EBS - Earnings call transcript Q2 2022 | Emergent BioSolutions Inc.

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Operator

Thank you for standing by, and welcome to the Emergent BioSolutions Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Bob Burrows, Vice President of Investor Relations. sir. ahead, go Please

Bob Burrows

and as everyone. and we quarter for Jonathan, joining financial you us second today discuss XXXX. good you, Thank afternoon, for results Thank the operational

today's and is by participants, customary, As to copyrighted is is recorded call Emergent all is being and call the BioSolutions. open

series all addition webcast a there to this accompanying release, press slides In participants. webcast today's is of available to

X X. Slides and to Turning

and or other future update today's performance. forward-looking circumstances. forward-looking related filed future statement of During events make of SEC conference risk any as new call, our information, are business, call, as should prospects as our may Investors events. reflect the only periodic to current forward-looking reports and with we this except statements and events, required forward-looking to by projections our to or our as intentions, this identified in future the law, forward-looking well we These our the Any on cautionary expectations speaks date statements consider factors based statements. statement statement beliefs evaluating undertake do when regarding not

press reconciliations our During measures. between GAAP tables of figures transparency measures order adjusted to and we adjustments that provide our and non-GAAP GAAP to today's the certain non-GAAP performance. financial involve may also adjusted today's regarding financial refer found greater net in and Please use operating regarding financial call, Emergent's to release refer margin in income, to adjusted gross EBITDA these measures the

additional QX needed. also will and of current Chief who and updated as who will speak Kramer, Officer, XXXX. present available today's state members will for the Bob Officer, and agenda will guidance. where President Chief for The the X. a on by Company; discuss Financial Executive financials Rich This of the Slide the call to Turning Q&A leadership executive are will session Lindahl, the comment include team to be followed XXXX Rich

those August call who was to announcements the introduction, the call. Please of now to on of this Emergent benefit the the XXXX. discussed to related may may today's proceed, made listening during X, then, replay for turn will Finally, I recorded call over With that webcast, Bob. Since and Bob. topics be held have

Bob Kramer

remain the investments developing, also medical importance in the of as a what stockpiling in serve consistent manufacturing critical occurs. core has to before They with play This that Emergent public-private countermeasures and steadfast. efforts and patients XX impact commitment monkeypox public our our emergency vision Thank Bob, on preparedness positive This The epidemic for pandemic, response. and to the recap progress for the good joining comments you, quarter war and Thank are our on X afternoon, of and and provide our evolving a everyone. public underscore update of well I preparedness as declaration ongoing the accomplishments COVID-XX you with health opioid the want the and all-hazards approach you deck. strategic over for make where can focused crucial call. customers. as and our commitment to for Ukraine, Slide last threats of a events on progress. year-to-date years, summarized overdose past an reflected need the to done in role My and is public These highlight you health. further protecting partnerships is the we and early a crisis a supporting reminder in health

XXXX, quarter we on more half become and few the of have a last highlighted reflect clear. we second the first As themes February

a our of business strategy contributor First, revenue profitability. our cornerstone remains medical and a and to proven steady countermeasures

additional contracts Our year. earlier M&A Ebanga through by opportunities explore and announcements relationship growing with this we U.S. and partnering, the grants and our government strong as and evidenced pursue as is TEMBEXA strategic and

United demand States. from continue also see to outside and the interest governments organizations growing We allied and

epidemic Secondly, public threat. a ongoing serious opioid the remains overdose health very

such, in market. by enter beyond driven increase, at NARCAN demand spray nasal our products or continues for resulting to primarily to naloxone generics performance the continue As market expectations nasal our even as

shaping business pre-COVID focus to as our through drive chikungunya of drug and a in is in for and to our drug development we're BLA vaccine Phase our pipeline, offerings Fourth, our re-baseline our substance our candidate return and CDMO for including Third, acceptance year a product molecules market leveraging expertise making up product trials. ongoing on XXXX AVXXXX and namely manufacturing. X services considerable progress the for review our

chikungunya note Lancet in may published the candidate our You that in particular persistence this recently. was for data X Phase

standards. progress to our also of as therapeutic to candidate Phase our cyanide for the Taking stage of initiation universal And trials each culture programs candidate of Emergent. X our ongoing a around at programs, ensure with compliance quality our vaccine look operations doubling We're at critical earlier advancing high well to product own on closer as business We poisoning. strengthening our both make down compliance good our quality and our regulatory are and finally, continue including of the lines. requirements meeting influenza

government across continued business, First, and see countermeasure products we medical our momentum.

BLA to the a existing date We option of continue We've FDA while April availability U.S. valued government ensuring to been XXXX. the product thereby XX-month given reviews exercise supply $XXX million, under the submission. anthrax at PDUFA our of vaccine approximately

be completed goes review to expect by assuming everything then. as So their planned, we

BARDA to to contract Once the HSR $X quarter, has The TEMBEXA of anticipate for XX-year period We year. procurement acquisition billion our the in the government this exercise shortly ACAMXXXX public ACAMXXXX next to contract option component is QX Relatedly, is vaccination as health a it closely is for comments review and the indicated on thereafter. use public and government Chimerix are expect Act plans, use of latest distribution contract. U.S. expired, officials not also and Turning following under this emergency monkeypox. procurement smallpox. deal awarded, monkeypox though health the from for part of we the the close we against contract the and by about anticipating

allied working and to U.S. their XX As a health organizations support we wide threats. years, governments the of needs with more preparedness array public and across we're have for than

FDA-approved Ebanga, antibody medical infection to we're an we by to As countermeasures. of for announced virus monoclonal July, portfolio Ebola our in add treatment excited caused

with collaboration remains access Ridgeback for U.S. manufacturing, Bio the of Biotherapeutics nasal Our in access Emergent Products partner. remain distribution awareness our Ridgeback and and a the opioid on overdose will continues of our be global the to to issue, and serious business, naloxone. sales Ebanga Canada. and the responsible makes In increasing Commercial focus epidemic

year, and our offset, Canadian As of States in resilience in part, United competition. and the but naloxone track public on increased by NARCAN sales of the market mentioned introduction generic the U.S. markets earlier, decline by interest in demand market with through the and half first are this led market continued nasal retail the share in

As adding expected, to entrant and share market the is second generic pressure pricing, including a interest market. public in

the competition in takes and increase the maturing given guidance market consideration the impact anticipated revenue of into of the demand naloxone dynamics crisis. continuing generic Our opioid

As global to and sales North are we're in Vaxchora Europe, now we've Vivotif return Europe. America in States of in and launching in travel, a seeing the in and of relaunching process United restarted Vaxchora the

investments and established to very XXXX our transition in We're network. our in the drug this sites strategy the other part facilities; heavy Development key in Contract XXXX transitioning commitment and work, at substance down XXXX XXXX operationalizing across take activities we of Janssen the our a following of enterprise through performed secondly, the including XXXX; includes long-standing late innings up where expansion our several plan response of in and response XXXX during majority substance Number to at elements. capital significant finally, from COVID our originally previously of XXXX. drug support one winding focus capability business the Services. and when and and quality product and stepping on during we of This one, to to our compliance COVID early drug Turning Manufacturing business capacity

each few portion a these QX completed expectation a me end initiatives. the a wind-down winding down Janssen and of significant the respect contract important are timely Let With say to work, our of our of for by hopeful to have on resolution. COVID work is words

Following product conclusion has into the the yet of of go the our not internal toward work, and Bayview. finalized. manufacturing our attention at we'll the may activities that development been A following facility first which product on Janssen end turn resuming decision

XX we've finish end fill expanded high-speed past and and were drug state-of-the-art, contemplated lines our XXXX. strategic of capabilities, qualify at to the working upgraded the manufacturing Over plan months, and flexibility. our established when substance XXXX including these XXXX improving investments installing through we of Few

molecule-to-market be investments new give future reason us and these time of business CDMO adopted to pre-COVID. bullish service on operationalize, they will offering we While fully the to the our take

we're response, well across planned and our our regarding includes discussed our and taking on and the Third Camden our and commitment investing quality pandemic at from This as to and comments at all lessons quality in as Bayview Winnipeg upgrades building learned sites. work compliance my sites. of previously maintenance strengthening earlier

incorporated own have They feedback year. comments the enhancements provide Camden we addition some by to be In this investment will standards, FDA our in last and forthcoming. of inspected additional site quality plans into February driven our that indicated our have that

XXXX that to pre-COVID anticipated facility manufacturing We as delivery of processes. return feedback, growth products at its This by the product ensure we're evidenced await third-party updated million a midpoint to and patients. and forecast range. proactive with to additional of to our updated $XXX necessary compliance reviews of the of step performing medically business oversight revenue provide in CDMO While is further we the release our of a trajectory, to

approximately in I by XXXX. the experienced we three from future performance on the earlier. mentioned the be is than lower will million pandemic, initiatives This $XX executing up it While and during driven growth

full our I our our well future financial the and both our post-COVID of Rich development and I strength as pipeline. commercial of reflect medical Emergent's for shared, driven by detail offerings performance of in guidance improving long-term remain CDMO the environment enterprise products about offerings. success the across year M&A core his second our namely and continued businesses XXXX core expanding quality the As of strength will updated themes our business, reality the countermeasure remarks, commitment internal and and partnering compliance quarter product the to potential through and optimistic as the

government X fulfilling second as study pivotal second U.S. trial close CHIKV clinical Chimerix in to to we ongoing deal expect half of This adults aged for Phase safety individuals candidate contract in of XX ahead with VLP beyond, the to initiated XX. and addition Looking XXXX begin Phase the XX and planned. to evaluate the TEMBEXA for above. We've the is immunogenicity the and vaccine X the and with through

have XXXX. trials to from expect in data We both

M&A and from And complement and partnering products in existing internal to of in qualify We business focus finally, our will leverage potential actively customers. continuously operationalize we of new are and areas support and CDMO that our capabilities core opportunities seek key evaluating our enhanced new capabilities.

effective to Board Before turning the I Sujata welcome of as want director XX. She Rich, over appointed Directors. Emergent our to July was formally to Dayal

will from health in and We decades benefit experience, regulatory greatly oversight. of particularly compliance, legal and her our expertise care

focus team your questions. Rich? it Importantly, Emergent entire want And patients to rapidly for I'll world. a that, the over their to customers I Rich changing also turn in thank relentless our taking and with on before

Rich Lindahl

and Thank Bob. everyone, afternoon, I'll summary thoughts. the with thank you call. you, X Slide for start joining some on Good

well, products, year to As long-range the core component you mixed. continue the medical for plan, and MCM heard on strategic the make foundational of strong perform from of continues countermeasures, or Company. results business Bob, the were a half our financial towards the first to The good now track quarter through progress remain second our are just while

XXXX yet expand antiviral Importantly, monoclonal oral to of countermeasure Ebola. for treatment poised is of our of include impact the the the our acquisition Ridgeback TEMBEXA, smallpox with medical closing not Of collaboration guidance Ebanga, portfolio for these updated the the with note, the of of treatment, products. anticipated on either and antibody offerings does

solid nasal For the or we the spray delivered in demand principally NARCAN driven interest, in the channel. products, public market quarter also for commercial outcomes PIP continued by

second PIP market, Importantly, reflects entrance to we the full in product the competition the half our impact. year another and starting updated recent of increase anticipated this year, generic expect of the in forecast

as CDMO, As back mind our keep line strategic in is important pre-COVID a plan. are it for business that to in transition this with growth rebaselining we to we still trajectory

as three XXXX informed by quarter's results the full CDMO as well forecast year updated The primary factors. are second

down wind the with Janssen. our of First, relationship

contract the in disclosed As we to payment upon in filings significant X-K our believe June, entitles termination. us

in or pursue termination continue we from XXXX. costs potential of not to resolution the contingent future matter, uncertain revenue, additional this of While our payment, assume any forecast stemming any given Janssen liabilities does timing

the the that as pandemic. to on COVID-related a third, post-COVID our term ongoing expectation Camden And in quality and in to wanes of transition limited a phase Second, of production reinforce current capacity upgrades focus compliance. commitment the at as short systems demand environment the we

Taken reinforces together, our that, our the products and demonstrates the let's importance of and business strength quarter revenue to overall this diversification services turn again performance the once numbers. With model. of durability and

in million, of of As in increase net highlights year, declined Slides XX, as the versus solid negative indicated in $XXX items revenues revenues year than and contributions expected, reduction over to of a to National the the to sales by primarily of authorized than branded adjusted on of prior prior product loss $XX Sandoz. U.S. And from measures million. and government's adjusted with unit to XX U.S. driven product naloxone nasal of sales revenues. our profitability deliveries sales include and Stockpile; a $XX the million higher significant million, prior notable by EBITDA the AVXXXX total was sales of $XXX key of offset that year of slightly interest Other lower vaccine Anthrax year comprised a decrease $XX COVID-related CDMO significant product well include: timing as million, the licensed Strategic as of Canadian NARCAN customers generic sales and due prior the quarter public

were fourth prior year, the of we of million, NARCAN that Other as note And sales in year. to expected, market see As commercial quarter products in to finish the lower generic product U.S. deliveries driven VIGIV of higher deliveries revenues by result were sales the branded $XX ACAM quarter. government retail BAT launch late continue last and the zero in to the to the the international than primarily customers. of out a discussion, U.S. there

second exercise government majority we be in As option has realized been years, the year's case several thus, and U.S. anticipate this the for the will the revenue of next ACAM half.

Combined Turning service by negative Services than driven several significantly segment. to the million, our lower were year, revenues lease and CDMO factors. prior $X

the reversal collected. previously the to First, revenues with revenue of align recognized million cumulative Janssen from cumulative recognized $XX of cash contract

lease Next, response strengthen Janssen services to for utilization combined pandemic. by were revenues, also reflects at compliance. the public-private activities The from the factors due revenues limited of $XX by was in in quality BARDA decline production lower Winnipeg to reflecting in XXXX substantial the primarily decrease partnership completion in contracted decline largely the Bayview COVID-XX AstraZeneca, CDMO these facility shutdown and the activities offset partially annual the capacity Camden facility. at is and of both customers. and the in And to increase November These driven reduced million maintenance two facility the due an CDMO the in manufacturing activities at revenues, Company's with finally, to the quarter

product services higher production the than increased R&D offset the Turning million, site, expand quarter portfolio. the higher sales manufacturing to to volume our due Winnipeg operating year programs spend during in million, million, partially in consistent due $XX And CDMO higher the network, product year $XX activities intended costs. professional of year across of CDMO pipeline lower to was $XX and expense prior and product offset to the reduced of of higher costs, Cost continued prior significantly due was than prior the year Cost with SG&A commitment to period. the at compensation from our sales. by investments resulting reduced lower reflecting the prior marketing partially the by than million, cost to expenses. $XX of

additional financial to information. Turning

and performance review XX Slide metrics. key to move CDMO Let's

a XX, we the customer on all decline total basis. in sequential quarter, a new for all substantially count second And was and one XX, $XX of million, secured of customers As business work. from our June existing non-COVID

to turn segment of Slide the a Next, please performance quarter. review for XX during

services key first you performance. using on the each introduced margin the the measure or an $XXX products impact segment, and product segment's As increase both two volume and the prior revenue information $XXX reflecting in to know, mix. and In call segment sales Products quarter and adjusted we prior of revenues by April, year, gross metrics increases of gross was million were adjusted million, higher year, XX%, margin the the over over reporting

were substantial Services the revenues reflecting million, was from for activities for decrease in reasons year CDMO the $X the segment, just adjusted negative million, discussed. As gross network. our margin a $XX prior the decline And across negative production

We available and $XXX on flow under touch in second I'll million XX, cash Slide quarter highlights. of cash in sheet the and a with just revolver to liquidity Moving balance strong million. position capacity ended $XXX select

was position modest $XXX remained leverage X.Xx. and Our net million, debt net at

cash of the as financing to and diversified quarter, in priorities lines. the flows we allocation reflected our for $XX to were the expanded authorization last continue $XX million quarter, Second in this flow as products approved $XXX follows: capabilities our review forecast quarter negative investing in repurchased Slides operating of authorization as XXX,XXX million, Board at of was XXXX expenditures cash we million approximately second capital capacity associated June updated by Cumulatively, Please our Our November cost assumptions. services to X.X invest pursuant and a And of year. million shares. and shares of for XX, capital turn our we business and support Directors to to have million a and XX XX repurchase $XXX repurchase of and our spent

revenues of following $XX billion; Medical revenues assumptions XXXX the $XXX resuming net billion million of year million $XXX million for additional product to sales U.S. and in $XXX plus positive exclude revenues of countermeasure the year of to product CDMO to including to million EBITDA $XXX revenues $XXX with to sales assessment million; given assumed to we full to million; Janssen. million; $X.XX reflects ACAMXXXX adjusted detailed provided revenues in $X.XX $XXX As option. existing million the the the have consistent sales experience current and guidance nasal income million margin XXXX to contract from to $XXX year, are $XXX the vaccine million; grant CDMO Total and half updated naloxone of any to of of procurement other $XXX forecast contracts, our anthrax government under Nasal with of XX%. This today's press negative $XXX full million considerations: of $XX entrant release, XX% million; of exercise $XXX competitive million; related half of product generic $XX million; deliveries following ranges. adjusted ACAMXXXX our in key contribution previous our are gross dynamics, the most the year. the revenues reflect further of the first naloxone of the combined second our sales

earlier, well certain short-term forecast quality assumes production capacity as across on to discussed Camden as we as compliance the network. continued on our As limitations and also the upgrades work non-COVID transition focus at

the Importantly, we with include Ebanga. revenue capacity the Camden not $XX pending or of on impact at And does of and a XXXX's of and expanded of million, the is at level as from acquisition $XXX reminder, midpoint are million, capabilities as a CDMO forecast operationalization Ridgeback of significant the this increase collaboration benefiting TEMBEXA our updated over the Winnipeg sites. the

comments. to are total quarter $XXX summary forecasting Slide some Finally, for conclude, million the million. revenues please turn of To $XXX for we third XX to

business. products again quarter Our services once and strength our of in second performance durability highlights diversified the the and

a patients customers to the of public array growing health segment, in governments, growing our We addressing commercial see significant core and medical response needs countermeasure critical against continue opportunity preparedness other of threats. and and products

for of see capacity also with in era. pace potential innovation customers our post-COVID We coupled small- biopharma given our this and medium-sized capabilities, by long-term CDMO to offering, our the

continue programs R&D our to Additionally, progress.

compliance allocate strengthen a prudently forward while We quality network. transactions investments will in combination the We plans financial my operator our these start And our deliver continue our we partnering capital I'll execute demonstrate informed that That as look Operator strong over well business. so you can investing to to maintaining a and that across growth completes prepared M&A of keeping to entire position. focused we and and are site call and capital as as proof remarks, long-term to on the the the session. potential further of we turn question-and-answer now points

Operator

line [Operator Instructions] question comes Brandon Cantor. our the Folkes from And of first from

Your question please.

Brandon Folkes

long a could of NARCAN? in this any are elaborate seeing Does just the magnitude market you provide it take sort come that just the implications through if do which then that price to there, price And how state-by-state in NARCAN one think you to out proposed years. XX sort potential portion states? bit for how of public some in you Can little was put terms color NARCAN, staying basis? the go And interest settlement headwind? down And of about does flow there you on on just the of does state, Just of actions included maybe Teva that maybe over the color? maybe other that for

Bob Kramer

thanks the call. Yes. joining for Brandon, and

comments. So couple of a

many interest government have years given of recognition many, in long the with and very for exceptionally diverse We we're and First, in as of that, pricing local two we've well commented history perform to terms market entrance see that the we supporting retail calls, pressure which through we we were of NARCAN in materialized chain with what at level, products, has well generic as both continues of fact the public the on the as market said prior head-to-head public you we in by pricing prepared with both the encouraged expected, but competing expected right give as as that through quite Having expected, customers it's specifics the supply now as still are we're strategies. can't market we I now. magnitude in name pricing market. for to share interest generics the the the of the going well on state market. what that forming, because needs the kind the

second our sticking markets. as in very again, NARCAN I'm pleased as terms emphasis understand not we're team important the improving So to that. access on guns well to with quite sure to And maybe those in for, I putting awareness our I'll... question. of frankly, And the kudos

Brandon Folkes

Just your thoughts...

Bob Kramer

ahead. Go

Brandon Folkes

on thoughts for over that earnings market interest years. XX of your Teva billion put potential the that implication Just out at WACC, its think I $X.X the public it was enough, on fair of, proposed settlements NARCAN

you supply market. mean, and ability in logistics Just PIP to do you about that how I the talked of think past, -- sort

just how any color if think into on effect? actually should settlement we So about does that come

Bob Kramer

understand. Thanks. I Yes,

So we I kind on evaluating of these clearly, of dynamics, floated top are potential including mean settlement being that out are there. monitoring, proposals the market

think any I it's shake a degree out. certainty bit how too early of with to say will all that

that as it's note think to cash this by payment offerings important time also can opposed states that settlement proposed the for to an I option product first to the for receive Company. I recall, includes the

quite with our headwinds, our revenue even But I for for they all the see to XXXX. out it's their year-to-date $XX out. with that states and gives can opt almost so increase and the performance, encouraged of XXXX, in wait, back in likely cash guidance as that But see will, us by again, we're with the they Brandon, confidence think how for their number to we'll a states conviction those use the shakes fit the to in expectations So have business fact, million in proceeds constituents. which

Operator

question Fye [Operator Instructions] the of And from Jessica line our comes JPMorgan. next from

please. question Your

Jessica Fye

the about exactly to the new of what FDA the to expect and any expect when you was the rebaselining, on you you what Camden, hit talk On And CDMO baseline? then Is your of XXX got? comments be you 'XX? issued? middle beginning 'XX, Was there can that by like baseline about feedback

Bob Kramer

Thanks, Yes. Jess.

first Camden. So on

inspection. the this issued. so. they of came in my prepared February As observations. of were There was we've or with year FDA XX a interaction I remarks, significant commented year, last had an In for handful over the a There

yet components the We to received from hear That's not feedback that report. waiting have the of we're the one FDA. outstanding inspection establishment of

await which process I terms proactive in taking that sites being improvements that's probably quality we'll we the up whether through as throughout additional we're Again, or the said, and all our and Camden but our await significantly ramp and to days. aggressive, in of feedback next expect FDA, additional profile While compliance training. XX from feedback, the additional in pretty measures we of being we're

relates I today, XXXX way it we growth business for continue transition of I molecule-to-market As service at well business million a same was we really drug by as our that, And services bit the did substance going $XX We've and the services, revenue strategic overall. that we for the both when much is way the we plan XXXX about to CDMO, Bayview the think the that generated about XXXX talked pursue when see opportunities with the think mean, us end to opportunities. offering and product as little unique a development to for drug effective we're there. through

for opportunities more that work kind or by up that look expect and We to which Janssen QX, of of frees fully forward this XXXX. into utilize down us done winding unwinding the to later facility work year to be going by the end

of profile, compliance fill importantly, new any I with lines, of couple that CDMO both but terms strategic what's today our plan improvements, process put finish in and the investments together quality undertaking. when think a number of training, made with and fact capability, considerable a process throughout about we new with our terms network, in of versus new different years initiatives improvements little the capital, ago was and that we've capacity we're with

effectively, to probably over made So point we couple the to kind years. amount the considerable months tailwind us so take the we've it with XX network we to of back running up doing to last coming of about given and a be to be Again, over have, growth, growth the your the get get that will assets investments the leveraging but to we're a going of measured bit that years. fully XX expect future

Jessica Fye

forgive if Great. it, then missed me more? is there And I sorry,

Bob Kramer

comment. to going is Rich

Rich Lindahl

we're to to so It just towards guidance, moving already going $XXX I'm I effort million move certainly a that we've -- want yes, is that our of add updated $XXX that just you see baselining that add million. Yes. -- that direction. -- to to is in CDMO a range

Jessica Fye

Okay. related bump, what missed can And if to? you explain ACAM me the I then guidance but that's this, forgive

Rich Lindahl

Yes.

deliveries So past couple then also a assumed of top that. that's both years. in option we've exercise combination And of typical as we've of under had the the international some sales on had

Operator

And from question Boris Cowen. comes Instructions] from of line [Operator next the our Peaker

Your please. question

Unidentified Analyst

for is Nick on Boris. This

just question a TEMBEXA. and I So have about Chimerix quick

guys had back. -- or or you acquisition likely pushed but So monkeypox to it's kind said BARDA they a pushed forward, previously, weeks right take announced with right wanted guys if And place pretty may any pushed it pushed months, now of be to just bit think next I public you back, know just this the as the it contract to much after reasoning that couple why little and to TEMBEXA, more. within you of the health of seems it's was now be being information behind any and emergency, back especially declared a that been this

Bob Kramer

for question. Thanks, the for Thanks Yes. joining the Nick, call.

So a couple of comments.

on commented expired and for I As this Friday. waiting process the my period prepared the remarks, last HSR

moving to procurement our kind light is gives getting clear BARDA Obviously, from I that the that, Chimerix. looking think, and perceived BARDA very now acquiring to and path finalize aware the agreement, then the read wouldn't contract the into they which this transaction in green product in are anything delay gives closing carefully and I at BARDA perhaps forward. awarded. interest the of Chimerix So the us the

we're and to done think, this well. again, done, anxious I to momentum get as So get there's

Unidentified Analyst

I've -- releases I some Is ago then recently. you those had a international second sales are Great. ACAMXXXX. mentioned any don't just that that you for that sales? think on the Or And just subcontracts? seen press more on onetime like quickly just

Bob Kramer

Yes, Nick.

with portfolio of number countermeasures. allied their governments health organizations entire threat our interest communications in a of regarding had we've medical and So, ongoing public

we indicated, of are Rich in bit As uptick the number respect interest we've but with forecasting in to a our other an ACAM, products seen portfolio. any of also

government portfolio, part for allied that been in years terms So, the entire here. this of in of is a number interest talking so nothing processes about we've of ongoing the new

in appreciation today's a access having and understanding critically sense there's to obviously, environment, Just needed for countermeasures. of these heightened ready

Operator

Singular from line from Research. question next the our And Sakai Instructions] Chris [Operator comes of

question please. Your

Chris Sakai

and for here. on Is generic are spray in share you I'm Lisa the Yes, provide it the for seeing growing? public calling -- segment? in nasal Can you some Springer color the interest

Bob Kramer

thanks and call. the joining thanks for the Chris, for question, Yes,

So the retail fair And second recently, quite about the majority that public share clearly, of products market. optimistic product of now making remain ability they're expected, some our the introduction the we as have with the hold the claimed our but we market, generic to of generic market. interest into and are inroads

market. being And taking commitment is in team in with our and of I those brand chain literally we care and needs, their for have with that public extraordinary And the meeting customers requirements think providers recognition supply brand thousands of there reputation of our an relationships our significant interest benefits. job is interfacing the customers, establishing paying investments that value name reliable chain and of to supply a countermeasure. is that doing their NARCAN the for

that interest to public So, market. we're market quite hold on our share in bullish ability

Chris Sakai

there's product... like the looks nasal updated some it guidance here Okay. And on

Bob Kramer

bullish to market quite in on hold We're ability interest public that share market. our

Chris Sakai

Okay. And products, the some think for... these we like, this about guidance of looks how nasal sales here there's -- the what, on should updated cadence it

Bob Kramer

Yes.

So, upped range naloxone I the think We've to million to to our products. $XXX updated $XXX for NARCAN to $XXX million million. from guidance you're million $XXX referring

about So million midpoint in to increase. midpoint, $XX it's a revenue

customers reflects and by Most at think, importantly, continued the a emphasis I dynamics. again, of level NARCAN. demand couple federal that for state any number and the So of

the the kind we're In indicated, about to for the now. as Rich as or year, right what of QX details we've and prepared that's amount projections cadence as provide But -- of into terms revenue much QX, given detail what's of is go of total remaining don't in that the we QX.

Operator

like does conclude of to back question-and-answer session Burrows to program. the today's hand I'd you. Thank This for the further remarks. any program Bob

Bob Burrows

used be look today and again, thank and the look Company's Thank you, you, participation. available now version gentlemen, and ladies on accessible you an as PDF -- and bye. conclude for will with we version you, slides webcast call, thank the thank page call the that, Investors once Please of and note archived later Jonathan. through as website. -- today's your sorry, the we of And today's the Once during again, we well landing

Operator

conference. does in for you, This and program. participation Thank your gentlemen, the ladies conclude today's

You disconnect. Good may day. now

Emergent BioSolutions (EBS) 2 Aug 222022 Q2 Earnings call transcript