0001367644-23-000207 | 10-K/A | XBRL Viewer

Print Document View Excel Document

Intangible assets and goodwill - Summary Changes in Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, beginning balance	$ 224,900,000	$ 266,700,000
Goodwill impairment	(6,700,000)	(41,700,000)	$ 0
Foreign currency translation adjustment	0	(100,000)
Goodwill, ending balance	218,200,000	224,900,000	266,700,000
Products
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, beginning balance	218,200,000	260,000,000.0
Goodwill impairment	0	(41,700,000)
Foreign currency translation adjustment	0	(100,000)
Goodwill, ending balance	218,200,000	218,200,000	260,000,000.0
Goodwill [Roll Forward]
Goodwill, gross	259,900,000	259,900,000	260,000,000
Goodwill, accumulated Impairment loss	41,700,000
Services
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, beginning balance	6,700,000	6,700,000
Goodwill impairment	(6,700,000)	0
Foreign currency translation adjustment	0	0
Goodwill, ending balance	0	6,700,000	6,700,000
Goodwill [Roll Forward]
Goodwill, gross	6,700,000	$ 6,700,000	$ 6,700,000
Goodwill, accumulated Impairment loss	$ 6,700,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent events 2023 Organizational Restructuring Plan On January 9, 2023, the Company announced an organizational restructuring plan (the “Plan”) intended to reduce operating costs, improve operating margins, and continue advancing the Company’s ongoing commitment to profitable growth. The Plan includes a reduction of the Company’s current workforce by approximately five percent. Decisions regarding the elimination of positions are subject to local law and consultation requirements in certain countries, as well as the Company’s business needs. The Company estimates that it will incur approximately $9.0 million to $11.0 million in charges in connection with the Plan, which it expects to incur in the first quarter of fiscal 2023. These charges consist primarily of charges related to employee transition, severance payments, employee benefits, and share-based compensation. Agreement to Sell Travel Business On February 15, 2023, we entered into the Sale Agreement with Bavarian Nordic, under which we agreed to sell our travel health business, including rights to Vaxchora and Vivotif, as well as our development-stage chikungunya vaccine candidate CHIKV VLP, our manufacturing site in Bern, Switzerland and certain of our development facilities in San Diego, California for a cash purchase price of $270.0 million, subject to certain customary adjustments. In addition, we may receive milestone payments of up to $80.0 million related to the development of CHIKV VLP and receipt of marketing approval and authorization in the U.S. and Europe, and sales-based milestones payments of up to $30.0 million based on aggregate net sales of Vaxchora and Vivotif in calendar year 2026. Approximately 280 employees are expected to join Bavarian Nordic as part of the transaction. The transaction is expected to close in the second quarter of 2023, subject to certain customary closing conditions, including (1) the expiration or earlier termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (2) receipt of required clearances and approvals under Spain’s competition laws, (3) receipt of certain Swiss real property approvals, (4) no material adverse effect having occurred with respect to the Business, and (5) certain other customary conditions.

Restatement of consolidated financial statements

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Restatement of consolidated financial statements

As part of the Company's quarterly review process related to the preparation of its unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2023, the Company determined that its net state deferred tax liability was overstated as of December 31, 2022, resulting in an understatement of the income tax benefits reflected on the Company's consolidated statement of operations. This material error was associated with the use of incorrect state tax rates in the calculation of state deferred tax assets and related valuation allowances, which are non-cash items that resulted in an understatement of the Company's income tax benefit of $11.7 million for the year ended December 31, 2022. In connection with the restatement to correct this material error, the Company determined that it is appropriate to revise the financial statements as of and for the years ending December 31, 2022, 2021 and 2020 included in this Form 10-K/A to correct other unrelated immaterial errors that were previously either unrecorded or recorded as out-of-period adjustments.

The following tables present the impact of the financial statement adjustments on the Company's previously reported consolidated financial statements for the fiscal years ended December 31, 2022, 2021 and 2020. The "Previously Reported" amounts in the following tables are amounts derived from the Original Form 10-K filed with the United States Securities and Exchange Commission on March 1, 2023. The amounts in the columns labeled "Tax Adjustments" represent the effect of adjustments resulting from the correction of the overstatement of the Company's net state deferred tax liability and understatement of the income tax benefits of $11.7 million and the tax impact of all other individually immaterial non-tax adjustments of $2.2 million for the year ended December 31, 2022. The amounts in the columns labeled "Other Adjustments" represent the effect of other adjustments that relate to other unrelated errors in previously filed financial statements that were not material, individually or in the aggregate, to those filed financial statements. The effects of both the restatement for the Tax Adjustments and the revisions for the Other Adjustments have been corrected in all impacted tables and footnotes throughout these consolidated financial statements.

The following table presents the impact of the financial statement adjustments on the Company's previously reported Consolidated Balance Sheets for the years ended December 31, 2022 and 2021:


	As of								As of
	December 31, 2022								December 31, 2021
	Previously Reported		Tax Adjustments		Other Adjustments		As Restated		Previously Reported		Other Adjustments		As Revised
ASSETS
Current assets:
Cash and cash equivalents	$	642.6	$	—	$	—	$	642.6	$	576.1	$	—	$	576.1
Restricted cash	—		—		—		—		0.2		—		0.2
Accounts receivable, net	158.4		—		0.8		159.2		274.7		4.2		278.9
Inventories, net	351.8		—		(1.1)		350.7		350.8		(6.3)		344.5
Prepaid expenses and other current assets	57.9		—		—		57.9		70.2		—		70.2
Total current assets	1,210.7		—		(0.3)		1,210.4		1,272.0		(2.1)		1,269.9

Property, plant and equipment, net	817.6		—		—		817.6		800.1		—		800.1
Intangible assets, net	728.8		—		—		728.8		604.6		—		604.6
Goodwill	218.2		—		—		218.2		224.9		—		224.9
Other assets	191.3		—		—		191.3		57.4		0.8		58.2
Total assets	$	3,166.6	$	—	$	(0.3)	$	3,166.3	$	2,959.0	$	(1.3)	$	2,957.7

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	103.5	$	—	$	—	$	103.5	$	128.9	$	—	$	128.9
Accrued expenses	34.9		—		—		34.9		51.7		—		51.7
Accrued compensation	88.3		—		(1.0)		87.3		88.7		—		88.7
Debt, current portion	957.3		—		—		957.3		31.6		—		31.6
Other current liabilities	45.9		(0.3)		0.3		45.9		72.9		0.2		73.1
Total current liabilities	1,229.9		(0.3)		(0.7)		1,228.9		373.8		0.2		374.0

Debt, net of current portion	448.5		—		—		448.5		809.4		—		809.4
Deferred tax liability	71.8		(12.1)		—		59.7		94.9		(1.6)		93.3
Other liabilities	33.4		7.1		1.0		41.5		61.9		7.6		69.5
Total liabilities	1,783.6		(5.3)		0.3		1,778.6		1,340.0		6.2		1,346.2

Stockholders’ equity:
Preferred stock, $0.001 par value; 15.0 shares authorized, no shares issued and outstanding	—		—		—		—		—		—		—
Common stock, $0.001 par value; 200.0 shares authorized, 55.7 and 55.1 shares issued; 50.1 and 51.3 shares outstanding, respectively.	0.1		—		—		0.1		0.1		—		0.1
Treasury stock, at cost, 5.6 and 3.8 common shares, respectively	(227.7)		—		—		(227.7)		(152.2)		—		(152.2)
Additional paid-in capital	873.5		—		—		873.5		829.4		—		829.4
Accumulated other comprehensive income (loss), net	3.1		—		—		3.1		(16.1)		—		(16.1)
Retained earnings	734.0		5.3		(0.6)		738.7		957.8		(7.5)		950.3
Total stockholders’ equity	1,383.0		5.3		(0.6)		1,387.7		1,619.0		(7.5)		1,611.5
Total liabilities and stockholders’ equity	$	3,166.6	$	—	$	(0.3)	$	3,166.3	$	2,959.0	$	(1.3)	$	2,957.7

The following tables present the impact of the financial statement adjustments on the Company's previously reported Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020:


	Year Ended								Year Ended
	December 31, 2022								December 31, 2021
	Previously Reported		Tax Adjustments		Other Adjustments		As Restated		Previously Reported		Other Adjustments		As Revised
Revenues:
Product sales, net	$	966.2	$	—	$	—	$	966.2	$	1,023.9	$	—	$	1,023.9
CDMO:
Services	108.4		—		(3.4)		105.0		334.9		(24.6)		310.3
Leases	4.9		—		—		4.9		299.7		5.5		305.2
Total CDMO	113.3		—		(3.4)		109.9		634.6		(19.1)		615.5
Contracts and grants	41.4		—		—		41.4		134.2		—		134.2
Total revenues	1,120.9		—		(3.4)		1,117.5		1,792.7		(19.1)		1,773.6

Operating expenses:
Cost of product sales	424.1		—		0.5		424.6		382.0		0.6		382.6
Cost of CDMO	269.6		—		(1.1)		268.5		375.5		(10.0)		365.5
Research and development	193.0		—		(4.7)		188.3		234.0		1.2		235.2
Selling, general and administrative	340.3		—		(0.8)		339.5		348.4		0.3		348.7
Goodwill impairment	6.7		—		—		6.7		41.7		—		41.7
Amortization of intangible assets	59.9		—		—		59.9		58.5		—		58.5
Total operating expenses	1,293.6		—		(6.1)		1,287.5		1,440.1		(7.9)		1,432.2

Income (loss) from operations	(172.7)		—		2.7		(170.0)		352.6		(11.2)		341.4

Other income (expense):
Interest expense	(37.3)		—		—		(37.3)		(34.5)		—		(34.5)
Other, net	(11.7)		—		—		(11.7)		(3.7)		—		(3.7)
Total other income (expense), net	(49.0)		—		—		(49.0)		(38.2)		—		(38.2)

Income (loss) before income taxes	(221.7)		—		2.7		(219.0)		314.4		(11.2)		303.2
Income tax (benefit) provision	2.1		(9.5)		—		(7.4)		83.5		0.2		83.7
Net income (loss)	$	(223.8)	$	9.5	$	2.7	$	(211.6)	$	230.9	$	(11.4)	$	219.5

Net income (loss) per common share
Basic	$	(4.47)	$	0.19	$	0.06	$	(4.22)	$	4.32	$	(0.22)	$	4.10
Diluted	$	(4.47)	$	0.19	$	0.06	$	(4.22)	$	4.27	$	(0.21)	$	4.06

Shares used in computing net income (loss) per common share
Basic	50.1		—		—		50.1		53.5		—		53.5
Diluted	50.1		—		—		50.1		54.1		—		54.1


	Year Ended
	December 31, 2020
	Previously Reported		Other Adjustments		As Revised
Revenues:
Product sales, net	$	989.8	$	—	$	989.8
CDMO:
Services	166.7		27.4		194.1
Leases	283.8		(5.5)		278.3
Total CDMO	450.5		21.9		472.4
Contracts and grants	115.1		—		115.1
Total revenues	1,555.4		21.9		1,577.3

Operating expenses:
Cost of product sales	392.0		—		392.0
Cost of CDMO	132.0		13.0		145.0
Research and development	234.5		3.4		237.9
Selling, general and administrative	303.3		0.8		304.1

Amortization of intangible assets	59.8		—		59.8
Total operating expenses	1,121.6		17.2		1,138.8

Income from operations	433.8		4.7		438.5

Other income (expense):
Interest expense	(31.3)		—		(31.3)
Other, net	4.7		—		4.7
Total other income (expense), net	(26.6)		—		(26.6)

Income before income taxes	407.2		4.7		411.9
Income tax provision	102.1		4.0		106.1
Net income	$	305.1	$	0.7	$	305.8

Net income per common share
Basic	$	5.79	$	0.01	$	5.80
Diluted	$	5.67	$	0.01	$	5.68

Shares used in computing net income (loss) per common share
Basic	52.7		—		52.7
Diluted	53.8		—		53.8

The following table presents the impact of the financial statement adjustments on the Company's previously reported Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020:


	Year Ended
	December 31, 2022
	Previously Reported		Tax Adjustments		Other Adjustments		As Restated
Operating Activities
Net loss	$	(223.8)	$	9.5	$	2.7	$	(211.6)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	45.1		—		—		45.1
Depreciation and amortization	143.3		—		—		143.3
Change in fair value of contingent obligations, net	2.6		—		—		2.6
Amortization of deferred financing costs	4.1		—		—		4.1
Impairments	6.7		—		—		6.7
Deferred income taxes	(19.0)		(9.6)		—		(28.6)

Other	6.4		—		—		6.4
Changes in operating assets and liabilities:
Accounts receivable	114.7		—		3.4		118.1
Inventories	(51.9)		—		(5.2)		(57.1)
Prepaid expenses and other assets	(19.9)		—		—		(19.9)
Accounts payable	(14.0)		—		—		(14.0)
Accrued expenses and other liabilities	(66.7)		—		—		(66.7)
Accrued compensation	0.1		—		(0.9)		(0.8)
Income taxes receivable and payable, net	28.6		0.1		—		28.7
Contract liabilities	9.6		—		—		9.6
Net cash used in operating activities	(34.1)		—		—		(34.1)
Investing Activities
Purchases of property, plant and equipment	(115.8)		—		—		(115.8)
Royalty settlement payment	(21.8)		—		—		(21.8)

Asset acquisitions	(243.7)		—		—		(243.7)
Net cash used in investing activities	(381.3)		—		—		(381.3)
Financing Activities
Purchases of treasury stock	(82.1)		—		—		(82.1)


Proceeds from revolving credit facility	598.0		—		—		598.0

Principal payments on term loan facility	(33.8)		—		—		(33.8)
Proceeds from stock-based compensation activity	5.0		—		—		5.0
Taxes paid for stock-based compensation activity	(5.9)		—		—		(5.9)


Net cash provided by financing activities:	481.2		—		—		481.2
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.5		—		—		0.5
Net change in cash, cash equivalents and restricted cash	66.3		—		—		66.3
Cash, cash equivalents and restricted cash, beginning of period	576.3		—		—		576.3
Cash, cash equivalents and restricted cash, end of period	$	642.6	$	—	$	—	$	642.6

Supplemental disclosure of cash flow information:
Cash paid for interest	$	33.0	$	—	$	—	$	33.0
Cash paid for income taxes	$	6.2	$	—	$	—	$	6.2
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end	$	9.4	$	—	$	—	$	9.4
Purchases of treasury stock unpaid at period end	$	—	$	—	$	—	$	—
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$	642.6	$	—	$	—	$	642.6
Restricted cash	—		—		—		—
Total	$	642.6	$	—	$	—	$	642.6


	Year Ended
	December 31, 2021
	Previously Reported		Other Adjustments		As Revised
Operating Activities
Net income (loss)	$	230.9	$	(11.4)	$	219.5
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	42.4		—		42.4
Depreciation and amortization	123.8		—		123.8
Change in fair value of contingent obligations, net	2.9		—		2.9
Amortization of deferred financing costs	4.1		—		4.1
Impairments	41.7		—		41.7
Deferred income taxes	46.9		(0.9)		46.0
Write off of contract asset and liability	(17.2)		—		(17.2)
Other	2.0		—		2.0
Changes in operating assets and liabilities:
Accounts receivable	(48.2)		32.0		(16.2)
Inventories	(44.0)		(22.6)		(66.6)
Prepaid expenses and other assets	7.7		—		7.7
Accounts payable	(2.5)		0.9		(1.6)
Accrued expenses and other liabilities	(9.2)		—		(9.2)
Accrued compensation	4.0		—		4.0
Income taxes receivable and payable, net	(32.4)		1.1		(31.3)
Contract liabilities	(31.8)		—		(31.8)
Net cash provided by operating activities	321.1		(0.9)		320.2
Investing Activities
Purchases of property, plant and equipment	(225.0)		0.9		(224.1)



Net cash used in investing activities	(225.0)		0.9		(224.1)
Financing Activities
Purchases of treasury stock	(106.0)		—		(106.0)
Proceeds from senior unsecured notes	—		—		—
Principal payments on convertible senior notes	(10.6)		—		(10.6)


Principal payments on term loan facility	(25.3)		—		(25.3)
Proceeds from stock-based compensation activity	15.9		—		15.9
Taxes paid for stock-based compensation activity	(13.8)		—		(13.8)

Contingent consideration payments	(1.2)		—		(1.2)
Net cash used in financing activities:	(141.0)		—		(141.0)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(0.3)		—		(0.3)
Net change in cash, cash equivalents and restricted cash	(45.2)		—		(45.2)
Cash, cash equivalents and restricted cash, beginning of period	621.5		—		621.5
Cash, cash equivalents and restricted cash, end of period	$	576.3	$	—	$	576.3

Supplemental disclosure of cash flow information:
Cash paid for interest	$	30.4	$	—	$	30.4
Cash paid for income taxes	$	71.6	$	—	$	71.6
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end	$	20.0	$	—	$	20.0
Purchases of treasury stock unpaid at period end	$	6.6	$	—	$	6.6
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$	576.1	$	—	$	576.1
Restricted cash	0.2		—		0.2
Total	$	576.3	$	—	$	576.3


	Year Ended
	December 31, 2020
	Previously Reported		Other Adjustments		As Revised
Operating Activities
Net income	$	305.1	$	0.7	$	305.8
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	51.0		0.8		51.8
Depreciation and amortization	114.5		—		114.5
Change in fair value of contingent obligations, net	31.7		—		31.7
Amortization of deferred financing costs	3.5		—		3.5
Impairments	29.0		—		29.0
Deferred income taxes	(2.4)		(0.9)		(3.3)

Other	(5.2)		(0.4)		(5.6)
Changes in operating assets and liabilities:
Accounts receivable	49.0		(21.5)		27.5
Inventories	(83.2)		16.3		(66.9)
Prepaid expenses and other assets	(29.2)		2.3		(26.9)
Accounts payable	18.7		9.6		28.3
Accrued expenses and other liabilities	19.4		(10.9)		8.5
Accrued compensation	21.8		—		21.8
Income taxes receivable and payable, net	1.1		4.9		6.0
Contract liabilities	11.2		—		11.2
Net cash provided by operating activities	536.0		0.9		536.9
Investing Activities
Purchases of property, plant and equipment	(141.0)		(0.9)		(141.9)

Milestone payment from prior asset acquisition	(10.0)		—		(10.0)

Net cash used in investing activities	(151.0)		(0.9)		(151.9)
Financing Activities

Proceeds from senior unsecured notes	450.0		—		450.0


Principal payments on revolving credit facility	(373.0)		—		(373.0)
Principal payments on term loan facility	(14.1)		—		(14.1)
Proceeds from stock-based compensation activity	31.6		—		31.6
Taxes paid for stock-based compensation activity	(13.8)		—		(13.8)
Debt issuance costs	(8.4)		—		(8.4)
Contingent consideration payments	(2.8)		—		(2.8)
Net cash provided by financing activities:	69.5		—		69.5
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1.0)		—		(1.0)
Net change in cash, cash equivalents and restricted cash	453.5		—		453.5
Cash, cash equivalents and restricted cash, beginning of period	168.0		—		168.0
Cash, cash equivalents and restricted cash, end of period	$	621.5	$	—	$	621.5

Supplemental disclosure of cash flow information:
Cash paid for interest	$	21.0	$	—	$	21.0
Cash paid for income taxes	$	109.3	$	—	$	109.3
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end	$	22.0	$	0.9	$	22.9

Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$	621.3	$	—	$	621.3
Restricted cash	0.2		—		0.2
Total	$	621.5	$	—	$	621.5

Property, plant and equipment, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,201.4	$ 1,119.2
Less: Accumulated depreciation and amortization	(383.8)	(319.1)
Total property, plant and equipment, net	817.6	800.1
Depreciation	83.4	62.2	$ 50.1
Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	54.9	52.1
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	327.9	269.7
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	567.5	513.5
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	65.6	60.7
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 185.5	$ 223.2

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2022	Feb. 22, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K/A
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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, $0.001 par value per share
Trading Symbol	EBS
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1.5
Entity Common Stock, Shares Outstanding (in shares)		50,140,158
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement for its 2023 annual meeting of stockholders, which was filed with the Securities and Exchange Commission not later than 120 days after the end of the registrant's fiscal year ended December 31, 2022, are incorporated by reference into Part III of this Annual Report on Form 10-K. With the exception of the portions of the registrant's definitive proxy statement for its 2023 annual meeting of stockholders that are expressly incorporated by reference into this Annual Report on Form 10-K, such proxy statement shall not be deemed filed as part of this Annual Report on Form 10-K.
Entity Central Index Key	0001367644
Amendment Flag	true
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Description	Emergent BioSolutions Inc. (“Emergent,” the “Company,” “we,” “us,” and “our”) is filing this Amendment No. 1 (this “Amendment") to its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was originally filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2023 (the “Original Form 10-K”) to make certain changes as described below.As part of the Company’s quarterly review process related to the preparation of its unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2023, the Company determined that its net state deferred tax liability was overstated as of December 31, 2022, resulting in an understatement of the income tax benefits reflected on the Company’s consolidated statement of operations. This material error was associated with the use of incorrect state tax rates in the calculation of state deferred tax assets and related valuation allowances, which are non-cash items that resulted in an understatement of the Company's income tax benefit of $11.7 million for the year ended December 31, 2022. Because the correction of this misstatement is material to the previously reported results of operations of the Company included in the Original Form 10-K, the Audit and Finance Committee of the board of directors of the Company (the “Audit Committee”) concluded that the consolidated financial statements included in the Original Form 10-K should no longer be relied upon. In connection with the restatement to correct for this error, the Company determined that it is appropriate to revise the financial statements included in the Amendment to correct other unrelated errors that were either unrecorded or addressed as out-of-period adjustments in previously filed financial statements that were not material, individually or in the aggregate, to those financial statements.Due to the discovery of this error, Company management re-evaluated the effectiveness of the Company's internal control over financial reporting (“ICFR”) as of December 31, 2022 and identified a material weakness in the Company's ICFR that existed as of December 31, 2022, relating to the calculation and review of the Company’s net state deferred tax liability. The Company’s independent registered public accounting firm, Ernst & Young LLP, has also restated its opinion on the Company’s ICFR as of December 31, 2022 to reflect this material weakness. Pursuant to this Amendment, the disclosures appearing in the Original Form10-K under the following headings are hereby deleted in their entireties and replaced with the disclosures under the following headings included herein:•Cautionary Note Regarding Forward-Looking Statements;•Part I, Item 1A - Risk Factors;•Part I, Item 2 - Properties;•Part I, Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations;•Part II, Item 8 - Financial Statements and Supplementary Data;•Part II, Item 9A - Controls and Procedures; and •Part IV, Item 15 - Exhibits and Financial Statement Schedules.In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company is also including with this Amendment new currently dated certifications of the Company’s Interim Chief Executive Officer and Chief Financial Officer (attached as Exhibits 31.1, 31.2, 32.1, and 32.2). This Amendment also contains a new consent of Ernst & Young LLP attached as Exhibit 23.Except as described above, this Amendment does not amend, update or change any other items or disclosures in the Original Form 10-K and does not purport to reflect any information or events subsequent to the filing thereof. As such, this Amendment speaks only as of the date the Original Form 10-K was filed, and the Company has not undertaken herein to amend, supplement or update any information contained in the Original Form 10-K to give effect to any subsequent events. Accordingly, this Amendment should be read in conjunction with the Original Form 10-K and any subsequent filings by the Company with the SEC.

Revenue recognition - Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounts receivable [Abstract]
Billed	$ 102.7	$ 230.5
Unbilled	57.2	51.6
Allowance for expected credit losses	(0.7)	(3.2)
Accounts receivable, net	$ 159.2	$ 278.9

Revenue recognition (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenue

The Company's revenues disaggregated by the major sources were as follows:


	Year Ended December 31,
	2022						2021						2020
	USG		Non-USG		Total		USG		Non-USG		Total		USG		Non-USG		Total
	(As Restated)						(As Revised)						(As Revised)
Product sales	$	445.4	$	520.8	$	966.2	$	530.0	$	493.9	$	1,023.9	$	626.0	$	363.8	$	989.8
CDMO:
Services	—		105.0		105.0		—		310.3		310.3		—		194.1		194.1
Leases	—		4.9		4.9		243.1		62.1		305.2		247.8		30.5		278.3
Total CDMO	—		109.9		109.9		243.1		372.4		615.5		247.8		224.6		472.4
Contracts and grants	37.2		4.2		41.4		130.2		4.0		134.2		109.2		5.9		115.1
Total revenues	$	482.6	$	634.9	$	1,117.5	$	903.3	$	870.3	$	1,773.6	$	983.0	$	594.3	$	1,577.3

Schedules of Concentration of Risk, by Risk Factor

For the years ended December 31, 2022, 2021 and 2020, the Company's product sales from Anthrax Vaccines, Nasal Naloxone products, TEMBEXA, ACAM2000 and Other products as a percentage of total product sales were as follows:


	Year Ended December 31,
	2022		2021		2020

% of product sales:
Anthrax vaccines	28	%	25	%	38	%
Nasal naloxone products	39	%	43	%	31	%
TEMBEXA	12	%	—	%	—	%
ACAM2000	7	%	20	%	20	%
Other products	14	%	12	%	11	%

Summary of Deferred Revenue Contract Liabilities

The following table presents the roll forward of the contract liabilities:


	Contract Liabilities
Balance at December 31, 2020 (As Revised)	$	100.1
Deferral of revenue	279.7
Revenue recognized	(363.4)
Balance at December 31, 2021 (As Revised)	$	16.4
Deferral of revenue	38.9
Revenue recognized	(23.6)
Balance at December 31, 2022 (As Restated)	$	31.7

Schedule of Accounts Receivable, Net

Accounts receivable including unbilled accounts receivable contract assets consist of the following:


	December 31,
	2022		2021
	(As Restated)		(As Revised)
Accounts receivable:
Billed	$	102.7	$	230.5
Unbilled	57.2		51.6
Allowance for expected credit losses	(0.7)		(3.2)
Accounts receivable, net	$	159.2	$	278.9

Inventories, net - Narrative (Details) $ in Millions	12 Months Ended
Inventories, net - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)
Inventory Disclosure [Abstract]
Inventory, LIFO reserve, period charge	$ 41.5

Net Income (loss) per common share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income (loss)	$ (67.0)	$ (87.1)	$ (52.9)	$ (4.6)	$ 193.1	$ (40.4)	$ (0.5)	$ 67.3	$ (211.6)	$ 219.5	$ 305.8
Denominator:
Weighted-average number of shares-basic (in shares)									50.1	53.5	52.7
Dilutive securities-equity awards (in shares)									0.0	0.6	1.1
Weighted-average number of shares-diluted (in shares)									50.1	54.1	53.8
Net income (loss) per common share - basic (in dollars per share)	$ (1.34)	$ (1.75)	$ (1.06)	$ (0.09)	$ 3.62	$ (0.75)	$ (0.01)	$ 1.26	$ (4.22)	$ 4.10	$ 5.80
Net income (loss) per common share - diluted (in dollars per share)	$ (1.34)	$ (1.75)	$ (1.06)	$ (0.09)	$ 3.60	$ (0.75)	$ (0.01)	$ 1.23	$ (4.22)	$ 4.06	$ 5.68
Anti-dilutive stock awards (in shares)									2.8	1.0	0.0

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e3842-109258

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1252-109256

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e3842-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Fair value measurements - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	$ 8.5	$ 0.0
Total	500.0	352.4
Contingent consideration	8.0	38.4
Derivative instruments	0.0	6.1
Total	$ 8.0	$ 44.5
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, Prepaid expenses and other current assets	Other assets, Prepaid expenses and other current assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities, Other liabilities	Other current liabilities, Other liabilities
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	$ 0.0	$ 0.0
Total	320.8	152.4
Contingent consideration	0.0	0.0
Derivative instruments	0.0	0.0
Total	0.0	0.0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	8.5	0.0
Total	179.2	200.0
Contingent consideration	0.0	0.0
Derivative instruments	0.0	6.1
Total	0.0	6.1
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0.0	0.0
Total	0.0	0.0
Contingent consideration	8.0	38.4
Derivative instruments	0.0	0.0
Total	8.0	38.4
Money market accounts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	320.8	152.4
Money market accounts \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	320.8	152.4
Money market accounts \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Money market accounts \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	170.7	200.0
Time deposits \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Time deposits \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	170.7	200.0
Time deposits \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0.0	$ 0.0

Net Income (loss) per common share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Net Income Per Share, Basic and Diluted

The following table presents the calculation of basic and diluted net income (loss) per common share:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
Numerator:
Net income (loss)	$	(211.6)	$	219.5	$	305.8

Denominator:
Weighted-average number of shares-basic	50.1		53.5		52.7
Dilutive effect of employee incentive plans	—		0.6		1.1
Weighted-average number of shares-diluted	50.1		54.1		53.8

Net income (loss) per common share - basic	$	(4.22)	$	4.10	$	5.80
Net income (loss) per common share - diluted	$	(4.22)	$	4.06	$	5.68

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 common share calculation generally because the exercise price of the awards was greater than the average per share closing price during the year ending December 31, 2022, 2021 and 2020. In certain instances, awards may be anti-dilutive even if the average market price exceeds the exercise price when the sum of the assumed proceeds exceeds the difference between the market price and the exercise price.


	Year Ended December 31,
	2022	2021	2020
Anti-dilutive stock awards	2.8	1.0	—

Defined benefit and 401(k) savings plan - Expected Future Benefits Payments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Retirement Benefits [Abstract]
45291	$ 1.8
45649	1.8
46022	2.0
46387	1.9
Thereafter	2.1
Thereafter	27.6
Total	$ 37.2

Fair value measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Aug. 07, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of goods and services sold, Research and development	Cost of goods and services sold, Research and development
Business combination, contingent consideration, liability, current	$ 3.4	$ 32.7
3.875% Senior Unsecured Notes due 2028 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate, stated percentage	3.875%	3.875%	3.875%
Long-term debt, fair value	$ 225.1	$ 433.3

Inventories, net

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories, net

Inventories, net consist of the following:


	December 31,
	2022		2021
	(As Restated)		(As Revised)
Raw materials and supplies	$	142.3	$	212.8
Work-in-process	116.2		95.8
Finished goods	92.2		35.9
Total inventories, net (1)	$	350.7	$	344.5

(1) During the year ended December 31, 2022, the Company acquired certain assets through an asset acquisition, the Transaction, and the related inventories of $28.6 million were included in the Company's inventories balances as of December 31, 2022.

Inventories, net is stated at the lower of cost or net realizable value.

During the year ended December 31, 2021, the Company recorded inventory write-offs related to its Bayview facility of $41.5 million and the charge was reflected as a component of cost of CDMO services on the Company's consolidated statements of operations. For additional information related the termination of the manufacturing services agreement (the “Agreement”) with Janssen Pharmaceuticals, Inc. (“Janssen”) as of December 31, 2022, refer to Note 12 "Revenue recognition".

Debt - Components of Long-term Indebtedness (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Aug. 07, 2020
Debt Instrument [Line Items]
Total debt	$ 1,413,800,000	$ 849,600,000
Current portion of long-term debt, net of debt issuance costs	(957,300,000)	(31,600,000)
Unamortized debt issuance costs	(8,000,000.0)	(8,500,000)
Non-current portion of debt	448,500,000	809,400,000
Term Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	362,800,000	396,600,000
Line of Credit
Debt Instrument [Line Items]
Total debt	$ 598,000,000	$ 0
3.875% Senior Unsecured Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.875%	3.875%	3.875%
Total debt	$ 450,000,000.0	$ 450,000,000.0	$ 450,000,000
Other
Debt Instrument [Line Items]
Total debt	$ 3,000,000.0	$ 3,000,000.0

Fair value measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair value measurements

The table below presents information about the Company's assets and liabilities that are regularly measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques we utilized to determine fair value:


	December 31, 2022								December 31, 2021
	(As Restated)								(As Revised)
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Money market accounts	$	320.8	$	320.8	$	—	$	—	$	152.4	$	152.4	$	—	$	—
Time deposits	170.7		—		170.7		—		200.0		—		200.0		—
Derivative instruments	$	8.5	$	—	$	8.5	$	—	$	—	$	—	$	—	$	—
Total	$	500.0	$	320.8	$	179.2	$	—	$	352.4	$	152.4	$	200.0	$	—
Liabilities:
Contingent consideration	$	8.0	$	—	$	—	$	8.0	$	38.4	$	—	$	—	$	38.4
Derivative instruments	—		—		—		—		6.1		—		6.1		—
Total	$	8.0	$	—	$	—	$	8.0	$	44.5	$	—	$	6.1	$	38.4

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. Any changes in fair value for the contingent consideration liabilities related to the Company’s products are classified in the Company's statement of operations as cost of product sales. Any changes in fair value for the contingent consideration liabilities related to the Company’s product candidates are recorded in R&D expense for regulatory and development milestones.

The following table is a reconciliation of the beginning and ending balance of the contingent consideration liabilities measured at fair value during the years ended December 31, 2022, 2021 and 2020.


	Contingent Consideration

Balance at December 31, 2019 (As Revised)	$	30.4
Expense included in earnings	31.7
Settlements	(2.8)
Balance at December 31, 2020 (As Revised)	$	59.3
Expense included in earnings	2.9
Settlements	(23.8)
Balance at December 31, 2021 (As Revised)	$	38.4
Expense included in earnings	2.6
Settlements	(33.0)
Balance at December 31, 2022 (As Restated)	$	8.0

As of December 31, 2022 and 2021, the current portion of the contingent consideration liability was $3.4 million and $32.7 million, respectively, and was included in "other current liabilities" on the consolidated balance sheets. The non-current portion of the contingent consideration liability is included in "other liabilities" on the consolidated balance sheets.

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 December 31, 2022
(As Restated)

Valuation Technique

Unobservable Input

Range

Royalty based

$8.0 million

Discounted cash flow

Discount rate

9.9%

Probability of payment

25.0% - 50.0%

Projected year of payment

2023 - 2028

Non-Variable Rate Debt

As of December 31, 2022 and 2021, the fair value of the Company's 3.875% Senior Unsecured Notes was $225.1 million and $433.3 million, respectively. The fair value was determined through market sources, which are Level 2 inputs and directly observable. The carrying amounts of the Company’s other long-term variable interest rate debt arrangements approximate their fair values (see Note 9, "Debt").

Non-recurring 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. As of December 31, 2022 and December 31, 2021, other than those outlined in Note 6 "Intangible assets and goodwill", there were no material assets or liabilities measured at fair value on a non-recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Nature of the business and organization	12 Months Ended
Nature of the business and organization	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the business and organization	Nature of the business and organization Organization and business Emergent BioSolutions Inc. (“Emergent,” the “Company,” “we,” “us,” and “our”) is a global life sciences company focused on providing innovative preparedness and response solutions addressing accidental, deliberate, and naturally occurring Public Health Threats ("PHTs"). The Company's solutions include a product portfolio, a product development portfolio, and a contract development and manufacturing ("CDMO") services portfolio. The Company is focused on the following five PHT categories: chemical, biological, radiological, nuclear and explosives ("CBRNE"); emerging infectious diseases ("EID"); travel health; emerging health crises; and acute/emergency care. The Company has a product portfolio of thirteen products (vaccines, therapeutics, and drug-device combination products). The revenue generated by the products comprises a substantial portion of the Company's revenue. The Company has one product candidate that is procured under special circumstances by the United States government ("USG"), although it is not approved by the United States Food and Drug Administration ("FDA"). The Company structures the business with a focus on markets and customers. As such, the key components of the business structure include the following three product and service categories: Government - Medical Countermeasures ("MCM") Products, Commercial Products, and CDMO Services. The Company operates as two operating segments: (1) a products segment ("Products") consisting of the Government - MCM and Commercial product categories and (2) a services segment ("Services") focused on CDMO services (Note 17, "Segment information"). The Company's products and services include: Government - MCM Products •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; •Anthrasil® (Anthrax Immune Globulin Intravenous (human)), the only polyclonal antibody therapeutic licensed by the FDA and Health Canada for the treatment of inhalational anthrax in combination with appropriate antibacterial drugs; •Anthrax vaccines, including our AV7909 (Anthrax vaccine adsorbed (AVA), adjuvanted) procured product candidate being developed as a next-generation anthrax vaccine for post-exposure prophylaxis and BioThrax® (Anthrax Vaccine Adsorbed), the only vaccine licensed by the FDA for the general use prophylaxis and post-exposure prophylaxis of anthrax disease. AV7909 has not been approved by the FDA, but is procured by certain authorized government buyers for their use; •BAT® (Botulism Antitoxin Heptavalent (A,B,C,D,E,F,G)-(Equine)), the only heptavalent antitoxin licensed by the FDA and Health Canada for the treatment of symptomatic botulism; •CNJ-016® (Vaccinia Immune Globulin Intravenous (Human) (VIGIV)), the only polyclonal antibody therapeutic licensed by the FDA and Health Canada to address certain complications from smallpox vaccination; •Ebanga™ (ansuvimab-zykl) is a monoclonal antibody with antiviral activity provided through a single IV infusion for the treatment of Ebola. Under the terms of a collaboration with Ridgeback Biotherapeutics ("Ridgeback"). Emergent will be responsible for the manufacturing, sale, and distribution of Ebanga™ in the U.S. and Canada, and Ridgeback will serve as the global access partner for Ebanga™; •Raxibacumab injection, the first fully human monoclonal antibody therapeutic licensed by the FDA for the treatment and prophylaxis of inhalational anthrax; •RSDL® (Reactive Skin Decontamination Lotion Kit), the only medical device cleared by the FDA that is intended to remove or neutralize chemical warfare agents from the skin, including: tabun, sarin, soman, cyclohexyl sarin, VR, VX, mustard gas and T-2 toxin; •TEMBEXA®, an oral antiviral formulated as 100 mg tablets and 10 mg/mL oral suspension dosed once weekly for two weeks which has been approved by the FDA for the treatment of smallpox disease caused by variola virus in adult and pediatric patients, including neonates; and •Trobigard® atropine sulfate, obidoxime chloride auto-injector, a combination drug-device auto-injector procured product candidate that contains atropine sulfate and obidoxime chloride. It was approved in Belgium in 2021 but has not been approved by the FDA. Trobigard is procured by certain authorized government buyers under special circumstances for potential use as a nerve agent countermeasure outside of the U.S. Commercial Products •NARCAN® (naloxone HCl) Nasal Spray, an intranasal 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; •Vaxchora® (Cholera Vaccine, Live, Oral), the first vaccine approved by the FDA for the prevention of cholera, which we have agreed to sell as part of our travel health business; and •Vivotif® (Typhoid Vaccine Live Oral Ty21a), a live attenuated vaccine for oral administration for the prevention of typhoid fever, which we have agreed to sell as part of our travel health business. Services - Contract Development and Manufacturing The Company's services line focused on CDMO offerings cover development services, drug substance manufacturing, drug product manufacturing, and when necessary, suite reservations, which depending on facts and circumstances could be considered a lease. These services are provided 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 the Company's 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 on multiple platforms. Asset Acquisition During the year ended December 31, 2022, the Company acquired from Chimerix ("the Seller") the exclusive worldwide rights to brincidofovir, including TEMBEXA® and related assets (the “Transaction”). TEMBEXA is an oral antiviral medical countermeasure to treat smallpox approved by the FDA in June 2021. Under the terms of the Asset Purchase Agreement (the "Purchase Agreement"), the Company paid $238.0 million upon closing of the Transaction, and is subject to potential milestone payments of up to $124.0 million contingent on the potential exercise by the USG of procurement options. The closing payment and the milestone payments were based on the actual procurement value of the procurement contract (the "BARDA Contract") with the Biomedical Advanced Research and Development Authority (“BARDA”). Each milestone payment is associated with the exercise of future BARDA procurement options of TEMBEXA following the BARDA Contract base period. The Seller is also eligible to receive up to $12.5 million in regulatory milestones associated with the SymBio Pharmaceuticals Ltd. brincidofovir licensing arrangements assumed by the Company in the Transaction. The milestone payments will be recorded when the associated procurement options have been exercised and/or the regulatory milestones have been met and the consideration is paid or becomes payable. The total consideration paid in the Transaction was allocated based on the proportionate fair value of the assets acquired. We recorded $156.9 million in intangible assets, net and $82.3 million in inventories, net upon execution of the Transaction on our consolidate balance sheet. The Seller may also earn a 20% royalty on future gross profit of TEMBEXA in the United States associated with volumes above 1.7 million treatment courses of therapy during the exclusivity period of TEMBEXA. Outside of the United States, the Purchase Agreement also allows the Seller to earn a 15% royalty on all gross profit associated with TEMBEXA sales during the exclusivity period of TEMBEXA on a market-to-market basis. Refer to Note 6 "Intangible assets and goodwill" for additional information around the impacts of this asset acquisition on the current period results.

Income taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Valuation allowances are recorded as appropriate to reduce deferred tax assets to the amount considered likely to be realized.

The Company establishes valuation allowances for deferred income tax assets in accordance with U.S. GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.

As of December 31, 2022, the Company reassessed the valuation allowance and considered negative evidence, including its significant losses in the current year and the substantial doubt about the Company’s ability to continue as a going concern through one year from the date that these financial statements are issued, positive evidence, scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income. After assessing both the negative and positive evidence, the Company concluded that it should record an additional valuation allowance of $37.8 million on its global net operating losses, credits and other deferred tax assets.

The global intangible low-tax income (“GILTI”) provisions require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company is subject to incremental U.S. tax on GILTI income. The Company has elected to account for GILTI tax in the period in which it is incurred, and therefore has not provided any deferred tax impacts of GILTI in its consolidated financial statements for the year ended December 31, 2022 and 2021. BEAT provisions do not have material impact on the consolidated financial statements.

For the year ended December 31, 2022, the Company has evaluated its historical indefinite reinvestment assertion in connection with the Company’s going concern uncertainty. The Company recognized a deferred withholding tax liability for the undistributed earnings of the Company’s international subsidiaries available cash and net working capital in the amount of $4.7 million. All other international subsidiaries’ outside basis differences are indefinitely reinvested.

Significant components of income taxes attributable to operations consist of the following:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
Current
Federal	$	(9.4)	$	(3.1)	$	64.6
State	1.9		14.9		28.4
International	33.8		28.9		16.5
Total current	26.3		40.7		109.5
Deferred
Federal	(37.7)		37.1		0.5
State	(3.2)		4.2		0.1
International	7.2		1.6		(3.9)
Total deferred	(33.7)		43.0		(3.4)
Income tax (benefit) provision	$	(7.4)	$	83.7	$	106.1

The Company's net deferred tax liability consists of the following:


	December 31,
	2022		2021
	(As Restated)		(As Revised)
Deferred tax assets
Federal losses carryforward	$	14.8	$	7.6
State losses carryforward	13.0		5.9
R&D carryforward	18.4		16.6


Stock compensation	10.4		9.1
Foreign losses carryforward	9.1		10.2
Deferred revenue	2.0		0.4
Inventory reserves	10.9		3.2
Lease liability	4.7		6.6
IRC 263A capitalized costs	5.2		4.0
Capitalized R&D	27.3		—
IRC 163(j) Interest Limitation	7.9		—
Other	1.2		6.0
Gross deferred tax assets	124.9		69.5
Valuation allowance	(65.1)		(27.3)
Total deferred tax assets	59.8		42.2
Deferred tax liabilities
Fixed assets	(63.6)		(75.9)
Intangible assets	(46.1)		(47.6)
Right-of-use asset	(4.5)		(6.3)
Foreign Withholding Tax	(4.7)		—
Other	(0.7)		(0.9)
Total deferred tax liabilities	(119.6)		(130.7)
Net deferred tax liabilities	$	(59.7)	$	(88.5)

As of December 31, 2022, the Company has approximately $70.5 million in U.S. federal net operating loss ("NOL") carryforwards, $36.0 million of NOL’s which will expire in varying amounts in 2031 through 2035 and $34.5 million which will carryforward indefinitely, although, limited to eighty percent of taxable income annually. The Company has U.S. federal tax credit carryforwards of $13.4 million which will expire in 2027 through 2042.

As of December 31, 2022, the Company had pre-apportionment state NOLs totaling approximately $1.7 billion primarily in Maryland which will begin to expire in 2025 and post-apportionment NOLs totaling approximately $146.5 million that will begin to expire in 2028. The Company has state R&D tax credit carryforwards of $5.0 million which will expire in 2027 through 2038.

The deductibility of such US federal and state net operating losses and credits may be limited. Under Section 382/383 of the Internal Revenue Code of 1986, as amended (the “Code”), and corresponding provisions of state law, if a corporation undergoes an "ownership change," which generally occurs if the percentage of the corporation's stock owned by 5% stockholders increases by more than 50% over a three-year period, the corporation's ability to use its pre-change NOL carryforwards and other pre-change tax attributes to offset its post-change income may be limited. Certain of the net operating loss carryforwards and the credit carryforwards are subject to an annual limitation pursuant to Internal Revenue Code Section 382 and 383 as a result of historical acquisitions. We may experience ownership changes in the future as a result of subsequent shifts in our stock ownership, some of which may be outside of our control, which may further limit our carryforwards. If we determine that an ownership change has occurred and our ability to use our historical NOL and

credit carryforwards is materially limited, it would harm our future operating results by effectively increasing our future tax obligations.

The Company has approximately $51.5 million in net operating losses from foreign jurisdictions as of December 31, 2022, $14.5 million of losses which will expire in varying amounts in 2022 through 2028 and $37.0 million will carryforward indefinitely.

The Company’s valuation allowance increased by $37.8 million due to the Company’s determination that it is not more likely than not to realize its global net deferred income tax assets and the current year losses incurred within the U.S. The valuation allowance has been recorded primarily against the Company's net operating loss and credit carryforwards.

Income taxes differ from the amount of taxes determined by applying the U.S. federal statutory rate to income before taxes as a result of the following:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
U.S.	$	(442.6)	$	100.1	$	368.2
International	224.0		203.3		43.7
Earnings (Losses) before taxes on income	(218.6)		303.4		411.9
Federal tax at statutory rates	$	(46.0)	$	63.5	$	86.5
State taxes, net of federal benefit	(13.5)		14.1		23.7
Impact of foreign operations	(7.2)		(18.7)		(7.7)
Change in valuation allowance	37.8		8.2		1.6
Tax credits	(3.5)		(4.7)		(7.4)
Stock compensation	4.7		(3.9)		(6.3)
Goodwill Impairments	1.8		8.3		—
Adjustment of prior year taxes	(1.8)		0.8		(2.2)
Transaction costs	—		0.1		6.0
Compensation limitation	0.7		2.9		2.2
Unrecognized tax benefit	(9.0)		1.2		2.2
GILTI, net	20.7		13.0		5.4
Foreign withholding tax	4.7		—		—
Permanent differences	3.2		(1.2)		2.1
Income tax (benefit) provision	$	(7.4)	$	83.7	$	106.1

The effective annual tax rate for the years ended December 31, 2022, 2021, and 2020 was 3%, 28% and 26%, respectively.

The effective annual tax rate of 3% in 2022 is lower than the statutory rate primarily due to the impact of a valuation allowance charge in the US, state and Foreign Jurisdictions, a charge due the Company’s indefinite reinvestment assertion, goodwill impairment, GILTI, and other permanent items. This is partially offset by tax credits, favorable rates in foreign jurisdictions, and the release of an indemnified unrecognized tax benefit.

The effective annual tax rate of 28% in 2021 is higher than the statutory rate primarily due to the impact of goodwill impairment, state taxes, GILTI and other non-deductible items. This is partially offset by stock option deduction benefits, tax credits, and favorable rates in foreign jurisdictions. The jurisdictional mix of profit has changed from the prior year largely due to lower U.S. CDMO margins, the termination of the CIADM arrangement in the U.S. and an increase in sales of NARCAN in which a portion of the profit is attributable to a foreign subsidiary.

The effective annual tax rate of 26% in 2020 is higher than the statutory rate primarily due to the impact of state taxes, GILTI, contingent consideration, other non-deductible items and the jurisdictional mix of earnings. This is partially offset by stock option deduction benefits, tax credits, and favorable rates in foreign jurisdictions.

The total unrecognized tax benefits recorded at December 31, 2022 and 2021 of $6.8 million and $12.7 million, respectively, is classified primarily as a non-current liability on the consolidated balance sheets.

The table below presents the gross unrecognized tax benefits activity for the years ended December 31, 2022, 2021 and 2020:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
Gross unrecognized tax benefits, beginning of period	$	12.7	$	12.2	$	8.9
Increases (decreases) for tax positions for prior years	(1.5)		0.3		—
Increases for tax positions for current year	0.7		0.2		5.1
Settlements	—		—		(1.8)
Lapse of statute of limitations	(5.1)		—		—
Gross unrecognized tax benefits, end of period	$	6.8	$	12.7	$	12.2

The total gross unrecognized tax benefit of $6.8 million, includes the release of $8.0 million of liability that related to the 2018 acquisition of PaxVax Holdings Company, Ltd. The liability was offset by an indemnification receivable, both of which were released due to a lapse of the statute of limitation during the year.

The Company includes interest and potential penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2022 and 2021, the total amount of interest and penalties accrued was $1.6 million and $3.7 million, respectively. The Company recognized interest and penalty expense (benefit) in 2022, 2021 and 2020 of $(2.1) million, $1.1 million and $0.4 million, respectively.

The Company does not anticipate a significant change within the next twelve months for unrecognized tax benefits and when resolved, all of these liabilities would impact the effective tax rate. However, the Company maintains a full valuation allowance as of December 31, 2022 and the recognition of any unrecognized tax benefits would be offset with a change in the valuation allowance and therefore there would be no income statement impact.

The Company's federal and state income tax returns for the tax years 2019 and onwards remain open to examination. The Company's tax returns for Canada remain open to examination for the tax years 2014 through 2021. The Company's Irish tax returns remain open to examination for the tax years 2016 through 2021.

As of December 31, 2022, the Company’s 2018 Canadian Scientific Research and Experimental Development Claim is under appeal and the Company’s 2020 Canadian Scientific Research and Experimental Development Claim is under audit. The Company's 2016 and 2017 Canadian income tax returns for the Adapt entities are under audit. The Company’s Irish group is under Level 1 Compliance Intervention review for 2021. In addition, the Company’s 2019 and 2020 New York state income tax returns are under audit.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Revenue recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Leases									$ 4.9
Total revenues	$ 330.2	$ 239.9	$ 242.6	$ 304.8	$ 732.9	$ 286.3	$ 377.4	$ 377.0	1,117.5	$ 1,773.6	$ 1,577.3
USG
Disaggregation of Revenue [Line Items]
Total revenues									482.6	903.3	983.0
Non-USG
Disaggregation of Revenue [Line Items]
Total revenues									634.9	870.3	594.3
Product sales, net
Disaggregation of Revenue [Line Items]
Revenue									966.2	1,023.9	989.8
Product sales, net \| USG
Disaggregation of Revenue [Line Items]
Revenue									445.4	530.0	626.0
Product sales, net \| Non-USG
Disaggregation of Revenue [Line Items]
Revenue									520.8	493.9	363.8
Total CDMO
Disaggregation of Revenue [Line Items]
Total CDMO									109.9	615.5	472.4
Total CDMO \| USG
Disaggregation of Revenue [Line Items]
Total CDMO									0.0	243.1	247.8
Total CDMO \| Non-USG
Disaggregation of Revenue [Line Items]
Total CDMO									109.9	372.4	224.6
Services
Disaggregation of Revenue [Line Items]
Revenue									105.0	310.3	194.1
Services \| USG
Disaggregation of Revenue [Line Items]
Revenue									0.0	0.0	0.0
Services \| Non-USG
Disaggregation of Revenue [Line Items]
Revenue									105.0	310.3	194.1
Leases
Disaggregation of Revenue [Line Items]
Leases									4.9	305.2	278.3
Leases \| USG
Disaggregation of Revenue [Line Items]
Leases									0.0	243.1	247.8
Leases \| Non-USG
Disaggregation of Revenue [Line Items]
Leases									4.9	62.1	30.5
Contracts and grants
Disaggregation of Revenue [Line Items]
Revenue									41.4	134.2	115.1
Contracts and grants \| USG
Disaggregation of Revenue [Line Items]
Revenue									37.2	130.2	109.2
Contracts and grants \| Non-USG
Disaggregation of Revenue [Line Items]
Revenue									$ 4.2	$ 4.0	$ 5.9

Quarterly financial data - unaudited (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenues	$ 330.2	$ 239.9	$ 242.6	$ 304.8	$ 732.9	$ 286.3	$ 377.4	$ 377.0	$ 1,117.5	$ 1,773.6	$ 1,577.3
Cost of goods and services sold									693.1	748.1	537.0
Income (loss) from operations	(55.3)	(45.3)	(76.3)	6.9	286.8	(44.7)	7.1	92.2	(170.0)	341.4	438.5
Net income (loss)	$ (67.0)	$ (87.1)	$ (52.9)	$ (4.6)	$ 193.1	$ (40.4)	$ (0.5)	$ 67.3	$ (211.6)	$ 219.5	$ 305.8
Net income (loss) per common share
Basic (in dollars per share)	$ (1.34)	$ (1.75)	$ (1.06)	$ (0.09)	$ 3.62	$ (0.75)	$ (0.01)	$ 1.26	$ (4.22)	$ 4.10	$ 5.80
Diluted (in dollars per share)	$ (1.34)	$ (1.75)	$ (1.06)	$ (0.09)	$ 3.60	$ (0.75)	$ (0.01)	$ 1.23	$ (4.22)	$ 4.06	$ 5.68
Product sales, net
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods and services sold	$ 167.8	$ 85.2	$ 92.2	$ 79.4	$ 144.1	$ 104.3	$ 81.4	$ 52.8	$ 424.6	$ 382.6	$ 392.0
Total CDMO
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods and services sold	52.7	62.0	79.8	74.0	69.7	77.5	133.9	84.4	268.5	365.5	145.0
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenues	330.7	240.0	242.7	307.5	723.2	329.0	397.5	343.0	1,120.9	1,792.7	1,555.4
Income (loss) from operations	(65.1)	(42.0)	(72.0)	6.4	277.4	(34.7)	14.5	95.4	(172.7)	352.6	433.8
Net income (loss)	$ (88.0)	$ (75.7)	$ (56.4)	$ (3.7)	$ 189.3	$ (32.7)	$ 4.6	$ 69.7	$ (223.8)	$ 230.9	$ 305.1
Net income (loss) per common share
Basic (in dollars per share)	$ (1.76)	$ (1.52)	$ (1.13)	$ (0.07)	$ 3.55	$ (0.61)	$ 0.09	$ 1.31	$ (4.47)	$ 4.32	$ 5.79
Diluted (in dollars per share)	$ (1.76)	$ (1.52)	$ (1.13)	$ (0.07)	$ 3.53	$ (0.61)	$ 0.09	$ 1.28	$ (4.47)	$ 4.27	$ 5.67
Previously Reported \| Product sales, net
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods and services sold	$ 167.3	$ 85.5	$ 91.0	$ 80.3	$ 145.0	$ 103.2	$ 81.2	$ 52.6	$ 424.1	$ 382.0	$ 392.0
Previously Reported \| Total CDMO
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods and services sold	52.1	63.1	78.8	75.6	67.9	114.3	146.6	46.7	269.6	375.5	132.0
Tax Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	$ 11.2	$ (8.1)	$ 7.8	$ (1.4)					$ 9.5
Net income (loss) per common share
Basic (in dollars per share)	$ 0.22	$ (0.16)	$ 0.16	$ (0.03)					$ 0.19
Diluted (in dollars per share)	$ 0.22	$ (0.16)	$ 0.16	$ (0.03)					$ 0.19
Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenues	$ (0.5)	$ (0.1)	$ (0.1)	$ (2.7)	9.7	(42.7)	(20.1)	34.0	$ (3.4)	(19.1)	21.9
Income (loss) from operations	9.8	(3.3)	(4.3)	0.5	9.4	(10.0)	(7.4)	(3.2)	2.7	(11.2)	4.7
Net income (loss)	$ 9.8	$ (3.3)	$ (4.3)	$ 0.5	$ 3.8	$ (7.7)	$ (5.1)	$ (2.4)	$ 2.7	$ (11.4)	$ 0.7
Net income (loss) per common share
Basic (in dollars per share)	$ 0.20	$ (0.07)	$ (0.09)	$ 0.01	$ 0.07	$ (0.14)	$ (0.10)	$ (0.05)	$ 0.06	$ (0.22)	$ 0.01
Diluted (in dollars per share)	$ 0.20	$ (0.07)	$ (0.09)	$ 0.01	$ 0.07	$ (0.14)	$ (0.10)	$ (0.05)	$ 0.06	$ (0.21)	$ 0.01
Other Adjustments \| Product sales, net
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods and services sold	$ 0.5	$ (0.3)	$ 1.2	$ (0.9)	$ (0.9)	$ 1.1	$ 0.2	$ 0.2	$ 0.5	$ 0.6
Other Adjustments \| Total CDMO
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods and services sold	$ 0.6	$ (1.1)	$ 1.0	$ (1.6)	$ 1.8	$ (36.8)	$ (12.7)	$ 37.7	$ (1.1)	$ (10.0)	$ 13.0

Segment Information - Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	$ 826.7	$ 819.6
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	696.1	705.5
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	88.1	73.1
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	37.5	35.0
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	$ 5.0	$ 6.0

Summary of significant accounting policies - Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer \| Customer Concentration Risk \| USG
Concentration Risk [Line Items]
Concentration risk percentage	43.00%	51.00%	62.00%

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The components of debt are as follows:


	December 31,
	2022		2021

Senior secured credit agreement - Term loan due 2023	$	362.8	$	396.6
Senior secured credit agreement - Revolver loan due 2023	598.0		—
3.875% Senior Unsecured Notes due 2028	450.0		450.0
Other	3.0		3.0
Total debt	$	1,413.8	$	849.6
Current portion of long-term debt, net of debt issuance costs	(957.3)		(31.6)
Unamortized debt issuance costs	(8.0)		(8.5)
Non-current portion of debt	$	448.5	$	809.4

Summary of Future Debt Payments of Long-Term Indebtedness

Future debt payments of long-term indebtedness are as follows:


Year	As of December 31, 2022

2023	$	961.5
2024	0.3
2025	—
2026	2.0
2027	—
Thereafter	450.0
Total debt	$	1,413.8

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Intangible assets and goodwill - Future Amortization Expense (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 71.5
2024	71.5
2025	71.5
2026	70.2
2027	67.0
Thereafter	377.1
Net Carrying Amount	$ 728.8	$ 604.6

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Leases									$ 4.9
Total revenues	$ 330.2	$ 239.9	$ 242.6	$ 304.8	$ 732.9	$ 286.3	$ 377.4	$ 377.0	1,117.5	$ 1,773.6	$ 1,577.3
Operating expenses:
Cost of goods and services sold									693.1	748.1	537.0
Research and development									188.3	235.2	237.9
Selling, general and administrative									339.5	348.7	304.1
Goodwill impairment									6.7	41.7	0.0
Amortization of intangible assets									59.9	58.5	59.8
Total operating expenses									1,287.5	1,432.2	1,138.8
Income (loss) from operations	(55.3)	(45.3)	(76.3)	6.9	286.8	(44.7)	7.1	92.2	(170.0)	341.4	438.5
Other income (expense):
Interest expense									(37.3)	(34.5)	(31.3)
Other, net									(11.7)	(3.7)	4.7
Total other income (expense), net									(49.0)	(38.2)	(26.6)
Income (loss) before income taxes									(219.0)	303.2	411.9
Income tax (benefit) provision									(7.4)	83.7	106.1
Net income (loss)	$ (67.0)	$ (87.1)	$ (52.9)	$ (4.6)	$ 193.1	$ (40.4)	$ (0.5)	$ 67.3	$ (211.6)	$ 219.5	$ 305.8
Net income (loss) per common share
Basic (in dollars per share)	$ (1.34)	$ (1.75)	$ (1.06)	$ (0.09)	$ 3.62	$ (0.75)	$ (0.01)	$ 1.26	$ (4.22)	$ 4.10	$ 5.80
Diluted (in dollars per share)	$ (1.34)	$ (1.75)	$ (1.06)	$ (0.09)	$ 3.60	$ (0.75)	$ (0.01)	$ 1.23	$ (4.22)	$ 4.06	$ 5.68
Shares used in computing net income (loss) per common share
Basic (in shares)									50.1	53.5	52.7
Diluted (in shares)									50.1	54.1	53.8
Product sales, net
Revenues:
Services									$ 966.2	$ 1,023.9	$ 989.8
Operating expenses:
Cost of goods and services sold	$ 167.8	$ 85.2	$ 92.2	$ 79.4	$ 144.1	$ 104.3	$ 81.4	$ 52.8	424.6	382.6	392.0
Total CDMO
Revenues:
Total CDMO									109.9	615.5	472.4
Operating expenses:
Cost of goods and services sold	$ 52.7	$ 62.0	$ 79.8	$ 74.0	$ 69.7	$ 77.5	$ 133.9	$ 84.4	268.5	365.5	145.0
Services
Revenues:
Services									105.0	310.3	194.1
Leases
Revenues:
Leases									4.9	305.2	278.3
Contracts and grants
Revenues:
Services									$ 41.4	$ 134.2	$ 115.1

Income taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Valuation allowance increase, including CTA component	$ 37.8
Deferred tax liabilities, foreign withholding tax	4.7	$ 0.0
Valuation allowance increase	$ 37.8
Effective income tax rate reconciliation, percent	3.00%	28.00%	26.00%
Unrecognized tax benefits, noncurrent	$ 6.8	$ 12.7
Gross unrecognized tax benefits	6.8	12.7	$ 12.2	$ 8.9
Unrecognized tax benefits, reduction resulting from lapse of applicable statute of limitations	5.1	0.0	0.0
Unrecognized tax benefits, income tax penalties and interest accrued	1.6	3.7
Unrecognized tax benefits, income tax penalties and interest expense	(2.1)	$ 1.1	$ 0.4
Domestic Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards	70.5
Operating loss carryforwards, subject to expiration	36.0
Operating loss carryforwards, not subject to expiration	34.5
Tax credit carryforward, amount	13.4
State and Local Jurisdiction \| Maryland
Income Tax Contingency [Line Items]
Operating loss carryforwards	1,700.0
State and Local Jurisdiction \| California
Income Tax Contingency [Line Items]
Operating loss carryforwards	146.5
State and Local Jurisdiction \| Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward, amount	5.0
Foreign Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards	51.5
Operating loss carryforwards, subject to expiration	14.5
Operating loss carryforwards, not subject to expiration	37.0
PaxVax
Income Tax Contingency [Line Items]
Unrecognized tax benefits, reduction resulting from lapse of applicable statute of limitations	$ 8.0

Defined benefit and 401(k) savings plan - Accumulated Other Comprehensive Loss Before Income Tax (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Net actuarial gain	$ 9.0	$ 5.9
Prior service cost	(0.3)	(1.3)
Total recognized in other comprehensive income (loss)	$ 8.7	$ 4.6

Restatement of consolidated financial statements (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following table presents the impact of the financial statement adjustments on the Company's previously reported Consolidated Balance Sheets for the years ended December 31, 2022 and 2021:


	As of								As of
	December 31, 2022								December 31, 2021
	Previously Reported		Tax Adjustments		Other Adjustments		As Restated		Previously Reported		Other Adjustments		As Revised
ASSETS
Current assets:
Cash and cash equivalents	$	642.6	$	—	$	—	$	642.6	$	576.1	$	—	$	576.1
Restricted cash	—		—		—		—		0.2		—		0.2
Accounts receivable, net	158.4		—		0.8		159.2		274.7		4.2		278.9
Inventories, net	351.8		—		(1.1)		350.7		350.8		(6.3)		344.5
Prepaid expenses and other current assets	57.9		—		—		57.9		70.2		—		70.2
Total current assets	1,210.7		—		(0.3)		1,210.4		1,272.0		(2.1)		1,269.9

Property, plant and equipment, net	817.6		—		—		817.6		800.1		—		800.1
Intangible assets, net	728.8		—		—		728.8		604.6		—		604.6
Goodwill	218.2		—		—		218.2		224.9		—		224.9
Other assets	191.3		—		—		191.3		57.4		0.8		58.2
Total assets	$	3,166.6	$	—	$	(0.3)	$	3,166.3	$	2,959.0	$	(1.3)	$	2,957.7

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	103.5	$	—	$	—	$	103.5	$	128.9	$	—	$	128.9
Accrued expenses	34.9		—		—		34.9		51.7		—		51.7
Accrued compensation	88.3		—		(1.0)		87.3		88.7		—		88.7
Debt, current portion	957.3		—		—		957.3		31.6		—		31.6
Other current liabilities	45.9		(0.3)		0.3		45.9		72.9		0.2		73.1
Total current liabilities	1,229.9		(0.3)		(0.7)		1,228.9		373.8		0.2		374.0

Debt, net of current portion	448.5		—		—		448.5		809.4		—		809.4
Deferred tax liability	71.8		(12.1)		—		59.7		94.9		(1.6)		93.3
Other liabilities	33.4		7.1		1.0		41.5		61.9		7.6		69.5
Total liabilities	1,783.6		(5.3)		0.3		1,778.6		1,340.0		6.2		1,346.2

Stockholders’ equity:
Preferred stock, $0.001 par value; 15.0 shares authorized, no shares issued and outstanding	—		—		—		—		—		—		—
Common stock, $0.001 par value; 200.0 shares authorized, 55.7 and 55.1 shares issued; 50.1 and 51.3 shares outstanding, respectively.	0.1		—		—		0.1		0.1		—		0.1
Treasury stock, at cost, 5.6 and 3.8 common shares, respectively	(227.7)		—		—		(227.7)		(152.2)		—		(152.2)
Additional paid-in capital	873.5		—		—		873.5		829.4		—		829.4
Accumulated other comprehensive income (loss), net	3.1		—		—		3.1		(16.1)		—		(16.1)
Retained earnings	734.0		5.3		(0.6)		738.7		957.8		(7.5)		950.3
Total stockholders’ equity	1,383.0		5.3		(0.6)		1,387.7		1,619.0		(7.5)		1,611.5
Total liabilities and stockholders’ equity	$	3,166.6	$	—	$	(0.3)	$	3,166.3	$	2,959.0	$	(1.3)	$	2,957.7


	Year Ended								Year Ended
	December 31, 2022								December 31, 2021
	Previously Reported		Tax Adjustments		Other Adjustments		As Restated		Previously Reported		Other Adjustments		As Revised
Revenues:
Product sales, net	$	966.2	$	—	$	—	$	966.2	$	1,023.9	$	—	$	1,023.9
CDMO:
Services	108.4		—		(3.4)		105.0		334.9		(24.6)		310.3
Leases	4.9		—		—		4.9		299.7		5.5		305.2
Total CDMO	113.3		—		(3.4)		109.9		634.6		(19.1)		615.5
Contracts and grants	41.4		—		—		41.4		134.2		—		134.2
Total revenues	1,120.9		—		(3.4)		1,117.5		1,792.7		(19.1)		1,773.6

Operating expenses:
Cost of product sales	424.1		—		0.5		424.6		382.0		0.6		382.6
Cost of CDMO	269.6		—		(1.1)		268.5		375.5		(10.0)		365.5
Research and development	193.0		—		(4.7)		188.3		234.0		1.2		235.2
Selling, general and administrative	340.3		—		(0.8)		339.5		348.4		0.3		348.7
Goodwill impairment	6.7		—		—		6.7		41.7		—		41.7
Amortization of intangible assets	59.9		—		—		59.9		58.5		—		58.5
Total operating expenses	1,293.6		—		(6.1)		1,287.5		1,440.1		(7.9)		1,432.2

Income (loss) from operations	(172.7)		—		2.7		(170.0)		352.6		(11.2)		341.4

Other income (expense):
Interest expense	(37.3)		—		—		(37.3)		(34.5)		—		(34.5)
Other, net	(11.7)		—		—		(11.7)		(3.7)		—		(3.7)
Total other income (expense), net	(49.0)		—		—		(49.0)		(38.2)		—		(38.2)

Income (loss) before income taxes	(221.7)		—		2.7		(219.0)		314.4		(11.2)		303.2
Income tax (benefit) provision	2.1		(9.5)		—		(7.4)		83.5		0.2		83.7
Net income (loss)	$	(223.8)	$	9.5	$	2.7	$	(211.6)	$	230.9	$	(11.4)	$	219.5

Net income (loss) per common share
Basic	$	(4.47)	$	0.19	$	0.06	$	(4.22)	$	4.32	$	(0.22)	$	4.10
Diluted	$	(4.47)	$	0.19	$	0.06	$	(4.22)	$	4.27	$	(0.21)	$	4.06

Shares used in computing net income (loss) per common share
Basic	50.1		—		—		50.1		53.5		—		53.5
Diluted	50.1		—		—		50.1		54.1		—		54.1


	Year Ended
	December 31, 2020
	Previously Reported		Other Adjustments		As Revised
Revenues:
Product sales, net	$	989.8	$	—	$	989.8
CDMO:
Services	166.7		27.4		194.1
Leases	283.8		(5.5)		278.3
Total CDMO	450.5		21.9		472.4
Contracts and grants	115.1		—		115.1
Total revenues	1,555.4		21.9		1,577.3

Operating expenses:
Cost of product sales	392.0		—		392.0
Cost of CDMO	132.0		13.0		145.0
Research and development	234.5		3.4		237.9
Selling, general and administrative	303.3		0.8		304.1

Amortization of intangible assets	59.8		—		59.8
Total operating expenses	1,121.6		17.2		1,138.8

Income from operations	433.8		4.7		438.5

Other income (expense):
Interest expense	(31.3)		—		(31.3)
Other, net	4.7		—		4.7
Total other income (expense), net	(26.6)		—		(26.6)

Income before income taxes	407.2		4.7		411.9
Income tax provision	102.1		4.0		106.1
Net income	$	305.1	$	0.7	$	305.8

Net income per common share
Basic	$	5.79	$	0.01	$	5.80
Diluted	$	5.67	$	0.01	$	5.68

Shares used in computing net income (loss) per common share
Basic	52.7		—		52.7
Diluted	53.8		—		53.8


	Year Ended
	December 31, 2022
	Previously Reported		Tax Adjustments		Other Adjustments		As Restated
Operating Activities
Net loss	$	(223.8)	$	9.5	$	2.7	$	(211.6)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	45.1		—		—		45.1
Depreciation and amortization	143.3		—		—		143.3
Change in fair value of contingent obligations, net	2.6		—		—		2.6
Amortization of deferred financing costs	4.1		—		—		4.1
Impairments	6.7		—		—		6.7
Deferred income taxes	(19.0)		(9.6)		—		(28.6)

Other	6.4		—		—		6.4
Changes in operating assets and liabilities:
Accounts receivable	114.7		—		3.4		118.1
Inventories	(51.9)		—		(5.2)		(57.1)
Prepaid expenses and other assets	(19.9)		—		—		(19.9)
Accounts payable	(14.0)		—		—		(14.0)
Accrued expenses and other liabilities	(66.7)		—		—		(66.7)
Accrued compensation	0.1		—		(0.9)		(0.8)
Income taxes receivable and payable, net	28.6		0.1		—		28.7
Contract liabilities	9.6		—		—		9.6
Net cash used in operating activities	(34.1)		—		—		(34.1)
Investing Activities
Purchases of property, plant and equipment	(115.8)		—		—		(115.8)
Royalty settlement payment	(21.8)		—		—		(21.8)

Asset acquisitions	(243.7)		—		—		(243.7)
Net cash used in investing activities	(381.3)		—		—		(381.3)
Financing Activities
Purchases of treasury stock	(82.1)		—		—		(82.1)


Proceeds from revolving credit facility	598.0		—		—		598.0

Principal payments on term loan facility	(33.8)		—		—		(33.8)
Proceeds from stock-based compensation activity	5.0		—		—		5.0
Taxes paid for stock-based compensation activity	(5.9)		—		—		(5.9)


Net cash provided by financing activities:	481.2		—		—		481.2
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.5		—		—		0.5
Net change in cash, cash equivalents and restricted cash	66.3		—		—		66.3
Cash, cash equivalents and restricted cash, beginning of period	576.3		—		—		576.3
Cash, cash equivalents and restricted cash, end of period	$	642.6	$	—	$	—	$	642.6

Supplemental disclosure of cash flow information:
Cash paid for interest	$	33.0	$	—	$	—	$	33.0
Cash paid for income taxes	$	6.2	$	—	$	—	$	6.2
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end	$	9.4	$	—	$	—	$	9.4
Purchases of treasury stock unpaid at period end	$	—	$	—	$	—	$	—
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$	642.6	$	—	$	—	$	642.6
Restricted cash	—		—		—		—
Total	$	642.6	$	—	$	—	$	642.6


	Year Ended
	December 31, 2021
	Previously Reported		Other Adjustments		As Revised
Operating Activities
Net income (loss)	$	230.9	$	(11.4)	$	219.5
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	42.4		—		42.4
Depreciation and amortization	123.8		—		123.8
Change in fair value of contingent obligations, net	2.9		—		2.9
Amortization of deferred financing costs	4.1		—		4.1
Impairments	41.7		—		41.7
Deferred income taxes	46.9		(0.9)		46.0
Write off of contract asset and liability	(17.2)		—		(17.2)
Other	2.0		—		2.0
Changes in operating assets and liabilities:
Accounts receivable	(48.2)		32.0		(16.2)
Inventories	(44.0)		(22.6)		(66.6)
Prepaid expenses and other assets	7.7		—		7.7
Accounts payable	(2.5)		0.9		(1.6)
Accrued expenses and other liabilities	(9.2)		—		(9.2)
Accrued compensation	4.0		—		4.0
Income taxes receivable and payable, net	(32.4)		1.1		(31.3)
Contract liabilities	(31.8)		—		(31.8)
Net cash provided by operating activities	321.1		(0.9)		320.2
Investing Activities
Purchases of property, plant and equipment	(225.0)		0.9		(224.1)



Net cash used in investing activities	(225.0)		0.9		(224.1)
Financing Activities
Purchases of treasury stock	(106.0)		—		(106.0)
Proceeds from senior unsecured notes	—		—		—
Principal payments on convertible senior notes	(10.6)		—		(10.6)


Principal payments on term loan facility	(25.3)		—		(25.3)
Proceeds from stock-based compensation activity	15.9		—		15.9
Taxes paid for stock-based compensation activity	(13.8)		—		(13.8)

Contingent consideration payments	(1.2)		—		(1.2)
Net cash used in financing activities:	(141.0)		—		(141.0)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(0.3)		—		(0.3)
Net change in cash, cash equivalents and restricted cash	(45.2)		—		(45.2)
Cash, cash equivalents and restricted cash, beginning of period	621.5		—		621.5
Cash, cash equivalents and restricted cash, end of period	$	576.3	$	—	$	576.3

Supplemental disclosure of cash flow information:
Cash paid for interest	$	30.4	$	—	$	30.4
Cash paid for income taxes	$	71.6	$	—	$	71.6
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end	$	20.0	$	—	$	20.0
Purchases of treasury stock unpaid at period end	$	6.6	$	—	$	6.6
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$	576.1	$	—	$	576.1
Restricted cash	0.2		—		0.2
Total	$	576.3	$	—	$	576.3


	Year Ended
	December 31, 2020
	Previously Reported		Other Adjustments		As Revised
Operating Activities
Net income	$	305.1	$	0.7	$	305.8
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	51.0		0.8		51.8
Depreciation and amortization	114.5		—		114.5
Change in fair value of contingent obligations, net	31.7		—		31.7
Amortization of deferred financing costs	3.5		—		3.5
Impairments	29.0		—		29.0
Deferred income taxes	(2.4)		(0.9)		(3.3)

Other	(5.2)		(0.4)		(5.6)
Changes in operating assets and liabilities:
Accounts receivable	49.0		(21.5)		27.5
Inventories	(83.2)		16.3		(66.9)
Prepaid expenses and other assets	(29.2)		2.3		(26.9)
Accounts payable	18.7		9.6		28.3
Accrued expenses and other liabilities	19.4		(10.9)		8.5
Accrued compensation	21.8		—		21.8
Income taxes receivable and payable, net	1.1		4.9		6.0
Contract liabilities	11.2		—		11.2
Net cash provided by operating activities	536.0		0.9		536.9
Investing Activities
Purchases of property, plant and equipment	(141.0)		(0.9)		(141.9)

Milestone payment from prior asset acquisition	(10.0)		—		(10.0)

Net cash used in investing activities	(151.0)		(0.9)		(151.9)
Financing Activities

Proceeds from senior unsecured notes	450.0		—		450.0


Principal payments on revolving credit facility	(373.0)		—		(373.0)
Principal payments on term loan facility	(14.1)		—		(14.1)
Proceeds from stock-based compensation activity	31.6		—		31.6
Taxes paid for stock-based compensation activity	(13.8)		—		(13.8)
Debt issuance costs	(8.4)		—		(8.4)
Contingent consideration payments	(2.8)		—		(2.8)
Net cash provided by financing activities:	69.5		—		69.5
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1.0)		—		(1.0)
Net change in cash, cash equivalents and restricted cash	453.5		—		453.5
Cash, cash equivalents and restricted cash, beginning of period	168.0		—		168.0
Cash, cash equivalents and restricted cash, end of period	$	621.5	$	—	$	621.5

Supplemental disclosure of cash flow information:
Cash paid for interest	$	21.0	$	—	$	21.0
Cash paid for income taxes	$	109.3	$	—	$	109.3
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end	$	22.0	$	0.9	$	22.9

Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$	621.3	$	—	$	621.3
Restricted cash	0.2		—		0.2
Total	$	621.5	$	—	$	621.5

Income taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross unrecognized tax benefits, beginning of period	$ 12.7	$ 12.2	$ 8.9
Decreases for tax positions for prior years	(1.5)
Increases (decreases) for tax positions for prior years		0.3	0.0
Increases for tax positions for current year	0.7	0.2	5.1
Settlements	0.0	0.0	(1.8)
Lapse of statute of limitations	(5.1)	0.0	0.0
Gross unrecognized tax benefits, end of period	$ 6.8	$ 12.7	$ 12.2

Stockholders' equity (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Class of Treasury Stock

The following table details our stock repurchases under the Share Repurchase Program:


	Year Ended December 31,
	2022		2021

Shares of common stock repurchased	1.8		2.6
Average price paid per share	$	42.36	$	42.67
Total cost	$	75.5	$	112.6

Schedule of Share-based Payment Award, Valuation Assumptions, Stock Options Granted

The Company utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. Set forth below are the assumptions used in valuing the stock options granted:


	Year Ended December 31,
	2022		2021		2020

Expected dividend yield	0	%	0	%	0	%
Expected volatility	54%-62%		47-48%		39-48%
Risk-free interest rate	1.54%-4.31%		0.43-0.94%		0.27-1.42%
Expected average life of options	4.5 years		4.5 years		4.5 years

Summary of Stock Option Award Activity

The following is a summary of stock option award activity under the Emergent Plan:


	Number of Shares	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Stock options outstanding at December 31, 2021	1.2	$	60.83		$	3.0
Stock options granted	0.7	$	39.11
Stock options exercised	—	$	27.71
Stock options forfeited	(0.2)	$	64.66
Stock options outstanding at December 31, 2022	1.7	$	51.74	4.1	$	—
Stock options exercisable at December 31, 2022	0.8	$	54.14	2.3	$	—

Schedule of Nonvested Restricted Stock Units Activity

The following is a summary of performance stock unit and restricted stock unit award activity under the Emergent Plan:


	Number of Shares	Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value
Stock awards outstanding at December 31, 2021	1.1	$	70.82	$	47.6
Stock awards granted (1)	1.9	$	34.49
Stock awards released	(0.5)	$	67.48
Stock awards forfeited (1)	(0.3)	$	55.46
Stock awards outstanding at December 31, 2022	2.2	$	42.30	$	25.8

(1) Performance stock units granted and forfeited during the year ended December 31, 2022 are included at the target payout percentage, or 100%, of shares granted.

Summary of Stock-Based Compensation Expense

Share-based compensation expense was recorded in the following financial statement line items:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
Cost of product sales	$	7.3	$	6.4	$	8.9
Cost of CDMO services	1.8		1.1		3.5
Research and development	5.4		5.0		8.4
Selling, general and administrative	30.6		29.9		31.0
Total share-based compensation expense	$	45.1	$	42.4	$	51.8

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table includes changes in accumulated other comprehensive income (loss), net of tax by component:


	Defined Benefit Pension Plan		Derivative Instruments		Foreign Currency Translation Adjustments		Total

Balance at December 31, 2020 (As Revised)	$	(7.7)	$	(11.0)	$	(6.6)	$	(25.3)
Other comprehensive income (loss) before reclassifications	4.3		0.7		(1.0)		4.0
Amounts reclassified from accumulated other comprehensive income (loss)	(0.6)		5.8		—		5.2
Net current period other comprehensive income (loss)	3.7		6.5		(1.0)		9.2
Balance at December 31, 2021 (As Revised)	$	(4.0)	$	(4.5)	$	(7.6)	$	(16.1)
Other comprehensive income before reclassifications	8.7		10.8		1.0		20.5
Amounts reclassified from accumulated other comprehensive income (loss)	(1.2)		(0.1)		—		(1.3)
Net current period other comprehensive income	7.5		10.7		1.0		19.2
Balance at December 31, 2022 (As Restated)	$	3.5	$	6.2	$	(6.6)	$	3.1

Comprehensive Income (Loss)

The tables below present the tax effects related to each component of other comprehensive income (loss):


	December 31, 2022						December 31, 2021						December 31, 2020
	(As Restated)						(As Revised)						(As Revised)
	Pretax		Tax Benefit (Expense)		Net of tax		Pretax		Tax Benefit (Expense)		Net of tax		Pretax		Tax Benefit (Expense)		Net of tax
Defined benefit pension plan	$	8.7	$	(1.2)	$	7.5	$	4.3	$	(0.6)	$	3.7	$	(5.0)	$	0.7	$	(4.3)
Derivative instruments	14.6		(3.9)		10.7		8.9		(2.4)		6.5		(13.0)		3.6		(9.4)
Foreign currency translation adjustments	0.6		0.4		1.0		(1.2)		0.2		(1.0)		(2.2)		0.1		(2.1)
Total adjustments	$	23.9	$	(4.7)	$	19.2	$	12.0	$	(2.8)	$	9.2	$	(20.2)	$	4.4	$	(15.8)

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Operating lease right-of-use assets	$ 19.4	$ 28.3
Operating lease liabilities, current portion	5.8	5.8
Operating lease liabilities	14.8	24.2
Total operating lease liabilities	$ 20.6	$ 30.0
Operating leases:
Weighted average remaining lease term (years)	5 years 10 months 24 days	7 years
Weighted average discount rate	4.10%	4.10%

Stockholders' equity - Narrative (Details)	12 Months Ended
Stockholders' equity - Narrative (Details)	Dec. 31, 2022 USD ($) plan vote $ / shares shares	Nov. 11, 2022 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares	Nov. 11, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized (in shares) \| shares	15,000,000		15,000,000.0
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001		$ 0.001
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001		$ 0.001	$ 0.001
Common stock, shares authorized (in shares) \| shares	200,000,000		200,000,000.0
Common stock, voting rights \| vote	1
Stock repurchase program, authorized amount					$ 250,000,000
Stock repurchased during period, value	$ 75,500,000	$ 187,900,000	$ 112,600,000
Shares of common stock repurchased (in shares) \| shares	1,800,000	4,400,000	2,600,000
Number of stock based employee compensation plans \| plan	1
Contractual life of awards	7 years
Cash received from option exercises	$ 500,000		$ 10,400,000	$ 27,600,000
Unrecognized compensation cost related to stock options	$ 12,000,000
Weighted average grant date fair value of options granted (in dollars per share) \| $ / shares	$ 17.85		$ 35.16	$ 21.69
Total intrinsic value of options exercised	$ 300,000		$ 15,700,000	$ 38,200,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance under the plan (in shares) \| shares	25,400,000
Common stock available for future awards (in shares) \| shares	2,900,000
Exercise price of option as percentage of fair market value at grant date, minimum	100.00%
Contractual life of awards	7 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards vested	$ 30,900,000		26,900,000	34,100,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 54,500,000
Weighted average period expected to be recognized related to unvested equity awards	1 year 10 months 24 days
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards vested	$ 2,500,000		$ 3,800,000	$ 1,200,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 5,300,000
Weighted average period expected to be recognized related to unvested equity awards	1 year 10 months 24 days
Vesting period	3 years
Performance Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	50.00%
Performance Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	150.00%

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventory allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	$ 42.7	$ 37.6	$ 17.9
Charged to Costs and Expenses	79.1	37.9	48.0
Deductions	(40.5)	(32.8)	(28.3)
Ending Balance	81.3	42.7	37.6
Prepaid expenses and other current assets allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	3.7	3.9	4.0
Charged to Costs and Expenses	3.9	0.2	0.5
Deductions	(0.5)	(0.4)	(0.6)
Ending Balance	$ 7.1	$ 3.7	$ 3.9

Nature of the business and organization (Details) treatmentCourse in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) category product productCandidate Category segment treatmentCourse
Asset Acquisition [Line Items]
Number of categories of public health threats \| category	5
Number of revenue generating products \| product	13
Number of product candidates \| productCandidate	1
Number of product and service categories \| Category	3
Number of reportable segments \| segment	2
Number of operating segments \| segment	2
Chimerix Asset Acquisition
Asset Acquisition [Line Items]
Payments to acquire productive assets	$ 238.0
Finite-lived intangible assets acquired	156.9
Asset acquisition, inventory acquired	$ 82.3
Asset acquisition, domestic royalty percentage	20.00%
Asset acquisition, treatment volume threshold \| treatmentCourse	1.7
Asset acquisition, international royalty percentage	15.00%
Chimerix Asset Acquisition \| Milestone Payments
Asset Acquisition [Line Items]
Asset acquisition, consideration transferred, contingent consideration	$ 124.0
Chimerix Asset Acquisition \| Regulatory Milestones
Asset Acquisition [Line Items]
Asset acquisition, consideration transferred, contingent consideration	$ 12.5

Purchase commitments (Details) - USD ($) $ in Millions	12 Months Ended
Purchase commitments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Purchase Obligation, Fiscal Year Maturity [Abstract]
Total purchase commitment	$ 132.8
Purchase commitment, year one	$ 125.7
Purchase commitment period	5 years
Materials purchased under commitment, amount	$ 199.6	$ 110.7	$ 108.0

Derivative Instruments and hedging activities - Cash Flow Hedging on AOCI (Details) - Interest Rate Swaps - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss Reclassified from Accumulated OCI(L) into Income (Loss)	$ 8.5	$ (6.1)
Interest expense \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss Reclassified from Accumulated OCI(L) into Income (Loss)	$ (0.1)	$ (5.8)

Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	$0.001 Par Value Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2019		53,000,000.0		1,200,000
Beginning balance at Dec. 31, 2019	$ 1,091.3	$ 0.1	$ 715.3	$ (39.6)	$ (9.5)	$ 425.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	305.8					305.8
Other comprehensive loss, net of tax	(15.8)				(15.8)
Share-based compensation activity (in shares)		1,300,000
Share-based compensation activity	69.6		69.6
Ending balance (in shares) at Dec. 31, 2020		54,300,000		1,200,000
Ending balance at Dec. 31, 2020	1,450.9	$ 0.1	784.9	$ (39.6)	(25.3)	730.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	219.5					219.5
Other comprehensive loss, net of tax	9.2				9.2
Share-based compensation activity (in shares)		800,000
Share-based compensation activity	$ 44.5		44.5
Repurchases of stock (in shares)	(2,600,000)			(2,600,000)
Repurchases of common stock	$ (112.6)			$ (112.6)
Ending balance (in shares) at Dec. 31, 2021	55,100,000	55,100,000		3,800,000
Ending balance at Dec. 31, 2021	$ 1,611.5	$ 0.1	829.4	$ (152.2)	(16.1)	950.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(211.6)					(211.6)
Other comprehensive loss, net of tax	19.2				19.2
Share-based compensation activity (in shares)		600,000
Share-based compensation activity	$ 44.1		44.1
Repurchases of stock (in shares)	(1,800,000)			(1,800,000)
Repurchases of common stock	$ (75.5)			$ (75.5)
Ending balance (in shares) at Dec. 31, 2022	55,700,000	55,700,000		5,600,000
Ending balance at Dec. 31, 2022	$ 1,387.7	$ 0.1	$ 873.5	$ (227.7)	$ 3.1	$ 738.7

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Summary of significant accounting policies - Going Concern (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt		$ 1,413,800,000	$ 849,600,000
Cash and cash equivalents		642,600,000	576,100,000	$ 621,300,000
Forecast \| Subsequent Event
Debt Instrument [Line Items]
Restructuring and related cost, number of positions eliminated, period percent	5.00%
Line of Credit
Debt Instrument [Line Items]
Long-term debt		598,000,000	0
Term Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt		$ 362,800,000	$ 396,600,000

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

The components of debt are as follows:


	December 31,
	2022		2021

Senior secured credit agreement - Term loan due 2023	$	362.8	$	396.6
Senior secured credit agreement - Revolver loan due 2023	598.0		—
3.875% Senior Unsecured Notes due 2028	450.0		450.0
Other	3.0		3.0
Total debt	$	1,413.8	$	849.6
Current portion of long-term debt, net of debt issuance costs	(957.3)		(31.6)
Unamortized debt issuance costs	(8.0)		(8.5)
Non-current portion of debt	$	448.5	$	809.4

As of December 31, 2022 there was a $598.0 million outstanding revolver loan balance. There was no outstanding revolver loan balance as of December 31, 2021. During the year ended December 31, 2022, the Company reclassified the debt issuance costs associated with the revolver loan to a contra account to directly offset the loan balance in other current liabilities on the Company's consolidated balance sheets. As of December 31, 2022, the Company had approximately $1.3 million debt issuance costs associated with the revolver loan that were classified as an offset to other current liabilities. Prior to 2022, the debt issuance costs associated with the revolver load were included in other current assets and other assets on the Company's consolidated balance sheets. As of December 31, 2021, the Company had approximately $2.0 million and $1.6 million of debt issuance costs associated with the revolver loan that were classified as other current assets and other assets, respectively.

3.875% Senior Unsecured Notes due 2028

On August 7, 2020, the Company completed its offering of $450.0 million aggregate principal amount of 3.875% Senior Unsecured Notes due 2028 (the "Senior Unsecured Notes") of which the majority of the net proceeds were used to pay down the Revolving Credit Facility (as defined below). Interest on the Senior Unsecured Notes is payable on February 15th and August 15th of each year until maturity, beginning on February 15, 2021. The Senior Unsecured Notes will mature on August 15, 2028.

On or after August 15, 2023, the Company may redeem the Senior Unsecured Notes, in whole or in part, at the redemption prices set forth in the related Indenture, plus accrued and unpaid interest. Prior to August 15, 2023 the Company may redeem all or a portion of the Senior Unsecured Notes at a redemption price equal to 100% of the principal amount of the Senior Unsecured Notes plus a “make-whole” premium and accrued and unpaid interest. Prior to August 15, 2023, the Company may redeem up to 40% of the aggregate principal amount of the Senior Unsecured Notes using the net cash proceeds of certain equity offerings at the redemption price set forth in the related Indenture. Upon the occurrence of a change of control, the Company must offer to repurchase the Senior Unsecured Notes at a purchase price of 101% of the principal amount of such Senior Unsecured Notes plus accrued and unpaid interest.

Negative covenants in the Indenture governing the Senior Unsecured Notes, 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.

Senior Secured Credit Agreement

Also on August 7, 2020, the Company entered into a Second Amendment (the "Second Credit Agreement Amendment") to its senior secured credit agreement, dated October 15, 2018, with multiple lending institutions relating to the Company’s senior secured credit facilities (the Credit Agreement, and as amended, the Amended Credit Agreement), consisting of Revolving Credit Facility and Term Loan Facility, and together with the Revolving Credit Facility, the Senior Secured Credit Facilities. The Second Credit Agreement Amendment amended, among other things, the definition of incremental facilities limit, the consolidated net leverage ratio financial covenant by increasing the maximum level, increased the permissible applicable margins based on the Company’s consolidated net leverage ratio and increased the commitment fee that the Company is required to pay in respect of the average daily unused commitments under the Revolving Credit Facility, depending on the Company’s consolidated net leverage ratio.

The Amended Credit Agreement includes (i) a Revolving Credit Facility of $600.0 million with a maturity date of October 13, 2023, and (ii) a Term Loan Facility with a principal amount of $450.0 million. The Company may request incremental term loan facilities or increases in the Revolving Credit Facility (each an Incremental Loan) as long as certain requirements involving our net leverage ratio will be maintained on a pro forma basis. Borrowings under the Revolving Credit Facility and the Term Loan Facility bear interest at a rate per annum equal to (a) a eurocurrency rate plus a margin ranging from 1.3% to 2.3% 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 0.5%, and a eurocurrency rate for an interest period of one month plus 1.0% plus a margin ranging from 0.3% to 1.3%, depending on the Company's consolidated net leverage ratio. The Company is required to make quarterly payments on the last business day of each calendar quarter under the Amended 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 0.2% to 0.4% per annum, depending on the Company's consolidated net leverage ratio, for 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 on the last business day of each calendar quarter 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, 5.0% 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 on October 13, 2023.

The Amended 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 Amended Credit Agreement or (b) receive cash proceeds in excess of $100.0 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 Amended Credit Agreement currently require the quarterly presentation of a minimum consolidated 12-month rolling debt service coverage ratio of 2.5 to 1.0, and a maximum consolidated net leverage ratio of 4.5 to 1.0 (subject to an increase to 5.0 to 1.0 for an applicable four quarter period, at the election of the Company, in connection with a permitted acquisition having an aggregate consideration in excess of $75.0 million). Negative covenants in the Amended 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.

On February 14, 2023, the Company entered into a Consent, Limited Waiver, and Third Amendment to the Amended and Restated Credit Agreement relating to the Senior Secured Credit Facilities. Pursuant to the Third Credit Agreement Amendment, the requisite lenders consented to our sale of our travel health business to Bavarian Nordic substantially in accordance with the terms of the Sale Agreement. The proceeds from the transaction will be deposited into a cash collateral account with the Administrative Agent and will, unless otherwise agreed to by the Company and the requisite lenders, be used to repay the outstanding Term Loan Facility on the expiration of the Limited Waiver (as described below). We currently expect the transaction to close in the second quarter of 2023, but we can provide no assurance that the transaction will close prior to the October 2023 maturity of the Term Loan Facility, or at all.

Pursuant to the Third Credit Agreement Amendment the requisite lenders have agreed to a limited waiver of any defaults or events of default that result from (a) any violation of the financial covenants set forth in the Senior Secured Credit Facilities with respect to the fiscal quarters ending December 31, 2022 and March 31, 2023 and (b) the going concern qualification or exception contained in the audited financial statements for the fiscal year ending December 31, 2022. This limited waiver will expire on the earlier to occur of (i) any other event of default and (ii) April 17, 2023. During this period the Company is working with lenders under the Senior Secured Credit Facilities in connection with replacing such facilities before their October 2023 maturity with revised terms and conditions. The Company does not expect to be in compliance with debt covenants in future periods without additional sources of liquidity or future amendments to the Credit Agreement. See Footnote 3 "Summary of significant accounting policies" for Going Concern considerations related to noncompliance with our debt covenants and the limited waiver.

Debt Maturity

Future debt payments of long-term indebtedness are as follows:


Year	As of December 31, 2022

2023	$	961.5
2024	0.3
2025	—
2026	2.0
2027	—
Thereafter	450.0
Total debt	$	1,413.8

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000.0
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	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000.0
Common stock, shares issued (in shares)	55,700,000	55,100,000
Common stock, shares outstanding (in shares)	50,100,000	51,300,000
Treasury stock (in shares)	5,600,000	3,800,000

Property, plant and equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Property Plant and Equipment Income Statement Disclosures [Abstract]

Schedule of Property, Plant and Equipment

The Company generally depreciates or amortizes the cost of its property, plant and equipment using the straight-line method over the estimated useful lives of the respective assets, which are summarized as follows:


Land			Not depreciated
Buildings			31-39 years
Building improvements			10-39 years
Furniture and equipment			3-15 years
Software			3-7 years
Leasehold improvements			Lesser of the asset life or lease term

Property, plant and equipment, net consists of the following:


	December 31,
	2022		2021

Land and improvements	$	54.9	$	52.1
Buildings, building improvements and leasehold improvements	327.9		269.7
Furniture and equipment	567.5		513.5
Software	65.6		60.7
Construction-in-progress	185.5		223.2
Property, plant and equipment, gross	1,201.4		1,119.2
Less: Accumulated depreciation and amortization	(383.8)		(319.1)
Total property, plant and equipment, net	$	817.6	$	800.1

Property, plant and equipment, net

12 Months Ended

Dec. 31, 2022

Property Plant and Equipment Income Statement Disclosures [Abstract]

Property, plant and equipment, net

Property, plant and equipment, net consists of the following:


	December 31,
	2022		2021

Land and improvements	$	54.9	$	52.1
Buildings, building improvements and leasehold improvements	327.9		269.7
Furniture and equipment	567.5		513.5
Software	65.6		60.7
Construction-in-progress	185.5		223.2
Property, plant and equipment, gross	1,201.4		1,119.2
Less: Accumulated depreciation and amortization	(383.8)		(319.1)
Total property, plant and equipment, net	$	817.6	$	800.1

For the years ended December 31, 2022 and 2021, construction-in-progress primarily includes costs incurred related to construction to advance the Company's CDMO capabilities.

Property, plant and equipment, net is stated at cost, less accumulated depreciation and amortization. During the year ended December 31, 2022, the Company recorded accelerated depreciation of $12.7 million reflecting a shortening of the useful life of certain property, plant and equipment which were to be used in the manufacturing process to fulfill the Agreement with Janssen. For additional information related to the termination of the Agreement, refer to Note 12 "Revenue recognition".

Depreciation and amortization expense associated with property, plant and equipment was $83.4 million, $62.2 million and $50.1 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Derivative Instruments and hedging activities

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and hedging activities

Derivative instruments and hedging activities

Risk management objective of using derivatives

The Company is exposed to certain risks 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 payments of variable interest rate debt associated with the Company's senior secured credit agreements.

If current fair values of designated interest rate swaps remained static over the next twelve months, the Company would reclassify $8.5 million of net deferred gains from accumulated other comprehensive income (loss) to the statement of operations over the next twelve month period. All outstanding cash flow hedges mature in October 2023.

As of December 31, 2022, the Company had the following outstanding interest rate swap derivatives that were designated as cash flow hedges of interest rate risk:


	Number of Instruments	Notional amount

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.


	Fair Value of Asset Derivatives					Fair Value of Liability Derivatives
		December 31,					December 31
	Balance Sheet Location	2022		2021		Balance Sheet Location	2022		2021

Interest Rate Swaps	Other Current Assets	$	8.5	$	—	Other Current Liabilities	$	—	$	4.5
	Other Assets	$	—	$	—	Other Liabilities	$	—	$	1.6

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. 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 not 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 (loss):


	Cumulative Amount of Gain/(Loss) Recognized in OCI on Derivatives				Location of Loss Reclassified from Accumulated OCI(L) into Income (Loss)	Amount of Loss Reclassified from Accumulated OCI(L) into Income (Loss)
	December 31,					Year Ended December 31,
	2022		2021			2022		2021

Interest Rate Swaps	$	8.5	$	(6.1)	Interest expense	$	(0.1)	$	(5.8)

Quarterly financial data - unaudited

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Quarterly financial data - unaudited

The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2022 and 2021. The adjustments to the unaudited quarterly financial information below are the same as the Tax Adjustments and Other Adjustments made to the Company's audited consolidated financial statements as discussed in Note 2, "Restatement of consolidated financial statements".


	Three Months Ended								Three Months Ended
	March 31, 2022								June 30, 2022
	Previously Reported		Tax Adjustments		Other Adjustments		As Revised		Previously Reported		Tax Adjustments		Other Adjustments		As Revised
Total revenues	$	307.5	$	—	$	(2.7)	$	304.8	$	242.7	$	—	$	(0.1)	$	242.6
Cost of product sales	$	80.3	$	—	$	(0.9)	$	79.4	$	91.0	$	—	$	1.2	$	92.2
Cost of CDMO	$	75.6	$	—	$	(1.6)	$	74.0	$	78.8	$	—	$	1.0	$	79.8


Income (loss) from operations	$	6.4	$	—	$	0.5	$	6.9	$	(72.0)	$	—	$	(4.3)	$	(76.3)
Net income (loss)	$	(3.7)	$	(1.4)	$	0.5	$	(4.6)	$	(56.4)	$	7.8	$	(4.3)	$	(52.9)
Net income (loss) per common share:
Basic	$	(0.07)	$	(0.03)	$	0.01	$	(0.09)	$	(1.13)	$	0.16	$	(0.09)	$	(1.06)
Diluted	$	(0.07)	$	(0.03)	$	0.01	$	(0.09)	$	(1.13)	$	0.16	$	(0.09)	$	(1.06)


	Three Months Ended								Three Months Ended
	September 30, 2022								December 31, 2022
	Previously Reported		Tax Adjustments		Other Adjustments		As Restated		Previously Reported		Tax Adjustments		Other Adjustments		As Restated
Total revenues	$	240.0	$	—	$	(0.1)	$	239.9	$	330.7	$	—	$	(0.5)	$	330.2
Cost of product sales	$	85.5	$	—	$	(0.3)	$	85.2	$	167.3	$	—	$	0.5	$	167.8
Cost of CDMO	$	63.1	$	—	$	(1.1)	$	62.0	$	52.1	$	—	$	0.6	$	52.7


Income (loss) from operations	$	(42.0)	$	—	$	(3.3)	$	(45.3)	$	(65.1)	$	—	$	9.8	$	(55.3)
Net income (loss)	$	(75.7)	$	(8.1)	$	(3.3)	$	(87.1)	$	(88.0)	$	11.2	$	9.8	$	(67.0)
Net income (loss) per common share:
Basic	$	(1.52)	$	(0.16)	$	(0.07)	$	(1.75)	$	(1.76)	$	0.22	$	0.20	$	(1.34)
Diluted	$	(1.52)	$	(0.16)	$	(0.07)	$	(1.75)	$	(1.76)	$	0.22	$	0.20	$	(1.34)


	Three Months Ended				Three Months Ended
	March 31, 2021				June 30, 2021
	Previously Reported		Other Adjustments		As Revised		Previously Reported		Other Adjustments		As Revised
Total revenues	$	343.0	$	34.0	$	377.0	$	397.5	$	(20.1)	$	377.4
Cost of product sales	$	52.6	$	0.2	$	52.8	$	81.2	$	0.2	$	81.4
Cost of CDMO	$	46.7	$	37.7	$	84.4	$	146.6	$	(12.7)	$	133.9


Income (loss) from operations	$	95.4	$	(3.2)	$	92.2	$	14.5	$	(7.4)	$	7.1
Net income (loss)	$	69.7	$	(2.4)	$	67.3	$	4.6	$	(5.1)	$	(0.5)
Net income (loss) per common share:
Basic	$	1.31	$	(0.05)	$	1.26	$	0.09	$	(0.10)	$	(0.01)
Diluted	$	1.28	$	(0.05)	$	1.23	$	0.09	$	(0.10)	$	(0.01)


	Three Months Ended				Three Months Ended
	September 30, 2021				December 31, 2021
	Previously Reported		Other Adjustments		As Revised		Previously Reported		Other Adjustments		As Revised
Total revenues	$	329.0	$	(42.7)	$	286.3	$	723.2	$	9.7	$	732.9
Cost of product sales	$	103.2	$	1.1	$	104.3	$	145.0	$	(0.9)	$	144.1
Cost of CDMO	$	114.3	$	(36.8)	$	77.5	$	67.9	$	1.8	$	69.7


Income (loss) from operations	$	(34.7)	$	(10.0)	$	(44.7)	$	277.4	$	9.4	$	286.8
Net income (loss)	$	(32.7)	$	(7.7)	$	(40.4)	$	189.3	$	3.8	$	193.1
Net income (loss) per common share:
Basic	$	(0.61)	$	(0.14)	$	(0.75)	$	3.55	$	0.07	$	3.62
Diluted	$	(0.61)	$	(0.14)	$	(0.75)	$	3.53	$	0.07	$	3.60

Stockholders' equity - Stock Options Valuation Assumptions (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility, minimum	54.00%	47.00%	39.00%
Expected volatility, maximum	62.00%	48.00%	48.00%
Risk-free interest rate, minimum	1.54%	0.43%	0.27%
Risk-free interest rate, maximum	4.31%	0.94%	1.42%
Expected average life of options	4 years 6 months	4 years 6 months	4 years 6 months

Purchase commitments	12 Months Ended
Purchase commitments	Dec. 31, 2022
Purchase Obligation, Fiscal Year Maturity [Abstract]
Purchase commitments	Purchase commitments Purchase commitments are agreements to purchase raw materials and services that are enforceable, legally binding, and specify terms that (1) include fixed or minimum quantities to be purchased, (2) include fixed, minimum or variable price provisions and (3) are longer than one year. As of December 31, 2022 the Company has approximately $132.8 million of purchase commitments associated with raw materials and CDMO services that will be purchased in the next five years, of which the Company estimates that approximately $125.7 million will be purchased within the next year. For the years ended December 31, 2022, 2021, and 2020, the Company purchased $199.6 million, $110.7 million and $108.0 million, respectively, of materials and services under these commitments.

Revenue recognition - Percentage of Product Sales (Details) - Sales Revenue, Product Line - Product Concentration Risk	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Anthrax vaccines
Concentration Risk [Line Items]
Concentration risk percentage	28.00%	25.00%	38.00%
Nasal naloxone products
Concentration Risk [Line Items]
Concentration risk percentage	39.00%	43.00%	31.00%
TEMBEXA
Concentration Risk [Line Items]
Concentration risk percentage	12.00%	0.00%	0.00%
ACAM2000
Concentration Risk [Line Items]
Concentration risk percentage	7.00%	20.00%	20.00%
Other products
Concentration Risk [Line Items]
Concentration risk percentage	14.00%	12.00%	11.00%

Restatement of consolidated financial statements - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net income (loss)	$ (67.0)	$ (87.1)	$ (52.9)	$ (4.6)	$ 193.1	$ (40.4)	$ (0.5)	$ 67.3	$ (211.6)	$ 219.5	$ 305.8
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation expense									45.1	42.4	51.8
Depreciation and amortization									143.3	123.8	114.5
Changes in fair value of contingent consideration									2.6	2.9	31.7
Amortization of deferred financing costs									4.1	4.1	3.5
Impairments									6.7	41.7	29.0
Deferred income taxes									(28.6)	46.0	(3.3)
Write off of contract asset and liability									0.0	(17.2)	0.0
Other									6.4	2.0	(5.6)
Changes in operating assets and liabilities:
Accounts receivable									118.1	(16.2)	27.5
Inventories									(57.1)	(66.6)	(66.9)
Prepaid expenses and other assets									(19.9)	7.7	(26.9)
Accounts payable									(14.0)	(1.6)	28.3
Accrued expenses and other liabilities									(66.7)	(9.2)	8.5
Accrued compensation									(0.8)	4.0	21.8
Income taxes receivable and payable, net									28.7	(31.3)	6.0
Contract liabilities									9.6	(31.8)	11.2
Net cash provided by (used in) operating activities									(34.1)	320.2	536.9
Investing Activities
Purchases of property, plant and equipment									(115.8)	(224.1)	(141.9)
Royalty settlement payment									(21.8)	0.0	0.0
Milestone payment from prior asset acquisition									0.0	0.0	(10.0)
Asset acquisitions									(243.7)	0.0	0.0
Net cash used in investing activities									(381.3)	(224.1)	(151.9)
Financing Activities
Purchases of treasury stock									(82.1)	(106.0)	0.0
Proceeds from senior unsecured notes									0.0	0.0	450.0
Principal payments on convertible senior notes									0.0	(10.6)	0.0
Proceeds from revolving credit facility									598.0	0.0	0.0
Principal payments on revolving credit facility									0.0	0.0	(373.0)
Principal payments on term loan facility									(33.8)	(25.3)	(14.1)
Proceeds from stock-based compensation activity									5.0	15.9	31.6
Taxes paid for stock-based compensation activity									(5.9)	(13.8)	(13.8)
Debt issuance costs									0.0	0.0	(8.4)
Contingent consideration payments									0.0	(1.2)	(2.8)
Net cash provided by (used in) financing activities:									481.2	(141.0)	69.5
Effect of exchange rate changes on cash, cash equivalents and restricted cash									0.5	(0.3)	(1.0)
Net change in cash, cash equivalents and restricted cash									66.3	(45.2)	453.5
Cash, cash equivalents and restricted cash, beginning of period				576.3				621.5	576.3	621.5	168.0
Cash, cash equivalents and restricted cash, end of period	642.6				576.3				642.6	576.3	621.5
Supplemental disclosure of cash flow information:
Cash paid for interest									33.0	30.4	21.0
Cash paid for income taxes									6.2	71.6	109.3
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end									9.4	20.0	22.9
Purchases of treasury stock unpaid at period end									0.0	6.6	0.0
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	642.6				576.1				642.6	576.1	621.3
Restricted cash	0.0				0.2				0.0	0.2	0.2
Total	642.6				576.3				642.6	576.3	621.5
Previously Reported
Operating Activities
Net income (loss)	(88.0)	(75.7)	(56.4)	(3.7)	189.3	(32.7)	4.6	69.7	(223.8)	230.9	305.1
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation expense									45.1	42.4	51.0
Depreciation and amortization									143.3	123.8	114.5
Changes in fair value of contingent consideration									2.6	2.9	31.7
Amortization of deferred financing costs									4.1	4.1	3.5
Impairments									6.7	41.7	29.0
Deferred income taxes									(19.0)	46.9	(2.4)
Write off of contract asset and liability										(17.2)
Other									6.4	2.0	(5.2)
Changes in operating assets and liabilities:
Accounts receivable									114.7	(48.2)	49.0
Inventories									(51.9)	(44.0)	(83.2)
Prepaid expenses and other assets									(19.9)	7.7	(29.2)
Accounts payable									(14.0)	(2.5)	18.7
Accrued expenses and other liabilities									(66.7)	(9.2)	19.4
Accrued compensation									0.1	4.0	21.8
Income taxes receivable and payable, net									28.6	(32.4)	1.1
Contract liabilities									9.6	(31.8)	11.2
Net cash provided by (used in) operating activities									(34.1)	321.1	536.0
Investing Activities
Purchases of property, plant and equipment									(115.8)	(225.0)	(141.0)
Royalty settlement payment									(21.8)
Milestone payment from prior asset acquisition											(10.0)
Asset acquisitions									(243.7)
Net cash used in investing activities									(381.3)	(225.0)	(151.0)
Financing Activities
Purchases of treasury stock									(82.1)	(106.0)
Proceeds from senior unsecured notes										0.0	450.0
Principal payments on convertible senior notes										(10.6)
Proceeds from revolving credit facility									598.0
Principal payments on revolving credit facility											(373.0)
Principal payments on term loan facility									(33.8)	(25.3)	(14.1)
Proceeds from stock-based compensation activity									5.0	15.9	31.6
Taxes paid for stock-based compensation activity									(5.9)	(13.8)	(13.8)
Debt issuance costs											(8.4)
Contingent consideration payments										(1.2)	(2.8)
Net cash provided by (used in) financing activities:									481.2	(141.0)	69.5
Effect of exchange rate changes on cash, cash equivalents and restricted cash									0.5	(0.3)	(1.0)
Net change in cash, cash equivalents and restricted cash									66.3	(45.2)	453.5
Cash, cash equivalents and restricted cash, beginning of period				576.3				621.5	576.3	621.5	168.0
Cash, cash equivalents and restricted cash, end of period	642.6				576.3				642.6	576.3	621.5
Supplemental disclosure of cash flow information:
Cash paid for interest									33.0	30.4	21.0
Cash paid for income taxes									6.2	71.6	109.3
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end									9.4	20.0	22.0
Purchases of treasury stock unpaid at period end									0.0	6.6
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	642.6				576.1				642.6	576.1	621.3
Restricted cash	0.0				0.2				0.0	0.2	0.2
Total	642.6				576.3				642.6	576.3	621.5
Tax Adjustments
Operating Activities
Net income (loss)	11.2	(8.1)	7.8	(1.4)					9.5
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes									(9.6)
Changes in operating assets and liabilities:
Income taxes receivable and payable, net									0.1
Other Adjustments
Operating Activities
Net income (loss)	$ 9.8	$ (3.3)	$ (4.3)	$ 0.5	$ 3.8	$ (7.7)	$ (5.1)	$ (2.4)	2.7	(11.4)	0.7
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation expense											0.8
Deferred income taxes										(0.9)	(0.9)
Other											(0.4)
Changes in operating assets and liabilities:
Accounts receivable									3.4	32.0	(21.5)
Inventories									(5.2)	(22.6)	16.3
Prepaid expenses and other assets											2.3
Accounts payable										0.9	9.6
Accrued expenses and other liabilities											(10.9)
Accrued compensation									$ (0.9)
Income taxes receivable and payable, net										1.1	4.9
Net cash provided by (used in) operating activities										(0.9)	0.9
Investing Activities
Purchases of property, plant and equipment										0.9	(0.9)
Net cash used in investing activities										$ 0.9	(0.9)
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end											$ 0.9

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Lease Expense Cost

The components of lease expense were as follows:


	Year Ended December 31,
	2022		2021		2020

Operating lease cost:
Amortization of right-of-use assets	$	5.6	$	5.6	$	4.5
Interest on lease liabilities	1.1		1.3		1.1
Total operating lease cost	$	6.7	$	6.9	$	5.6

Schedule of Leases Supplemental Balance Sheets


		December 31,
Leases	Classification	2022			2021

Operating lease right-of-use assets	Other assets	$	19.4		$	28.3

Operating lease liabilities, current portion	Other current liabilities	$	5.8		$	5.8
Operating lease liabilities	Other liabilities	14.8			24.2
Total operating lease liabilities		$	20.6		$	30.0

Operating leases:
Weighted average remaining lease term (years)		5.9			7.0
Weighted average discount rate		4.1		%	4.1		%

Lessee, Operating Lease, Liability, Maturity

Lease maturities as of December 31, 2022, are as follows:


Year	As of December 31, 2022

2023	$	6.5
2024	4.3
2025	2.7
2026	2.3
2027	1.8
Thereafter	5.9
Total undiscounted lease liabilities	23.5
Less: Imputed interest	2.9
Total Lease liabilities	$	20.6

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring


	December 31, 2022								December 31, 2021
	(As Restated)								(As Revised)
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Money market accounts	$	320.8	$	320.8	$	—	$	—	$	152.4	$	152.4	$	—	$	—
Time deposits	170.7		—		170.7		—		200.0		—		200.0		—
Derivative instruments	$	8.5	$	—	$	8.5	$	—	$	—	$	—	$	—	$	—
Total	$	500.0	$	320.8	$	179.2	$	—	$	352.4	$	152.4	$	200.0	$	—
Liabilities:
Contingent consideration	$	8.0	$	—	$	—	$	8.0	$	38.4	$	—	$	—	$	38.4
Derivative instruments	—		—		—		—		6.1		—		6.1		—
Total	$	8.0	$	—	$	—	$	8.0	$	44.5	$	—	$	6.1	$	38.4

Summary of Reconciliation of Contingent Consideration Liabilities Measured at Fair Value

The following table is a reconciliation of the beginning and ending balance of the contingent consideration liabilities measured at fair value during the years ended December 31, 2022, 2021 and 2020.


	Contingent Consideration

Balance at December 31, 2019 (As Revised)	$	30.4
Expense included in earnings	31.7
Settlements	(2.8)
Balance at December 31, 2020 (As Revised)	$	59.3
Expense included in earnings	2.9
Settlements	(23.8)
Balance at December 31, 2021 (As Revised)	$	38.4
Expense included in earnings	2.6
Settlements	(33.0)
Balance at December 31, 2022 (As Restated)	$	8.0

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 December 31, 2022
(As Restated)

Valuation Technique

Unobservable Input

Range

Royalty based

$8.0 million

Discounted cash flow

Discount rate

9.9%

Probability of payment

25.0% - 50.0%

Projected year of payment

2023 - 2028

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Income taxes - Components of the Provisions for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current
Federal	$ (9.4)	$ (3.1)	$ 64.6
State	1.9	14.9	28.4
International	33.8	28.9	16.5
Total current	26.3	40.7	109.5
Deferred
Federal	(37.7)	37.1	0.5
State	(3.2)	4.2	0.1
International	7.2	1.6	(3.9)
Total deferred	(33.7)	43.0	(3.4)
Income tax (benefit) provision	$ (7.4)	$ 83.7	$ 106.1

Restatement of consolidated financial statements - Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Leases									$ 4.9
Total revenues	$ 330.2	$ 239.9	$ 242.6	$ 304.8	$ 732.9	$ 286.3	$ 377.4	$ 377.0	1,117.5	$ 1,773.6	$ 1,577.3
Operating expenses:
Cost of goods and services sold									693.1	748.1	537.0
Research and development									188.3	235.2	237.9
Selling, general and administrative									339.5	348.7	304.1
Goodwill impairment									6.7	41.7	0.0
Amortization of intangible assets									59.9	58.5	59.8
Total operating expenses									1,287.5	1,432.2	1,138.8
Income (loss) from operations	(55.3)	(45.3)	(76.3)	6.9	286.8	(44.7)	7.1	92.2	(170.0)	341.4	438.5
Other income (expense):
Interest expense									(37.3)	(34.5)	(31.3)
Other, net									(11.7)	(3.7)	4.7
Total other income (expense), net									(49.0)	(38.2)	(26.6)
Income (loss) before income taxes									(219.0)	303.2	411.9
Income tax (benefit) provision									(7.4)	83.7	106.1
Net income (loss)	$ (67.0)	$ (87.1)	$ (52.9)	$ (4.6)	$ 193.1	$ (40.4)	$ (0.5)	$ 67.3	$ (211.6)	$ 219.5	$ 305.8
Net income (loss) per common share
Basic (in dollars per share)	$ (1.34)	$ (1.75)	$ (1.06)	$ (0.09)	$ 3.62	$ (0.75)	$ (0.01)	$ 1.26	$ (4.22)	$ 4.10	$ 5.80
Diluted (in dollars per share)	$ (1.34)	$ (1.75)	$ (1.06)	$ (0.09)	$ 3.60	$ (0.75)	$ (0.01)	$ 1.23	$ (4.22)	$ 4.06	$ 5.68
Shares used in computing net income (loss) per common share
Basic (in shares)									50.1	53.5	52.7
Diluted (in shares)									50.1	54.1	53.8
Previously Reported
Revenues:
Total revenues	$ 330.7	$ 240.0	$ 242.7	$ 307.5	$ 723.2	$ 329.0	$ 397.5	$ 343.0	$ 1,120.9	$ 1,792.7	$ 1,555.4
Operating expenses:
Research and development									193.0	234.0	234.5
Selling, general and administrative									340.3	348.4	303.3
Goodwill impairment									6.7	41.7
Amortization of intangible assets									59.9	58.5	59.8
Total operating expenses									1,293.6	1,440.1	1,121.6
Income (loss) from operations	(65.1)	(42.0)	(72.0)	6.4	277.4	(34.7)	14.5	95.4	(172.7)	352.6	433.8
Other income (expense):
Interest expense									(37.3)	(34.5)	(31.3)
Other, net									(11.7)	(3.7)	4.7
Total other income (expense), net									(49.0)	(38.2)	(26.6)
Income (loss) before income taxes									(221.7)	314.4	407.2
Income tax (benefit) provision									2.1	83.5	102.1
Net income (loss)	$ (88.0)	$ (75.7)	$ (56.4)	$ (3.7)	$ 189.3	$ (32.7)	$ 4.6	$ 69.7	$ (223.8)	$ 230.9	$ 305.1
Net income (loss) per common share
Basic (in dollars per share)	$ (1.76)	$ (1.52)	$ (1.13)	$ (0.07)	$ 3.55	$ (0.61)	$ 0.09	$ 1.31	$ (4.47)	$ 4.32	$ 5.79
Diluted (in dollars per share)	$ (1.76)	$ (1.52)	$ (1.13)	$ (0.07)	$ 3.53	$ (0.61)	$ 0.09	$ 1.28	$ (4.47)	$ 4.27	$ 5.67
Shares used in computing net income (loss) per common share
Basic (in shares)									50.1	53.5	52.7
Diluted (in shares)									50.1	54.1	53.8
Tax Adjustments
Other income (expense):
Income tax (benefit) provision									$ (9.5)
Net income (loss)	$ 11.2	$ (8.1)	$ 7.8	$ (1.4)					$ 9.5
Net income (loss) per common share
Basic (in dollars per share)	$ 0.22	$ (0.16)	$ 0.16	$ (0.03)					$ 0.19
Diluted (in dollars per share)	$ 0.22	$ (0.16)	$ 0.16	$ (0.03)					$ 0.19
Other Adjustments
Revenues:
Total revenues	$ (0.5)	$ (0.1)	$ (0.1)	$ (2.7)	$ 9.7	$ (42.7)	$ (20.1)	$ 34.0	$ (3.4)	$ (19.1)	$ 21.9
Operating expenses:
Research and development									(4.7)	1.2	3.4
Selling, general and administrative									(0.8)	0.3	0.8
Total operating expenses									(6.1)	(7.9)	17.2
Income (loss) from operations	9.8	(3.3)	(4.3)	0.5	9.4	(10.0)	(7.4)	(3.2)	2.7	(11.2)	4.7
Other income (expense):
Income (loss) before income taxes									2.7	(11.2)	4.7
Income tax (benefit) provision										0.2	4.0
Net income (loss)	$ 9.8	$ (3.3)	$ (4.3)	$ 0.5	$ 3.8	$ (7.7)	$ (5.1)	$ (2.4)	$ 2.7	$ (11.4)	$ 0.7
Net income (loss) per common share
Basic (in dollars per share)	$ 0.20	$ (0.07)	$ (0.09)	$ 0.01	$ 0.07	$ (0.14)	$ (0.10)	$ (0.05)	$ 0.06	$ (0.22)	$ 0.01
Diluted (in dollars per share)	$ 0.20	$ (0.07)	$ (0.09)	$ 0.01	$ 0.07	$ (0.14)	$ (0.10)	$ (0.05)	$ 0.06	$ (0.21)	$ 0.01
Product sales, net
Revenues:
Services									$ 966.2	$ 1,023.9	$ 989.8
Operating expenses:
Cost of goods and services sold	$ 167.8	$ 85.2	$ 92.2	$ 79.4	$ 144.1	$ 104.3	$ 81.4	$ 52.8	424.6	382.6	392.0
Product sales, net \| Previously Reported
Revenues:
Services									966.2	1,023.9	989.8
Operating expenses:
Cost of goods and services sold	167.3	85.5	91.0	80.3	145.0	103.2	81.2	52.6	424.1	382.0	392.0
Product sales, net \| Other Adjustments
Operating expenses:
Cost of goods and services sold	0.5	(0.3)	1.2	(0.9)	(0.9)	1.1	0.2	0.2	0.5	0.6
Total CDMO
Revenues:
Total CDMO									109.9	615.5	472.4
Operating expenses:
Cost of goods and services sold	52.7	62.0	79.8	74.0	69.7	77.5	133.9	84.4	268.5	365.5	145.0
Total CDMO \| Previously Reported
Revenues:
Total CDMO									113.3	634.6	450.5
Operating expenses:
Cost of goods and services sold	52.1	63.1	78.8	75.6	67.9	114.3	146.6	46.7	269.6	375.5	132.0
Total CDMO \| Other Adjustments
Revenues:
Total CDMO									(3.4)	(19.1)	21.9
Operating expenses:
Cost of goods and services sold	$ 0.6	$ (1.1)	$ 1.0	$ (1.6)	$ 1.8	$ (36.8)	$ (12.7)	$ 37.7	(1.1)	(10.0)	13.0
Services
Revenues:
Services									105.0	310.3	194.1
Services \| Previously Reported
Revenues:
Services									108.4	334.9	166.7
Services \| Other Adjustments
Revenues:
Services									(3.4)	(24.6)	27.4
Leases
Revenues:
Leases									4.9	305.2	278.3
Leases \| Previously Reported
Revenues:
Leases									4.9	299.7	283.8
Leases \| Other Adjustments
Revenues:
Leases										5.5	(5.5)
Contracts and grants
Revenues:
Services									41.4	134.2	115.1
Contracts and grants \| Previously Reported
Revenues:
Services									$ 41.4	$ 134.2	$ 115.1

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment information

The Company reports segment information based on the internal reporting used by management for making decisions and assessing performance. During the first quarter of 2022, the Company revised the reporting that the CODM reviews in order to assess Company performance. The CODM manages the business with a focus on two reportable segments: (1) Products segment consisting of the Government - MCM and Commercial product categories and (2) Services segment focused on CDMO services. The Company evaluates the performance of these reportable segments based on revenue and Adjusted Gross Margin, which is a non-GAAP financial measure. Segment revenue includes external customer sales, but it does not include inter-segment services. The Company defines Adjusted Gross Margin as segment revenue less segment cost of sales reduced for significant events, inventory step-up provisions and changes in fair value of contingent consideration. The Company does not allocate research and development, selling, general and administrative costs, amortization of intangibles assets, interest and other income (expense) or taxes to operating segments in the management reporting reviewed by the CODM. The accounting policies for segment reporting are the same as for the Company as a whole. The Company has recast the related historical information for consistency.

The Company manages its assets on a total company basis, not by operating segment, as the Company's operating assets are shared or commingled. Therefore, the Company's CODM does not regularly review any asset information by operating segment and, accordingly, the Company does not report asset information by operating segment.

The following table includes segment revenues and a reconciliation of the Company's segment adjusted gross margin to the consolidated statement of operations for each of the Company's reporting segments:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
Revenues:
Products	$	966.2	$	1,023.9	$	989.8
Services (1)	109.9		615.5		472.4
Total segment revenues	1,076.1		1,639.4		1,462.2
Contracts and grants revenue	41.4		134.2		115.1
Total revenues	$	1,117.5	$	1,773.6	$	1,577.3

Less: Cost of sales:
Cost of Products	$	424.6	$	382.6	$	392.0
Cost of Services	268.5		365.5		145.0
Total cost of sales	$	693.1	$	748.1	$	537.0

Products gross margin	$	541.6	$	641.3	$	597.8
Services gross margin (1)	$	(158.6)	$	250.0	$	327.4
Consolidated gross margin (2)	$	383.0	$	891.3	$	925.2

Adjustments to gross margin:
Products:
Changes in fair value of contingent consideration	$	2.6	$	2.9	$	31.7
Inventory step-up provision	51.4		—		—

Products adjusted gross margin	$	595.6	$	644.2	$	629.5
Services adjusted gross margin (1)	$	(158.6)	$	250.0	$	327.4
Consolidated adjusted gross margin(3)	$	437.0	$	894.2	$	956.9

Other reconciling items:
Contracts and grants revenue	$	41.4	$	134.2	$	115.1
Adjustments to gross margin	(54.0)		(2.9)		(31.7)
Research and development	(188.3)		(235.2)		(237.9)
Selling, general and administrative	(339.5)		(348.7)		(304.1)
Goodwill impairment	(6.7)		(41.7)		—
Amortization of intangible assets	(59.9)		(58.5)		(59.8)
Interest expense	(37.3)		(34.5)		(31.3)
Other, net	(11.7)		(3.7)		4.7
Income (loss) before income taxes	$	(219.0)	$	303.2	$	411.9

(1) Services revenue, Services gross margin and Services Adjusted gross margin for the years ended December 31, 2021 and 2020 includes the impact of $243.1 million and $247.8 million, respectively of CDMO leases revenues related to the BARDA COVID-19 Development Public Private Partnership which ended in November 2021.
(2) Total segment revenues less total cost of sales.
(3) Consolidated gross margin plus adjustments to gross margin.

The following table includes depreciation expense for each segment:


	Year Ended December 31,
	2022		2021		2020
Depreciation:
Products	$	32.9	$	27.8	$	27.2
Services	43.2		28.3		17.3
Other	7.3		6.1		5.6
Total	$	83.4	$	62.2	$	50.1

The following table includes revenues by country. Revenues have been attributed based on the location of the customer:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
Revenue:
United States	$	886.1	$	1,623.4	$	1,467.9
Canada	148.6		66.7		46.0
Other	82.8		83.5		63.4
Total revenues	$	1,117.5	$	1,773.6	$	1,577.3

The following table included long-lived assets, net by country. Long-lived assets, net includes right-of-use assets, net and property, plant & equipment, net, excluding software, net:


	December 31,
	2022		2021

Long-lived assets, net:
United States	$	696.1	$	705.5
Switzerland	88.1		73.1
Canada	37.5		35.0
Other	5.0		6.0
Total long-lived assets, net	$	826.7	$	819.6

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Stockholders' equity - Stock Options, Restricted Stock Units, and Performance Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Remaining Contractual Term (in Years)
Stock options outstanding	4 years 1 month 6 days
Stock options exercisable	2 years 3 months 18 days
2006 Stock Incentive Plan
Number of Shares
Stock options outstanding, beginning of period (in shares)	1,200,000
Stock options granted (in shares)	700,000
Stock options exercised (in shares)	0
Stock options forfeited (in shares)	(200,000)
Stock options outstanding, end of period (in shares)	1,700,000
Stock options exercisable, end of period (in shares)	800,000
Weighted-Average Exercise Price
Stock options outstanding, beginning of period (in dollars per share)	$ 60,830,000
Stock options granted (in dollars per share)	39,110,000
Stock options exercised (in dollars per share)	27,710,000
Stock options forfeited (in dollars per share)	64,660,000
Stock options outstanding, end of period (in dollars per share)	51,740,000
Exercisable, end of period (in dollars per share)	$ 54,140,000
Aggregate Intrinsic Value
Stock options outstanding	$ 0.0	$ 3.0
Stock options exercisable	$ 0.0
2006 Stock Incentive Plan \| Performance Shares And Restricted Stock Units (RSUs)
Number of Shares
Restricted/performance stock units outstanding, beginning of period (in shares)	1,100,000
Restricted/performance stock units granted (in shares)	1,900,000
Restricted/performance stock units vested (in shares)	(500,000)
Restricted/performance stock units forfeited (in shares)	(300,000)
Restricted/performance stock units outstanding, end of period (in shares)	2,200,000
Weighted-Average Grant Date Fair Value
Restricted/performance stock units outstanding, beginning of period (in dollars per share)	$ 70,820,000
Restricted/performance stock units granted (in dollars per share)	34,490,000
Restricted/performance stock units vested (in dollars per share)	67,480,000
Restricted/performance stock units forfeited (in dollars per share)	55,460,000
Restricted/performance stock units outstanding, end of period (in dollars per share)	$ 42,300,000
Aggregate Intrinsic Value
Restricted/performance stock units outstanding	$ 25.8	$ 47.6

Restatement of consolidated financial statements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income tax benefit	$ 7.4	$ (83.7)	$ (106.1)
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income tax benefit	11.7
Other tax expense	$ 2.2

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Stockholders' equity - Class of Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Nov. 11, 2022	Dec. 31, 2021
Equity [Abstract]
Shares of common stock repurchased (in shares)	1,800,000	4,400,000	2,600,000
Average price paid per share (in dollars per share)	$ 42.36		$ 42.67
Total cost	$ 75.5	$ 187.9	$ 112.6

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Depreciation	$ 83.4	$ 62.2	$ 50.1
Segment Reconciling Items
Segment Reporting Information [Line Items]
Depreciation	7.3	6.1	5.6
Products \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation	32.9	27.8	27.2
Services \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation	$ 43.2	$ 28.3	$ 17.3

Defined benefit and 401(k) savings plan - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Total contributions expected	$ 1.6
Matching contributions made by employer	$ 8.8	$ 8.9	$ 6.6

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS


(in millions)	Beginning Balance		Charged to Costs and Expenses	Deductions	Ending Balance
Year Ended December 31, 2022
Inventory allowance	$	42.7	79.1	(40.5)	$	81.3
Prepaid expenses and other current assets allowance	$	3.7	3.9	(0.5)	$	7.1

Year Ended December 31, 2021
Inventory allowance	$	37.6	37.9	(32.8)	$	42.7
Prepaid expenses and other current assets allowance	$	3.9	0.2	(0.4)	$	3.7

Year Ended December 31, 2020
Inventory allowance	$	17.9	48.0	(28.3)	$	37.6
Prepaid expenses and other current assets allowance	$	4.0	0.5	(0.6)	$	3.9

Intangible assets and goodwill - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Amortization of intangible assets	$ 59,900,000	$ 58,500,000	$ 59,800,000
Goodwill impairment	6,700,000	41,700,000	0
Goodwill	218,200,000	224,900,000	266,700,000
Services
Goodwill [Line Items]
Goodwill impairment	6,700,000	0
Goodwill	0	6,700,000	6,700,000
Products
Goodwill [Line Items]
Goodwill impairment	0	41,700,000
Goodwill	218,200,000	218,200,000	$ 260,000,000.0
CDMO - Services
Goodwill [Line Items]
Goodwill	0
All Other Reporting Units, Excluding CDMO - Services
Goodwill [Line Items]
Goodwill impairment	$ 0
All Other Reporting Units, Excluding Commercial Products
Goodwill [Line Items]
Goodwill impairment		$ 0

- Definition

+ References + Details

Revenue recognition - Narrative (Details)	3 Months Ended	12 Months Ended
Revenue recognition - Narrative (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 31, 2021 USD ($)
Concentration Risk [Line Items]
Number of operating segments \| segment		2
Decrease in inventories		$ (57,100,000)	$ (66,600,000)	$ (66,900,000)
Decrease in prepaid expense and other current assets		(19,900,000)	7,700,000	(26,900,000)
Operating lease, lease income, lease payments		4,900,000
Revenue, remaining performance obligation, amount	$ 378,200,000	378,200,000
Contract with customer, asset, after allowance for credit loss, noncurrent	34,800,000	34,800,000	21,500,000
Contract with customer, liability, current	$ 26,400,000	$ 26,400,000	11,700,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Concentration Risk [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	24 months	24 months
Contracts and grants
Concentration Risk [Line Items]
Revenue		$ 41,400,000	134,200,000	115,100,000
Leases
Concentration Risk [Line Items]
Operating lease, lease income, lease payments		4,900,000	305,200,000	278,300,000
Lessor, operating lease, payment to be received, year one	$ 5,100,000	5,100,000
Lessor, operating lease, payment to be received, year two	900,000	900,000
Lessor, operating lease, payment to be received, year three	900,000	900,000
Lessor, operating lease, payment to be received, after year three	2,700,000	2,700,000
USG \| Contracts and grants
Concentration Risk [Line Items]
Revenue		37,200,000	130,200,000	109,200,000
USG \| Leases
Concentration Risk [Line Items]
Operating lease, lease income, lease payments		0	243,100,000	247,800,000
BARDA
Concentration Risk [Line Items]
Lessor, operating lease, payments to be received				628,200,000	$ 650,800,000
Operating lease, lease income, lease payments			243,100,000	247,800,000
BARDA \| Contracts and grants
Concentration Risk [Line Items]
Revenue			$ 71,300,000	15,800,000
BARDA \| Reservation Of Manufacturing Capacity
Concentration Risk [Line Items]
Lessor, operating lease, payments to be received				542,700,000
BARDA \| Accelerated Expansion Of Fill/Finish Capacity
Concentration Risk [Line Items]
Lessor, operating lease, payments to be received				$ 85,500,000
Jansen Pharmaceuticals, Inc.
Concentration Risk [Line Items]
Decrease in inventories	127,700,000
Decrease in prepaid expense and other current assets	25,000,000
Increase in other assets	152,700,000
Non-cancelable orders	$ 6,200,000	$ 6,200,000
Revenue from Contract with Customer \| Customer Concentration Risk \| USG
Concentration Risk [Line Items]
Concentration risk percentage		43.00%	51.00%	62.00%
Revenue from Contract with Customer \| Customer Concentration Risk \| Customer Two
Concentration Risk [Line Items]
Concentration risk percentage		10.00%
United States \| Leases
Concentration Risk [Line Items]
Operating lease, lease income, lease payments		$ 0
United States \| Revenue from Contract with Customer \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage		79.00%	92.00%	93.00%
Non-USG
Concentration Risk [Line Items]
Lessee, operating lease, remaining lease term	2 years 7 months 6 days	2 years 7 months 6 days

Stockholders' equity - Tax Effects Related to Each Component of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pretax	$ 23.9	$ 12.0	$ (20.2)
Tax Benefit (Expense)	(4.7)	(2.8)	4.4
Total other comprehensive income (loss), net of tax	19.2	9.2	(15.8)
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pretax	8.7	4.3	(5.0)
Tax Benefit (Expense)	(1.2)	(0.6)	0.7
Total other comprehensive income (loss), net of tax	7.5	3.7	(4.3)
Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pretax	14.6	8.9	(13.0)
Tax Benefit (Expense)	(3.9)	(2.4)	3.6
Total other comprehensive income (loss), net of tax	10.7	6.5	(9.4)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pretax	0.6	(1.2)	(2.2)
Tax Benefit (Expense)	0.4	0.2	0.1
Total other comprehensive income (loss), net of tax	$ 1.0	$ (1.0)	$ (2.1)

Revenue recognition - Contract Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Change in Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 16.4	$ 100.1
Deferral of revenue	38.9	279.7
Revenue recognized	(23.6)	(363.4)
Ending balance	$ 31.7	$ 16.4

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Property, Plant and Equipment Useful Lives


Land			Not depreciated
Buildings			31-39 years
Building improvements			10-39 years
Furniture and equipment			3-15 years
Software			3-7 years
Leasehold improvements			Lesser of the asset life or lease term

Property, plant and equipment, net consists of the following:


	December 31,
	2022		2021

Land and improvements	$	54.9	$	52.1
Buildings, building improvements and leasehold improvements	327.9		269.7
Furniture and equipment	567.5		513.5
Software	65.6		60.7
Construction-in-progress	185.5		223.2
Property, plant and equipment, gross	1,201.4		1,119.2
Less: Accumulated depreciation and amortization	(383.8)		(319.1)
Total property, plant and equipment, net	$	817.6	$	800.1

Litigation	12 Months Ended
Litigation	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation Securities and shareholder litigation With respect to the specific legal proceedings and claims described below, unless otherwise noted, the amount or range of possible losses is not reasonably estimable. There can be no assurance that the settlement, resolution, or other outcome of one or more matters, including the matters set forth below, during any subsequent reporting period will not have a material adverse effect on the Company's results of operations or cash flows for that period or on the Company's financial condition. On April 20, 2021, May 14, 2021, and June 2, 2021, putative class action lawsuits were filed against the Company and certain of its current and former senior officers in the United States District Court for the District of Maryland on behalf of purchasers of the Company’s common stock, seeking to pursue remedies under the Securities Exchange Act of 1934. These complaints were filed by Palm Tran, Inc. – Amalgamated Transit Union Local 1577 Pension Plan; Alan I. Roth; and Stephen M. Weiss, respectively. The complaints allege, among other things, that the defendants made false and misleading statements about the Company's manufacturing capabilities with respect to COVID-19 vaccine bulk drug substance (referred to herein as "CDMO Manufacturing Capabilities"). These cases were consolidated on December 23, 2021, under the caption In re Emergent BioSolutions Inc. Securities Litigation, No. 8:21-cv-00955-PWG (the "Federal Securities Class Action"). The Lead Plaintiffs in the consolidated matter are Nova Scotia Health Employees’ Pension Plan and The City of Fort Lauderdale Police & Firefighters’ Retirement System. The defendants filed a motion to dismiss on May 19, 2022 and the Lead Plaintiff filed an opposition to that motion on July 19, 2022. The defendants believe that the allegations in the complaints are without merit and intend to defend the matters vigorously. Given the uncertainty of litigation, the preliminary stage of the cases, and the legal standards that must be met for, among other things, class certification and success on the merits, the Company cannot reasonably estimate the possible loss or range of loss, if any, that may result from the consolidated action. On June 29, 2021, Lincolnshire Police Pension Fund (“Lincolnshire”), and on August 16, 2021, Pooja Sayal, filed putative shareholder derivative lawsuits in the United States District Court for the District of Maryland on behalf of the Company against certain of the Company's current and former officers and directors for breach of fiduciary duties, waste of corporate assets, and unjust enrichment, each allegation related to the CDMO Manufacturing Capabilities. In addition to monetary damages, the complaints seek the implementation of multiple corporate governance and internal policy changes. On November 16, 2021, the cases were consolidated under the caption In re Emergent BioSolutions Inc. Stockholder Derivative Litigation, Master Case No. 8:21-cv-01595-PWG. On January 3, 2022, the Lincolnshire complaint was designated as the operative complaint in the consolidated action. On April 13, 2022 the Court approved the parties joint stipulation to and stay of the proceedings and discovery until the close of fact discovery in the Federal Securities Class Action. The defendants believe that the allegations in the complaints are without merit and intend to defend the matter vigorously. On September 15, 2021, September 16, 2021 and November 12, 2021, putative shareholder derivative lawsuits were filed by Chang Kyum Kim, Mark Nevins and Employees Retirement System of the State of Rhode Island, North Collier Fire Control and Rescue District Firefighters Pension Plan, and Pembroke Pines Firefighters & Police Officers Pension Fund, respectively, in The Court of Chancery of the State of Delaware on behalf of the Company against certain of its current and former officers and directors for breach of fiduciary duties, unjust enrichment and insider trading, each allegation related to the CDMO Manufacturing Capabilities. In addition to monetary damages, the complaints seek the implementation of multiple corporate governance and internal policy changes. On February 2, 2022, the cases were consolidated under the caption In re Emergent BioSolutions, Inc. Derivative Litigation, C.A. No. 2021-0974-MTZ with the institutional investors as co-lead plaintiffs. On March 4, 2022, the defendants’ filed a motion to dismiss the complaint. Ruling on this motion is stayed pursuant to a March 29, 2022 order staying all proceedings pending a final, non-appealable judgment in the Federal Securities Class Action. On December 3, 2021, December 22, 2021 and January 18, 2022, putative shareholder derivative lawsuits were filed by Zachary Elton, Eric White and Jeffrey Reynolds in the Circuit Court for Montgomery County, Maryland on behalf of the Company against certain of its current and former officers and directors for breach of fiduciary duty, unjust enrichment, waste of corporate assets, failing to maintain internal controls, making or causing to be made false and/or misleading statements and material omissions, insider trading and otherwise violating the federal securities laws, each allegation related to the CDMO Manufacturing Capabilities. The complaints seek monetary and punitive damages. On February 22, 2022, the Court entered an order consolidating these actions under case number C-15-21-CV-000496. On March 9, 2022, the parties filed a Joint Stipulation of Stay of Proceedings and Discovery, pursuant to which the parties agreed to stay all proceedings until 30 calendar days after a ruling on the defendants’ motion to dismiss the Federal Securities Class Action. The Court approved the Joint Stipulation on March 14, 2022. In addition to the above actions, the Company has received inquiries and subpoenas to produce documents related to these matters from the Department of Justice, the SEC, the Maryland Attorney General’s Office, and the New York Attorney General’s Office. The Company produced or is producing documents as required in response and will continue to cooperate with these government inquiries. The Company also received inquiries and subpoenas from Representative Carolyn Maloney and Representative Jim Clyburn, members of the House Committee on Oversight and Reform and the Select Subcommittee on the Coronavirus Crisis and Senator Murray of the Committee on Health, Education, Labor and Pensions. The Company produced documents and provided testimony and briefings as requested in response to these inquiries.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

The Company is the lessee for operating corporate leases for offices, R&D facilities and manufacturing facilities. The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use ("ROU") assets and liabilities. For a discussion of lessor activities, see Note 12, "Revenue recognition".

The components of lease expense were as follows:


	Year Ended December 31,
	2022		2021		2020

Operating lease cost:
Amortization of right-of-use assets	$	5.6	$	5.6	$	4.5
Interest on lease liabilities	1.1		1.3		1.1
Total operating lease cost	$	6.7	$	6.9	$	5.6

Operating lease costs are reflected as components of cost of product sales, cost of contract development and manufacturing, research and development expense and selling, general and administrative expense.

Supplemental balance sheet information related to leases was as follows:


		December 31,
Leases	Classification	2022			2021

Operating lease right-of-use assets	Other assets	$	19.4		$	28.3

Operating lease liabilities, current portion	Other current liabilities	$	5.8		$	5.8
Operating lease liabilities	Other liabilities	14.8			24.2
Total operating lease liabilities		$	20.6		$	30.0

Operating leases:
Weighted average remaining lease term (years)		5.9			7.0
Weighted average discount rate		4.1		%	4.1		%

During the year ended December 31, 2022, the Company exercised the option to purchase its Rockville manufacturing facility. As a result, the Company removed the related operating lease right-of-use asset and operating lease liability of $3.5 million and $3.4 million, respectively. The purchased assets have been properly included in "Property, plant and equipment, net" on the Company's consolidated balance sheet as of December 31, 2022.

The Company's leases have remaining lease terms of less than one year to approximately 11 years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year.

Lease maturities as of December 31, 2022, are as follows:


Year	As of December 31, 2022

2023	$	6.5
2024	4.3
2025	2.7
2026	2.3
2027	1.8
Thereafter	5.9
Total undiscounted lease liabilities	23.5
Less: Imputed interest	2.9
Total Lease liabilities	$	20.6

Income taxes - Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S.	$ (442.6)	$ 100.1	$ 368.2
International	224.0	203.3	43.7
Earnings (Losses) before taxes on income	(218.6)	303.4	411.9
Federal tax at statutory rates	(46.0)	63.5	86.5
State taxes, net of federal benefit	(13.5)	14.1	23.7
Impact of foreign operations	(7.2)	(18.7)	(7.7)
Change in valuation allowance	37.8	8.2	1.6
Tax credits	(3.5)	(4.7)	(7.4)
Stock compensation	4.7	(3.9)	(6.3)
Goodwill Impairments	1.8	8.3	0.0
Adjustment of prior year taxes	(1.8)	0.8	(2.2)
Transaction costs	0.0	0.1	6.0
Compensation limitation	0.7	2.9	2.2
Unrecognized tax benefit	(9.0)	1.2	2.2
GILTI, net	20.7	13.0	5.4
Foreign withholding tax	4.7	0.0	0.0
Permanent differences	3.2	(1.2)	2.1
Income tax (benefit) provision	$ (7.4)	$ 83.7	$ 106.1

Stockholders' equity - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 45.1	$ 42.4	$ 51.8
Cost of product sales \| Products
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	7.3	6.4	8.9
Cost of product sales \| Contract Development And Manufacturing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	1.8	1.1	3.5
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	5.4	5.0	8.4
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 30.6	$ 29.9	$ 31.0

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	5 years
Operating lease, termination period	1 year
Rockville Manufacturing Facility
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use asset, removal	$ 3.5
Decrease in operating lease liability	$ 3.4
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	11 years

Stockholders' equity - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,611.5	$ 1,450.9	$ 1,091.3
Other comprehensive income before reclassifications	20.5	4.0
Amounts reclassified from accumulated other comprehensive income (loss)	(1.3)	5.2
Total other comprehensive income (loss), net of tax	19.2	9.2	(15.8)
Ending balance	1,387.7	1,611.5	1,450.9
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(16.1)	(25.3)	(9.5)
Total other comprehensive income (loss), net of tax	19.2	9.2	(15.8)
Ending balance	3.1	(16.1)	(25.3)
Defined Benefit Pension Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(4.0)	(7.7)
Other comprehensive income before reclassifications	8.7	4.3
Amounts reclassified from accumulated other comprehensive income (loss)	(1.2)	(0.6)
Total other comprehensive income (loss), net of tax	7.5	3.7	(4.3)
Ending balance	3.5	(4.0)	(7.7)
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(4.5)	(11.0)
Other comprehensive income before reclassifications	10.8	0.7
Amounts reclassified from accumulated other comprehensive income (loss)	(0.1)	5.8
Total other comprehensive income (loss), net of tax	10.7	6.5	(9.4)
Ending balance	6.2	(4.5)	(11.0)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(7.6)	(6.6)
Other comprehensive income before reclassifications	1.0	(1.0)
Amounts reclassified from accumulated other comprehensive income (loss)	0.0	0.0
Total other comprehensive income (loss), net of tax	1.0	(1.0)	(2.1)
Ending balance	$ (6.6)	$ (7.6)	$ (6.6)

- Definition

+ References

+ Details

Defined benefit and 401(k) savings plan

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Defined benefit and 401(k) savings plan

The Company sponsors a defined benefit pension plan covering eligible employees in Switzerland (the "Swiss Plan"), which we have agreed to sell as part of our Travel Health business to Bavarian Nordic, described further in Note 19, "Subsequent events". Under the Swiss Plan, the Company and certain of its employees with annual earnings in excess of government determined amounts are required to make contributions into a fund managed by an independent investment fiduciary. Employer contributions must be in an amount at least equal to the employee’s contribution. The Swiss Plan's assets are comprised of an insurance contract that has a fair value consistent with its contract value based on the practicability exception using Level 3 inputs. The entire liability is listed as non-current because plan assets are greater than the expected benefit payments over the next year. The Company recognized pension expense related to the Swiss Plan of $0.8 million, $2.0 million and $2.4 million reflected as a component of selling, general and administrative expenses for the years ended December 31, 2022, 2021 and 2020, respectively.

The funded status of the Swiss Plan is as follows:


	Year Ended December 31,
	2022		2021

Change in Plan Assets:
Fair value of plan assets, beginning of period	$	29.3	$	27.6
Employer contributions	1.5		1.4
Employee contributions	0.9		0.9
Net benefits received	3.4		0.5
Actual return on plan assets	(0.4)		(0.1)
Settlements	(5.0)		—
Currency impact	(0.4)		(1.0)
Fair value of plan assets, end of period	$	29.3	$	29.3
Change in Benefit Obligation:
Projected benefit obligation, beginning of period	$	46.8	$	49.2
Service cost	1.9		2.4
Interest Cost	0.1		—
Employee contributions	0.9		0.9
Actuarial gain	(10.0)		(4.6)
Net benefits received	3.4		0.5
Settlements	(5.0)		—
Currency impact	(0.9)		(1.6)
Projected benefit obligation, end of period	$	37.2	$	46.8
Funded status, end of period	$	(7.9)	$	(17.5)

Accumulated benefit obligation, end of period	$	34.0	$	41.8

Components of net periodic pension cost incurred during the years ended December 31, 2022, 2021 and 2020 are as follows:


	Year Ended December 31,
	2022		2021		2020

Service cost	$	1.9	$	2.4	$	1.9
Interest cost	0.1		—		0.1
Expected return on plan assets	(0.8)		(0.8)		(0.6)
Amortization of loss	0.1		0.6		0.2
Amortization of prior service credit	(0.1)		(0.2)		(0.2)
Settlements	(0.4)		—		1.0
Net periodic benefit cost	$	0.8	$	2.0	$	2.4

The weighted average assumptions used to calculate the projected benefit obligations are as follows:


	December 31, 2022		December 31, 2021

Discount rate	2.1	%	0.3	%
Expected rate of return	3.5	%	3.0	%
Rate of future compensation increases	1.8	%	1.4	%

The overall expected long-term rate of return on assets assumption considers historical returns, as well as expected future returns based on the fact that investment returns are insured, and the legal minimum interest crediting rate as applicable. Total contributions expected to be made into the plan for the year-ended December 31, 2023 is $1.6 million.

The following table presents gains (losses) recognized in accumulated other comprehensive income (loss) before income tax related to the Company’s defined benefit pension plans:


	Year Ended December 31,
	2022		2021

Net actuarial gain	$	9.0	$	5.9
Prior service cost	(0.3)		(1.3)
Total recognized in other comprehensive income (loss)	$	8.7	$	4.6

Future benefits expected to be paid as of December 31, 2022 are as follows:


Year	As of December 31, 2022

2023	$	1.8
2024	1.8
2025	2.0
2026	1.9
2027	2.1
Thereafter	27.6
Total	$	37.2

401(k) savings plan

The Company has established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code (the "401(k) Plan"). The 401(k) Plan covers substantially all U.S. employees. Under the 401(k) Plan, employees may make elective salary deferrals. During the years ended December 31, 2022, 2021 and 2020, the Company made matching contributions of approximately $8.8 million, $8.9 million and $6.6 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (211.6)	$ 219.5	$ 305.8
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	1.0	(1.0)	(2.1)
Unrealized gains (losses) on hedging activities	10.7	6.5	(9.4)
Unrealized gain (losses) on pension benefit obligation	7.5	3.7	(4.3)
Total other comprehensive income (loss), net of tax	19.2	9.2	(15.8)
Comprehensive income (loss), net of tax	$ (192.4)	$ 228.7	$ 290.0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair value measurements - Level 3 Significant Unobservable Inputs (Details) $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value	$ 8.0	$ 38.4	$ 59.3	$ 30.4
Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value	$ 8.0
Fair Value, Inputs, Level 3 \| Fair Value, Recurring \| Discount rate \| Discounted cash flow \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.099
Fair Value, Inputs, Level 3 \| Fair Value, Recurring \| Probability of payment \| Discounted cash flow \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.250
Fair Value, Inputs, Level 3 \| Fair Value, Recurring \| Probability of payment \| Discounted cash flow \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.500

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 642.6	$ 576.1	$ 621.3
Restricted cash	0.0	0.2	0.2
Accounts receivable, net	159.2	278.9
Inventories, net	350.7	344.5
Prepaid expenses and other current assets	57.9	70.2
Total current assets	1,210.4	1,269.9
Property, plant and equipment, net	817.6	800.1
Intangible assets, net	728.8	604.6
Goodwill	218.2	224.9	266.7
Other assets	191.3	58.2
Total assets	3,166.3	2,957.7
Current liabilities:
Accounts payable	103.5	128.9
Accrued expenses	34.9	51.7
Accrued compensation	87.3	88.7
Debt, current portion	957.3	31.6
Other current liabilities	45.9	73.1
Total current liabilities	1,228.9	374.0
Debt, net of current portion	448.5	809.4
Deferred tax liability	59.7	93.3
Other liabilities	41.5	69.5
Total liabilities	1,778.6	1,346.2
Stockholders’ equity:
Preferred stock, $0.001 par value; 15.0 shares authorized, no shares issued and outstanding	0.0	0.0
Common stock, $0.001 par value; 200.0 shares authorized, 55.7 and 55.1 shares issued; 50.1 and 51.3 shares outstanding, respectively.	0.1	0.1
Treasury stock, at cost, 5.6 and 3.8 common shares, respectively	(227.7)	(152.2)
Additional paid-in capital	873.5	829.4
Accumulated other comprehensive income (loss), net	3.1	(16.1)
Retained earnings	738.7	950.3
Total stockholders’ equity	1,387.7	1,611.5	$ 1,450.9	$ 1,091.3
Total liabilities and stockholders’ equity	$ 3,166.3	$ 2,957.7

Stockholders' equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' equity

Preferred stock

The Company is authorized to issue up to 15.0 million shares of preferred stock, $0.001 par value per share ("Preferred Stock"). Any Preferred Stock issued may have dividend rights, voting rights, conversion privileges, redemption characteristics, and sinking fund requirements as approved by the Company's board of directors.

Common stock

The Company currently has one class of common stock, $0.001 par value per share common stock ("Common Stock"), authorized and outstanding. The Company is authorized to issue up to 200.0 million shares of Common Stock. Holders of Common Stock are entitled to one vote for each share of Common Stock held on all matters, except as may be provided by law.

2021 Stock Repurchase program

On November 11, 2021, the Company announced that its board of directors authorized a stock repurchase program of up to an aggregate of $250.0 million of Common Stock (the "Share Repurchase Program"). The Share Repurchase Program expired on November 11, 2022. The Company utilized $187.9 million to purchase 4.4 million shares as of the program expiration date. The Share Repurchase Program did not obligate the Company to acquire any specific number of shares. Repurchased shares are available for use in connection with our stock plans and for other corporate purposes.

The following table details our stock repurchases under the Share Repurchase Program:


	Year Ended December 31,
	2022		2021

Shares of common stock repurchased	1.8		2.6
Average price paid per share	$	42.36	$	42.67
Total cost	$	75.5	$	112.6

Accounting for share-based compensation

The Company has one share-based employee compensation plan, the Emergent Plan, which includes stock options and performance and restricted stock units.

As of December 31, 2022, an aggregate of 25.4 million shares of common stock were authorized for issuance under the Emergent Plan, of which a total of approximately 2.9 million shares of common stock remain available for future awards to be made to plan participants. The exercise price of each option must be not less than 100% of the fair market value of the shares underlying such option on the date of grant. Options granted under the Emergent Plan have a contractual life of seven years.

The Company utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. Set forth below are the assumptions used in valuing the stock options granted:


	Year Ended December 31,
	2022		2021		2020

Expected dividend yield	0	%	0	%	0	%
Expected volatility	54%-62%		47-48%		39-48%
Risk-free interest rate	1.54%-4.31%		0.43-0.94%		0.27-1.42%
Expected average life of options	4.5 years		4.5 years		4.5 years

Stock options, restricted stock units and performance stock units

The following is a summary of stock option award activity under the Emergent Plan:


	Number of Shares	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Stock options outstanding at December 31, 2021	1.2	$	60.83		$	3.0
Stock options granted	0.7	$	39.11
Stock options exercised	—	$	27.71
Stock options forfeited	(0.2)	$	64.66
Stock options outstanding at December 31, 2022	1.7	$	51.74	4.1	$	—
Stock options exercisable at December 31, 2022	0.8	$	54.14	2.3	$	—

Cash received from option exercises for the years ended December 31, 2022, 2021 and 2020 was $0.5 million, $10.4 million and $27.6 million, respectively.

The weighted average grant date fair value of options granted during the years ended December 31, 2022, 2021, and 2020 was $17.85, $35.16 and $21.69 per share, respectively. The total intrinsic value of options exercised during the years ended December 31, 2022, 2021, and 2020 was $0.3 million, $15.7 million and $38.2 million, respectively. As of December 31, 2022, there was $12.0 million of unrecognized compensation cost related to stock options.

The following is a summary of performance stock unit and restricted stock unit award activity under the Emergent Plan:


	Number of Shares	Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value
Stock awards outstanding at December 31, 2021	1.1	$	70.82	$	47.6
Stock awards granted (1)	1.9	$	34.49
Stock awards released	(0.5)	$	67.48
Stock awards forfeited (1)	(0.3)	$	55.46
Stock awards outstanding at December 31, 2022	2.2	$	42.30	$	25.8

(1) Performance stock units granted and forfeited during the year ended December 31, 2022 are included at the target payout percentage, or 100%, of shares granted.

The total fair value of restricted stock unit awards released during the years ended December 31, 2022, 2021 and 2020 was $30.9 million, $26.9 million and $34.1 million, respectively. As of December 31, 2022, there was $54.5 million of unrecognized compensation cost related to unvested restricted stock units. That cost is expected to be recognized ratable over a weighted average period of 1.9 years.

Performance stock units represent common stock potentially issuable in the future, subject to achievement of performance conditions. Our current outstanding performance stock units vest based on certain financial metrics over the applicable performance period. The vesting and payout range for our performance stock units is typically between 50% and up to 150% of the target number of shares granted at the end of a three-year performance period. The total fair value of performance unit awards released during the years ended December 31, 2022, 2021 and 2020 was $2.5 million, $3.8 million and $1.2 million, respectively. As of December 31, 2022, there was $5.3 million of unrecognized compensation cost related to unvested performance stock units. That cost is expected to be recognized ratable over a weighted average period of 1.9 years.

Share-based Compensation Expense

Share-based compensation expense was recorded in the following financial statement line items:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
Cost of product sales	$	7.3	$	6.4	$	8.9
Cost of CDMO services	1.8		1.1		3.5
Research and development	5.4		5.0		8.4
Selling, general and administrative	30.6		29.9		31.0
Total share-based compensation expense	$	45.1	$	42.4	$	51.8

Accumulated other comprehensive income (loss), net of tax

The following table includes changes in accumulated other comprehensive income (loss), net of tax by component:


	Defined Benefit Pension Plan		Derivative Instruments		Foreign Currency Translation Adjustments		Total

Balance at December 31, 2020 (As Revised)	$	(7.7)	$	(11.0)	$	(6.6)	$	(25.3)
Other comprehensive income (loss) before reclassifications	4.3		0.7		(1.0)		4.0
Amounts reclassified from accumulated other comprehensive income (loss)	(0.6)		5.8		—		5.2
Net current period other comprehensive income (loss)	3.7		6.5		(1.0)		9.2
Balance at December 31, 2021 (As Revised)	$	(4.0)	$	(4.5)	$	(7.6)	$	(16.1)
Other comprehensive income before reclassifications	8.7		10.8		1.0		20.5
Amounts reclassified from accumulated other comprehensive income (loss)	(1.2)		(0.1)		—		(1.3)
Net current period other comprehensive income	7.5		10.7		1.0		19.2
Balance at December 31, 2022 (As Restated)	$	3.5	$	6.2	$	(6.6)	$	3.1

The tables below present the tax effects related to each component of other comprehensive income (loss):


	December 31, 2022						December 31, 2021						December 31, 2020
	(As Restated)						(As Revised)						(As Revised)
	Pretax		Tax Benefit (Expense)		Net of tax		Pretax		Tax Benefit (Expense)		Net of tax		Pretax		Tax Benefit (Expense)		Net of tax
Defined benefit pension plan	$	8.7	$	(1.2)	$	7.5	$	4.3	$	(0.6)	$	3.7	$	(5.0)	$	0.7	$	(4.3)
Derivative instruments	14.6		(3.9)		10.7		8.9		(2.4)		6.5		(13.0)		3.6		(9.4)
Foreign currency translation adjustments	0.6		0.4		1.0		(1.2)		0.2		(1.0)		(2.2)		0.1		(2.1)
Total adjustments	$	23.9	$	(4.7)	$	19.2	$	12.0	$	(2.8)	$	9.2	$	(20.2)	$	4.4	$	(15.8)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Segment Information - Narrative (Details) $ in Millions	12 Months Ended
Segment Information - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Long-lived assets \| $	$ 826.7	$ 819.6

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating lease cost:
Amortization of right-of-use assets	$ 5.6	$ 5.6	$ 4.5
Interest on lease liabilities	1.1	1.3	1.1
Total operating lease cost	$ 6.7	$ 6.9	$ 5.6

Defined benefit and 401(k) savings plan - Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Discount rate	2.10%	0.30%
Expected rate of return	3.50%	3.00%
Rate of future compensation increases	1.80%	1.40%

Intangible assets and goodwill

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and goodwill

The Company's intangible assets consist of products acquired via business combinations or asset acquisitions. Components of the Company’s intangible assets, excluding goodwill, consisted of the following:


		December 31, 2022						December 31, 2021

	Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Products (1)(2)	14.4	$	982.1	$	253.3	$	728.8	$	798.0	$	193.5	$	604.5
Customer relationships	0.0	28.6		28.6		—		28.6		28.6		—
CDMO	0.0	5.5		5.5		—		5.5		5.4		0.1
Total intangible assets	14.4	$	1,016.2	$	287.4	$	728.8	$	832.1	$	227.5	$	604.6

(1) During the year ended December 31, 2022, the Company acquired certain assets through asset acquisitions, and the related intangible assets were assigned to the "Products" asset type, of which $156.9 million was related to the Transaction.
(2) During the year ended December 31, 2022, the Company acquired certain assets through a royalty settlement, and the related intangible assets of $21.8 million were assigned to the "Products" asset type.

For the years ended December 31, 2022, 2021, and 2020, the Company recorded amortization expense for intangible assets of $59.9 million, $58.5 million and $59.8 million, respectively, which is included in the amortization of intangible assets in the consolidated statements of operations.

The Company estimates its future amortization expense for our intangible assets as follows:


Year	As of December 31, 2022

2023	$	71.5
2024	71.5
2025	71.5
2026	70.2
2027	67.0
Thereafter	377.1
Total remaining amortization	$	728.8

The table below summarizes the changes in the carrying amount of goodwill by reportable segment:


	Products (1)		Services (2)		Total
Balance at December 31, 2020	$	260.0	$	6.7	$	266.7
Goodwill impairment	(41.7)		—		(41.7)
Foreign currency translation adjustment	(0.1)		—		(0.1)
Balance at December 31, 2021	$	218.2	$	6.7	$	224.9
Goodwill impairment	—		(6.7)		(6.7)
Foreign currency translation adjustment	—		—		—
Balance at December 31, 2022	$	218.2	$	—	$	218.2

(1) Amounts for the Company's Products segment include gross carrying values of $259.9 million as of December 31, 2022 and 2021, and $260.0 million as of December 31, 2020, and accumulated impairment losses of $41.7 million representing the aggregate impairment charges for the years ended December 31, 2022, 2021 and 2020.

(2) Amounts for the Company's Services segment include gross carrying values of $6.7 million as of December 31, 2022, 2021, and 2020, and accumulated impairment losses of $6.7 million representing the aggregate impairment charges for the year ended December 31, 2022.

As a result of the Company's annual goodwill impairment test on October 1, 2022 the Company recorded a $6.7 million non-cash goodwill impairment charge included in "Goodwill impairment" in the Statements of Operations during the year ended December 31, 2022 in the CDMO - Services reporting unit within the Services segment. The CDMO - Services reporting unit and Services segment had no remaining goodwill balance as of December 31, 2022. The goodwill impairment charge resulted from a reduction in the estimated fair value of the CDMO-Services reporting unit due to changes to the long-term operating plan that reflected lower expectations for growth and profitability than previous expectations. The Company used a quantitative assessment, utilizing a income based (discounted cash flows) approach, Level 3 non-recurring fair value measurement, for our goodwill impairment testing for all of our reporting units in 2022. Outside of our CDMO - Services reporting unit, the assessments completed for all other reporting units during the year ended December 31, 2022 indicated no impairment.

On October 1, 2021, the Company reorganized its lines of business resulting in a change in the composition of two of its reporting units and performed its annual impairment testing using quantitative tests to determine fair values of the reporting units both before and after the reorganization of the lines of business and its reporting units. Using both a market based (comparable company multiple) and income based (discounted cash flows) approach, each a Level 3 non-recurring fair value measurement, the Company determined that there was a goodwill impairment of $41.7 million included in "Goodwill impairment" in the Statements of Operations in the Commercial products reporting unit within our Products segment. The Company used a qualitative assessment for our goodwill impairment testing for all other reporting units in 2021. The assessments completed for all other reporting units during the year ended December 31, 2021 indicated no impairment.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia
Auditor Firm ID	42

Derivative Instruments and hedging activities - Derivative Designated as Cash Flow Hedges (Details) - Interest Rate Swaps - Designated as Hedging Instrument	Dec. 31, 2022 USD ($) instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments \| instrument	7
Notional amount \| $	$ 350,000,000.0

Restatement of consolidated financial statements - Consolidated Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 642.6	$ 576.1	$ 621.3
Restricted cash	0.0	0.2	0.2
Accounts receivable, net	159.2	278.9
Inventories, net	350.7	344.5
Prepaid expenses and other current assets	57.9	70.2
Total current assets	1,210.4	1,269.9
Property, plant and equipment, net	817.6	800.1
Intangible assets, net	728.8	604.6
Goodwill	218.2	224.9	266.7
Other assets	191.3	58.2
Total assets	3,166.3	2,957.7
Current liabilities:
Accounts payable	103.5	128.9
Accrued expenses	34.9	51.7
Accrued compensation	87.3	88.7
Debt, current portion	957.3	31.6
Other current liabilities	45.9	73.1
Total current liabilities	1,228.9	374.0
Debt, net of current portion	448.5	809.4
Deferred tax liability	59.7	93.3
Other liabilities	41.5	69.5
Total liabilities	1,778.6	1,346.2
Stockholders’ equity:
Preferred stock, $0.001 par value; 15.0 shares authorized, no shares issued and outstanding	0.0	0.0
Common stock, $0.001 par value; 200.0 shares authorized, 55.7 and 55.1 shares issued; 50.1 and 51.3 shares outstanding, respectively.	0.1	0.1
Treasury stock, at cost, 5.6 and 3.8 common shares, respectively	(227.7)	(152.2)
Additional paid-in capital	873.5	829.4
Accumulated other comprehensive income (loss), net	3.1	(16.1)
Retained earnings	738.7	950.3
Total stockholders’ equity	$ 1,387.7	$ 1,611.5	$ 1,450.9	$ 1,091.3
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000.0
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	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000.0
Common stock, shares issued (in shares)	55,700,000	55,100,000
Common stock, shares outstanding (in shares)	50,100,000	51,300,000
Treasury stock (in shares)	5,600,000	3,800,000
Total liabilities and stockholders’ equity	$ 3,166.3	$ 2,957.7
Previously Reported
Current assets:
Cash and cash equivalents	642.6	576.1	$ 621.3
Restricted cash	0.0	0.2	$ 0.2
Accounts receivable, net	158.4	274.7
Inventories, net	351.8	350.8
Prepaid expenses and other current assets	57.9	70.2
Total current assets	1,210.7	1,272.0
Property, plant and equipment, net	817.6	800.1
Intangible assets, net	728.8	604.6
Goodwill	218.2	224.9
Other assets	191.3	57.4
Total assets	3,166.6	2,959.0
Current liabilities:
Accounts payable	103.5	128.9
Accrued expenses	34.9	51.7
Accrued compensation	88.3	88.7
Debt, current portion	957.3	31.6
Other current liabilities	45.9	72.9
Total current liabilities	1,229.9	373.8
Debt, net of current portion	448.5	809.4
Deferred tax liability	71.8	94.9
Other liabilities	33.4	61.9
Total liabilities	1,783.6	1,340.0
Stockholders’ equity:
Preferred stock, $0.001 par value; 15.0 shares authorized, no shares issued and outstanding	0.0	0.0
Common stock, $0.001 par value; 200.0 shares authorized, 55.7 and 55.1 shares issued; 50.1 and 51.3 shares outstanding, respectively.	0.1	0.1
Treasury stock, at cost, 5.6 and 3.8 common shares, respectively	(227.7)	(152.2)
Additional paid-in capital	873.5	829.4
Accumulated other comprehensive income (loss), net	3.1	(16.1)
Retained earnings	734.0	957.8
Total stockholders’ equity	1,383.0	1,619.0
Total liabilities and stockholders’ equity	3,166.6	2,959.0
Tax Adjustments
Current liabilities:
Other current liabilities	(0.3)
Total current liabilities	(0.3)
Deferred tax liability	(12.1)
Other liabilities	7.1
Total liabilities	(5.3)
Stockholders’ equity:
Retained earnings	5.3
Total stockholders’ equity	5.3
Other Adjustments
Current assets:
Accounts receivable, net	0.8	4.2
Inventories, net	(1.1)	(6.3)
Total current assets	(0.3)	(2.1)
Other assets		0.8
Total assets	(0.3)	(1.3)
Current liabilities:
Accrued compensation	(1.0)
Other current liabilities	0.3	0.2
Total current liabilities	(0.7)	0.2
Deferred tax liability		(1.6)
Other liabilities	1.0	7.6
Total liabilities	0.3	6.2
Stockholders’ equity:
Retained earnings	(0.6)	(7.5)
Total stockholders’ equity	(0.6)	(7.5)
Total liabilities and stockholders’ equity	$ (0.3)	$ (1.3)

Summary of significant accounting policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2022
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	31 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	39 years
Building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	39 years
Furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

Segment Information - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 330.2	$ 239.9	$ 242.6	$ 304.8	$ 732.9	$ 286.3	$ 377.4	$ 377.0	$ 1,117.5	$ 1,773.6	$ 1,577.3
United States
Disaggregation of Revenue [Line Items]
Total revenues									886.1	1,623.4	1,467.9
Canada
Disaggregation of Revenue [Line Items]
Total revenues									148.6	66.7	46.0
Other
Disaggregation of Revenue [Line Items]
Total revenues									$ 82.8	$ 83.5	$ 63.4

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Debt - Future Debt Payments of Long-term Indebtedness (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 961.5
2024	0.3
2025	0.0
2026	2.0
2027	450.0
Thereafter	0.0
Total debt	$ 1,413.8	$ 849.6

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
Revenues:
Products	$	966.2	$	1,023.9	$	989.8
Services (1)	109.9		615.5		472.4
Total segment revenues	1,076.1		1,639.4		1,462.2
Contracts and grants revenue	41.4		134.2		115.1
Total revenues	$	1,117.5	$	1,773.6	$	1,577.3

Less: Cost of sales:
Cost of Products	$	424.6	$	382.6	$	392.0
Cost of Services	268.5		365.5		145.0
Total cost of sales	$	693.1	$	748.1	$	537.0

Products gross margin	$	541.6	$	641.3	$	597.8
Services gross margin (1)	$	(158.6)	$	250.0	$	327.4
Consolidated gross margin (2)	$	383.0	$	891.3	$	925.2

Adjustments to gross margin:
Products:
Changes in fair value of contingent consideration	$	2.6	$	2.9	$	31.7
Inventory step-up provision	51.4		—		—

Products adjusted gross margin	$	595.6	$	644.2	$	629.5
Services adjusted gross margin (1)	$	(158.6)	$	250.0	$	327.4
Consolidated adjusted gross margin(3)	$	437.0	$	894.2	$	956.9

Other reconciling items:
Contracts and grants revenue	$	41.4	$	134.2	$	115.1
Adjustments to gross margin	(54.0)		(2.9)		(31.7)
Research and development	(188.3)		(235.2)		(237.9)
Selling, general and administrative	(339.5)		(348.7)		(304.1)
Goodwill impairment	(6.7)		(41.7)		—
Amortization of intangible assets	(59.9)		(58.5)		(59.8)
Interest expense	(37.3)		(34.5)		(31.3)
Other, net	(11.7)		(3.7)		4.7
Income (loss) before income taxes	$	(219.0)	$	303.2	$	411.9

(1) Services revenue, Services gross margin and Services Adjusted gross margin for the years ended December 31, 2021 and 2020 includes the impact of $243.1 million and $247.8 million, respectively of CDMO leases revenues related to the BARDA COVID-19 Development Public Private Partnership which ended in November 2021.
(2) Total segment revenues less total cost of sales.
(3) Consolidated gross margin plus adjustments to gross margin.

Schedule of Segment Reporting Information, by Segment

The following table includes depreciation expense for each segment:


	Year Ended December 31,
	2022		2021		2020
Depreciation:
Products	$	32.9	$	27.8	$	27.2
Services	43.2		28.3		17.3
Other	7.3		6.1		5.6
Total	$	83.4	$	62.2	$	50.1

Revenue from External Customers by Geographic Areas

The following table includes revenues by country. Revenues have been attributed based on the location of the customer:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
Revenue:
United States	$	886.1	$	1,623.4	$	1,467.9
Canada	148.6		66.7		46.0
Other	82.8		83.5		63.4
Total revenues	$	1,117.5	$	1,773.6	$	1,577.3

Long-Lived Assets by Geographic Areas

The following table included long-lived assets, net by country. Long-lived assets, net includes right-of-use assets, net and property, plant & equipment, net, excluding software, net:


	December 31,
	2022		2021

Long-lived assets, net:
United States	$	696.1	$	705.5
Switzerland	88.1		73.1
Canada	37.5		35.0
Other	5.0		6.0
Total long-lived assets, net	$	826.7	$	819.6

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of significant accounting policies

Basis of presentation and consolidation

Our financial statements are prepared in conformity with U.S. generally accepted accounting principles ("GAAP"). The accompanying consolidated financial statements include the accounts of Emergent and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. Reclassifications of certain prior period amounts have been made to conform to the current period presentation.

During the year ended December 31, 2022, the Company revised the reporting that the chief operating decision maker (the "CODM") reviews in order to assess Company performance. The CODM manages the business with a focus on two reportable segments: (1) Products segment consisting of Government - MCM and Commercial products and (2) Services segment focused on CDMO services.

Going Concern

The consolidated financial statements have been prepared on the going concern basis of accounting, which assumes the Company will continue to operate as a going concern and which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.

As of December 31, 2022, there is $598.0 million outstanding on the our senior revolving credit facility ("Revolving Credit Facility") and $362.8 million on our senior term loan facility ("Term Loan Facility" and together with the Revolving Credit Facility, the "Senior Secured Credit Facilities") that mature in October 2023, which is within one year of the date that the consolidated financial statements for the year ended December 31, 2022 are issued. The Company determined that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued as a result of these pending maturities. This evaluation considered the potential mitigating effect of management’s plans that have not been fully implemented. Management evaluated the mitigating effect of its plans to determine if it is probable that (1) the plans will be effectively implemented within one year after the date the financial statements are issued, and (2) when implemented, the plans will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. The Company's plan to alleviate the substantial doubt includes amending its existing Senior Secured Credit Facilities that are due October 2023.

On February 14, 2023, the Company entered into a Consent, Limited Waiver, and Third Amendment to the Amended and Restated Credit Agreement (the “Third Credit Agreement Amendment”, "Credit Agreement" and as amended, the "Amended Credit Agreement") relating to the Senior Secured Credit Facilities. Pursuant to the Third Credit Agreement Amendment, the requisite lenders consented to our sale of our travel health business to Bavarian Nordic substantially in accordance with the terms of the Sale Agreement. The proceeds from the transaction will be deposited into a cash collateral account with the Administrative Agent and will, unless otherwise agreed to by the Company and the requisite lenders, be used to repay the outstanding Term Loan Facility on the expiration of the Limited Waiver (as described below). We currently expect the transaction to close in the second quarter of 2023, but we can provide no assurance that the transaction will close prior to the October 2023 maturity of the Term Loan Facility, or at all.

While the Company is in the process of replacing and expects to replace the Senior Secured Credit Facilities before they mature, management cannot conclude that it is probable that the Company will be able to obtain such debt refinancing on commercially reasonable terms or at all until a new credit facility is in place. The Company is currently working with its lenders to refinance the Senior Secured Credit Facilities with revised terms and conditions. The extent to which the Company will be able to affect such refinancing, replacement or maturity extension on terms that are favorable or at all is dependent on a number of uncertain factors, including then-prevailing credit and other market conditions, economic conditions, particularly in the pharmaceutical and biotechnology industry, disruptions or volatility caused by factors such as COVID-19, regional conflicts, inflation, and supply chain disruptions. In addition, rising interest rates could limit our ability to refinance the Senior Secured Credit Facilities when they mature or cause us to pay higher interest rates upon refinancing.

The Company has $642.6 million of cash on hand at December 31, 2022. On January 9, 2023, the Company announced the 2023 organizational restructuring Plan (the “Plan”) intended to reduce operating costs, improve operating margins, and continue advancing the Company’s ongoing commitment to profitable growth. The Plan includes a reduction of the Company’s current workforce by approximately five percent.

Use of estimates

The preparation of financial statements requires management to make estimates, judgments and assumptions that affect reported amounts and disclosures for asset impairments, revenue recognition, allowances for doubtful accounts, inventory, depreciation and amortization, business combinations, contingent consideration, stock-based compensation, income taxes, and other contingencies. Management continually re-evaluates its estimates, judgments and assumptions. These estimates are sometimes complex, sensitive to changes in assumptions and require fair value determinations using Level 3 fair value measurements. Actual results may differ materially from those estimates.

Cash, cash equivalents and restricted cash

Cash equivalents are highly liquid investments with a maturity of 90 days or less at the date of purchase and consist of time deposits and investments in money market funds with commercial banks and financial institutions. Also, the Company maintains cash balances with financial institutions in excess of insured limits. Restricted cash includes cash that is not readily available for use in the Company's operating activities. Restricted cash is primarily comprised of cash pledged under letters of credit.

Fair value measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value include:


Level 1 —			Observable inputs for identical assets or liabilities such as quoted prices in active markets;
Level 2 —			Inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level 3 —			Unobservable inputs in which little or no market data exists, which are therefore developed by the Company using estimates and assumptions that reflect those that a market participant would use.

On a recurring basis, the Company measures and records money market funds (Level 1), interest-rate swap arrangements and time deposits (Level 2) and contingent purchase consideration (Level 3) using fair value measurements in the accompanying financial statements. The carrying amounts of the Company's short-term financial instruments, which include cash and cash equivalents, accounts receivable and accounts payable approximate their fair values due to their short maturities. The carrying amounts of the Company’s long-term variable interest rate debt arrangements (Level 2) approximate their fair values.

Significant customers and accounts receivable

Billed accounts receivable are stated at invoice amounts and consist of amounts due from the USG, commercial CDMO customers, as well as amounts due under reimbursement contracts with other government entities and non-government organizations. The Company's branded and generic opioid overdose reversal product is sold commercially through physician-directed or standing order prescriptions at retail pharmacies, as well as state health departments, law enforcement agencies, state and local community based organizations, substance abuse centers and federal agencies. If necessary, the Company records a reserve for credit losses to allow for amounts which may be unrecoverable. This provision is based upon an analysis of the Company's prior collection experience, customer creditworthiness and current economic trends. Amounts determined to be uncollectible are charged or written-off against the reserve. Unbilled accounts receivable relates to various service contracts for which work has been performed and the Company has a right to bill but invoicing has not yet occurred. Contract assets include revenues recognized in advance of billings and the Company does not have a right to invoice the customer under the terms of the contract. The Company has receivables from contracts containing lease components. At each reporting period, the Company assesses whether it is probable that the Company will collect all future lease payments. The Company considers payment history and current credit status when assessing collectability. The Company does not adjust our receivables for the effects of a significant financing component at contract inception if we expect to collect the receivables in one year or less from the time of sale.

Concentration Risk

Customers

The Company has long-term contracts with the USG that expire at various times from 2023 through 2036. The Company has derived a significant portion of its revenue from sales of our Government - MCM products under contracts with the USG. The Company's current USG contracts do not necessarily increase the likelihood that it will secure future comparable contracts with the USG. The Company expects that a significant portion of the business will continue to be under government contracts that present a number of risks that are not typically present in the commercial contracting process. USG contracts for ACAM2000 and Anthrax Vaccines and other medical countermeasures products are subject to unilateral termination or modification by the government. The Company may fail to achieve significant sales of its medical countermeasures products, including ACAM2000 and Anthrax Vaccines to customers in addition to the USG, which would harm their growth opportunities. The Company's other product sales, largely Nasal Naloxone Products, are largely sold commercially through physician-directed or standing order prescriptions at retail pharmacies, as well as to state health departments, local law enforcement agencies, community-based organizations, substance abuse centers and other federal agencies. In 2022, we filed our supplemental New Drug Application for NARCAN® (naloxone HCI) Nasal Spray, as an over-the-counter emergency treatment which if approved would further broaden our customer base. Our CDMO customers are generally third-party pharmaceutical companies. Refer to Footnote 12, "Revenue recognition" for more information regarding significant customers.

Although the Company seeks to expand its customer base and to renew its agreements with its customers prior to expiration of a contract, a delay in securing a renewal or a failure to secure a renewal or securing a renewal on less favorable terms may have a material adverse effect on the Company’s financial condition and results of operations.

The Company’s accounts receivable do not represent a significant concentration of credit risk. The USG accounted for approximately 43%, 51% and 62% of total revenues for 2022, 2021 and 2020, respectively. The Company’s accounts receivable as of December 31, 2022 and 2021, consist primarily of amounts due from the USG or other large multi-national highly reputable customers for product sales, CDMO services or from government agencies under government grants. Management does not deem credit risk to be significant.

Financial Institutions

Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk.

Lender Counterparties

There is lender counterparty risk associated with the Company's revolving credit facility and derivatives instruments. There is risk that the Company’s revolving credit facility investors and derivative counterparties will not be available to fund as obligated. If funding under the revolving credit facility is unavailable, the Company may have to acquire a replacement credit facility from different counterparties at a higher cost or may be unable to find a suitable replacement. The Company seeks to manage risks from its revolving credit facility and derivative instruments by contracting with experienced large financial institutions and monitoring the credit quality of its lenders. As of December 31, 2022, the Company does not anticipate nonperformance by any of its counterparties.

Inventories, net

Inventories are stated at the lower of cost or net realizable value with cost being determined using a standard cost method, which approximates average cost. Average cost consists primarily of material, labor and manufacturing overhead expenses (including fixed production-overhead costs) and includes the services and products of third-party suppliers. The Company analyzes its inventory levels quarterly and writes down, in the applicable period, inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value and inventory in excess of expected customer demand. The Company also writes off, in the applicable period, the costs related to short-dated, contaminated or expired inventory. Costs of purchased inventories are recorded using weighted-average costing. The Company determines normal capacity for each production facility and allocates fixed production-overhead costs on that basis.

The Company records inventory acquired in business combinations utilizing the comparative sales method, which estimates the expected sales price reduced for all costs expected to be incurred to complete/dispose of the inventory with a profit on those costs.

Property, plant and equipment, net

Property, plant and equipment are stated at cost less accumulated depreciation and impairments. subject to reviews for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The cost of normal, recurring or periodic repairs and maintenance activities related to property, plant and equipment are expensed as incurred. The cost for planned major maintenance activities, including the related acquisition or construction of assets, is capitalized if the repair will result in future economic benefits.

Interest costs incurred during the construction of major capital projects are capitalized until the underlying asset is ready for its intended use, at which point the interest costs are amortized as depreciation expense over the life of the underlying asset.

The Company capitalizes internal-use software when both (a) the software is internally developed, acquired, or modified solely to meet the entity’s internal needs and (b) during the software’s development or modification, no substantive plan either exists or is being developed to market the software externally. Capitalization of qualifying internal-use software costs begins when the preliminary project stage is completed, management with the relevant authority, implicitly or explicitly, authorizes and commits to the funding of the software project, and it is probable that the project will be completed and the software will be used to perform the function intended.


Land			Not depreciated
Buildings			31-39 years
Building improvements			10-39 years
Furniture and equipment			3-15 years
Software			3-7 years
Leasehold improvements			Lesser of the asset life or lease term

Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. Repairs and maintenance costs are expensed as incurred.

The Company determines the fair value of the property, plant and equipment acquired in a business combination utilizing either the cost approach or the sales comparison approach. The cost approach is determined by establishing replacement cost of the asset and then subtracting any value that has been lost due to economic obsolescence, functional obsolescence, or physical deterioration. The sales comparison approach determines an asset is equal to the market price of an asset of comparable features such as design, location, size, construction, materials, use, capacity, specification, operational characteristics and other features or descriptions.

Income taxes

Income taxes includes federal, state, local and foreign taxes. Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis and net operating loss and research and development ("R&D") tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. Valuation allowances are recorded as appropriate to reduce deferred tax assets to the amount considered likely to be realized.

Deferred income tax effects of transactions reported in different periods for financial reporting and income tax return purposes are recognized under the asset and liability method of accounting for income taxes. This method gives consideration to the future tax consequences of the deferred income tax items and immediately recognizes changes in income tax laws in the year of enactment.

The Company's ability to realize deferred tax assets depends upon future taxable income as well as the limitations discussed below. For financial reporting purposes, a deferred tax asset must be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized prior to expiration. The Company considers future taxable income and ongoing tax planning strategies in assessing the need for valuation allowances. In general, if the Company determines that it is more likely than not to realize more than the recorded amounts of net deferred tax assets in the future, the Company will reverse all or a portion of the valuation allowance established against its deferred tax assets, resulting in a decrease to income taxes in the period in which the determination is made. Likewise, if the Company determines that it is not more likely than not to realize all or part of the net deferred tax asset in the future, the Company will establish a valuation allowance against deferred tax assets, with an offsetting increase to income taxes, in the period in which the determination is made.

Under sections 382 and 383 of the Internal Revenue Code, if an ownership change occurs with respect to a "loss corporation", as defined therein, there are annual limitations on the amount of net operating losses and deductions that are available. The Company has recognized the portion of net operating losses and R&D tax credits acquired that will not be limited and are more likely than not to be realized.

Because tax laws are complex and subject to different interpretations, significant judgment is required. As a result, the Company makes certain estimates and assumptions, in (1) calculating the Company's income tax expense, deferred tax assets and deferred tax liabilities, (2) determining any valuation allowance recorded against deferred tax assets and (3) evaluating the amount of unrecognized tax benefits, as well as the interest and penalties related to such uncertain tax positions. The Company's estimates and assumptions may differ from tax benefits ultimately realized.

Asset Impairment Analysis

Goodwill and Indefinite-lived Intangible Assets

Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets when accounted for using the purchase method of accounting. Goodwill is not amortized but is reviewed for impairment. Goodwill is allocated to the Company's reporting units, which are components of our business for which discrete cash flow information is available one level below its operating segment. The Company evaluates goodwill and other indefinite-lived intangible assets for impairment annually as of October 1 and at interim 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.

The quantitative goodwill impairment test is performed using a one-step process. The process is to compare the fair value of a reporting unit with its carrying amount. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying amount of a reporting unit exceeds its fair value, goodwill of the reporting unit is impaired and an impairment loss is recognized in an amount equal to that excess up to the total amount of goodwill included in the reporting unit.

When the Company has material indefinite lived intangible assets associated with in-process research and development ("IPR&D") a qualitative assessment is performed. If the qualitative assessment indicates that it is not more likely than not that the fair value of the indefinite lived intangible asset exceeds its carrying amount, the Company compares the estimated fair value of the intangible with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Determining fair value requires the exercise of judgment about appropriate discount rates, perpetual growth rates and the amount and timing of expected future cash flows (see Note 6, "Intangible assets and goodwill").

Long-lived Assets

Long-lived assets such as intangible assets and property, plant and equipment are not required to be tested for impairment annually. Instead, they are tested for impairment whenever circumstances indicate that the carrying amount of the asset may not be recoverable, such as when the disposal of such assets is likely or there is an adverse change in the market involving the business employing the related assets. If an impairment analysis is required, the impairment test employed is based on whether the Company’s intent is to hold the asset for continued use or to hold the asset for sale. If the intent is to hold the asset for continued use, the impairment test first requires a comparison of undiscounted future cash flows to the carrying value of the asset. If the carrying value of the asset exceeds the undiscounted cash flows, the asset would not be deemed to be recoverable. Impairment would then be measured as the excess of the asset’s carrying value over its fair value. Fair value is typically determined by discounting the future cash flows associated with that asset. If the intent is to hold the asset for sale and certain other criteria are met, the impairment test involves comparing the asset’s carrying value to its fair value less costs to sell. To the extent the carrying value is greater than the asset’s fair value less costs to sell, an impairment loss is recognized in an amount equal to the difference. Significant judgments used for long-lived asset impairment assessments include identifying the appropriate asset groupings and primary assets within those groupings, determining whether events or circumstances indicate that the carrying amount of the asset may not be recoverable, determining the future cash flows for the assets involved and assumptions applied in determining fair value, which include, reasonable discount rates, growth rates, market risk premiums and other assumptions about the economic environment.

Contingent Consideration

In connection with the Company's acquisitions accounted for as business combinations, the Company records contingent consideration associated with sales-based royalties, sales-based milestones and development and regulatory milestones at fair value. The fair value model used to calculate these obligations is based on the income approach (a discounted cash flow model) that has been risk adjusted based on the probability of achievement of net sales and achievement of the milestones. The inputs the Company uses for determining the fair value of the contingent consideration associated with sales-based royalties, sales-based milestones and development and regulatory milestones are Level 3 fair value measurements. The Company re-evaluates the fair value on a quarterly basis. Changes in the fair value can result from adjustments to the discount rates and updates in the assumed timing of or achievement of net sales and/or the achievement of development and regulatory milestones. Any future increase or decrease in the fair value of the contingent consideration associated with sales-based royalties and sales-based milestones along with development and regulatory milestones are based on an assessment of the likelihood that the underlying net sales or milestones will be achieved.

The associated payments which will become due and payable for sales-based royalties and milestones result in a charge to cost of product sales in the period in which the increase is determined. Similarly, any future decrease in the fair value of contingent consideration associated with sales-based royalties and sales-based milestones will result in a reduction in cost of product sales. The changes in fair value for potential future sales-based royalties associated with product candidates in development will result in a charge to cost of product sales in the period in which the increase is determined.

The Company's acquisitions accounted for as asset acquisitions may also include contingent consideration payments to be made for sales-based royalties, sales-based milestones and development and regulatory milestones. The Company assesses whether such contingent consideration meets the definition of a derivative. Contingent consideration payments in an asset acquisition not required to be accounted for as derivatives are recognized when the contingency is resolved, and the consideration is paid or becomes payable. Contingent consideration payments required to be accounted for as derivatives are recorded at fair value on the date of the acquisition and are subsequently remeasured to fair value at each reporting date.

Leases

The Company has operating leases for corporate offices, R&D facilities and manufacturing facilities. The Company determines if an arrangement is a lease at inception. Operating leases with future minimum lease payments in excess of 12 months and total lease payments greater than $0.4 million are included in right-of-use (ROU) assets and liabilities. The Company has elected to record expense on a cash basis for leases with minimum lease payments of 12 months or less and/or total lease payments less $0.4 million.

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.

Revenue recognition

The Company recognizes revenue when the Company's customers obtain control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services by analyzing the following five steps: (1) identify the contract with a customer(s); (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation.

Multiple performance obligations

At contract inception, the Company assesses the products or services promised in a contract and identifies a performance obligation for each promise to transfer to the customer a product or service that is distinct, including evaluating whether the contract includes a customer option for additional goods or services which could represent a material right. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer and is the unit of account under ASC 606. Contracts sometimes include more than one product, a lease, or options for customers to purchase additional products or services in the future for free or at a discount, which gives rise to separate performance obligations. For contracts with multiple performance obligations, the Company allocates the contract price to each performance obligation on a relative standalone selling price basis using the Company’s best estimate of the standalone selling price of each distinct product or service in the contract. The primary method used to estimate standalone selling price is the price observed in standalone sales to customers, however when prices in standalone sales are not available the Company may use third-party pricing for similar products or services or estimate the standalone selling price. Allocation of the transaction price is determined at the contracts’ inception.

Transaction price and variable consideration

Once the performance obligations in the contract have been identified, the Company estimates the transaction price of the contract. The estimate includes amounts that are fixed as well as those that can vary based on expected outcomes of the activities or contractual terms. The Company's variable consideration includes net profit received from sales of the Company's generic Nasal naloxone product, certain products sold on a net basis, cost-plus-fee contract terms and consideration transferred under its development contracts as consideration received can vary based on developmental progression of the product candidate. When a contract's transaction price includes variable consideration, the Company evaluates the variable consideration to determine whether the estimate needs to be constrained; therefore, the Company includes the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Variable consideration estimates are updated at each reporting date. There were no significant constraints or material changes to the Company's variable consideration estimates as of or during the year ended December 31, 2022.

Product sales

For our product sales, we recognize revenue at a point in time when the Company’s performance obligations have been satisfied and control of the products transfer to the customer. To indicate the transfer of control the Company will have a present right to payment, legal title must have passed to the customer, and the customer must have the significant risks and rewards of ownership. This point in time depends on several factors, including delivery, transfer of legal title, transition of risk and rewards of the product to the customer and the Company's right to payment.

The Company's contracts for the sale of the Company's Government - MCM products include certain acceptance criteria before title passes to the customer. The primary customer for the Company's Government - MCM products and the primary source of funding for the development of its MCM product candidate portfolio is the USG. The USG contracts for the sale of the Company's Government - MCM products are normally multi-year contracts with annual options.

For the Company’s commercial products, upon transfer of control of the goods the Company reflects estimates of the consideration that the Company expects. Prior to recognizing revenue, the Company makes estimates of the transaction price, including variable consideration that is subject to a constraint. Estimates of variable consideration include allowances for returns, specialty distributor fees, wholesaler fees, prompt payment discounts, government rebates, chargebacks and rebates under managed care plans.

Revenue is recognized to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with such variable consideration is subsequently resolved. Provisions for variable consideration revenues from sales of products are recorded at the net sales price. Calculating certain of these provisions involves estimates and judgments and the Company determines their expected value based on sales or invoice data, contractual terms, historical utilization rates, new information regarding changes in these programs’ regulations and guidelines that would impact the amount of the actual rebates, the Company's expectations regarding future utilization rates for these programs and channel inventory data. These provisions reflect the Company's best estimate of the amount of consideration to which the Company is entitled based on the terms of the contract. The Company reassesses the Company's provisions for variable consideration at each reporting date.

CDMO services

The Company performs CDMO services for third parties. Under these contracts, activities can include drug substance and drug product manufacturing services for injectable and other sterile products, and development services such as pharmaceutical product process development, process design, technology transfer, manufacturing validations, laboratory analytical development support, aseptic filling, lyophilization, final packaging, stability studies, and suite-reservations. These contracts vary in duration, activities, and number of performance obligations. Performance obligations identified under these arrangements may include drug substance and/or drug product manufacturing, technology transfer activities, and suite-reservations.

Drug substance, drug product manufacturing, development services and technology transfer performance obligations are recognized as revenue over-time because the Company’s performance does not create an asset with an alternative use and the Company has an enforceable right to payment for performance completed as work is performed. In drug product arrangements, the customer typically owns and supplies the active pharmaceutical ingredient (API), that is used in the manufacturing process; in drug substance arrangements, the customer provides certain seed material that is used in the manufacturing process. The transaction price generally contains both a fixed and variable component. The fixed component is stated in the agreement as a fixed price per unit with no contractual provision for a refund or price concession and the variable component generally results from pass-through costs that are billed at cost-plus over the life of the contract. The Company uses an input method to measure progress toward the satisfaction of the related performance obligations based on costs incurred as a percentage of total costs to complete which the Company believes best depicts the transfer of control of goods or services promised to its customers.

Suite reservations are classified as leases when the customer directs the use of the identified suite and obtains substantially all the economic benefits from the manufacturing capacity. If a customer reserves more than one suite, the allocation of contract value is based on relative selling price which varies due to size, location, capacity, production capability for drug product or drug substance, and the time of planned use. The associated revenue is recognized on a straight-line basis over the period of performance. For arrangements that contain both lease and non-lease components, consideration in the contract is allocated on a relative standalone selling price basis.

The Company’s CDMO customer contracts generally include provisions entitling the Company to a termination penalty when the contract is terminated prior to the contract’s nominal end date. The termination penalties in the customer contracts vary but are generally considered substantive for accounting purposes and create enforceable rights and obligations throughout the stated duration of the contract. The Company accounts for a contract cancellation as a contract

modification. The determination of the contract termination penalty is based on the terms stated in the related customer agreement. As of the modification date, the Company updates its estimate of the transaction price, subject to constraints, and recognizes the amount over the remaining performance period or measure of progress under the arrangement.

For contracts that contain lease components, the Company assesses the collectability of the lease payments. If the collectability of the lease payments is probable, the Company recognizes lease income over the term of the lease on a straight-line basis. If collectability is not deemed probable at any time during the term of the lease, the Company’s lease income is limited to the lesser of (i) the lease payments that have been collected from the lessee, or the straight-line recognition of the contract value. If the collectability assessment changes to probable after the Company has determined collectability is not deemed probable, any difference between the lease income that would have been recognized if collectability had always been assessed as probable and the lease income recognized to date is recognized as a current-period adjustment to lease income. Changes to the collectability of operating leases are recorded as adjustments to lease income in the consolidated statements of operations in the period that they occur.

Contracts and grants

The Company generates contract and grant revenue primarily from cost-plus-fee contracts associated with development of certain product candidates. Revenues from reimbursable contracts are recognized as costs are incurred, generally based on allowable costs incurred during the period, plus any recognizable earned fee. The Company uses this input method to measure progress as the customer has access to the development research under these projects and benefits incrementally as R&D activities occur. When applicable, the Company considers fixed fees under cost-plus-fee contracts to be earned in proportion to the allowable costs incurred in performance of the contract, the cost-to-cost measure of progress. The Company analyzes costs for contracts and reimbursable grants to ensure reporting of revenues gross versus net is appropriate. The USG contracts for the development of the Company's MCM product candidates are normally multi-year contracts.

Research and development

The Company expenses R&D costs as incurred. The Company's R&D expenses consist primarily of:

▪personnel-related expenses;

▪fees to professional service providers for, among other things, analytical testing, independent monitoring or other administration of the Company's clinical trials and obtaining and evaluating data from the Company's clinical trials and non-clinical studies;

▪costs of CDMO services for clinical trial material; and

▪costs of materials intended for use and used in clinical trials and R&D.

Comprehensive income (loss)

Comprehensive income (loss) is comprised of net income (loss) and other changes in equity that are excluded from net income (loss). The Company includes translation gains and losses incurred when converting its subsidiaries' financial statements from their functional currency to the U.S. dollar in accumulated other comprehensive income (loss) as well as gains and losses on its pension benefit obligation and derivative instruments.

Translation and Remeasurement of Foreign Currencies

For our non-U.S. subsidiaries that transact in a functional currency other than the U.S. dollar, assets and liabilities are translated at current rates of exchange at the balance sheet date. Income and expense items are translated at the average foreign currency exchange rates for the period. Adjustments resulting from the translation of the financial statements of our foreign operations into U.S. dollars are excluded from the determination of net income (loss) and are recorded in accumulated other comprehensive income (loss), a separate component of equity. For subsidiaries where the functional currency of the assets and liabilities differ from the local currency, non-monetary assets and liabilities are remeasured at the rate of exchange in effect on the date assets were acquired while monetary assets and liabilities are remeasured at current rates of exchange as of the balance sheet date. Income and expense items are remeasured at the average foreign currency rates for the period. Remeasurement adjustments of these subsidiaries are included in other income (expense), net in our consolidated statements of operations.

Net income (loss) per common share

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common 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.

Treasury stock

When stock is acquired for purposes other than formal or constructive retirement, the purchase price of the acquired stock is recorded in a separate treasury stock account, which is separately reported as a reduction of equity.

When stock is retired or purchased for formal or constructive retirement, the purchase price is initially recorded as a reduction to the par value of the shares repurchased, with any excess purchase price over par value recorded as a reduction to additional paid-in capital related to the series of shares repurchased and any remainder excess purchase price recorded as a reduction to retained earnings. If the purchase price exceeds the amounts allocated to par value and additional paid-in capital related to the series of shares repurchased and retained earnings, the remainder is allocated to additional paid-in capital related to other series of shares.

To determine the cost of treasury stock that is either sold or reissued, the Company uses the last in, first out method. If the proceeds from the re-issuance of treasury stock are greater than the cost, the excess is recorded as additional paid-in capital. If the proceeds from re-issuance of treasury stock are less than the cost, the excess cost first reduces any additional paid-in capital arising from previous treasury stock transactions for that class of stock, and any additional excess is recorded as a reduction of retained earnings.

Accounting for stock-based compensation

The Company has one stock-based employee compensation plan, the Fourth Amended and Restated Emergent BioSolutions Inc. 2006 Stock Incentive Plan (the "Emergent Plan") under which the Company may grant various types of equity awards including stock options, restricted stock units and performance stock units. For all of our share-based awards, the Company recognizes forfeitures and compensation costs when they occur.

The terms and conditions of equity awards (such as price, vesting schedule, term and number of shares) under the Emergent Plan is determined by the compensation committee of the Company's board of directors, which administers the Emergent Plan. Each equity award granted under the Emergent Plan vests as specified in the relevant agreement with the award recipient and no option can be exercised after seven years from the date of grant. The Company records the estimated fair value of awards in expense on a straight-line basis over the requisite service period, which is generally the vesting period. Where awards are made with non-substantive vesting periods (for instance, where a portion of the award vests upon retirement eligibility), the Company estimates and recognizes expense based on the period from the grant date to the date the employee becomes retirement eligible.

The Company determines the fair value of restricted stock units using the closing market price of the Company's common stock on the day prior to the date of grant. The Company's performance stock units settle in the Company's stock. The fair value is determined on the date of the grant using the number of shares expected to be earned and the ending market value of the stock on the day prior to the grant date. The number of shares expected to vest is adjusted each reporting period by assessing the probability that the performance criteria will be met and the associated targeted payout level that is forecasted will be achieved.

The Company utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. Set forth below is a discussion of the Company's methodology for developing each of the assumptions used:

▪Expected dividend yield — the Company does not pay regular dividends on its common stock and does not anticipate paying any dividends in the foreseeable future.

▪Expected volatility — a measure of the amount by which a financial variable, such as share price, has fluctuated (historical volatility) or is expected to fluctuate (implied volatility) during a period. The Company analyzed its own historical volatility to estimate expected volatility over the same period as the expected average life of the options.

▪Risk-free interest rate — the range of U.S. Treasury rates with a term that most closely resembles the expected life of the option as of the date on which the option is granted.

▪Expected average life of options — the period of time that options granted are expected to remain outstanding, based primarily on the Company's expectation of option exercise behavior subsequent to vesting of options.

Pension plans

The Company maintains defined benefit plans for employees in certain countries outside the U.S., including retirement benefit plans required by applicable local law. The plans are valued by independent actuaries using the projected unit credit method. The liabilities correspond to the projected benefit obligations of which the discounted net present value is calculated based on years of employment, expected salary increase, and pension adjustments. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends. Actuarial gains and losses are deferred in accumulated other comprehensive income (loss), net of tax and are amortized over the remaining service attribution periods of the employees under the corridor method. Differences between the expected long-term return on plan assets and the actual annual return are amortized to net periodic benefit cost over the estimated remaining life as a component of selling, general and administrative expenses in the consolidated statements of operations.

Derivative instruments and hedging activities

The Company is exposed to certain risks 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 payments of variable interest rate debt under its senior secured credit agreements.

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 (loss) and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) 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.

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, the Company incorporates credit valuation adjustments in the fair value measurements to appropriately reflect both its 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 the Company's derivative contracts for the effect of nonperformance risk, it has 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. See Note 8, "Derivative instruments" for further details on the interest rate swaps.

New Accounting Standards

Recently Adopted Accounting Standards

Accounting Standards Update ("ASU") 2020-04 (ASU 2020-04), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

In March 2020, the Financial Accounting Standards Board issued ASU 2020-04, which was further amended in January 2021. ASU 2020-04 provides relief for impacted areas as it relates to impending reference rate reform. It contains optional expedients and exceptions 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 adopted ASU 2020-04 during the year ended December 31, 2022 with no material impact to our consolidated financial statements.

Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001

Debt - Senior Secured Credit Agreement (Details)	Aug. 07, 2020 USD ($)
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	0.20%
Debt instrument, covenant, debt service coverage ratio	2.5
Amended Credit Agreement \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.40%
Debt instrument, covenant, net leverage ratio, maximum	4.5
Debt instrument, covenant, net leverage, adjustment	5.0
Amended Credit Agreement \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Amended Credit Agreement \| Eurodollar \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.30%
Amended Credit Agreement \| Eurodollar \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.30%
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	0.30%
Amended Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.30%
Revolving Credit Facility \| Amended Credit Agreement
Debt Instrument [Line Items]
Current borrowing capacity	$ 600,000,000
Term Loan Facility \| Amended Credit Agreement
Debt Instrument [Line Items]
Current borrowing capacity	$ 450,000,000
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
Debt instrument, covenant, consideration threshold	$ 75,000,000

Revenue recognition

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue recognition

The Company operates in two business segments (see Note 17, "Segment information"). The Company's revenues disaggregated by the major sources were as follows:


	Year Ended December 31,
	2022						2021						2020
	USG		Non-USG		Total		USG		Non-USG		Total		USG		Non-USG		Total
	(As Restated)						(As Revised)						(As Revised)
Product sales	$	445.4	$	520.8	$	966.2	$	530.0	$	493.9	$	1,023.9	$	626.0	$	363.8	$	989.8
CDMO:
Services	—		105.0		105.0		—		310.3		310.3		—		194.1		194.1
Leases	—		4.9		4.9		243.1		62.1		305.2		247.8		30.5		278.3
Total CDMO	—		109.9		109.9		243.1		372.4		615.5		247.8		224.6		472.4
Contracts and grants	37.2		4.2		41.4		130.2		4.0		134.2		109.2		5.9		115.1
Total revenues	$	482.6	$	634.9	$	1,117.5	$	903.3	$	870.3	$	1,773.6	$	983.0	$	594.3	$	1,577.3


	Year Ended December 31,
	2022		2021		2020

% of product sales:
Anthrax vaccines	28	%	25	%	38	%
Nasal naloxone products	39	%	43	%	31	%
TEMBEXA	12	%	—	%	—	%
ACAM2000	7	%	20	%	20	%
Other products	14	%	12	%	11	%

For the year ended December 31, 2022 there were two customers in excess of 10% of total revenues. The USG accounted for 43% of total revenues and the second customer accounted for 10% of total revenues. Both customer's revenue is attributable to the Products segment. For the years ended 2021 and 2020, aside from sales to the USG, there were no sales to an individual customer in excess of 10% of total revenues. For the years ended December 31, 2022, 2021, and 2020, the Company’s revenues from customers within the United States comprised 79%, 92% and 93%, respectively, of total revenues.

Termination of manufacturing services agreement with Janssen Pharmaceuticals, Inc.

On July 2, 2020, the Company, through its wholly-owned subsidiary, Emergent Manufacturing Operations Baltimore, LLC, entered into the Agreement with Janssen, one of the Janssen Pharmaceutical Companies of Johnson & Johnson, for large-scale drug substance manufacturing of Johnson & Johnson’s investigational SARS-CoV-2 vaccine, Ad26.COV2-S, recombinant based on the AdVac technology (the “Product”).

On June 6, 2022, the Company provided to Janssen a notice (the “Notice”) of material breach of the Agreement for, among other things, failure by Janssen (i) to provide the Company the requisite forecasts of the required quantity of Product to be purchased by Janssen under the Agreement and (ii) to confirm Janssen’s intent to not purchase the requisite minimum quantity of the Product pursuant to the Agreement and instead, wind-down the Agreement ahead of fulfilling these minimum requirements. Later on June 6, 2022, the Company received from Janssen a purported written notice of termination (the “Janssen Notice”) of the Agreement for asserted material breaches of the Agreement by the Company, including alleged failure by the Company to perform its obligations in compliance with current good manufacturing practices ("cGMP") or other applicable laws and regulations and alleged failure by the Company to supply Janssen with the Product. Janssen alleged that the Company’s breaches were not curable and that, therefore, termination of the Agreement would be effective as of July 6, 2022. The Company disputes Janssen's assertions and allegations, including Janssen's ability to effect termination pursuant to the Janssen Notice. The Company and Janssen disagree on the monetary amounts that are

due to the Company as a result of termination by any means. The Company believes the amounts due to the Company include, but are not limited to, compensation for services provided, reimbursement for raw materials purchased and non-cancelable orders, and fees for early termination. Janssen has alleged that no additional amount is due to the Company and that the Company should pay Janssen an unspecified amount as a result of the Company's alleged failure to perform under the Agreement. The Company has not recorded any contingent liabilities related to Janssen's allegations as the Company believes they are without merit and intends to vigorously defend the Company's position during the dispute resolution process through arbitration.

During the year ended December 31, 2022, there were no impacts on previously recognized revenue or depreciation related to the conclusion of the Agreement. As of December 31, 2022, the Company has no billed or unbilled net accounts receivable related to the Agreement.

Because the arbitration process may extend longer than one year, the Company reclassified $127.7 million from "Inventories, net" and $25.0 million from "Prepaid expenses and other current assets" to "Other assets" in the fourth quarter resulting in $152.7 million in long-term assets related to the Janssen Agreement on the consolidated balance sheet as of December 31, 2022. These assets include termination penalties, certain inventory related items and raw materials inventory representing materials purchased for the Agreement which Janssen has not reimbursed. The Company evaluated the net realizable value of the inventory as of December 31, 2022, concluding that because the Agreement specifies the Company is entitled to, among other things, reimbursement of raw materials and non-cancelable orders in the event of a contract termination for any reason, the Company is entitled to payment from Janssen for these raw materials. Additionally, the Company has $6.2 million of non-cancelable orders as of December 31, 2022 which have not been received and Janssen has not reimbursed.

BARDA Centers of Innovation and Advanced Development and Manufacturing Agreement

In 2020, the Company announced the issuance of a task order under its existing CIADM agreement with BARDA for COVID-19 vaccine development and manufacturing (the "BARDA COVID-19 Development Public Private Partnership"). The BARDA COVID-19 Development Public Private Partnership is considered a lease and is accounted for under ASC 842. The initial task order had a contract value of up to $628.2 million and included the reservation of manufacturing capacity and accelerated expansion of fill/finish capacity valued at $542.7 million and $85.5 million, respectively. Subsequently, the task order was expanded to include incremental capital activities which increased the value to $650.8 million. On November 1, 2021, the Company and BARDA mutually agreed to the completion of the Company's CIADM contract and associated task orders, including the BARDA COVID-19 Development Public Private Partnership. The Company did not recognize lease revenues under this arrangement during the year ended December 31, 2022. Total revenues associated with the base arrangement were $71.3 million and $15.8 million during the years ended December 31, 2021 and December 31, 2020, respectively, and are reflected as a component of contracts and grants revenue on the consolidated statements of operations. Revenues associated with the BARDA COVID-19 Development Public-Private Partnership were $243.1 million and $247.8 million during the years ended December 31, 2021 and December 31, 2020, respectively, and are recorded as CDMO leases on the consolidated statements of operations.

CDMO Operating Leases

Certain multi-year CDMO service arrangements with non-USG customers include operating leases whereby the customer has the right to direct the use of and obtain substantially all of the economic benefits of specific manufacturing suites operated by the Company. The associated revenue is recognized on a straight-line basis over the term of the lease. The remaining term on the Company's operating lease components approximates 2.6 years. The Company utilizes a cost-plus model to determine the stand-alone selling price of the lease component to allocate contract consideration between the lease and non-lease components. During the year ended December 31, 2022, the Company's non-USG lease revenues were $4.9 million, which is included within CDMO leases in the consolidated statement of operations. Excluding future amounts related to the Agreement as discussed above, the Company estimates future operating lease revenues to be $5.1 million in 2023, $0.9 million in 2024, $0.9 million in 2025, and $2.7 million in years beyond 2025.

Transaction price allocated to remaining performance obligations

As of December 31, 2022, the Company expects future revenues of approximately $378.2 million associated with all arrangements entered into by the Company. The Company expects to recognize a majority of the $378.2 million of unsatisfied performance obligations within the next 24 months. The amount and timing of revenue recognition for unsatisfied performance obligations can change. The future revenues associated with unsatisfied performance obligations exclude the value of unexercised option periods in the Company’s revenue arrangements. Often the timing of manufacturing activities changes based on customer needs and resource availability. Government funding appropriations can impact the timing of product deliveries. The success of the Company's development activities that receive development funding support from the USG under development contracts can also impact the timing of revenue recognition.

Contract assets

The Company considers accounts receivable and deferred costs associated with revenue generating contracts, which are not included in inventory or property, plant and equipment and the Company does not currently have a contractual right to bill, to be contract assets. As of December 31, 2022 and December 31, 2021, the Company had $34.8 million and $21.5 million, respectively, of contract assets recorded within accounts receivable, net on the consolidated balance sheets.

Contract liabilities

When performance obligations are not transferred to a customer at the end of a reporting period, cash received associated with the amount 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 roll forward of the contract liabilities:


	Contract Liabilities
Balance at December 31, 2020 (As Revised)	$	100.1
Deferral of revenue	279.7
Revenue recognized	(363.4)
Balance at December 31, 2021 (As Revised)	$	16.4
Deferral of revenue	38.9
Revenue recognized	(23.6)
Balance at December 31, 2022 (As Restated)	$	31.7

As of December 31, 2022 and 2021, the current portion of contract liabilities was $26.4 million and $11.7 million, respectively, and was included in other current liabilities on the balance sheet.

Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable including unbilled accounts receivable contract assets consist of the following:


	December 31,
	2022		2021
	(As Restated)		(As Revised)
Accounts receivable:
Billed	$	102.7	$	230.5
Unbilled	57.2		51.6
Allowance for expected credit losses	(0.7)		(3.2)
Accounts receivable, net	$	159.2	$	278.9

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Significant Components of the Provisions for Income Taxes Attributable to Operations

Significant components of income taxes attributable to operations consist of the following:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
Current
Federal	$	(9.4)	$	(3.1)	$	64.6
State	1.9		14.9		28.4
International	33.8		28.9		16.5
Total current	26.3		40.7		109.5
Deferred
Federal	(37.7)		37.1		0.5
State	(3.2)		4.2		0.1
International	7.2		1.6		(3.9)
Total deferred	(33.7)		43.0		(3.4)
Income tax (benefit) provision	$	(7.4)	$	83.7	$	106.1

Schedule of Deferred Tax Assets and Liabilities

The Company's net deferred tax liability consists of the following:


	December 31,
	2022		2021
	(As Restated)		(As Revised)
Deferred tax assets
Federal losses carryforward	$	14.8	$	7.6
State losses carryforward	13.0		5.9
R&D carryforward	18.4		16.6


Stock compensation	10.4		9.1
Foreign losses carryforward	9.1		10.2
Deferred revenue	2.0		0.4
Inventory reserves	10.9		3.2
Lease liability	4.7		6.6
IRC 263A capitalized costs	5.2		4.0
Capitalized R&D	27.3		—
IRC 163(j) Interest Limitation	7.9		—
Other	1.2		6.0
Gross deferred tax assets	124.9		69.5
Valuation allowance	(65.1)		(27.3)
Total deferred tax assets	59.8		42.2
Deferred tax liabilities
Fixed assets	(63.6)		(75.9)
Intangible assets	(46.1)		(47.6)
Right-of-use asset	(4.5)		(6.3)
Foreign Withholding Tax	(4.7)		—
Other	(0.7)		(0.9)
Total deferred tax liabilities	(119.6)		(130.7)
Net deferred tax liabilities	$	(59.7)	$	(88.5)

Reconciliation of Income Before the Provision for Income Taxes

Income taxes differ from the amount of taxes determined by applying the U.S. federal statutory rate to income before taxes as a result of the following:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
U.S.	$	(442.6)	$	100.1	$	368.2
International	224.0		203.3		43.7
Earnings (Losses) before taxes on income	(218.6)		303.4		411.9
Federal tax at statutory rates	$	(46.0)	$	63.5	$	86.5
State taxes, net of federal benefit	(13.5)		14.1		23.7
Impact of foreign operations	(7.2)		(18.7)		(7.7)
Change in valuation allowance	37.8		8.2		1.6
Tax credits	(3.5)		(4.7)		(7.4)
Stock compensation	4.7		(3.9)		(6.3)
Goodwill Impairments	1.8		8.3		—
Adjustment of prior year taxes	(1.8)		0.8		(2.2)
Transaction costs	—		0.1		6.0
Compensation limitation	0.7		2.9		2.2
Unrecognized tax benefit	(9.0)		1.2		2.2
GILTI, net	20.7		13.0		5.4
Foreign withholding tax	4.7		—		—
Permanent differences	3.2		(1.2)		2.1
Income tax (benefit) provision	$	(7.4)	$	83.7	$	106.1

Schedule of Unrecognized Tax Benefits Activity

The table below presents the gross unrecognized tax benefits activity for the years ended December 31, 2022, 2021 and 2020:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
Gross unrecognized tax benefits, beginning of period	$	12.7	$	12.2	$	8.9
Increases (decreases) for tax positions for prior years	(1.5)		0.3		—
Increases for tax positions for current year	0.7		0.2		5.1
Settlements	—		—		(1.8)
Lapse of statute of limitations	(5.1)		—		—
Gross unrecognized tax benefits, end of period	$	6.8	$	12.7	$	12.2

Quarterly financial data - unaudited (Tables)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information


	Three Months Ended								Three Months Ended
	March 31, 2022								June 30, 2022
	Previously Reported		Tax Adjustments		Other Adjustments		As Revised		Previously Reported		Tax Adjustments		Other Adjustments		As Revised
Total revenues	$	307.5	$	—	$	(2.7)	$	304.8	$	242.7	$	—	$	(0.1)	$	242.6
Cost of product sales	$	80.3	$	—	$	(0.9)	$	79.4	$	91.0	$	—	$	1.2	$	92.2
Cost of CDMO	$	75.6	$	—	$	(1.6)	$	74.0	$	78.8	$	—	$	1.0	$	79.8


Income (loss) from operations	$	6.4	$	—	$	0.5	$	6.9	$	(72.0)	$	—	$	(4.3)	$	(76.3)
Net income (loss)	$	(3.7)	$	(1.4)	$	0.5	$	(4.6)	$	(56.4)	$	7.8	$	(4.3)	$	(52.9)
Net income (loss) per common share:
Basic	$	(0.07)	$	(0.03)	$	0.01	$	(0.09)	$	(1.13)	$	0.16	$	(0.09)	$	(1.06)
Diluted	$	(0.07)	$	(0.03)	$	0.01	$	(0.09)	$	(1.13)	$	0.16	$	(0.09)	$	(1.06)


	Three Months Ended								Three Months Ended
	September 30, 2022								December 31, 2022
	Previously Reported		Tax Adjustments		Other Adjustments		As Restated		Previously Reported		Tax Adjustments		Other Adjustments		As Restated
Total revenues	$	240.0	$	—	$	(0.1)	$	239.9	$	330.7	$	—	$	(0.5)	$	330.2
Cost of product sales	$	85.5	$	—	$	(0.3)	$	85.2	$	167.3	$	—	$	0.5	$	167.8
Cost of CDMO	$	63.1	$	—	$	(1.1)	$	62.0	$	52.1	$	—	$	0.6	$	52.7


Income (loss) from operations	$	(42.0)	$	—	$	(3.3)	$	(45.3)	$	(65.1)	$	—	$	9.8	$	(55.3)
Net income (loss)	$	(75.7)	$	(8.1)	$	(3.3)	$	(87.1)	$	(88.0)	$	11.2	$	9.8	$	(67.0)
Net income (loss) per common share:
Basic	$	(1.52)	$	(0.16)	$	(0.07)	$	(1.75)	$	(1.76)	$	0.22	$	0.20	$	(1.34)
Diluted	$	(1.52)	$	(0.16)	$	(0.07)	$	(1.75)	$	(1.76)	$	0.22	$	0.20	$	(1.34)


	Three Months Ended				Three Months Ended
	March 31, 2021				June 30, 2021
	Previously Reported		Other Adjustments		As Revised		Previously Reported		Other Adjustments		As Revised
Total revenues	$	343.0	$	34.0	$	377.0	$	397.5	$	(20.1)	$	377.4
Cost of product sales	$	52.6	$	0.2	$	52.8	$	81.2	$	0.2	$	81.4
Cost of CDMO	$	46.7	$	37.7	$	84.4	$	146.6	$	(12.7)	$	133.9


Income (loss) from operations	$	95.4	$	(3.2)	$	92.2	$	14.5	$	(7.4)	$	7.1
Net income (loss)	$	69.7	$	(2.4)	$	67.3	$	4.6	$	(5.1)	$	(0.5)
Net income (loss) per common share:
Basic	$	1.31	$	(0.05)	$	1.26	$	0.09	$	(0.10)	$	(0.01)
Diluted	$	1.28	$	(0.05)	$	1.23	$	0.09	$	(0.10)	$	(0.01)


	Three Months Ended				Three Months Ended
	September 30, 2021				December 31, 2021
	Previously Reported		Other Adjustments		As Revised		Previously Reported		Other Adjustments		As Revised
Total revenues	$	329.0	$	(42.7)	$	286.3	$	723.2	$	9.7	$	732.9
Cost of product sales	$	103.2	$	1.1	$	104.3	$	145.0	$	(0.9)	$	144.1
Cost of CDMO	$	114.3	$	(36.8)	$	77.5	$	67.9	$	1.8	$	69.7


Income (loss) from operations	$	(34.7)	$	(10.0)	$	(44.7)	$	277.4	$	9.4	$	286.8
Net income (loss)	$	(32.7)	$	(7.7)	$	(40.4)	$	189.3	$	3.8	$	193.1
Net income (loss) per common share:
Basic	$	(0.61)	$	(0.14)	$	(0.75)	$	3.55	$	0.07	$	3.62
Diluted	$	(0.61)	$	(0.14)	$	(0.75)	$	3.53	$	0.07	$	3.60

Derivative Instruments and hedging activities - Fair Value by Balance Sheet Location (Details) - Interest Rate Swaps - Designated as Hedging Instrument - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other Current Assets
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	$ 8.5	$ 0.0
Other Assets
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	0.0	0.0
Other Current Liabilities
Derivatives, Fair Value [Line Items]
Fair Value of Liability Derivatives	0.0	4.5
Other Liabilities
Derivatives, Fair Value [Line Items]
Fair Value of Liability Derivatives	$ 0.0	$ 1.6

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 6.5
2024	4.3
2025	2.7
2026	2.3
2027	1.8
Thereafter	5.9
Total undiscounted lease liabilities	23.5
Less: Imputed interest	2.9
Total Lease liabilities	$ 20.6	$ 30.0

Consolidated Statements of Cash Flows $ in Millions	12 Months Ended
Consolidated Statements of Cash Flows $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Operating Activities
Net income (loss)	$ (211.6)	$ 219.5	$ 305.8
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation expense	45.1	42.4	51.8
Depreciation and amortization	143.3	123.8	114.5
Change in fair value of contingent obligations, net	2.6	2.9	31.7
Amortization of deferred financing costs	4.1	4.1	3.5
Impairments	6.7	41.7	29.0
Deferred income taxes	(28.6)	46.0	(3.3)
Write off of contract asset and liability	0.0	(17.2)	0.0
Other	6.4	2.0	(5.6)
Changes in operating assets and liabilities:
Accounts receivable	118.1	(16.2)	27.5
Inventories	(57.1)	(66.6)	(66.9)
Prepaid expenses and other assets	(19.9)	7.7	(26.9)
Accounts payable	(14.0)	(1.6)	28.3
Accrued expenses and other liabilities	(66.7)	(9.2)	8.5
Accrued compensation	(0.8)	4.0	21.8
Income taxes receivable and payable, net	28.7	(31.3)	6.0
Contract liabilities	9.6	(31.8)	11.2
Net cash provided by (used in) operating activities	(34.1)	320.2	536.9
Investing Activities
Purchases of property, plant and equipment	(115.8)	(224.1)	(141.9)
Royalty settlement payment	(21.8)	0.0	0.0
Milestone payment from prior asset acquisition	0.0	0.0	(10.0)
Asset acquisitions	(243.7)	0.0	0.0
Net cash used in investing activities	(381.3)	(224.1)	(151.9)
Financing Activities
Purchases of treasury stock	(82.1)	(106.0)	0.0
Proceeds from senior unsecured notes	0.0	0.0	450.0
Principal payments on convertible senior notes	0.0	(10.6)	0.0
Proceeds from revolving credit facility	598.0	0.0	0.0
Principal payments on revolving credit facility	0.0	0.0	(373.0)
Principal payments on term loan facility	(33.8)	(25.3)	(14.1)
Proceeds from stock-based compensation activity	5.0	15.9	31.6
Taxes paid for stock-based compensation activity	(5.9)	(13.8)	(13.8)
Debt issuance costs	0.0	0.0	(8.4)
Contingent consideration payments	0.0	(1.2)	(2.8)
Net cash provided by (used in) financing activities:	481.2	(141.0)	69.5
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.5	(0.3)	(1.0)
Net change in cash, cash equivalents and restricted cash	66.3	(45.2)	453.5
Cash, cash equivalents and restricted cash, beginning of period	576.3	621.5	168.0
Cash, cash equivalents and restricted cash, end of period	642.6	576.3	621.5
Supplemental disclosure of cash flow information:
Cash paid for interest	33.0	30.4	21.0
Cash paid for income taxes	6.2	71.6	109.3
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end	9.4	20.0	22.9
Purchases of treasury stock unpaid at period end	0.0	6.6	0.0
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	642.6	576.1	621.3
Restricted cash	0.0	0.2	0.2
Total	$ 642.6	$ 576.3	$ 621.5

Defined benefit and 401(k) savings plan - Swiss Plan Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Pension expense	$ 0.8	$ 2.0	$ 2.4
Change in Plan Assets:
Fair value of plan assets, beginning of period	29.3	27.6
Employer contributions	1.5	1.4
Employee contributions	0.9	0.9
Net benefits received	3.4	0.5
Actual return on plan assets	(0.4)	(0.1)
Settlements	(5.0)	0.0
Currency impact	(0.4)	(1.0)
Fair value of plan assets, end of period	29.3	29.3	27.6
Change in Benefit Obligation:
Projected benefit obligation, beginning of period	46.8	49.2
Service cost	1.9	2.4	1.9
Interest Cost	0.1	0.0	0.1
Employee contributions	0.9	0.9
Actuarial gain	(10.0)	(4.6)
Net benefits received	3.4	0.5
Settlements	(5.0)	0.0
Currency impact	(0.9)	(1.6)
Projected benefit obligation, end of period	37.2	46.8	$ 49.2
Funded status, end of period	(7.9)	(17.5)
Accumulated benefit obligation, end of period	$ 34.0	$ 41.8

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of presentation and consolidation

Use of estimates

Cash and cash equivalents and restricted cash

Fair value measurements


Level 1 —			Observable inputs for identical assets or liabilities such as quoted prices in active markets;
Level 2 —			Inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level 3 —			Unobservable inputs in which little or no market data exists, which are therefore developed by the Company using estimates and assumptions that reflect those that a market participant would use.

Significant customers and accounting receivable

Concentration Risk

Customers

Financial Institutions

Lender Counterparties

Inventories

Property, plant and equipment


Land			Not depreciated
Buildings			31-39 years
Building improvements			10-39 years
Furniture and equipment			3-15 years
Software			3-7 years
Leasehold improvements			Lesser of the asset life or lease term

Income taxes

Asset impairment analysis

Goodwill and Indefinite-lived Intangible Assets

Long-lived Assets

Contingent consideration

Leases

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.

Revenue recognition

Multiple performance obligations

Transaction price and variable consideration

Product sales

CDMO services

Contracts and grants

Research and development

The Company expenses R&D costs as incurred. The Company's R&D expenses consist primarily of:

▪personnel-related expenses;

▪costs of CDMO services for clinical trial material; and

▪costs of materials intended for use and used in clinical trials and R&D.

Comprehensive Income (loss)

Translation and Remeasurement of Foreign Currencies

Net Income (loss) per common share

Treasury Stock

Accounting for stock-based compensation

▪Expected dividend yield — the Company does not pay regular dividends on its common stock and does not anticipate paying any dividends in the foreseeable future.

▪Risk-free interest rate — the range of U.S. Treasury rates with a term that most closely resembles the expected life of the option as of the date on which the option is granted.

Pension plans

Derivative Instruments and hedging activities

The Company is exposed to certain risks 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 payments of variable interest rate debt under its senior secured credit agreements.

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, the Company incorporates credit valuation adjustments in the fair value measurements to appropriately reflect both its 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 the Company's derivative contracts for the effect of nonperformance risk, it has 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. See Note 8, "Derivative instruments" for further details on the interest rate swaps.

New Accounting Standards

Recently Adopted Accounting Standards

Accounting Standards Update ("ASU") 2020-04 (ASU 2020-04), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Subsequent Events (Details) $ in Millions	3 Months Ended
Subsequent Events (Details) $ in Millions	Jun. 30, 2023 USD ($) employee	Mar. 31, 2023	Jan. 09, 2023 USD ($)
Minimum \| Subsequent Event
Subsequent Event [Line Items]
Restructuring plan, expected cost			$ 9.0
Maximum \| Subsequent Event
Subsequent Event [Line Items]
Restructuring plan, expected cost			$ 11.0
Forecast \| Subsequent Event
Subsequent Event [Line Items]
Restructuring and related cost, number of positions eliminated, period percent		5.00%
Forecast \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Travel Health Business
Subsequent Event [Line Items]
Disposal group, total consideration	$ 270.0
Number of employees expected to join Bavarian Nordic \| employee	280
Forecast \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Travel Health Business \| Development-Based Milestones
Subsequent Event [Line Items]
Disposal group, including discontinued operation, maximum contingent consideration receivable	$ 80.0
Forecast \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Travel Health Business \| Sales-Based Milestones
Subsequent Event [Line Items]
Disposal group, including discontinued operation, maximum contingent consideration receivable	$ 30.0

Property, plant and equipment, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Cost of goods and services sold	$ 693.1	$ 748.1	$ 537.0
Depreciation	83.4	$ 62.2	$ 50.1
Jansen Pharmaceuticals, Inc. \| Services
Property, Plant and Equipment [Line Items]
Cost of goods and services sold	$ 12.7

Defined benefit and 401(k) savings plan - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Service cost	$ 1.9	$ 2.4	$ 1.9
Interest cost	0.1	0.0	0.1
Expected return on plan assets	(0.8)	(0.8)	(0.6)
Amortization of loss	0.1	0.6	0.2
Amortization of prior service credit	(0.1)	(0.2)	(0.2)
Settlements	(0.4)	0.0	1.0
Net periodic benefit cost	$ 0.8	$ 2.0	$ 2.4

Inventories, net - Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Raw materials and supplies	$ 142.3	$ 212.8
Work-in-process	116.2	95.8
Finished goods	92.2	35.9
Total inventories, net	350.7	$ 344.5
Chimerix Asset Acquisition
Inventory [Line Items]
Total inventories, net	$ 28.6

Net Income (loss) per common share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income (loss) per common share

Net income (loss) per common share

The following table presents the calculation of basic and diluted net income (loss) per common share:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
Numerator:
Net income (loss)	$	(211.6)	$	219.5	$	305.8

Denominator:
Weighted-average number of shares-basic	50.1		53.5		52.7
Dilutive effect of employee incentive plans	—		0.6		1.1
Weighted-average number of shares-diluted	50.1		54.1		53.8

Net income (loss) per common share - basic	$	(4.22)	$	4.10	$	5.80
Net income (loss) per common share - diluted	$	(4.22)	$	4.06	$	5.68

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed using the treasury method by dividing net income 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. No adjustment for the potential dilutive effect of dilutive securities is reported for the year ended December 31, 2022 as the effect would have been anti-dilutive due to the Company's net loss.


	Year Ended December 31,
	2022	2021	2020
Anti-dilutive stock awards	2.8	1.0	—

Summary of significant accounting policies - Accounting for Stock-based Compensation (Details)	12 Months Ended
	Dec. 31, 2022 plan
Accounting Policies [Abstract]
Number of stock based employee compensation plans	1
Contractual life of awards	7 years

Derivative Instruments and hedging activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of December 31, 2022, the Company had the following outstanding interest rate swap derivatives that were designated as cash flow hedges of interest rate risk:


	Number of Instruments	Notional amount

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.


	Fair Value of Asset Derivatives					Fair Value of Liability Derivatives
		December 31,					December 31
	Balance Sheet Location	2022		2021		Balance Sheet Location	2022		2021

Interest Rate Swaps	Other Current Assets	$	8.5	$	—	Other Current Liabilities	$	—	$	4.5
	Other Assets	$	—	$	—	Other Liabilities	$	—	$	1.6

Derivative Instruments, Gain (Loss)

The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss):


	Cumulative Amount of Gain/(Loss) Recognized in OCI on Derivatives				Location of Loss Reclassified from Accumulated OCI(L) into Income (Loss)	Amount of Loss Reclassified from Accumulated OCI(L) into Income (Loss)
	December 31,					Year Ended December 31,
	2022		2021			2022		2021

Interest Rate Swaps	$	8.5	$	(6.1)	Interest expense	$	(0.1)	$	(5.8)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Intangible assets and goodwill - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	14 years 4 months 24 days
Gross Carrying Amount	$ 1,016.2	$ 832.1
Accumulated Amortization	287.4	227.5
Net Carrying Amount	728.8	604.6
Chimerix Asset Acquisition
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 156.9
Products
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	14 years 4 months 24 days
Gross Carrying Amount	$ 982.1	798.0
Accumulated Amortization	253.3	193.5
Net Carrying Amount	$ 728.8	604.5
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	0 years
Gross Carrying Amount	$ 28.6	28.6
Accumulated Amortization	28.6	28.6
Net Carrying Amount	$ 0.0	0.0
CDMO
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	0 years
Gross Carrying Amount	$ 5.5	5.5
Accumulated Amortization	5.5	5.4
Net Carrying Amount	$ 0.0	$ 0.1

Fair value measurements - Reconciliation of the Contingent Consideration Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 38.4	$ 59.3	$ 30.4
Expense included in earnings	2.6	2.9	31.7
Settlements	(33.0)	(23.8)	(2.8)
Balance, end of period	$ 8.0	$ 38.4	$ 59.3

Intangible assets and goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets


		December 31, 2022						December 31, 2021

	Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Products (1)(2)	14.4	$	982.1	$	253.3	$	728.8	$	798.0	$	193.5	$	604.5
Customer relationships	0.0	28.6		28.6		—		28.6		28.6		—
CDMO	0.0	5.5		5.5		—		5.5		5.4		0.1
Total intangible assets	14.4	$	1,016.2	$	287.4	$	728.8	$	832.1	$	227.5	$	604.6

(1) During the year ended December 31, 2022, the Company acquired certain assets through asset acquisitions, and the related intangible assets were assigned to the "Products" asset type, of which $156.9 million was related to the Transaction.
(2) During the year ended December 31, 2022, the Company acquired certain assets through a royalty settlement, and the related intangible assets of $21.8 million were assigned to the "Products" asset type.

Summary of Future Amortization Expense

The Company estimates its future amortization expense for our intangible assets as follows:


Year	As of December 31, 2022

2023	$	71.5
2024	71.5
2025	71.5
2026	70.2
2027	67.0
Thereafter	377.1
Total remaining amortization	$	728.8

Summary of Goodwill

The table below summarizes the changes in the carrying amount of goodwill by reportable segment:


	Products (1)		Services (2)		Total
Balance at December 31, 2020	$	260.0	$	6.7	$	266.7
Goodwill impairment	(41.7)		—		(41.7)
Foreign currency translation adjustment	(0.1)		—		(0.1)
Balance at December 31, 2021	$	218.2	$	6.7	$	224.9
Goodwill impairment	—		(6.7)		(6.7)
Foreign currency translation adjustment	—		—		—
Balance at December 31, 2022	$	218.2	$	—	$	218.2

(1) Amounts for the Company's Products segment include gross carrying values of $259.9 million as of December 31, 2022 and 2021, and $260.0 million as of December 31, 2020, and accumulated impairment losses of $41.7 million representing the aggregate impairment charges for the years ended December 31, 2022, 2021 and 2020.

(2) Amounts for the Company's Services segment include gross carrying values of $6.7 million as of December 31, 2022, 2021, and 2020, and accumulated impairment losses of $6.7 million representing the aggregate impairment charges for the year ended December 31, 2022.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Income taxes - Net Deferred Tax Asset (Liability) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Federal losses carryforward	$ 14.8	$ 7.6
State losses carryforward	13.0	5.9
R&D carryforward	18.4	16.6
Stock compensation	10.4	9.1
Foreign losses carryforward	9.1	10.2
Deferred revenue	2.0	0.4
Inventory reserves	10.9	3.2
Lease liability	4.7	6.6
IRC 263A capitalized costs	5.2	4.0
Capitalized R&D	27.3	0.0
Deferred Tax Asset, Interest Carryforward	7.9	0.0
Other	1.2	6.0
Gross deferred tax assets	124.9	69.5
Valuation allowance	(65.1)	(27.3)
Total deferred tax assets	59.8	42.2
Deferred tax liabilities
Fixed assets	(63.6)	(75.9)
Intangible assets	(46.1)	(47.6)
Right-of-use asset	(4.5)	(6.3)
Foreign Withholding Tax	(4.7)	0.0
Other	(0.7)	(0.9)
Total deferred tax liabilities	(119.6)	(130.7)
Net deferred tax liabilities	$ (59.7)	$ (88.5)

Derivative Instruments and hedging activities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 8.5

Debt - Senior Unsecured Notes (Details) - USD ($) $ in Millions	Aug. 07, 2020	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt		$ 1,413.8	$ 849.6
Debt issuance costs, current, net		1.3	2.0
Debt issuance costs			1.6
3.875% Senior Unsecured Notes due 2028 \| Prior to August 15, 2023
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
3.875% Senior Unsecured Notes due 2028 \| Prior to August 15, 2023 \| Maximum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	40.00%
3.875% Senior Unsecured Notes due 2028 \| Upon the occurrence of a change in control \| Maximum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101.00%
3.875% Senior Unsecured Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 450.0	$ 450.0	$ 450.0
Interest rate, stated percentage	3.875%	3.875%	3.875%

Segment Information - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenues	$ 330.2	$ 239.9	$ 242.6	$ 304.8	$ 732.9	$ 286.3	$ 377.4	$ 377.0	$ 1,117.5	$ 1,773.6	$ 1,577.3
Less: Cost of sales:
Cost of goods and services sold									693.1	748.1	537.0
Consolidated gross margin									383.0	891.3	925.2
Products:
Changes in fair value of contingent consideration									2.6	2.9	31.7
Consolidated adjusted gross margin									437.0	894.2	956.9
Other reconciling items:
Adjustments to gross margin									(54.0)	(2.9)	(31.7)
Research and development									(188.3)	(235.2)	(237.9)
Selling, general and administrative									(339.5)	(348.7)	(304.1)
Goodwill impairment									(6.7)	(41.7)	0.0
Amortization of intangible assets									(59.9)	(58.5)	(59.8)
Interest expense									(37.3)	(34.5)	(31.3)
Other, net									(11.7)	(3.7)	4.7
Income (loss) before income taxes									(219.0)	303.2	411.9
Contracts and grants
Revenues:
Revenue									41.4	134.2	115.1
Products And Services Segments
Revenues:
Revenue									1,076.1	1,639.4	1,462.2
Products
Revenues:
Revenue									966.2	1,023.9	989.8
Less: Cost of sales:
Cost of goods and services sold									424.6	382.6	392.0
Consolidated gross margin									541.6	641.3	597.8
Products:
Changes in fair value of contingent consideration									2.6	2.9	31.7
Inventory step-up provision									51.4	0.0	0.0
Consolidated adjusted gross margin									595.6	644.2	629.5
Other reconciling items:
Goodwill impairment									0.0	(41.7)
Services
Revenues:
Revenue									109.9	615.5	472.4
Less: Cost of sales:
Cost of goods and services sold									268.5	365.5	145.0
Consolidated gross margin									(158.6)	250.0	327.4
Products:
Consolidated adjusted gross margin									(158.6)	250.0	$ 327.4
Other reconciling items:
Goodwill impairment									$ (6.7)	$ 0.0

Summary of significant accounting policies - Basis of presentation and consolidation (Details)	12 Months Ended
	Dec. 31, 2022 segment
Accounting Policies [Abstract]
Number of operating segments	2
Number of reportable segments	2

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories, net consist of the following:


	December 31,
	2022		2021
	(As Restated)		(As Revised)
Raw materials and supplies	$	142.3	$	212.8
Work-in-process	116.2		95.8
Finished goods	92.2		35.9
Total inventories, net (1)	$	350.7	$	344.5

(1) During the year ended December 31, 2022, the Company acquired certain assets through an asset acquisition, the Transaction, and the related inventories of $28.6 million were included in the Company's inventories balances as of December 31, 2022.

Defined benefit and 401(k) savings plan (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Summary of Funded Status of the Swiss Plan

The funded status of the Swiss Plan is as follows:


	Year Ended December 31,
	2022		2021

Change in Plan Assets:
Fair value of plan assets, beginning of period	$	29.3	$	27.6
Employer contributions	1.5		1.4
Employee contributions	0.9		0.9
Net benefits received	3.4		0.5
Actual return on plan assets	(0.4)		(0.1)
Settlements	(5.0)		—
Currency impact	(0.4)		(1.0)
Fair value of plan assets, end of period	$	29.3	$	29.3
Change in Benefit Obligation:
Projected benefit obligation, beginning of period	$	46.8	$	49.2
Service cost	1.9		2.4
Interest Cost	0.1		—
Employee contributions	0.9		0.9
Actuarial gain	(10.0)		(4.6)
Net benefits received	3.4		0.5
Settlements	(5.0)		—
Currency impact	(0.9)		(1.6)
Projected benefit obligation, end of period	$	37.2	$	46.8
Funded status, end of period	$	(7.9)	$	(17.5)

Accumulated benefit obligation, end of period	$	34.0	$	41.8

Components of Net Periodic Pension Cost

Components of net periodic pension cost incurred during the years ended December 31, 2022, 2021 and 2020 are as follows:


	Year Ended December 31,
	2022		2021		2020

Service cost	$	1.9	$	2.4	$	1.9
Interest cost	0.1		—		0.1
Expected return on plan assets	(0.8)		(0.8)		(0.6)
Amortization of loss	0.1		0.6		0.2
Amortization of prior service credit	(0.1)		(0.2)		(0.2)
Settlements	(0.4)		—		1.0
Net periodic benefit cost	$	0.8	$	2.0	$	2.4

Schedule of Weighted Average Assumptions

The weighted average assumptions used to calculate the projected benefit obligations are as follows:


	December 31, 2022		December 31, 2021

Discount rate	2.1	%	0.3	%
Expected rate of return	3.5	%	3.0	%
Rate of future compensation increases	1.8	%	1.4	%

Schedule of Accumulated Other Comprehensive Loss Before Income Tax

The following table presents gains (losses) recognized in accumulated other comprehensive income (loss) before income tax related to the Company’s defined benefit pension plans:


	Year Ended December 31,
	2022		2021

Net actuarial gain	$	9.0	$	5.9
Prior service cost	(0.3)		(1.3)
Total recognized in other comprehensive income (loss)	$	8.7	$	4.6

Schedule of Expected Future Benefits Payments

Future benefits expected to be paid as of December 31, 2022 are as follows:


Year	As of December 31, 2022

2023	$	1.8
2024	1.8
2025	2.0
2026	1.9
2027	2.1
Thereafter	27.6
Total	$	37.2