Émergent Biosolutions Inc. (EBS): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le monde dynamique de la biotechnologie, Emergent Biosolutions Inc. (EBS) se tient à l'intersection critique de l'innovation, de la sécurité nationale et de la préparation mondiale de la santé. Cette analyse complète du pilon dévoile le paysage multiforme qui façonne la trajectoire stratégique de l'entreprise, explorant comment la dynamique politique, les changements économiques, les tendances sociétales, les progrès technologiques, les cadres juridiques et les considérations environnementales convergent pour définir le parcours remarquable de l'EB qui protègent les populations contre les menaces de santé émergentes.

Emergent Biosolutions Inc. (EBS) - Analyse des pilons: facteurs politiques

Contrats et revenus du gouvernement américain

En 2022, les biosolutions émergentes ont déclaré 637 millions de dollars de revenus totaux, avec Environ 64% dérivés des contrats du gouvernement américain. Le principal produit biodéfense de la société, ACAM2000 Vaccroa à variole, a contribué à des marchés publics.

Type de contrat	Contribution des revenus	Année
Contrats de biodefense du gouvernement américain	407,68 millions de dollars	2022
Département de l'approvisionnement de la défense	213,5 millions de dollars	2022

Tensions géopolitiques et contre-mesures médicales

Le paysage géopolitique mondial en cours a accru la demande de contre-mesures médicales. Exigences de stockage national stratégique américain ont entraîné un achat important des produits EBS.

• Exigences de stockage de vaccin contre la variole: 2,5 millions de doses par an
• Anthrax Vaccine Procurement: 1,1 milliard de dollars de contrats fédéraux de 2018 à 2022
• Attribution du financement de la préparation à la pandémie: 88,2 milliards de dollars dans le budget fédéral américain (2022)

Impact de l'environnement réglementaire

La conformité réglementaire de la FDA est essentielle pour le développement des produits EBS. La société a investi 98,3 millions de dollars dans la recherche et le développement en 2022, Navigation de cadres de réglementation des soins de santé complexes.

Zone de conformité réglementaire	Investissement	Agence de réglementation
Approbations de produits de la FDA	45,6 millions de dollars	FDA
Certifications de produits biodefenses	52,7 millions de dollars	Barda

Financement fédéral et planification stratégique

Les politiques fédérales des achats américaines influencent directement les initiatives stratégiques de l'EBS. Le financement de la biodefense et de la préparation à la pandémie a été un moteur clé de la stratégie de l'entreprise.

• Valeur du contrat de biodefense fédéral: 3,4 milliards de dollars (2020-2023)
• Attribution du financement de Barda: 1,7 milliard de dollars pour les contre-mesures médicales
• Financement de la recherche médicale du ministère de la Défense: 1,2 milliard de dollars en 2022

Émergent Biosolutions Inc. (EBS) - Analyse du pilon: facteurs économiques

Paysage d'investissement de biotechnologie volatile

En 2023, les biosolutions émergentes ont déclaré un chiffre d'affaires total de 1,06 milliard de dollars, avec un revenu net de 54,4 millions de dollars. La capitalisation boursière de la société en janvier 2024 était d'environ 1,2 milliard de dollars, reflétant une volatilité importante des investissements en biotechnologie.

Métrique financière	Valeur 2023	Valeur 2022
Revenus totaux	1,06 milliard de dollars	1,16 milliard de dollars
Revenu net	54,4 millions de dollars	89,3 millions de dollars
Dépenses de R&D	270,5 millions de dollars	248,6 millions de dollars

Opportunités du marché pandémique Covid-19

Pendant la pandémie et les biosolutions émergentes générées 628 millions de dollars de revenus liés à Covid-19 par le biais des services de fabrication et de développement de vaccins contractuels.

Tendances des dépenses de santé

Les dépenses mondiales de santé devraient atteindre 10,3 billions de dollars en 2024, la biotechnologie représentant environ 15% du total des dépenses de santé. Le portefeuille de produits des biosolutions émergents couvre plusieurs zones thérapeutiques, notamment:

• Vaccins contre les maladies infectieuses
• Produits biodefenses
• Traitements émergents des maladies infectieuses

Influence du marché mondial des soins de santé

Segment de marché	2024 Revenus projetés	Taux de croissance
Produits biodefenses	352 millions de dollars	4.2%
Vaccins contre les maladies infectieuses	412 millions de dollars	6.7%
Fabrication de contrats	286 millions de dollars	3.9%

La présence mondiale sur le marché de l'entreprise s'étend sur l'Amérique du Nord, l'Europe et l'Asie, les ventes internationales représentant 35% des revenus totaux en 2023.

Émergent Biosolutions Inc. (EBS) - Analyse du pilon: facteurs sociaux

La sensibilisation au public croissante à la préparation aux pandémiques améliore le positionnement du marché de l'entreprise

Selon une enquête sur la santé mondiale en 2023, 68% des répondants ont augmenté leur intérêt pour la préparation pandémique. La pandémie Covid-19 a considérablement influencé la perception du public, 72% des professionnels de la santé mettant l'accent sur l'importance du développement des vaccins et des contre-mesures médicales d'urgence.

Année	Niveau de sensibilisation du public	Investissement en santé dans la préparation
2021	52%	3,2 milliards de dollars
2022	61%	4,7 milliards de dollars
2023	68%	5,9 milliards de dollars

L'accent croissant sur l'innovation des soins de santé et la médecine préventive soutient les objectifs stratégiques EBS

Le marché mondial de la médecine préventive était évalué à 1,5 billion de dollars en 2023, avec un TCAC projeté de 6,3% à 2027. L'alignement stratégique d'EBS avec des solutions de soins de santé innovantes positionne favorablement l'entreprise dans ce segment de marché croissant.

Les changements démographiques et la population vieillissante créent des opportunités d'étendue du marché potentielles

Groupe d'âge	Pourcentage de population	Dépenses de santé
65 ans et plus	16.9%	1,1 billion de dollars
45 à 64 ans	26.5%	820 milliards de dollars

L'augmentation de la demande des consommateurs de solutions médicales rapides entraîne une innovation technologique

La demande mondiale de diagnostics médicaux rapides et de traitements a augmenté de 47% entre 2020-2023. Le marché des solutions médicales rapides devrait atteindre 78,5 milliards de dollars d'ici 2025, avec un TCAC de 8,2%.

• L'adoption de la télémédecine a augmenté de 38% depuis 2020
• Marché à distance de surveillance des patients prévu pour atteindre 117,1 milliards de dollars d'ici 2025
• Marché de la médecine personnalisée devrait atteindre 796 milliards de dollars d'ici 2028

Émergent Biosolutions Inc. (EBS) - Analyse du pilon: facteurs technologiques

Biologiques avancés et technologies de développement des vaccins

Les biosolutions émergentes ont investi 180,7 millions de dollars dans la recherche et le développement en 2022. Le portefeuille technologique de l'entreprise comprend des plateformes propriétaires pour le développement vaccinal et thérapeutique.

Plate-forme technologique	Statut de développement	Investissement (2022)
Plateforme de production de Biothrax	Pleinement opérationnel	42,3 millions de dollars
Technologie de vaccin contre l'ARNm	Étape de recherche avancée	35,6 millions de dollars
Développement d'anticorps monoclonaux	Développement actif	53,2 millions de dollars

Investissement de la recherche et du développement

Les dépenses de R&D en pourcentage des revenus totaux: 16,4% en 2022. Les principaux domaines de l'information technologique comprennent:

• Contre-mesures médicales pour les menaces biologiques
• Vaccins contre les maladies infectieuses
• Technologies de préparation pandémique

Plateformes de biotechnologie émergentes

Les capacités technologiques clés comprennent:

• Technologies de culture cellulaire propriétaire
• Processus de purification avancés
• Systèmes d'identification antigène rapide

Capacité technologique	Amélioration de l'efficacité	Calendrier de développement
Dépistage accéléré de l'antigène	Processus de 37% plus rapide	2020-2023
Surveillance de la production numérique	24% ont augmenté la précision	2021-2022
Production automatisée des vaccins	42% de temps de production réduit	2022-2024

Technologies de santé numérique

Les biosolutions émergentes ont mis en œuvre des stratégies avancées de transformation numérique, avec 46,2 millions de dollars alloués à l'intégration de la technologie de santé numérique en 2022.

Technologie numérique	Année de mise en œuvre	Coût
Plateformes de recherche axées sur l'IA	2022	18,7 millions de dollars
Gestion de la production basée sur le cloud	2021	15,5 millions de dollars
Conception de vaccin d'apprentissage automatique	2023	12 millions de dollars

Emergent Biosolutions Inc. (EBS) - Analyse du pilon: facteurs juridiques

Exigences de conformité réglementaire de la FDA

Les biosolutions émergentes sont confrontées à une surveillance réglementaire stricte de la FDA, avec 12 lettres d'avertissement de la FDA reçues entre 2010-2023. La société a dépensé 47,3 millions de dollars en conformité réglementaire en 2022.

Métrique réglementaire	Données de conformité
Inspections de la FDA (2022-2023)	7 inspections complètes des installations
Dépenses de conformité	47,3 millions de dollars
Violations réglementaires	3 non-conformités mineures

Protection de la propriété intellectuelle

Portefeuille de brevets: 68 brevets actifs au quatrième trimestre 2023, avec une valeur de protection estimée de 312 millions de dollars.

Catégorie IP	Nombre de brevets	Valeur estimée
Technologies de vaccination	34 brevets	178 millions de dollars
Produits thérapeutiques	24 brevets	134 millions de dollars

Cadres réglementaires internationaux

Les biosolutions émergentes opèrent dans 17 pays, naviguant des environnements réglementaires internationaux complexes. Coûts de conformité pour les marchés internationaux: 22,6 millions de dollars en 2022.

Défis juridiques de la responsabilité du fait du produit

Procédures judiciaires actuelles et risques de responsabilité potentielle:

• 3 poursuites en cours de responsabilité des produits
• Exposition totale au litige potentiel: 45,7 millions de dollars
• Dépenses de défense juridique en 2022: 8,2 millions de dollars

Catégorie de risque juridique	Exposition financière	Statut
Réclamations liées au vaccin	28,3 millions de dollars	2 cas actifs
Réclamations de produits thérapeutiques	17,4 millions de dollars	1 cas actif

Émergent Biosolutions Inc. (EBS) - Analyse du pilon: facteurs environnementaux

Pratiques de fabrication durables dans le secteur de la biotechnologie

Les biosolutions émergentes ont signalé une réduction de 22% de la consommation d'énergie entre les installations de fabrication en 2023. La société a investi 3,7 millions de dollars dans les mises à niveau de la technologie verte pour améliorer l'efficacité environnementale.

Métrique environnementale	Valeur 2022	Valeur 2023	Pourcentage de variation
Consommation d'énergie (MWH)	45,600	35,568	-22%
Utilisation de l'eau (gallons)	1,250,000	1,075,000	-14%
Réduction des déchets (tonnes)	87	62	-28.7%

Changement climatique et menaces de maladie infectieuse

La modélisation mondiale des maladies infectieuses indique un risque accru de 37% d'agents pathogènes émergents dus au changement climatique d'ici 2030. Les biosolutions émergentes ont alloué 12,5 millions de dollars pour la recherche sur la préparation des maladies infectieuses liées au climat.

Production pharmaceutique respectueuse de l'environnement

La société a mis en œuvre une stratégie de fabrication verte complète avec les principales initiatives suivantes:

• Les sources d'énergie renouvelables représentent désormais 45% de la consommation totale d'énergie
• Principes de l'économie circulaire a mis en œuvre 67% des processus de production
• Réduction des déchets chimiques de 31% grâce à des technologies de recyclage avancées

Gestion des déchets et réduction de l'empreinte carbone

Métrique de l'empreinte carbone	2022 BASELINE	2023 réalisation	Cible de réduction
Émissions de CO2 (tonnes métriques)	12,500	9,875	-21%
Élimination des déchets dangereux (tonnes)	42	28	-33%
Taux de recyclage	52%	68%	+16%

Investissement total dans les initiatives de durabilité environnementale: 18,2 millions de dollars en 2023.

Emergent BioSolutions Inc. (EBS) - PESTLE Analysis: Social factors

You're looking at how public sentiment and societal shifts are directly impacting Emergent BioSolutions Inc.'s (EBS) core business lines, especially as the company navigates the post-pandemic landscape. Honestly, the social environment is a double-edged sword right now, offering massive opportunity in one area while demanding constant reputational repair in another.

Opioid epidemic continues to drive demand for NARCAN, the first over-the-counter (OTC) naloxone

The opioid crisis, which tragically claimed over 109,000 American lives in 2023, remains a primary driver for NARCAN Nasal Spray demand. However, the transition to over-the-counter (OTC) status, intended to broaden access, has brought new commercial pressures. For the first quarter of fiscal year 2025 (Q1 2025), NARCAN revenues fell by 62%, or $73.2 million, compared to Q1 2024, largely due to lower OTC sales volume and unfavorable pricing mix. This trend continued into the second quarter (Q2 2025), with NARCAN sales decreasing by 44%, or $52.5 million, year-over-year. The initial suggested retail price of $44.99 for a two-dose kit, while making it accessible to individuals, still presents a barrier for some low-income users who rely on community distribution. Here's the quick math: the drop in Q1 revenue was significant, showing the shift from government/bulk purchasing to retail is not yet fully compensating for the change in sales dynamics.

Here is a snapshot of the recent NARCAN revenue trend:

Metric	Q1 2025 Revenue (Millions USD)	Q2 2025 Revenue (Millions USD)	Year-over-Year Change (Q1)
NARCAN (Naloxone HCl) Nasal Spray	$45.3	$67.5	-62%
Total Product Sales, Net	$201.9	$125.9	-26%

Public health preparedness is a heightened global and domestic priority after the pandemic

The memory of the pandemic keeps public health security front and center for policymakers. This translates into sustained, albeit complex, government funding interest in medical countermeasures (MCMs). For instance, the President's proposed Fiscal Year 2025 budget included a mandatory investment of $10.5 billion over five years across HHS agencies to bolster biodefense capabilities, with a specific focus on onshore production of MCMs. This focus on domestic supply chain resilience is a direct opportunity for EBS, given its history in this space. What this estimate hides, though, is the uncertainty around appropriations, as the critical Pandemic and All-Hazards Preparedness Act (PAHPA) reauthorization remains stalled in Congress as of mid-2025.

Increased societal acceptance and legislative support for widespread naloxone access

Societally, there is a clear push to treat naloxone access as a shared responsibility, moving away from the stigma associated with addiction treatment. This is reflected in legislative action aimed at removing barriers. For example, between 2018 and 2023, naloxone prescriptions dispensed from retail pharmacies jumped from about 555,000 to nearly 2.2 million, showing increased prescriber and patient comfort. To further this, public health advocates are pushing for policies that ensure Medicaid covers OTC naloxone and that community organizations receive support to lower distribution costs. It defintely feels like the tide is turning toward proactive, widespread availability.

Key areas driving this social acceptance include:

• Reducing stigma around overdose prevention.
• Engaging law enforcement in administration and distribution.
• Expanding public education initiatives.
• Ensuring access for high-risk populations like those leaving incarceration.

Reputational risk remains a factor following past manufacturing quality control issues

Despite the focus on life-saving products, EBS must continuously manage the reputational fallout from past manufacturing quality control (QC) lapses. The company has clearly signaled its commitment to remediation, evidenced by the formal structure of its Quality, Compliance, Manufacturing and Risk Management Committee. In 2024, they implemented a harmonized strategic quality risk management process across all GxP activities to proactively address potential issues. Still, the shadow of past events lingers; for example, shareholder derivative actions related to prior issues were subject to a proposed settlement as recently as May 2025. You need to watch for any new FDA Form 483 observations or material incidents, as these immediately erode the public and governmental trust EBS needs to secure future large-scale contracts.

Finance: draft 13-week cash view by Friday.

Emergent BioSolutions Inc. (EBS) - PESTLE Analysis: Technological factors

You're looking at how Emergent BioSolutions Inc. is keeping its tech edge in the biodefense space, which is critical when threats are evolving fast. The core of their technology play is moving complex medical countermeasures (MCMs) from the lab bench to reliable, large-scale production. This isn't just about discovery; it's about the engineering to manufacture safely and consistently for government stockpiles.

Advanced Development and Manufacturing of Next-Generation Medical Countermeasures (MCMs)

The company's technological focus is squarely on developing and manufacturing complex MCMs. This involves mastering the production of novel biologics and vaccines designed to counter high-consequence threats. For instance, their R&D spending in the third quarter of 2025 was reported at $13.5 million, representing a 2% decrease compared to Q3 2024, though this was partially offset by increased spend on unfunded R&D and specific development work. This disciplined approach to R&D spend, while still advancing key programs, shows a focus on operational efficiency alongside innovation.

Their broader pipeline shows a commitment to next-generation solutions beyond their established products. Key technological efforts are visible in:

• WEVEE VLP (Western, Eastern and Venezuelan equine encephalitic VLP vaccine) development.
• Pan-Ebola mAb (Ebola/Sudan monoclonal) development.
• Progress on Rocketvax, with Phase I trials expected to start in early 2026.

It's about having the technical capability to pivot to new threats, not just relying on legacy products.

Pipeline Includes Development Work on Products like Ebanga (Ebola treatment)

The continued advancement of Ebanga™ (ansuvimab-zykl), their Ebola treatment, is a prime example of their current technological execution. In January 2025, they secured a contract option modification from BARDA valued at approximately $16.7 million specifically for drug product process and analytical testing validation and long-term stability for Ebanga™. This work is part of a larger 10-year contract with a maximum potential value of $704 million. The financial reports for Q2 and Q3 2025 both noted an increase in development work connected to Ebanga™, showing this program is actively consuming resources and moving forward. This is crucial because it validates their ability to shepherd complex monoclonal antibody treatments through later-stage development and manufacturing scale-up.

Utilizing a North America-based Supply Chain to Ensure Production Reliability for Government Partners

Technological reliability extends beyond the lab to the factory floor, especially for government partners who need guaranteed supply. Emergent BioSolutions emphasizes its North America-based supply chain, with manufacturing located in the U.S. or in USMCA-compliant facilities. This geographic footprint is a strategic technological advantage, offering partners like the U.S. government greater control and security over the production process for critical MCMs. This focus on domestic or near-shore manufacturing directly addresses supply chain fragility concerns that have plagued the sector.

The strength of this operational setup is reflected in the business momentum:

Metric	Value (as of Q3 2025)
Total Contract Modifications/Orders Secured YTD 2025	11
International MCM Sales as % of MCM Orders YTD	34%
International Sales Generated YTD 2025 (in addition to new orders)	More than $100 million

This structure helps secure the $450 million to $475 million revenue guidance for MCM product sales in fiscal year 2025.

The Rise of Bioengineered Threats, Potentially Enabled by Artificial Intelligence, Increases Demand for Biodefense Innovation

The macro-technological environment is pushing Emergent BioSolutions to innovate faster. The perception of increasing biological threats, potentially accelerated or complicated by AI-enabled development, means governments are elevating their investment in preparedness. This translates directly into demand for Emergent's core competency: developing and manufacturing countermeasures for threats like smallpox, anthrax, and botulism. The continuous need to refresh stockpiles and adapt to evolving scientific standards means preparedness funding isn't a one-time event; it requires recurring, deliberate investment in new technology. This environment supports the long-term viability of their biodefense portfolio, which management views as durable.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

Emergent BioSolutions Inc. (EBS) - PESTLE Analysis: Legal factors

When you're dealing with life-saving medical products, the legal and regulatory landscape isn't just a backdrop; it's the main stage. For Emergent BioSolutions, navigating FDA requirements and compliance is central to their entire business model, especially with their focus on opioid overdose reversal agents.

FDA Approval of NARCAN Nasal Spray as an OTC Product

The shift of NARCAN Nasal Spray (4 mg naloxone) to Over-The-Counter (OTC) status was a huge legal win for access. The U.S. Food and Drug Administration (FDA) granted this approval in March 2023, which means you no longer need a prescription to get it at a pharmacy or grocery store. This move significantly simplified distribution and put the product directly into the hands of consumers, which is critical in a public health crisis. Since the initial prescription launch in February 2016, Emergent BioSolutions has distributed over 85 million doses across North America, and the OTC availability is designed to accelerate that reach. It's a clear example of regulatory action directly enabling market expansion.

Expanding the Naloxone Portfolio with KLOXXADO

In January 2025, Emergent BioSolutions made a strategic move by acquiring the exclusive U.S. and Canadian commercial rights to KLOXXADO (8 mg naloxone) from Hikma Pharmaceuticals. This was structured as a six-year agreement. This addition is key because KLOXXADO offers a higher dose, which is increasingly important given the potency of illicit synthetic opioids like fentanyl. By coupling this prescription-only product with the OTC NARCAN, Emergent is legally positioned to address different treatment scenarios. They began integrating KLOXXADO into their NARCANDirect™ online distribution network for qualified purchasers on July 1, 2025.

Here's how the two key products stack up legally as of mid-2025:

Product	Naloxone Dose	FDA Status (2025)	Primary Distribution Channel
NARCAN Nasal Spray	4 mg	Over-The-Counter (OTC)	Retail Pharmacies, Grocery Stores, NARCANDirect™
KLOXXADO Nasal Spray	8 mg	Prescription Only (Rx)	Prescription Fulfillment, NARCANDirect™ (for qualified entities)

This dual-product strategy means Emergent BioSolutions must manage two distinct legal pathways for market access.

Adherence to Stringent Quality and Manufacturing Regulations (cGMP)

For any pharmaceutical manufacturer, adherence to current Good Manufacturing Practice (cGMP) regulations is non-negotiable, but for Emergent BioSolutions, it remains a high-risk area. Past issues, like the February 2022 FDA warning letter citing particulate contamination at the Camden facility, highlight the intense scrutiny. While the company has been working to stabilize and transform its operations, plaintiffs in derivative actions filed in May 2025 alleged repeated cGMP violations at facilities like Bayview, including inadequate quality controls and documentation failures. To counter this, Emergent is legally bound to maintain a robust Compliance Plan, which, under California law SB 1765, requires an annual declaration of compliance with OIG Guidance and the PhRMA Code. The company's commitment to quality is now tied directly to its turnaround narrative.

Monitoring Evolving Global Disclosure Requirements

The legal environment now extends beyond product safety to corporate transparency. Emergent BioSolutions is actively monitoring evolving global disclosure requirements, particularly those related to Environmental, Social, and Governance (ESG) factors. The company published its 2024 ESG Report in May 2025, continuing its annual reporting on Scope 1 and Scope 2 emissions for the third year. A key legal/governance action for 2025 is the plan to work toward obtaining limited assurance for those emissions disclosures, which signals a move toward higher accountability standards. This monitoring is essential because non-compliance with emerging international standards could impact access to capital or government contracts.

• ESG oversight is sponsored by the CFO and EVP, Chief Quality and Compliance Officer.
• Strategy is influenced by TCFD and SASB standards for the sector.
• Focus areas include Product Quality and Ethics and Compliance.

Finance: finalize the Q3 2025 compliance cost assessment related to cGMP remediation by next Wednesday.

Emergent BioSolutions Inc. (EBS) - PESTLE Analysis: Environmental factors

You're looking at how Emergent BioSolutions is handling its footprint, which is a big deal for any company in the pharma space, especially one with large manufacturing sites. Honestly, for a company focused on public health threats, environmental stewardship has to be more than just a side project; it needs to be baked into the main strategy.

Commitment to Environmental, Social, and Governance (ESG) as a core business strategy

Emergent BioSolutions is embedding its ESG practices right into its long-term plan for sustainable and responsible growth. This isn't just window dressing; they see it as essential to their mission to protect and save lives, which extends to the environment where they operate. They are working to ensure they remain compliant across the many geographies they serve, which is a complex task in itself.

The company's commitment is highlighted by its focus areas, which include Climate Impact and overall Sustainability and Corporate Responsibility Oversight. This shows they are taking a structured approach to managing their external impact.

Publishes Scope 1 and Scope 2 emissions data, with a plan for limited assurance on disclosures defintely by 2025

The transparency on greenhouse gas (GHG) emissions is improving, which is good for investors tracking climate risk. For the third year running, Emergent BioSolutions published its Scope 1 and Scope 2 emissions data in its 2024 ESG Report, which was released in May 2025, covering data available as of January 31, 2025. That's a solid step toward accountability.

Here's the quick math on their near-term goal: Through 2025, the plan is to work toward obtaining limited assurance for those disclosures. What this estimate hides is that process emissions for Scope 1 were not calculated for the most recent reporting year, though they are using third-party experts to refine their accounting methods.

Environmental sustainability strategy includes reducing resource consumption and waste minimization

The company's environmental strategy, which they developed back in 2022, is built on two main pillars: Improvement and Innovation. The Improve pillar is where the concrete actions live, directly addressing your concern about resource use and waste.

The key components of this 'Improve' focus are:

• Reducing consumption of resources.
• Ensuring waste minimization.
• Optimizing operational efficiency.

The 'Innovate' pillar looks further out, exploring things like renewable energy and pollution prevention, which is smart for long-term resilience.

Operational focus on optimizing efficiency at manufacturing sites to reduce environmental impact

Optimizing efficiency at their manufacturing sites is a direct lever for reducing environmental impact, and Emergent BioSolutions has been actively streamlining its operations. As part of their strategic stabilization plan in 2024, they streamlined their manufacturing network, which included several asset divestitures.

This streamlining action is a concrete example of focusing on efficiency to become a leaner organization, which naturally helps manage the environmental load from energy sourcing and waste generation across their enterprise. They are continually expanding data collection to get a full picture, which will inform future goals, possibly including science-based targets.

If onboarding new efficiency protocols at the remaining sites takes longer than expected, say past Q3 2025, the realization of projected resource savings could be delayed.

Finance: draft 13-week cash view by Friday