☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 14-1902018 | |||||||
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) |
400 Professional Drive, | ||||||||||
(Address of Principal Executive Offices) | ||||||||||
Gaithersburg | MD | 20879 | ||||||||
(City) | (State) | (Zip Code) |
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 |
Page | |||||||||
GOVERNMENT - MCM PRODUCTS | ||||||||
Product | Indication(s) | Regulatory Approvals | ||||||
United States, Australia, Singapore | ||||||||
[Anthrax Immune Globulin Intravenous (Human)] | Treatment of inhalational anthrax in adult and pediatric patients in combination with appropriate antibacterial drugs. | United States, Canada | ||||||
BAT® [Botulism Antitoxin Heptavalent (A,B,C,D,E,F,G)-(Equine)] | Treatment of symptomatic botulism following documented or suspected exposure to botulinum neurotoxin serotypes A, B, C, D, E, F, or G in adults and pediatric patients. | United States, Canada, Ukraine, Singapore | ||||||
BioThrax® ( | Vaccine for active immunization for the prevention of | |||||||
2.Post-exposure prophylaxis of disease following suspected or confirmed Bacillus anthracis exposure, when administered in conjunction with recommended antibacterial drugs. | United States, Canada, France (where it is known as BaciThrax®), Germany, Italy, the Netherlands, Poland, Singapore and UK | |||||||
Raxibacumab injection, a fully human monoclonal antibody | Treatment of adult and pediatric patients with inhalational anthrax due to Bacillus anthracis in combination with appropriate antibacterial drugs and for prophylaxis of inhalational anthrax when alternative therapies are not available or are not appropriate. | United States | ||||||
RSDL® (Reactive Skin Decontamination Lotion Kit) | Intended to remove or neutralize chemical warfare agents and T-2 Toxin from the skin. | United States (510k), Australia, | ||||||
Trobigard® atropine sulfate, obidoxime chloride auto-injector | Indicated for the emergency treatment of known or suspected exposure to nerve agents or toxic organophosphates in adults > 18 years of age. | Belgium* | ||||||
VIGIV CNJ-016® [Vaccinia Immune Globulin Intravenous (Human)] | Treatment of complications due to vaccinia vaccination, including: •Eczema vaccinatum •Progressive vaccinia; •Severe generalized vaccinia; •Vaccinia infections in individuals who have skin conditions; and •Aberrant infections induced by vaccinia virus (except in cases of isolated keratitis). VIGIV is not indicated for postvaccinial encephalitis. | United States, Canada | ||||||
*TROBIGARD is not approved by the FDA. It is only approved by the Belgian Health Authority but has been procured by various government buyers under special circumstances. |
COMMERCIAL PRODUCTS | ||||||||
Product | Indication(s) | Regulatory Approvals | ||||||
NARCAN®(naloxone HCI) Nasal Spray | Emergency treatment of known or suspected opioid overdose as manifested by respiratory and/or central nervous system depression. | United States, Canada | ||||||
Vaxchora® (Cholera Vaccine Live Oral) | Vaccine indicated in the United States for active immunization against disease caused by Vibrio cholerae serogroup 01 in persons 2 through 64 years of age traveling to cholera-affected areas. | United States, EU | ||||||
Vivotif® (Typhoid Vaccine Live Oral Ty21a) | For immunization of adults and children greater than 6 years of age against disease caused by Salmonella typhi. | United States, Austria, Australia, Belgium, Canada, Czech Republic, Denmark, France, Finland, Germany, Italy, Luxembourg, Malaysia, the Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Slovakia, South Korea, Spain, Sweden, Switzerland and UK |
PRODUCT CANDIDATES | ||||||||
Product Candidate | Target Indication | |||||||
AV7909 (Anthrax Vaccine Adsorbed, Adjuvanted) | Post-exposure prophylaxis of disease following suspected or confirmed exposure to Bacillus anthracis in persons 18 through 65 years of age when administrated in conjunction with recommended antibacterial drugs (currently procured by the USG prior to approval by the FDA and included in revenue for | |||||||
CGRD-001 (Pralidoxime chloride/atropine auto-injector) | Treatment of poisoning by organophosphorus nerve agents or organophosphorus compounds. | |||||||
CHIKV VLP Chikungunya virus VLP vaccine | Active immunization to prevent disease caused by Chikungunya virus. | |||||||
COVID-HIG (Human polyclonal hyperimmune with antibodies to SARS-CoV2) | Early treatment of COVID-19 disease in | |||||||
EGRD-001 (Diazepam auto-injector) | Adjunct treatment in status epilepticus and severe recurrent convulsive seizures caused by nerve agent poisoning. | |||||||
SIAN (stabilized isoamyl nitrite) | Antidote for initial treatment of certain or suspected acute cyanide poisoning. Standard of care supportive measures should be applied as appropriate. SIAN is not a substitute for ongoing emergency medical care. | |||||||
UniFlu (Universal influenza vaccine) | Intended to induce broad and supra-seasonal immunity against influenza A and B viruses. |
Location | Use | Approximate square feet | Owned/leased | ||||||||
Manufacturing operations, office and laboratory space. | 336,000 | Owned | |||||||||
Winnipeg, Manitoba, Canada | Manufacturing operations, office and laboratory space. | 315,000 (Owned); 15,800 (Leased) | Owned/Leased | ||||||||
Gaithersburg, Maryland | Laboratory space, office space and rental real estate. | 173,000 | Owned | ||||||||
Canton, Massachusetts | Manufacturing operations and warehouse space. | 122,508 (Owned); 27,000 (Leased) | Owned/Leased | ||||||||
Baltimore, Maryland (Bayview) | Manufacturing facilities, office and laboratory space. | 112,000 | Owned | ||||||||
Elkridge, Maryland | Warehouse space. | 103,182 | Leased | ||||||||
Baltimore, Maryland (Camden) | Manufacturing facilities, office and laboratory space. | 86,900 (Owned); 41,000 (Leased) | Owned/Leased | ||||||||
San Diego, California | Manufacturing facilities and office | ||||||||||
Manufacturing operations, | |||||||||||
Owned | |||||||||||
Rockville, Maryland | Manufacturing facilities, office and warehouse space. | 59,000 | Leased |
Issuer Purchases of Equity Securities | ||||||||||||||
Periods | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||
November 2021 | 889,872 | $ | 41.96 | 889,872 | ||||||||||
December 2021 | 1,744,926 | $ | 43.03 | 1,744,926 | ||||||||||
Total | 2,634,798 | 2,634,798 | $ | 137,578,873 |
Issuer Purchases of Equity Securities | ||||||||||||||||
(in millions, except for per share data) | ||||||||||||||||
Period | Total number of shares (or units) purchased | Average price paid per share (or unit)(a) | Total number of shares (or units) purchased as part of publicly announced plans or programs(b) | Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs (a)(b) | ||||||||||||
October 1, 2018 - October 31, 2018 | - | $ | - | - | $ | - | ||||||||||
November 1, 2018 - November 30, 2018 | - | - | - | - | ||||||||||||
December 1, 2018 - December 31, 2018 | - | - | - | - | ||||||||||||
Total | - | $ | - | - | $ | 50.0 |
Year Ended December 31, | ||||||||||||||||||||
(in millions, except per share data) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Statements of operations data: | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Product sales | $ | 606.5 | $ | 421.5 | $ | 296.3 | $ | 329.0 | $ | 281.8 | ||||||||||
Contract manufacturing | 98.9 | 68.9 | 49.1 | 43.0 | 30.9 | |||||||||||||||
Contracts and grants | 77.0 | 70.5 | 143.4 | 117.3 | 91.8 | |||||||||||||||
Total revenues | 782.4 | 560.9 | 488.8 | 489.3 | 404.5 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Cost of product sales and contract manufacturing | 322.3 | 187.7 | 126.3 | 102.1 | 96.6 | |||||||||||||||
Research and development | 142.8 | 97.4 | 106.9 | 117.8 | 103.5 | |||||||||||||||
Selling, general & administrative | 202.5 | 142.9 | 143.1 | 120.6 | 108.1 | |||||||||||||||
Amortization of intangible assets | 25.0 | 8.6 | 7.0 | 7.3 | 7.1 | |||||||||||||||
Total operating expenses | 692.6 | 436.6 | 383.3 | 347.8 | 315.3 | |||||||||||||||
Income from operations | 89.8 | 124.3 | 105.5 | 141.5 | 89.2 | |||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (9.9 | ) | (6.6 | ) | (7.6 | ) | (6.5 | ) | (8.2 | ) | ||||||||||
Other income (expense), net | 1.6 | 0.9 | 1.3 | 0.7 | 3.2 | |||||||||||||||
Total other income (expense), net | (8.3 | ) | (5.7 | ) | (6.3 | ) | (5.8 | ) | (5.0 | ) | ||||||||||
Income from continuing operations before provision for income taxes | 81.5 | 118.6 | 99.2 | 135.7 | 84.2 | |||||||||||||||
Provision for income taxes | 18.8 | 36.0 | 36.7 | 44.3 | 29.9 | |||||||||||||||
Net income from continuing operations | 62.7 | 82.6 | 62.5 | 91.4 | 54.3 | |||||||||||||||
Net loss from discontinued operations | - | - | (10.7 | ) | (28.5 | ) | (17.6 | ) | ||||||||||||
Net income | $ | 62.7 | $ | 82.6 | $ | 51.8 | $ | 62.9 | $ | 36.7 | ||||||||||
Net income per share from continuing operations-basic | $ | 1.25 | $ | 1.98 | $ | 1.56 | $ | 2.37 | $ | 1.45 | ||||||||||
Net loss per share from discontinued operations-basic | - | - | (0.27 | ) | (0.74 | ) | (0.47 | ) | ||||||||||||
Net income per share-basic | $ | 1.25 | $ | 1.98 | $ | 1.29 | $ | 1.63 | $ | 0.98 | ||||||||||
Net income per share from continuing operations-diluted | $ | 1.22 | $ | 1.71 | $ | 1.35 | $ | 2.02 | $ | 1.26 | ||||||||||
Net loss per share from discontinued operations-diluted | - | - | (0.22 | ) | (0.61 | ) | (0.38 | ) | ||||||||||||
Net income per share-diluted (1) | $ | 1.22 | $ | 1.71 | $ | 1.13 | $ | 1.41 | $ | 0.88 | ||||||||||
Weighted average number of shares — basic | 50.1 | 41.8 | 40.2 | 38.6 | 37.3 | |||||||||||||||
Weighted average number of shares — diluted | 51.4 | 50.3 | 49.3 | 47.3 | 45.8 |
As of December 31, | ||||||||||||||||||||
(in millions) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Cash and cash equivalents | $ | 112.2 | $ | 178.3 | $ | 271.5 | $ | 308.3 | $ | 276.8 | ||||||||||
Working capital | 420.4 | 385.3 | 404.4 | 425.9 | 312.8 | |||||||||||||||
Total assets | 2,229.4 | 1,070.2 | 970.1 | 931.8 | 815.6 | |||||||||||||||
Total long-term liabilities | 1,018.1 | 57.8 | 268.1 | 274.6 | 281.5 | |||||||||||||||
Total stockholders’ equity | 1,010.9 | 912.2 | 596.2 | 575.0 | 454.5 |
Year ended December 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||
Product sales, net: | |||||||||||||||||||||||
Nasal Naloxone Products | $ | 434.3 | $ | 311.2 | $ | 123.1 | 40 | % | |||||||||||||||
Anthrax Vaccines | 259.8 | 373.8 | (114.0) | (30) | % | ||||||||||||||||||
ACAM2000 | 206.5 | 200.3 | 6.2 | 3 | % | ||||||||||||||||||
Other product sales | 123.3 | 104.5 | 18.8 | 18 | % | ||||||||||||||||||
Total product sales, net | 1,023.9 | 989.8 | 34.1 | 3 | % | ||||||||||||||||||
CDMO: | |||||||||||||||||||||||
Services | 334.9 | 166.7 | 168.2 | NM | |||||||||||||||||||
Leases | 299.7 | 283.8 | 15.9 | 6 | % | ||||||||||||||||||
Total CDMO | 634.6 | 450.5 | 184.1 | 41 | % | ||||||||||||||||||
Contracts and grants | 134.2 | 115.1 | 19.1 | 17 | % | ||||||||||||||||||
Total revenues | 1,792.7 | 1,555.4 | 237.3 | 15 | % | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of product sales | 382.0 | 392.0 | (10.0) | (3) | % | ||||||||||||||||||
Cost of CDMO | 375.5 | 132.0 | 243.5 | NM | |||||||||||||||||||
Research and development | 234.0 | 234.5 | (0.5) | — | % | ||||||||||||||||||
Selling, general and administrative | 348.4 | 303.3 | 45.1 | 15 | % | ||||||||||||||||||
Goodwill impairment | 41.7 | — | 41.7 | NM | |||||||||||||||||||
Amortization of intangible assets | 58.5 | 59.8 | (1.3) | (2) | % | ||||||||||||||||||
Total operating expenses | 1,440.1 | 1,121.6 | 318.5 | 28 | % | ||||||||||||||||||
Income from operations | 352.6 | 433.8 | (81.2) | (19) | % | ||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense | (34.5) | (31.3) | (3.2) | 10 | % | ||||||||||||||||||
Other, net | (3.7) | 4.7 | (8.4) | NM | |||||||||||||||||||
Total other income (expense), net | (38.2) | (26.6) | (11.6) | 44 | % | ||||||||||||||||||
Income before income taxes | 314.4 | 407.2 | (92.8) | (23) | % | ||||||||||||||||||
Income taxes | 83.5 | 102.1 | (18.6) | (18) | % | ||||||||||||||||||
Net income | $ | 230.9 | $ | 305.1 | $ | (74.2) | (24) | % | |||||||||||||||
NM - Not meaningful |
Legend | |||||||||||
Nasal Naloxone Products | CDMO Leases | ||||||||||
ACAM2000 | CDMO Services | ||||||||||
Anthrax vaccines | Contracts and Grants | ||||||||||
Other Product Sales |
Year ended December 31, | ||||||||||||||||
(in millions) | 2018 | 2017 | $ Change | % Change | ||||||||||||
Product sales: | ||||||||||||||||
BioThrax | $ | 278.0 | $ | 286.6 | $ | (8.6 | ) | (3 | %) | |||||||
ACAM2000 | 116.7 | 11.5 | 105.2 | 915 | % | |||||||||||
Other | 211.8 | 123.4 | 88.4 | 72 | % | |||||||||||
Total product sales | 606.5 | 421.5 | 185.0 | 44 | % | |||||||||||
Contract manufacturing | 98.9 | 68.9 | 30.0 | 44 | % | |||||||||||
Contracts and grants | 77.0 | 70.5 | 6.5 | 9 | % | |||||||||||
Total revenues | $ | 782.4 | $ | 560.9 | $ | 221.5 | 39 | % |
Cost of Product Sales | |||||
l | Gross profit margin for product sales | ||||
Cost of CDMO | |||||
l | Gross profit margin for CDMO |
Research and Development expense | |||||
l | Research and Development expense, net of contracts and grants revenue and IPR&D impairment expense | ||||
Selling, General and Administrative | |||||
l | SG&A as a percentage of total revenue | ||||
Amortization expense | |||||
Goodwill impairment | |||||
Year ended December 31, | ||||||||||||||||
(in millions) | 2017 | 2016 | $ Change | % Change | ||||||||||||
Product sales: | ||||||||||||||||
BioThrax | $ | 286.6 | $ | 237.0 | $ | 49.6 | 21 | % | ||||||||
Other | 134.9 | 59.3 | 75.6 | 127 | % | |||||||||||
Total product sales | 421.5 | 296.3 | 125.2 | 42 | % | |||||||||||
Contract manufacturing | 68.9 | 49.1 | 19.8 | 40 | % | |||||||||||
Contracts and grants | 70.5 | 143.4 | (72.9 | ) | (51 | %) | ||||||||||
Total revenues | $ | 560.9 | $ | 488.8 | $ | 72.1 | 15 | % |
Interest expense | |||||
Other income (expense) |
Income tax | |||||
l | Effective tax rate | ||||
(in millions, except percentages) | December 31, 2021 | December 31, 2020 | Change % | ||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 576.1 | $ | 621.3 | (7) | % | |||||||||||
Borrowings: | |||||||||||||||||
Debt, current portion | 31.6 | 33.8 | (7) | % | |||||||||||||
Debt, net of current portion | 809.4 | 841.0 | (4) | % | |||||||||||||
Total borrowings | 841.0 | 874.8 | (4) | % | |||||||||||||
Working capital: | |||||||||||||||||
Current assets | 1,272.1 | 1,195.9 | 6 | % | |||||||||||||
Current liabilities | 373.8 | 384.5 | (3) | % | |||||||||||||
Total working capital | 898.3 | 811.4 | 11 | % |
Year ended December 31, | ||||||||||||
(in millions) | 2018 | 2017 | 2016 | |||||||||
Net cash provided by (used in): | ||||||||||||
Operating activities(1) | $ | 41.6 | $ | 208.1 | $ | 54.7 | ||||||
Investing activities | (897.2 | ) | (249.9 | ) | (76.2 | ) | ||||||
Financing activities | 788.7 | (51.4 | ) | (19.8 | ) | |||||||
Net decrease in cash and cash equivalents | $ | (66.9 | ) | $ | (93.2 | ) | $ | (41.3 | ) |
Year ended December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Net cash provided by (used in): | |||||||||||||||||
Operating activities | $ | 321.1 | $ | 536.0 | $ | 188.0 | |||||||||||
Investing activities | (225.0) | (151.0) | (96.9) | ||||||||||||||
Financing activities | (141.0) | 69.5 | (35.9) | ||||||||||||||
Effect of exchange rate changes | (0.3) | (1.0) | 0.4 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (45.2) | $ | 453.5 | $ | 55.6 |
(in millions) | |||||||||||
December 31, 2021 | |||||||||||
Total Capacity | Outstanding Letters of Credit | Outstanding Indebtedness | Unused Capacity | ||||||||
$ | 600.0 | 2.3 | — | $ | 597.7 | ||||||
December 31, 2020 | |||||||||||
$ | 600.0 | 2.8 | — | $ | 597.2 |
Payments due by period | ||||||||||||||||||||
Less than | 1 to 3 | 3 to 5 | More than | |||||||||||||||||
(in millions) | Total | 1 year | Years | Years | 5 years | |||||||||||||||
Contractual obligations: | ||||||||||||||||||||
Long-term indebtedness | $ | 836.6 | $ | 14.3 | $ | 103.3 | $ | 719.0 | $ | - | ||||||||||
Operating lease obligations | 15.5 | 3.4 | 5.0 | 4.6 | 2.5 | |||||||||||||||
Deemed mandatory repatriation tax (1) | 11.3 | 1.1 | 4.2 | 6.0 | - | |||||||||||||||
Purchase commitments | 66.7 | 60.1 | 6.6 | - | - | |||||||||||||||
Total contractual obligations | $ | 930.1 | $ | 78.9 | $ | 119.1 | $ | 729.6 | $ | 2.5 |
Revenue recognition | ||||||||
Description of the Matter | As described in Notes 2 and 3 to the consolidated financial statements, the Company recognized revenues of $1,792.7 million for the year ended December 31, 2021. The Company enters into or periodically modifies revenue contracts whose terms are complex and require a significant level of judgment. At contract inception, management assesses the products or services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a product or service that is distinct, including evaluating whether the contract includes a customer option for additional goods or services which could represent a material right. The Company estimates the transaction price of the contract, including variable consideration that is subject to a constraint. For commercial contracts, revenue is recognized at a point in time, and the Company’s estimation of variable consideration includes allowances for returns, certain fees, discounts, rebates and chargebacks. For CDMO arrangements, revenue is recognized over time, and the Company uses an input method to measure progress toward the satisfaction of the related performance obligation based on costs incurred as a percentage of total costs to complete. Auditing revenue recognition involved significant auditor judgment because it involves subjective assumptions and estimates made by management. For example, auditing management’s identification of performance obligations was challenging as contracts include implicit and explicit goods and services. Further, significant judgment is required in the evaluation of whether the identified promised goods and services are both capable of being distinct and distinct within the context of the contract. In addition, the estimated rebates and returns for commercial arrangements are subject to significant judgment because their expected value is based on assumptions including sales or invoice data, expected utilization rates, historical payment experience, and changes in product pricing. These estimates are forward-looking and could be affected by future economic conditions and the competitive environment. Further, management’s estimate of the total costs as a measure of progress to completion of the performance obligation requires the use of assumptions and estimates. Finally, the identified material weakness relating to the technical accounting assessment of specific attributes within complex revenue arrangements with customers affected our audit procedures in this area. | |||||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s revenue recognition. For example, we tested controls over management’s review over the assumptions used in the estimation of the rebates and returns, and management’s review over the identification of actual costs incurred and the Company’s estimation of total expected costs used in its measure of progress calculations. We also tested management’s controls over the completeness and accuracy of the data used in the underlying calculations. To test revenue recognized, our audit procedures included, among others, reading certain executed contracts, understanding the methodologies utilized and testing the completeness and accuracy of the information used in management’s assessment. For example, we inspected a sample of the Company’s contracts and evaluated whether the performance obligations and pattern of revenue recognition were appropriately identified based on the terms of the contract and in response to the material weakness, we performed incremental audit procedures in this area specifically for CDMO revenue contracts. To test management’s determination of variable consideration, we reviewed the historical data and trends available and compared to management’s estimated rebates and returns. To test management’s assumptions used in the Company’s determination of costs applied to the input measure of progress, we tested, among other things, the Company’s approved budgets and/or forecasts, inquired of operational personnel and reviewed project development timelines to corroborate the measure of progress and tested the completeness and accuracy of the underlying data. |
December 31, | ||||||||
2018 | 2017 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 112.2 | $ | 178.3 | ||||
Restricted cash | 0.2 | 1.0 | ||||||
Accounts receivable, net | 262.5 | 143.7 | ||||||
Inventories | 205.8 | 142.8 | ||||||
Income tax receivable, net | 8.6 | 2.4 | ||||||
Prepaid expenses and other current assets | 31.5 | 17.2 | ||||||
Total current assets | 620.8 | 485.4 | ||||||
Property, plant and equipment, net | 510.2 | 407.2 | ||||||
Intangible assets, net | 761.6 | 119.6 | ||||||
In-process research and development | 50.0 | - | ||||||
Goodwill | 259.7 | 49.1 | ||||||
Deferred tax assets, net | 13.4 | 2.8 | ||||||
Other assets | 13.7 | 6.1 | ||||||
Total assets | $ | 2,229.4 | $ | 1,070.2 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 80.7 | $ | 41.8 | ||||
Accrued expenses and other current liabilities | 30.7 | 4.8 | ||||||
Accrued compensation | 58.2 | 37.9 | ||||||
Long-term indebtedness, current portion | 10.1 | - | ||||||
Contingent consideration, current portion | 5.6 | 2.4 | ||||||
Income taxes payable, net | 4.5 | - | ||||||
Deferred revenue, current portion | 10.6 | 13.2 | ||||||
Total current liabilities | 200.4 | 100.1 | ||||||
Contingent consideration, net of current portion | 54.4 | 9.9 | ||||||
Long-term indebtedness, net of current portion | 784.5 | 13.5 | ||||||
Deferred tax liability | 67.5 | - | ||||||
Income taxes payable | 11.2 | 12.5 | ||||||
Deferred revenue, net of current portion | 62.5 | 17.3 | ||||||
Other liabilities | 38.0 | 4.6 | ||||||
Total liabilities | 1,218.5 | 157.9 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.001 par value; 15.0 shares authorized, 0 shares issued and outstanding at both December 31, 2018 and 2017 | - | - | ||||||
Common stock, $0.001 par value; 200.0 shares authorized, 52.4 shares issued and 51.2 shares outstanding at December 31, 2018; 50.6 shares issued and 49.4 shares outstanding at December 31, 2017 | 0.1 | 0.1 | ||||||
Treasury stock, at cost, 1.2 common shares at both December 31, 2018 and 2017 | (39.6 | ) | (39.5 | ) | ||||
Additional paid-in capital | 688.6 | 618.3 | ||||||
Accumulated other comprehensive loss | (5.5 | ) | (3.7 | ) | ||||
Retained earnings | 367.3 | 337.1 | ||||||
Total stockholders’ equity | 1,010.9 | 912.3 | ||||||
Total liabilities and stockholders’ equity | $ | 2,229.4 | $ | 1,070.2 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 576.1 | $ | 621.3 | |||||||
Restricted cash | 0.2 | 0.2 | |||||||||
Accounts receivable, net | 274.7 | 230.9 | |||||||||
Inventories, net | 350.8 | 307.0 | |||||||||
Prepaid expenses and other current assets | 70.3 | 36.5 | |||||||||
Total current assets | 1,272.1 | 1,195.9 | |||||||||
Property, plant and equipment, net | 800.1 | 644.1 | |||||||||
Intangible assets, net | 604.6 | 663.1 | |||||||||
Goodwill | 224.9 | 266.7 | |||||||||
Other assets | 57.3 | 113.4 | |||||||||
Total assets | $ | 2,959.0 | $ | 2,883.2 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 128.9 | $ | 136.1 | |||||||
Accrued expenses | 51.7 | 46.9 | |||||||||
Accrued compensation | 88.7 | 84.6 | |||||||||
Debt, current portion | 31.6 | 33.8 | |||||||||
Other current liabilities | 72.9 | 83.1 | |||||||||
Total current liabilities | 373.8 | 384.5 | |||||||||
Contingent consideration, net of current portion | 4.5 | 34.2 | |||||||||
Debt, net of current portion | 809.4 | 841.0 | |||||||||
Deferred tax liability | 94.9 | 53.2 | |||||||||
Contract liabilities, net of current portion | 4.7 | 55.5 | |||||||||
Other liabilities | 52.7 | 67.8 | |||||||||
Total liabilities | 1,340.0 | 1,436.2 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.001 par value; 15.0 shares authorized, no shares issued and outstanding | — | — | |||||||||
Common stock, $0.001 par value; 200.0 shares authorized, 55.1 and 54.3 shares issued; 51.3 and 53.1 shares outstanding, respectively. | 0.1 | 0.1 | |||||||||
Treasury stock, at cost, 3.8 and 1.2 common shares, respectively | (152.2) | (39.6) | |||||||||
Additional paid-in capital | 829.4 | 784.9 | |||||||||
Accumulated other comprehensive loss, net | (16.1) | (25.3) | |||||||||
Retained earnings | 957.8 | 726.9 | |||||||||
Total stockholders’ equity | 1,619.0 | 1,447.0 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,959.0 | $ | 2,883.2 |
Year Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Revenues: | ||||||||||||
Product sales | $ | 606.5 | $ | 421.5 | $ | 296.3 | ||||||
Contract manufacturing | 98.9 | 68.9 | 49.1 | |||||||||
Contracts and grants | 77.0 | 70.5 | 143.4 | |||||||||
Total revenues | 782.4 | 560.9 | 488.8 | |||||||||
Operating expenses: | ||||||||||||
Cost of product sales and contract manufacturing | 322.3 | 187.7 | 126.3 | |||||||||
Research and development | 142.8 | 97.4 | 106.9 | |||||||||
Selling, general and administrative | 202.5 | 142.9 | 143.1 | |||||||||
Amortization of intangible assets | 25.0 | 8.6 | 7.0 | |||||||||
Total operating expenses | 692.6 | 436.6 | 383.3 | |||||||||
Income from operations | 89.8 | 124.3 | 105.5 | |||||||||
Other income (expense): | ||||||||||||
Interest expense | (9.9 | ) | (6.6 | ) | (7.6 | ) | ||||||
Other income (expense), net | 1.6 | 0.9 | 1.3 | |||||||||
Total other income (expense), net | (8.3 | ) | (5.7 | ) | (6.3 | ) | ||||||
Income from continuing operations before provision for income taxes | 81.5 | 118.6 | 99.2 | |||||||||
Provision for income taxes | 18.8 | 36.0 | 36.7 | |||||||||
Net income from continuing operations | 62.7 | 82.6 | 62.5 | |||||||||
Net loss from discontinued operations | - | - | (10.7 | ) | ||||||||
Net income | $ | 62.7 | $ | 82.6 | $ | 51.8 | ||||||
Net income per share from continuing operations-basic | $ | 1.25 | $ | 1.98 | $ | 1.56 | ||||||
Net loss per share from discontinued operations-basic | - | - | (0.27 | ) | ||||||||
Net income per share-basic | $ | 1.25 | $ | 1.98 | $ | 1.29 | ||||||
Net income per share from continuing operations-diluted | $ | 1.22 | $ | 1.71 | $ | 1.35 | ||||||
Net loss per share from discontinued operations-diluted | - | - | (0.22 | ) | ||||||||
Net income per share-diluted (1) | $ | 1.22 | $ | 1.71 | $ | 1.13 | ||||||
Weighted-average number of shares - basic | 50.1 | 41.8 | 40.2 | |||||||||
Weighted-average number of shares - diluted | 51.4 | 50.3 | 49.3 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Revenues: | |||||||||||||||||
Product sales, net | $ | 1,023.9 | $ | 989.8 | 903.5 | ||||||||||||
CDMO: | |||||||||||||||||
Services | 334.9 | 166.7 | 80.0 | ||||||||||||||
Leases | 299.7 | 283.8 | — | ||||||||||||||
Total CDMO | 634.6 | 450.5 | 80.0 | ||||||||||||||
Contracts and grants | 134.2 | 115.1 | 122.5 | ||||||||||||||
Total revenues | 1,792.7 | 1,555.4 | 1,106.0 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Cost of product sales | 382.0 | 392.0 | 372.3 | ||||||||||||||
Cost of CDMO | 375.5 | 132.0 | 61.2 | ||||||||||||||
Research and development | 234.0 | 234.5 | 226.2 | ||||||||||||||
Selling, general and administrative | 348.4 | 303.3 | 273.5 | ||||||||||||||
Goodwill impairment | 41.7 | — | — | ||||||||||||||
Amortization of intangible assets | 58.5 | 59.8 | 58.7 | ||||||||||||||
Total operating expenses | 1,440.1 | 1,121.6 | 991.9 | ||||||||||||||
Income from operations | 352.6 | 433.8 | 114.1 | ||||||||||||||
Other income (expense): | |||||||||||||||||
Interest expense | (34.5) | (31.3) | (38.4) | ||||||||||||||
Other, net | (3.7) | 4.7 | 1.7 | ||||||||||||||
Total other income (expense), net | (38.2) | (26.6) | (36.7) | ||||||||||||||
Income before income taxes | 314.4 | 407.2 | 77.4 | ||||||||||||||
Income taxes | 83.5 | 102.1 | 22.9 | ||||||||||||||
Net income | $ | 230.9 | $ | 305.1 | $ | 54.5 | |||||||||||
Net income per common share | |||||||||||||||||
Basic | $ | 4.32 | $ | 5.79 | $ | 1.06 | |||||||||||
Diluted | $ | 4.27 | $ | 5.67 | $ | 1.04 | |||||||||||
Shares used in computing net income per share | |||||||||||||||||
Basic | 53.5 | 52.7 | 51.5 | ||||||||||||||
Diluted | 54.1 | 53.8 | 52.4 |
December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Net income | $ | 62.7 | $ | 82.6 | $ | 51.8 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Currency translation adjustments | (1.6 | ) | 0.6 | (1.6 | ) | |||||||
Unrealized losses on pension benefit obligation | (0.2 | ) | - | - | ||||||||
Other comprehensive income (loss), net of tax | (1.8 | ) | 0.6 | (1.6 | ) | |||||||
Comprehensive income | $ | 60.9 | $ | 83.2 | $ | 50.2 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net income | $ | 230.9 | $ | 305.1 | $ | 54.5 | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Foreign currency translation | (1.0) | (1.7) | 0.4 | ||||||||||||||
Unrealized gains (losses) on hedging activities | 6.5 | (9.4) | (1.6) | ||||||||||||||
Unrealized gain (losses) on pension benefit obligation | 3.7 | (4.3) | (3.2) | ||||||||||||||
Total other comprehensive income (loss), net of tax | 9.2 | (15.4) | (4.4) | ||||||||||||||
Comprehensive income (loss), net of tax | $ | 240.1 | $ | 289.7 | $ | 50.1 |
Year Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 62.7 | $ | 82.6 | $ | 51.8 | ||||||
Adjustments to reconcile to net cash provided by (used in) operating activities: | ||||||||||||
Stock-based compensation | 23.2 | 15.2 | 18.5 | |||||||||
Depreciation and amortization | 62.2 | 42.6 | 38.2 | |||||||||
Deferred income taxes | 8.6 | 3.3 | 5.2 | |||||||||
Change in fair value of contingent obligations | 3.1 | 7.8 | (10.8 | ) | ||||||||
Impairment and abandonment of long-lived assets | - | 1.9 | 5.6 | |||||||||
Excess tax benefits from stock-based compensation | - | - | (10.6 | ) | ||||||||
Other | 1.1 | 1.0 | 1.0 | |||||||||
Changes in operating assets and liabilities, net of business acquisitions: | ||||||||||||
Accounts receivable | (94.2 | ) | (4.8 | ) | (22.4 | ) | ||||||
Inventories | (1.9 | ) | 6.1 | (9.0 | ) | |||||||
Income taxes | (5.1 | ) | 20.1 | (3.4 | ) | |||||||
Prepaid expenses and other assets | (7.9 | ) | (3.7 | ) | (2.1 | ) | ||||||
Accounts payable | (7.0 | ) | 16.1 | (14.8 | ) | |||||||
Accrued expenses and other liabilities | (11.6 | ) | 1.6 | 0.6 | ||||||||
Accrued compensation | 8.4 | 3.3 | 2.2 | |||||||||
Deferred revenue | 0.2 | 15.0 | 4.6 | |||||||||
Net cash provided by operating activities | 41.8 | 208.1 | 54.6 | |||||||||
Cash flows from investing activities: | ||||||||||||
Purchases of property, plant and equipment | (72.1 | ) | (54.8 | ) | (76.2 | ) | ||||||
Proceeds from sale of assets | 2.6 | - | - | |||||||||
Asset acquisitions | - | (77.6 | ) | - | ||||||||
Business acquisitions, net of cash acquired | (827.7 | ) | (117.5 | ) | - | |||||||
Net cash used in investing activities | (897.2 | ) | (249.9 | ) | (76.2 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from long-term debt obligations | 798.0 | - | - | |||||||||
Proceeds from issuance of common stock upon exercise of stock options | 15.9 | 19.3 | 17.1 | |||||||||
Excess tax benefits from stock-based compensation | - | - | 10.6 | |||||||||
Debt issuance costs | (13.4 | ) | (1.4 | ) | - | |||||||
Taxes paid on behalf of employees for equity activity | (6.6 | ) | (4.3 | ) | (1.1 | ) | ||||||
Principal payments on long-term indebtedness | (2.8 | ) | - | - | ||||||||
Payment of notes payable to Aptevo | - | (20.0 | ) | - | ||||||||
Distribution to Aptevo | - | - | (45.0 | ) | ||||||||
Contingent consideration payments | (3.4 | ) | (10.9 | ) | (1.4 | ) | ||||||
Receipts and payments of restricted cash | 1.1 | (1.0 | ) | - | ||||||||
Purchase of treasury stock | (0.1 | ) | (33.1 | ) | - | |||||||
Net cash (used in) provided by financing activities | 788.7 | (51.4 | ) | (19.8 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (0.2 | ) | - | 0.1 | ||||||||
Net decrease in cash and cash equivalents | (66.9 | ) | (93.2 | ) | (41.3 | ) | ||||||
Cash and cash equivalents at beginning of year (1) | 179.3 | 272.5 | 312.8 | |||||||||
Cash and cash equivalents at end of year (1) | $ | 112.4 | $ | 179.3 | $ | 271.5 | ||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid during the year for interest | $ | 10.2 | $ | 8.4 | $ | 8.2 | ||||||
Cash paid during the year for income taxes | $ | 14.0 | $ | 12.0 | $ | 10.1 | ||||||
Supplemental information on non-cash investing and financing activities: | ||||||||||||
Issuance of common stock to acquire Adapt Pharma | $ | 37.7 | $ | - | $ | - | ||||||
Purchases of property, plant and equipment unpaid at year end | $ | 14.7 | $ | 4.6 | $ | 13.5 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 230.9 | $ | 305.1 | $ | 54.5 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Stock-based compensation expense | 42.4 | 51.0 | 26.7 | ||||||||||||||
Depreciation and amortization | 123.8 | 114.5 | 110.7 | ||||||||||||||
Change in fair value of contingent obligations, net | 2.9 | 31.7 | 24.8 | ||||||||||||||
Amortization of deferred financing costs | 4.1 | 3.5 | 3.0 | ||||||||||||||
Impairments | 41.7 | 29.0 | 12.0 | ||||||||||||||
Deferred income taxes | 46.9 | (2.4) | (1.1) | ||||||||||||||
Write off of contract asset and liability | (17.2) | — | — | ||||||||||||||
Other | 2.0 | (5.2) | (0.2) | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | (48.2) | 49.0 | (8.2) | ||||||||||||||
Inventories | (44.0) | (83.2) | (16.7) | ||||||||||||||
Prepaid expenses and other assets | (24.7) | (29.2) | (39.1) | ||||||||||||||
Accounts payable | (2.5) | 19.8 | 16.5 | ||||||||||||||
Accrued expenses and other liabilities | (9.2) | 19.4 | (15.1) | ||||||||||||||
Accrued compensation | 4.0 | 21.8 | 4.2 | ||||||||||||||
Contract liabilities | (31.8) | 11.2 | 16.0 | ||||||||||||||
Net cash provided by operating activities | 321.1 | 536.0 | 188.0 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchases of property, plant and equipment | (225.0) | (141.0) | (86.9) | ||||||||||||||
Milestone payment from prior asset acquisition | — | (10.0) | (10.0) | ||||||||||||||
Net cash used in investing activities | (225.0) | (151.0) | (96.9) | ||||||||||||||
Cash flows (used in) provided by financing activities: | |||||||||||||||||
Purchases of treasury stock | (106.0) | — | — | ||||||||||||||
Proceeds from revolving credit facility | — | — | 130.0 | ||||||||||||||
Proceeds from senior unsecured notes | — | 450.0 | — | ||||||||||||||
Principal payments on convertible senior notes | (10.6) | — | — | ||||||||||||||
Principal payments on revolving credit facility | — | (373.0) | (105.0) | ||||||||||||||
Principal payments on term loan facility | (25.3) | (14.1) | (11.3) | ||||||||||||||
Proceeds from stock-based compensation activity | 15.9 | 31.6 | 8.2 | ||||||||||||||
Taxes paid for stock-based compensation activity | (13.8) | (13.8) | (7.4) | ||||||||||||||
Debt issuance costs | — | (8.4) | — | ||||||||||||||
Contingent consideration payments | (1.2) | (2.8) | (50.4) | ||||||||||||||
Net cash (used in) provided by financing activities: | (141.0) | 69.5 | (35.9) | ||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.3) | (1.0) | 0.4 | ||||||||||||||
Net change in cash, cash equivalents and restricted cash | (45.2) | 453.5 | 55.6 | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 621.5 | 168.0 | 112.4 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 576.3 | $ | 621.5 | $ | 168.0 | |||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid during the year for interest | 30.4 | 21.0 | 34.5 | ||||||||||||||
Cash paid during the year for income taxes | 71.6 | 109.3 | 30.8 | ||||||||||||||
Supplemental information on non-cash investing and financing activities: | |||||||||||||||||
Purchases of property, plant and equipment unpaid at period end | 20.0 | 22.0 | 12.3 | ||||||||||||||
Purchases of treasury stock | 6.6 | — | — | ||||||||||||||
Reconciliation of cash and cash equivalents and restricted cash: | |||||||||||||||||
Cash and cash equivalents | 576.1 | 621.3 | 167.8 | ||||||||||||||
Restricted cash | 0.2 | 0.2 | 0.2 | ||||||||||||||
Total | $ | 576.3 | $ | 621.5 | $ | 168.0 |
$0.001 Par Value Common Stock | Additional Paid-In | Treasury Stock | Accumulated Other Comprehensive | Retained | Total Stockholders' | |||||||||||||||||||||||||||
Shares | Amount | Capital | Shares | Amount | Loss | Earnings | Equity | |||||||||||||||||||||||||
Balance at December 31, 2015 | 39.8 | $ | - | $ | 318.0 | (0.4 | ) | $ | (6.4 | ) | $ | (2.7 | ) | $ | 351.1 | $ | 660.0 | |||||||||||||||
Employee equity plans activity | 1.2 | - | 34.4 | - | - | - | - | 34.4 | ||||||||||||||||||||||||
Separation of Aptevo | - | - | - | - | - | - | (148.4 | ) | (148.4 | ) | ||||||||||||||||||||||
Net income | - | - | - | - | - | - | 51.8 | 51.8 | ||||||||||||||||||||||||
Other comprehensive loss | - | - | - | - | - | (1.6 | ) | - | (1.6 | ) | ||||||||||||||||||||||
Balance at December 31, 2016 | 41.0 | $ | - | $ | 352.4 | (0.4 | ) | $ | (6.4 | ) | $ | (4.3 | ) | $ | 254.5 | $ | 596.2 | |||||||||||||||
Employee equity plans activity | 1.1 | - | 28.0 | - | - | - | - | 28.0 | ||||||||||||||||||||||||
Shares issued to extinguish convertible notes | 8.5 | 0.1 | 237.9 | - | - | - | - | 238.0 | ||||||||||||||||||||||||
Treasury stock | - | - | - | (0.8 | ) | (33.1 | ) | - | - | (33.1 | ) | |||||||||||||||||||||
Net income | - | - | - | - | - | - | 82.6 | 82.6 | ||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | - | 0.6 | - | 0.6 | ||||||||||||||||||||||||
Balance at December 31, 2017 | 50.6 | $ | 0.1 | $ | 618.3 | (1.2 | ) | $ | (39.5 | ) | $ | (3.7 | ) | $ | 337.1 | $ | 912.3 | |||||||||||||||
Adoption of new accounting standard (ASC 606), net of tax | - | - | - | - | - | - | (32.5 | ) | (32.5 | ) | ||||||||||||||||||||||
Balance at January 1, 2018 | 50.6 | 0.1 | 618.3 | (1.2 | ) | (39.5 | ) | (3.7 | ) | 304.6 | 879.8 | |||||||||||||||||||||
Employee equity plans activity | 1.1 | - | 32.6 | - | - | - | - | 32.6 | ||||||||||||||||||||||||
Issuance of common stock in acquisition | 0.7 | - | 37.7 | - | - | - | - | 37.7 | ||||||||||||||||||||||||
Treasury stock | - | - | - | - | (0.1 | ) | - | - | (0.1 | ) | ||||||||||||||||||||||
Net income | - | - | - | - | - | - | 62.7 | 62.7 | ||||||||||||||||||||||||
Other comprehensive loss | - | - | - | - | - | (1.8 | ) | - | (1.8 | ) | ||||||||||||||||||||||
Balance at December 31, 2018 | 52.4 | $ | 0.1 | $ | 688.6 | (1.2 | ) | $ | (39.6 | ) | $ | (5.5 | ) | $ | 367.3 | $ | 1,010.9 |
$0.001 Par Value Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | 52.4 | $ | 0.1 | $ | 688.6 | (1.2) | $ | (39.6) | $ | (5.5) | $ | 367.3 | $ | 1,010.9 | |||||||||||||||||||||||||||||||||
Share-based compensation activity | 0.6 | — | 27.5 | — | — | — | — | 27.5 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 54.5 | 54.5 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | (4.4) | — | (4.4) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 53.0 | $ | 0.1 | $ | 716.1 | (1.2) | $ | (39.6) | $ | (9.9) | $ | 421.8 | $ | 1,088.5 | |||||||||||||||||||||||||||||||||
Share-based compensation activity | 1.3 | — | 68.8 | — | — | — | — | 68.8 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 305.1 | 305.1 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | (15.4) | — | (15.4) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 54.3 | $ | 0.1 | $ | 784.9 | (1.2) | $ | (39.6) | $ | (25.3) | $ | 726.9 | $ | 1,447.0 | |||||||||||||||||||||||||||||||||
Share-based compensation activity | 0.8 | — | 44.5 | — | — | — | — | 44.5 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 230.9 | 230.9 | |||||||||||||||||||||||||||||||||||||||
Repurchases of stock | — | — | — | (2.6) | (112.6) | — | — | (112.6) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | 9.2 | — | 9.2 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 55.1 | $ | 0.1 | $ | 829.4 | (3.8) | $ | (152.2) | $ | (16.1) | $ | 957.8 | $ | 1,619.0 |
Level 1 — | Observable inputs for identical assets or liabilities such as quoted prices in active markets; |
Level 2 — | Inputs other than quoted prices in active markets that are either directly or indirectly observable; and |
Level 3 — | Unobservable inputs in which little or no market data exists, which are therefore developed by the Company using estimates and assumptions that reflect those that a market participant would use. |
Land | Not depreciated | ||||
Buildings | 31-39 years | ||||
Building improvements | 10-39 years | ||||
Furniture and equipment | 3-15 years | ||||
Software | 3-7 years | ||||
Leasehold improvements | Lesser of the asset life or lease term |
(in millions) | Year Ended December 31, 2021 | ||||
Contract development and manufacturing revenue: | |||||
Services | $ | 28.8 | |||
Leases | (5.5) | ||||
Total contract development and manufacturing revenue | 23.3 | ||||
Cost of CDMO | 16.2 | ||||
Income before income taxes | 7.1 | ||||
Net income | $ | 5.3 |
(in millions) | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
U.S Government | Non-U.S. Government | Total | U.S Government | Non-U.S. Government | Total | U.S Government | Non-U.S. Government | Total | |||||||||||||||||||||||||||||||||||||||||||||
Product sales | $ | 530.0 | $ | 493.9 | $ | 1,023.9 | $ | 626.0 | $ | 363.8 | $ | 989.8 | $ | 568.8 | $ | 334.7 | $ | 903.5 | |||||||||||||||||||||||||||||||||||
CDMO: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Services | — | 334.9 | 334.9 | — | 166.7 | 166.7 | — | 80.0 | 80.0 | ||||||||||||||||||||||||||||||||||||||||||||
Leases | 237.6 | 62.1 | 299.7 | 253.3 | 30.5 | 283.8 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total CDMO | 237.6 | 397.0 | 634.6 | 253.3 | 197.2 | 450.5 | — | 80.0 | 80.0 | ||||||||||||||||||||||||||||||||||||||||||||
Contracts and grants | 130.2 | 4.0 | 134.2 | 109.2 | 5.9 | 115.1 | 105.9 | 16.6 | 122.5 | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 897.8 | $ | 894.9 | $ | 1,792.7 | $ | 988.5 | $ | 566.9 | $ | 1,555.4 | $ | 674.7 | $ | 431.3 | $ | 1,106.0 |
(in millions) | Year Ended December 31, 2018 | |||||||||||
U.S | Non-U.S. | |||||||||||
Government | Government | Total | ||||||||||
Product sales | $ | 526.1 | $ | 80.4 | $ | 606.5 | ||||||
Contract manufacturing | — | 98.9 | 98.9 | |||||||||
Contracts and grants | 71.5 | 5.5 | 77.0 | |||||||||
Total revenues | $ | 597.6 | $ | 184.8 | $ | 782.4 |
2021 | 2020 | 2019 | |||||||||||||||
% of product sales: | |||||||||||||||||
Anthrax vaccines | 25 | % | 38 | % | 19 | % | |||||||||||
Nasal naloxone products | 43 | % | 31 | % | 31 | % | |||||||||||
ACAM2000 | 20 | % | 20 | % | 27 | % | |||||||||||
Other products | 12 | % | 11 | % | 23 | % |
(in millions) | Year Ended December 31, | ||||
2022 | 45.8 | ||||
2023 | 50.7 | ||||
2024 | 11.5 | ||||
$ | 108.0 |
(in millions) | ||||
Balance at December 31, 2017 | $ | 30.5 | ||
Adoption of new accounting standard (ASC 606) | 42.4 | |||
Balance at January 1, 2018 | 72.9 | |||
Deferral of revenue | 29.3 | |||
Recognition of revenue included in beginning of year contract liability | (29.1 | ) | ||
Balance at December 31, 2018 | $ | 73.1 |
(in millions) | |||||
December 31, 2019 | $ | 88.9 | |||
Deferral of revenue | 146.2 | ||||
Revenue recognized | (135.0) | ||||
Balance at December 31, 2020 | 100.1 | ||||
Deferral of revenue | 279.7 | ||||
Revenue recognized | (363.4) | ||||
Balance at December 31, 2021 | $ | 16.4 |
December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Billed, net | $ | 224.9 | $ | 172.7 | |||||||
Unbilled | 49.8 | 58.2 | |||||||||
Total, net | $ | 274.7 | $ | 230.9 |
December 31, | ||||||||
(in millions) | 2018 | 2017 | ||||||
Billed, net | $ | 234.0 | $ | 118.9 | ||||
Unbilled | 28.5 | 24.8 | ||||||
Total, net | $ | 262.5 | $ | 143.7 |
(in millions) | 2016 | |||
Revenues: | ||||
Product sales | $ | 21.2 | ||
Collaborations | 0.2 | |||
Total revenues | 21.4 | |||
Operating expense: | ||||
Cost of product sales | 11.6 | |||
Research and development | 18.0 | |||
Selling, general and administrative | 23.8 | |||
Total operating expense | 53.4 | |||
Loss from discontinued operations before benefit from income taxes | (32.0 | ) | ||
Benefit from income taxes | (21.3 | ) | ||
Net loss from discontinued operations | $ | (10.7 | ) |
Year ended December 31, | ||||
(in millions) | 2016 | |||
Net cash used in operating activities | $ | (10.3 | ) | |
Net cash used in investing activities | (1.9 | ) | ||
Net cash provided by financing activities | 7.7 | |||
Net decrease in cash and cash equivalents | $ | (4.5 | ) |
(in millions) | October 15, 2018 | |||
Cash | $ | 581.5 | ||
Equity | 37.7 | |||
Fair value of contingent purchase consideration | 48.0 | |||
Total preliminary purchase consideration | $ | 667.2 |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Money market accounts | $ | 152.4 | $ | 152.4 | $ | — | $ | — | $ | 352.2 | $ | 352.2 | $ | — | $ | — | ||||||||||
Time deposits | 200.0 | — | 200.0 | — | — | — | — | — | ||||||||||||||||||
Total | $ | 352.4 | $ | 152.4 | $ | 200.0 | $ | — | $ | 352.2 | $ | 352.2 | $ | — | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||||||||||
Contingent consideration | $ | 37.2 | $ | — | $ | — | $ | 37.2 | $ | 58.1 | $ | — | $ | — | $ | 58.1 | ||||||||||
Derivative instruments | 6.1 | — | 6.1 | — | 15.0 | — | 15.0 | — | ||||||||||||||||||
Total | $ | 43.3 | $ | — | $ | 6.1 | $ | 37.2 | $ | 73.1 | $ | — | $ | 15.0 | $ | 58.1 |
(in millions) | October 15, 2018 | |||
Estimated fair value of tangible assets acquired and liabilities assumed: | ||||
Cash | $ | 17.7 | ||
Accounts receivable | 21.3 | |||
Inventory | 41.4 | |||
Prepaid expenses and other assets | 7.8 | |||
Accounts payable | (32.2 | ) | ||
Accrued expenses and other liabilities | (50.4 | ) | ||
Deferred tax liability, net | (62.4 | ) | ||
Total estimated fair value of tangible assets acquired and liabilities assumed | (56.8 | ) | ||
Acquired in-process research and development | 41.0 | |||
Acquired intangible asset | 534.0 | |||
Goodwill | 149.0 | |||
Total purchase price | $ | 667.2 |
(in millions) | October 4, 2018 | |||
Estimated fair value of tangible assets acquired and liabilities assumed: | ||||
Cash | $ | 9.0 | ||
Accounts receivable | 4.1 | |||
Inventory | 19.7 | |||
Prepaid expenses and other assets | 12.2 | |||
Property, plant and equipment | 57.8 | |||
Deferred tax assets, net | 3.8 | |||
Accounts payable | (3.5 | ) | ||
Accrued expenses and other liabilities | (33.6 | ) | ||
Total estimated fair value of tangible assets acquired and liabilities assumed | 69.5 | |||
Acquired in-process research and development | 9.0 | |||
Acquired intangible assets | 133.0 | |||
Goodwill | 61.6 | |||
Total purchase consideration | $ | 273.1 |
December 31, | ||||||||
(in millions, except per share value) | 2018 | 2017 | ||||||
(Unaudited) | ||||||||
Revenues | $ | 949.3 | $ | 683.8 | ||||
Net income | $ | 27.7 | $ | 12.3 | ||||
Net income per share - basic | $ | 0.55 | $ | 0.29 | ||||
Net income per share - diluted | $ | 0.54 | $ | 0.28 |
(in millions) | ||||
Amount of cash paid to Sanofi | $ | 117.5 | ||
Fair value of contingent purchase consideration | 2.2 | |||
Total purchase price | $ | 119.7 |
(in millions) | ||||
Fair value of tangible assets acquired: | ||||
Inventory | $ | 74.9 | ||
Property, plant and equipment | 20.0 | |||
Total fair value of tangible assets acquired | 94.9 | |||
Acquired intangible asset | 16.7 | |||
Goodwill | 8.1 | |||
Total purchase price | $ | 119.7 |
(in millions) | December 31, 2018 | December 31, 2017 | ||||||
Revenue | $ | 167.8 | $ | 11.5 | ||||
Operating income (loss) | $ | 13.4 | $ | (0.9 | ) |
(in millions) | ||||
Balance at December 31, 2016 | $ | 13.2 | ||
(Income) expense included in earnings | 7.8 | |||
Settlements | (10.9 | ) | ||
Additions due to acquisition | 2.2 | |||
Balance at December 31, 2017 | $ | 12.3 | ||
(Income) expense included in earnings | 3.1 | |||
Settlements | (3.4 | ) | ||
Additions due to acquisition | 48.0 | |||
Balance at December 31, 2018 | $ | 60.0 |
(in millions) | |||||
Balance at December 31, 2019 | $ | 29.2 | |||
Expense included in earnings | 31.7 | ||||
Settlements | (2.8) | ||||
Balance at December 31, 2020 | $ | 58.1 | |||
Expense included in earnings | 2.9 | ||||
Settlements | (23.8) | ||||
Balance at December 31, 2021 | $ | 37.2 |
Contingent Consideration Liability | Fair Value as of December 31, 2021 | Valuation Technique | Unobservable Input | Range | Weighted Average | ||||||||||||
Revenue milestone and royalty based | $37.2 million | Discounted cash flow | Discount rate | —% - 7.4% | 1.5% | ||||||||||||
Probability of payment | 25.0% - 100.0% | 87.0% | |||||||||||||||
Projected year of payment | 2022 - 2028 | 2022 |
December 31, | ||||||||
(in millions) | 2018 | 2017 | ||||||
Raw materials and supplies | $ | 51.8 | $ | 36.1 | ||||
Work-in-process | 103.2 | 76.6 | ||||||
Finished goods | 50.8 | 30.1 | ||||||
Total inventories | $ | 205.8 | $ | 142.8 |
December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Raw materials and supplies | $ | 217.5 | $ | 160.6 | |||||||
Work-in-process | 95.8 | 102.5 | |||||||||
Finished goods | 37.5 | 43.9 | |||||||||
Total inventories | $ | 350.8 | $ | 307.0 |
December 31, | ||||||||
(in millions) | 2018 | 2017 | ||||||
Land and improvements | $ | 44.6 | $ | 21.8 | ||||
Buildings, building improvements and leasehold improvements | 216.2 | 160.0 | ||||||
Furniture and equipment | 293.9 | 206.8 | ||||||
Software | 55.2 | 50.8 | ||||||
Construction-in-progress | 71.8 | 100.2 | ||||||
681.7 | 539.6 | |||||||
Less: Accumulated depreciation and amortization | (171.5 | ) | (132.4 | ) | ||||
Total property, plant and equipment, net | $ | 510.2 | $ | 407.2 |
December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Land and improvements | $ | 52.1 | $ | 52.7 | |||||||
Buildings, building improvements and leasehold improvements | 269.7 | 246.3 | |||||||||
Furniture and equipment | 513.5 | 362.1 | |||||||||
Software | 60.7 | 58.7 | |||||||||
Construction-in-progress | 223.2 | 183.4�� | |||||||||
1,119.2 | 903.2 | ||||||||||
Less: Accumulated depreciation and amortization | (319.1) | (259.1) | |||||||||
Total property, plant and equipment, net | $ | 800.1 | $ | 644.1 |
December 31, 2021 | |||||||||||||||||
(in millions) | Estimated Life | Cost | Accumulated Amortization | Net | |||||||||||||
Products | 9-22 years | $ | 798.0 | $ | 193.5 | $ | 604.5 | ||||||||||
Customer relationships | 8 years | 28.6 | 28.6 | — | |||||||||||||
CDMO | 8 years | 5.5 | 5.4 | 0.1 | |||||||||||||
Total intangible assets | $ | 832.1 | $ | 227.5 | $ | 604.6 |
(in millions) | Total | |||
Cost basis | ||||
Balance at December 31, 2017 | $ | 151.4 | ||
Additions | 667.0 | |||
Balance at December 31, 2018 | $ | 818.4 | ||
Accumulated amortization | ||||
Balance at December 31, 2017 | $ | (31.8 | ) | |
Amortization | (25.0 | ) | ||
Balance at December 31, 2018 | $ | (56.8 | ) | |
Net book value at December 31, 2018 | $ | 761.6 |
December 31, 2020 | |||||||||||||||||
(in millions) | Estimated Life | Cost | Accumulated Amortization | Net | |||||||||||||
Products | 9-22 years | $ | 798.0 | $ | 137.8 | $ | 660.2 | ||||||||||
Customer relationships | 8 years | 28.6 | 26.5 | 2.1 | |||||||||||||
CDMO | 8 years | 5.5 | 4.7 | 0.8 | |||||||||||||
Total intangible assets | $ | 832.1 | $ | 169.0 | $ | 663.1 |
(in millions) | ||||
2019 | $ | 57.7 | ||
2020 | 57.6 | |||
2021 | 56.1 | |||
2022 | 53.4 | |||
2023 and beyond | 536.8 | |||
Total remaining amortization | $ | 761.6 |
(in millions) | |||||
2022 | $ | 55.9 | |||
2023 | 55.8 | ||||
2024 | 55.8 | ||||
2025 | 55.8 | ||||
2026 and beyond | 381.3 | ||||
Total remaining amortization | $ | 604.6 |
Year ended December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Balance at beginning of the year | $ | 266.7 | $ | 266.6 | |||||||
Goodwill impairment (1) | (41.7) | — | |||||||||
Foreign currency translation | (0.1) | 0.1 | |||||||||
Balance at end of the year | $ | 224.9 | $ | 266.7 |
Year Ended December 31, | ||||||||
(in millions) | 2018 | 2017 | ||||||
Balance at beginning of the year | $ | 49.1 | $ | 41.0 | ||||
Additions | 210.6 | 8.1 | ||||||
Balance at end of the year | $ | 259.7 | $ | 49.1 |
December 31, | ||||||||
(in millions) | 2018 | 2017 | ||||||
Senior secured credit agreement - Term loan due 2023 | $ | 447.2 | $ | - | ||||
Senior secured credit agreement - Revolver loan due 2023 | 348.0 | - | ||||||
2.875% Convertible Senior Notes due 2021 | 10.6 | 10.6 | ||||||
Other | 3.0 | 3.0 | ||||||
Total long-term indebtedness | $ | 808.8 | $ | 13.6 | ||||
Current portion of long-term indebtedness, net of debt issuance costs | (10.1 | ) | - | |||||
Unamortized debt issuance costs | (14.2 | ) | (0.1 | ) | ||||
Noncurrent portion of long-term indebtedness | $ | 784.5 | $ | 13.5 |
December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Senior secured credit agreement - Term loan due 2023 | $ | 396.6 | $ | 421.9 | |||||||
Senior secured credit agreement - Revolver loan due 2023 | — | — | |||||||||
3.875% Senior Unsecured Notes due 2028 | 450.0 | 450.0 | |||||||||
2.875% Convertible Senior Notes due 2021 | — | 10.6 | |||||||||
Other | 3.0 | 3.0 | |||||||||
Total debt | $ | 849.6 | $ | 885.5 | |||||||
Current portion of debt, net of debt issuance costs | (31.6) | (33.8) | |||||||||
Unamortized debt issuance costs | (8.5) | (10.7) | |||||||||
Debt, net of current portion | $ | 809.4 | $ | 841.0 |
(in millions) | December 31, 2021 | ||||
2022 | $ | 33.8 | |||
2023 | 363.6 | ||||
2024 | 0.2 | ||||
2025 | — | ||||
2026 and thereafter | 452.0 | ||||
Total debt | $ | 849.6 |
(in millions) | December 31, 2018 | |||
2019 | $ | 11.3 | ||
2020 | 14.1 | |||
2021 | 35.9 | |||
2022 | 33.8 | |||
2023 and thereafter | 713.7 | |||
Total long-term indebtedness | $ | 808.8 |
(in millions, except number of instruments) | Number of Instruments | Notional amount | |||||||||
Interest Rate Swaps | 7 | $350.0 |
Liability Derivatives | ||||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||||
(in millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||
Interest Rate Swaps | Other Current Liabilities | $ | 4.5 | Other Current Liabilities | $ | 5.7 | ||||||||
Other Liabilities | $ | 1.6 | Other Liabilities | $ | 9.3 |
(in millions) | Cumulative Amount of Gain/(Loss) Recognized in OCI on Derivative | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | ||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||||||
Interest Rate Swaps | $ | (6.1) | $ | (15.0) | Interest expense | $ | (5.8) | $ | (3.9) |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Expected volatility | 47-48% | 39-48% | 37-39% | ||||||||||||||
Risk-free interest rate | 0.43-0.94% | 0.27-1.42% | 1.57-2.48% | ||||||||||||||
Expected average life of options | 4.5 years | 4.5 years | 4.5 years |
Year Ended December 31, | ||||||
2018 | 2017 | 2016 | ||||
Expected dividend yield | 0% | 0% | 0% | |||
Expected volatility | 38-39% | 37-40% | 31-33% | |||
Risk-free interest rate | 2.54-3.03% | 1.66-1.88% | 0.93-1.22% | |||
Expected average life of options | 4.5 years | 4.3 years | 4.3 years |
(in millions, except per share data) | Number of Shares | Weighted-Average Exercise Price | Aggregate Intrinsic Value | ||||||||||||||
Outstanding at December 31, 2020 | 1.3 | $ | 49.07 | $ | 53.4 | ||||||||||||
Granted | 0.3 | 89.47 | |||||||||||||||
Exercised | (0.3) | 35.91 | |||||||||||||||
Forfeited | (0.1) | 71.77 | |||||||||||||||
Outstanding at December 31, 2021 | 1.2 | $ | 60.83 | $ | 3.0 | ||||||||||||
Exercisable at December 31, 2021 | 0.6 | $ | 47.28 | $ | 3.0 |
Emergent Plan | ||||||||||||
(in millions, except share and per share data) | Number of Shares | Weighted-Average Exercise Price | Aggregate Intrinsic Value | |||||||||
Outstanding at December 31, 2017 | 2,121,405 | $ | 25.48 | $ | 44.5 | |||||||
Granted | 460,902 | 51.39 | ||||||||||
Exercised | (665,183 | ) | 21.36 | |||||||||
Forfeited | (45,656 | ) | 33.14 | |||||||||
Outstanding at December 31, 2018 | 1,871,468 | $ | 32.59 | $ | 50.1 | |||||||
Exercisable at December 31, 2018 | 1,081,513 | $ | 26.13 | $ | 35.9 | |||||||
Options expected to vest at December 31, 2018 | 696,083 | $ | 41.10 | $ | 12.8 |
(in millions, except share and per share data) | Number of Shares | Weighted-Average Grant Price | Aggregate Intrinsic Value | |||||||||
Outstanding at December 31, 2017 | 851,720 | $ | 30.84 | $ | 39.6 | |||||||
Granted | 557,767 | 52.70 | ||||||||||
Vested | (427,610 | ) | 30.12 | |||||||||
Forfeited | (60,784 | ) | 38.77 | |||||||||
Outstanding at December 31, 2018 | 921,093 | $ | 42.82 | $ | 54.6 |
(in millions, except per share data) | Number of Shares | Weighted-Average Grant Price | Aggregate Intrinsic Value | ||||||||||||||
Outstanding at December 31, 2020 | 1.1 | $ | 63.30 | $ | 96.3 | ||||||||||||
Granted | 0.7 | 76.72 | |||||||||||||||
Vested | (0.5) | 61.76 | |||||||||||||||
Forfeited | (0.2) | 74.42 | |||||||||||||||
Outstanding at December 31, 2021 | 1.1 | $ | 70.82 | $ | 47.6 |
Year Ended December 31, | ||||||||||||
(in millions) | 2018 | 2017 | 2016 | |||||||||
Cost of product sales | $ | 1.7 | $ | 1.1 | $ | 1.0 | ||||||
Research and development | 3.1 | 2.5 | 2.3 | |||||||||
Selling, general and administrative | 18.4 | 11.6 | 14.1 | |||||||||
Continuing operations | 23.2 | 15.2 | 17.4 | |||||||||
Discontinued operations | - | - | 1.1 | |||||||||
Total stock-based compensation expense | $ | 23.2 | $ | 15.2 | $ | 18.5 |
Year Ended December 31, | ||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Cost of product sales | $ | 6.4 | $ | 8.9 | $ | 2.3 | ||||||||||||||
Cost of CDMO services | 1.1 | 3.5 | 0.8 | |||||||||||||||||
Research and development | 5.0 | 8.4 | 4.0 | |||||||||||||||||
Selling, general and administrative | 29.9 | 30.2 | 19.6 | |||||||||||||||||
Total stock-based compensation expense | $ | 42.4 | $ | 51.0 | $ | 26.7 |
Defined Benefit Pension Plan | Derivative Instruments | Foreign Currency Translation Losses | Total | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | (3.4) | $ | (1.6) | $ | (4.9) | $ | (9.9) | ||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (4.3) | (13.3) | (1.7) | (19.3) | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 3.9 | — | 3.9 | ||||||||||||||||||||||
Net current period other comprehensive income (loss) | (4.3) | (9.4) | (1.7) | (15.4) | ||||||||||||||||||||||
Balance, December 31, 2020 | $ | (7.7) | $ | (11.0) | $ | (6.6) | (25.3) | |||||||||||||||||||
Other comprehensive (loss) income before reclassifications | 4.3 | 0.7 | (1.0) | 4.0 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (0.6) | 5.8 | — | 5.2 | ||||||||||||||||||||||
Net current period other comprehensive income (loss) | 3.7 | 6.5 | (1.0) | 9.2 | ||||||||||||||||||||||
Balance, December 31, 2021 | $ | (4.0) | $ | (4.5) | $ | (7.6) | $ | (16.1) |
December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Pretax | Tax Benefit (Expense) | Net-of-tax | Pretax | Tax Benefit (Expense) | Net-of-tax | Pretax | Tax Benefit (Expense) | Net-of-tax | ||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plan | 4.3 | (0.6) | 3.7 | (5.0) | 0.7 | (4.3) | (3.7) | 0.5 | (3.2) | ||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | 8.9 | (2.4) | 6.5 | (13.0) | 3.6 | (9.4) | (2.0) | 0.4 | (1.6) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Translation Losses | (1.2) | 0.2 | (1.0) | (1.8) | 0.1 | (1.7) | 0.4 | — | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||
Total Adjustments | $ | 12.0 | $ | (2.8) | $ | 9.2 | $ | (19.8) | $ | 4.4 | $ | (15.4) | $ | (5.3) | $ | 0.9 | $ | (4.4) |
December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Current | |||||||||||||||||
Federal | $ | (3.7) | $ | 62.8 | $ | 1.4 | |||||||||||
State | 14.9 | 27.7 | 11.6 | ||||||||||||||
International | 28.4 | 14.0 | 11.0 | ||||||||||||||
Total current | 39.6 | 104.5 | 24.0 | ||||||||||||||
Deferred | |||||||||||||||||
Federal | 38.0 | 1.1 | 1.9 | ||||||||||||||
State | 4.3 | — | 1.1 | ||||||||||||||
International | 1.6 | (3.5) | (4.1) | ||||||||||||||
Total deferred | 43.9 | (2.4) | (1.1) | ||||||||||||||
Total income taxes | $ | 83.5 | $ | 102.1 | $ | 22.9 |
Year Ended December 31, | ||||||||||||
(in millions) | 2018 | 2017 | 2016 | |||||||||
Current | ||||||||||||
Federal | $ | 1.8 | $ | 29.4 | $ | 29.2 | ||||||
State | 2.4 | 3.0 | 2.3 | |||||||||
International | 6.0 | 0.3 | 1.0 | |||||||||
Total current | 10.2 | 32.7 | 32.5 | |||||||||
Deferred | ||||||||||||
Federal | 7.5 | (6.0 | ) | 10.0 | ||||||||
State | 3.0 | (0.6 | ) | (0.2 | ) | |||||||
International | (1.9 | ) | 9.9 | (5.6 | ) | |||||||
Total deferred | 8.6 | 3.3 | 4.2 | |||||||||
Total provision for income taxes | $ | 18.8 | $ | 36.0 | $ | 36.7 |
December 31, | ||||||||
(in millions) | 2018 | 2017 | ||||||
Federal losses carryforward | $ | 10.7 | $ | 1.6 | ||||
State losses carryforward | 18.1 | 17.2 | ||||||
Research and development carryforward | 10.1 | 3.5 | ||||||
State research and development carryforward | 5.0 | - | ||||||
Scientific research and experimental development credit carryforward | 13.1 | �� | 16.5 | |||||
Stock compensation | 7.5 | 5.3 | ||||||
Foreign NOLs | 35.4 | 34.1 | ||||||
Deferred revenue | 11.6 | - | ||||||
Inventory reserves | 3.4 | 1.6 | ||||||
Other | 4.9 | 3.9 | ||||||
Deferred tax asset | 119.8 | 83.7 | ||||||
Fixed assets | (46.4 | ) | (23.1 | ) | ||||
Intangible assets | (60.4 | ) | (2.2 | ) | ||||
Other | (0.7 | ) | (10.5 | ) | ||||
Deferred tax liability | (107.5 | ) | (35.8 | ) | ||||
Valuation allowance | (66.4 | ) | (45.1 | ) | ||||
Net deferred tax asset (liability) | $ | (54.1 | ) | $ | 2.8 |
December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Federal losses carryforward | $ | 7.6 | $ | 8.1 | |||||||
State losses carryforward | 3.3 | 3.1 | |||||||||
Research and development carryforward | 9.5 | 7.5 | |||||||||
State research and development carryforward | 5.0 | 5.0 | |||||||||
Scientific research and experimental development credit carryforward | 2.1 | 8.4 | |||||||||
Stock compensation | 8.9 | 8.6 | |||||||||
Foreign losses carryforward | 10.2 | 36.9 | |||||||||
Deferred revenue | 0.4 | 26.2 | |||||||||
Inventory reserves | 2.9 | 1.7 | |||||||||
Lease liability | 6.5 | 8.2 | |||||||||
IRC 263A capitalized costs | 3.9 | 2.3 | |||||||||
Other | 5.6 | 8.5 | |||||||||
Deferred tax asset | 65.9 | 124.5 | |||||||||
Valuation allowance | (25.0) | (51.1) | |||||||||
Net deferred tax asset | 40.9 | 73.4 | |||||||||
Fixed assets | (75.1) | (54.6) | |||||||||
Intangible assets | (47.6) | (50.4) | |||||||||
Right-of-use asset | (6.1) | (7.7) | |||||||||
Other | (2.8) | (4.5) | |||||||||
Deferred tax liability | (131.6) | (117.2) | |||||||||
Net deferred tax liability | $ | (90.7) | $ | (43.8) |
December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
US | $ | 112.0 | $ | 362.0 | $ | 63.9 | |||||||||||
International | 202.4 | 45.2 | 13.5 | ||||||||||||||
Earnings before taxes on income | 314.4 | 407.2 | 77.4 | ||||||||||||||
Federal tax at statutory rates | $ | 65.8 | $ | 85.5 | $ | 16.3 | |||||||||||
State taxes, net of federal benefit | 16.1 | 23.2 | 10.3 | ||||||||||||||
Impact of foreign operations | (16.8) | (7.8) | (6.9) | ||||||||||||||
Change in valuation allowance | 4.3 | 1.5 | (1.0) | ||||||||||||||
Tax credits | (4.7) | (7.6) | (3.6) | ||||||||||||||
Stock compensation | (4.9) | (7.9) | (2.4) | ||||||||||||||
Impairments | 8.3 | — | — | ||||||||||||||
Return to provision true-ups | 0.8 | (0.7) | (2.3) | ||||||||||||||
Transaction costs | 0.3 | 6.0 | 4.7 | ||||||||||||||
Compensation limitation | 2.9 | 2.2 | 1.3 | ||||||||||||||
FIN 48 | 0.3 | (0.3) | 1.1 | ||||||||||||||
GILTI, net | 11.4 | 5.4 | 3.6 | ||||||||||||||
Permanent differences | (0.3) | 2.6 | 1.8 | ||||||||||||||
Income taxes | $ | 83.5 | $ | 102.1 | $ | 22.9 |
Year ended December 31, | ||||||||||||
(in millions) | 2018 | 2017 | 2016 | |||||||||
US | $ | 71.0 | $ | 80.7 | $ | 63.3 | ||||||
International | 10.5 | 37.9 | 35.9 | |||||||||
Earnings before taxes on income | 81.5 | 118.6 | 99.2 | |||||||||
Federal tax at statutory rates | $ | 17.1 | $ | 41.5 | $ | 34.7 | ||||||
State taxes, net of federal benefit | 4.3 | 1.3 | 0.5 | |||||||||
Impact of foreign operations | 2.8 | (2.2 | ) | (9.9 | ) | |||||||
Change in valuation allowance | (0.1 | ) | 0.3 | 10.5 | ||||||||
Tax credits | (1.8 | ) | (1.9 | ) | (1.6 | ) | ||||||
Transition tax | (0.2 | ) | 13.6 | - | ||||||||
Change in U.S. tax rate | (4.5 | ) | (13.4 | ) | - | |||||||
Stock compensation | (5.8 | ) | (4.0 | ) | - | |||||||
Other differences | (0.9 | ) | 0.4 | (0.6 | ) | |||||||
Return to provision true-ups | 1.1 | (0.5 | ) | 1.7 | ||||||||
Transaction costs | 5.4 | - | - | |||||||||
GILTI, net | 0.4 | - | - | |||||||||
Permanent differences | 1.0 | 0.9 | 1.4 | |||||||||
Provision for income taxes | $ | 18.8 | $ | 36.0 | $ | 36.7 |
(in millions) | ||||
Gross unrecognized tax benefits at December 31, 2015 | $ | 1.5 | ||
Increases for tax positions for prior years | - | |||
Decreases for tax positions for prior years | - | |||
Increases for tax positions for current year | 0.3 | |||
Settlements | - | |||
Lapse of statute of limitations | - | |||
Gross unrecognized tax benefits at December 31, 2016 | 1.8 | |||
Increases for tax positions for prior years | - | |||
Decreases for tax positions for prior years | - | |||
Increases for tax positions for current year | 0.5 | |||
Settlements | (0.3 | ) | ||
Lapse of statute of limitations | - | |||
Gross unrecognized tax benefits at December 31, 2017 | 2.0 | |||
Increases for tax positions for prior years | - | |||
Unrecognized tax benefits acquired in business combinations | 6.5 | |||
Decreases for tax positions for prior years | - | |||
Increases for tax positions for current year | 0.3 | |||
Settlements | - | |||
Lapse of statute of limitations | - | |||
Gross unrecognized tax benefits at December 31, 2018 | $ | 8.8 |
(in millions) | |||||
Gross unrecognized tax benefits at December 31, 2018 | $ | 8.8 | |||
Increases for tax positions for prior years | 0.5 | ||||
Increases for tax positions for current year | 1.5 | ||||
Settlements | (0.4) | ||||
Gross unrecognized tax benefits at December 31, 2019 | $ | 10.4 | |||
Increases for tax positions for prior years | — | ||||
Increases for tax positions for current year | 0.6 | ||||
Settlements | (1.8) | ||||
Gross unrecognized tax benefits at December 31, 2020 | $ | 9.2 | |||
Increases for tax positions for prior years | 0.4 | ||||
Increases for tax positions for current year | 0.2 | ||||
Gross unrecognized tax benefits at December 31, 2021 | $ | 9.8 |
(in millions) | December 31, 2021 | December 31, 2020 | |||||||||
Fair value of plan assets, beginning of year | $ | 27.6 | $ | 20.6 | |||||||
Employer contributions | 1.4 | 1.4 | |||||||||
Employee contributions | 0.9 | 0.8 | |||||||||
Net benefits received (paid) | 0.5 | 6.8 | |||||||||
Actual return on plan assets | (0.1) | 0.3 | |||||||||
Settlements | — | (4.5) | |||||||||
Currency impact | (1.0) | 2.2 | |||||||||
Fair value of plan assets, end of year | $ | 29.3 | $ | 27.6 | |||||||
Projected benefit obligation, beginning of year | $ | 49.2 | $ | 35.2 | |||||||
Service cost | 2.4 | 1.9 | |||||||||
Interest Cost | — | 0.1 | |||||||||
Employee contributions | 0.9 | 0.8 | |||||||||
Actuarial (gain) loss | (4.6) | 5.0 | |||||||||
Net benefits received (paid) | 0.5 | 6.8 | |||||||||
Settlements | — | (4.5) | |||||||||
Currency impact | (1.6) | 3.9 | |||||||||
Projected benefit obligation, end of year | $ | 46.8 | $ | 49.2 | |||||||
Funded status, end of year | $ | (17.5) | $ | (21.6) | |||||||
Accumulated benefit obligation, end of year | $ | 41.8 | $ | 43.0 |
December 31, | ||||
(in millions) | 2018 | |||
Fair value of plan assets, beginning of year | $ | — | ||
Acquisitions | 18.2 | |||
Employer contributions | 0.2 | |||
Employee contributions | 0.1 | |||
Benefits paid | 0.3 | |||
Actual administration expenses | — | |||
Actual return on plan assets | — | |||
Settlements | (0.6 | ) | ||
Currency impact | — | |||
Fair value of plan assets, end of year | 18.2 | |||
Projected Benefit Obligation, beginning of year | $ | — | ||
Acquisitions | 28.3 | |||
Service cost | 0.3 | |||
Interest Cost | 0.1 | |||
Employee contributions | 0.1 | |||
Actuarial loss | 0.3 | |||
Benefits paid (refunded) | (0.1 | ) | ||
Actual administration expenses, taxes | — | |||
Plan amendment | 0.1 | |||
Settlements | (0.6 | ) | ||
Currency impact | 0.1 | |||
Projected benefit obligation, end of year | $ | 28.6 | ||
Funded status, end of year | $ | (10.4 | ) | |
Accumulated benefit obligation, end of year | $ | 25.6 |
(in millions) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Service cost | $ | 2.4 | $ | 1.9 | $ | 1.3 | |||||||||||
Interest cost | — | 0.1 | 0.2 | ||||||||||||||
Expected return on plan assets | (0.8) | (0.6) | (0.5) | ||||||||||||||
Amortization of loss | 0.6 | 0.2 | — | ||||||||||||||
Amortization of prior service cost | (0.2) | (0.2) | — | ||||||||||||||
Settlements | — | 1.0 | 0.5 | ||||||||||||||
Net periodic benefit cost | $ | 2.0 | $ | 2.4 | $ | 1.5 |
December 31, | ||||
(in millions) | 2018 | |||
Service cost | $ | 0.3 | ||
Interest cost | 0.1 | |||
Expected return on plan assets | (0.1 | ) | ||
Amortization of loss | — | |||
Amortization of prior service cost | — | |||
Net periodic benefit cost | $ | 0.3 |
December 31, 2021 | December 31, 2020 | ||||||||||
Discount rate | 0.30 | % | 0.02 | % | |||||||
Expected rate of return | 3.0 | % | 3.0 | % | |||||||
Rate of future compensation increases | 1.4 | % | 1.4 | % |
(in millions) | Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||
Net actuarial (gain) loss | $ | 5.9 | $ | 9.9 | |||||||
Prior service cost | (1.3) | (1.0) | |||||||||
Total recognized in accumulated other comprehensive (income) loss | $ | 4.6 | $ | 8.9 |
Year Ended December 31, | ||||
(in millions) | 2018 | |||
Net actuarial loss | $ | 0.1 | ||
Prior service cost | 0.1 | |||
Total recognized in accumulated other comprehensive loss | $ | 0.2 |
(In millions) | December 31, 2018 | |||
2019 | $ | 1.0 | ||
2020 | 2.0 | |||
2021 | 0.8 | |||
2022 | 1.4 | |||
2023 | 0.9 | |||
Thereafter | 5.8 | |||
Total | $ | 11.9 |
(In millions) | December 31, | ||||
2022 | $ | 2.2 | |||
2023 | 1.7 | ||||
2024 | 1.7 | ||||
2025 | 1.8 | ||||
2026 | 1.8 | ||||
Thereafter | 37.6 | ||||
Total | $ | 46.8 |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Operating lease cost: | |||||||||||||||||
Amortization of right-of-use assets | $ | 5.6 | $ | 4.5 | $ | 2.7 | |||||||||||
Interest on lease liabilities | 1.3 | 1.1 | 0.6 | ||||||||||||||
Total operating lease cost | $ | 6.9 | $ | 5.6 | $ | 3.3 |
Year Ended December 31, | ||||||||||||||
(In millions, except lease term and discount rate) | Balance Sheet Location | 2021 | 2020 | |||||||||||
Operating lease right-of-use assets | Other assets | $ | 28.3 | $ | 31.0 | |||||||||
Operating lease liabilities, current portion | Other current liabilities | 5.8 | 5.4 | |||||||||||
Operating lease liabilities | Other liabilities | 24.2 | 27.8 | |||||||||||
Total operating lease liabilities | $ | 30.0 | $ | 33.2 | ||||||||||
Operating leases: | ||||||||||||||
Weighted average remaining lease term (years) | 7.0 | 7.7 | ||||||||||||
Weighted average discount rate | 4.1 | % | 4.1 | % |
(in millions) | ||||
2019 | $ | 3.4 | ||
2020 | 2.5 | |||
2021 | 2.5 | |||
2022 | 2.0 | |||
2023 | 2.6 | |||
2024 and beyond | 2.5 | |||
Total minimum lease payments | $ | 15.5 |
(in millions) | Operating leases | ||||
2022 | $ | 6.9 | |||
2023 | 6.9 | ||||
2024 | 4.7 | ||||
2025 | 3.1 | ||||
2026 | 2.7 | ||||
Thereafter | 10.4 | ||||
Total undiscounted lease liabilities | 34.7 | ||||
Less: Imputed interest | (4.7) | ||||
Total Lease liabilities | $ | 30.0 |
Year ended December 31, | ||||||||||||
(in millions, except per share data) | 2018 | 2017 | 2016 | |||||||||
Numerator: | ||||||||||||
Net income from continuing operations | $ | 62.7 | $ | 82.6 | $ | 62.5 | ||||||
Interest expense, net of tax | - | 2.6 | 3.3 | |||||||||
Amortization of debt issuance costs, net of tax | - | 0.7 | 0.8 | |||||||||
Net income, adjusted from continuing operations | 62.7 | 85.9 | 66.6 | |||||||||
Net loss from discontinued operations | - | - | (10.7 | ) | ||||||||
Net income, adjusted | $ | 62.7 | $ | 85.9 | $ | 55.9 | ||||||
Denominator: | ||||||||||||
Weighted-average number of shares-basic | 50.1 | 41.8 | 40.2 | |||||||||
Dilutive securities-equity awards | 1.3 | 1.1 | 1.0 | |||||||||
Dilutive securities-convertible debt | - | 7.4 | 8.1 | |||||||||
Weighted-average number of shares-diluted | 51.4 | 50.3 | 49.3 | |||||||||
Net income per share-basic from continuing operations | $ | 1.25 | $ | 1.98 | $ | 1.56 | ||||||
Net loss per share-basic from discontinued operations | - | - | (0.27 | ) | ||||||||
Net income per share-basic | $ | 1.25 | $ | 1.98 | $ | 1.29 | ||||||
Net income per share-diluted from continuing operations | $ | 1.22 | $ | 1.71 | $ | 1.35 | ||||||
Net loss per share-diluted from discontinued operations | - | - | (0.22 | ) | ||||||||
Net income per share-diluted | $ | 1.22 | $ | 1.71 | $ | 1.13 |
Year Ended December 31, | |||||||||||||||||
(in millions, except per share data) | 2021 | 2020 | 2019 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 230.9 | $ | 305.1 | $ | 54.5 | |||||||||||
Denominator: | |||||||||||||||||
Weighted-average number of shares-basic | 53.5 | 52.7 | 51.5 | ||||||||||||||
Dilutive effect of employee incentive plans | 0.6 | 1.1 | 0.9 | ||||||||||||||
Weighted-average number of shares-diluted | 54.1 | 53.8 | 52.4 | ||||||||||||||
Net income per share-basic | $ | 4.32 | $ | 5.79 | $ | 1.06 | |||||||||||
Net income per share-diluted | $ | 4.27 | 5.67 | $ | 1.04 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Anti-dilutive stock awards | 1.0 | — | $ | 0.9 |
(in millions) | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||
U.S | Non-U.S. | U.S | Non-U.S. | U.S | Non-U.S. | |||||||||||||||||||||||||||||||
Government | Government | Total | Government | Government | Total | Government | Government | Total | ||||||||||||||||||||||||||||
Product sales | $ | 526.1 | $ | 80.4 | $ | 606.5 | $ | 374.8 | $ | 46.7 | $ | 421.5 | $ | 283.2 | $ | 13.1 | $ | 296.3 | ||||||||||||||||||
Contract manufacturing | - | 98.9 | 98.9 | - | 68.9 | 68.9 | - | 49.1 | 49.1 | |||||||||||||||||||||||||||
Contracts and grants | 71.5 | 5.5 | 77.0 | 65.1 | 5.4 | 70.5 | 138.1 | 5.3 | 143.4 | |||||||||||||||||||||||||||
Total revenues | $ | 597.6 | $ | 184.8 | $ | 782.4 | $ | 439.9 | $ | 121.0 | $ | 560.9 | $ | 421.3 | $ | 67.5 | $ | 488.8 |
2018 | 2017 | 2016 | ||||
% of product sales: | ||||||
BioThrax | 46% | 68% | 80% | |||
ACAM2000 | 19% | 0% | 0% | |||
Other | 35% | 32% | 20% |
Quarter Ended | ||||||||||||||||
(in millions, except per share data) | March 31, | June 30, | September 30, | December 31, | ||||||||||||
2018: | ||||||||||||||||
Revenue | $ | 117.8 | $ | 220.2 | $ | 173.7 | $ | 270.7 | ||||||||
Income (loss) from operations | (9.5 | ) | 66.8 | 21.3 | 11.2 | |||||||||||
Net income (loss) | (4.9 | ) | 50.1 | 20.9 | (3.4 | ) | ||||||||||
Net income (loss) per share-basic | $ | (0.10 | ) | $ | 1.00 | $ | 0.42 | $ | (0.07 | ) | ||||||
Net income (loss) per share-diluted | $ | (0.10 | ) | $ | 0.98 | $ | 0.41 | $ | (0.07 | ) | ||||||
2017: | ||||||||||||||||
Revenue | $ | 116.9 | $ | 100.8 | $ | 149.4 | $ | 193.8 | ||||||||
Income from operations | 14.9 | 8.5 | 47.8 | 53.1 | ||||||||||||
Net income | 10.5 | 4.6 | 33.6 | 33.9 | ||||||||||||
Net income per share-basic | $ | 0.26 | $ | 0.11 | $ | 0.81 | $ | 0.77 | ||||||||
Net income per share-diluted | $ | 0.23 | $ | 0.11 | $ | 0.68 | $ | 0.67 |
(in millions) | Beginning Balance | Charged to Costs and Expenses | Deductions | Ending Balance | ||||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||||||||
Inventory allowance | $ | 37.6 | $ | 37.9 | $ | (32.8) | $ | 42.7 | ||||||||||||||||||
Prepaid expenses and other current assets allowance | 3.9 | 0.2 | (0.4) | 3.7 | ||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||
Inventory allowance | $ | 17.9 | $ | 48.0 | $ | (28.3) | $ | 37.6 | ||||||||||||||||||
Prepaid expenses and other current assets allowance | 4.0 | 0.5 | (0.6) | 3.9 | ||||||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||
Inventory allowance | $ | 14.0 | $ | 23.0 | $ | (19.1) | $ | 17.9 | ||||||||||||||||||
Prepaid expenses and other current assets allowance | 4.3 | — | (0.3) | 4.0 |
(in millions) | Beginning Balance | Charged to costs and expenses | Deductions | Ending Balance | ||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||
Inventory allowance | $ | 3.8 | $ | 14.6 | $ | (8.8 | ) | $ | 9.6 | |||||||
Prepaid expenses and other current assets allowance | 5.3 | - | (1.0 | ) | 4.3 | |||||||||||
Year Ended December 31, 2017 | ||||||||||||||||
Inventory allowance | $ | 3.5 | $ | 8.8 | $ | (8.5 | ) | $ | 3.8 | |||||||
Prepaid expenses and other current assets allowance | 4.9 | 0.4 | - | 5.3 | ||||||||||||
�� | ||||||||||||||||
Year Ended December 31, 2016 | ||||||||||||||||
Inventory allowance | $ | 1.6 | $ | 10.0 | $ | (8.1 | ) | $ | 3.5 | |||||||
Prepaid expenses and other current assets allowance | 2.0 | 2.9 | - | 4.9 |
Exhibit Number | Exhibit Description | |||||||
Third Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3 to the Company's Quarterly Report on Form 10-Q filed on August 5, 2016). | ||||||||
3.2 | Amended and Restated By-laws of the Company (incorporated by reference to Exhibit 3 to the Company's Current Report on Form 8-K filed on August 16, 2012). | |||||||
4.1 | Specimen Common Stock Certificate | |||||||
4.2 | Registration Rights Agreement, dated as of September 22, 2006, among the Company and the stockholders listed on Schedule 1 thereto (incorporated by reference to Exhibit 4.3 to Amendment No. 1 to the Company's Registration Statement on Form S-1 filed on September 25, 2006) (Registration No. 333-136622). | |||||||
4.3 | # | |||||||
4.4 | Indenture, dated as of January 29, 2014, between the Company and Wells Fargo Bank, National Association, including the form of 2.875% Convertible Senior Notes due 2021 (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on January 29, 2014). | |||||||
Form of 3.875% Senior Unsecured Note due 2028 (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K, filed on August 7, 2020.) (incorporated by reference to Exhibit 4.2 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). | ||||||||
4.7 | Description of the Company's Securities(incorporated by reference to Exhibit 4.6 to the Company's Annual Report on Form 10-K filed on February 19, 2021). | |||||||
10.1 | Amended and Restated Credit Agreement, dated October 15, 2018, by and among Emergent BioSolutions Inc., the lenders party thereto from time to time, and Wells Fargo Bank, National Association, as the Administrative Agent (incorporated by reference to Exhibit 10 to the Company's Current Report on Form 8-K, filed on October 15, 2018). | |||||||
10.3 | * | Second Amendment to Amended and Restated Credit Agreement, dated August 7, 2020 (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed on August 7, 2020). | ||||||
10.4 | † † | Purchase Agreement, dated as | ||||||
* | Emergent BioSolutions Inc. 2006 Stock Incentive Plan (incorporated by reference to Exhibit 10.3 to Amendment No. 5 to the Company's Registration Statement on Form S-1 filed on October 30, 2006) (Registration No. 001-33137). | |||||||
* | Amended and Restated Emergent BioSolutions Inc. 2006 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on August 7, 2009). | |||||||
* | (incorporated by reference to Appendix A to the Company's definitive proxy statement on Schedule 14A filed on April 6, 2012). | |||||||
* | Third Amended and Restated Emergent BioSolutions Inc. 2006 Stock Incentive Plan |
Exhibit Description | ||||||||
10.9 | * | Fourth Amended and Restated Emergent BioSolutions Inc. 2006 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on August 5, 2016). | ||||||
* | Emergent BioSolutions Inc. Stock Incentive Plan (incorporated by reference to Exhibit 99 to Registration Statement on Form S-8, filed on May 30, | |||||||
Form of Director Nonstatutory Stock Option | ||||||||
Form of Director Restricted Stock Unit | ||||||||
Global Form of Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K filed on February 19, 2021). | ||||||||
10.14 | * | |||||||
* | Form of | |||||||
* | Form of 2020-2022 Performance-Based Stock Unit Award Agreement (incorporated by reference to Exhibit 10 to the Company’s Current Report on Form 8-K filed on February 18, 2020). | |||||||
10.17 | * | Form of 2021-2023 Performance-Based Stock Unit Award Agreement (incorporated by reference to Exhibit 99 to the Company’s Current Report on Form 8-K filed on February 16, 2021). | ||||||
10.18 | * | Form of Indemnity Agreement for | ||||||
* | ||||||||
Annual Bonus Plan for Executive Officers | ||||||||
* | Amended and Restated Senior Management Severance Plan (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 22, 2011). | |||||||
* | Second Amended and Restated Senior Management Severance Plan (incorporated by reference to Exhibit 10 to the Company's Current Report on Form 8-K filed on July 16, 2015). | |||||||
† | ||||||||
Solicitation/Contract/Order for Commercial Items (the | ||||||||
† | Modification No. 1, effective January 27, 2017, to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.22 to the Company's Annual Report on Form 10-K filed on February 23, 2018). | |||||||
† | Modification No. 2, effective February | |||||||
Modification No. 3, effective March 22, 2017, to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.24 to the Company's Annual Report on Form 10-K filed on February 23, 2018). | ||||||||
† | Modification No. 4, effective April 5, 2017, to the CDC BioThrax Procurement Contract | |||||||
† | Modification No. 5, effective September 8, 2017, to the CDC BioThrax Procurement Contract | |||||||
† | Modification No. 6, effective September 21, 2017, to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.27 the Company’s Annual Report on Form 10-K filed on February 23, 2018). | |||||||
† | Modification No. 7, effective February 26, 2018, to the CDC BioThrax Procurement Contract | |||||||
Modification No. 8, effective March 6, 2018, to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on May 4, 2018). | ||||||||
† | Modification No. 9, effective June 6, 2018, to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on August 3, 2018). |
Exhibit Description | ||||||||
10.32 | † | Modification No. 10, effective June 18, 2018, to the CDC BioThrax Procurement | ||||||
† | Modification No. 11, effective June 20, 2018, to the CDC BioThrax Procurement | |||||||
† | Modification No. 12, effective June 21, 2018, to the CDC BioThrax Procurement | |||||||
† | Modification No. 13, effective | |||||||
Modification No. 14, effective October 1, 2018, to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.45 the Company’s Annual Report on Form 10-K filed on February 22, 2019). | ||||||||
Modification No. 15, effective December 7, 2018, to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.46 the Company’s Annual Report on Form 10-K filed on February 22, 2019). | ||||||||
Modification No. 16, effective | ||||||||
†† | Modification No. 17, effective June 13, 2019, to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on August 2, 2019). | |||||||
10.40 | †† | Modification No. 18, effective September 11, 2019, to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.39 the Company’s Annual Report on Form 10-K filed on February 25, 2020). | ||||||
10.41 | †† | Modification No. 19, effective January 6, 2020, to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.40 the Company’s Annual Report on Form 10-K filed on February 25, 2020). | ||||||
10.42 | †† | Modification No. 20, effective January 7, 2020, to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.41 the Company’s Annual Report on Form 10-K filed on February 25, 2020). | ||||||
10.43 | †† | Modification No. 21, effective January 7, 2020, to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.45 the Company’s Annual Report on Form 10-K filed on February 19, 2021) | ||||||
10.44 | †† | Modification No. 22 to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.46 the Company’s Annual Report on Form 10-K filed on February 19, 2021) | ||||||
10.45 | †† | Modification No. 23, effective September 30, 2020, to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.47 the Company’s Annual Report on Form 10-K filed on February 19, 2021) | ||||||
10.46 | †† | Modification No. 24, effective February 2, 2021, to the CDC BioThrax Procurement Contract. (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed on November 5, 2021). | ||||||
10.47 | †† | Modification No. 25, effective September 29, 2021, to the CDC BioThrax Procurement Contract (incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q filed on November 5, 2021). | ||||||
10.48 | #†† | |||||||
10.49 | † | Award/Contract (the | ||||||
† | Modification No. 1, effective March 16, 2017, to the BARDA | |||||||
† | Modification No. 2, effective August 29, 2018, to the BARDA |
Exhibit Number | Exhibit Description | |||||||
10.52 | †† | Modification No. 3, effective July 30, 2019, to the BARDA AV7909 Contract (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on November 9, 2019). | ||||||
†† | Modification No. 4, effective March 3, 2020, to the BARDA AV7909 Contract (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on May 1, 2020). | |||||||
10.54 | †† | Modification No. 5, effective April 10, 2020, to the BARDA AV7909 Contract (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on May 1, 2020). | ||||||
10.55 | †† | Modification No. 6, effective July 13, 2020, to the BARDA AV7909 Contract (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). | ||||||
10.56 | †† | Modification No. 7, effective December 2, 2020, to the BARDA AV7909 Contract (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.57 | †† | Modification No. 8, effective March 22, 2021, to the BARDA AV7909 Contract (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.58 | †† | Modification No. 9, effective April 21, 2021, to the BARDA AV7909 Contract (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.59 | †† | Modification No. 10, effective June 10, 2021 to the BARDA AV7909 Contract (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.60 | †† | Modification No. 11, effective September 30, 2021, to the BARDA AV7909 Contract(incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed on November 5, 2021). | ||||||
10.61 | #†† | |||||||
10.62 | † | License Agreement, dated as of December 15, 2014, by and between Opiant Pharmaceuticals, Inc. (formerly known as Lightlake Therapeutics Inc.) and Adapt Pharma Operations Limited. (incorporated by reference to Exhibit 10.51 the Company’s Annual Report on Form 10-K filed on February 22, 2019). | ||||||
Amendment No. 1 to License Agreement, dated as of December 13, 2016, by and between Opiant Pharmaceuticals, Inc. and Adapt Pharma Operations Limited. (incorporated by reference to Exhibit 10.52 the Company’s Annual Report on Form 10-K filed on February 22, 2019). | ||||||||
Amendment No. 2 to License Agreement, dated December 15, 2014, by and between Opiant Pharmaceuticals, Inc. and Adapt Pharma Operations Limited, effective March 18, 2019 (incorporated by reference to Exhibit 10.1 the Company’s Quarterly Report on Form 10-Q filed on May 8, 2019). | ||||||||
10.65 | †† | Award/Contract, effective August 30, 2019 (ACAM2000 Contract), from the Assistant Secretary, U.S. Department of Health and Human Services (ASPR/OPM) to Emergent Product Development Gaithersburg Inc. (incorporated by reference to Exhibit 10.48 the Company’s Annual Report on Form 10-K filed on February 25, 2020). | ||||||
10.66 | †† | Modification No. 1, effective, May 28, 2020 to the ACAM2000 Contract (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed on July 31, 2020). | ||||||
10.67 | †† | Modification No. 2, effective, October 28, 2020 to the ACAM2000 Contract (incorporated by reference to Exhibit 10.60 the Company’s Annual Report on Form 10-K filed on February 19, 2021). | ||||||
10.68 | †† | Modification No. 3, effective, April 1, 2021 to the ACAM2000Contract (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.69 | #†† | |||||||
10.70 | #†† | |||||||
10.71 | #†† | |||||||
10.72 | † | Award/Contract, effective June 15, 2012 (BARDA ADM Contract), from the BioMedical Advance Research and Development Authority to Emergent Manufacturing Operations Baltimore LLC. (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on July 31, 2020). |
Exhibit Number | Exhibit Description | |||||||
10.73 | †† | Order for Supplies and Services Between Emergent Manufacturing Operations Baltimore LLC and the BioMedical Advance Research and Development Authority, dated April 2, 2020, under the BARDA ADM Contract (Task Order 75A50120F33006) (incorporated by reference to Exhibit 10.8 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.74 | †† | Modification No. 1, effective April 12, 2021, to Task Order 75A50120F33006 (incorporated by reference to Exhibit 10.9 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.75 | #†† | |||||||
10.76 | #†† | |||||||
10.77 | †† | Order for Supplies and Services Between Emergent Manufacturing Operations Baltimore LLC and the BioMedical Advance Research and Development Authority, dated May 24, 2020, under the BARDA ADM Contract (Task Order 75A50120F33007) (incorporated by reference to Exhibit 10.4 totheCompany'sQuarterlyReportonForm10-QfiledonJuly 31, 2020). | ||||||
10.78 | †† | Modification No. 1, effective August 24, 2020, to Task Order 75A50120F33007 (incorporated by reference to Exhibit 10.9 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). | ||||||
10.79 | †† | Modification No. 2, effective September 18, 2020, to Task Order 75A50120F33007 (incorporated by reference to Exhibit 10.64 to the Company's Annual Report on Form 10-K filed on February 19, 2021). | ||||||
10.80 | †† | Modification No. 3, effective October 7, 2020, to Task Order 75A50120F33007 (incorporated by reference to Exhibit 10.65 to the Company's Annual Report on Form 10-K filed on February 19, 2021). | ||||||
10.81 | †† | Modification No. 4, effective January 29, 2021, to Task Order 75A50120F33007 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on April 30, 2021). | ||||||
10.82 | †† | Modification No. 5, effective February 22, 2021, to Task Order 75A50120F33007 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on April 30, 2021). | ||||||
10.83 | †† | Modification No. 6, effective March 24, 2021, to Task Order 75A50120F33007 (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on April 30, 2021). | ||||||
10.84 | †† | Modification No. 7, effective May 24, 2021, to Task Order 75A50120F33007 (incorporated by reference to Exhibit 10.10 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.85 | #†† | |||||||
10.86 | †† | Order for Supplies and Services Between Emergent Manufacturing Operations Baltimore LLC and the BioMedical Advance Research and Development Authority, dated August 6, 2020, under the BARDA ADM Contract (Task Order 75A50120F33008). (incorporated by reference to Exhibit 10.10 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). | ||||||
10.87 | †† | Modification No. 1, effective August 24, 2020, to Task Order 75A50120F33008 (incorporated by reference to Exhibit 10.11 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). | ||||||
10.88 | †† | Modification No. 2, effective November 17, 2020, to Task Order 75A50120F33008. (incorporated by reference to Exhibit 10.68 the Company’s Annual Report on Form 10-K filed on February 19, 2021). | ||||||
10.89 | †† | Modification No. 19, effective, May 25, 2020, to the BARDA ADM Contract (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on July 31, 2020). | ||||||
10.90 | †† | Modification No. 20, effective, May 26, 2020, to the BARDA ADM Contract (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on July 31, 2020). | ||||||
10.91 | †† | Modification No. 21, effective June 12, 2020 to the BARDA ADM Contract (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). | ||||||
10.92 | †† | Modification No. 22, effective June 12, 2020 to the BARDA ADM Contract (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). | ||||||
10.93 | †† | Modification No. 23, effective July 22, 2020 to the BARDA ADM Contract (incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). |
Exhibit Number | Exhibit Description | |||||||
10.94 | †† | Modification No. 24, effective August 28, 2020 to the BARDA ADM Contract (incorporated by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). | ||||||
10.95 | †† | Modification No. 25, effective September 23, 2020 to the BARDA ADM Contract (incorporated by reference to Exhibit 10.8 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). | ||||||
10.96 | †† | Modification No. 26, effective November 2, 2020 to the BARDA ADM Contract (incorporated by reference to Exhibit 10.77 the Company’s Annual Report on Form 10-K filed on February 19, 2021). | ||||||
10.97 | †† | Modification No. 27, effective May 6, 2021, to the BARDA ADM Contract (incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.98 | †† | Modification No. 28, effective May 27, 2021, to the BARDA ADM Contract (incorporated by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.99 | †† | Modification No. 30, effective September 30, 2021, to the BARDA ADM Contract (incorporated by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q filed on November 5, 2021). | ||||||
10.100 | #†† | |||||||
10.101 | #†† | |||||||
10.102 | †† | Master Services Agreement, dated July 24, 2020, by and between Emergent Manufacturing Operations Baltimore, LLC and AstraZeneca Pharmaceuticals LP. (AZ MSA) (incorporated by reference to Exhibit 10.12 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). | ||||||
10.103 | †† | Manufacturing Product Schedule, dated July 26, 2020 to AZ MSA (incorporated by reference to Exhibit 10.13 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). | ||||||
10.104 | †† | Work Order to Manufacturing Services Agreement, dated June 10, 2020, between Emergent Manufacturing Operations Baltimore, LLC and AstraZeneca Pharmaceuticals LP (included as part of AZ MSA) (incorporated by reference to Exhibit 10.14 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). | ||||||
10.105 | †† | Amendment No. 1, effective September 30, 2020, to AZ MSA (incorporated by reference to Exhibit 10.15 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). | ||||||
10.106 | †† | Amendment No. 2, effective October 30, 2020, to AZ MSA (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed on April 30, 2021). | ||||||
10.107 | †† | Amendment No. 3, effective November 25, 2020, to AZ MSA (incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q filed on April 30, 2021). | ||||||
10.108 | †† | Amendment No. 4, effective January 21, 2021, to AZ MSA (incorporated by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q filed on April 30, 2021). | ||||||
10.109 | †† | Change Order No. 1 to Work Order #5997-01, effective July 31, 2020, to AZ MSA (incorporated by reference to Exhibit 10.11 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.110 | †† | Change Order No. 2 to Work Order #5997-01, effective August 04, 2020, to AZ MSA (incorporated by reference to Exhibit 10.12 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.111 | †† | Change Order No. 4 to Work Order #5997-01, effective November 17, 2020, to AZ MSA (incorporated by reference to Exhibit 10.13 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.112 | †† | Change Order No. 5 to Work Order #5997-01, effective September 16, 2020, to AZ MSA (incorporated by reference to Exhibit 10.14 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.113 | †† | Change Order No. 6 to Work Order #5997-01, effective October 13, 2020, to AZ MSA (incorporated by reference to Exhibit 10.15 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.114 | †† | Change Order No. 10 to Work Order #5997-01, effective March 10, 2021, to AZ MSA (incorporated by reference to Exhibit 10.16 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). | ||||||
10.115 | †† | Change Order No. 13 to Work Order #5997-01, effective April 23, 2021, to AZ MSA (incorporated by reference to Exhibit 10.17 to the Company's Quarterly Report on Form 10-Q filed on July 30, 2021). |
Exhibit Number | Exhibit Description | |||||||
10.116 | †† | Manufacturing Services Agreement, dated July 2, 2020, by and between Emergent Manufacturing Operations Baltimore, LLC and Janssen Pharmaceuticals, Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson (JNJ MSA) (incorporated by reference to Exhibit 10.16 to the Company's Quarterly Report on Form 10-Q filed on November 6, 2020). | ||||||
10.117 | †† | Amendment No. 1, effective February 25, 2021, to JNJ MSA (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed on April 30, 2021). | ||||||
21 | # | |||||||
23 | # | |||||||
31.1 | # | |||||||
31.2 | # | |||||||
32.1 | # | |||||||
32.2 | # | |||||||
# | The following financial information related to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statement of Changes in Stockholders' Equity; and (vi) the related Notes to Consolidated Financial Statements. | |||||||
# | ||||||||
# | ||||||||
† | ||||||||
Confidential treatment granted by the | ||||||||
†† | ||||||||
* | Management contract or compensatory plan or arrangement filed herewith in response to Item 15(a) of Form 10-K. |
EMERGENT BIOSOLUTIONS INC. | |||||
By: /s/RICHARD S. LINDAHL | |||||
Richard S. Lindahl | |||||
Executive Vice President, Chief Financial Officer and Treasurer | |||||
Date: February |
Signature | Title | Date | ||||||||||||
/s/ | President, Chief Executive Officer and Director (Principal Executive Officer) | February | ||||||||||||
/s/Richard S. Lindahl Richard S. Lindahl | Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | February | ||||||||||||
/s/Fuad El-Hibri Fuad El-Hibri | Executive Chairman of the Board of Directors | February | ||||||||||||
/s/Zsolt Harsanyi, Ph.D. Zsolt Harsanyi, Ph.D. | Director | February | ||||||||||||
/s/Kathryn Zoon, Ph.D. | ||||||||||||||
Kathryn Zoon, Ph.D. | Director | February | ||||||||||||
/s/Ronald B. Richard Ronald B. Richard | Director | February | ||||||||||||
/s/Louis W. Sullivan, M.D. Louis W. Sullivan, M.D. | Director | February | ||||||||||||
/s/George Joulwan George Joulwan | Director | February | ||||||||||||
/s/Jerome Hauer, Ph.D. Jerome Hauer, Ph.D. | Director | February | ||||||||||||
/s/Marvin White Marvin White | Director | February 25, 2022 |