Emergent BioSolutions (EBS) 10-Q 4 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 28, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Emergent BioSolutions Inc.
Entity Central Index Key	1,367,644
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		41,211,567
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 315,627	$ 271,513
Accounts receivable, net	102,511	138,478
Inventories	70,529	74,002
Income tax receivable, net	6,119	9,996
Prepaid expenses and other current assets	14,955	16,229
Total current assets	509,741	510,218
Property, plant and equipment, net	380,240	376,448
Intangible assets, net	30,756	33,865
Goodwill	41,001	41,001
Deferred tax assets, net	5,022	6,096
Other assets	3,723	2,483
Total assets	970,483	970,111
Current liabilities:
Accounts payable	29,604	34,649
Accrued expenses and other current liabilities	1,874	6,368
Accrued compensation	24,326	34,537
Notes payable, current portion	0	20,000
Contingent consideration, current portion	1,710	3,266
Deferred revenue, current portion	15,412	7,036
Total current liabilities	72,926	105,856
Contingent consideration, net of current portion	9,503	9,919
Long-term indebtedness	248,693	248,094
Deferred revenue, net of current portion	17,092	8,433
Other liabilities	1,670	1,604
Total liabilities	349,884	373,906
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 15,000,000 shares authorized, 0 shares issued and outstanding at both June 30, 2017 and December 31, 2016	0	0
Common stock, $0.001 par value; 200,000,000 shares authorized, 41,532,614 shares issued and 41,107,065 shares outstanding at June 30, 2017; 40,996,890 shares issued and 40,574,060 shares outstanding at December 31, 2016	41	41
Treasury stock, at cost, 425,549 and 422,830 common shares at June 30, 2017 and December 31, 2016, respectively	(6,503)	(6,420)
Additional paid-in capital	360,999	352,435
Accumulated other comprehensive loss	(3,519)	(4,331)
Retained earnings	269,581	254,480
Total stockholders' equity	620,599	596,205
Total liabilities and stockholders' equity	$ 970,483	$ 970,111

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	41,532,614	40,996,890
Common stock, shares outstanding (in shares)	41,107,065	40,574,060
Treasury stock ( in shares)	425,549	422,830

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2017		Jun. 30, 2016		Jun. 30, 2017	Jun. 30, 2016
Revenues:
Product sales	$ 63,610		$ 48,333		$ 145,579	$ 112,087
Contract manufacturing	16,160		10,156		33,788	17,743
Contracts and grants	21,002		32,752		38,263	64,375
Total revenues	100,772		91,241		217,630	194,205
Operating expenses:
Cost of product sales and contract manufacturing	34,624		29,465		80,946	53,466
Research and development	25,751		27,893		46,227	53,985
Selling, general and administrative	31,868		35,925		67,018	67,639
Income (loss) from operations	8,529		(2,042)		23,439	19,115
Other income (expense):
Interest income	583		219		956	406
Interest expense	(1,805)		(1,510)		(3,743)	(3,033)
Other income (expense), net	(586)		24		(286)	57
Total other expense, net	(1,808)		(1,267)		(3,073)	(2,570)
Income (loss) from continuing operations before provision for (benefit from) income taxes	6,721		(3,309)		20,366	16,545
Provision for (benefit from) income taxes	2,105		(1,267)		5,265	6,698
Net Income (loss) from continuing operations	4,616		(2,042)		15,101	9,847
Net Loss from discontinued operations	0		(8,905)		0	(16,803)
Net income (loss)	$ 4,616		$ (10,947)		$ 15,101	$ (6,956)
Net income (loss) per share - basic:
Net income (loss) per share from continuing operations-basic (in dollars per share)	$ 0.11		$ (0.05)		$ 0.37	$ 0.25
Net loss per share from discontinued operations-basic (in dollars per share)	0		(0.22)		0	(0.42)
Net income per share - basic (in dollars per share)	0.11		(0.27)		0.37	(0.17)
Net income (loss) per share - diluted:
Net income (loss) from continuing operations - diluted (in dollars per share)	0.11	[1]	(0.05)	[1]	0.35	0.24
Net loss per share from discontinued operations-diluted (in dollars per share)	0		(0.22)		0	(0.34)
Net income (loss) per share - diluted (in dollars per share)	$ 0.11	[1]	$ (0.27)	[1]	$ 0.35	$ (0.10)
Weighted-average number of shares - basic (in shares)	41,013,764		40,202,821		40,871,540	39,872,738
Weighted-average number of shares - diluted (in shares)	50,078,594		40,202,821		49,899,291	48,784,339
[1]	See "Earnings per share" for details on calculation.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income (loss)	$ 4,616	$ (10,947)	$ 15,101	$ (6,956)
Foreign currency translations, net of tax	228	1,072	812	(367)
Comprehensive income (loss)	$ 4,844	$ (9,875)	$ 15,913	$ (7,323)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income (loss)	$ 15,101	$ (6,956)
Adjustments to reconcile to net cash provided by (used in) operating activities:
Stock-based compensation expense	8,018	9,945
Depreciation and amortization	20,097	17,770
Deferred income taxes	4,951	547
Change in fair value of contingent obligations	433	935
Impairment of equipment charge	0	1,114
Excess tax benefits from stock-based compensation	0	(10,442)
Other	464	775
Changes in operating assets and liabilities:
Accounts receivable	36,160	53,933
Inventories	3,473	(19,738)
Income taxes	0	(10,064)
Prepaid expenses and other assets	276	(1,713)
Accounts payable	4,245	11,287
Accrued expenses and other liabilities	(4,386)	(3,533)
Accrued compensation	(10,194)	(4,966)
Provision for chargebacks	0	274
Deferred revenue	17,035	1,007
Net cash provided by operating activities	95,673	40,175
Cash flows from investing activities:
Purchases of property, plant and equipment	(29,605)	(39,246)
Net cash used in investing activities	(29,605)	(39,246)
Cash flows from financing activities:
Issuance of common stock upon exercise of stock options	4,605	14,524
Excess tax benefits from stock-based compensation	0	10,442
Taxes paid on behalf of employees for equity activity	(4,059)	(4,492)
Payments of notes payable	(20,000)	0
Contingent obligation payments	(2,405)	(971)
Purchase of treasury stock	(83)	0
Net cash (used in) provided by financing activities	(21,942)	19,503
Effect of exchange rate changes on cash and cash equivalents	(12)	168
Net increase in cash and cash equivalents	44,114	20,600
Cash and cash equivalents at beginning of period	271,513	312,795
Cash and cash equivalents at end of period	$ 315,627	$ 333,395

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Jun. 30, 2017
Summary of significant accounting policies [Abstract]
Summary of significant accounting policies	1. Summary of significant accounting policies Basis of presentation and consolidation The accompanying unaudited consolidated financial statements include the accounts of Emergent BioSolutions Inc. ("Emergent" or the "Company") and its wholly owned and majority owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC. During the six months ended June 30, 2017, there have been no significant changes to the Company's summary of significant accounting policies contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC, except for revenue recognition associated with the new Biomedical Advanced Research and Development Authority ("BARDA") contract for BioThrax and the modification of the Company's contract for the NuThrax product candidate with BARDA ("the BARDA NuThrax Contract"). The BARDA NuThrax Contract was entered into on September 30, 2016. This contract is a service arrangement that includes multiple elements. The deliverables under the BARDA NuThrax Contract are the completion of development for NuThrax and the procurement of NuThrax for the Strategic National Stockpile ("SNS"). The Company has determined that the procurement of NuThrax under the BARDA NuThrax Contract is a contingent deliverable, as it is dependent upon successful completion of development; therefore the Company has excluded this from the allocation of the contract consideration. The Company allocated the value of the contract to the development for NuThrax based on best estimate of selling price ("BESP"). BESP methodology for the development deliverable was developed using a cost build-up for internal and external costs, plus a specified mark-up. The Company has allocated $147.5 million to the development services deliverable and will recognize revenue as the services are provided. On March 16, 2017, the Company entered into a contract with BARDA, valued at $100 million, for the delivery of BioThrax to the Strategic National Stockpile ("SNS") over a two-year period of performance ("the BARDA BioThrax Contract"). In conjunction with the signing of this contract, the Company entered into a modification to its BARDA NuThrax Contract. The modification to the BARDA NuThrax Contract increases the number of doses of NuThrax to be delivered under the base period from two million to three million doses with a commensurate reduction in dose price for the initial deliveries. The modification also provides for a discount on the purchase price for doses to be procured during the option period by up to $100 million. As a result of the modification of the BARDA NuThrax Contract, in conjunction with execution of the BARDA BioThrax Contract, the Company has determined that the two agreements are linked. The Company analyzed these agreements and determined that the units of accounting under the linked agreements are: · development services for the NuThrax product candidate under the BARDA NuThrax Contract; and · procurement of BioThrax under the BARDA BioThrax Contract. The Company's allocation of contract consideration for the development services was updated based on the services provided prior to March 17, 2017. The allocation of contract consideration for the BioThrax doses to be sold under the BARDA BioThrax contract was determined based on similar pricing provided to other customers. The Company determined the amount of contract consideration to be allocated to the discounts was based on an undiscounted probability adjusted model based on the expected timing of regulatory approval for NuThrax, expected levels of procurement of NuThrax upon regulatory approval and the market conditions for these types of medical countermeasures. The Company allocated the contract consideration to the two units of accounting as follows: · development services for the NuThrax product candidate under the BARDA NuThrax Contract was $137.1 million · procurement of BioThrax under the BARDA BioThrax Contract was $93.6 million The Company will defer a portion of the consideration received for doses delivered under the BARDA BioThrax Contract and the development services for the NuThrax product candidate. The Company will recognize the deferred revenue upon the delivery of NuThrax doses under the BARDA NuThrax Contract, or upon the future extinguishment of the Company's obligation to deliver NuThrax doses to which the discount applies. The Company has classified the results of operations of Aptevo Therapeutics Inc. ("Aptevo") as discontinued operations for the three and six months ended June 30, 2016. The historical financial statements and footnotes have been revised accordingly. See Note 2. "Discontinued operations" for further details regarding the spin-off. For financial reporting purposes, in the periods following the spin-off, the Company reports financial information as one business segment. In the opinion of the Company's management, any adjustments contained in the accompanying unaudited consolidated financial statements are of a normal recurring nature and are necessary to present fairly the financial position of the Company as of June 30, 2017. Interim results are not necessarily indicative of results that may be expected for any other interim period or for an entire year. Recently issued accounting standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) (" In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) " In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (" ASU No. 2017-01") . ASU No. 2017-01 provides clarification for the definition of a business with the objective of adding guidance and providing a more robust framework to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new standard will be effective for all annual periods beginning after December 15, 2017. Early adoption is permitted. The Company will be assessing the impact of this standard on potential acquisitions in 2017. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 250): Simplifying the Test for Goodwill Impairment (" ASU No. 2017-04") . The standard eliminates the second step in the goodwill impairment test, which requires an entity to determine the implied fair value of the reporting unit's goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard is effective for annual and interim goodwill impairment tests conducted in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company does not believe that the new standard will have a material impact on its financial statements. There are no other recently issued accounting pronouncements that are expected to have a material impact on the Company's financial position, results of operations or cash flows.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2017
Discontinued Operations [Abstract]
Discontinued operations	2. Discontinued operations On August 1, 2016, the Company completed the spin-off of Aptevo through The historical statements of operations of Aptevo have been presented as discontinued operations in the consolidated financial statements and the prior period has been restated. Discontinued operations include results of Aptevo's business except for certain allocated corporate overhead costs and certain costs associated with transition services provided by the Company to Aptevo. These allocated costs remain part of continuing operations. Due to differences between the basis of presentation for discontinued operations and the basis of presentation as a stand-alone company, the financial results of Aptevo included within discontinued operations for the Company may not be indicative of actual financial results of Aptevo. The following table summarizes results from discontinued operations of Aptevo included in the consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2016 2016 Revenues: Product sales $ 10,212 $ 18,165 Collaborations 34 119 Total revenues 10,246 18,284 Operating expense: Cost of product sales 6,147 10,649 Research and development 7,454 15,515 Selling, general and administrative 8,221 16,292 Loss from operations (11,576 ) (24,172 ) Other income (expense), net: (5 ) 75 Loss from discontinued operations before benefit from income taxes (11,581 ) (24,097 ) Benefit from income taxes (2,676 ) (7,294 ) Net loss from discontinued operations $ (8,905 ) $ (16,803 ) The following table summarizes the cash flows of Aptevo included in the June 30, 2016 consolidated statements of cash flows: Six Months Ended June 30, (in thousands) 2016 Net cash used in operating activities $ (9,134 ) Net cash used in investing activities (2,139 ) Net cash provided by financing activities 12,277 Net increase in cash and cash equivalents $ 1,004

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2017
Fair value measurements [Abstract]
Fair value measurements	3. Fair value measurements Contingent consideration are liabilities measured at fair value on a recurring basis. As of June 30, 2017 and December 31, 2016, the fair value of contingent consideration was $11.2 million and $13.2 million, respectively. On January 29, 2014, the Company issued $250.0 million aggregate principal amount of 2.875% Convertible Senior Notes due 2021 (the "Notes"). The Notes mature on January 15, 2021, unless earlier purchased by the Company or converted. The Notes are subject to the fair value disclosure requirements. The estimated fair value of the Notes at June 30, 2017 was $323.2 million. The fair value of the Notes was determined via broker quote. For the three months ended June 30, 2017, the contingent consideration obligation associated with the EV-035 series of molecules and the broad spectrum antiviral platform program increased by a nominal amount. For the six months ended June 30, 2017 and the three and six months ended June 30, 2016, the contingent consideration obligation associated with the EV-035 series of molecules and the broad spectrum antiviral platform program decreased by $0.1 million, $0.4 million and $0.4 million, respectively. The changes are primarily due to the estimated timing and probability of success for certain development and regulatory milestones of the EV-035 series of molecules and the broad spectrum antiviral platform program, which are inputs that have no observable market (Level 3). These changes are classified in the Company's statement of operations as both selling, general and administrative expense and research and development expense. For the three and six months ended June 30, 2017, the contingent purchase consideration obligations associated with RSDL increased by $0.2 million and $0.5 million, respectively. For the three and six months ended June 30, 2016, the contingent purchase consideration obligations associated with RSDL increased by $0.5 million and $1.3 million, respectively. The fair value of the RSDL contingent consideration obligations increased primarily due to the expected timing of future net sales, which are inputs that have no observable market (Level 3). These changes are classified in the Company's statement of operations as cost of product sales and contract manufacturing. The following table is a reconciliation of the beginning and ending balance of the liabilities, consisting only of contingent consideration, measured at fair value, using significant unobservable inputs (Level 3) during the six months ended June 30, 2017. (in thousands) Balance at December 31, 2016 $ 13,185 Expense included in earnings 433 Settlements (2,405 ) Purchases, sales and issuances - Transfers in/(out) of Level 3 - Balance at June 30, 2017 $ 11,213 Separate disclosure is required for assets and liabilities measured at fair value on a recurring basis from those measured at fair value on a non-recurring basis. As of June 30, 2017, the Company had no assets or liabilities that were measured at fair value on a non-recurring basis. As of June 30, 2016, the in-process research and development asset for EV-035 series of molecules was measured at fair value on a non-recurring basis.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2017
Inventories [Abstract]
Inventories	4. Inventories Inventories consisted of the following: June 30, December 31, (in thousands) 2017 2016 Raw materials and supplies $ 33,619 $ 30,687 Work-in-process 25,594 19,821 Finished goods 11,316 23,494 Total inventories $ 70,529 $ 74,002

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Jun. 30, 2017
Property, plant and equipment [Abstract]
Property, plant and equipment	5. Property, plant and equipment Property, plant and equipment consisted of the following: June 30, December 31, (in thousands) 2017 2016 Land and improvements $ 20,357 $ 20,340 Buildings, building improvements and leasehold improvements 150,416 147,130 Furniture and equipment 194,140 190,157 Software 52,616 52,564 Construction-in-progress 90,095 77,813 Property, plant and equipment, gross 507,624 488,004 Less: Accumulated depreciation and amortization (127,384 ) (111,556 ) Total property, plant and equipment, net $ 380,240 $ 376,448 As of June 30, 2017 and December 31, 2016, construction-in-progress primarily includes costs related to the build out of the Company's Center for Innovation in Advanced Development and Manufacturing ("CIADM") facility.

Intangible assets, in-process r

Intangible assets, in-process research and development	6 Months Ended
	Jun. 30, 2017
Intangible assets and in-process research and development [Abstract]
Intangible assets, in-process research and development	6. Intangible assets For the three months ended June 30, 2017 and 2016, the Company recorded amortization expense of $1.6 million and $1.8 million, respectively. For the six months ended June 30, 2017 and 2016, the Company recorded amortization expense of $3.1 million and $3.7 million, respectively. The amortization expense for intangible assets has been recorded in operating expenses, specifically selling, general and administrative and cost of product sales and contract manufacturing. As of June 30, 2017, the weighted average amortization period remaining for intangible assets is 70 months.

Equity awards

Equity awards	6 Months Ended
	Jun. 30, 2017
Equity awards [Abstract]
Equity awards	7. Equity As of June 30, 2017, the Company had one equity awards plan, the Fourth Amended and Restated Emergent BioSolutions Inc. 2006 Stock Incentive Plan (the "2006 Plan"), which includes both stock options and restricted stock units. The following is a summary of stock option award activity under the 2006 Plan: 2006 Plan Number of Shares Weighted-Average Exercise Price Aggregate Intrinsic Value Outstanding at December 31, 2016 2,559,331 $ 22.94 $ 25,348,245 Granted 398,058 30.59 Exercised (243,400 ) 19.29 Forfeited (23,796 ) 27.92 Outstanding at June 30, 2017 2,690,193 $ 24.35 $ 25,707,213 The following is a summary of restricted stock unit award activity under the 2006 Plan: Number of Shares Weighted-Average Grant Price Aggregate Intrinsic Value Outstanding at December 31, 2016 875,584 $ 28.94 $ 28,754,179 Granted 428,810 30.55 Vested (403,992 ) 20.72 Forfeited (31,148 ) 28.78 Outstanding at June 30, 2017 869,254 $ 30.20 $ 29,476,403

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2017
Earnings per share [Abstract]
Earnings per share	8. Earnings per share The following table presents the calculation of basic and diluted net income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share data) 2017 2016 2017 2016 Numerator: Net income (loss) from continuing operations $ 4,616 $ (2,042 ) $ 15,101 $ 9,847 Interest expense, net of tax 835 - 1,742 1,302 Amortization of debt issuance costs, net of tax 195 - 391 391 Net income (loss), adjusted from continuing operations 5,646 (2,042 ) 17,234 11,540 Net loss from discontinued operations - (8,905 ) - (16,803 ) Net income (loss), adjusted $ 5,646 $ (10,947 ) $ 17,234 $ (5,263 ) Denominator: Weighted-average number of shares—basic 41,013,764 40,202,821 40,871,540 39,872,738 Dilutive securities—equity awards 968,354 - 931,263 1,191,076 Dilutive securities—convertible debt 8,096,476 - 8,096,488 7,720,525 Weighted-average number of shares—diluted 50,078,594 40,202,821 49,899,291 48,784,339 Net income (loss) per share from continuing operations - basic $ 0.11 $ (0.05 ) $ 0.37 $ 0.25 Net loss per share from discontinued operations - basic - (0.22 ) - (0.42 ) Net income (loss) per share - basic $ 0.11 $ (0.27 ) $ 0.37 $ (0.17 ) Net income (loss) per share from continuing operations - diluted $ 0.11 $ (0.05 ) $ 0.35 $ 0.24 Net loss per share from discontinued operations - diluted - (0.22 ) - (0.34 ) Net income (loss) per share - diluted $ 0.11 $ (0.27 ) $ 0.35 $ (0.10 ) For the three and six months ended June 30, 2017 and 2016, basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. For the three and six months ended June 30, 2017, along with the six months ended June 30, 2016, diluted earnings per share is computed using the "if-converted" method by dividing the net income adjusted for interest expense and amortization of debt issuance cost, both net of tax, associated with the Notes by the weighted average number of shares of common stock outstanding during the period. The weighted average number of shares is adjusted for the potential dilutive effect of the exercise of stock options and the vesting of restricted stock units along with the assumption of the conversion of the Notes, at the beginning of the period. For the three months ended June 30, 2016, basic and diluted earnings per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. No adjustment to the net loss was computed under the "if-converted" method as the effect would have been anti-dilutive. For the three and six months ended June 30, 2017, approximately 0.4 million stock options were excluded from the calculation of diluted earnings per share due to the fact that the exercise prices were in excess of the average per share closing price during the period. For the three months ended June 30, 2016, outstanding equity awards to purchase approximately 3.6 million shares of common stock were excluded from the calculation of diluted earnings per share. In addition, for the three months ended June 30, 2016, approximately 7.7 million shares of common stock related to the Company's Notes were excluded from the calculation of diluted earnings per share. All outstanding equity awards to purchase common stock and shares of common stock related to the Company's Notes were excluded from the calculation of diluted earnings per share in the periods in which the Company incurred a net loss.

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2017
Abandonment of equipment
Restructuring	9. Restructuring In August 2016, the Company adopted a plan to restructure and reprioritize the operations of one of its facilities at the Emergent BioDefense Operations Lansing LLC ("EBOL") site. This plan was initiated as a result of the Company's large-scale manufacturing facility at the EBOL site commencing manufacturing operations. Severance and other related costs and asset-related charges are reflected within the Company's consolidated statement of operations as a component of selling, general and administrative expense. The Company has completed the EBOL restructuring. The costs of the restructuring as of June 30, 2017 are detailed below: Incurred in Inception to Date (in thousands) 2017 Termination benefits $ 40 $ 5,286 Abandonment of equipment - 3,749 Other costs - 691 Total $ 40 $ 9,726 During the year ended December 31, 2016, the Company abandoned certain equipment and associated assets The following is a summary of the activity for the liabilities related to the restructuring: Termination (in thousands) Benefits Balance at December 31, 2016 $ 4,357 Expenses incurred 40 Amount paid (3,602 ) Other adjustments - Balance at June 30, 2017 $ 795

Litigation

Litigation	6 Months Ended
	Jun. 30, 2017
Litigation [Abstract]
Litigation	10. Litigation On July 19, 2016, Plaintiff William Sponn, or Sponn, filed a putative class action complaint in the United States District Court for the District of Maryland on behalf of purchasers of the Company's common stock between January 11, 2016 and June 21, 2016, inclusive, or the Class Period, seeking to pursue remedies under the Securities Exchange Act of 1934 against the Company and certain of its senior officers and directors, collectively, the Defendants. The complaint alleges, among other things, that the Company made materially false and misleading statements about the government's demand for BioThrax and expectations that the Company's five-year exclusive procurement contract with the U.S. Department of Health and Human Services would be renewed and omitted certain material facts. Sponn is seeking unspecified damages, including legal costs. On October 25, 2016 the Court added City of Cape Coral Municipal Firefighters' Retirement Plan and City of Sunrise Police Officers' Retirement Plan as plaintiffs and appointed them Lead Plaintiffs and Robins Geller Rudman & Dowd LLP as Lead Counsel. On December 27, 2016 the plaintiffs filed an amended complaint that cites the same class period, names the same defendants and makes similar allegations to the original complaint. The Company filed a Motion to Dismiss on February 27, 2017. The Plaintiffs filed an opposition brief on April 28, 2017. The Company's Motion to Dismiss was heard and denied on July 6, 2017. The Defendants believe that the allegations in the complaint are without merit and intend to defend themselves vigorously against those claims. As of the date of this filing, the range of potential loss cannot be determined or estimated.

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2017
Subsequent events [Abstract]
Subsequent events	11. Subsequent events On July 19, 2017, the Company entered into an agreement with GSK to acquire raxibacumab, a fully human monoclonal antibody approved by the FDA for the treatment and prophylaxis of inhalational anthrax. The all-cash transaction consists of a $76 million upfront payment and up to $20 million in product sale and manufacturing-related milestone payments, all of which would likely become due in 2019. The Company also plans to assume responsibility for a multi-year contract with BARDA, valued at up to approximately $130 million, to supply the product to the SNS. The Company expects to purchase product from GSK to fulfill deliveries to the SNS under the current BARDA contract and plans to transfer raxibacumab manufacturing to existing Emergent facilities in Baltimore, Maryland in 2020. This transaction, which is subject to customary closing conditions including antitrust regulatory approval, is expected to close in 2017. On July 14, 2017, the Company entered into an agreement to acquire the ACAM2000®, (Smallpox (Vaccinia) Vaccine, Live) business of Sanofi Pasteur Biologics, LLC ("Sanofi") and Acambis Research Ltd. ("Acambis") in an all-cash transaction with a total value of up to $125 million, consisting of $97.5 million upfront and up to $27.5 million in near-term contingent regulatory and manufacturing-related milestones. Upon the closing of this transaction, the Company will acquire ACAM2000®, (Smallpox (Vaccinia) Vaccine, Live), the only vaccine licensed by the Food and Drug Administration ("FDA") for active immunization against smallpox disease for persons determined to be at high risk for smallpox infection, an existing 10-year contract with the Centers for Disease Control and Prevention ("CDC") originally valued at up to $425 million with a remaining value of up to approximately $160 million for deliveries of ACAM2000 to the Strategic National Stockpile ("SNS"), and a current good manufacturing practices ("cGMP") bulk manufacturing facility and a lease to a cGMP fill/finish facility. This transaction, which is subject to customary closing conditions including antitrust regulatory approval, is expected to close in 2017.

Summary of significant accoun18

Summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2017
Summary of significant accounting policies [Abstract]
Basis of presentation and consolidation	Basis of presentation and consolidation The accompanying unaudited consolidated financial statements include the accounts of Emergent BioSolutions Inc. ("Emergent" or the "Company") and its wholly owned and majority owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC. During the six months ended June 30, 2017, there have been no significant changes to the Company's summary of significant accounting policies contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC, except for revenue recognition associated with the new Biomedical Advanced Research and Development Authority ("BARDA") contract for BioThrax and the modification of the Company's contract for the NuThrax product candidate with BARDA ("the BARDA NuThrax Contract"). The BARDA NuThrax Contract was entered into on September 30, 2016. This contract is a service arrangement that includes multiple elements. The deliverables under the BARDA NuThrax Contract are the completion of development for NuThrax and the procurement of NuThrax for the Strategic National Stockpile ("SNS"). The Company has determined that the procurement of NuThrax under the BARDA NuThrax Contract is a contingent deliverable, as it is dependent upon successful completion of development; therefore the Company has excluded this from the allocation of the contract consideration. The Company allocated the value of the contract to the development for NuThrax based on best estimate of selling price ("BESP"). BESP methodology for the development deliverable was developed using a cost build-up for internal and external costs, plus a specified mark-up. The Company has allocated $147.5 million to the development services deliverable and will recognize revenue as the services are provided. On March 16, 2017, the Company entered into a contract with BARDA, valued at $100 million, for the delivery of BioThrax to the Strategic National Stockpile ("SNS") over a two-year period of performance ("the BARDA BioThrax Contract"). In conjunction with the signing of this contract, the Company entered into a modification to its BARDA NuThrax Contract. The modification to the BARDA NuThrax Contract increases the number of doses of NuThrax to be delivered under the base period from two million to three million doses with a commensurate reduction in dose price for the initial deliveries. The modification also provides for a discount on the purchase price for doses to be procured during the option period by up to $100 million. As a result of the modification of the BARDA NuThrax Contract, in conjunction with execution of the BARDA BioThrax Contract, the Company has determined that the two agreements are linked. The Company analyzed these agreements and determined that the units of accounting under the linked agreements are: · development services for the NuThrax product candidate under the BARDA NuThrax Contract; and · procurement of BioThrax under the BARDA BioThrax Contract. The Company's allocation of contract consideration for the development services was updated based on the services provided prior to March 17, 2017. The allocation of contract consideration for the BioThrax doses to be sold under the BARDA BioThrax contract was determined based on similar pricing provided to other customers. The Company determined the amount of contract consideration to be allocated to the discounts was based on an undiscounted probability adjusted model based on the expected timing of regulatory approval for NuThrax, expected levels of procurement of NuThrax upon regulatory approval and the market conditions for these types of medical countermeasures. The Company allocated the contract consideration to the two units of accounting as follows: · development services for the NuThrax product candidate under the BARDA NuThrax Contract was $137.1 million · procurement of BioThrax under the BARDA BioThrax Contract was $93.6 million The Company will defer a portion of the consideration received for doses delivered under the BARDA BioThrax Contract and the development services for the NuThrax product candidate. The Company will recognize the deferred revenue upon the delivery of NuThrax doses under the BARDA NuThrax Contract, or upon the future extinguishment of the Company's obligation to deliver NuThrax doses to which the discount applies. The Company has classified the results of operations of Aptevo Therapeutics Inc. ("Aptevo") as discontinued operations for the three and six months ended June 30, 2016. The historical financial statements and footnotes have been revised accordingly. See Note 2. "Discontinued operations" for further details regarding the spin-off. For financial reporting purposes, in the periods following the spin-off, the Company reports financial information as one business segment. In the opinion of the Company's management, any adjustments contained in the accompanying unaudited consolidated financial statements are of a normal recurring nature and are necessary to present fairly the financial position of the Company as of June 30, 2017. Interim results are not necessarily indicative of results that may be expected for any other interim period or for an entire year. Recently issued accounting standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) (" In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) " In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (" ASU No. 2017-01") . ASU No. 2017-01 provides clarification for the definition of a business with the objective of adding guidance and providing a more robust framework to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new standard will be effective for all annual periods beginning after December 15, 2017. Early adoption is permitted. The Company will be assessing the impact of this standard on potential acquisitions in 2017. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 250): Simplifying the Test for Goodwill Impairment (" ASU No. 2017-04") . The standard eliminates the second step in the goodwill impairment test, which requires an entity to determine the implied fair value of the reporting unit's goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard is effective for annual and interim goodwill impairment tests conducted in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company does not believe that the new standard will have a material impact on its financial statements. There are no other recently issued accounting pronouncements that are expected to have a material impact on the Company's financial position, results of operations or cash flows.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2017
Discontinued Operations [Abstract]
Summarized results of discontinued operations included in consolidated statements of income	The following table summarizes results from discontinued operations of Aptevo included in the consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2016 2016 Revenues: Product sales $ 10,212 $ 18,165 Collaborations 34 119 Total revenues 10,246 18,284 Operating expense: Cost of product sales 6,147 10,649 Research and development 7,454 15,515 Selling, general and administrative 8,221 16,292 Loss from operations (11,576 ) (24,172 ) Other income (expense), net: (5 ) 75 Loss from discontinued operations before benefit from income taxes (11,581 ) (24,097 ) Benefit from income taxes (2,676 ) (7,294 ) Net loss from discontinued operations $ (8,905 ) $ (16,803 )
Summary of disposal groups including discontinued operations cash flows	The following table summarizes the cash flows of Aptevo included in the June 30, 2016 consolidated statements of cash flows: Six Months Ended June 30, (in thousands) 2016 Net cash used in operating activities $ (9,134 ) Net cash used in investing activities (2,139 ) Net cash provided by financing activities 12,277 Net increase in cash and cash equivalents $ 1,004

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Fair value measurements [Abstract]
Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)	The following table is a reconciliation of the beginning and ending balance of the liabilities, consisting only of contingent consideration, measured at fair value, using significant unobservable inputs (Level 3) during the six months ended June 30, 2017. (in thousands) Balance at December 31, 2016 $ 13,185 Expense included in earnings 433 Settlements (2,405 ) Purchases, sales and issuances - Transfers in/(out) of Level 3 - Balance at June 30, 2017 $ 11,213

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2017
Inventories [Abstract]
Inventories	Inventories consisted of the following: June 30, December 31, (in thousands) 2017 2016 Raw materials and supplies $ 33,619 $ 30,687 Work-in-process 25,594 19,821 Finished goods 11,316 23,494 Total inventories $ 70,529 $ 74,002

Property, plant and equipment (

Property, plant and equipment (Tables)	6 Months Ended
	Jun. 30, 2017
Property, plant and equipment [Abstract]
Property, plant and equipment	Property, plant and equipment consisted of the following: June 30, December 31, (in thousands) 2017 2016 Land and improvements $ 20,357 $ 20,340 Buildings, building improvements and leasehold improvements 150,416 147,130 Furniture and equipment 194,140 190,157 Software 52,616 52,564 Construction-in-progress 90,095 77,813 Property, plant and equipment, gross 507,624 488,004 Less: Accumulated depreciation and amortization (127,384 ) (111,556 ) Total property, plant and equipment, net $ 380,240 $ 376,448 As of June 30, 2017 and December 31, 2016, construction-in-progress primarily includes costs related to the build out of the Company's Center for Innovation in Advanced Development and Manufacturing ("CIADM") facility.

Equity awards (Tables)

Equity awards (Tables)	6 Months Ended
	Jun. 30, 2017
Equity awards [Abstract]
Option Award Activity	The following is a summary of stock option award activity under the 2006 Plan: 2006 Plan Number of Shares Weighted-Average Exercise Price Aggregate Intrinsic Value Outstanding at December 31, 2016 2,559,331 $ 22.94 $ 25,348,245 Granted 398,058 30.59 Exercised (243,400 ) 19.29 Forfeited (23,796 ) 27.92 Outstanding at June 30, 2017 2,690,193 $ 24.35 $ 25,707,213
Restricted Stock Units Activity	The following is a summary of restricted stock unit award activity under the 2006 Plan: Number of Shares Weighted-Average Grant Price Aggregate Intrinsic Value Outstanding at December 31, 2016 875,584 $ 28.94 $ 28,754,179 Granted 428,810 30.55 Vested (403,992 ) 20.72 Forfeited (31,148 ) 28.78 Outstanding at June 30, 2017 869,254 $ 30.20 $ 29,476,403

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings per share [Abstract]
Summary of Basic and Diluted Net Income (Loss) per Share	The following table presents the calculation of basic and diluted net income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share data) 2017 2016 2017 2016 Numerator: Net income (loss) from continuing operations $ 4,616 $ (2,042 ) $ 15,101 $ 9,847 Interest expense, net of tax 835 - 1,742 1,302 Amortization of debt issuance costs, net of tax 195 - 391 391 Net income (loss), adjusted from continuing operations 5,646 (2,042 ) 17,234 11,540 Net loss from discontinued operations - (8,905 ) - (16,803 ) Net income (loss), adjusted $ 5,646 $ (10,947 ) $ 17,234 $ (5,263 ) Denominator: Weighted-average number of shares—basic 41,013,764 40,202,821 40,871,540 39,872,738 Dilutive securities—equity awards 968,354 - 931,263 1,191,076 Dilutive securities—convertible debt 8,096,476 - 8,096,488 7,720,525 Weighted-average number of shares—diluted 50,078,594 40,202,821 49,899,291 48,784,339 Net income (loss) per share from continuing operations - basic $ 0.11 $ (0.05 ) $ 0.37 $ 0.25 Net loss per share from discontinued operations - basic - (0.22 ) - (0.42 ) Net income (loss) per share - basic $ 0.11 $ (0.27 ) $ 0.37 $ (0.17 ) Net income (loss) per share from continuing operations - diluted $ 0.11 $ (0.05 ) $ 0.35 $ 0.24 Net loss per share from discontinued operations - diluted - (0.22 ) - (0.34 ) Net income (loss) per share - diluted $ 0.11 $ (0.27 ) $ 0.35 $ (0.10 )

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2017
Abandonment of equipment
Costs of the restructuring	The Company has completed the EBOL restructuring. The costs of the restructuring as of June 30, 2017 are detailed below: Incurred in Inception to Date (in thousands) 2017 Termination benefits $ 40 $ 5,286 Abandonment of equipment - 3,749 Other costs - 691 Total $ 40 $ 9,726
Summary of the activity for liabilities related to EBOL restructuring	The following is a summary of the activity for the liabilities related to the restructuring: Termination (in thousands) Benefits Balance at December 31, 2016 $ 4,357 Expenses incurred 40 Amount paid (3,602 ) Other adjustments - Balance at June 30, 2017 $ 795

Summary of significant accoun26

Summary of significant accounting policies (Details) $ in Thousands, Dose in Millions	Mar. 16, 2017USD ($)Dose	Jun. 30, 2017USD ($)Segment	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Summary of significant accounting policies [Abstract]
Number of business segments | Segment		1
Product Information [Line Items]
Billed revenue amount		$ 63,610	$ 48,333	$ 145,579	$ 112,087
BioThrax [Member] | BARDA [Member]
Product Information [Line Items]
Amount of contract	$ 100,000
Period of performance	2 years
Consideration allocated to procurement	$ 93,600
NuThrax [Member] | BARDA [Member]
Product Information [Line Items]
Consideration allocated to development activities	$ 137,100					$ 147,500
NuThrax [Member] | BARDA [Member] | Minimum [Member]
Product Information [Line Items]
Number of doses to be delivered | Dose	2
NuThrax [Member] | BARDA [Member] | Maximum [Member]
Product Information [Line Items]
Number of doses to be delivered | Dose	3
Discount on purchase price for doses to be procured	$ 100,000
Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax benefit associated with stock option activity			$ 1,200		$ 3,500

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Aug. 01, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of outstanding shares distributed				100.00%
Record date for distribution		Jul. 22, 2016
Number of common stock distributed (in shares)				20,230,000
Aptevo [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Unsecured debt				$ 20,000
Term of manufacturing services contract		10 years
Term of transition services agreement		2 years
Revenues [Abstract]
Product sales	$ 10,212		$ 18,165
Contracts, grants and collaborations	34		119
Total revenues	10,246		18,284
Operating expense [Abstract]
Cost of product sales	6,147		10,649
Research and development	7,454		15,515
Selling, general and administrative	8,221		16,292
Income (loss) from operations	(11,576)		(24,172)
Other income (expense), net [Abstract]
Other income (expense), net	(5)		75
Income (loss) from discontinued operations before provision for (benefit from) income taxes	(11,581)		(24,097)
Provision for (benefit from) income taxes	(2,676)		(7,294)
Net Income (loss) from discontinued operations	$ (8,905)		(16,803)
Net Cash Provided by (Used in) Discontinued Operations [Abstract]
Net cash used in operating activities			(9,134)
Net cash provided by investing activities			(2,139)
Net cash provided by financing activities			12,277
Net increase in cash and cash equivalents			$ 1,004

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 29, 2014	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period				$ 13,185
Expense included in earnings				433
Settlements				(2,405)
Purchases, sales and issuances				0
Transfers in/(out) of Level 3				0
Balance, end of period		$ 11,213		11,213
Convertible Senior Notes Due 2021 [Member]
Unobservable Input Reconciliation [Roll Forward]
Face amount of debt instrument	$ 250,000
Interest rate, stated percentage	2.875%
Maturity date	Jan. 15, 2021
Fair value of the notes		323,200		323,200
Evolva Holding SA 035 & Broad Spectrum Antiviral Platform [Member]
Unobservable Input Reconciliation [Roll Forward]
Change in fair value of contingent obligations			$ (400)	(100)	$ (400)
RSDL [Member]
Unobservable Input Reconciliation [Roll Forward]
Change in fair value of contingent obligations		$ 200	$ 500	$ 500	$ 1,300

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Inventories [Abstract]
Raw materials and supplies	$ 33,619	$ 30,687
Work-in-process	25,594	19,821
Finished goods	11,316	23,494
Total inventories	$ 70,529	$ 74,002

Property, plant and equipment30

Property, plant and equipment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 507,624		$ 488,004
Less: Accumulated depreciation and amortization	(127,384)		(111,556)
Total Property, plant and equipment, net	380,240		376,448
Depreciation and amortization	20,097	$ 17,770
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	20,357		20,340
Buildings, Building Improvements and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	150,416		147,130
Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	194,140		190,157
Software [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	52,616		52,564
Construction-in-progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 90,095		$ 77,813

Intangible assets, in-process31

Intangible assets, in-process research and development (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Accumulated Amortization [Abstract]
Amortization	$ 1,555,000	$ 1,843,000	$ 3,109,000	$ 3,686,000
Intangible assets, weighted average useful life			70 months

Equity awards (Details)

Equity awards (Details)	6 Months Ended
	Jun. 30, 2017USD ($)Plan$ / sharesshares
Equity awards [Abstract]
Number of stock-based employee compensation plans | Plan	1
2006 Plan [Member] | Restricted Stock Units (RSUs) [Member]
Restricted stock unit award activity [Roll Forward]
Outstanding, beginning of period (in shares) | shares	875,584
Granted (in shares) | shares	428,810
Vested (in shares) | shares	(403,992)
Forfeited (in shares) | shares	(31,148)
Outstanding, end of period (in shares) | shares	869,254
Weighted-Average Grant Price [Roll Forward]
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 28.94
Granted (in dollars per share) | $ / shares	30.55
Vested (in dollars per share) | $ / shares	20.72
Forfeited (in dollars per share) | $ / shares	28.78
Outstanding, end of period (in dollars per share) | $ / shares	$ 30.20
Aggregate intrinsic value [Abstract]
Outstanding, beginning of period | $	$ 28,754,179
Outstanding, end of period | $	$ 29,476,403
2006 Plan [Member] | Stock Options Member [Member]
Options outstanding [Roll Forward]
Outstanding, beginning of period (in shares) | shares	2,559,331
Granted (in shares) | shares	398,058
Exercised (in shares) | shares	(243,400)
Forfeited (in shares) | shares	(23,796)
Outstanding, end of period (in shares) | shares	2,690,193
Weighted-Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 22.94
Granted (in dollars per share) | $ / shares	30.59
Exercised (in dollars per share) | $ / shares	19.29
Forfeited (in dollars per share) | $ / shares	27.92
Outstanding, end of period (in dollars per share) | $ / shares	$ 24.35
Aggregate Intrinsic Value [Abstract]
Outstanding, beginning of period | $	$ 25,348,245
Outstanding, end of period | $	$ 25,707,213

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2017		Jun. 30, 2016		Jun. 30, 2017	Jun. 30, 2016
Numerator [Abstract]
Net Income (loss) from continuing operations	$ 4,616		$ (2,042)		$ 15,101	$ 9,847
Interest expense, net of tax	835		0		1,742	1,302
Amortization of debt issuance costs, net of tax	195		0		391	391
Net income (loss), adjusted from continuing operations	5,646		(2,042)		17,234	11,540
Net Loss from discontinued operations	0		(8,905)		0	(16,803)
Net income (loss), adjusted	$ 5,646		$ (10,947)		$ 17,234	$ (5,263)
Denominator [Abstract]
Weighted-average number of shares-basic (in shares)	41,013,764		40,202,821		40,871,540	39,872,738
Dilutive securities-equity awards (in shares)	968,354		0		931,263	1,191,076
Dilutive securities-convertible debt	8,096,476		0		8,096,488	7,720,525
Weighted-average number of shares-diluted (in shares)	50,078,594		40,202,821		49,899,291	48,784,339
Net income (loss) per share from continuing operations-basic (in dollars per share)	$ 0.11		$ (0.05)		$ 0.37	$ 0.25
Net loss per share from discontinued operations-basic (in dollars per share)	0		(0.22)		0	(0.42)
Net income (loss) per share - basic (in dollars per share)	0.11		(0.27)		0.37	(0.17)
Net income (loss) from continuing operations - diluted (in dollars per share)	0.11	[1]	(0.05)	[1]	0.35	0.24
Net loss per share from discontinued operations-diluted (in dollars per share)	0		(0.22)		0	(0.34)
Net income (loss) per share - diluted (in dollars per share)	$ 0.11	[1]	$ (0.27)	[1]	$ 0.35	$ (0.10)
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation (in shares)	400,000		3,600,000		400,000
Convertible debt [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation (in shares)			7,700,000
[1]	See "Earnings per share" for details on calculation.

Restructuring (Details)

Restructuring (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Selling, General and Administrative Expenses [Member]
Summary of activity for liabilities [Roll Forward]
Abandonment of equipment charge	$ 3,700
EBOL Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Incurred in 2017	40
Inception to Date Costs Incurred	9,726
Termination Benefits [Member] | EBOL Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Incurred in 2017	40
Inception to Date Costs Incurred	5,286
Summary of activity for liabilities [Roll Forward]
Balance, beginning of period	4,357
Expenses incurred	40
Amount paid	(3,602)
Other adjustments	0
Balance, end of period	795
Other Costs [Member] | EBOL Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Incurred in 2017	0
Inception to Date Costs Incurred	691
Abandonment of Equipment [Member] | EBOL Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Incurred in 2017	0
Inception to Date Costs Incurred	$ 3,749

Subsequent events (Details)

Subsequent events (Details) - Subsequent Event [Member] - USD ($) $ in Millions	Jul. 14, 2017	Jul. 19, 2017
Sanofi [Member]
Subsequent Event [Line Items]
Total value of transaction	$ 125
Upfront cash payment	97.5
Amount of payment for manufacturing related milestones	$ 27.5
Term of contract under acquisition	10 years
Value of contract	$ 425
Sanofi [Member] | CDC [Member]
Subsequent Event [Line Items]
Amount for deliveries of product to the SNS	$ 160
GSK [Member]
Subsequent Event [Line Items]
Upfront cash payment		$ 76
Amount of payment for manufacturing related milestones		20
GSK [Member] | BARDA [Member]
Subsequent Event [Line Items]
Amount for deliveries of product to the SNS		$ 130