149 $160 $100 $100 Q1 2025 Q1 2026 1. All financial information incorporated within this presentation is unaudited. 2. Net Debt divided by Trailing Twelve Month Adjusted EBITDA. 3. See "End Notes: Non-GAAP Financial Measures" and "Appendix" for the definitions of non-GAAP terms and reconciliations to the most directly comparable GAAP financial measures. 4. Gross Debt and Net Debt exclude $16.1M and $34.3M as of March 31, 2026 and 2025 of unamortized debt issuance costs, respectively. Continued Cash Improvements Sustained Improvement in Financial Metrics During Turnaround Progress in 20261 Improved Liquidity YoY Material Debt Reduction3,4 Improved Net Leverage YoY 2,3 ($ in millions) Cash Revolver Cash $700 $590$551 $429 Q1 2025 Q1 2026 Gross Debt Net Debt 3,4 $(122) (22)% (16)% $(110) + $11 Cash + $11 Revolver

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16 April 2026 Debt Refinancing $250 $100 $150 $125 Term Loan Debt C ommitted Financing C apacity (DDTL + R evolver) ü Debt Refinancing Transaction Overview • Closed new $150M First Lien Term Loan • Decreased interest expense by 200bps annually; estimated total 5 year savings of ~$15M through 2031 • Established $75M DDTL capacity • Amended ABL Revolver to $50M • Prior First Lien Term Loan fully repaid üPreserved liquidity for ongoing operations and strategic initiatives üExtended debt maturity to 2031 and improved debt covenant requirements Debt Refinancing Summary ($ in millions) Q1 2025 Q2 2026

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17 Growth Investments Capital Allocation Priorities During 2026 Turnaround Period Debt Refinance Share Repurchase • International MCM growth plan • Internal R&D investments • Business development opportunities Debt Refinancing & Reduction • Completed April 2026 term loan refinancing • New $150M term loan, maturity extended to 2031 • Proceeds used to repay prior term loan • Enhanced covenant flexibility following April 2026 refinancing Reauthorized $50M Share Repurchase Program through March 2027 • 0.9M Shares repurchased during Q1 2026 for $9.0M1 • $46.5M of reauthorized repurchase amount remains available 1. This amount is excluding the excise tax of $0.1M for the three months ended March 31, 2026.

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18 Rich Lindahl EVP, Chief Financial Officer FY 2026 Revenue & Profitability Guidance

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19 METRIC ($ in millions) FY 2026 as of April 30, 2026 Action FY 2026 as of February 26, 2026 Total revenues $720 - $760 $720 - $760 MCM revenues: Flat to slightly down with meaningful contribution from international sales Commercial revenues: Flat to slightly up Net loss $(30) - $(10) $(30) - $(10) Adjusted net income1 $45 - $65 REVISED1 $25 - $45 Adjusted EBITDA1 $155 - $175 REVISED1 $135 - $155 Adjusted gross margin %1 45% - 47% 45% - 47% Key Assumptions ($ and shares in millions) FY 2026 as of April 30, 2026 Interest expense ~$40 R&D ~6% to 7% of Revenues SG&A ~26% to 28% of Revenues Weighted avg. fully diluted share count ~52 Stock-based compensation expense ~$20 Capex ~$17 Depreciation & amortization ~$90 1. See "End Notes: Non-GAAP Financial Measures" and "Appendix" for the definitions of non-GAAP terms and reconciliations to the most directly comparable GAAP financial measures. In the first quarter of 2026 we revised our calculations of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to our operating performance. The updated ranges for our 2026 forecast reflect this adjustment. FY 2026 Revenue & Profitability Guidance Q2 Revenue Guidance: $170M-$185M

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20 2026 Business Outlook & Catalysts to Enable Growth Joe Papa President and Chief Executive Officer

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21 Multiple Growth Opportunities Ahead Drive organic growth through internal R&D programs • TEMBEXA® • EBANGA™ • raxibacumab With a stronger cash and liquidity position in 2026, we plan to invest to enable sustainable, long-term growth. Exploring potential for government-funded R&D programs. Selectively evaluating strategically suitable external programs. Launch additional line extensions for naloxone business • NARCAN® Nasal Spray Carrying Case • Multipack configurations Expand international MCM orders and opportunities Accelerate growth through external business development opportunities

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22 Product/Candidate Disease Area Partner(s) Stage of Development Discovery Preclinical Phase 1 Phase 2 Phase 3 Submission Approved Ebanga™\* Zaire ebolavirus BARDA TEMBEXA® Smallpox BARDA Mpox PANTHER, Africa CDC-led raxibacumab Anthrax BARDA Vaccine Candidate Japanese Encephalitis Substipharm Biologics (U.S. market) CDC Category A Agent Undisclosed Undisclosed partner CDC Category B Agent Undisclosed Undisclosed partner Pandemic Flu Vaccine Flu vaccine candidate/ platform to address pandemic flu TBD candidate/partner selection Near-Term Focus Maximizes Value of Current Assets and Pipeline/R&D Opportunities \*EbangaTM is a trademark of RIDGEBACK BIOTHERAPEUTICS L.P. \*\*PANTHER, Africa CDC-led non-registrational study, "MpOx Study in Africa" (MOSA) \*\*\*IMOJEV® is a registered trademark of Subsitpharm, and is licensed in several countries in Asia since 2012. Exclusive distribution rights for Emergent is subject to U.S. FDA approval. Current Portfolio Active/Work Underway Discovery-Evaluation ü \*\* ü ü \*\*\*Í

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23 • Continued to deliver on multi-year transformation plan; on track to execute on key turnaround actions, financial targets to drive our business forward • Operated with lean, efficient and customer-focused business model • Successfully lowered interest expense and debt balance through refinancing in April 2026 • Continue to repurchase shares • Naloxone and MCM businesses continue to deliver on EBS' mission to protect and save lives • Pursuing growth initiatives and creating shareholder value • Ongoing commitment to patient safety, quality and compliance across the enterprise Closing Remarks

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24 Q&A Session Questions? Answers.

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26 2026 U.S. Government Approved Budgets Provide Opportunity for Incremental Biodefense and Opioid Overdose Preparedness Program FY2024 enacted ($m)1 FY2025 enacted ($m)1 FY2026 enacted ($m)1 Change 25-26 ($m) Biomedical Advanced Research and Development Authority (BARDA) $1,015 $1,015 $1,050 +$35 Project BioShield (SRF) $825 $825 $850 +$25 Strategic National Stockpile (SNS) $980 $980 $1,000 +$20 State Opioid Response (SOR) Grants $1,575 $1,575 $1,595 +$20 Substance Use Prevention, Treatment, and Recovery Services (SUPTRS) $1,928 $1,928 $1,934 +$6 Total Increase: $106mInternational Commitments Reinforce Biodefense Priorities • HERA has a budget of approximately EUR 2.8 billion under EU4Health for the period 2022-2027.2 • NATO allies are targeting 3.5% of GDP for core defense and 1.5% for resilience/infrastructure by 2035.3 1. Congress Appropriations Tables, accessed February 23, 2026; 2024 Table: https://www.congress.gov/bill/118th-congress/house-bill/5860; 2025 Table: https://www.congress.gov/bill/119th-congress/house-bill/1968/text and 2026 Table: https://docs.house.gov/billsthisweek/20260119/DEF%20LHHS%20HS%20THUD%20-%20JES%20-%20Division%20B%20-%20LHHS%20-%###-##-####%20-%20Reduced%20File%20Size.pdf 2. European Commission Website, accessed February 23, 2026; https://health.ec.europa.eu/health-emergency-preparedness-and-response-hera/funding-and-opportunities_en 3. North Atlantic Treaty Organization Website, accessed February 23, 2026; https://www.nato.int/en/what-we-do/introduction-to-nato/defence-expenditures-and-natos-5-commitment

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27 End Notes: Non-GAAP Financial Measures In this presentation, we sometimes use information derived from consolidated and segment financial information that may not be presented in our financial statements or prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Certain of these financial measures are considered not in conformity with GAAP ("non-GAAP financial measures") under the United States Securities and Exchange Commission ("SEC") rules. Specifically, we have referred to the following non- GAAP financial measures: • Adjusted Net Income • Adjusted EBITDA • Adjusted EBITDA Margin • Adjusted Gross Margin • Adjusted Gross Margin % • Net Debt • Net Leverage Ratio We define Adjusted Net Income, which is a non-GAAP financial measures, as net income excluding the impact of non-cash amortization charges, severance and restructuring costs (benefits), inventory step-up provisions, acquisition and divestiture costs, loss on assets held for sale, contingent consideration milestones, changes in fair value of financial instruments, stock-based compensation expense, other income, net and tax effects. In the first quarter of 2026 we revised our calculation of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to our operating performance. We use Adjusted Net Income to assess total Company operating performance on a consistent basis. We believe that this non-GAAP financial measures, when considered together with our GAAP financial results and GAAP financial measures, provide management and investors with an additional understanding of our business operating results, including underlying trends. We define Adjusted EBITDA, which is a non-GAAP financial measure, as net income before depreciation and amortization, income taxes, total interest expense, net, inventory step-up provision, changes in fair value of financial instruments, severance and restructuring costs (benefits), acquisition and divestiture costs, gain (loss) on sale of business and assets held for sale, contingent consideration milestones, stock-based compensation expense and other income, net items. We define Adjusted EBITDA Margin, which is a non-GAAP financial measure, as Adjusted EBITDA divided by Total Revenues. In the first quarter of 2026 we revised our calculation of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to our operating performance. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results and GAAP financial measures, provide management and investors with a more complete understanding of our operating results, including underlying trends. In addition, EBITDA is a common alternative measure of operating performance used by many of our competitors. It is used by investors, financial analysts, rating agencies and others to value and compare the financial performance of companies in our industry, although it may be defined differently by different companies. Therefore, we also believe that this non-GAAP financial measure, considered along with corresponding GAAP financial measures, provides management and investors with additional information for comparison of our operating results with the operating results of other companies.

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28 End Notes: Non-GAAP Financial Measures (Continued) We define Adjusted Gross Margin, which is a non-GAAP financial measure, as Gross Margin, excluding the impact of intangible asset amortization, stock-based compensation expense, severance and restructuring costs (benefits) and inventory step-up provision. We define Adjusted Gross Margin %, which is a non-GAAP financial measure, as Adjusted Gross Margin as a percentage of Products and services sales, net. In the first quarter of 2026 we revised our calculation of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to our operating performance. We define Net Debt, which is a non-GAAP financial measure, as our total debt less our cash and cash equivalents. We believe this non-GAAP financial measure, when considered together with our GAAP financial results, provides management and investors with an additional understanding of the Company's ability to pay its debts. We define Net Leverage Ratio, which is a non-GAAP financial measure, as our Net Debt divided by our Trailing Twelve Month Adjusted EBITDA. We believe this non-GAAP financial measure, when considered together with our GAAP financial results, provides management and investors with an additional understanding of the Company's current borrowing capabilities. Non-GAAP financial measures are not defined in the same manner by all companies and may not be comparable with other similarly titled measures of other companies. The determination of the amounts that are excluded from these non-GAAP financial measures are a matter of management judgment and depend upon, among other factors, the nature of the underlying expense or income amounts. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. For additional information on the non-GAAP financial measures noted here, please refer to the reconciliation tables provide in the Appendix to this presentation as well as the associated press release which can be found on the Company's website at www.emergentbiosolutions.com.

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29 Reconciliation of Net Income to Adjusted Net Income – Q1 2026 vs. Q1 2025(1) (unaudited, $ in millions) Three Months Ended March 31, 2026 2025 Source Net income $6.8 $68.0 Adjustments: Non-cash amortization charges $18.3 $18.6 Amortization of intangible assets ("IA"), Other Income Severance and restructuring costs (benefits) 0.2 (1.3) Cost of product and services sales, net, SG&A and R&D Inventory step-up provision 0.1 1.8 Cost of product and services sales, net Acquisition and divestiture costs — 0.2 SG&A Loss on assets held for sale — 12.2 Other Income (Expense) Contingent consideration milestones (5.0) (50.0) Other Income (Expense) Changes in fair value of financial instruments (8.4) (9.5) Other Income (Expense) Stock-based compensation expense 1.9 1.5 Cost of product and services sales, net, SG&A and R&D Other income, net items (0.3) (7.9) Other Income (Expense) Tax effect (1.7) 8.6 Total adjustments: $5.1 $(25.8) Adjusted net income $11.9 $42.2 (1) Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense.

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30 Reconciliation of Net Income to Adjusted EBITDA and Net Income Margin to Adjusted EBITDA Margin – Q1 2026 vs. Q1 2025(1) (unaudited, $ in millions) Three Months Ended March 31, 2026 2025 Net income $6.8 $68.0 Adjustments: Depreciation & amortization $23.5 $25.4 Income taxes 6.6 24.7 Total interest expense, net 10.2 14.0 Inventory step-up provision 0.1 1.8 Changes in fair value of financial instruments (8.4) (9.5) Severance and restructuring costs (benefits) 0.2 (1.3) Acquisition and divestiture costs — 0.2 Loss on assets held for sale — 12.2 Contingent consideration milestones (5.0) (50.0) Stock-based compensation expense 1.9 1.5 Other income, net items (0.3) (7.9) Total adjustments $28.8 $11.1 Adjusted EBITDA $35.6 $79.1 Total revenues $156.1 $222.2 Net Income margin 4 % 31 % Adjusted EBITDA margin 23 % 36 % (1) Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense.

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31 Reconciliations of Total Revenues to Product and Services Sales, Net and of Gross Margin and Gross Margin % to Adjusted Gross Margin and Adjusted Gross Margin % – Q1 2026 vs. Q1 2025(1) APPENDIX Three Months Ended March 31, ($ in millions) 2026 2025 Total revenues $156.1 $222.2 Contracts and grants 6.4 13.1 Product and services sales, net $149.7 $209.1 Cost of product and services sales, net 72.0 88.5 Intangible asset amortization 16.5 16.3 Gross margin $61.2 $104.3 Gross margin % 41 % 50 % Add back: Intangible asset amortization $16.5 $16.3 Inventory step-up provision 0.1 1.8 Severance and restructuring benefits — (0.9) Stock-based compensation expense 0.5 0.3 Adjusted gross margin $78.3 $121.8 Adjusted gross margin % 52 % 58 % (1) Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense.

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32 Reconciliations of Total Debt to Net Debt1 and Net Leverage Ratio 2 (unaudited, $ in millions) As of As of March 31, 2026 March 31, 2025 Total debt $589.7 $700.0 Less: Cash and cash equivalents 160.3 149.1 Net debt $429.4 $550.9 Twelve months ended Twelve months ended (unaudited, $ in millions) March 31, 2026 March 31, 2025 Net loss $(8.6) $(131.6) Adjustments: Depreciation & amortization $93.8 $106.3 Income taxes 12.1 69.3 Total interest expense, net 50.6 59.2 Impairments — 27.2 Inventory step-up provision 3.7 8.0 Changes in fair value of financial instruments 6.5 (8.2) Severance and restructuring costs 0.7 21.7 Exit and disposal costs — 13.3 Acquisition and divestiture costs — 0.2 Gain on sale of business and assets held for sale — (12.1) Settlement charges, net (9.6) 121.7 Contingent consideration milestones (5.0) (80.0) Loss (gain) on debt extinguishment 12.2 (0.3) Stock-based compensation expense 16.6 13.6 Other expense (income), net items 4.7 (0.9) Total adjustments $186.3 $339.0 Adjusted EBITDA $177.7 $207.4 Net Leverage Ratio 2.4 $2.7 1. Debt amount indicated on the Company's balance sheet is net of unamortized debt issuance costs of $16.1M and $34.3M as of March 31, 2026 and 2025, respectively. 2. Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense.

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33 Reconciliation of Net Loss to Adjusted Net Income – Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Source Net loss $(30) - $(10) Adjustments: Non-cash amortization charges $74 Amortization of IA and Other Income (Expense) Changes in fair value of financial instruments (8) Other Income (Expense) Inventory step-up provision 4 Cost of products and services, net Contingent consideration milestones (10) Other Income (Expense) Stock-based compensation expense 20 COGS, R&D and SGA Other expense (income), net items 20 Other Income (Expense) Tax effect (25) Total adjustments: $75 Adjusted net income $45 - $65

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34 Reconciliation of Net Loss to Adjusted EBITDA – Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Net loss $(30) - $(10) Adjustments: Depreciation & amortization $90 Income taxes 29 Total interest expense, net 40 Inventory step-up provision 4 Changes in fair value of financial instruments (8) Contingent consideration milestones (10) Stock-based compensation expense 20 Other expense (income), net items 20 Total adjustments $185 Adjusted EBITDA $155 - $175

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35 Reconciliations of Forecasted Total Revenues to Forecasted Product and Services Sales, Net and of Forecasted Gross Margin and Gross Margin % to Forecasted Adjusted Gross Margin and Adjusted Gross Margin % - Full Year 2026 Forecast ($ in millions) 2026 Full Year Forecast Total revenues $720- $760 Contracts & Grants ($35)-($35) Product and services sales, net $685 - $725 Cost of product and services sales, net $381- $388 Intangible asset amortization (64) Gross margin $240 - $273 Gross margin % 35% - 38% Add back: Intangible asset amortization $64 Inventory step-up provision 4 Stock-based compensation expense 3 Adjusted gross margin $311-$344 Adjusted gross margin % 45% - 47%

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