Emergent BioSolutions (EBS) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 24, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-33137
Entity Registrant Name	EMERGENT BIOSOLUTIONS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1902018
Entity Address, Address Line One	400 Professional Drive Suite 400
Entity Address, City or Town	Gaithersburg,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20879
City Area Code	240
Local Phone Number	631-3200
Title of 12(b) Security	Common Stock, Par Value $0.001 per share
Trading Symbol	EBS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		52,924,889
Entity Central Index Key	0001367644
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 268.8	$ 167.8
Restricted cash	0.2	0.2
Accounts receivable, net	258.6	270.7
Inventories	236.2	222.5
Prepaid expenses and other current assets	32.1	25
Total current assets	795.9	686.2
Property, plant and equipment, net	580.1	542.3
Intangible assets, net	693.2	712.9
In-process research and development	29	29
Goodwill	266.3	266.6
Other assets	101.6	90.3
Total assets	2,466.1	2,327.3
Current liabilities:
Accounts payable	84.8	94.8
Accrued expenses	33.8	39.5
Debt, current portion	59	62.4
Debt, current portion	29.1	12.9
Contract liabilities, current portion	32.7	3.3
Business Combination, Contingent Consideration, Liability, Current	22.3	3.2
Other current liabilities	32	0.2
Total current liabilities	293.7	216.3
Contingent consideration, net of current portion	6.9	26
Debt, net of current portion	758.1	798.4
Deferred tax liability	63.9	63.9
Contract liabilities, net of current portion	85.3	85.6
Other liabilities	59.4	48.6
Total liabilities	1,267.3	1,238.8
Stockholders' equity:
Preferred stock, $0.001 par value; 15.0 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.001 par value; 200.0 shares authorized, 54.1 and 52.9 shares issued; 52.9 and 51.7 shares outstanding, respectively	0.1	0.1
Treasury stock, at cost, 1.2 common shares	(39.6)	(39.6)
Additional paid-in capital	758.5	716.1
Accumulated other comprehensive loss, net	(22.2)	(9.9)
Retained earnings	502	421.8
Total stockholders' equity	1,198.8	1,088.5
Total liabilities and stockholders' equity	$ 2,466.1	$ 2,327.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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)	54,100,000	53,000,000
Common stock, shares outstanding (in shares)	52,900,000	51,700,000
Treasury stock (in shares)	1,200,000	1,200,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total revenues	$ 394.7	$ 243.2	$ 587.2	$ 433.9
Operating expenses:
Cost of product sales and contract development and manufacturing services	129.8	100.8	206.7	192.7
Research and development	47.9	63.9	90.6	110
Selling, general and administrative	76	70.8	145.7	136.4
Amortization of intangible assets	15	14.7	29.8	29.2
Total operating expenses	268.7	250.2	472.8	468.3
Income (loss) from operations	126	(7)	114.4	(34.4)
Other income (expense):
Interest expense	(6.4)	(9.5)	(15)	(19)
Other, net	1.1	1.4	0	0.4
Total other income (expense), net	(5.3)	(8.1)	(15)	(18.6)
Income (loss) before provision for income taxes	120.7	(15.1)	99.4	(53)
Income tax provision (benefit)	28	(5.6)	19.2	(17.4)
Net income (loss)	$ 92.7	$ (9.5)	$ 80.2	$ (35.6)
Net income (loss) per common share
Basic (in dollars per share)	$ 1.76	$ (0.18)	$ 1.53	$ (0.69)
Diluted (in dollars per share)	$ 1.73	$ (0.18)	$ 1.51	$ (0.69)
Shares used in computing income (loss) per share
Basic (in shares)	52.6	51.5	52.3	51.3
Diluted (in shares)	53.5	51.5	53.2	51.3
Product sales, net
Revenues:
Total revenues	$ 298.5	$ 183.5	$ 446.7	$ 336.5
Contract development and manufacturing services
Revenues:
Total revenues	72.6	18.7	94.3	34.6
Contracts and grants
Revenues:
Total revenues	$ 23.6	$ 41	$ 46.2	$ 62.8

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 92.7	$ (9.5)	$ 80.2	$ (35.6)
Other comprehensive (loss) income, net of tax:
Foreign currency translation	(0.3)	0.7	(0.4)	1.7
Unrealized losses on hedging activities	(0.7)	(1.2)	(11.9)	(1.2)
Total other comprehensive (loss) income	(1)	(0.5)	(12.3)	0.5
Comprehensive income (loss)	$ 91.7	$ (10)	$ 67.9	$ (35.1)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Unrealized losses on hedging activities	$ 0.8	$ 0	$ 3.6	$ 0
Unrealized losses related to foreign currency translations	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows provided by operating activities:
Net income (loss)	$ 80.2	$ (35.6)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation expense	31	14.9
Depreciation and amortization	56.8	55.1
Amortization of deferred financing costs	1.5	1.5
Deferred income taxes	(3.7)	(1.3)
Change in fair value of contingent consideration, net	1.1	5.5
Other	1.1	2.9
Changes in operating assets and liabilities:
Accounts receivable	12.1	44.6
Inventories	(13.7)	(26.1)
Prepaid expenses and other assets	(16.9)	(44.9)
Accounts payable	(14.5)	42.6
Accrued expenses	25	6.9
Accrued compensation	(3.4)	(13.5)
Contract liabilities	29.1	16.4
Net cash provided by operating activities:	185.7	69
Cash flows used in investing activities:
Purchases of property, plant and equipment and other	(59.3)	(35.5)
Milestone payment from prior asset acquisition	(10)	(10)
Net cash used in investing activities:	(69.3)	(45.5)
Cash flows (used in) provided by financing activities:
Proceeds from revolving credit facility	0	130
Principal payments on revolving credit facility	(20)	(80)
Principal payments on term loan facility	(5.6)	(5.6)
Proceeds from exercise of stock options	23.1	4.6
Taxes paid for share-based compensation activity	(11.7)	(6.3)
Contingent consideration payments	(1.1)	(1)
Net cash (used in) provided by financing activities:	(15.3)	41.7
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(0.1)	0
Net increase in cash, cash equivalents and restricted cash	101	65.2
Cash, cash equivalents and restricted cash at beginning of period	168	112.4
Cash, cash equivalents and restricted cash at end of period	269	177.6
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	11.6	18.3
Cash paid during the period for income taxes	12.2	13.4
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end	16.8	11.4
Reconciliation of cash and cash equivalent and restricted cash
Total cash, cash equivalents and restricted cash	$ 269	$ 177.6

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	$0.001 Par Value Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Balance (in shares) at Dec. 31, 2018		52,400,000		1,200,000
Balance at Dec. 31, 2018	$ 1,010.9	$ 0.1	$ 688.6	$ (39.6)	$ (5.5)	$ 367.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee equity plans activity (in shares)		300,000
Employee equity plans activity	13.1		13.2	$ (0.1)
Net income (loss)	(35.6)					(35.6)
Other comprehensive income	0.5				0.5
Balance (in shares) at Jun. 30, 2019		52,700,000		1,200,000
Balance at Jun. 30, 2019	988.9	$ 0.1	701.8	$ (39.7)	(5)	331.7
Balance (in shares) at Mar. 31, 2019		52,600,000		1,200,000
Balance at Mar. 31, 2019	987.3	$ 0.1	690.1	$ (39.6)	(4.5)	341.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee equity plans activity (in shares)		100,000
Employee equity plans activity	11.6		11.7	$ (0.1)
Net income (loss)	(9.5)					(9.5)
Other comprehensive income	(0.5)				(0.5)
Balance (in shares) at Jun. 30, 2019		52,700,000		1,200,000
Balance at Jun. 30, 2019	$ 988.9	$ 0.1	701.8	$ (39.7)	(5)	331.7
Balance (in shares) at Dec. 31, 2019	53,000,000	53,000,000		1,200,000
Balance at Dec. 31, 2019	$ 1,088.5	$ 0.1	716.1	$ (39.6)	(9.9)	421.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee equity plans activity (in shares)		1,100,000
Employee equity plans activity	42.4		42.4	$ 0
Net income (loss)	80.2					80.2
Other comprehensive income	$ (12.3)				(12.3)
Balance (in shares) at Jun. 30, 2020	54,100,000	54,100,000		1,200,000
Balance at Jun. 30, 2020	$ 1,198.8	$ 0.1	758.5	$ (39.6)	(22.2)	502
Balance (in shares) at Mar. 31, 2020		53,500,000		1,200,000
Balance at Mar. 31, 2020	1,074.8	$ 0.1	726.2	$ (39.6)	(21.2)	409.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee equity plans activity (in shares)		600,000
Employee equity plans activity	32.3		32.3	$ 0
Net income (loss)	92.7					92.7
Other comprehensive income	$ (1)				(1)
Balance (in shares) at Jun. 30, 2020	54,100,000	54,100,000		1,200,000
Balance at Jun. 30, 2020	$ 1,198.8	$ 0.1	$ 758.5	$ (39.6)	$ (22.2)	$ 502

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001

Business

Business	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Organization and business Emergent BioSolutions Inc. (the "Company" or "Emergent") is a global life sciences company focused on providing civilian and military populations a portfolio of innovative preparedness and response products and solutions that address accidental, deliberate and naturally occurring public health threats ("PHTs," each a “PHT”). The Company is focused on the following five distinct PHT categories: Chemical, Biological, Radiological, Nuclear and Explosives ("CBRNE"); emerging infectious diseases ("EID"); travel health; emerging health crises; acute/emergency care; and contract development and manufacturing ("CDMO") . The Company has a product portfolio of ten products (vaccines, therapeutics, and drug-device combination products) that contribute a substantial portion of our revenue. The Company has two product candidates that are procured under special circumstances by certain government agencies, although they are not approved by the U.S. Food and Drug Administration ("FDA") or any health agency. The U.S. government (the "USG") is the Company's largest customer and provides the Company with substantial funding for the development of a number of it s product candidates. The Company's product and services portfolio includes: Vaccines ▪ ACAM2000 ® (Smallpox (Vaccinia) Vaccine, Live), the only single-dose smallpox vaccine licensed by the FDA for active immunization against smallpox disease for persons determined to be at high risk for smallpox infection; ▪ BioThrax ® (Anthrax Vaccine Adsorbed), the only vaccine licensed by the FDA, for the general use prophylaxis and post-exposure prophylaxis of anthrax disease; ▪ Vaxchora® (Cholera Vaccine, Live, Oral), the only vaccine licensed by the FDA and the European Medicines Agency (EUA) for the prevention of cholera; and ▪ Vivotif® (Typhoid Vaccine Live Oral Ty21a), the only oral vaccine licensed by the FDA for the prevention of typhoid fever. Devices ▪ NARCAN® (naloxone HCl) Nasal Spray, the first needle-free formulation of naloxone approved by the FDA and Health Canada, for the emergency treatment of known or suspected opioid overdose as manifested by respiratory and/or central nervous system depression; and ▪ RSDL ® (Reactive Skin Decontamination Lotion Kit), the only medical device cleared by the FDA to remove or neutralize the following chemical warfare agents from the skin: tabun, sarin, soman, cyclohexyl sarin, VR, VX, mustard gas and T-2 toxin. Therapeutics ▪ raxibacumab (Anthrax Monoclonal), a fully human monoclonal antibody therapeutic licensed by the FDA for the treatment and prophylaxis of inhalational anthrax; ▪ Anthrasil ® (Anthrax Immune Globulin Intravenous (Human)), the only polyclonal antibody therapeutic licensed by the FDA and Health Canada for the treatment of inhalational anthrax; ▪ BAT® (Botulism Antitoxin Heptavalent (A,B,C,D,E,F,G)-(Equine)), the only heptavalent antibody therapeutic licensed by the FDA and Health Canada for the treatment of botulism; and ▪ VIGIV (Vaccinia Immune Globulin Intravenous (Human)), the only polyclonal antibody therapeutic licensed by the FDA and Health Canada to address certain complications from smallpox vaccination. Procured Product Candidates • AV7909 ® (Anthrax Vaccine Absorbed with Adjuvant), is a procured product candidate being developed as a next generation anthrax vaccine for post-exposure prophylaxis of disease resulting from suspected or confirmed Bacillus anthracis exposure. The USG has started procuring AV7909 for the Strategic National Stockpile ("SNS") prior to its approval by the FDA and has been reducing its purchases of BioThrax as a result; and • Trobigard® is a combination drug-device auto-injector procured product candidate that contains atropine sulfate and obidoxime chloride. It has not been approved by the FDA or any similar health regulatory body, but it is procured by certain authorized government buyers under special circumstances for potential use as a nerve agent countermeasure. Contract Development and Manufacturing Services The Company's contract development and manufacturing service offerings cover development services, drug substance manufacturing and drug product manufacturing across the pharmaceutical and biotechnology industries as well as the USG and non-governmental organizations. The Company's technology platforms include mammalian, microbial, viral, plasma and advanced therapies utilizing our core capabilities for manufacturing to third parties on a clinical and commercial (small and large) scale. Additional services include fill/finish formulation and analytical development services for injectable and other sterile products, inclusive of process design, technical transfer, manufacturing validations, aseptic filling, lyophilization, final packaging and stability studies, as well as manufacturing of vial and pre-filled syringe formats multiple platforms. The Company operates as one operating segment.

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Basis of presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Emergent and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the SEC. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed 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, 2019 , as filed with the SEC. All adjustments contained in the accompanying unaudited condensed 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, 2020 . Interim results are not necessarily indicative of results that may be expected for any other interim period or for an entire year. Significant accounting policies During the six months ended June 30, 2020 , 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, 2019 , as filed with the SEC. During the six months ended June 30, 2020 , the Company entered into several multi-year CDMO arrangements and further defined our accounting policies around these arrangements in Note 10. Fair value measurements 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. The Company has cash held in money market accounts (level 1), contingent purchase consideration (level 3) and interest rate swaps arrangements (level 2) that are measured at fair value on a recurring basis (Note 7 and Note 8). As of June 30, 2020 and December 31, 2019 , the Company held cash in money market accounts of $178.7 million and $52.2 million , respectively. The Company also records the assets and liabilities of acquisitions at fair value. On a non-recurring basis, the Company measures its long-lived assets, including IPR&D assets (level 3) using fair value measurements. Goodwill is allocated to the Company's reporting units, which are one level below its operating segment. The Company evaluates goodwill and other indefinite-lived intangible assets for impairment annually as of October 1 and earlier if an event or other circumstance indicates that we may not recover the carrying value of the asset. If the Company believes that as a result of its qualitative assessment it is more likely than not that the fair value of a reporting unit or other indefinite-lived intangible asset is greater than its carrying amount, the quantitative impairment test is not required. If however it is determined that it is not more likely than not that the fair value of a reporting unit or other indefinite-lived intangible asset is greater than its carrying amount, a quantitative test is required. Long-lived assets such as intangible assets and property, plant and equipment are not required to be tested for impairment annually. Instead, long-lived assets are tested for impairment whenever circumstances indicate that the carrying amount of the asset may not be recoverable, such as when there is an adverse change in the market relating to those related assets. The impairment test first requires a comparison of undiscounted future cash flows to the carrying value of the asset. Determining the need for a detailed impairment analysis requires the exercise of judgment about several business factors, including the timing of expected future cash flows and assumptions about the economic environment. During the three and six months ended June 30, 2020 , the Company observed a decrease in sales related to its travel health vaccines and the increased risk of generic competition related to NARCAN ® Nasal Spray. However, we do not believe that there is a long-term decrease in the expected cash flows of our reporting units that include goodwill or our long-lived asset groups such that our assets are not recoverable or that their carrying value is greater than their fair value as of June 30, 2020 . As of June 30, 2020 and December 31, 2019 , the Company had no other significant assets or liabilities that were measured at fair value. Recently issued accounting standards Recently Adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") In June 2016, the FASB issued ASU 2016-13. ASU 2016-13 provides guidance on measurement of credit losses on financial instruments that changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, held-to-maturity debt securities and loans, and that requires entities to use a new, forward-looking “expected loss” model that is expected to generally result in the earlier recognition of allowances for losses. The guidance became effective for annual periods beginning after December 15, 2019, including interim periods within those years. The Company adopted the standard as of January 1, 2020 and has evaluated the effects of this standard and determined that the adoption did not have a material impact on the Company's consolidated financial statements. ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820) ("ASU 2018-13") In August 2018, the FASB issued ASU 2018-13. ASU 2018-13 improves the disclosure requirements on fair value measurements. The updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any removed or modified disclosures. The Company adopted the standard as of January 1, 2020 which has resulted in expanded disclosures around the Company's recurring level 3 fair value measurements. The disclosures are included in note 7 of the condensed consolidated financial statements. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15") In August 2018, the FASB issued ASU 2018-15. ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. ASU 2018-15 is effective for all entities for fiscal years beginning after December 15, 2019. The Company adopted the standard as of January 1, 2020 and has evaluated the effects of this standard and determined that the adoption did not have a material impact on the Company's consolidated financial statements. ASU 2017-4, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-4") In January 2017, the FASB issued ASU 2017-4. ASU 2017-4 simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. ASU 2017-4 is effective for annual and interim goodwill tests beginning after December 15, 2019. The Company's measurement period is October 1. The Company adopted the standard as of January 1, 2020 and has evaluated the effects of this standard and determined that the adoption will not have a material impact on the Company's consolidation financial statements. Not Yet Adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued Topic 848. Topic 848 provides relief for impacted areas as it relates to impending reference rate reform. ASC 848 contains optional expedients and exceptions for applying US GAAP to debt arrangements, contracts, hedging relationships, and other areas or transactions that are impacted by reference rate reform. This guidance is effective upon issuance for all entities and elections of certain optional expedients are required to apply the provisions of the guidance. The Company continues to assess all potential impacts of the standard and will disclose the nature and reason for any elections that the Company makes. ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14") In August 2018, the FASB issued ASU 2018-14. ASU 2018-14 modifies the disclosure requirements for defined benefit pension plans and other post-retirement plans. ASU 2018-14 is effective for all entities for fiscal years ending after December 15, 2020, and earlier adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2018-14 on its consolidated financial statements. ASU 2019-12, Simplifications to Accounting for Income Taxes ("ASU 2019-12") In December 2019, the FASB issued ASU 2019-12. ASU 2019-12 removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including deferred taxes for goodwill and allocating taxes for members of a consolidated group. ASU 2019-12 is effective for all entities for fiscal years beginning after December 15, 2020, and earlier adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2019-12 on its consolidated financial statements.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventory are as follows: June 30, 2020 December 31, 2019 Raw materials and supplies $ 81.7 $ 70.5 Work-in-process 117.1 89.7 Finished goods 37.4 62.3 Total inventories $ 236.2 $ 222.5

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Jun. 30, 2020
Property Plant and Equipment Income Statement Disclosures [Abstract]
Property, plant and equipment	Property, plant and equipment Property, plant and equipment consisted of the following: June 30, 2020 December 31, 2019 Land and improvements $ 50.2 $ 46.5 Buildings, building improvements and leasehold improvements 253.0 234.8 Furniture and equipment 342.6 334.2 Software 56.0 55.7 Construction-in-progress 112.7 81.5 Property, plant and equipment, gross 814.5 752.7 Accumulated depreciation (234.4 ) (210.4 ) Total property, plant and equipment, net $ 580.1 $ 542.3

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases The Company has operating leases for corporate offices, research and development facilities and manufacturing facilities. We determine if an arrangement is a lease at inception. Operating leases are included in right-of-use ("ROU") assets and liabilities. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses an implicit rate when readily determinable. At the beginning of a lease, the operating lease ROU asset also includes any concentrated lease payments expected to be paid and excludes lease incentives. The Company's lease ROU asset may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for separately. The Company's leases have remaining lease terms of 1 year to 15 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year. The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost: Amortization of right-of-use assets $ 1.0 $ 0.7 $ 2.1 $ 1.3 Interest on lease liabilities 0.3 0.2 0.6 0.3 Total operating lease cost $ 1.3 $ 0.9 $ 2.7 $ 1.6 Supplemental balance sheet information related to leases was as follows: (In millions, except lease term and discount rate) Balance Sheet location June 30, 2020 December 31, 2019 Operating lease right-of-use assets Other assets $ 24.5 $ 24.7 Operating lease liabilities, current portion Other current liabilities 4.5 3.6 Operating lease liabilities Other liabilities 21.6 22.1 Total operating lease liabilities $ 26.1 $ 25.7 Operating leases: Weighted average remaining lease term (years) 7.5 8.0 Weighted average discount rate 4.2 % 4.2 %

Intangible assets

Intangible assets	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible assets The Company's intangible as sets consist of products acquired via business combinations or asset acquisitions. The following tables summarize the Company's intangible assets for the periods ended June 30, 2020 and December 31, 2019: June 30, 2020 (in millions) Estimated Life Cost Additions Accumulated Amortization Net Products 9-22 years $ 788.0 $ 10.0 $ 109.8 $ 688.2 Customer relationships 8 years 28.6 — 24.7 3.9 Contract development and manufacturing 8 years 5.5 — 4.4 1.1 Total intangible assets $ 822.1 $ 10.0 $ 138.9 $ 693.2 December 31, 2019 (in millions) Estimated Life Cost Accumulated Amortization Net Products 9-22 years $ 788.0 $ 82.2 $ 705.8 Customer relationships 8 years 28.6 23.0 $ 5.6 Contract development and manufacturing 8 years 5.5 4.0 $ 1.5 Total intangible assets $ 822.1 $ 109.2 $ 712.9 During the six months ended June 30, 2020 and 2019 , the Company achieved a sales milestone that resulted in a $10.0 million obligation related to the Company's asset acquisition of raxibacumab in October 2017. As of June 30, 2020 there are no remaining contractual obligations for sales milestones related to the raxibacumab acquisition. During the six months ended June 30, 2020 and 2019 , the Company recorded amortization expense for intangible assets of $ 29.8 million and $ 29.2 million, respectively. During the three months ended June 30, 2020 and 2019 , the Company recorded amortization expense for intangible assets of $ 15.0 million and $ 14.7 million, respectively. As of June 30, 2020 , the weighted average amortization period remaining for intangible assets was 13 years. In-process research and development ("IPR&D") assets are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts. There were no changes to the Company's IPR&D assets during the six months ended June 30, 2020 . Goodwill was $ 266.3 million and $ 266.6 million for the periods ended June 30, 2020 and December 31, 2019

Contingent consideration

Contingent consideration	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Contingent Consideration	Contingent consideration Contingent consideration liabilities associated with business combinations are measured at fair value. These liabilities represent an obligation of the Company to transfer additional assets to the selling shareholders and owners if future events occur or conditions are met. These liabilities associated with business combinations are measured at fair value at inception and at each subsequent reporting date. The changes in the fair value are primarily due to the expected amount and timing of future net sales, which are inputs that have no observable market (Level 3). The following table is a reconciliation of the beginning and ending balance of contingent considerations and is based on level 3 significant unobservable inputs. Balance at December 31, 2019 $ 29.2 Change in fair value 1.1 Settlements (1.1 ) Balance at June 30, 2020 $ 29.2 The recurring Level 3 fair value measurements for the Company's contingent consideration liability include the following significant unobservable inputs: Contingent Consideration Liability Fair Value as of June 30, 2020 Valuation Technique Unobservable Input Range Weighted Average Revenue milestone and royalty based $29.2 million Discounted cash flow Discount rate 2.5% - 8.6% 4.3% Probability of payment 10.0% - 40.0% 20.9% Projected year of payment 2020 - 2028 2022

Derivative instruments and hedg

Derivative instruments and hedging activities	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure	Derivative instruments and hedging activities Risk management objective of using derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company has entered into interest rate swaps to manage exposures that arise from the Company's senior secured credit agreement's payments of variable interest rate debt. Accounting policy for derivative instruments and hedging activities The Company entered into interest rate swaps in June 2019. The Company's interest rate swaps qualify for hedge accounting as cash flow hedges. All derivatives are recorded on the balance sheet at fair value. Hedge accounting provides for the matching of the timing of gain or loss recognition on these interest rate swaps with the recognition of the changes in interest expense on the Company's variable rate debt. For derivatives designated as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The cash flows from the designated interest rate swaps are classified as a component of operating cash flows, similar to interest expense. If current fair values of designated interest rate swaps re mained static over the next twelve months, the Company would reclassify $5.7 million of net deferred losses from accumulated other comprehensive loss to the statement of operations over the next twelve month period. All outstanding cash flow hedges mature in October 2023. As of June 30, 2020 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional Interest rate swaps 7 $ 350.0 The table below presents the fair value of the Company’s derivative financial instruments designated as hedges as well as their classification on the balance sheet. Asset Derivatives Liability Derivatives June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest Rate Swaps Other Current Assets $ — Other Current Assets $ — Other Current Liabilities $ 5.6 Other Current Liabilities $ — Other Assets $ — Other Assets $ — Other Liabilities $ 11.9 Other Liabilities $ 2.0 The valuation of the interest rate swaps is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each interest rate swap. This analysis reflects the contractual terms of the interest rate swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of ASC 820, Fair Value Measurement, we incorporate credit valuation adjustments in the fair value measurements to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk. These credit valuation adjustments were concluded to not be significant inputs for the fair value calculations for the periods presented. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as the posting of collateral, thresholds, mutual puts and guarantees. The valuation of interest rate swaps fall into Level 2 in the fair value hierarchy. The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income. Hedging derivatives Cumulative Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income June 30, December 31, Six Months Ended June 30, 2020 2019 2020 2019 Interest Rate Swaps $ (17.5 ) $ 2.0 Interest expense $ (1.1 ) $ —

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt The components of debt are as follows: June 30, 2020 December 31, 2019 Senior secured credit agreement - Term loan due 2023 $ 430.3 $ 435.9 Senior secured credit agreement - Revolver loan due 2023 353.0 373.0 2.875% Convertible Senior Notes due 2021 10.6 10.6 Other 3.0 3.0 Total debt 796.9 822.5 Current portion of long-term debt, net of debt issuance costs (29.1 ) (12.9 ) Unamortized debt issuance costs (9.7 ) (11.2 ) Non-current portion of debt $ 758.1 $ 798.4 Senior secured credit agreement In October 2018, the Company entered into a senior secured credit agreement with multiple lending institutions (the "Credit Agreement"). The terms of the credit agreement include (i) a revolving credit facility (the "Revolving Credit Facility") of $600 million with a maturity date of October 13, 2023, and (ii) a term loan with a principal amount of $450 million (the "Term Loan Facility," and together with the Revolving Credit Facility, the "Senior Secured Credit Facilities"). The Company may request incremental term loan facilities or increases in the Revolving Credit Facility (each an "Incremental Loan") as long as requirements relating to net leverage ratio will be maintained on a pro forma basis. Borrowings under the Revolving Credit Facility and the Term Loan Facility will bear interest at a rate per annum equal to (a) a eurocurrency rate plus a margin ranging from 1.25% to 2.00% per annum, depending on the Company's consolidated net leverage ratio or (b) a base rate (which is the highest of the prime rate, the federal funds rate plus 0.50% , and a eurocurrency rate for an interest period of one month plus 1% plus a margin ranging from 0.25% to 1.00% , depending on the Company's consolidated net leverage ratio. The Company is required to make quarterly payments under the Credit Agreement for accrued and unpaid interest on the outstanding principal balance, based on the above interest rates. In addition, the Company is required to pay commitment fees ranging from 0.15% to 0.30% per annum, depending on the Company's consolidated net leverage ratio, in respect of the average daily unused commitments under the Revolving Credit Facility. The Company is to repay the outstanding principal amount of the Term Loan Facility in quarterly installments based on an annual percentage equal to 2.5% of the original principal amount of the Term Loan Facility during each of the first two years of the Term Loan Facility, 5% of the original principal amount of the Term Loan Facility during the third year of the Term Loan Facility and 7.5% of the original principal amount of the Term Loan Facility during each year of the remainder of the term of the Term Loan Facility until the maturity date of the Term Loan Facility, at which time the entire unpaid principal balance of the Term Loan Facility will be due and payable. The Company has the right to prepay the Term Loan Facility without premium or penalty. The Revolving Credit Facility and the Term Loan Facility mature (unless earlier terminated) on October 13, 2023 . The Credit Agreement also requires mandatory prepayments of the Term Loan Facility in the event the Company or its Subsidiaries (a) incur indebtedness not otherwise permitted under the Credit Agreement or (b) receive cash proceeds in excess of $100 million during the term of the Credit Agreement from certain dispositions of property or from casualty events involving their property, subject to certain reinvestment rights. The financial covenants under the Credit Agreement currently require the quarterly presentation of a minimum consolidated 12-month rolling debt service coverage ratio of 2.50 to 1.00, and a maximum consolidated net leverage ratio of 3.75 to 1.00 for the quarterly filing periods from October 1, 2019 through September 29, 2020 and 3.50 to 1.0, thereafter, which may be adjusted to 4.00 to 1.00 for a four quarter period in connection with a material permitted acquisition. Negative covenants in the Credit Agreement, among other things, limit the ability of the Company to incur indebtedness and liens, dispose of assets, make investments, enter into certain merger or consolidation transactions and make restricted payments. As of the date of these financial statements, the Company is in compliance with all affirmative and negative covenants. 2.875% Convertible senior notes due 2021 On January 29, 2014 , the Company issued 2.875% convertible senior notes due 2021 (the "Notes"). The Notes bear interest at a rate of 2.875% per year, payable semi-annually in arrears on January 15 and July 15 of each year. The Notes mature on January 15, 2021

Revenue recognition

Revenue recognition	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue recognition	Revenue recognition The Company operates as one operating segment. Therefore, results of its operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. The Company's revenues disaggregated by the major sources were as follows: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 U.S. Non-U.S. Total U.S. Non-U.S. Total Product sales, net $ 224.2 $ 74.3 $ 298.5 $ 94.6 $ 88.9 $ 183.5 Contract development and manufacturing services 44.6 28.0 72.6 — 18.7 18.7 Contracts and grants 20.7 2.9 23.6 38.3 2.7 41.0 Total revenues $ 289.5 $ 105.2 $ 394.7 $ 132.9 $ 110.3 $ 243.2 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 U.S. Government Non-U.S. Government Total U.S. Government Non-U.S. Government Total Product sales, net $ 288.1 $ 158.6 $ 446.7 $ 167.9 $ 168.6 $ 336.5 Contract development and manufacturing services 44.6 49.7 94.3 — 34.6 34.6 Contracts and grants 42.7 3.5 46.2 58.7 4.1 62.8 Total revenues $ 375.4 $ 211.8 $ 587.2 $ 226.6 $ 207.3 $ 433.9 Contract liabilities When performance obligations are not transferred to a customer at the end of a reporting period, cash received associated with amounts allocated to those performance obligations is reflected as contract liabilities on the consolidated balance sheets and is deferred until control of these performance obligations is transferred to the customer. The following table presents the rollforward of the contract liability balances: December 31, 2019 $ 88.9 Deferral of revenue 56.3 Revenue recognized (27.2 ) June 30, 2020 $ 118.0 Transaction price allocated to remaining performance obligations During the three and six months ended June 30, 2020 , the Company entered into a number of multi-year contract development and manufacturing services arrangements for the production of developmental vaccines . The Company's performance obligations associated with these arrangements include multiple performance obligations such as technology transfer activities, stand-ready obligations and drug substance manufacturing. The Company has determined that the technology transfer and stand-ready performance obligations are satisfied over time, while the drug substance manufacturing performance obligations are satisfied at a point in time when the goods have been released, legal title has passed and the goods are in the customer's possession. As of June 30, 2020 , the Company expects future revenues of approximately $ 1.4 billion associated with all performance obligations that have not been satisfied, including the new arrangements referenced in the previous paragraph. The Company expects to recognize a majority of these revenues within the next 24 months. However, the amount and timing of revenue recognition for unsatisfied performance obligations can materially change due to timing of funding appropriations from the USG and the overall success of the Company's development activities associated with its PHT procured product candidates that are then receiving development funding support from the USG under development contracts. In addition, the amount of future revenues associated with unsatisfied performance obligations excludes the value associated with unexercised option periods in the Company's contracts. Contract assets The Company considers unbilled accounts receivables and deferred costs associated with revenue generating contracts, which are not included in inventory or property, plant and equipment, as contract assets. As of June 30, 2020 and December 31, 2019 , the Company had contract assets associated with deferred costs of $ 40.6 million and $ 34.0 million, respectively, which is reflected as a component of other assets on the Company's consolidated balance sheets. Accounts receivable Accounts receivable, including unbilled accounts receivable contract assets, consist of the following: June 30, 2020 December 31, 2019 Billed, net $ 202.2 $ 227.3 Unbilled 56.4 43.4 Total, net $ 258.6 $ 270.7 As of June 30, 2020 and December 31, 2019 , allowances for doubtful accounts were $0.5 million and de minimis, respectively.

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income taxes	Income taxes On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company has assessed the impact of the CARES Act and we do not expect there to be a material impact to our consolidated financial statements. The estimated effective annual tax rate for the Company, which excludes discrete adjustments, was 26% and 27% for the six months ended June 30, 2020 and 2019 . For the six months ended June 30, 2020 and 2019 , the Company recorded a discrete tax benefit of $6.6 million and $3.2 million , respectively, primarily due to activity associated with equity awards. For the three months ended June 30, 2020 and 2019 , the Company recorded a discrete tax benefit of $3.4 million and $1.4 million , respectively, primarily due to activity associated with equity awards. As of June 30, 2020 and December 31, 2019 , the Company had deferred tax assets of $22.3 million and $13.4 million

Net income (loss) per share

Net income (loss) per share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income (loss) per share	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, 2020 2019 2020 2019 Numerator: Net income (loss) $ 92.7 $ (9.5 ) $ 80.2 $ (35.6 ) Denominator: Weighted-average number of shares—basic 52.6 51.5 52.3 51.3 Dilutive securities—equity awards 0.9 — 0.9 — Weighted-average number of shares—diluted 53.5 51.5 53.2 51.3 Net income (loss) per share - basic $ 1.76 $ (0.18 ) $ 1.53 $ (0.69 ) Net income (loss) per share - diluted $ 1.73 $ (0.18 ) $ 1.51 $ (0.69 ) Basic net income (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share is computed using the treasury method by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, adjusted for the potential dilutive effect of other securities if such securities were converted or exercised and are not anti-dilutive. The following table presents the share-based awards that are not considered in the diluted net income (loss) per share calculation because the exercise price of the awards was greater than the average per share closing price during the three and six months ended June 30, 2020 and 2019 . Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Anti-dilutive stock awards 0.4 3.0 0.6 3.0

Stock-based compensation

Stock-based compensation	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Stock-based compensation	Stock-based compensation During the six months ended June 30, 2020 , the Company granted stock options to purchase 0.4 million shares of common stock and 0.8 million restricted and performance stock units under the Emergent BioSolutions Inc. Stock Incentive Plan. Typically, the stock option and restricted stock unit grants vest over three equal annual installments beginning on the day prior to the anniversary of the grant date. The performance stock units settle in stock at the end of the three-year performance period based on the Company's results compared to the performance criteria. During the three months ended June 30, 2020, the Company issued a broad-based fully vested equity award of approximately 0.2 million shares to employees below the senior vice president level that was valued at $14.7 million and is recorded as share-based compensation expense for the period ended June 30, 2020 . Stock-based compensation expense was recorded in the following financial statement line items: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cost of product sales and contract development and manufacturing services $ 8.1 $ 0.6 $ 8.8 $ 1.4 Research and development 5.4 1.0 6.3 2.1 Selling, general and administrative 10.9 6.5 15.9 11.4 Total stock-based compensation expense $ 24.4 $ 8.1 $ 31.0 $ 14.9

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies ANDA Litigation - Perrigo 4mg On September 14, 2018, Adapt Pharma Inc., Adapt Pharma Operations Limited and Adapt Pharma Ltd. (collectively, "Adapt Pharma"), and Opiant Pharmaceuticals, Inc. ("Opiant"), received notice from Perrigo UK FINCO Limited Partnership ("Perrigo"), that Perrigo had filed an Abbreviated New Drug Application ("ANDA"), with the United States Food and Drug Administration seeking regulatory approval to market a generic version of NARCAN®(naloxone hydrochloride) Nasal Spray 4mg/spray before the expiration of U.S. Patent Nos. 9,211,253, (the "‘253 Patent"), 9,468,747 (the "‘747 Patent"), 9,561,177, (the "‘177 Patent"), 9,629,965, (the "‘965 Patent") and 9,775,838 (the "‘838 Patent"). On or about October 25, 2018, Perrigo sent a subsequent notice letter relating to U.S. Patent No. 10,085,937 (the "937 Patent"). Perrigo’s notice letters assert that its generic product will not infringe any valid and enforceable claim of these patents. On October 25, 2018, Emergent BioSolutions’ Adapt Pharma subsidiaries and Opiant, (collectively, the "Plaintiffs"), filed a complaint for patent infringement of the ‘253, ‘747, ‘177, ‘965, and the ‘838 Patents against Perrigo in the United States District Court for the District of New Jersey arising from Perrigo’s ANDA filing with the FDA. Plaintiffs filed a second complaint against Perrigo on December 7, 2018, for the infringement of the ‘937 Patent. On February 12, 2020, Adapt Pharma and Perrigo entered into a settlement agreement to resolve the ongoing litigation. Under the terms of the settlement, Perrigo has received a non-exclusive license under Adapt Pharma's patents to make, have made and market its generic naloxone hydrochloride nasal spray under its own ANDA. Perrigo’s license will be effective as of January 5, 2033 or earlier under certain circumstances including circumstances related to the outcome of the current litigation against Teva (as defined below) or litigation against future ANDA filers. The Perrigo settlement agreement is subject to review by the U.S. Department of Justice and the Federal Trade Commission, and entry of an order dismissing the litigation by the U.S. District Court for the District of New Jersey. ANDA Litigation - Teva 2mg On or about February 27, 2018, Adapt Pharma Inc. and Adapt Pharma Operations Limited and Opiant received notice from Teva Pharmaceuticals Industries Ltd. and Teva Pharmaceuticals USA, Inc. (collectively "Teva"), that Teva had filed an ANDA with the FDA seeking regulatory approval to market a generic version of NARCAN® (naloxone hydrochloride) Nasal Spray 2 mg/spray before the expiration of U.S. Patent No. 9,480,644, (the "‘644 Patent"), and U.S. Patent No. 9,707,226, (the "'226 Patent"). Teva's notice letter asserts that the commercial manufacture, use or sale of its generic drug product described in its ANDA will not infringe the '644 Patent or the '226 Patent, or that the '644 Patent and '226 Patent are invalid or unenforceable. Adapt Pharma Inc. and Adapt Pharma Operations Limited and Opiant filed a complaint for patent infringement against Teva in the United States District Court for the District of New Jersey. The case is currently stayed pending the outcome of the appeal of the NARCAN® Nasal Spray 4 mg/spray case. ANDA Litigation - Teva 4mg On or about September 13, 2016, Adapt Pharma Inc. and Adapt Pharma Operations Limited and Opiant received notice from Teva that Teva had filed an ANDA with the FDA seeking regulatory approval to market a generic version of NARCAN® (naloxone hydrochloride) Nasal Spray 4 mg/spray before the expiration of U.S. Patent No. 9,211,253 (the "'253 Patent"). Adapt Pharma Inc. and Adapt Pharma Operations Limited and Opiant received additional notices from Teva relating to the '747, the '177, the '965, the '838, and the ‘937 Patents. Teva's notice letters assert that the commercial manufacture, use or sale of its generic drug product described in its ANDA will not infringe the '253, the '747, the '177, the '965, the '838, or the ‘937 Patent, or that the '253, the '747, the '177, the '965, the '838, and the ‘937 Patents are invalid or unenforceable. Adapt Pharma Inc. and Adapt Pharma Operations Limited and Opiant filed a complaint for patent infringement against Teva in the United States District Court for the District of New Jersey with respect to the '253 Patent. Adapt Pharma Inc. and Adapt Pharma Operations Limited and Opiant also filed complaints for patent infringement against Teva in the United States District Court for the District of New Jersey with respect to the '747, the '177, the '965, and the '838 Patents. All five proceedings have been consolidated. As of the date of this filing, Adapt Pharma Inc., Adapt Pharma Operations Limited, and Opiant, have not filed a complaint related to the ‘937 Patent. Closing arguments took place on February 26, 2020. In the complaints described in the paragraphs above, the Plaintiffs sought, among other relief, orders that the effective date of FDA approvals of the Teva ANDA products and the Perrigo ANDA product be a date not earlier than the expiration of the patents listed for each product, equitable relief enjoining Teva and Perrigo from making, using, offering to sell, selling, or importing the products that are the subject of Teva and Perrigo’s respective ANDAs, until after the expiration of the patents listed for each product, and monetary relief or other relief as deemed just and proper by the court. On June 5, 2020, the U.S. District Court for the District of New Jersey issued an unfavorable ruling against Adapt Pharma Inc. and Adapt Pharma Operations Limited and Opiant in the consolidated case. Emergent has filed a Notice of Appeal (on July 23, 2020), after the U.S. District Court for New Jersey ruled June 5, 2020 in favor of Teva, and against Emergent and Opiant Pharmaceuticals Inc., Adapt Pharma's commercial partner, appealing the District Court decision to the Court of Appeals for the Federal Circuit. Emergent has filed suit in the Federal Court in Canada against Teva Pharmaceuticals (on July 23, 2020). The litigation in Canada is related to Teva Pharmaceuticals’ recent filing of an abbreviated new drug submission (ANDS) in Canada seeking to manufacture and sell a generic form of NARCAN® Nasal Spray ahead of the expiry of the Canadian patent covering our product. Emergent, through its Adapt subsidiaries, has filed suit within the prescribed time period following notice from Teva of its ANDS filing in Canada. Inter Partes Review (“IPR”) On or about February 19, 2019, Adapt Pharma Inc. and Adapt Pharma Operations Limited and Opiant received notice from Nalox-1 Pharmaceuticals LLC that it had filed fifteen petitions for inter partes review of the '253 Patent, the '747 Patent, the '177 Patent, the '965 Patent, and the '838 Patent with the Patent Trial and Appeal Board (“PTAB”) of the United States Patent and Trademark Office. Nalox-1’s petitions assert that each of the foregoing patents are invalid as obvious in view of prior art. Three of these petitions, IPR Nos. 2019-00685, 2019-00688, and 2019-00694, were instituted on August 27, 2019, September 9, 2019, and September 11, 2019, respectively. The oral hearing for the three instituted IPR proceedings was held before the PTAB on May 19, 2020. Adapt and Opiant remain committed to protect the intellectual property portfolio related to NARCAN®Nasal Spray.

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of presentation	The accompanying unaudited condensed consolidated financial statements include the accounts of Emergent and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the SEC. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed 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, 2019 , as filed with the SEC. All adjustments contained in the accompanying unaudited condensed 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, 2020 . Interim results are not necessarily indicative of results that may be expected for any other interim period or for an entire year.
Fair value measurements	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. The Company has cash held in money market accounts (level 1), contingent purchase consideration (level 3) and interest rate swaps arrangements (level 2) that are measured at fair value on a recurring basis (Note 7 and Note 8).
Recently issued accounting standards	Recently Adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") In June 2016, the FASB issued ASU 2016-13. ASU 2016-13 provides guidance on measurement of credit losses on financial instruments that changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, held-to-maturity debt securities and loans, and that requires entities to use a new, forward-looking “expected loss” model that is expected to generally result in the earlier recognition of allowances for losses. The guidance became effective for annual periods beginning after December 15, 2019, including interim periods within those years. The Company adopted the standard as of January 1, 2020 and has evaluated the effects of this standard and determined that the adoption did not have a material impact on the Company's consolidated financial statements. ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820) ("ASU 2018-13") In August 2018, the FASB issued ASU 2018-13. ASU 2018-13 improves the disclosure requirements on fair value measurements. The updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any removed or modified disclosures. The Company adopted the standard as of January 1, 2020 which has resulted in expanded disclosures around the Company's recurring level 3 fair value measurements. The disclosures are included in note 7 of the condensed consolidated financial statements. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15") In August 2018, the FASB issued ASU 2018-15. ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. ASU 2018-15 is effective for all entities for fiscal years beginning after December 15, 2019. The Company adopted the standard as of January 1, 2020 and has evaluated the effects of this standard and determined that the adoption did not have a material impact on the Company's consolidated financial statements. ASU 2017-4, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-4") In January 2017, the FASB issued ASU 2017-4. ASU 2017-4 simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. ASU 2017-4 is effective for annual and interim goodwill tests beginning after December 15, 2019. The Company's measurement period is October 1. The Company adopted the standard as of January 1, 2020 and has evaluated the effects of this standard and determined that the adoption will not have a material impact on the Company's consolidation financial statements. Not Yet Adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued Topic 848. Topic 848 provides relief for impacted areas as it relates to impending reference rate reform. ASC 848 contains optional expedients and exceptions for applying US GAAP to debt arrangements, contracts, hedging relationships, and other areas or transactions that are impacted by reference rate reform. This guidance is effective upon issuance for all entities and elections of certain optional expedients are required to apply the provisions of the guidance. The Company continues to assess all potential impacts of the standard and will disclose the nature and reason for any elections that the Company makes. ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14") In August 2018, the FASB issued ASU 2018-14. ASU 2018-14 modifies the disclosure requirements for defined benefit pension plans and other post-retirement plans. ASU 2018-14 is effective for all entities for fiscal years ending after December 15, 2020, and earlier adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2018-14 on its consolidated financial statements. ASU 2019-12, Simplifications to Accounting for Income Taxes ("ASU 2019-12") In December 2019, the FASB issued ASU 2019-12. ASU 2019-12 removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including deferred taxes for goodwill and allocating taxes for members of a consolidated group. ASU 2019-12 is effective for all entities for fiscal years beginning after December 15, 2020, and earlier adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2019-12 on its consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventories	The components of inventory are as follows: June 30, 2020 December 31, 2019 Raw materials and supplies $ 81.7 $ 70.5 Work-in-process 117.1 89.7 Finished goods 37.4 62.3 Total inventories $ 236.2 $ 222.5

Property, plant and equipment (

Property, plant and equipment (Tables)	6 Months Ended
	Jun. 30, 2020
Property Plant and Equipment Income Statement Disclosures [Abstract]
Property, plant and equipment	Property, plant and equipment consisted of the following: June 30, 2020 December 31, 2019 Land and improvements $ 50.2 $ 46.5 Buildings, building improvements and leasehold improvements 253.0 234.8 Furniture and equipment 342.6 334.2 Software 56.0 55.7 Construction-in-progress 112.7 81.5 Property, plant and equipment, gross 814.5 752.7 Accumulated depreciation (234.4 ) (210.4 ) Total property, plant and equipment, net $ 580.1 $ 542.3

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Lease, Cost	The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost: Amortization of right-of-use assets $ 1.0 $ 0.7 $ 2.1 $ 1.3 Interest on lease liabilities 0.3 0.2 0.6 0.3 Total operating lease cost $ 1.3 $ 0.9 $ 2.7 $ 1.6
Schedule of Leases Supplemental Balance Sheets	Supplemental balance sheet information related to leases was as follows: (In millions, except lease term and discount rate) Balance Sheet location June 30, 2020 December 31, 2019 Operating lease right-of-use assets Other assets $ 24.5 $ 24.7 Operating lease liabilities, current portion Other current liabilities 4.5 3.6 Operating lease liabilities Other liabilities 21.6 22.1 Total operating lease liabilities $ 26.1 $ 25.7 Operating leases: Weighted average remaining lease term (years) 7.5 8.0 Weighted average discount rate 4.2 % 4.2 %

Intangible assets (Tables)

Intangible assets (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following tables summarize the Company's intangible assets for the periods ended June 30, 2020 and December 31, 2019: June 30, 2020 (in millions) Estimated Life Cost Additions Accumulated Amortization Net Products 9-22 years $ 788.0 $ 10.0 $ 109.8 $ 688.2 Customer relationships 8 years 28.6 — 24.7 3.9 Contract development and manufacturing 8 years 5.5 — 4.4 1.1 Total intangible assets $ 822.1 $ 10.0 $ 138.9 $ 693.2 December 31, 2019 (in millions) Estimated Life Cost Accumulated Amortization Net Products 9-22 years $ 788.0 $ 82.2 $ 705.8 Customer relationships 8 years 28.6 23.0 $ 5.6 Contract development and manufacturing 8 years 5.5 4.0 $ 1.5 Total intangible assets $ 822.1 $ 109.2 $ 712.9

Contingent consideration (Table

Contingent consideration (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [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 contingent considerations and is based on level 3 significant unobservable inputs. Balance at December 31, 2019 $ 29.2 Change in fair value 1.1 Settlements (1.1 ) Balance at June 30, 2020 $ 29.2
Fair Value Measurement Inputs and Valuation Techniques	The recurring Level 3 fair value measurements for the Company's contingent consideration liability include the following significant unobservable inputs: Contingent Consideration Liability Fair Value as of June 30, 2020 Valuation Technique Unobservable Input Range Weighted Average Revenue milestone and royalty based $29.2 million Discounted cash flow Discount rate 2.5% - 8.6% 4.3% Probability of payment 10.0% - 40.0% 20.9% Projected year of payment 2020 - 2028 2022

Derivative instruments and he_2

Derivative instruments and hedging activities (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	As of June 30, 2020 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional Interest rate swaps 7 $ 350.0
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below presents the fair value of the Company’s derivative financial instruments designated as hedges as well as their classification on the balance sheet. Asset Derivatives Liability Derivatives June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest Rate Swaps Other Current Assets $ — Other Current Assets $ — Other Current Liabilities $ 5.6 Other Current Liabilities $ — Other Assets $ — Other Assets $ — Other Liabilities $ 11.9 Other Liabilities $ 2.0
Derivative Instruments, Gain (Loss)	The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income. Hedging derivatives Cumulative Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income June 30, December 31, Six Months Ended June 30, 2020 2019 2020 2019 Interest Rate Swaps $ (17.5 ) $ 2.0 Interest expense $ (1.1 ) $ —

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The components of debt are as follows: June 30, 2020 December 31, 2019 Senior secured credit agreement - Term loan due 2023 $ 430.3 $ 435.9 Senior secured credit agreement - Revolver loan due 2023 353.0 373.0 2.875% Convertible Senior Notes due 2021 10.6 10.6 Other 3.0 3.0 Total debt 796.9 822.5 Current portion of long-term debt, net of debt issuance costs (29.1 ) (12.9 ) Unamortized debt issuance costs (9.7 ) (11.2 ) Non-current portion of debt $ 758.1 $ 798.4

Revenue recognition (Tables)

Revenue recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company's revenues disaggregated by the major sources were as follows: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 U.S. Non-U.S. Total U.S. Non-U.S. Total Product sales, net $ 224.2 $ 74.3 $ 298.5 $ 94.6 $ 88.9 $ 183.5 Contract development and manufacturing services 44.6 28.0 72.6 — 18.7 18.7 Contracts and grants 20.7 2.9 23.6 38.3 2.7 41.0 Total revenues $ 289.5 $ 105.2 $ 394.7 $ 132.9 $ 110.3 $ 243.2 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 U.S. Government Non-U.S. Government Total U.S. Government Non-U.S. Government Total Product sales, net $ 288.1 $ 158.6 $ 446.7 $ 167.9 $ 168.6 $ 336.5 Contract development and manufacturing services 44.6 49.7 94.3 — 34.6 34.6 Contracts and grants 42.7 3.5 46.2 58.7 4.1 62.8 Total revenues $ 375.4 $ 211.8 $ 587.2 $ 226.6 $ 207.3 $ 433.9
Rollforward of Contract Liabilities	The following table presents the rollforward of the contract liability balances: December 31, 2019 $ 88.9 Deferral of revenue 56.3 Revenue recognized (27.2 ) June 30, 2020 $ 118.0
Schedule of Accounts Receivable, Net	Accounts receivable, including unbilled accounts receivable contract assets, consist of the following: June 30, 2020 December 31, 2019 Billed, net $ 202.2 $ 227.3 Unbilled 56.4 43.4 Total, net $ 258.6 $ 270.7

Net income (loss) per share (Ta

Net income (loss) per share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Basic and Diluted Net Income 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, 2020 2019 2020 2019 Numerator: Net income (loss) $ 92.7 $ (9.5 ) $ 80.2 $ (35.6 ) Denominator: Weighted-average number of shares—basic 52.6 51.5 52.3 51.3 Dilutive securities—equity awards 0.9 — 0.9 — Weighted-average number of shares—diluted 53.5 51.5 53.2 51.3 Net income (loss) per share - basic $ 1.76 $ (0.18 ) $ 1.53 $ (0.69 ) Net income (loss) per share - diluted $ 1.73 $ (0.18 ) $ 1.51 $ (0.69 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the share-based awards that are not considered in the diluted net income (loss) per share calculation because the exercise price of the awards was greater than the average per share closing price during the three and six months ended June 30, 2020 and 2019 . Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Anti-dilutive stock awards 0.4 3.0 0.6 3.0

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Share-based Payment Arrangement, Expensed and Capitalized, Amount	Stock-based compensation expense was recorded in the following financial statement line items: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cost of product sales and contract development and manufacturing services $ 8.1 $ 0.6 $ 8.8 $ 1.4 Research and development 5.4 1.0 6.3 2.1 Selling, general and administrative 10.9 6.5 15.9 11.4 Total stock-based compensation expense $ 24.4 $ 8.1 $ 31.0 $ 14.9

Business (Details)

Business (Details)	6 Months Ended
	Jun. 30, 2020categorysegmentproduct
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of categories of public health threats | category	5
Number of revenue generating products | product	10
Number of operating segments | segment	1

Basis of Presentation and Pri_3

Basis of Presentation and Principles of Consolidation (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Money market funds	$ 178.7	$ 52.2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 81.7	$ 70.5
Work-in-process	117.1	89.7
Finished goods	37.4	62.3
Total inventories	$ 236.2	$ 222.5

Property, plant and equipment_2

Property, plant and equipment (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 814.5	$ 752.7
Accumulated depreciation	(234.4)	(210.4)
Total property, plant and equipment, net	580.1	542.3
Land and improvements
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	50.2	46.5
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	253	234.8
Furniture and equipment
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	342.6	334.2
Software
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	56	55.7
Construction-in-progress
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 112.7	$ 81.5

Leases - Narrative (Details)

Leases - Narrative (Details)	6 Months Ended
	Jun. 30, 2020
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	5 years
Operating lease, termination period	1 year
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	15 years

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating lease cost:
Amortization of right-of-use assets	$ 1	$ 0.7	$ 2.1	$ 1.3
Interest on lease liabilities	0.3	0.2	0.6	0.3
Total operating lease cost	$ 1.3	$ 0.9	$ 2.7	$ 1.6

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Operating Leases
Operating lease right-of-use assets	$ 24.5	$ 24.7
Operating lease liabilities, current portion	4.5	3.6
Operating lease liabilities	21.6	22.1
Total operating lease liabilities	$ 26.1	$ 25.7
Operating leases:
Weighted average remaining lease term (years)	7 years 6 months	8 years
Operating leases:
Weighted average discount rate	4.20%	4.20%

Intangible assets - Schedule of

Intangible assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Cost
Intangible assets, gross	$ 822.1	$ 822.1
Finite-lived intangible assets acquired	10
Finite-lived intangible assets, accumulated amortization	138.9	109.2
Intangible assets, net	$ 693.2	$ 712.9
Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period of intangible asset	9 years	9 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization period of intangible asset	22 years	22 years
Products
Cost
Intangible assets, gross	$ 788	$ 788
Finite-lived intangible assets acquired	10
Finite-lived intangible assets, accumulated amortization	109.8	82.2
Intangible assets, net	$ 688.2	$ 705.8
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization period of intangible asset	8 years	8 years
Cost
Intangible assets, gross	$ 28.6	$ 28.6
Finite-lived intangible assets, accumulated amortization	24.7	23
Intangible assets, net	$ 3.9	$ 5.6
Contract development and manufacturing services
Finite-Lived Intangible Assets [Line Items]
Amortization period of intangible asset	8 years	8 years
Cost
Intangible assets, gross	$ 5.5	$ 5.5
Finite-lived intangible assets, accumulated amortization	4.4	4
Intangible assets, net	$ 1.1	$ 1.5

Intangible assets - Narrative (

Intangible assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Amortization	$ 15	$ 14.7	$ 29.8	$ 29.2
Weighted average amortization period			13 years
Goodwill	$ 266.3		$ 266.3		$ 266.6
Raxibacumab
Business Acquisition [Line Items]
Change in amount of contingent consideration, liability			$ 10	$ 10

Contingent consideration (Detai

Contingent consideration (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ 29.2
Change in fair value	1.1
Settlements	(1.1)
Balance, end of period	$ 29.2

Contingent consideration - Fair

Contingent consideration - Fair Value Level 3 of Significant Unobservable Inputs (Details) $ in Millions	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value	$ 29.2	$ 29.2
Discounted cash flow | Fair Value, Inputs, Level 3 | Fair Value, Recurring | Discount rate | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input	0.025
Discounted cash flow | Fair Value, Inputs, Level 3 | Fair Value, Recurring | Discount rate | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input	0.086
Discounted cash flow | Fair Value, Inputs, Level 3 | Fair Value, Recurring | Discount rate | Weighted Average
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input	0.043
Discounted cash flow | Fair Value, Inputs, Level 3 | Fair Value, Recurring | Probability of payment | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input	0.100
Discounted cash flow | Fair Value, Inputs, Level 3 | Fair Value, Recurring | Probability of payment | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input	0.400
Discounted cash flow | Fair Value, Inputs, Level 3 | Fair Value, Recurring | Probability of payment | Weighted Average
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input	0.209

Derivative instruments and he_3

Derivative instruments and hedging activities - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net deferred losses from accumulated other comprehensive loss	$ 5.7

Derivative instruments and he_4

Derivative instruments and hedging activities - Derivative Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - Interest rate swaps	Jun. 30, 2020USD ($)instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments | instrument	7
Notional | $	$ 350,000,000

Derivative instruments and he_5

Derivative instruments and hedging activities - Fair Value by Balance Sheet Location (Details) - Interest rate swaps - Designated as Hedging Instrument - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Other Current Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 0	$ 0
Other Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	0	0
Other Current Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	5.6	0
Other Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 11.9	$ 2

Derivative instruments and he_6

Derivative instruments and hedging activities - Cash Flow Hedging on AOCI (Details) - Interest rate swaps - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cumulative Amount of Gain/(Loss) Recognized in OCI on Derivative	$ (17.5)		$ 2
Cash Flow Hedging | Interest expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income	$ (1.1)	$ 0

Debt - Schedule (Details)

Debt - Schedule (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019	Jan. 29, 2014
Debt Instrument [Line Items]
Long-term debt	$ 796.9	$ 822.5
Current portion of long-term debt, net of debt issuance costs	(29.1)	(12.9)
Unamortized debt issuance costs	(9.7)	(11.2)
Non-current portion of debt	758.1	798.4
2.875% Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Long-term debt	$ 10.6	10.6
Stated percentage	2.875%		2.875%
Other
Debt Instrument [Line Items]
Long-term debt	$ 3	3
Senior secured credit agreement - Term loan due 2023
Debt Instrument [Line Items]
Long-term debt	430.3	435.9
Senior secured credit agreement - Revolver loan due 2023
Debt Instrument [Line Items]
Long-term debt	$ 353	$ 373

Debt - Narrative (Details)

Debt - Narrative (Details)	Oct. 15, 2018USD ($)	Jun. 30, 2019	Jun. 30, 2020	Oct. 31, 2018USD ($)	Jan. 29, 2014
Debt Instrument [Line Items]
Debt instrument, covenant, net leverage ratio rolling period		12 months
Debt instrument, covenant, net leverage ratio adjustment period		12 months
Amended Credit Agreement | Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.15%
Amended Credit Agreement | Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.30%
Amended Credit Agreement | Eurocurrency
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Amended Credit Agreement | Eurocurrency | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
Amended Credit Agreement | Eurocurrency | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Amended Credit Agreement | Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Amended Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.25%
Amended Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
2.875% Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Stated percentage			2.875%		2.875%
Senior secured credit agreement - Revolver loan due 2023 | 2017 Credit Agreement
Debt Instrument [Line Items]
Current borrowing capacity				$ 600,000,000
Senior secured credit agreement - Revolver loan due 2023 | 2017 Credit Agreement | Minimum
Debt Instrument [Line Items]
Debt covenant, consolidated debt service coverage ratio, minimum			2.50
Senior secured credit agreement - Revolver loan due 2023 | 2017 Credit Agreement | Maximum
Debt Instrument [Line Items]
Debt instrument, covenant, net leverage ratio through September 29, 2020			3.75
Debt instrument, covenant, net leverage ratio thereafter September 29, 2020			3.50
Debt instrument, covenant, net leverage ratio from October 1, 2019 to September 29, 2020			4
Senior secured credit agreement - Term loan due 2023 | 2017 Credit Agreement
Debt Instrument [Line Items]
Current borrowing capacity				$ 450,000,000
Senior secured credit agreement - Term loan due 2023 | Amended Credit Agreement
Debt Instrument [Line Items]
Percentage of original principal amount required to repay in the first two years	2.50%
Percentage of original principal amount required to repay during the third year	5.00%
Percentage of original principal amount required to repay remaining year	7.50%
Cash proceeds excess amount from dispositions of property or casualty events subject to certain reinvestment right	$ 100,000,000

Revenue recognition - Narrative

Revenue recognition - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)segment	Dec. 31, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Number of operating segments | segment	1
Revenue, remaining performance obligation, amount	$ 1,400
Deferred costs, current	$ 40.6	$ 34

Revenue recognition - Remaining

Revenue recognition - Remaining Performance Obligation (Details)	Jun. 30, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, expected timing of satisfaction, period	24 months

Revenue recognition - Disaggreg

Revenue recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 394.7	$ 243.2	$ 587.2	$ 433.9
U.S. Government
Disaggregation of Revenue [Line Items]
Total revenues	289.5	132.9	375.4	226.6
Non-U.S. Government
Disaggregation of Revenue [Line Items]
Total revenues	105.2	110.3	211.8	207.3
Product sales, net
Disaggregation of Revenue [Line Items]
Total revenues	298.5	183.5	446.7	336.5
Product sales, net | U.S. Government
Disaggregation of Revenue [Line Items]
Total revenues	224.2	94.6	288.1	167.9
Product sales, net | Non-U.S. Government
Disaggregation of Revenue [Line Items]
Total revenues	74.3	88.9	158.6	168.6
Contract development and manufacturing services
Disaggregation of Revenue [Line Items]
Total revenues	72.6	18.7	94.3	34.6
Contract development and manufacturing services | U.S. Government
Disaggregation of Revenue [Line Items]
Total revenues	44.6	0	44.6	0
Contract development and manufacturing services | Non-U.S. Government
Disaggregation of Revenue [Line Items]
Total revenues	28	18.7	49.7	34.6
Contracts and grants
Disaggregation of Revenue [Line Items]
Total revenues	23.6	41	46.2	62.8
Contracts and grants | U.S. Government
Disaggregation of Revenue [Line Items]
Total revenues	20.7	38.3	42.7	58.7
Contracts and grants | Non-U.S. Government
Disaggregation of Revenue [Line Items]
Total revenues	$ 2.9	$ 2.7	$ 3.5	$ 4.1

Revenue recognition - Contract

Revenue recognition - Contract Liabilities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Change in Contract With Customer, Liability [Roll Forward]
Beginning of period	$ 88.9
Deferral of revenue	56.3
Revenue recognized	(27.2)
End of period	$ 118

Revenue recognition - Accounts

Revenue recognition - Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Billed, net	$ 202.2	$ 227.3
Unbilled	56.4	43.4
Total, net	258.6	270.7
Allowance for doubtful accounts receivable	$ 0.5	$ 0

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective annual tax rate			26.00%	27.00%
Discrete tax benefit	$ 3.4	$ 1.4	$ 6.6	$ 3.2
Deferred tax assets, gross	$ 22.3		$ 22.3		$ 13.4

Net income (loss) per share (De

Net income (loss) per share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income (loss)	$ 92.7	$ (9.5)	$ 80.2	$ (35.6)
Denominator:
Weighted-average number of shares-basic (in shares)	52.6	51.5	52.3	51.3
Dilutive securities-equity awards (in shares)	0.9	0	0.9	0
Weighted-average number of shares-diluted (in shares)	53.5	51.5	53.2	51.3
Net income (loss) per share - basic (in dollars per share)	$ 1.76	$ (0.18)	$ 1.53	$ (0.69)
Net income (loss) per share - diluted (in dollars per share)	$ 1.73	$ (0.18)	$ 1.51	$ (0.69)
Antidilutive securities excluded from computation of earnings per share (in shares)	0.4	3	0.6	3

Stock-based compensation - Narr

Stock-based compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock issued or granted during period [Abstract]
Total stock-based compensation expense	$ 24.4	$ 8.1	$ 31	$ 14.9
Stock Options
Stock issued or granted during period [Abstract]
Stock options granted (in shares)			0.4
Award vesting period			3 years
Restricted Stock Units
Stock issued or granted during period [Abstract]
Restricted stock units granted (in shares)			0.8
Award vesting period			3 years
Equity Based Award
Stock issued or granted during period [Abstract]
Shares issued, share-based payment arrangement (in shares)			0.2
Total stock-based compensation expense			$ 14.7
Tranche One | Stock Options
Stock issued or granted during period [Abstract]
Award vesting rights, percentage			33.33%
Tranche One | Restricted Stock Units
Stock issued or granted during period [Abstract]
Award vesting rights, percentage			33.33%
Tranche Two | Stock Options
Stock issued or granted during period [Abstract]
Award vesting rights, percentage			33.33%
Tranche Two | Restricted Stock Units
Stock issued or granted during period [Abstract]
Award vesting rights, percentage			33.33%
Tranche Three | Stock Options
Stock issued or granted during period [Abstract]
Award vesting rights, percentage			33.33%
Tranche Three | Restricted Stock Units
Stock issued or granted during period [Abstract]
Award vesting rights, percentage			33.33%

Stock-based compensation - Sche

Stock-based compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 24.4	$ 8.1	$ 31	$ 14.9
Cost of product sales and contract development and manufacturing services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	8.1	0.6	8.8	1.4
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	5.4	1	6.3	2.1
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 10.9	$ 6.5	$ 15.9	$ 11.4