Earnings call transcript Q1 2023

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Operator

Good day, and thank you for standing by. Welcome to the Emergent BioSolutions First Quarter 2020 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

to conference like company. to now would hand over the the I go Please ahead.

Bob Burrows

and My first the afternoon, Burrows. you, financial as good Thank Jayda, operational the everyone. XXXX. for us President and Investor we discuss you for I'm of name of Relations Thank for the company. results joining today quarter Vice Bob is

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

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

four. Turning three slides to and

During future today's on future based other to events. These call, events, we statements business, are regarding and statements our may current performance. make our future forward-looking forward-looking projections intentions, our beliefs or prospects expectations related and

statement reflect of as to or as information, forward-looking we speaks and call, by to date undertake circumstances. do as not conference statement new the except forward-looking of this required update events any law, only Any

statement well the our SEC Investors should filed statements. periodic as the as identified consider risk in when forward-looking with evaluating reports our cautionary this factors

may repurchase During transparency we to Emergent's greater that figures in also to call, certain order provide measures non-GAAP regarding performance. operating involve today's adjustments financial GAAP

financial the our between our in GAAP found press refer the margin reconciliations the adjusted gross measures. to non-GAAP and and Please tables EBITDA financial use net loss, and release slides and income today's adjusted in regarding of and these adjusted measures

and the QX of ejective and total migrate XXXX SVP EVP Spray the for five. of will and revenues. of well Chief Nasal nonprescription who of on as be Products franchise are followed slide our pivot state and The today's for of the the will to leadership this financials our and comment Williams, Q&A form Lindahl, comment Millican will as XXXX who session QX Executive available as company. will medical the forecast to the full members team Turning Officer, Financial will key year President for additional Head Paul needed. speak by we on then a Chief business, XXXX the Bob as who to state call to Eric countermeasure; include agenda revised This Officer, where present Kramer, current

the May those this may topics the discussed X, call. may for of and recorded who webcast, and listening related announcements replay on have then, to Since Finally, was today's benefit be XXXX. this held call made of Emergent during to

like I that, turn the to Bob call with would Kramer. And now Bob? over to

Bob Kramer

everybody. slide call. to for afternoon My begin the this afternoon good you Thank and joining Bob comments on Thanks six.

Our first but above and a bearing quarter offset more guidance his provide Rich generally performance range in on line for were as in expectations the operating costs our that came higher-than-expected in prepared will profitability detail was by remarks. period, had with our revenues

and beyond. continue to since going you and And our growth. businesses of today, build progress I'd beginning year strengthen the walk the for to and XXXX long-term to rest where for some We of core sustainable the through go we're the like of the foundation

$XXX Nordic provide sales will as the in travel an million our close additional the closing, we and Bavarian year. $XXX of planned expect million approximately First, business the upfront sale development-based of to quarter payment of cash health deal second potential in and Upon this a to milestones.

sees we when outcomes. this year, deal significant announcement said, made two As earlier I this this

vaccines of further these us allowing on important continued products sharpen First, to businesses. supply to customers. our contract it allows core and patients services manufacturing focus and while our

Fentanyl Second, Day. Awareness discussing and in that spray mention today NARCAN to more before nasal like I'd is detail,

ensure advocacy shows short overdose increased the with abating, and reaches help to deaths. nation groups federal, committed state communities, local laws. of to This working in and cut need Every reverse to no opioid-related day, and of those epidemic the governments patients naloxone remain signs and trend more across innocent epidemic the opioid we

view we of treatment as in to and and use why approval our of a for significant reason efforts life-saving over-the-counter approved one expand first step the opioid our Nasal FDA's That's access only application reversal medicine. Spray, make the forward this NARCAN to availability

our overdose product consistently often support acquiring late affordability to the partners Since who public to We've in efforts to awareness also and are access for we've naloxone. responding of for emergencies. XXXX, expand supported interest and opioid to maintained responsible commitment

to designation We help result spray as of the nasal save will NARCAN access lives. a believe OTC countless greater

are retail launch and initiative. As we for to said in potential following this approval, a OTC with support important summer the partners late product discussions targeting we're critically

continue commitment to manner OTC spray capabilities. NARCAN and manufacturing sustainable product in making while to nasal support a the affordable distribution We our continuous unique our pricing

a epidemic, Canada. in As the we're seeing growth from demand channel ongoing continued as the in result interest public US well as of

Vice following my Senior our more today President of will about details NARCAN Williams, Paul remarks. business, join provide to the Products us

the identified sustain with government and Third, countermeasures response partnership provide prioritized. to health public and US preparedness it to continue threats on strong has we the and a medical helping focused for

for reflected to not exact are smallpox. ACAMXXXX, of guidance therapeutic values the similar our recently product. of to follows for vaccine smallpox our IGIV in final, details intent we respect smallpox for are yet procure each notice delivery This our in a but franchise, With received The notice intent to for XXXX. a procure

also health our reflected in support potential notices partnership continued received they notice products we've is product, our These the other Similarly, boxelisen guidance. with BAT in to intent US as which the threats. of address demonstrate of public and a procure government ataxin seek to

third second, earlier the Department procure announcement with year be of Defense to six contract would RSDL. this January last the the and months the following US in awards fourth contract These

this post-approval candidate, transition product the to Biologics FDA working have PDUFA to the We're the for or BLA, respect on With exposure post track with to continue we to the License or date believe for in with anthrax vaccine Application, constructive and engagement that AVXXXX, remain closely July. government we procurement.

authorization strategic national subject use the stockpile. And the pre-emergency for XXXX, had then, to FDA. the reminder, into been product AVXXXX package US this a As since procuring placement the submitted government in of a was

the actions repeated response consistent for budget Health maintaining and recommendations preparedness Secretary and and necessity Assistant and Department of Human from America's These the Response Services of with and Preparedness about specifically are the capabilities. comments the

we and public countermeasure remain private have government the by noted domestic health or US previously, value always As important sets placed private government not in on the role capabilities threats. contracting scheduled we of does the maintaining unknown and addressing known partnerships the Understanding in medical manufacturing in industry that, public work suggests. confident

and and continue and quality strengthening implement culture. we to compliance Fourth, infrastructure of our strategy improving our

externally, for to critical customers in services success future. for growth visible into largely the this work our are not positioned and delivering both fundamentally is and well businesses sustained While ensuring products our current our

completed actively access we're sufficient our We've to maintaining in capital. in and announced liquidity which $XX and organizational finally, And result in the business balance approximately managing securing to savings. January, are and annualized to changes while sheet efficiencies the million improve expected

sale debt of restructure cash an proceeds, our $XXX provide the anticipated to with will extend actively and Health business Travel and obligations. working The lenders additional we're our million in

have an this of place agreement We expect XX year. to by May in

our have while overnight. full the said bears not benefits I've and repeating, we driving be the it of taken but is will improvements, strategy actions it before, already plan the realized

public at Americans from forefront health threats. protect has of Emergent been For the XX serious years, helping

Our another taking years reality. actions that the more, intention will continue make so XX for help doing and is a and to we're

Paul? on shares the With NASAL more I call to spray that, Paul quarter now Rich year. NARCAN turn plans for briefly before for to first performance speak our will over the about this our of financial

Paul Williams

and everyone. My on Bob, nine XX. and slide are hello, Thanks, summarized comments

the at As Bob for ongoing the coal top opioid mind crisis noted, of of all of us Emergent. remains

stakeholders developing crisis. NARCAN over experience to an is see approval solutions to our with overdose work spray nasal we historic seriously be the take opioid a the who fight as help opioid second the to in milestone the why of chance. all We counter a responsibility get sold against in That those

online This to significant across can expand is vending available and It our build spray and public to to anywhere a commitment NARCAN convenience the else interest country. opportunity through nasal our allows stores, pharmacies, products continued make found. be on Emergent OTC machines, access retailers partners

move FDA our now with confidently our we can plans. With approval, forward

with retail to partners contracts finalize distribution meeting plans. and are we First,

this in not share it position I'm a expect. the to at suffice to time, say specifics While you'd these partners are

$XXX we targeting consumer milligram per doses. prescription price April, tea. are available of $XX out-of-pocket a lower a wholesale in currently announced than two, of we of of box price than significantly the less This As four box is

Second, currently, with late configuration the supporting efforts supply by of on our are the on product summer. new focused shelves goal OTC having chain manufacturing

we have all the channels. across capacity confident to are fulfill We demand

remain OTC available in packaging existing current and And NARCAN importantly, as through we nasal will manufacturing use support X-milligram transition spray supply channels. to our readily

providing is available public large-scale the committed with the NARCAN including remain working to are interest logistical maintaining broad critical lacking we innovative organizations solutions nasal our Third, partners partners, to need ensure support access for who to spray. to interest NARCAN it. communities Public underserved to

our in overdose ways for guidance grow. outside seek in opioid the we revised new XXXX. where continue This to to markets for reflected States, United lastly, serve Canada, And the is namely to treatment need continues

nasal market, mid-XXXX. we those approved medicine early NARCAN over-the-counter. to opioid we spray competitive the for expect is and stated, entrants don't Bob while first reversal in overdose the As And expect until only

US doses have Since and Canada, and been as second result, than its of in people million giving introduction or in more February countless distributed of chance. the XXXX, a XX NARCAN a

in for Sadly, of that believe need to grow. continue our to continues based is naloxone customers. a We on our to Immersion record meeting position reliable service the need strong

opportunities closer our access pricing expand summer. we designation launch in look to the are providing And go-to-market to the and excited NARCAN details awareness and our OTC regarding additional late We creates. that about strategy forward to of to

turn over Rich. that, it I'll to With

Rich Lindahl

first everyone. few financial you, details. touch joining on We and through you on call. XX start Paul. before walking a Good slide highlights Thank afternoon, I'll quarter the the appreciate key

incorporated of furthering First, of the our sharpening better stated closing we updated anticipate our revenue noted, align as our Travel infusion on divestiture while guidance objective us trajectory. an cost provide cash sale second business quarter, strategic enables to XXXX the of is focus. our the for the The in will upfront current impact Health now structure our of and with which into Bob

public interest both heard quarter first nasal from results. we and both see and continue and reflected Canadian the that in you Bob US Paul, for our robust in demand markets, NARCAN to is spray as Second,

guidance this year. These trends NARCAN significantly to us our leading for are increase revenue

the In we addition, our to also impact initiate to reflect summer. our regarding sales, which late in continues over-the-counter beginning of guidance planning assumptions NARCAN are

COVID-related for government that down adjusting manufacturing. are to us our we procure recent customer provided with by with quantities US products BIG driven recently ACAM, align Fourth, revenue of has CDMO the of changes all principally to we bat requirements expectations. our Third, notices were and intent prior guidance

margin future. These our corresponding and impacts, improve updated and continue of across costs along quality and gross business, on network Calendar entire with other have rebuilding and full year in remediation negatively positioning ripple compliance adjusted quarter a growth it our the affected investments gross first forecast. the readying to margin for continued XXXX process manufacturing effect our capacity manufacturing this will adjusted

Lastly, credit and with our May of we we'll an amendment group at our reaching are additional the XX, terms of time. bank agreement that of to before details in this final or We XXXX anticipate extension the facility, maturity stages closing date. including October provide amend on certain

$XXX Highlights the now include review by year, sales products of XX. key by can which XX results, be a of lower CDMO total on NARCAN and slides XX, let's reduced offset better-than-anticipated quarter. services in the of found that, revenue to turn our a substantially decrease our over countermeasure revenues sales medical prior driven and financial million, With

profitability declined of loss the million, of million. our And net net $XXX of measures key $XXX and expected, with negative adjusted year as adjusted million loss prior versus $XXX EBITDA

sales the by lower MCM Anthrasil. in $XX National prior of increased timing million and quarter revenue Stockpile, of US the BioThrax to the to than elements year Notable sales offset of include: due AVXXXX of deliveries Strategic Anthrax government's

timing the consistently by million $XXX of the international than prior in of million demand MCM durability of from ACAMXXXX lower demonstrating sales to of growing US Canada. this the continuing market product than PIC sales. NARCAN year, year prior and channel the strong sales driven higher Smallpox the due $X

as million, product as lower products reflecting combined find and and of $XX production the million. Vaxchora of Significantly of than to to lower we our as due well sales certain continue revenues other impact year our year-over-year, Other prior and support the customers lease following COVID-XX timing of service existing in and activities business response. sites rebate $XX Vivotif CDMO higher of sales several increased the slightly

operating at driven to lower absorption, quarter by product of Bayview by of lower higher royalty were allocations sales than with costs at combined facility period COGS Cost our burn expenses. prior primarily our Turning and $XXX product higher overhead million, the offset costs. in year lower NARCAN facility, and the

was network, at partially prior the CDMO significantly year and lower additional to offset resulting CDMO across than of due initiatives. the million, higher reduced Cost $XX site, cost Camden the production improvement from quality by investments

$XX on reductions. and lower primarily to SG&A spending costs the activities largely of lower to onetime year transformation the employee CHIP higher than related due to expense announced million year, R&D $XXX program the than and spend supporting due the of million prior professional services prior previously

was prior the In NARCAN as slide Products both and sales. review let's by segment, that, the $XXX from contribution revenues performance XX move to strong Anthrax With MCM a the during from offset performance smallpox in quarter. were million, lower and year decrease MCM segment

million margin mix gross of decreases less I the a the year, $XX just or adjusted cost lower over reflecting higher XX%, sales and both favorable was And product discussed. volume, prior product sales

$XX gross driven was margin remediation primarily for decrease our decrease the negative As by associated a $XX costs services from facility with were versus in with across efforts network. coupled million, segment, quality prior the revenues and and significant and declining the the year, to services a compliance investments response, year COVID-XX manufacturing prior related adjusted million, incremental revenues

from in XX. slide to ended on down quarter sequentially sheet balance and million touch $XXX XX, flow first on cash highlights. December cash, We I'll with Moving the select

was in to the MCM flow revenues. primarily due cash lower and Operating negative CDMO quarter

$XXX we the XX, Capital debt period and operating weighted year. And March previously, be revenues, net $XX the As flow cash as the expenditures our second were said contribution was we expect of of earnings of to million. position to the in million. half

and XXXX Please for forecast our and a slides turn assumptions. associated XX XX to review of

our press the which XXXX quarter. travel previously our year reflects close as As evening, in follows; to of announced in revised our Nordic, to release we're Bavarian updating the impact second business of for the anticipate sale importantly, this full our guidance guidance health announced we

prior $X.X robust $XXX $X.X market. guidance. the sales $XXX to million, million, to Anthrax prior nasal $XXX primarily an of revenues of billion spray unchanged guidance. public $XXX interest sales unchanged over prior guidance from billion, MCM million NARCAN the Total to also of million Canadian reflecting demand from and from the increase US channel

than $XXX MCM of completion sales removal the unchanged million, sales the to guidance, Smallpox $XXX million Other primarily to prior products of product from divestiture. travel $XXX guidance. million anticipated following of prior $XXX million, health the reflecting lower of

and Health higher prior the impact of CDMO the impact lower to sales reflecting by revenue range versus prior services decline highlighted range, revenues valuation the the NARCAN Travel earlier, of million, of $XX and I the $XXX million, slightly from a lower to allowance. million of loss an guidance to million net reasons $XX tax for offset the divestiture, our increase CDMO $XX adjusted

range, Health re-baselining ongoing as the $XXX NARCAN, reflecting of EBITDA higher the revision as of mix. well upward XX% XX%, $XXX the and business impact and of margin divestiture to of adjusted prior range the Adjusted prior process to than gross to million the the Travel slightly primarily impact CDMO than reflecting overall by lower offset million revenue the of business the

profits million $XXX to $XXX towards quarter more emphasizing Finally, of revenues of we XXXX our half weighted revenues be to the guiding heavily year. in second second the further anticipation that are and will million,

comments. please conclude, some summary slide XX to To for turn

once other ongoing quarter our offset of results in challenges our areas performance aspects mix by of strong of in Our core business. first business, reflect again certain a the in

improving revenue are our profile. sustaining challenges and near-term to growth we We are committed profitability, addressing and credit to

remain having on Finally, as focused we we and health impact in always, pandemic security the are patients confident on and customers preparedness.

and I'll That call can the turn session. operator completes that Operator? prepared over remarks, so we to my now start the question-and-answer the

Operator

question-and-answer [Operator Thank session. conduct you. the will we this Instructions] At time,

Fye Jessica from comes JPMorgan. question first Our of

open. Your is now line

Unidentified Analyst

Hey guidance. questions. on question a taking Jess. on our for NARCAN guys. I This clarification had Thanks Nick is the for

to guys XXX. million, there that increase. what and know in You million, about guidance you that push some increase talked of that and pulls -- million talked Is the $XXX the $XXX $XXX from about I drove

little about kind to drove increase increase? in of demand that Canadian about an talk markets? more thinking can -- primarily well? market Or three public But the a due if we is kind thinking of how there together, those bit it's of when interest from OTC as also what about upside Just

Bob Kramer

the Paul, for thanks for year. made in. plans OTC our our Thanks But Bob. initially announced of sometime we included XXXX, is clear that this an call. here, QX this switch it when invite minute and for Nick, weigh guidance I a -- joining in question, to Yes, we as the in

So, had for number already the in we guidance OTC that million at $XXX $XXX million kind to of provided switch consideration initially it.

in today, by to as $X.XX I the as but primarily by, the of think public additional what States see Canada, primarily demand our driven product well that distributing in now channels color. what two to we're -- as in see you we the again, increased weigh upgraded market Paul the $X.XX guidance in is United interest driven

Paul Williams

the US Yes. directly And Thanks, in segment. both the pit is segment well as Bob. to guidance Canadian the attributable as increase

expand. flowing interest opioid crisis, in populations the they US, just think with given the obviously, at-risk public the I of continued serve the increase and to segment continues the that channel many for obviously through vulnerable demand the grow

the in And seeing Canada, as demand Canada well. expanded in to we're access meet similarly,

the trends seeing update we reflects we I year. obviously, So as that this start year the are think, in the the guidance,

Unidentified Analyst

been on and some Medicaid color OTC coverage And provide Thank regarding of bit for follow-up. the a maybe you. patients quick just you Medicare insurance NARCAN? you've conversations potential of having a Great. for Can

Bob Kramer

take to do you Yes. want one? that Paul,

Paul Williams

Right.

critical. us, access for is think I So,

private the understand will to NARCAN and But working coverage think assist. going they're what over NARCAN to and that's think moving continues. our with, for I think how is I I counter OTC or really that's whether conversations think, CMS help potential about payers

we of anywhere payer I but think this mind one particular that is CMS top any them. we've yet, don't landed with know for

We to balance NARCAN as that to affordability continue we market. bring the them to ensure access to we're stakeholders the with work with and OTC other able

Unidentified Analyst

so Thanks Great. much.

Operator

Instructions] you. Thank [Operator

of next question Folkes Fitzgerald. Brandon from comes Our Cantor

Your open. line is now

Brandon Folkes

you and supply for the How the potential perhaps for do from both stay it's a think price at market, my of factors? for say questioning. on do into retail player the bigger nonprofit in Maybe market first to And if to then just question you taking thanks to do -- the far there, on line about that a the Hi come they along ability firstly line OTC the think become come there? responder update. NARCAN. a And market big

you absorptions What three milligram there oxo can intranasal four about the perhaps compared Any different out or efficacy there to say perhaps suggesting a are two products? of data milligram?

Bob Kramer

Brandon. Thanks Yes.

others then start join So there again, I'll and invite in well. to as

it work as and out Brandon, Paul possible. has I'm might insurance years, to continue five last as public be, mix. awareness, the to in continues relates private and player access naloxone to might affordable both with as for nasal expand who look opportunities as as indicated, on to expand speculate, what be this to companies it make continue question for to nonprofit they there So, not our to focus and the about potential your doing. a going Again, be

in think that will that. make I big we're dent the So, a moves making

I nonprofit, won't of speculate on they what again, do. we terms think might the In

don't milligram. X-milligram three there terms studies exact I any that In of are comparing versus formulation, four the know

presentation in did safe again, as very back to this the the accepted work widely FDA a I that think pretty and it's of given that is widely dose. product February XXXX, effective accepted X-milligram on it approve the

color, to you if some please additional do add so-- Paul, So, more want

Paul Williams

I think Bob. you got and that

Brandon Folkes

And Thanks. follow-up. count if just Great. one question. can we that as one

And point the So contract the few between and Thank the explain just any just that procure you that’s additional secure of it does and actual from a on intend did option? contract me. you What mean on excise -- to take if the much. of Can here. there to it excise ACAMXXXX. versus option? the apologize very call you Are I steps

Bob Kramer

Brandon. Yes, thanks

So, request to the information logical to notice after And they done, notice do response proposal of and the a a for step is a would government intent they RFP, intent uses see what for in do procure Sue. after the next a much then request to typically as a are and procure. those that you Brandon, contractor typically negotiations of negotiations after pretty

procurement which So, and under contract negotiated, that we intent not while the procure much to expect Jayda? to our year. time period. to on be we're executed now modification smallpox in been detailing the such, They from it's next earlier notice the a we go into exact guidance details for now. fairly pretty XXXX, baked that as of this to reasonable the franchise of have heavily -- unchanged potential Can referred And is you the question,

Operator

you. Thank course. of Yes,

Boris comes next Our TD Peaker question of from Cowen.

Unidentified Analyst

Hi. Thanks for taking on is This my for Boris. Nick question.

me. that how Just really does a guidance EBITDA of know the I for it. changing affect directly Because income closing statement? the else too raised without affecting much with the guys quick But you one ovarian deal

this was just wondering the affect that. I deal with will variant So, how

Bob Kramer

want for Yes. you the do Nick. Thanks take that one? to question, Rich,

Rich Lindahl

to. Sure. Happy

impacts will our Nordic. the come a Vaxchora, are sales So, Bavarian that products assuming revenue we move -- products channel to the main we've of guidance, Vivotif QX closing. our decrease The into and incorporated out the again existing other have impact will because

as addition, as program chick will Bavarian over will by be primarily expense driven transition Nordic R&D well. adjusted a In the positive also there lower impact on spend EBITDA, to

but are the components So are those impacted. going categories do to those the that adjusted of product company what components the below of the total the EBITDA other are are the impacts disclose contours level not be. revenue, or We of

Unidentified Analyst

And just on that. quick Thanks. it. a follow-up then Got

trial related Or out the sent you R&D III there? on have Chic takes then up will your from on be that? more them, will finish no guys So over and -- then XQ, there assuming to once will in Bavarian to the to from be the expense everything still costs Phase deal PVP closes you

Rich Lindahl

They'll trial forward. going for assume responsibility the

Unidentified Analyst

much. Got very it. Thanks

Operator

you. Thank

from question next Our comes from Singular Sakai Research. Christopher

Your line is now open.

Christopher Sakai

there us you Chris. XXX. also also another is see on have And XX%, maybe you that much the And NARCAN guidance This I decrease coincidentally, development to XX% is understand in NARCAN Travel that decrease of increased because Thanks. gross margins give I can XX%. a XXX divestment. XX,XXX, to the see how obviously, color major gross is to in is margin Health of due XX%

Bob Kramer

Thanks Yes. for you one? question. field do Rich, to want the that

Rich Lindahl

Sure. parts. quarter right, Yes. as, I say would the well the first and the And there's is to several change itself influence on biggest activities the of impact moving referred you're impact of just change there there. on some revenue call, as gross guidance the guidance margin CDMO in in the the I as

So adjusted guidance. year really that full margin those the gross driving are are change the things to

Christopher Sakai

a am correct able as Do wrong, if -- and NARCAN looks that to quarter. Depending that And be assumption and and changed. on in like volume you fourth it your has not different terms for now at end -- charge correct? coal expectations and with between variables retail your the would be me is probably you the think of follow-up, what your I the would quarterly what conversations versus price the channel partners pricing

Bob Kramer

in So, you that on Paul, weigh to do want one?

Paul Williams

Sure.

way. -- So, by the I the and question, think thanks for

with price the interest a to as targeted the as And public communicated, consumer in go $XX. is for consistent forward. OTC I price less be than think slightly we we've would say out-of-pocket we've segment that I

finalizing retail process -- retail we our contracts So of our the in with partners. are again, our

in the is of end up. finalized, to stakeholders this, as are goals in out-of-pocket say those we once I are. price clarity But terms we would actual consumer our will committed I affordability. aligned affordability think specific are can contracts on there provide where And

Christopher Sakai

you. Thank

Operator

Thank I you. turn at it We to questions back this the time, company. and no see over further will now

Bob Kramer

forward during you, we call. slides webcast the of and to And well page archived accessible available you version version website. we an Jayda. be today Thank gentlemen, thank landing good Investors your night. through all company Once PDF as for later today's a future. used the of participation. that, conclude the with you, now as you Please of speaking note ladies look and call will the the today's in Have and again, on to Thank the

Operator

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

disconnect. now may You

Emergent BioSolutions (EBS) 9 May 232023 Q1 Earnings call transcript