Document EMERGENT BIOSO LUTIONS REPORTS FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS Fourth Quarter 2024 Total Revenues of $194.7 million Full Year 2024 Total Revenues of $1.04 billion Fourth Quarter 2024 Net Loss

EMERGENT BIOSOLUTIONS REPORTS FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS

Fourth Quarter 2024 Total Revenues of $194.7 million Full Year 2024 Total Revenues of $1.04 billion

Fourth Quarter 2024 Net Loss of $31.3 million, decrease in Net Loss of 37% versus prior year

Fourth Quarter 2024 Adjusted EBITDA of $21.0 million, increase of 518% versus prior year

Full Year 2024 Adjusted EBITDA of $183.1 million, compares favorably to a loss of $22.3 million in 2023

Guiding to 2025 Adjusted EBITDA of $150 - $200 million and improved gross margins

GAITHERSBURG, Md., March 3, 2025-Emergent BioSolutions Inc. (NYSE EBS) today reported financial results for the quarter and year ended December 31, 2024.

As we close out 2024, I'm proud to share we delivered favorable full-year financial results driven by our core products, all the while, completing a series of strategic stabilization actions to strengthen our financial position ahead of plan, said Joe Papa, president and chief executive officer of Emergent. "This strong foundation enables Emergent to focus on profitable revenue growth and cash generation as we move forward with turnaround activities, a critical phase in our multi-year transformation plan. Our results and progress are a testament to the hard work and dedication of our entire team, and we believe Emergent's future will be defined by the durability of our business, opportunities for new markets and innovation, and a steadfast commitment to protecting and saving lives.

FINANCIAL HIGHLIGHTS(1)

Year to Date ("YTD") 2024 vs. YTD 2023

SELECT 2024 FULL YEAR BUSINESS UPDATES

Appointed industry leader Joseph C. Papa as President, CEO and Director

Appointed Dr. Simon Lowry as Chief Medical Officer and Head of Research and Development

Received approximately $550 million of Medical Countermeasure Contract Modification Awards

Awarded procurement contract valued up to $235.8 million to supply BioThrax (Anthrax Vaccine Adsorbed) to the U.S. Department of Defense

FDA approved sBLA for expansion of the indication for ACAM2000 to include prevention of mpox disease in individuals determined to be at high risk

Repaid $168 million of debt and extended maturities to 2029 with new $250 million secured term loan and $100 million asset-backed revolving credit facility

Completed $117 million of targeted asset divestitures and streamlined manufacturing footprint

Resolved legacy legal disputes including receipt of $50 million settlement payment from Janssen

Received $30 million in development milestone payments from Bavarian Nordic as part of the sale of the Travel Health Business

Returned to strong, positive operating cash flow

FOURTH QUARTER 2024 FINANCIAL PERFORMANCE(1)

The Company uses the following categories in discussing product service level revenues

NARCAN - comprises contributions from NARCAN Nasal Spray

Anthrax MCM - comprises contributions from CYFENDUS , previously known as AV7909, BioThrax , Anthrasil and Raxibacumab

Smallpox MCM - comprises contributions from ACAM2000 , VIGIV CNJ-016 and TEMBEXA

Other Products - comprises contributions from BAT and RSDL

Bioservices - comprises service and lease revenues from the Bioservices business

For Q4 2024, revenues from NARCAN (naloxone HCl) Nasal Spray decreased $45.9 million, or 41%, as compared with Q4 2023. The decrease was primarily driven by lower sales of over-the-counter ("OTC") NARCAN , coupled with lower revenues for Canadian retail sales.

For Q4 2024, revenues from Anthrax MCM products decreased $79.1 million, or 71%, as compared with Q4 2023. The decrease reflects the impact of timing of sales related to CYFENDUS , Anthrasil , and BioThrax . Anthrax vaccine product sales are primarily made under annual purchase options exercised by the U.S. government (the "USG"). Fluctuations in revenues result from the timing of USG purchases and the exercise of annual purchase options, the availability of governmental funding and the Company's delivery of orders that follow.

For Q4 2024, revenues from Smallpox MCM products increased $65.0 million, or 565%, as compared with Q4 2023. The increase was primarily due higher ACAM2000 sales to non-U.S. customers and timing of USG purchases of VIGIV CNJ-016 . Fluctuations in revenues result from the timing of USG purchases and the exercise of annual purchase options in existing procurement contracts, the availability of governmental funding and Company delivery of orders that follow.

For Q4 2024, revenues from Other Product sales decreased $7.2 million, or 48%, as compared with Q4 2023. The decrease was due to lower sales of RSDL , which was sold to SERB during the third quarter of 2024, and lower product sales of BAT , due to timing of deliveries.

Bioservices Revenues

For Q4 2024, revenues from Bioservices services decreased $13.8 million, or 67%, as compared with Q4 2023. The decrease was primarily attributable to the sale of the Camden facility to Bora Pharmaceuticals Injectables Inc., a subsidiary of Bora Pharmaceuticals Co., Ltd ("Bora"), during the third quarter of 2024, coupled with lower revenue from the Company's Bayview facility as a result of the prior year resolution of a customer's outstanding obligation, partially offset by higher production from the Company's Winnipeg facility.

For Q4 2024, revenues from Bioservices leases increased $0.4 million, or 200%, as compared with Q4 2023. The increase was attributable to an increase in lease revenue associated with SERB at our Winnipeg facility.

Contracts and Grants

For Q4 2024, revenues from contracts and grants decreased $1.3 million, or 19%, as compared with Q4 2023. The decrease was primarily attributable to the wind-down of various development initiatives.

Cost of Commercial Product Sales

For Q4 2024, cost of Commercial Product sales decreased $16.9 million, or 34%, as compared with Q4 2023. The decrease was primarily due to lower OTC NARCAN unit volume.

Cost of MCM Product Sales

For Q4 2024, cost of MCM Product sales decreased $25.1 million, or 26%, as compared with Q4 2023. The decrease was primarily due to lower sales of CYFENDUS and Anthrasil , coupled with a reduction in Trobigard -related costs due to the revocation of Trobigard's Marketing Authorization during the second quarter of 2024 and lower sales of RSDL , which was sold to SERB during the third quarter of 2024. This decrease was partially offset by an increase in TEMBEXA related costs and higher sales of ACAM2000 .

For Q4 2024, cost of Bioservices decreased $25.1 million, or 66%, as compared with Q4 2023. The decrease was primarily attributable to lower costs due to the sale of the Camden facility to Bora in the third quarter of 2024, coupled with a decrease in overhead costs at our Gaithersburg facility. The decrease was partially offset by higher costs at our Winnipeg facility due to an increase in production.

Research and Development Expenses

For Q4 2024, R D expenses decreased $20.3 million, or 69%, as compared with Q4 2023. The decrease was primarily driven by prior period write-offs related to program terminations, a reduction in spend for certain funded and unfunded projects and a reduction in related overhead costs driven by headcount reductions.

Selling, General and Administrative Expenses

For Q4 2024, SG A expenses decreased $28.9 million, or 32%, as compared with Q4 2023. The decrease was primarily due to lower legal services fees and consulting services fees for disputes and other corporate initiatives, coupled with lower employee related expenses and compensation as a result of restructuring initiatives during 2023 and 2024. The decrease was also driven by lower marketing fees related to the launch of OTC NARCAN in the prior year.

ADDITIONAL FINANCIAL INFORMATION(1)

Capital Expenditures

For Q4 2024, capital expenditures decreased largely due to lower development activities across the Company's facilities.

The Company manages the business with a focus on three reportable segments (1) the Commercial Products segment consisting of NARCAN and other commercial products that were sold as part of our travel health business in the second quarter of 2023 (2) the MCM Products segment consisting of Anthrax - MCM, Smallpox - MCM and Other products and (3) the services segment consisting of our Bioservices business ("Services"). 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.

FOURTH QUARTER 2024 SEGMENT RESULTS

Commercial Products segment gross margin decreased $29.1 million, or 57%, to $22.4 million in the quarter, as compared with $51.5 million in the prior year quarter. Commercial Products segment gross margin percentage decreased twelve percentage points to 34% for the quarter ended December 31, 2024. The decrease was largely due to an unfavorable price and volume mix in 2024 for NARCAN products. Commercial Products segment adjusted gross margin in the current year period excludes the impact of intangible asset amortization of $9.5 million.

MCM Products segment gross margin increased $3.8 million, or 11%, to $37.9 million in the quarter, as compared with $34.1 million in the prior year quarter. MCM Products segment gross margin percentage increased 7 percentage points to 32% for the quarter ended December 31, 2024. The increase was largely due to a favorable product mix weighted more heavily to higher margin products. MCM Product segment adjusted gross margin in the current year period excludes the impact of intangible asset amortization of $6.8 million, inventory step-up provision of $5.0 million and restructuring costs of $(0.3) million.

Services segment gross margin increased $11.7 million, or 69%, to $(5.3) million in the quarter, as compared with $(17.0) million in the prior year quarter. Services segment gross margin percentage increased 10 percentage points to (72)% for the quarter ended December 31, 2024. The increase was primarily due to lower overhead and remediation costs related to the sale of the Camden facility coupled with lower overhead costs at our Gaithersburg facility. Services segment adjusted gross margin in the current year period excludes the impact of restructuring costs of $(0.1) million.

YTD 2024 SEGMENT RESULTS

Commercial Products segment gross margin decreased $73.2 million, or 29%, to $175.2 million for the year ended December 31, 2024, as compared with $248.4 million for the year ended December 31, 2023. Commercial Products segment gross margin percentage decreased 6 percentage points to 44% in 2024. The decrease was largely due to an unfavorable price and volume mix in 2024 for NARCAN products, partially offset by the sale of the products associated with our travel health business to Bavarian Nordic. Commercial Products segment adjusted gross margin in the current year period excludes the impact of intangible asset amortization of $37.8 million.

MCM Products segment gross margin increased $148.5 million, or 130%, to $263.1 million for the year ended December 31, 2024, as compared with $114.6 million for the year ended December 31, 2023. MCM Products segment gross margin percentage increased 26 percentage points to 52% for the year ended December 31, 2024. The increase was largely due to overall higher sales volumes with a favorable product mix weighted more heavily to higher margin products coupled with lower allocations to Cost of MCM Product sales at our Bayview facility and lower shutdown related costs, a reduction in Trobigard related costs due to the Trobigard revocation, and realization of previously adjusted inventory values. MCM Product segment adjusted gross margin in the current year period excludes the impact of intangible asset amortization of $27.3 million, restructuring costs of $7.2 million, inventory step-up provision of $6.2 million and changes in fair value of financial instruments of $0.6 million.

Services segment gross margin decreased $60.1 million, or 54%, to $(171.1) million for the year ended December 31, 2024, as compared with $(111.0) million for the year ended December 31, 2023. Services segment gross margin percentage decreased 22 percentage points to (163)% for the year ended December 31, 2024. The decrease was primarily due to the Settlement Agreement with Janssen and resulting revenue and write-down of related assets mentioned above, coupled with lower production at the Company's Canton facility. This decrease was partially offset by an increase in production at the Camden facility prior to the sale of the facility to Bora and a decrease in overhead costs at our other Maryland facilities. Services segment adjusted gross margin in the current year period excludes the impact of segment settlement charge, net of $110.2 million and restructuring costs of $0.2 million.

2025 FINANCIAL FORECAST

The Company provides the following financial forecast for full year 2025 and Q1 2025, reflecting management's expectations based on the most current information available.

(1) All financial information included in this release is unaudited.

(2) See "Non-GAAP Financial Measures" and the Reconciliation of Non-GAAP Financial Measures tables for the definitions and reconciliations of these non-GAAP financial measures to the most closely related GAAP financial measures.

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

(4) Our MCM Products forecast excludes revenues related to RSDL , which product was sold during the third quarter of 2024.

(5) Our Commercial Products forecast consists of revenues for NARCAN Nasal Spray and revenues from distribution of Kloxxado naloxone HCl nasal spray 8 mg pursuant to an agreement with Hikma Pharmaceuticals PLC in January 2025.

CONFERENCE CALL, PRESENTATION SUPPLEMENT AND WEBCAST INFORMATION

Company management will host a conference call at 5 00 pm eastern time today, March 3, 2025, to discuss these financial results. The conference call and presentation supplement can be accessed from the Company's website or through the following

Advanced registration is required.

Visit https register.vevent.com register BI9fd2e9c4549b4810a48b112eda75d4ad to register and receive an email with the dial-in number, passcode and registrant ID

Visit https edge.media-server.com mmc p 3zrcjovs

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

ABOUT EMERGENT BIOSOLUTIONS INC.

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

Adjusted Net Income (Loss)

Adjusted Net Income (Loss) per Diluted Share

Total Segment Revenues

Total Segment Gross Margin

Total Segment Gross Margin %

Total Segment Adjusted Gross Margin

Total Segment Adjusted Gross Margin %

Segment Adjusted Gross Margin

Segment Adjusted Gross Margin %

We define Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Diluted Share, which are non-GAAP financial measures, as net loss and net loss per diluted share, respectively, excluding the impact of changes in fair value of financial instruments, acquisition and divestiture-related costs, severance and restructuring costs, settlement charges, net, exit and disposal costs, impairment charges, gain on sale of business, non-cash amortization charges, contingent consideration milestones, and other income (expense) items. We use Adjusted Net Income (Loss) for the purpose of calculating Adjusted Net Income (Loss) per Diluted Share. Management uses Adjusted Net Income (Loss) 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 loss before income tax provision (benefit), interest expense, net, depreciation, amortization of intangible assets, excluding the impact of changes in fair value of financial instruments, acquisition and divestiture-related costs, severance and restructuring costs, settlement charges, net, exit and disposal costs, impairment charges, gain (loss) on sale of business, non-cash amortization charges, contingent consideration milestones and other income (expense) items. We believe that this non-GAAP financial measure, when considered together with our GAAP financial results and GAAP financial measures, provides 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.