0001367644-24-000033 | 10-K | XBRL Viewer | Emergent Biosolutions INC

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Defined benefit and 401(k) savings plan - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Pension expense	$ 0.6	$ 0.8	$ 2.0
Matching contributions made by employer	$ 8.3	$ 8.8	$ 8.9

Derivative Instruments and hedging activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 Consolidated Balance Sheets:


		Fair Value of Asset Derivatives
		December 31,
	Classification	2023		2022
Interest Rate Swaps	Other Current Assets	$	—	$	8.5

Derivative Instruments, Gain (Loss)

The following table summarizes the amount of gains or losses reclassified from "Accumulated other comprehensive income (loss), net" into "Interest expense" on the Consolidated Statement of Operations during the years ended December 31, 2023 and 2022:


	Classification	Year Ended December 31,
		2023		2022
Interest rate swaps gain (loss)	Interest expense	$	8.9	$	(0.1)

Revenue recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Leases	$ 5.7
Total revenues	1,049.3	$ 1,117.5	$ 1,773.6
USG
Disaggregation of Revenue [Line Items]
Total revenues	394.7	482.6	903.3
Non-USG
Disaggregation of Revenue [Line Items]
Total revenues	654.6	634.9	870.3
Commercial Product sales
Disaggregation of Revenue [Line Items]
Revenue	497.3	386.6	438.0
Commercial Product sales \| USG
Disaggregation of Revenue [Line Items]
Revenue	0.8	0.8	2.2
Commercial Product sales \| Non-USG
Disaggregation of Revenue [Line Items]
Revenue	496.5	385.8	435.8
MCM Product sales
Disaggregation of Revenue [Line Items]
Revenue	447.2	579.6	585.9
MCM Product sales \| USG
Disaggregation of Revenue [Line Items]
Revenue	373.5	444.6	527.8
MCM Product sales \| Non-USG
Disaggregation of Revenue [Line Items]
Revenue	73.7	135.0	58.1
Total Bioservices revenues
Disaggregation of Revenue [Line Items]
Total Bioservices revenues	78.5	109.9	615.5
Total Bioservices revenues \| USG
Disaggregation of Revenue [Line Items]
Total Bioservices revenues	0.0	0.0	243.1
Total Bioservices revenues \| Non-USG
Disaggregation of Revenue [Line Items]
Total Bioservices revenues	78.5	109.9	372.4
Services
Disaggregation of Revenue [Line Items]
Revenue	72.8	105.0	310.3
Services \| USG
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Services \| Non-USG
Disaggregation of Revenue [Line Items]
Revenue	72.8	105.0	310.3
Leases
Disaggregation of Revenue [Line Items]
Leases	5.7	4.9	305.2
Leases \| USG
Disaggregation of Revenue [Line Items]
Leases	0.0	0.0	243.1
Leases \| Non-USG
Disaggregation of Revenue [Line Items]
Leases	5.7	4.9	62.1
Contracts and grants
Disaggregation of Revenue [Line Items]
Revenue	26.3	41.4	134.2
Contracts and grants \| USG
Disaggregation of Revenue [Line Items]
Revenue	20.4	37.2	130.2
Contracts and grants \| Non-USG
Disaggregation of Revenue [Line Items]
Revenue	$ 5.9	$ 4.2	$ 4.0

Derivative Instruments and hedging activities - Narrative (Details)	Jun. 30, 2023 USD ($)
Interest Rate Swaps \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, notional amount	$ 350,000,000

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Leases	$ 5.7
Total revenues	1,049.3	$ 1,117.5	$ 1,773.6
Operating expenses:
Cost of goods and services sold	705.4	693.1	748.1
Goodwill impairment	218.2	6.7	41.7
Impairment of long-lived assets	306.7	0.0	0.0
Research and development	111.4	188.3	235.2
Selling, general and administrative	368.4	339.5	348.7
Amortization of intangible assets	65.6	59.9	58.5
Total operating expenses	1,775.7	1,287.5	1,432.2
Income (loss) from operations	(726.4)	(170.0)	341.4
Other income (expense):
Interest expense	(87.9)	(37.3)	(34.5)
Gain on sale of business	74.2	0.0	0.0
Other, net	8.9	(11.7)	(3.7)
Total other income (expense), net	(4.8)	(49.0)	(38.2)
Income (loss) before income taxes	(731.2)	(219.0)	303.2
Income tax provision (benefit)	29.3	(7.4)	83.7
Net income (loss)	$ (760.5)	$ (211.6)	$ 219.5
Net income (loss) per common share
Basic (in dollars per share)	$ (14.85)	$ (4.22)	$ 4.10
Diluted (in dollars per share)	$ (14.85)	$ (4.22)	$ 4.06
Weighted average shares outstanding
Basic (in shares)	51.2	50.1	53.5
Diluted (in shares)	51.2	50.1	54.1
Total Product sales, net
Revenues:
Product sales	$ 944.5	$ 966.2	$ 1,023.9
Commercial Product sales
Revenues:
Product sales	497.3	386.6	438.0
Operating expenses:
Cost of goods and services sold	210.3	160.3	187.2
MCM Product sales
Revenues:
Product sales	447.2	579.6	585.9
Operating expenses:
Cost of goods and services sold	305.6	264.3	195.4
Total Bioservices revenues
Revenues:
Total Bioservices revenues	78.5	109.9	615.5
Operating expenses:
Cost of goods and services sold	189.5	268.5	365.5
Services
Revenues:
Product sales	72.8	105.0	310.3
Leases
Revenues:
Leases	5.7	4.9	305.2
Contracts and grants
Revenues:
Product sales	$ 26.3	$ 41.4	$ 134.2

Inventories, net

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories, net

Inventories, net consist of the following:


	December 31,
	2023		2022
Raw materials and supplies	$	128.7	$	142.3
Work-in-process	113.3		116.2
Finished goods	86.9		92.2
Total inventories, net	$	328.9	$	350.7

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

Revenue recognition - Narrative (Details)	3 Months Ended	12 Months Ended
Revenue recognition - Narrative (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Concentration Risk [Line Items]
Number of reportable segments \| segment		3
Number of operating segments \| segment		3
Other assets	$ 191,300,000	$ 194,300,000	$ 191,300,000
Leases		5,700,000
Revenue, remaining performance obligation, amount		379,500,000
Contract with customer, asset, after allowance for credit loss, noncurrent	34,800,000	21,900,000	34,800,000
Contract with customer, liability, current	26,400,000	27,200,000	26,400,000
Provisions for expected credit losses		2,100,000	300,000	$ (100,000)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Concentration Risk [Line Items]
Revenue, remaining performance obligation, amount		$ 372,300,000
Revenue, remaining performance obligation, expected timing of satisfaction, period		24 months
Leases
Concentration Risk [Line Items]
Leases		$ 5,700,000	4,900,000	305,200,000
Lessor, operating lease, payment to be received, year one		800,000
Lessor, operating lease, payment to be received, year two		900,000
Lessor, operating lease, payment to be received, year three		900,000
Lessor, operating lease, payment to be received, year four		900,000
Lessor, operating lease, payment to be received, year five		900,000
Lessor, operating lease, payment to be received, after year five		0
Contracts and grants
Concentration Risk [Line Items]
Product sales		26,300,000	41,400,000	$ 134,200,000
United States \| Leases
Concentration Risk [Line Items]
Leases		$ 0	$ 0
Non-USG
Concentration Risk [Line Items]
Lessee, operating lease, remaining lease term		5 years
Revenue from Contract with Customer \| Geographic Concentration Risk \| United States
Concentration Risk [Line Items]
Concentration risk percentage		58.00%	79.00%	92.00%
USG \| Leases
Concentration Risk [Line Items]
Leases		$ 0	$ 0	$ 243,100,000
USG \| Contracts and grants
Concentration Risk [Line Items]
Product sales		$ 20,400,000	$ 37,200,000	$ 130,200,000
USG \| Revenue from Contract with Customer \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage		3800.00%	43.00%	51.00%
Customer Two \| Revenue from Contract with Customer \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage			10.00%
Jansen Pharmaceuticals, Inc.
Concentration Risk [Line Items]
Increase in other assets	$ 152,700,000
Other assets		$ 158,800,000
BARDA
Concentration Risk [Line Items]
Lessor, operating lease, payments to be received					$ 650,800,000	$ 628,200,000
Leases				$ 243,100,000
BARDA \| Contracts and grants
Concentration Risk [Line Items]
Product sales				$ 71,300,000
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

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
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	$ 16.2	$ 19.4
Operating lease liabilities, current portion	3.5	5.8
Operating lease liabilities	13.8	14.8
Total operating lease liabilities	$ 17.3	$ 20.6
Operating leases:
Weighted average remaining lease term (years)	6 years 2 months 12 days	5 years 10 months 24 days
Weighted average discount rate	5.30%	4.10%

Income taxes - Components of the Provisions for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ (0.6)	$ (9.4)	$ (3.1)
State	0.5	1.9	14.9
International	36.7	33.8	28.9
Total current	36.6	26.3	40.7
Deferred
Federal	(2.0)	(37.7)	37.1
State	(1.2)	(3.2)	4.2
International	(4.1)	7.2	1.6
Total deferred	(7.3)	(33.7)	43.0
Income tax (benefit) provision	$ 29.3	$ (7.4)	$ 83.7

Share-based compensation and stockholders' equity - Tax Effects Related to Each Component of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pretax	$ (11.0)	$ 23.9	$ 12.0
Tax Benefit (Expense)	2.2	(4.7)	(2.8)
Total other comprehensive income (loss), net of tax	(8.8)	19.2	9.2
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pretax	(4.1)	8.7	4.3
Tax Benefit (Expense)	0.6	(1.2)	(0.6)
Total other comprehensive income (loss), net of tax	(3.5)	7.5	3.7
Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pretax	(8.5)	14.6	8.9
Tax Benefit (Expense)	2.3	(3.9)	(2.4)
Total other comprehensive income (loss), net of tax	(6.2)	10.7	6.5
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pretax	1.6	0.6	(1.2)
Tax Benefit (Expense)	(0.7)	0.4	0.2
Total other comprehensive income (loss), net of tax	$ 0.9	$ 1.0	$ (1.0)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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.

Use of estimates

The preparation of financial statements requires management to make estimates, judgments and assumptions that affect reported amounts and disclosures in the consolidated financial statements and accompanying notes. Due to the inherent uncertainty involved in making those estimates, judgements and assumptions, actual results could differ from those estimates. Our most significant estimates relate to revenue recognitions and the assessment of the recoverability of goodwill, definite lived intangible assets and other long-lived assets. Other estimates include allowances for expected credit losses, inventory, depreciation and amortization, business combinations, contingent consideration, share-based compensation, income taxes, and other contingencies. Management continually re-evaluates its estimates, judgments and assumptions and basis its estimates on historical trends, projections, current experience and other assumptions that it believes are reasonable. These estimates are sometimes complex, sensitive to changes in assumptions and require fair value determinations using Level 3 fair value measurements.

Cash and cash equivalents

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.

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 accounting receivable

Billed accounts receivable are stated at invoice amounts and consist of amounts due from the USG, commercial and Bioservices 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, NARCAN® Nasal Spray, is sold commercially over-the-counter at retail pharmacies and digital commerce websites as well as through physician-directed or standing order prescriptions at retail pharmacies, health departments, local law enforcement agencies, community-based organizations, substance abuse centers and other federal agencies.

We maintain an allowance for expected credit losses, which represents the estimated aggregate amount of credit risk arising from the inability or unwillingness of specific customers to pay our fees or disputes that may affect our ability to fully collect our billed accounts receivable. We estimate the current-period provision for expected credit losses on a specific identification basis and we consider factors such as the age of the receivables balance, knowledge of the specific customers' circumstances and historical collection experience for similar customers. Amounts determined to be uncollectible are charged or written-off against the reserve. Accounts receivable, net of the allowance for expected credit losses, represents the amount we expect to collect. Our actual experience may vary from our estimates. At each reporting date, we adjust the allowance for expected credit losses to reflect our current estimate. 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 2024 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 commercial product sales, largely NARCAN® Nasal Spray, are sold commercially over-the-counter at retail pharmacies and digital commerce websites as well as through physician-directed or standing order prescriptions at retail pharmacies, health departments, local law enforcement agencies, community-based organizations, substance abuse centers and other federal agencies. Refer to Note 13, "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 38%, 43% and 51% of total revenues for 2023, 2022 and 2021, respectively. The Company’s accounts receivable as of December 31, 2023 and 2022, consist primarily of amounts due from the USG or other large multi-national highly reputable customers for product sales, Bioservices or from government agencies under government grants.

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, 2023, 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 actual cost. Actual 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 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. The Company determines normal capacity for each production facility and allocates fixed production-overhead costs on that basis. 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. Inventory reserves for write-downs are relieved when the inventory is disposed of through scrap or sale.

Pre-launch inventory

Within the Company's Commercial Products and MCM Products segments costs relating to raw materials and production of inventory in preparation for product launch prior to regulatory approval are capitalized when the review process has progressed to a point where objective and persuasive evidence exists that regulatory approval is probable, the future economic benefit is expected to be realized, and the Company believes that material uncertainties related to the ultimate regulatory approval have been significantly reduced. Pre-launch inventory is recorded to research and development expense unless these criteria are met. For pre-launch inventory that is capitalized, the Company considers a number of specific facts and circumstances, including the product candidate’s current status in the drug development and regulatory approval process, results from related clinical trials, results from meetings with relevant regulatory agencies prior to the filing of regulatory applications, potential obstacles to the approval process, historical experience, viability of commercialization and market trends. This policy is not applicable to pre-launch inventory purchased to satisfy a performance obligation related to a Bioservices contract as Bioservices pre-launch inventory may be capitalized if it has future economic benefit based on the terms of the contract.

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.

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

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.

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.

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 7, "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 NARCAN® Nasal Spray, 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, 2023.

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.

MCM product 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 MCM 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.

The Company's NARCAN® over-the-counter ("OTC") customer contracts are fixed price contracts. For that majority of the Company's NARCAN® OTC contract, the Company invoices and records revenue when the pharmacies and wholesalers receive product from the third-party logistics warehouse used by the Company, which is the point at which control is transferred to the customer. Revenues for these NARCAN® OTC arrangements are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established. Estimates of variable consideration includes allowance for returns, specialty distributor fees, wholesaler fees and prompt payment discounts. NARCAN® OTC may also be sold on consignment through third-party online retailers where revenues are recognized point in time when sold to the end customer. The Company pays these third-party online retailers selling commissions and fulfillment fees which are recorded as selling general & administrative expenses and cost of commercial product sales, respectively, in the Consolidated Statement of Operations. Revenues from NARCAN® OTC are 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. The Company considers several factors in the estimation process for the allowance for returns of NARCAN® OTC, including inventory levels within the distribution channel and historical return activity, including activity for product sold for which the return period has passed, as well as other relevant factors. Because returned product cannot be resold, there is no corresponding asset for product returns.

Bioservices

The Company performs it's Bioservices offerings 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 Bioservices 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 Bioservices 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 share-based compensation

The Company has two share-based employee compensation plans, the Fourth Amended and Restated Emergent BioSolutions Inc. 2006 Stock Incentive Plan (the "Emergent Plan") and the Emergent BioSolutions, Inc. Inducement Plan (the "Inducement 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.

On September 28, 2023, the Company's Board of Directors adopted and approved the Emergent BioSolutions, Inc. Inducement Plan, pursuant to which the Company may from time to time make equity grants to individuals not previously an employee or director of the Company or any of its subsidiaries (or following a bona fide period of interruption of employment) as a material inducement to their employment by the Company. The Inducement Plan was adopted by the board of directors without stockholder approval pursuant to New York Stock Exchange Listing Rule 303A.08. The board of directors reserved 5.0 million shares of the Company's common stock for issuance under the Inducement Plan. The terms and conditions of the Inducement Plan are substantially similar to the Company's stockholder-approved Emergent Plan as discussed below.

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 historically maintained a defined benefit plan for employees in certain countries outside the U.S., including retirement benefit plans required by applicable local law. The Company's defined benefit plan was included in the sale of the travel health business on May 15, 2023. See Note 3, "Divestiture" for more information. The plan was 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 reviewed its actuarial assumptions on an annual basis and made modifications to the assumptions based on current rates and trends. Actuarial gains and losses were deferred in accumulated other comprehensive income (loss), net of tax and were 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 were 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. From time to time, the Company enters 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 objective and strategy with respect to these interest rate swaps is to protect the Company against adverse fluctuations in interest rates.

During the second quarter of 2023, the Company terminated its designated interest rate swap transactions with a total notional value of $350.0 million. Hedge accounting was also discontinued at that time. As of December 31, 2023, all accumulated other comprehensive income associated with the terminated interest rate swaps was amortized to earnings over the remaining term of the interest rate swaps prior to termination.

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. See Note 9, "Derivative instruments and hedging activities" for further details on the interest rate swaps.

he valuation of the interest rate swaps was determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each interest rate swap. This analysis reflected 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 were 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) were based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We incorporated 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 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.

New Accounting Standards

Accounting Standards Not Yet Adopted

In November 2023, the Financial Accounting Standards board ("FASB") issued Accounting Standards Update ("ASU") 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, on an annual and interim basis, primarily through enhanced disclosures about significant segment expenses. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker ("CODM"). The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The amendments in the ASU are effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requires a public business entity ("PBE") to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The amendments in the ASU are effective for public business entities for annual periods beginning after December 15, 2024, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on it consolidated financial statements.

Leases - Narrative (Details)	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	5 years
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	10 years

Inventories, net (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 128.7	$ 142.3
Work-in-process	113.3	116.2
Finished goods	86.9	92.2
Total inventories, net	$ 328.9	$ 350.7

Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Current
Federal	$	(0.6)	$	(9.4)	$	(3.1)
State	0.5		1.9		14.9
International	36.7		33.8		28.9
Total current	36.6		26.3		40.7
Deferred
Federal	(2.0)		(37.7)		37.1
State	(1.2)		(3.2)		4.2
International	(4.1)		7.2		1.6
Total deferred	(7.3)		(33.7)		43.0
Income tax (benefit) provision	$	29.3	$	(7.4)	$	83.7

Schedule of Deferred Tax Assets and Liabilities

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


	December 31,
	2023		2022
Deferred tax assets
Federal losses carryforward	$	58.7	$	14.8
State losses carryforward	38.9		13.0
R&D carryforward	21.9		18.4


Stock compensation	6.8		10.4
Foreign losses carryforward	13.9		9.1
Deferred revenue	—		2.0
Inventory reserves	12.6		10.9
Lease liability	4.3		4.7
IRC 263A capitalized costs	2.8		5.2
Capitalized R&D	35.3		27.3
IRC 163(j) Interest Limitation	26.2		7.9
Fixed assets	26.7		0.1
Intangible assets	13.8		—
Accrued compensation	2.8		0.5
Other	4.8		6.5
Gross deferred tax assets	269.5		130.8
Valuation allowance	(257.8)		(65.1)
Total deferred tax assets	11.7		65.7
Deferred tax liabilities
Fixed assets	(2.6)		(63.7)
Intangible assets	(40.4)		(46.1)
Right-of-use asset	(4.0)		(4.5)
Foreign Withholding Tax	(5.5)		(4.7)
Prepaid expenses	(4.2)		(3.9)
Other	(2.2)		(2.5)
Total deferred tax liabilities	(58.9)		(125.4)
Net deferred tax liabilities	$	(47.2)	$	(59.7)

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,
	2023		2022		2021
U.S.	$	(805.1)	$	(442.6)	$	100.1
International	73.9		224.0		203.3
Earnings (losses) before taxes on income	(731.2)		(218.6)		303.4
Federal tax at statutory rates	$	(153.6)	$	(46.0)	$	63.5
State taxes, net of federal benefit	(52.7)		(13.5)		14.1
Impact of foreign operations	(8.5)		(7.2)		(18.7)
Change in valuation allowance	193.6		37.8		8.2
Tax credits	(0.9)		(3.5)		(4.7)
Stock compensation	6.8		4.7		(3.9)
Goodwill Impairments	23.3		1.8		8.3
Adjustment of prior year taxes	1.3		(1.8)		0.8
Transaction costs	—		—		0.1
Compensation limitation	0.3		0.7		2.9
Unrecognized tax benefit	(0.6)		(9.0)		1.2
GILTI, net	17.8		20.7		13.0
Foreign withholding tax	0.8		4.7		—
Permanent differences	1.7		3.2		(1.2)
Income tax (benefit) provision	$	29.3	$	(7.4)	$	83.7

Schedule of Unrecognized Tax Benefits Activity

The table below presents the gross unrecognized tax benefits activity for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
Gross unrecognized tax benefits, beginning of period	$	6.8	$	12.7	$	12.2
Increases (decreases) for tax positions for prior years	0.4		(1.5)		0.3
Increases for tax positions for current year	0.1		0.7		0.2
Settlements	—		—		—
Lapse of statute of limitations	(0.7)		(5.1)		—
Gross unrecognized tax benefits, end of period	$	6.6	$	6.8	$	12.7

Summary of significant accounting policies - Estimated Useful Lives (Details)	Dec. 31, 2023
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

Revenue recognition - Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable:
Billed	$ 141.8	$ 102.7
Unbilled	51.4	57.2
Allowance for expected credit losses	(2.2)	(0.7)
Accounts receivable, net	$ 191.0	$ 159.2

Purchase commitments (Details) - USD ($) $ in Millions	12 Months Ended
Purchase commitments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Purchase Obligation, Fiscal Year Maturity [Abstract]
Total purchase commitment	$ 526.9
Purchase commitment period	5 years
Purchase commitment, year one	$ 117.0
Materials purchased under commitment, amount	$ 107.8	$ 199.6	$ 110.7

Long-lived asset impairment and restructuring charges - Schedule of Impairment of Long-Lived Assets Held and Used by Asset (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impaired Long-Lived Assets Held and Used [Line Items]
Total impairment of long-lived assets	$ 306.7	$ 0.0	$ 0.0
Buildings, building improvements and leasehold improvements
Impaired Long-Lived Assets Held and Used [Line Items]
Total impairment of long-lived assets	81.5
Furniture and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Total impairment of long-lived assets	117.5
Software
Impaired Long-Lived Assets Held and Used [Line Items]
Total impairment of long-lived assets	0.3
Construction-in-progress
Impaired Long-Lived Assets Held and Used [Line Items]
Total impairment of long-lived assets	$ 107.4

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 4.3
2025	3.7
2026	2.9
2027	2.3
2028	2.0
Thereafter	5.2
Total undiscounted lease liabilities	20.4
Less: Imputed interest	3.1
Total lease liabilities	$ 17.3	$ 20.6

Derivative Instruments and hedging activities - Fair Value by Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Interest Rate Swaps \| Designated as Hedging Instrument \| Other Current Assets
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	$ 0.0	$ 8.5

Defined benefit and 401(k) savings plan - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Service cost	$ 0.7	$ 1.9	$ 2.4
Interest cost	0.3	0.1	0.0
Expected return on plan assets	(0.4)	(0.8)	(0.8)
Amortization of loss	0.0	0.1	0.6
Amortization of prior service credit	0.0	(0.1)	(0.2)
Settlements	0.0	(0.4)	0.0
Net periodic benefit cost	$ 0.6	$ 0.8	$ 2.0

Income taxes - Net Deferred Tax Asset (Liability) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Federal losses carryforward	$ 58.7	$ 14.8
State losses carryforward	38.9	13.0
R&D carryforward	21.9	18.4
Stock compensation	6.8	10.4
Foreign losses carryforward	13.9	9.1
Deferred revenue	0.0	2.0
Inventory reserves	12.6	10.9
Lease liability	4.3	4.7
IRC 263A capitalized costs	2.8	5.2
Capitalized R&D	35.3	27.3
IRC 163(j) Interest Limitation	26.2	7.9
Fixed assets	26.7	0.1
Intangible assets	13.8	0.0
Accrued compensation	2.8	0.5
Other	4.8	6.5
Gross deferred tax assets	269.5	130.8
Valuation allowance	(257.8)	(65.1)
Total deferred tax assets	11.7	65.7
Deferred tax liabilities
Fixed assets	(2.6)	(63.7)
Intangible assets	(40.4)	(46.1)
Right-of-use asset	(4.0)	(4.5)
Foreign Withholding Tax	(5.5)	(4.7)
Prepaid expenses	(4.2)	(3.9)
Other	(2.2)	(2.5)
Total deferred tax liabilities	(58.9)	(125.4)
Net deferred tax liabilities	$ (47.2)	$ (59.7)

Intangible assets and goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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


		December 31, 2023						December 31, 2022
	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)	13.6	$	855.4	$	288.8	$	566.6	$	982.1	$	253.3	$	728.8
Customer relationships	0.0	28.6		28.6		—		28.6		28.6		—
Bioservices	0.0	5.5		5.5		—		5.5		5.5		—
Total intangible assets	13.5	$	889.5	$	322.9	$	566.6	$	1,016.2	$	287.4	$	728.8

(1) During the year ended December 31, 2023, the Company sold $102.9 million of intangible assets, net as part of the sale of its travel health business to Bavarian Nordic. See Note 3, "Divestiture" for more information on the sale of the travel health business.

(2) During the year ended December 31, 2023, the Company recorded a $6.3 million intangible asset addition related to the contingent consideration payment to Ridgeback for the award of a 10-year contract by the Biomedical Advanced Research and Development Authority for advanced development, manufacturing scale-up, and procurement of EbangaTM treatment for Ebola. The related intangible asset was acquired through an asset acquisition that was completed in 2022.

Schedule of Finite-lived Intangible Assets Amortization Expense

Amortization expense associated with the Company's intangible assets was recorded as follows:


	Year Ended December 31,
	2023	2022	2021
Amortization expense	65.6	59.9	58.5

Summary of Future Amortization Expense

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


Year	As of December 31, 2023
2024	$	65.1
2025	65.1
2026	63.9
2027	60.6
2028	51.7
Thereafter	260.2
Total remaining amortization	$	566.6

Summary of Goodwill

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


	Commercial Products (1)		MCM Products (2)		Services (3)		Total
Balance at December 31, 2021	$	—	$	218.2	$	6.7	$	224.9
Goodwill impairment	—		—		(6.7)		(6.7)

Balance at December 31, 2022	$	—	$	218.2	$	—	$	218.2
Goodwill impairment	—		(218.2)		—		(218.2)

Balance at December 31, 2023	$	—	$	—	$	—	$	—

(1) Amounts for the Company's Commercial Products segment include gross carrying values of $41.7 million as of December 31, 2023, 2022 and 2021, and accumulated impairment losses of $41.7 million as of December 31, 2023, 2022 and 2021.
(2) Amounts for the Company's MCM Products segment include gross carrying values of $218.2 million as of December 31, 2023, 2022 and 2021, and accumulated impairment losses of $218.2 million as of December 31, 2023.

(3) Amounts for the Company's Services segment include gross carrying values of $6.7 million as of December 31, 2023, 2022, and 2021, and accumulated impairment losses of $6.7 million as of December 31, 2023 and 2022.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Property, plant and equipment, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation	$ 59.5	$ 83.4	$ 62.2
Cost of goods and services sold	$ 705.4	693.1	$ 748.1
Jansen Pharmaceuticals, Inc. \| Services
Property, Plant and Equipment [Line Items]
Cost of goods and services sold		$ 12.7

Long-lived asset impairment and restructuring charges - Schedule of Restructuring Reserve by Type of Cost (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Accruals	$ 29.3
January 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0
Accruals	9.3
Cash payments	(7.9)
Ending balance	1.4
August 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0
Accruals	20.0
Cash payments	(14.6)
Ending balance	5.4
Employee Transition
Restructuring Reserve [Roll Forward]
Accruals	0.6
Employee Transition \| January 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0
Accruals	0.3
Cash payments	(0.3)
Ending balance	0.0
Employee Transition \| August 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0
Accruals	0.3
Cash payments	(0.3)
Ending balance	0.0
Severance Payments
Restructuring Reserve [Roll Forward]
Accruals	27.0
Severance Payments \| January 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0
Accruals	8.7
Cash payments	(7.3)
Ending balance	1.4
Severance Payments \| August 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0
Accruals	18.3
Cash payments	(13.0)
Ending balance	5.3
Employee Benefits
Restructuring Reserve [Roll Forward]
Accruals	1.7
Employee Benefits \| January 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0
Accruals	0.3
Cash payments	(0.3)
Ending balance	0.0
Employee Benefits \| August 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0
Accruals	1.4
Cash payments	(1.3)
Ending balance	$ 0.1

Divestiture (Details) - USD ($) $ in Millions	12 Months Ended
Divestiture (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 15, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business	$ 74.2	$ 0.0	$ 0.0
Transaction costs	4.0
Other income (expense), net	(4.8)	$ (49.0)	$ (38.2)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Travel Health Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, total consideration				$ 270.2
Other income (expense), net	$ 3.2
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Travel Health Business \| Development-Based Milestones
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Milestone payments receivable				80.0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Travel Health Business \| Sales-Based Milestones
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Milestone payments receivable				$ 30.0

Property, plant and equipment, net

12 Months Ended

Dec. 31, 2023

Property Plant and Equipment Income Statement Disclosures [Abstract]

Property, plant and equipment, net

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


	December 31,
	2023 (1)		2022
Land and improvements	$	30.0	$	54.9
Buildings, building improvements and leasehold improvements	229.9		327.9
Furniture and equipment	433.6		567.5
Software	64.0		65.6
Construction-in-progress	36.7		185.5
Property, plant and equipment, gross	$	794.2	$	1,201.4
Less: Accumulated depreciation and amortization	(411.4)		(383.8)
Total property, plant and equipment, net	$	382.8	$	817.6

(1) During the year ended December 31, 2023, the Company recorded a non-cash impairment charge of $306.7 million related to certain Bioservices long-lived assets. See Note 4, "Long-lived asset impairment and restructuring charges" for more details regarding the impairment charge.

For the year ended December 31, 2023, construction-in-progress primarily included costs incurred to advance the Company's MCM Product capabilities. For the year ended December 31, 2022, construction-in-progress primarily included costs incurred related to construction to advance the Company's Bioservices capabilities.

Property, plant and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization expense associated with property, plant and equipment was $59.5 million, $83.4 million and $62.2 million for the years ended December 31, 2023, 2022, and 2021, respectively. 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 manufacturing services agreement (the "Janssen Agreement") with Janssen Pharmaceuticals, Inc. ("Janssen"). For additional information related to the termination of the Janssen Agreement, refer to Note 13 "Revenue recognition".

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Lease Expense Cost

The components of lease expense were as follows:


	Year Ended December 31,
	2023		2022		2021
Operating lease cost:
Amortization of right-of-use assets	$	4.0	$	5.6	$	5.6
Interest on lease liabilities	0.8		1.1		1.3
Total operating lease cost	$	4.8	$	6.7	$	6.9

Schedule of Leases Supplemental Balance Sheets


		December 31,
Leases	Classification	2023			2022
Operating lease right-of-use assets	Other assets	$	16.2		$	19.4

Operating lease liabilities, current portion	Other current liabilities	$	3.5		$	5.8
Operating lease liabilities	Other liabilities	13.8			14.8
Total operating lease liabilities		$	17.3		$	20.6

Operating leases:
Weighted average remaining lease term (years)		6.2			5.9
Weighted average discount rate		5.3		%	4.1		%

Lessee, Operating Lease, Liability, Maturity

The maturity analysis below summarizes future undiscounted cash flows for our operating leases as of December 31, 2023:


Year	As of December 31, 2023
2024	$	4.3
2025	3.7
2026	2.9
2027	2.3
2028	2.0
Thereafter	5.2
Total undiscounted lease liabilities	20.4
Less: Imputed interest	3.1
Total lease liabilities	$	17.3

Revenue recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue recognition

The Company operates in three business segments (see Note 18, "Segment information"). The Company's revenues disaggregated by the major sources were as follows:


	Year Ended December 31,
	2023						2022						2021
	USG		Non-USG		Total		USG		Non-USG		Total		USG		Non-USG		Total
Commercial Product sales	$	0.8	$	496.5	$	497.3	$	0.8	$	385.8	$	386.6	$	2.2	$	435.8	$	438.0
MCM Product sales	373.5		73.7		447.2		444.6		135.0		579.6		527.8		58.1		585.9
Bioservices:
Services	—		72.8		72.8		—		105.0		105.0		—		310.3		310.3
Leases	—		5.7		5.7		—		4.9		4.9		243.1		62.1		305.2
Total Bioservices	$	—	$	78.5	$	78.5	$	—	$	109.9	$	109.9	$	243.1	$	372.4	$	615.5
Contracts and grants	20.4		5.9		26.3		37.2		4.2		41.4		130.2		4.0		134.2
Total revenues	$	394.7	$	654.6	$	1,049.3	$	482.6	$	634.9	$	1,117.5	$	903.3	$	870.3	$	1,773.6

For the years ended December 31, 2023, 2022 and 2021, the Company's product sales from NARCAN®, Other commercial products, Anthrax MCM, Smallpox MCM and Other products as a percentage of total product sales were as follows:


	Year Ended December 31,
	2023		2022		2021
% of product sales:
Commercial Products:
NARCAN®	51	%	39	%	42	%
Other Commercial products	1	%	1	%	—	%
MCM Products:
Anthrax MCM	20	%	30	%	26	%
Smallpox MCM	18	%	24	%	26	%
Other Products	10	%	6	%	6	%

For the years ended December 31, 2023 and 2021, aside from sales to the USG, there were no sales to an individual customer in excess of 10% of total revenues. 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's revenue accounted for 10% and was primarily attributable to the MCM Products segment. For the years ended December 31, 2023, 2022, and 2021, the Company’s revenues from customers within the United States comprised 58%, 79% and 92%, 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 Janssen 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 Janssen 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 Janssen Agreement and (ii) to confirm Janssen’s intent to not purchase the requisite minimum quantity of the Product pursuant to the Janssen Agreement and instead, wind-down the Janssen 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 Janssen Agreement for asserted material breaches of the Janssen 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 Janssen 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 Janssen 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, 2023 there were no impacts on previously recognized revenue or depreciation related to the conclusion of the Agreement. As of December 31, 2023, the Company has no billed or unbilled net accounts receivable related to the Agreement.

Beginning in the fourth quarter of 2022, because the arbitration process is expected to extend longer than one year, the Company reclassified amounts related to the Janssen Agreement from "Inventories, net" and from "Prepaid expenses and other current assets" to "Other assets", resulting in $152.7 million in long-term assets related to the Janssen Agreement on the Consolidated Balance Sheet as of December 31, 2022. The long-term asset balance within "Other Assets" related to the Janssen Agreement as of December 31, 2023 was $158.8 million. These assets include termination penalties, certain inventory related items and raw materials inventory representing materials purchased for the Janssen Agreement which Janssen has not reimbursed. The Company evaluated the net realizable value of the inventory as of December 31, 2023, concluding that because the Janssen 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. As of December 31, 2023, all non-cancelable orders have been received by Janssen and are included in the long-term asset balance within "Other Assets".

BARDA Centers of Innovation and Advanced Development and Manufacturing Agreement ("CIADM")

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 years ended December 31, 2023 and December 31, 2022. Revenue associated with the base arrangement was $71.3 million during the year ended December 31, 2021 and is reflected as a component of contracts and grants revenue on the Consolidated Statements of Operations. Revenue associated with the BARDA COVID-19 Development Public-Private Partnership was $243.1 million during the year ended December 31, 2021 and is recorded as Bioservices "Leases" on the Consolidated Statements of Operations.

Bioservices Operating Leases

Certain multi-year Bioservices 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 5.0 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, 2023, the Company's non-USG lease revenues were $5.7 million, which is included within Bioservices "Leases" on the Consolidated Statement of Operations. Excluding future amounts related to the Agreement as discussed above, the Company estimates future operating lease revenues to be $0.8 million in 2024, $0.9 million in 2025, $0.9 million in 2026, $0.9 million in 2027, $0.9 million in 2028 and no lease revenue in 2029 and beyond

Transaction price allocated to remaining performance obligations

As of December 31, 2023, the Company has future contract value on unsatisfied performance obligations of approximately $379.5 million associated with all arrangements entered into by the Company. The Company expects to recognize $372.3 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, 2023 and December 31, 2022, the Company had $21.9 million and $34.8 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 amounts allocated to those performance obligations is reflected as contract liabilities on the Consolidated Balance Sheets and is deferred until control of these performance obligations is transferred to the customer. The following table presents the roll forward of the contract liabilities:


	Contract Liabilities
Balance at December 31, 2022	$	31.7
Balance at December 31, 2023	$	29.9
Revenue recognized in the period from amounts included in contract liability at the beginning of the period:	$	20.2

As of December 31, 2023 and 2022, the current portion of contract liabilities was $27.2 million and $26.4 million, respectively, and was included in "Other current liabilities" on the Consolidated Balance Sheet.

Accounts Receivable and Allowance for Expected Credit Losses

The following table summarizes the components of "Accounts receivable, net" as presented on the Consolidated Balance Sheets:


	December 31,
	2023		2022
Accounts receivable:
Billed	$	141.8	$	102.7
Unbilled	51.4		57.2
Allowance for expected credit losses	(2.2)		(0.7)
Accounts receivable, net	$	191.0	$	159.2

The Company's provisions for expected credit losses for the year's ended years ended December 31, 2023, 2022 and 2021 was $2.1 million, $0.3 million, and $(0.1) million, respectively.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Consolidated Statement of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	$0.001 Par Value Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2020		54.3
Beginning balance at Dec. 31, 2020	$ 1,450.9	$ 0.1	$ 784.9	$ (39.6)	$ (25.3)	$ 730.8
Beginning balance (in shares) at Dec. 31, 2020				(1.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	219.5					219.5
Other comprehensive income, net of tax	9.2				9.2
Share-based compensation activity (in shares)		0.8
Share-based compensation activity	44.5		44.5
Repurchases of stock (in shares)				(2.6)
Repurchases of common stock	(112.6)			$ (112.6)
Ending balance (in shares) at Dec. 31, 2021		55.1
Ending balance at Dec. 31, 2021	1,611.5	$ 0.1	829.4	$ (152.2)	(16.1)	950.3
Ending balance (in shares) at Dec. 31, 2021				(3.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(211.6)					(211.6)
Other comprehensive income, net of tax	19.2				19.2
Share-based compensation activity (in shares)		0.6
Share-based compensation activity	44.1		44.1
Repurchases of stock (in shares)				(1.8)
Repurchases of common stock	$ (75.5)			$ (75.5)
Ending balance (in shares) at Dec. 31, 2022	55.7	55.7
Ending balance at Dec. 31, 2022	$ 1,387.7	$ 0.1	873.5	$ (227.7)	3.1	738.7
Ending balance (in shares) at Dec. 31, 2022	(5.6)			(5.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (760.5)					(760.5)
Other comprehensive income, net of tax	(8.8)				(8.8)
Share-based compensation activity (in shares)		1.0
Share-based compensation activity	22.5		22.5
At-the-market sale of stock, net of commissions and expenses (in shares)		1.1
At-the-market sale of stock, net of commissions and expenses	$ 8.4		8.4
Ending balance (in shares) at Dec. 31, 2023	57.8	57.8
Ending balance at Dec. 31, 2023	$ 649.3	$ 0.1	$ 904.4	$ (227.7)	$ (5.7)	$ (21.8)
Ending balance (in shares) at Dec. 31, 2023	(5.6)			(5.6)

Summary of significant accounting policies - Accounting for Share-based Compensation (Details)	12 Months Ended
	Dec. 31, 2023 plan shares	Sep. 28, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock based employee compensation plans \| plan	2
Contractual life of awards	7 years
2023 Equity Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares) \| shares	5,000,000	5,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Long-lived asset impairment and restructuring charges (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Impairment of Long-Lived Assets Held and Used by Asset

The table below presents the total impairment charge by asset class for the year ended December 31, 2023:


	Year Ended December 31, 2023
Buildings, building improvements and leasehold improvements	$	81.5
Furniture and equipment	117.5
Software	0.3
Construction-in-progress	107.4

Total impairment of long-lived assets	$	306.7

Schedule of Restructuring and Related Costs

The following table presents the total restructuring costs associated with the Company’s segments as well as unallocated corporate and research and development ("R&D") charges for the year ended December 31, 2023:


	Year Ended December 31, 2023
Commercial Products	$	—
MCM Products	5.6
Services	8.4
Total restructuring costs by segment	14.0
Corporate	11.7
R&D	3.6
Total restructuring costs	$	29.3

The following table presents the total restructuring costs, by function, for the year ended December 31, 2023:


	Year Ended December 31, 2023
Employee transition	$	0.6
Severance payments	27.0
Employee benefits	1.7
Total restructuring costs	$	29.3

Schedule of Restructuring Reserve by Type of Cost

The following table provides the components of and changes in the Company's restructuring accrual for the January 2023 Plan during the year ended December 31, 2023:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2022	$	—	$	—	$	—	$	—
Accruals	0.3		8.7		0.3		9.3
Cash payments	(0.3)		(7.3)		(0.3)		(7.9)
Balance at December 31, 2023	$	—	$	1.4	$	—	$	1.4

The following table provides the components of and changes in the Company's restructuring accrual for the August 2023 Plan during the year ended December 31, 2023:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2022	$	—	$	—	$	—	$	—
Accruals	0.3		18.3		1.4		20.0
Cash payments	(0.3)		(13.0)		(1.3)		(14.6)
Balance at December 31, 2023	$	—	$	5.3	$	0.1	$	5.4

Derivative Instruments and hedging activities - Cash Flow Hedging on AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interest expense \| Interest Rate Swaps \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swaps gain (loss)	$ 8.9	$ (0.1)

Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001

Income taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross unrecognized tax benefits, beginning of period	$ 6.8	$ 12.7	$ 12.2
Increases (decreases) for tax positions for prior years	0.4		0.3
Increases (decreases) for tax positions for prior years		(1.5)
Increases for tax positions for current year	0.1	0.7	0.2
Settlements	0.0	0.0	0.0
Lapse of statute of limitations	(0.7)	(5.1)	0.0
Gross unrecognized tax benefits, end of period	$ 6.6	$ 6.8	$ 12.7

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of significant accounting policies

Basis of presentation and consolidation

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, 2023, there was $219.2 million outstanding on our senior revolving credit facility ("Revolving Credit Facility") and $198.2 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 May 2025. As of December 31, 2023, the Company had $111.7 million in cash and cash equivalents. 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. The evaluation considered the potential mitigating effects of management’s plans that have not been fully implemented. Management has evaluated the mitigating effects 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. Management's plans include (A) amending the Senior Secured Credit Facilities, and (B) improving operating performance, reducing working capital and the potential of the sale of assets to pay down the Senior Secured Credit Facilities before they become due. As neither plan is in the complete control of Management, neither is probable of occurring. In this regard, management may not be able to find a buyer for the assets it is willing to divest and may not be able to close on any asset sale for which management is able to reach an agreement with a buyer, and as a result the Company may be unable to meet its obligations as they become due. In addition, any asset sales that are completed could have potential negative impacts on the Company's future operating cash flows and profitability.

Debt Covenants

The Senior Secured Credit Facilities mature in May 2025, which provide for (1) revolving credit commitments, (2) a term loan, and (3) the issuance of commercial letters of credit. As of December 31, 2023, we had $417.4 million outstanding under the Senior Secured Credit Facilities. Under the Senior Secured Credit Facilities, the Company is subject to a monthly minimum consolidated EBITDA covenant through February 29, 2024, and is also required to raise at least $75.0 million through the issuance of equity and/or unsecured indebtedness by April 30, 2024. Beginning with the quarter ended March 31, 2024, the Company is subject to a minimum consolidated debt service coverage ratio and a maximum consolidated leverage ratio covenant. As of December 31, 2023, the Company was not in compliance with the minimum consolidated EBITDA covenant under the Senior Secured Credit Facilities and did not expect to be able to raise the remaining of the $75.0 million through the issuance of equity under the at-the-market equity offering program (the "ATM Program") that we entered into on May 18, 2023, by April 30, 2024, as required by the requisite lenders. In addition, the Company is required to deliver audited annual financial statements without a “going concern” explanatory paragraph with respect to its financial statements for the year ended December 31, 2023, within 90-days of year end, while the financial statements included in this Annual Report contain an explanatory paragraph related to Going Concern. On February 29, 2024, the requisite lenders agreed to enter into a  Forbearance Agreement and Sixth Amendment to Amended and Restated Credit Agreement (the “Forbearance Agreement and Amendment”), which includes 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 quarter ending December 31, 2023 and the fiscal quarter ending March 31, 2024 and (b) the going concern explanatory paragraph contained in the audited financial statements for the fiscal year ended December 31, 2023. This forbearance period will expire on the earlier to occur of (i) any other event of default and (ii) April 30, 2024. 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 Senior Secured Credit Facilities. The Senior Secured Credit Facilities and the Company’s other debt facilities are described in more detail below in Note 10, “Debt”.

Further, acceleration of the repayment of the Senior Secured Credit Facilities would result in a cross-default of the Company’s obligations under the 3.875% Senior Unsecured Notes due in 2028. If the Company would be unable to obtain additional waivers or forbearance of such covenants or defaults, to successfully renegotiate the terms of the Senior Secured Credit Facilities, or to cure the potential covenant breach or default, and the lenders enforced one or more of their rights upon default and/or the default resulted in a cross-default under the 3.875% Senior Unsecured Notes due in 2028, the Company would be unable to meet its obligations under those agreements and could be forced into insolvency proceedings.

Based on the facts and circumstances described above, there can be no assurance that the Forbearance Period will continue to remain in place, and that the Company would be able to comply with covenants in the future. As a result, the Company continues to evaluate a number of factors related to its ability to continue as a going concern, including its ability to comply with the terms and operating and financial covenants required by the Senior Secured Credit Facilities, its ability to satisfy the capital raise requirement, other market conditions, economic conditions, particularly in the pharmaceutical and biotechnology industry, and disruptions or volatility caused by factors such as regional conflicts, inflation, and supply chain disruptions. The Company has engaged legal and financial advisors to assist with a comprehensive review of alternatives to enhance its capital structure, which may include taking steps to cure any potential defaults or seeking forbearance, waivers, further cost reductions, asset sales or other alternatives to avoid an event of default.

Use of estimates

Cash and cash equivalents

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 accounts receivable

Concentration Risk

Customers

Financial Institutions

Lender Counterparties

Inventories, net

Pre-launch inventory

Property, plant and equipment, net


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

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

Multiple performance obligations

Transaction price and variable consideration

Product sales

entitled based on the terms of the contract. The Company reassesses the Company's provisions for variable consideration at each reporting date.

Bioservices

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 Bioservices 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 share-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

New Accounting Standards

Accounting Standards Not Yet Adopted

Segment Information - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 1,049.3	$ 1,117.5	$ 1,773.6
Cost of sales or services:
Cost of goods and services sold	705.4	693.1	748.1
Gross margin	$ 317.6	$ 383.0	$ 891.3
Gross margin %	31.00%	36.00%	54.00%
Total segment adjusted gross margin	$ 335.7	$ 437.0	$ 894.2
Leases	5.7
Reconciling items:
Segment restructuring costs	(29.3)
Changes in fair value of contingent consideration	(0.2)	(2.6)	(2.9)
Impairment of long-lived assets	(306.7)	0.0	0.0
Research and development	(111.4)	(188.3)	(235.2)
Selling, general and administrative	(368.4)	(339.5)	(348.7)
Goodwill impairment	(218.2)	(6.7)	(41.7)
Amortization of intangible assets	(65.6)	(59.9)	(58.5)
Interest expense	(87.9)	(37.3)	(34.5)
Gain on sale of business	74.2	0.0	0.0
Other, net	8.9	(11.7)	(3.7)
Income (loss) before income taxes	(731.2)	(219.0)	303.2
Operating Segments
Revenues:
Revenue	1,023.0	1,076.1	1,639.4
Reconciling items:
Segment restructuring costs	(14.0)	0.0	0.0
Segment inventory step-up provision	(3.9)	(51.4)	0.0
BARDA
Cost of sales or services:
Leases			243.1
Contracts and grants
Revenues:
Revenue	26.3	41.4	134.2
Contracts and grants \| Contracts and grants revenue
Revenues:
Revenue	26.3	41.4	134.2
Contracts and grants \| BARDA
Revenues:
Revenue			71.3
Commercial Products
Cost of sales or services:
Cost of goods and services sold	210.3	160.3	187.2
Gross margin	$ 287.0	$ 226.3	$ 250.8
Gross margin %	58.00%	59.00%	57.00%
Total segment adjusted gross margin	$ 287.0	$ 226.3	$ 250.8
Reconciling items:
Goodwill impairment	0.0	0.0
Commercial Products \| Operating Segments
Revenues:
Revenue	497.3	386.6	438.0
Reconciling items:
Segment restructuring costs	0.0
MCM Products
Cost of sales or services:
Cost of goods and services sold	305.6	264.3	195.4
Gross margin	$ 141.6	$ 315.3	$ 390.5
Gross margin %	32.00%	54.00%	67.00%
Total segment adjusted gross margin	$ 151.3	$ 369.3	$ 393.4
Reconciling items:
Goodwill impairment	(218.2)	0.0
MCM Products \| Operating Segments
Revenues:
Revenue	447.2	579.6	585.9
Reconciling items:
Segment restructuring costs	(5.6)
Services
Cost of sales or services:
Cost of goods and services sold	189.5	268.5	365.5
Gross margin	$ (111.0)	$ (158.6)	$ 250.0
Gross margin %	(141.00%)	(144.00%)	41.00%
Total segment adjusted gross margin	$ (102.6)	$ (158.6)	$ 250.0
Reconciling items:
Goodwill impairment	0.0	(6.7)
Services \| Operating Segments
Revenues:
Revenue	78.5	$ 109.9	$ 615.5
Reconciling items:
Segment restructuring costs	$ (8.4)

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

Purchase commitments	12 Months Ended
Purchase commitments	Dec. 31, 2023
Purchase Obligation, Fiscal Year Maturity [Abstract]
Purchase commitments	Purchase commitments We enter into agreements in the normal course of business with vendors for raw materials and other goods or services. 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. Purchase commitments exclude agreements that are cancellable without penalty. As of December 31, 2023, the Company has approximately $526.9 million of purchase commitments associated with raw materials and Bioservices that will be purchased in the next five years, of which the Company estimates that approximately $117.0 million will be purchased within the next year. For the years ended December 31, 2023, 2022, and 2021, the Company purchased $107.8 million, $199.6 million and $110.7 million, respectively, of materials and services under these commitments.

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023 (1)		2022
Land and improvements	$	30.0	$	54.9
Buildings, building improvements and leasehold improvements	229.9		327.9
Furniture and equipment	433.6		567.5
Software	64.0		65.6
Construction-in-progress	36.7		185.5
Property, plant and equipment, gross	$	794.2	$	1,201.4
Less: Accumulated depreciation and amortization	(411.4)		(383.8)
Total property, plant and equipment, net	$	382.8	$	817.6

(1) During the year ended December 31, 2023, the Company recorded a non-cash impairment charge of $306.7 million related to certain Bioservices long-lived assets. See Note 4, "Long-lived asset impairment and restructuring charges" for more details regarding the impairment charge.

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

Share-based compensation and stockholders' equity - Narrative (Details)	3 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) plan $ / shares shares	Dec. 31, 2023 USD ($) plan $ / shares shares	Dec. 31, 2023 USD ($) plan vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Nov. 11, 2022 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Sep. 28, 2023 shares	Nov. 11, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock based employee compensation plans \| plan	2	2	2
Contractual life of awards			7 years
Cash received from option exercises			$ 0	$ 500,000		$ 10,400,000
Weighted average grant date fair value of options granted (in dollars per share) \| $ / shares			$ 5.35	$ 17.85		$ 35.16
Total intrinsic value of options exercised			$ 0	$ 300,000		$ 15,700,000
Unrecognized compensation cost related to stock options	$ 4,400,000	$ 4,400,000	$ 4,400,000
Preferred stock, shares authorized (in shares) \| shares	15,000,000	15,000,000	15,000,000	15,000,000.0
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001	$ 0.001		$ 0.001
Common stock, shares authorized (in shares) \| shares	200,000,000	200,000,000	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		$ 112,600,000
Treasury Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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
At-The-Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross sales price	$ 150,000,000	$ 150,000,000	$ 150,000,000
Sale of stock, number of shares issued in transaction (in shares) \| shares		1,100,000
Sale of stock, consideration received on transaction, gross		$ 9,100,000
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 8.22	$ 8.22	$ 8.22
Sale of stock, amount remaining available for sale of shares	$ 140,900,000	$ 140,900,000	$ 140,900,000
2023 Equity Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares) \| shares	5,000,000	5,000,000	5,000,000				5,000,000
Number of shares issued (in shares) \| shares	0
Employee Stock Option \| 2006 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance under the plan (in shares) \| shares	29,100,000	29,100,000	29,100,000
Common stock available for future awards (in shares) \| shares	5,900,000	5,900,000	5,900,000
Exercise price of option as percentage of fair market value at grant date, minimum	100.00%	100.00%	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			$ 31,800,000	$ 30,900,000		$ 26,900,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 22,600,000	$ 22,600,000	$ 22,600,000
Weighted average period expected to be recognized related to unvested equity awards			1 year 9 months 18 days
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards vested			$ 2,400,000	$ 2,500,000		$ 3,800,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 2,200,000	$ 2,200,000	$ 2,200,000
Weighted average period expected to be recognized related to unvested equity awards			1 year 9 months 18 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			200.00%

Income taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Valuation allowance increase, including CTA component	$ 192.7
Deferred tax liabilities, foreign withholding tax	5.5	$ 4.7
Valuation allowance increase	$ 192.7
Effective income tax rate reconciliation, percent	(4.00%)	3.00%	28.00%
Unrecognized tax benefits, noncurrent	$ 6.6	$ 6.8
Gross unrecognized tax benefits	6.6	6.8	$ 12.7	$ 12.2
Unrecognized tax benefits, reduction resulting from lapse of applicable statute of limitations	0.7	5.1	0.0
Accrued income tax penalties and interest	1.6	1.6
Interest and penalties expense (benefit)	0.2	$ (2.1)	$ 1.1
Domestic Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards	279.3
Operating loss carryforwards, subject to expiration	36.0
Operating loss carryforwards, not subject to expiration	243.3
Tax credit carryforward, amount	16.9
State and Local Jurisdiction \| California
Income Tax Contingency [Line Items]
Operating loss carryforwards	667.6
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	$ 55.7

Revenue recognition (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023						2022						2021
	USG		Non-USG		Total		USG		Non-USG		Total		USG		Non-USG		Total
Commercial Product sales	$	0.8	$	496.5	$	497.3	$	0.8	$	385.8	$	386.6	$	2.2	$	435.8	$	438.0
MCM Product sales	373.5		73.7		447.2		444.6		135.0		579.6		527.8		58.1		585.9
Bioservices:
Services	—		72.8		72.8		—		105.0		105.0		—		310.3		310.3
Leases	—		5.7		5.7		—		4.9		4.9		243.1		62.1		305.2
Total Bioservices	$	—	$	78.5	$	78.5	$	—	$	109.9	$	109.9	$	243.1	$	372.4	$	615.5
Contracts and grants	20.4		5.9		26.3		37.2		4.2		41.4		130.2		4.0		134.2
Total revenues	$	394.7	$	654.6	$	1,049.3	$	482.6	$	634.9	$	1,117.5	$	903.3	$	870.3	$	1,773.6

Schedules of Concentration of Risk, by Risk Factor


	Year Ended December 31,
	2023		2022		2021
% of product sales:
Commercial Products:
NARCAN®	51	%	39	%	42	%
Other Commercial products	1	%	1	%	—	%
MCM Products:
Anthrax MCM	20	%	30	%	26	%
Smallpox MCM	18	%	24	%	26	%
Other Products	10	%	6	%	6	%

Summary of Deferred Revenue Contract Liabilities

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


	Contract Liabilities
Balance at December 31, 2022	$	31.7
Balance at December 31, 2023	$	29.9
Revenue recognized in the period from amounts included in contract liability at the beginning of the period:	$	20.2

Schedule of Accounts Receivable, Net

The following table summarizes the components of "Accounts receivable, net" as presented on the Consolidated Balance Sheets:


	December 31,
	2023		2022
Accounts receivable:
Billed	$	141.8	$	102.7
Unbilled	51.4		57.2
Allowance for expected credit losses	(2.2)		(0.7)
Accounts receivable, net	$	191.0	$	159.2

Fair value measurements

12 Months Ended

Dec. 31, 2023

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, 2023								December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Money market accounts	$	40.5	$	40.5	$	—	$	—	$	320.8	$	320.8	$	—	$	—
Time deposits	—		—		—		—		170.7		—		170.7		—
Derivative instruments	—		—		—		—		8.5		—		8.5		—
Total	$	40.5	$	40.5	$	—	$	—	$	500.0	$	320.8	$	179.2	$	—
Liabilities:
Contingent consideration	$	5.6	$	—	$	—	$	5.6	$	8.0	$	—	$	—	$	8.0

Total	$	5.6	$	—	$	—	$	5.6	$	8.0	$	—	$	—	$	8.0

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 Consolidated 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, 2023, 2022 and 2021:


	Contingent Consideration
Balance at December 31, 2020	$	59.3
Change in fair value	2.9
Settlements	(23.8)
Balance at December 31, 2021	$	38.4
Change in fair value	2.6
Settlements	(33.0)
Balance at December 31, 2022	$	8.0
Change in fair value	0.2
Settlements	(2.6)
Balance at December 31, 2023	$	5.6

As of December 31, 2023 and 2022, the current portion of the contingent consideration liability was $2.7 million and $3.4 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, 2023

Valuation Technique

Unobservable Input

Range

Royalty based

$5.6 million

Discounted cash flow

Discount rate

9.5%

Probability of payment

0.0% - 75.0%

Projected year of payment

2023 - 2028

Non-Variable Rate Debt

As of December 31, 2023 and 2022, the fair value of the Company's 3.875% Senior Unsecured Notes was $184.3 million and $225.1 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 10, "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, 2023 and December 31, 2022, other than those liabilities mentioned above and those assets outlined in Note 7 "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

Schedule II - Valuation and Qualifying Accounts (Details) - Prepaid expenses and other current assets allowance - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	$ 7.1	$ 3.7	$ 3.9
Charged to Costs and Expenses	0.8	3.9	0.2
Deductions	(0.4)	(0.5)	(0.4)
Ending Balance	$ 7.5	$ 7.1	$ 3.7

Revenue recognition - Percentage of Product Sales (Details) - Sales Revenue, Product Line - Product Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
NARCAN®
Concentration Risk [Line Items]
Concentration risk percentage	51.00%	39.00%	42.00%
Other Commercial products
Concentration Risk [Line Items]
Concentration risk percentage	1.00%	1.00%	0.00%
Anthrax MCM
Concentration Risk [Line Items]
Concentration risk percentage	20.00%	30.00%	26.00%
Smallpox MCM
Concentration Risk [Line Items]
Concentration risk percentage	18.00%	24.00%	26.00%
Other Products
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	6.00%	6.00%

Net income (loss) per common share (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Numerator:
Net income (loss)	$	(760.5)	$	(211.6)	$	219.5

Denominator:
Weighted-average number of shares-basic	51.2		50.1		53.5
Dilutive effect of employee incentive plans	—		—		0.6
Weighted-average number of shares-diluted	51.2		50.1		54.1

Net income (loss) per common share - basic	$	(14.85)	$	(4.22)	$	4.10
Net income (loss) per common share - diluted	$	(14.85)	$	(4.22)	$	4.06

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, 2023, 2022 and 2021. 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,
	2023	2022	2021
Anti-dilutive stock awards	3.6	2.8	1.0

Property, plant and equipment, net - Summary of Property, Plant and Equipment Useful Lives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 794.2	$ 1,201.4
Less: Accumulated depreciation and amortization	(411.4)	(383.8)
Total property, plant and equipment, net	382.8	817.6
Total impairment of long-lived assets	306.7	0.0	$ 0.0
Land and improvements
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	30.0	54.9
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	229.9	327.9
Furniture and equipment
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	433.6	567.5
Software
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	64.0	65.6
Construction-in-progress
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 36.7	$ 185.5

Debt - Components of Long-term Indebtedness (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Aug. 07, 2020
Debt Instrument [Line Items]
Total debt	$ 868.4	$ 1,413.8
Current portion of long-term debt, net of debt issuance costs	(413.7)	(957.3)
Unamortized debt issuance costs	(8.2)	(8.0)
Non-current portion of debt	446.5	448.5
Term Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	198.2	362.8
Line of Credit
Debt Instrument [Line Items]
Total debt	$ 219.2	$ 598.0
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	$ 450.0	$ 450.0	$ 450.0
Other
Debt Instrument [Line Items]
Total debt	$ 1.0	$ 3.0

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia
Auditor Firm ID	42

Derivative Instruments and hedging activities

12 Months Ended

Dec. 31, 2023

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. From time to time, the Company enters into interest rate swap transactions to manage exposures that arise from payments of variable interest rate debt associated with the Company's senior secured credit agreements. The objective and strategy with respect to these interest rate swaps is to protect the Company against adverse fluctuations in interest rates.

During the second quarter of 2023, the Company terminated its designated interest rate swap transactions with a total notional value of $350.0 million. Hedge accounting was also discontinued at that time. As of December 31, 2023, there was no remaining accumulated other comprehensive income associated with the terminated interest rate swaps.

The table below presents the fair value of the Company’s derivative financial instruments designated as hedges as well as their classification on the Consolidated Balance Sheets:


		Fair Value of Asset Derivatives
		December 31,
	Classification	2023		2022
Interest Rate Swaps	Other Current Assets	$	—	$	8.5

Prior to their termination, the valuation of the interest rate swaps was determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each interest rate swap. This analysis reflected 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 were 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) were based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We incorporated 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 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.


	Classification	Year Ended December 31,
		2023		2022
Interest rate swaps gain (loss)	Interest expense	$	8.9	$	(0.1)

Share-based compensation and stockholders' equity - Stock Options, Restricted Stock Units, and Performance Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Performance Shares And Restricted Stock Units (RSUs)
Aggregate Intrinsic Value
Target payout percentage	100.00%
2006 Stock Incentive Plan
Number of Shares
Stock options outstanding, beginning of period (in shares)	1,700,000
Stock options granted (in shares)	700,000
Stock options exercised (in shares)	0
Stock options forfeited (in shares)	(1,300,000)
Stock options outstanding, end of period (in shares)	1,100,000
Stock options exercisable, end of period (in shares)	400,000
Weighted-Average Exercise Price
Stock options outstanding, beginning of period (in dollars per share)	$ 51.74
Stock options granted (in dollars per share)	9.66
Stock options exercised (in dollars per share)	0
Stock options forfeited (in dollars per share)	42.82
Stock options outstanding, end of period (in dollars per share)	34.44
Exercisable, end of period (in dollars per share)	$ 56.60
Weighted Average Remaining Contractual Term (in Years)
Stock options outstanding	5 years 1 month 6 days
Stock options exercisable	3 years 4 months 24 days
Aggregate Intrinsic Value
Stock options outstanding	$ 0.0
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)	2,200,000
Restricted/performance stock units granted (in shares)	2,400,000
Restricted/performance stock units vested (in shares)	(700,000)
Restricted/performance stock units forfeited (in shares)	(1,300,000)
Restricted/performance stock units outstanding, end of period (in shares)	2,600,000
Weighted-Average Grant Date Fair Value
Restricted/performance stock units outstanding, beginning of period (in dollars per share)	$ 42.30
Restricted/performance stock units granted (in dollars per share)	8.51
Restricted/performance stock units vested (in dollars per share)	46.73
Restricted/performance stock units forfeited (in dollars per share)	26.92
Restricted/performance stock units outstanding, end of period (in dollars per share)	$ 16.57
Aggregate Intrinsic Value
Restricted/performance stock units outstanding	$ 6.2	$ 25.8

Intangible assets and goodwill - Summary Changes in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, beginning balance	$ 218.2	$ 224.9
Goodwill impairment	(218.2)	(6.7)	$ (41.7)
Goodwill, ending balance	0.0	218.2	224.9
Commercial Products
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, beginning balance	0.0	0.0
Goodwill impairment	0.0	0.0
Goodwill, ending balance	0.0	0.0	0.0
Goodwill [Roll Forward]
Goodwill, gross	41.7	41.7	41.7
Goodwill, accumulated Impairment loss	41.7	41.7	41.7
MCM Products
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, beginning balance	218.2	218.2
Goodwill impairment	(218.2)	0.0
Goodwill, ending balance	0.0	218.2	218.2
Goodwill [Roll Forward]
Goodwill, gross	218.2	218.2	218.2
Goodwill, accumulated Impairment loss	218.2
Services
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, beginning balance	0.0	6.7
Goodwill impairment	0.0	(6.7)
Goodwill, ending balance	0.0	0.0	6.7
Goodwill [Roll Forward]
Goodwill, gross	6.7	6.7	$ 6.7
Goodwill, accumulated Impairment loss	$ 6.7	$ 6.7

- 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

Defined benefit and 401(k) savings plan - Swiss Plan Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in Plan Assets:
Fair value of plan assets, beginning of period	$ 29.3	$ 29.3
Employer contributions		1.5
Employee contributions		0.9
Net benefits received		3.4
Actual return on plan assets		(0.4)
Settlements		(5.0)
Currency impact		(0.4)
Fair value of plan assets, end of period		29.3	$ 29.3
Change in Benefit Obligation:
Projected benefit obligation, beginning of period	37.2	46.8
Service cost	0.7	1.9	2.4
Interest Cost	$ 0.3	0.1	0.0
Employee contributions		0.9
Actuarial gain		(10.0)
Net benefits received		3.4
Settlements		(5.0)
Currency impact		(0.9)
Projected benefit obligation, end of period		37.2	$ 46.8
Funded status, end of period		(7.9)
Accumulated benefit obligation, end of period		$ 34.0

Revenue recognition - Contract Liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Change in Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 31.7
Ending balance	29.9
Revenue recognized in the period from amounts included in contract liability at the beginning of the period:	$ 20.2

Defined benefit and 401(k) savings plan

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Defined benefit and 401(k) savings plan

Define benefit pension plan

The Company historically sponsored a defined benefit pension plan covering eligible employees in Switzerland (the "Swiss Plan"), which was sold as part of our travel health business to Bavarian Nordic, as described further in Note 3, "Divestiture". Under the Swiss Plan, the Company and certain of its employees with annual earnings in excess of government determined amounts were 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 were comprised of an insurance contract that had a fair value consistent with its contract value based on the practicability exception using Level 3 inputs. The entire liability was listed as non-current because plan assets were greater than the expected benefit payments over the next year. The Company recognized pension expense related to the Swiss Plan of $0.6 million, $0.8 million and $2.0 million, reflected as a component of selling, general and administrative expenses, for the years ended December 31, 2023, 2022 and 2021, respectively.

The funded status of the Swiss Plan for the years ended December 31, 2022 is as follows:


	Year Ended December 31,
	2022
Change in Plan Assets:
Fair value of plan assets, beginning of period	$	29.3
Employer contributions	1.5
Employee contributions	0.9
Net benefits received	3.4
Actual return on plan assets	(0.4)
Settlements	(5.0)
Currency impact	(0.4)
Fair value of plan assets, end of period	$	29.3
Change in Benefit Obligation:
Projected benefit obligation, beginning of period	$	46.8
Service cost	1.9
Interest Cost	0.1
Employee contributions	0.9
Actuarial gain	(10.0)
Net benefits received	3.4
Settlements	(5.0)
Currency impact	(0.9)
Projected benefit obligation, end of period	$	37.2
Funded status, end of period	$	(7.9)

Accumulated benefit obligation, end of period	$	34.0

Components of net periodic pension cost incurred during the years ended December 31, 2023, 2022 and 2021 are as follows:


	Year Ended December 31,
	2023 (1)		2022		2021
Service cost	$	0.7	$	1.9	$	2.4
Interest cost	0.3		0.1		—
Expected return on plan assets	(0.4)		(0.8)		(0.8)
Amortization of loss	—		0.1		0.6
Amortization of prior service credit	—		(0.1)		(0.2)
Settlements	—		(0.4)		—
Net periodic benefit cost	$	0.6	$	0.8	$	2.0

(1) The Swiss Plan was sold as part of our travel health business to Bavarian Nordic, as described further in Note 3, "Divestiture".

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


	December 31, 2022
Discount rate	2.1	%
Expected rate of return	3.5	%
Rate of future compensation increases	1.8	%

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.

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:



	December 31, 2022
Net actuarial gain	$	9.0
Prior service cost	(0.3)
Total recognized in other comprehensive income (loss)	$	8.7

There were no future benefits expected to be paid as of December 31, 2023.

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, 2023, 2022 and 2021, the Company made matching contributions of approximately $8.3 million, $8.8 million and $8.9 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

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+ Details

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (760.5)	$ (211.6)	$ 219.5
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	0.9	1.0	(1.0)
Unrealized gains (losses) on hedging activities	2.7	10.8	12.3
Reclassification adjustment for losses (gains) on hedging activities	(8.9)	(0.1)	(5.8)
Reclassification adjustment for gains on pension benefit obligation	(3.5)	7.5	3.7
Total other comprehensive income (loss), net of tax	(8.8)	19.2	9.2
Comprehensive income (loss), net of tax	$ (769.3)	$ (192.4)	$ 228.7

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Fair value measurements - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	$ 0.0	$ 8.5
Total	40.5	500.0
Contingent consideration	5.6	8.0
Total	$ 5.6	$ 8.0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, Prepaid expenses and other current assets	Other assets, Prepaid expenses and other current assets
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	$ 0.0	$ 0.0
Total	40.5	320.8
Contingent consideration	0.0	0.0
Total	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0.0	8.5
Total	0.0	179.2
Contingent consideration	0.0	0.0
Total	0.0	0.0
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	5.6	8.0
Total	5.6	8.0
Money market accounts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	40.5	320.8
Money market accounts \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	40.5	320.8
Money market accounts \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Money market accounts \| 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	0.0	170.7
Time deposits \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Time deposits \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	170.7
Time deposits \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0.0	$ 0.0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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
Common stock, shares authorized (in shares)	200,000,000	200,000,000.0
Common stock, shares issued (in shares)	57,800,000	55,700,000
Common stock, shares outstanding (in shares)	52,200,000	50,100,000
Treasury stock (in shares)	5,600,000	5,600,000

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories, net consist of the following:


	December 31,
	2023		2022
Raw materials and supplies	$	128.7	$	142.3
Work-in-process	113.3		116.2
Finished goods	86.9		92.2
Total inventories, net	$	328.9	$	350.7

Net income (loss) per common share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

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 common shares outstanding during the period. Diluted net income (loss) per common share adjusts basic loss per common share for the effects of potentially dilutive common shares and is calculated using the treasury stock method. Potentially dilutive common shares include the dilutive effect of shares issuable under our equity compensation plans, including stock options, restricted stock units and performance stock units. Diluted net income (loss) per share excludes anti-dilutive securities, which represent the number of potential common shares related to shares issuable under our equity compensation plans that were excluded from diluted net income (loss) per common share because their effect would have been antidilutive. No adjustment for the potential dilutive effect of dilutive securities is reported for the years ended December 31, 2023 and 2022 as the effect would have been anti-dilutive due to the Company's net loss.

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


	Year Ended December 31,
	2023		2022		2021
Numerator:
Net income (loss)	$	(760.5)	$	(211.6)	$	219.5

Denominator:
Weighted-average number of shares-basic	51.2		50.1		53.5
Dilutive effect of employee incentive plans	—		—		0.6
Weighted-average number of shares-diluted	51.2		50.1		54.1

Net income (loss) per common share - basic	$	(14.85)	$	(4.22)	$	4.10
Net income (loss) per common share - diluted	$	(14.85)	$	(4.22)	$	4.06


	Year Ended December 31,
	2023	2022	2021
Anti-dilutive stock awards	3.6	2.8	1.0

Fair value measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	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	$ 2.7	$ 3.4
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	$ 184.3	$ 225.1

Nature of the business and organization	12 Months Ended
Nature of the business and organization	Dec. 31, 2023
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 four PHT categories: chemical, biological, radiological, nuclear and explosives ("CBRNE"); emerging infectious diseases ("EID"); emerging health crises; and acute, emergency and community care. The Company has a product portfolio of 12 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 structures the business with a focus on markets and customers. As such, the key components of the business structure include the following four product and service categories: Anthrax - Medical Countermeasures (“MCM") Products, NARCAN® commercial product, Smallpox - MCM products and Emergent Bioservices (CDMO) ("Bioservices"). Beginning in the fourth quarter of 2023, the Company manages our business with a focus on three operating segments: (1) a Commercial Products segment consisting of NARCAN® Nasal Spray and other commercial products which were sold as part of our travel health business in the second quarter of 2023 (see Note 3, "Divestiture" for more information on the sale of the travel health business); (2) a MCM Products segment consisting of our Anthrax - MCM, Smallpox - MCM and Other Products, described below and (3) a Services segment consisting of our Bioservices offerings (See Note 18, "Segment information" for more information on our reportable segments). The Company's products and services include: Commercial Products Segment: NARCAN® •NARCAN® (naloxone HCl) Nasal Spray, an intranasal formulation of naloxone approved by the FDA (including in over-the-counter form) and Health Canada for the emergency treatment of known or suspected opioid overdose as manifested by respiratory and/or central nervous system depression; Sale of Travel Health Business On May 15, 2023, the Company completed the sale of its Commercial Products segment's travel health business, including rights to Vivotif®, the licensed typhoid vaccine; Vaxchora®, the licensed cholera vaccine; the development-stage chikungunya vaccine candidate CHIKV VLP; the Company’s manufacturing site in Bern, Switzerland; and certain of its development facilities in San Diego, California. For additional information, refer to Note 3, "Divestiture". MCM Products Segment Anthrax - MCM Products •Anthrasil® (Anthrax Immune Globulin Intravenous (human)), the only polyclonal antibody therapeutic licensed by the United States Food and Drug Administration (“FDA”) and Health Canada for the treatment of inhalational anthrax in combination with appropriate antibacterial drugs; •BioThrax® (Anthrax Vaccine Adsorbed), the only vaccine licensed by the FDA for the general use prophylaxis and post-exposure prophylaxis of anthrax disease; •CYFENDUS® (Anthrax vaccine adsorbed (AVA), adjuvanted), previously known as AV7909, which was recently approved by the FDA for post-exposure prophylaxis of disease following suspected or confirmed exposure to Bacillus anthracis in persons 18 through 65 years of age when administered in conjunction with recommended antibacterial drugs. CYFENDUS® is procured by certain authorized government buyers for their use; and •Raxibacumab injection, the first fully human monoclonal antibody therapeutic licensed by the FDA for the treatment and prophylaxis of inhalational anthrax; Smallpox - 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; •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; and •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. Other Products •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; •Ebanga™ (ansuvimab-zykl), 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™; •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; and •Trobigard® atropine sulfate, obidoxime chloride auto-injector, a combination drug-device auto-injector procured product candidate that contains atropine sulfate and obidoxime chloride. Trobigard® 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. Services Segment: Bioservices - CDMO Our services revenue consists of distinct but interrelated bioservices: drug substance manufacturing; drug product manufacturing (also referred to as "fill/finish" services) and packaging; development services including technology transfer, process and analytical development services; and, when necessary, suite reservation obligations. These services, which we refer to as "molecule-to-market" offerings, employ diverse technology platforms (mammalian, microbial, viral and plasma) across a network of nine geographically distinct development and manufacturing sites operated by us for our internal products and pipeline candidates and third-party Bioservices. We service both clinical-stage and commercial-stage projects for a variety of third-party customers, including government agencies, innovative pharmaceutical companies, and non-government organizations. In August 2023, the Company initiated an organizational restructuring plan (the “August 2023 Plan”) which included actions to reduce investment in and de-emphasize focus on its Bioservices business.

Share-based compensation and stockholders' equity - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 23.1	$ 45.1	$ 42.4
Cost of product sales \| Commercial Product sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	0.1	0.8	1.0
Cost of product sales \| MCM Product sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	3.8	6.5	5.4
Cost of product sales \| Bioservices
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	1.0	1.8	1.1
R&D
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	2.0	5.4	5.0
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 16.2	$ 30.6	$ 29.9

Intangible assets and goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill impairment		$ (218.2)	$ (6.7)	$ (41.7)
Goodwill		$ 0.0	$ 218.2	$ 224.9
MCM Products
Goodwill [Line Items]
Goodwill impairment	$ (218.2)

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

The table below present the components of the Company's debt:


	December 31,
	2023		2022
Senior secured credit agreement - Term loan due 2025	$	198.2	$	362.8
Senior secured credit agreement - Revolver loan due 2025	219.2		598.0
3.875% Senior Unsecured Notes due 2028	450.0		450.0
Other	1.0		3.0
Total debt	$	868.4	$	1,413.8
Current portion of long-term debt, net of debt issuance costs	(413.7)		(957.3)
Unamortized debt issuance costs	(8.2)		(8.0)
Non-current portion of debt	$	446.5	$	448.5

During the years ended December 31, 2023 and 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, 2023 and 2022, the Company had $5.3 million and $1.3 million of debt issuance costs associated with the revolver loan, 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 "2028 Notes"). Interest on the 2028 Notes is payable on February 15th and August 15th of each year until maturity, beginning on February 15, 2021. The 2028 Notes will mature on August 15, 2028.

As of August 15, 2023, the Company may redeem the 2028 Notes, in whole or in part, at the redemption prices set forth in the related indenture, plus accrued and unpaid interest. As of August 15, 2023, the Company may redeem all or a portion of the 2028 Notes at a redemption price equal to 100% of the principal amount of the 2028 Notes plus a “make-whole” premium and accrued and unpaid interest as set forth in the related indenture. Upon the occurrence of a change of control, the Company must offer to repurchase the 2028 Notes at a purchase price of 101% of the principal amount of such 2028 Notes plus accrued and unpaid interest.

Negative covenants in the indenture governing the 2028 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 Facilities

On May 15, 2023, the Company entered into the Fourth Amendment to Amended and Restated Credit Agreement, Waiver and First Amendment to Amended and Restated Collateral Agreement (the "Credit Agreement Amendment"). The Credit Agreement Amendment amended the existing Amended and Restated Credit Agreement to, among other things, (a) extend the maturity date of the Senior Secured Credit Facilities from October 13, 2023 to May 15, 2025, (b) reduce the available commitments under the Revolving Credit Facility from $600.0 million to $300.0 million, (c) remove the Company's ability to incur incremental loans and (d) amend certain mandatory prepayment triggers, affirmative covenants, negative covenants and events of default thereunder. In connection with the Credit Agreement Amendment, the Company used the approximately $270.2 million of proceeds from the sale of its travel health business to Bavarian Nordic, which closed on May 15, 2023, together with approximately $217.2 million of cash on hand, to repay approximately $144.4 million in outstanding principal amount of loans under the Term Loan Facility and $342.8 million outstanding principal amount of loans under the Revolving Credit Facility. The Credit Agreement Amendment also requires that the Company make quarterly principal payments on the Term Loan Facility of approximately $3.9 million, which commenced on June 30, 2023 and will extend through March 31, 2025.

The Credit Agreement Amendment also (i) amended the consolidated debt service coverage ratio financial covenant to require the minimum level to be 2.25 to 1.00 for the fiscal quarters ending March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, and then 2.50 to 1.00 for each fiscal quarter ending thereafter, (ii) amended the consolidated leverage ratio to require the maximum level to be 4.50 to 1.00 for the fiscal quarter ending March 31, 2024 and each fiscal quarter ending thereafter, (iii) added minimum Consolidated EBITDA requirements and maximum capital expenditure requirements for each of the months ending April 30, 2023 through February 29, 2024 and a minimum liquidity requirement as of the end of each calendar month and (iv) requires the Company to increase its liquidity by April 30, 2024 by raising at least $75.0 million of equity or unsecured indebtedness. See Note 2, "Summary of significant accounting policies" for additional information related to the Company's compliance with the debt covenants described above.

In addition, the Credit Agreement Amendment replaced the interest rate benchmark such that borrowings under the Revolving Credit Facility and the outstanding principal amount of the Term Loan Facility shall bear interest at a rate per annum equal to (a) a rate based on SOFR, EURIBOR or CDOR plus a margin of 6.00% until March 31, 2024 and thereafter, a margin ranging from 2.75% to 4.00% depending on the Company’s consolidated leverage ratio, or (b) a base rate (which is the highest of the prime rate, the federal funds rate plus 0.50%, and a SOFR rate for an interest period of one month plus 1.00%) plus a margin of 5.00% until March 31, 2024 and thereafter, a margin ranging from 1.75% to 3.00% depending on the Company’s consolidated leverage ratio. In addition, the commitment fee the Company is required to pay in respect of the annual daily unused commitments under the Revolving Credit Facility shall be 0.15% to 0.40% per annum, depending on the Company’s consolidated leverage ratio.

Under the Credit Agreement Amendment, the Company and the other guarantors also agreed to provide a lien over certain assets as additional collateral for the benefit of the lenders, including owned real property, equity interests of foreign subsidiaries and certain deposit accounts.

On February 29, 2024, the Company entered into the Forbearance Agreement and Amendment to, among other things, (a) provide that the Administrative Agent and the Lenders forbear from exercising all rights and remedies under the Senior Secured Credit Facilities and the other related loan documents arising from the occurrence and continuation of certain specified events of default during the Forbearance Period and (b) provide consent by the required revolving credit lenders to make further loans to the Company or other extensions of credit to the credit parties during the Forbearance Period, notwithstanding the occurrence of the specified events of default, subject to certain conditions set forth in the Forbearance Agreement and Amendment, including a limit on Revolving Credit Facility indebtedness of $270 million. The Forbearance Agreement and Amendment also amends, among other things, (x)(A) the

interest rate benchmark to provide that borrowings shall bear interest at a rate per annum equal to 5.00% with respect to Base Rate Loans, (B) the interest rate benchmark from 6.00% per annum to 6.50% per annum with respect to SOFR Loans, Daily Simple SONIA Loans and Eurocurrency Rate Loans, and (C) 0.40% with respect to Commitment Fees, (y) the mandatory prepayment threshold amount for unrestricted cash and cash equivalents from $125,000,000 to $100,000,000, and (z) the mandatory principal prepayment amount from 75% of all milestone payments received by the Company and its subsidiaries from certain project milestone payments to 100%. Under the Forbearance Agreement and Amendment, the Company and the other guarantors have also agreed to cause Emergent BioSolutions Canada Inc. to (i) become a guarantor under the Senior Secured Credit Facilities and (ii) grant a security lien in all collateral owned by Emergent BioSolutions Canada Inc. (subject to the exclusions and exceptions specified in the Collateral Agreement) to the Administrative Agent. In addition, in connection with the entry into the Forbearance Agreement and Amendment, the Company paid a forbearance fee of approximately $1.2 million. Refer to Note 2, "Summary of significant accounting policies" for further discussion of the Forbearance Agreement and Amendment.

Debt Maturity

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


Year	As of December 31, 2023
2024	$	418.4
2025	—
2026	—
2027	—
2028	450.0
Thereafter	—
Total debt	$	868.4

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (c)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Income taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income taxes

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, 2023, 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 $192.7 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 years ended December 31, 2023, 2022 and 2021. BEAT provisions do not have material impact on the consolidated financial statements.

For the year ended December 31, 2023, 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 $5.5 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,
	2023		2022		2021
Current
Federal	$	(0.6)	$	(9.4)	$	(3.1)
State	0.5		1.9		14.9
International	36.7		33.8		28.9
Total current	36.6		26.3		40.7
Deferred
Federal	(2.0)		(37.7)		37.1
State	(1.2)		(3.2)		4.2
International	(4.1)		7.2		1.6
Total deferred	(7.3)		(33.7)		43.0
Income tax (benefit) provision	$	29.3	$	(7.4)	$	83.7

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


	December 31,
	2023		2022
Deferred tax assets
Federal losses carryforward	$	58.7	$	14.8
State losses carryforward	38.9		13.0
R&D carryforward	21.9		18.4


Stock compensation	6.8		10.4
Foreign losses carryforward	13.9		9.1
Deferred revenue	—		2.0
Inventory reserves	12.6		10.9
Lease liability	4.3		4.7
IRC 263A capitalized costs	2.8		5.2
Capitalized R&D	35.3		27.3
IRC 163(j) Interest Limitation	26.2		7.9
Fixed assets	26.7		0.1
Intangible assets	13.8		—
Accrued compensation	2.8		0.5
Other	4.8		6.5
Gross deferred tax assets	269.5		130.8
Valuation allowance	(257.8)		(65.1)
Total deferred tax assets	11.7		65.7
Deferred tax liabilities
Fixed assets	(2.6)		(63.7)
Intangible assets	(40.4)		(46.1)
Right-of-use asset	(4.0)		(4.5)
Foreign Withholding Tax	(5.5)		(4.7)
Prepaid expenses	(4.2)		(3.9)
Other	(2.2)		(2.5)
Total deferred tax liabilities	(58.9)		(125.4)
Net deferred tax liabilities	$	(47.2)	$	(59.7)

As of December 31, 2023, the Company has approximately $279.3 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 $243.3 million which will carryforward indefinitely, although, limited to eighty percent of taxable income annually. The Company has U.S. federal tax credit carryforwards of $16.9 million which will expire in 2027 through 2042.

As of December 31, 2023, the Company had post-apportionment NOLs totaling approximately $667.6 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 $55.7 million in net operating losses from foreign jurisdictions as of December 31, 2023, which will carryforward indefinitely.

The Company’s valuation allowance increased by $192.7 million due to the Company’s generation of significant losses in 2023.

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,
	2023		2022		2021
U.S.	$	(805.1)	$	(442.6)	$	100.1
International	73.9		224.0		203.3
Earnings (losses) before taxes on income	(731.2)		(218.6)		303.4
Federal tax at statutory rates	$	(153.6)	$	(46.0)	$	63.5
State taxes, net of federal benefit	(52.7)		(13.5)		14.1
Impact of foreign operations	(8.5)		(7.2)		(18.7)
Change in valuation allowance	193.6		37.8		8.2
Tax credits	(0.9)		(3.5)		(4.7)
Stock compensation	6.8		4.7		(3.9)
Goodwill Impairments	23.3		1.8		8.3
Adjustment of prior year taxes	1.3		(1.8)		0.8
Transaction costs	—		—		0.1
Compensation limitation	0.3		0.7		2.9
Unrecognized tax benefit	(0.6)		(9.0)		1.2
GILTI, net	17.8		20.7		13.0
Foreign withholding tax	0.8		4.7		—
Permanent differences	1.7		3.2		(1.2)
Income tax (benefit) provision	$	29.3	$	(7.4)	$	83.7

The effective annual tax rate for the years ended December 31, 2023, 2022, and 2021 was (4)%, 3% and 28%, respectively.

The effective annual tax rate of (4)% in 2023 is lower than the statutory rate primarily due to the impact of a valuation allowance charge in the U.S., state and certain Foreign Jurisdictions, goodwill impairment, GILTI, and other permanent items. This is partially offset by tax credits and favorable rates in foreign jurisdictions.

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 U.S., state and certain 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. Bioservices 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 total unrecognized tax benefits recorded at December 31, 2023 and 2022 of $6.6 million and $6.8 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, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
Gross unrecognized tax benefits, beginning of period	$	6.8	$	12.7	$	12.2
Increases (decreases) for tax positions for prior years	0.4		(1.5)		0.3
Increases for tax positions for current year	0.1		0.7		0.2
Settlements	—		—		—
Lapse of statute of limitations	(0.7)		(5.1)		—
Gross unrecognized tax benefits, end of period	$	6.6	$	6.8	$	12.7

The total gross unrecognized tax benefit of $6.6 million, includes the release of $0.7 million of liability that related to the 2019 R&D and other reserves due to a lapse of the statute of limitations during the year.

The Company includes interest and potential penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2023 and 2022, the total amount of interest and penalties accrued was $1.6 million, respectively, in each of the years. The Company recognized interest and penalty expense (benefit) in 2023, 2022 and 2021 of $0.2 million, $(2.1) million and $1.1 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, 2023 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 2020 and onwards remain open to examination. The Company's tax returns for Canada remain open to examination for the tax years 2015 through 2022. The Company's Irish tax returns remain open to examination for the tax years 2017 through 2022.

As of December 31, 2023, the Company’s 2018 and 2020 Canadian Scientific Research and Experimental Development Claims are subject to proceedings with the Tax Court of Canada and the Company's 2021 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 through 2022 Michigan 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Summary of Funded Status of the Swiss Plan

The funded status of the Swiss Plan for the years ended December 31, 2022 is as follows:


	Year Ended December 31,
	2022
Change in Plan Assets:
Fair value of plan assets, beginning of period	$	29.3
Employer contributions	1.5
Employee contributions	0.9
Net benefits received	3.4
Actual return on plan assets	(0.4)
Settlements	(5.0)
Currency impact	(0.4)
Fair value of plan assets, end of period	$	29.3
Change in Benefit Obligation:
Projected benefit obligation, beginning of period	$	46.8
Service cost	1.9
Interest Cost	0.1
Employee contributions	0.9
Actuarial gain	(10.0)
Net benefits received	3.4
Settlements	(5.0)
Currency impact	(0.9)
Projected benefit obligation, end of period	$	37.2
Funded status, end of period	$	(7.9)

Accumulated benefit obligation, end of period	$	34.0

Components of Net Periodic Pension Cost

Components of net periodic pension cost incurred during the years ended December 31, 2023, 2022 and 2021 are as follows:


	Year Ended December 31,
	2023 (1)		2022		2021
Service cost	$	0.7	$	1.9	$	2.4
Interest cost	0.3		0.1		—
Expected return on plan assets	(0.4)		(0.8)		(0.8)
Amortization of loss	—		0.1		0.6
Amortization of prior service credit	—		(0.1)		(0.2)
Settlements	—		(0.4)		—
Net periodic benefit cost	$	0.6	$	0.8	$	2.0

(1) The Swiss Plan was sold as part of our travel health business to Bavarian Nordic, as described further in Note 3, "Divestiture".

Schedule of Weighted Average Assumptions

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


	December 31, 2022
Discount rate	2.1	%
Expected rate of return	3.5	%
Rate of future compensation increases	1.8	%

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:



	December 31, 2022
Net actuarial gain	$	9.0
Prior service cost	(0.3)
Total recognized in other comprehensive income (loss)	$	8.7

Intangible assets and goodwill - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	13 years 6 months
Gross Carrying Amount	$ 889.5	$ 1,016.2
Accumulated Amortization	322.9	287.4
Net Carrying Amount	$ 566.6	728.8
BARDA \| Ebanga
Acquired Finite-Lived Intangible Assets [Line Items]
Term of contract	10 years
Chimerix
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 6.3
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Travel Health Business
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets disposed of in sale	$ 102.9
Products
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	13 years 7 months 6 days
Gross Carrying Amount	$ 855.4	982.1
Accumulated Amortization	288.8	253.3
Net Carrying Amount	$ 566.6	728.8
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
Bioservices
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	5.5
Net Carrying Amount	$ 0.0	$ 0.0

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Depreciation	$ 59.5	$ 83.4	$ 62.2
Other
Segment Reporting Information [Line Items]
Depreciation	13.9	7.3	6.1
MCM Products \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation	22.8	29.7	24.7
Commercial Products \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation	0.3	3.2	3.1
Services \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation	$ 22.5	$ 43.2	$ 28.3

Intangible assets and goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and goodwill

Intangible Assets


		December 31, 2023						December 31, 2022
	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)	13.6	$	855.4	$	288.8	$	566.6	$	982.1	$	253.3	$	728.8
Customer relationships	0.0	28.6		28.6		—		28.6		28.6		—
Bioservices	0.0	5.5		5.5		—		5.5		5.5		—
Total intangible assets	13.5	$	889.5	$	322.9	$	566.6	$	1,016.2	$	287.4	$	728.8

(1) During the year ended December 31, 2023, the Company sold $102.9 million of intangible assets, net as part of the sale of its travel health business to Bavarian Nordic. See Note 3, "Divestiture" for more information on the sale of the travel health business.

(2) During the year ended December 31, 2023, the Company recorded a $6.3 million intangible asset addition related to the contingent consideration payment to Ridgeback for the award of a 10-year contract by the Biomedical Advanced Research and Development Authority for advanced development, manufacturing scale-up, and procurement of EbangaTM treatment for Ebola. The related intangible asset was acquired through an asset acquisition that was completed in 2022.

Amortization expense associated with the Company's intangible assets was recorded as follows:


	Year Ended December 31,
	2023	2022	2021
Amortization expense	65.6	59.9	58.5

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


Year	As of December 31, 2023
2024	$	65.1
2025	65.1
2026	63.9
2027	60.6
2028	51.7
Thereafter	260.2
Total remaining amortization	$	566.6

Goodwill

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


	Commercial Products (1)		MCM Products (2)		Services (3)		Total
Balance at December 31, 2021	$	—	$	218.2	$	6.7	$	224.9
Goodwill impairment	—		—		(6.7)		(6.7)

Balance at December 31, 2022	$	—	$	218.2	$	—	$	218.2
Goodwill impairment	—		(218.2)		—		(218.2)

Balance at December 31, 2023	$	—	$	—	$	—	$	—

(1) Amounts for the Company's Commercial Products segment include gross carrying values of $41.7 million as of December 31, 2023, 2022 and 2021, and accumulated impairment losses of $41.7 million as of December 31, 2023, 2022 and 2021.
(2) Amounts for the Company's MCM Products segment include gross carrying values of $218.2 million as of December 31, 2023, 2022 and 2021, and accumulated impairment losses of $218.2 million as of December 31, 2023.

(3) Amounts for the Company's Services segment include gross carrying values of $6.7 million as of December 31, 2023, 2022, and 2021, and accumulated impairment losses of $6.7 million as of December 31, 2023 and 2022.

The Company performs its goodwill impairment evaluation annually, during the fourth quarter, or sooner if triggering events are identified. During the third quarter of 2023, the Company observed continued market volatility including significant declines in its market capitalization and revised its financial outlook during the third quarter of 2023, which was identified as a triggering event. As a result of the quantitative assessments performed in connection with the preparation of the financial statements as of and for the quarter ended September 30, 2023, the Company recorded a $218.2 million non-cash goodwill impairment charge for the MCM Products reporting unit, which is included in "Goodwill impairment" on the Consolidated Statement of Operations for the year ended December 31, 2023. The MCM Products reporting unit and segment had no remaining goodwill as of December 31, 2023. The goodwill impairment charge resulted from a reduction in the estimated fair value of the MCM reporting unit due to changes in the risk profile of the Company as well as revisions to the long-term operating plan that reflected lower expectations for growth and profitability than previous expectations. The Company used a quantitative assessment, utilizing an income-based (discounted cash flows) approach, Level 3 non-recurring fair value measurement, for its goodwill impairment testing.

Debt - Future Debt Payments of Long-term Indebtedness (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 418.4
2025	0.0
2026	0.0
2027	0.0
2028	450.0
Thereafter	0.0
Total debt	$ 868.4	$ 1,413.8

- Definition

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

+ References + Details

Long-lived asset impairment and restructuring charges - Schedule Restructuring and Related Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 29.3
R&D
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3.6
Employee Transition
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.6
Severance Payments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	27.0
Employee Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1.7
Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	14.0	$ 0.0	$ 0.0
Operating Segments \| Commercial Products
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.0
Operating Segments \| MCM Products
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5.6
Operating Segments \| Services
Restructuring Cost and Reserve [Line Items]
Restructuring charges	8.4
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 11.7

Fair value measurements - Reconciliation of the Contingent Consideration Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 8.0	$ 38.4	$ 59.3
Change in fair value	0.2	2.6	2.9
Settlements	(2.6)	(33.0)	(23.8)
Balance, end of period	$ 5.6	$ 8.0	$ 38.4

Share-based compensation and stockholders' equity - Stock Options Valuation Assumptions (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility, minimum	63.00%	54.00%	47.00%
Expected volatility, maximum	69.00%	62.00%	48.00%
Risk-free interest rate, minimum	4.00%	1.54%	0.43%
Risk-free interest rate, maximum	4.46%	4.31%	0.94%
Expected average life of options	4 years 6 months	4 years 6 months	4 years 6 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property, plant and equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property Plant and Equipment Income Statement Disclosures [Abstract]

Schedule of 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

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


	December 31,
	2023 (1)		2022
Land and improvements	$	30.0	$	54.9
Buildings, building improvements and leasehold improvements	229.9		327.9
Furniture and equipment	433.6		567.5
Software	64.0		65.6
Construction-in-progress	36.7		185.5
Property, plant and equipment, gross	$	794.2	$	1,201.4
Less: Accumulated depreciation and amortization	(411.4)		(383.8)
Total property, plant and equipment, net	$	382.8	$	817.6

(1) During the year ended December 31, 2023, the Company recorded a non-cash impairment charge of $306.7 million related to certain Bioservices long-lived assets. See Note 4, "Long-lived asset impairment and restructuring charges" for more details regarding the impairment charge.

Long-lived asset impairment and restructuring charges - Narrative (Details) $ in Millions	1 Months Ended		12 Months Ended
	Aug. 31, 2023 employee	Jan. 31, 2023 employee	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Total impairment of long-lived assets			$ 306.7	$ 0.0	$ 0.0
Restructuring charges			29.3
January 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated \| employee		125
Restructuring charges			9.3
August 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated \| employee	400
Restructuring charges			$ 20.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company is the lessee for operating leases for offices, R&D facilities and manufacturing facilities, which may include renewal or termination options. The Company determines if an arrangement is a lease at inception. Operating leases are included in ROU assets and liabilities. The Company's leases have remaining lease terms of less than one year to approximately 10 years. Most leases included one or more options to renew, with renewal terms that can extend the lease term up to five years. For a discussion of lessor activities, refer to Note 13, "Revenue recognition".

The components of lease expense were as follows:


	Year Ended December 31,
	2023		2022		2021
Operating lease cost:
Amortization of right-of-use assets	$	4.0	$	5.6	$	5.6
Interest on lease liabilities	0.8		1.1		1.3
Total operating lease cost	$	4.8	$	6.7	$	6.9

Operating lease costs are reflected as components of "Cost of Commercial Product sales", "Cost of MCM Product sales", "Cost of Bioservices", "R&D" expense and "Selling, general and administrative" expense on the Company's Consolidated Statements of Operations.

Supplemental balance sheet information related to leases was as follows:


		December 31,
Leases	Classification	2023			2022
Operating lease right-of-use assets	Other assets	$	16.2		$	19.4

Operating lease liabilities, current portion	Other current liabilities	$	3.5		$	5.8
Operating lease liabilities	Other liabilities	13.8			14.8
Total operating lease liabilities		$	17.3		$	20.6

Operating leases:
Weighted average remaining lease term (years)		6.2			5.9
Weighted average discount rate		5.3		%	4.1		%

The maturity analysis below summarizes future undiscounted cash flows for our operating leases as of December 31, 2023:


Year	As of December 31, 2023
2024	$	4.3
2025	3.7
2026	2.9
2027	2.3
2028	2.0
Thereafter	5.2
Total undiscounted lease liabilities	20.4
Less: Imputed interest	3.1
Total lease liabilities	$	17.3

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating lease cost:
Amortization of right-of-use assets	$ 4.0	$ 5.6	$ 5.6
Interest on lease liabilities	0.8	1.1	1.3
Total operating lease cost	$ 4.8	$ 6.7	$ 6.9

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 111.7	$ 642.6
Accounts receivable, net	191.0	159.2
Inventories, net	328.9	350.7
Prepaid expenses and other current assets	47.9	57.9
Total current assets	679.5	1,210.4
Property, plant and equipment, net	382.8	817.6
Intangible assets, net	566.6	728.8
Goodwill	0.0	218.2
Other assets	194.3	191.3
Total assets	1,823.2	3,166.3
Current liabilities:
Accounts payable	112.2	103.5
Accrued expenses	18.6	34.9
Accrued compensation	74.1	87.3
Debt, current portion	413.7	957.3
Other current liabilities	32.7	45.9
Total current liabilities	651.3	1,228.9
Debt, net of current portion	446.5	448.5
Deferred tax liability	47.2	59.7
Other liabilities	28.9	41.5
Total liabilities	1,173.9	1,778.6
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, 57.8 and 55.7 shares issued; 52.2 and 50.1 shares outstanding, respectively.	0.1	0.1
Treasury stock, at cost, 5.6 and 5.6 common shares, respectively	(227.7)	(227.7)
Additional paid-in capital	904.4	873.5
Accumulated other comprehensive income (loss), net	(5.7)	3.1
Retained earnings (accumulated deficit)	(21.8)	738.7
Total stockholders’ equity	649.3	1,387.7
Total liabilities and stockholders’ equity	$ 1,823.2	$ 3,166.3

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2023	Feb. 28, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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	300 Professional Drive
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	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 380.7
Entity Common Stock, Shares Outstanding (in shares)		52,203,433
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement for its 2024 annual meeting of stockholders which is expected to be filed with the Securities and Exchange Commission not later than 120 days after the end of the registrant's fiscal year ended December 31, 2023, 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 2024 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	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring


	December 31, 2023								December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Money market accounts	$	40.5	$	40.5	$	—	$	—	$	320.8	$	320.8	$	—	$	—
Time deposits	—		—		—		—		170.7		—		170.7		—
Derivative instruments	—		—		—		—		8.5		—		8.5		—
Total	$	40.5	$	40.5	$	—	$	—	$	500.0	$	320.8	$	179.2	$	—
Liabilities:
Contingent consideration	$	5.6	$	—	$	—	$	5.6	$	8.0	$	—	$	—	$	8.0

Total	$	5.6	$	—	$	—	$	5.6	$	8.0	$	—	$	—	$	8.0

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, 2023, 2022 and 2021:


	Contingent Consideration
Balance at December 31, 2020	$	59.3
Change in fair value	2.9
Settlements	(23.8)
Balance at December 31, 2021	$	38.4
Change in fair value	2.6
Settlements	(33.0)
Balance at December 31, 2022	$	8.0
Change in fair value	0.2
Settlements	(2.6)
Balance at December 31, 2023	$	5.6

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, 2023

Valuation Technique

Unobservable Input

Range

Royalty based

$5.6 million

Discounted cash flow

Discount rate

9.5%

Probability of payment

0.0% - 75.0%

Projected year of payment

2023 - 2028

Net income (loss) per common share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Adjustment for potential dilutive effect of dilutive securities (in shares)	0	0
Numerator:
Net income (loss)	$ (760.5)	$ (211.6)	$ 219.5
Denominator:
Weighted-average number of shares-basic (in shares)	51,200,000	50,100,000	53,500,000
Dilutive securities-equity awards (in shares)	0	0	600,000
Weighted-average number of shares-diluted (in shares)	51,200,000	50,100,000	54,100,000
Net income (loss) per common share - basic (in dollars per share)	$ (14.85)	$ (4.22)	$ 4.10
Net income (loss) per common share - diluted (in dollars per share)	$ (14.85)	$ (4.22)	$ 4.06
Anti-dilutive stock awards (in shares)	3,600,000	2,800,000	1,000,000.0

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Long-lived asset impairment and restructuring charges

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Long-lived asset impairment and restructuring charges

Impairment of long-lived assets

The Company tests its long-lived assets that are held and used for recoverability whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable.

During the second quarter of 2023, due to deterioration in performance and resulting downward revisions to our internal Bioservices forecast made during the second quarter, including future expected cash flows, the Company determined there were sufficient indicators of impairment on certain asset groups within the Bioservices reporting unit to require an impairment analysis. As a result, the Company performed recoverability tests on certain asset groups within the Bioservices reporting unit and concluded that the impacted asset groups were not recoverable as the undiscounted expected cash flows did not exceed their carrying values.

Asset groups are written down only to the extent that their carrying value is higher than their respective fair value. The Company, with the assistance of a third-party valuation firm, applied valuation methods to estimate the fair values for each of the assets within the different asset classes. An orderly liquidation value was applied to estimate the fair value of the personal property assets and market and cost based approaches were applied to estimate the fair value of the real property assets. All of the valuation approaches applied represented Level 3 non-recurring fair value measurements. Based on this analysis, the Company allocated and recognized a non-cash impairment charge of $306.7 million during the year ended December 31, 2023.

The table below presents the total impairment charge by asset class for the year ended December 31, 2023:


	Year Ended December 31, 2023
Buildings, building improvements and leasehold improvements	$	81.5
Furniture and equipment	117.5
Software	0.3
Construction-in-progress	107.4

Total impairment of long-lived assets	$	306.7

January 2023 Organizational Restructuring Plan

In January 2023, the Company initiated an organizational restructuring plan (the “January 2023 Plan”) intended to reduce operating costs, improve operating margins, and continue advancing the Company’s ongoing commitment to profitable growth. As part of the January 2023 Plan, the Company reduced its workforce by approximately 125 employees. The Company incurred $9.3 million in charges during the year ended December 31, 2023. These charges consist primarily of charges related to employee transition, severance payments and employee benefits. All activities related to the January 2023 Plan were substantially completed during the first quarter of 2023. Restructuring costs are recognized as an operating expense within the Consolidated Statement of Operations and are classified based on the Company's classification policy for each category of operating expense.

August 2023 Organizational Restructuring Plan

In August 2023, the Company initiated the August 2023 Plan intended to strengthen its core business and financial position by reducing investment in and de-emphasizing focus on its Bioservices business for future growth. As part of the August 2023 Plan, the Company reduced its workforce by approximately 400 employees. The Company incurred $20.0 million in charges in connection with the August 2023 Plan during the year ended December 31, 2023. These charges consist primarily of charges related to severance payments, transition services, and employee benefits. All activities related to the August 2023 Plan were substantially completed during the third quarter of 2023. Restructuring costs are recognized as an operating expense within the Consolidated Statement of Operations and are classified based on the Company's classification policy for each category of operating expense.


	Year Ended December 31, 2023
Commercial Products	$	—
MCM Products	5.6
Services	8.4
Total restructuring costs by segment	14.0
Corporate	11.7
R&D	3.6
Total restructuring costs	$	29.3

The following table presents the total restructuring costs, by function, for the year ended December 31, 2023:


	Year Ended December 31, 2023
Employee transition	$	0.6
Severance payments	27.0
Employee benefits	1.7
Total restructuring costs	$	29.3

The following table provides the components of and changes in the Company's restructuring accrual for the January 2023 Plan during the year ended December 31, 2023:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2022	$	—	$	—	$	—	$	—
Accruals	0.3		8.7		0.3		9.3
Cash payments	(0.3)		(7.3)		(0.3)		(7.9)
Balance at December 31, 2023	$	—	$	1.4	$	—	$	1.4

The following table provides the components of and changes in the Company's restructuring accrual for the August 2023 Plan during the year ended December 31, 2023:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2022	$	—	$	—	$	—	$	—
Accruals	0.3		18.3		1.4		20.0
Cash payments	(0.3)		(13.0)		(1.3)		(14.6)
Balance at December 31, 2023	$	—	$	5.3	$	0.1	$	5.4

Summary of significant accounting policies - Derivative instruments and hedging activities (Details)	Jun. 30, 2023 USD ($)
Interest Rate Swaps \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 350,000,000

Litigation	12 Months Ended
Litigation	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation Securities and shareholder litigation

Share-based compensation and stockholders' equity - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,387.7	$ 1,611.5	$ 1,450.9
Other comprehensive income before reclassifications	3.6	20.5
Amounts reclassified from accumulated other comprehensive income (loss)	(12.4)	(1.3)
Total other comprehensive income (loss), net of tax	(8.8)	19.2	9.2
Ending balance	649.3	1,387.7	1,611.5
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3.1	(16.1)	(25.3)
Total other comprehensive income (loss), net of tax	(8.8)	19.2	9.2
Ending balance	(5.7)	3.1	(16.1)
Defined Benefit Pension Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3.5	(4.0)
Other comprehensive income before reclassifications	0.0	8.7
Amounts reclassified from accumulated other comprehensive income (loss)	(3.5)	(1.2)
Total other comprehensive income (loss), net of tax	(3.5)	7.5	3.7
Ending balance	0.0	3.5	(4.0)
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	6.2	(4.5)
Other comprehensive income before reclassifications	2.7	10.8
Amounts reclassified from accumulated other comprehensive income (loss)	(8.9)	(0.1)
Total other comprehensive income (loss), net of tax	(6.2)	10.7	6.5
Ending balance	0.0	6.2	(4.5)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(6.6)	(7.6)
Other comprehensive income before reclassifications	0.9	1.0
Amounts reclassified from accumulated other comprehensive income (loss)	0.0	0.0
Total other comprehensive income (loss), net of tax	0.9	1.0	(1.0)
Ending balance	$ (5.7)	$ (6.6)	$ (7.6)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net income (loss)	$ (760.5)	$ (211.6)	$ 219.5
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Share-based compensation expense	23.1	45.1	42.4
Depreciation and amortization	125.1	143.3	123.8
Change in fair value of contingent obligations, net	0.2	2.6	2.9
Amortization of deferred financing costs	21.3	4.1	4.1
Deferred income taxes	(8.9)	(28.6)	46.0
Gain on sale of travel health business	(74.2)	0.0	0.0
Goodwill impairment	218.2	6.7	41.7
Impairment of long-lived assets	306.7	0.0	0.0
Write off of contract asset and liability	0.0	0.0	(17.2)
Other	13.0	6.4	2.0
Changes in operating assets and liabilities:
Accounts receivable	(21.6)	118.1	(16.2)
Inventories	0.6	(57.1)	(66.6)
Prepaid expenses and other assets	11.7	(19.9)	7.7
Accounts payable	10.6	(14.0)	(1.6)
Accrued expenses and other liabilities	(55.7)	(66.7)	(9.2)
Long-term incentive plan accrual	4.8	0.0	0.0
Accrued compensation	(10.4)	(0.8)	4.0
Income taxes receivable and payable, net	(16.2)	28.7	(31.3)
Contract liabilities	5.9	9.6	(31.8)
Net cash provided by (used in) operating activities	(206.3)	(34.1)	320.2
Investing Activities
Purchases of property, plant and equipment	(51.6)	(115.8)	(224.1)
Royalty settlement payment	0.0	(21.8)	0.0
Milestone payment from prior asset acquisition	(6.3)	0.0	0.0
Asset acquisitions	0.0	(243.7)	0.0
Proceeds from sale of travel health business, net	270.2	0.0	0.0
Net cash provided by (used in) investing activities	212.3	(381.3)	(224.1)
Financing Activities
Purchases of treasury stock	0.0	(82.1)	(106.0)
Principal payments on convertible senior notes	0.0	0.0	(10.6)
Proceeds from revolving credit facility	20.0	598.0	0.0
Principal payments on revolving credit facility	(398.8)	0.0	0.0
Principal payments on term loan facility	(164.6)	(33.8)	(25.3)
Proceeds from stock-based compensation activity	1.8	5.0	15.9
Taxes paid for stock-based compensation activity	(2.5)	(5.9)	(13.8)
Proceeds from at-the-market sale of stock, net of commissions and expenses	8.4	0.0	0.0
Contingent consideration payments	0.0	0.0	(1.2)
Net cash provided by (used in) financing activities:	(535.7)	481.2	(141.0)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1.2)	0.5	(0.3)
Net change in cash, cash equivalents and restricted cash	(530.9)	66.3	(45.2)
Cash, cash equivalents and restricted cash, beginning of period	642.6	576.3	621.5
Cash, cash equivalents and restricted cash, end of period	111.7	642.6	576.3
Supplemental cash flow disclosures:
Cash paid for interest	68.3	33.0	30.4
Cash paid for income taxes	52.8	6.2	71.6
Non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end	5.7	9.4	20.0
Purchases of treasury stock unpaid at period end	0.0	0.0	6.6
Gain on extinguishment of debt	$ 2.5	$ 0.0	$ 0.0

Divestiture	12 Months Ended
Divestiture	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Divestiture	Divestiture On May 15, 2023, pursuant to the Purchase and Sale Agreement (the “Purchase and Sale Agreement”), by and between the Company, through its wholly owned subsidiaries Emergent International Inc. and Emergent Travel Health Inc., and Bavarian Nordic (“Bavarian Nordic”), the Company completed the previously announced sale of the Company’s travel health business, including rights to Vivotif®, the licensed typhoid vaccine; Vaxchora®, the licensed cholera vaccine; the development-stage chikungunya vaccine candidate CHIKV VLP; the Company’s manufacturing site in Bern, Switzerland; and certain of its development facilities in San Diego, California. At the closing, Bavarian Nordic paid a cash purchase price of $270.2 million, exclusive of customary closing adjustments for cash, indebtedness, working capital and transaction expenses of the business at closing. Bavarian Nordic may also be required to pay 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 earn-out payments of up to $30.0 million based on aggregate net sales of Vaxchora® and Vivotif® in calendar year 2026. As a result of the divestiture, during the year ended December 31, 2023, the Company recognized a pre-tax gain of $74.2 million, net of transaction costs of $4.0 million recorded within "Gain on sale of business" on the Consolidated Statements of Operations. The Company determined that the disposal of the travel health business does not qualify for reporting as a discontinued operation since it does not represent a strategic shift that has or will have a major effect on our operations and financial results. No adjustments were made to prior period results as a result of the disposal. In connection with the divestiture, the Company entered into a Transition Services Agreement (“TSA”) with Bavarian Nordic to help support its ongoing operations. Under the TSA, the Company provides certain transition services to Bavarian Nordic, including information technology, finance and enterprise resource planning, research and development, human resources, employee benefits and other limited services. Income from performing services under the TSA was recorded within "Other, net" on the Consolidated Statements of Operations and was $3.2 million for the year ended December 31, 2023.

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

Segment information

In the fourth quarter of 2023, we realigned our reportable operating segments to reflect recent changes in our internal operating and reporting process. The revised reporting structure reflects the internal reporting and review process used by our CODM for making decisions and assessing performance and is consistent with how we currently manage the business. We now manage our business with a focus on three reportable segments. Our Commercial Products segment, which includes NARCAN® products and other commercial products which were sold as part of our travel health business in the second quarter of 2023 (see Note 3, "Divestiture" for more information on the sale of the travel health business), our MCM Products segment, which includes the Anthrax - MCM products, Smallpox - MCM products and Other Products, and our Services segment consisting of our Bioservices offerings.

The Company evaluates the performance of these reportable segments based on revenue and segment adjusted gross margin, which is a non-GAAP financial measure. Segment revenue includes external customer sales, but it does not include inter-segment services. We define segment adjusted gross margin, as segment gross margin excluding the impact of restructuring costs and non-cash items related to changes in fair value of contingent consideration and inventory step-up provision. We define total segment adjusted gross margin, which is a non-GAAP financial measure, as total segment gross margin, excluding the impact of restructuring costs, inventory step-up provision and the 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 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.

For all tables presented below, the prior period disclosures have been recast to conform to the current period segment presentation.

The following table presents segment revenues, segment cost of sales or services, segment gross margin, segment gross margin % and total segment adjusted gross margin for each of our reportable segments for the years ended December 31, 2023, 2022, and 2021:


	Year Ended December 31,
	2023			2022			2021
Revenues:
Commercial Products	$	497.3		$	386.6		$	438.0
MCM Products	447.2			579.6			585.9
Services (1)	78.5			109.9			615.5
Segment revenues	1,023.0			1,076.1			1,639.4
Contracts and grants revenue	26.3			41.4			134.2
Total revenues	$	1,049.3		$	1,117.5		$	1,773.6

Cost of sales or services:
Cost of Commercial Products	$	210.3		$	160.3		$	187.2
Cost of MCM Products	305.6			264.3			195.4
Cost of Services	189.5			268.5			365.5
Total cost of sales or services	$	705.4		$	693.1		$	748.1

Gross margin
Commercial Products	$	287.0		$	226.3		$	250.8
MCM Products	141.6			315.3			390.5
Services (1)	(111.0)			(158.6)			250.0
Total segment gross margin (2)	$	317.6		$	383.0		$	891.3

Gross margin %
Commercial Products	58		%	59		%	57		%
MCM Products	32		%	54		%	67		%
Services (1)	(141)		%	(144)		%	41		%
Total Segment	31		%	36		%	54		%









Segment adjusted gross margin
Commercial Products	$	287.0		$	226.3		$	250.8
MCM Products	151.3			369.3			393.4
Services (1)	(102.6)			(158.6)			250.0
Total segment adjusted gross margin	$	335.7		$	437.0		$	894.2






(1) Services revenue, Services gross margin and Services segment adjusted gross margin for the year ended December 31, 2021 includes the impact of $243.1 million of Bioservices leases revenues related to the BARDA COVID-19 Development Public Private Partnership which ended in November 2021.
(2) Segment revenues less total cost of sales or services.

The following table provides a reconciliation of the Company's total segment adjusted gross margin to the Consolidated Statement of Operations:


	Year Ended December 31,
	2023		2022		2021
Total segment adjusted gross margin	$	335.7	$	437.0	$	894.2

Reconciling items:
Contracts and grants revenue	$	26.3	$	41.4	$	134.2
Segment restructuring costs	(14.0)		—		—
Segment inventory step-up provision	(3.9)		(51.4)		—
Changes in fair value of contingent consideration	(0.2)		(2.6)		(2.9)
Impairment of long-lived assets	(306.7)		—		—
Research and development	(111.4)		(188.3)		(235.2)
Selling, general and administrative	(368.4)		(339.5)		(348.7)
Goodwill impairment	(218.2)		(6.7)		(41.7)
Amortization of intangible assets	(65.6)		(59.9)		(58.5)
Interest expense	(87.9)		(37.3)		(34.5)
Gain on sale of business	74.2		—		—
Other, net	8.9		(11.7)		(3.7)
Income (loss) before income taxes	$	(731.2)	$	(219.0)	$	303.2

The following table includes depreciation expense for each segment:


	Year Ended December 31,
	2023		2022		2021
Depreciation:
Commercial Products	$	0.3	$	3.2	$	3.1
MCM Products	22.8		29.7		24.7
Services	22.5		43.2		28.3
Other	13.9		7.3		6.1
Total	$	59.5	$	83.4	$	62.2

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


	Year Ended December 31,
	2023		2022		2021
Revenue:
United States	$	607.2	$	886.1	$	1,623.4
Canada	224.2		148.6		66.7
Other	217.9		82.8		83.5
Total revenues	$	1,049.3	$	1,117.5	$	1,773.6

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


	December 31,
	2023		2022
Long-lived assets, net:
United States	$	352.3	$	696.1
Switzerland	—		88.1
Canada	37.2		37.5
Other	2.9		5.0
Total long-lived assets, net	$	392.4	$	826.7

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 31
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Fair value measurements - Level 3 Significant Unobservable Inputs (Details) $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value	$ 5.6	$ 8.0	$ 38.4	$ 59.3
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	$ 5.6
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	0.095
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	0.000
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	0.750

Intangible assets and goodwill - Schedule of Finite-lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 65.6	$ 59.9	$ 58.5

Segment Information - Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	$ 392.4	$ 826.7
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	352.3	696.1
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	0.0	88.1
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	37.2	37.5
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	$ 2.9	$ 5.0

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated


	Year Ended December 31,
	2023			2022			2021
Revenues:
Commercial Products	$	497.3		$	386.6		$	438.0
MCM Products	447.2			579.6			585.9
Services (1)	78.5			109.9			615.5
Segment revenues	1,023.0			1,076.1			1,639.4
Contracts and grants revenue	26.3			41.4			134.2
Total revenues	$	1,049.3		$	1,117.5		$	1,773.6

Cost of sales or services:
Cost of Commercial Products	$	210.3		$	160.3		$	187.2
Cost of MCM Products	305.6			264.3			195.4
Cost of Services	189.5			268.5			365.5
Total cost of sales or services	$	705.4		$	693.1		$	748.1

Gross margin
Commercial Products	$	287.0		$	226.3		$	250.8
MCM Products	141.6			315.3			390.5
Services (1)	(111.0)			(158.6)			250.0
Total segment gross margin (2)	$	317.6		$	383.0		$	891.3

Gross margin %
Commercial Products	58		%	59		%	57		%
MCM Products	32		%	54		%	67		%
Services (1)	(141)		%	(144)		%	41		%
Total Segment	31		%	36		%	54		%









Segment adjusted gross margin
Commercial Products	$	287.0		$	226.3		$	250.8
MCM Products	151.3			369.3			393.4
Services (1)	(102.6)			(158.6)			250.0
Total segment adjusted gross margin	$	335.7		$	437.0		$	894.2






(1) Services revenue, Services gross margin and Services segment adjusted gross margin for the year ended December 31, 2021 includes the impact of $243.1 million of Bioservices leases revenues related to the BARDA COVID-19 Development Public Private Partnership which ended in November 2021.
(2) Segment revenues less total cost of sales or services.

The following table provides a reconciliation of the Company's total segment adjusted gross margin to the Consolidated Statement of Operations:


	Year Ended December 31,
	2023		2022		2021
Total segment adjusted gross margin	$	335.7	$	437.0	$	894.2

Reconciling items:
Contracts and grants revenue	$	26.3	$	41.4	$	134.2
Segment restructuring costs	(14.0)		—		—
Segment inventory step-up provision	(3.9)		(51.4)		—
Changes in fair value of contingent consideration	(0.2)		(2.6)		(2.9)
Impairment of long-lived assets	(306.7)		—		—
Research and development	(111.4)		(188.3)		(235.2)
Selling, general and administrative	(368.4)		(339.5)		(348.7)
Goodwill impairment	(218.2)		(6.7)		(41.7)
Amortization of intangible assets	(65.6)		(59.9)		(58.5)
Interest expense	(87.9)		(37.3)		(34.5)
Gain on sale of business	74.2		—		—
Other, net	8.9		(11.7)		(3.7)
Income (loss) before income taxes	$	(731.2)	$	(219.0)	$	303.2

Schedule of Segment Reporting Information, by Segment

The following table includes depreciation expense for each segment:


	Year Ended December 31,
	2023		2022		2021
Depreciation:
Commercial Products	$	0.3	$	3.2	$	3.1
MCM Products	22.8		29.7		24.7
Services	22.5		43.2		28.3
Other	13.9		7.3		6.1
Total	$	59.5	$	83.4	$	62.2

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,
	2023		2022		2021
Revenue:
United States	$	607.2	$	886.1	$	1,623.4
Canada	224.2		148.6		66.7
Other	217.9		82.8		83.5
Total revenues	$	1,049.3	$	1,117.5	$	1,773.6

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 and property, plant & equipment, net, excluding software, net:


	December 31,
	2023		2022
Long-lived assets, net:
United States	$	352.3	$	696.1
Switzerland	—		88.1
Canada	37.2		37.5
Other	2.9		5.0
Total long-lived assets, net	$	392.4	$	826.7

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

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, 2023
Prepaid expenses and other current assets allowance	$	7.1	0.8	(0.4)	$	7.5

Year Ended December 31, 2022
Prepaid expenses and other current assets allowance	$	3.7	3.9	(0.5)	$	7.1

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

Share-based compensation and stockholders' equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Share-based compensation and stockholders' equity

Share-based compensation

The Company has two share-based employee compensation plans, the Emergent Plan and the Inducement Plan, which include stock options and performance and restricted stock units.

As of December 31, 2023, an aggregate of 29.1 million shares of common stock were authorized for issuance under the Emergent Plan, of which a total of approximately 5.9 million shares of common stock remain available for future awards to be made to plan participants. As of December 31, 2023, an aggregate of 5.0 million shares of common stock were authorized for issuance under the Inducement Plan and no shares had been issued under the Inducement Plan. 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 and the Inducement Plan have a contractual life of seven years.

Stock Options

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,
	2023		2022		2021
Expected dividend yield	0	%	0	%	0	%
Expected volatility	63%-69%		54%-62%		47%-48%
Risk-free interest rate	4.00%-4.46%		1.54%-4.31%		0.43%-0.94%
Expected average life of options	4.5 years		4.5 years		4.5 years

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, 2022	1.7	$	51.74
Stock options granted	0.7	$	9.66
Stock options exercised	—	$	—
Stock options forfeited	(1.3)	$	42.82
Stock options outstanding at December 31, 2023	1.1	$	34.44	5.1	$	—
Stock options exercisable at December 31, 2023	0.4	$	56.60	3.4	$	—

There was no cash received from option exercises for the year ended December 31, 2023. Cash received from option exercises for the years ended December 31, 2022 and 2021 was $0.5 million and $10.4 million, respectively.

The weighted average grant date fair value of options granted during the years ended December 31, 2023, 2022 and 2021 was $5.35, $17.85 and $35.16 per share, respectively. The intrinsic value of stock options exercised is the amount by which the market value of our common stock on the exercise date exceeds the exercise price. There was no intrinsic value of options exercised during the year ended December 31, 2023. The total intrinsic value of options exercised during the years ended December 31, 2022 and 2021 was $0.3 million and $15.7 million, respectively.

As of December 31, 2023, there was $4.4 million of unrecognized compensation cost related to stock options.

Performance stock units and restricted stock units

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, 2022	2.2	$	42.30	$	25.8
Stock awards granted (1)	2.4	$	8.51
Stock awards released	(0.7)	$	46.73
Stock awards forfeited (1)	(1.3)	$	26.92
Stock awards outstanding at December 31, 2023	2.6	$	16.57	$	6.20

(1) Performance stock units granted and forfeited during the year ended December 31, 2023 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, 2023, 2022 and 2021 was $31.8 million, $30.9 million and $26.9 million, respectively. As of December 31, 2023, there was $22.6 million of unrecognized compensation cost related to unvested restricted stock units. That cost is expected to be recognized straight-line over a weighted average period of 1.8 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 200% 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, 2023, 2022 and 2021 was $2.4 million, $2.5 million and $3.8 million, respectively. As of December 31, 2023, there was $2.2 million of unrecognized compensation cost related to unvested performance stock units. That cost is expected to be recognized straight-line over a weighted average period of 1.8 years.

Share-based compensation expense

Share-based compensation expense, net of forfeitures was recorded in the following financial statement line items:


	Year Ended December 31,
	2023		2022		2021
Cost of Commercial Product sales	$	0.1	$	0.8	$	1.0
Cost of MCM Product sales	3.8		6.5		5.4
Cost of Bioservices	1.0		1.8		1.1
R&D	2.0		5.4		5.0
Selling, general and administrative	16.2		30.6		29.9
Total share-based compensation expense	$	23.1	$	45.1	$	42.4

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.

At-the-Market Equity Offering Facility

We may, from time to time, sell up to $150.0 million aggregate gross sales price of shares of our common stock through Evercore Group L.L.C. and RBC Capital Markets, LLC, as sales agents, under an ATM Program that we entered into on May 18, 2023. Between the entry into the ATM Program and December 31, 2023, we sold 1.1 million shares of our common stock under the ATM Program for gross proceeds of $9.1 million, representing an average share price of $8.22 per share. As of December 31, 2023, $140.9 million aggregate gross sales price of shares of our common stock remains available for issuance under the ATM Program. We intend to use proceeds obtained from the sale of shares under the ATM Program for general corporate purposes.

2021 Share 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 "2021 Share Repurchase Program"), of which $187.9 million was utilized to purchase approximately 4.4 million. The 2021 Share Repurchase Program expired on November 11, 2022. During the year ended December 31, 2022, the Company utilized $75.5 million to purchase approximately 1.8 million shares. The 2021 Share Repurchase Program did not obligate the Company to acquire any specific number of shares. Repurchased shares are available for use in connection with the Company's stock plans and for other corporate purposes.

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, 2021	$	(4.0)	$	(4.5)	$	(7.6)	$	(16.1)
Other comprehensive income (loss) 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 (loss)	7.5		10.7		1.0		19.2
Balance at December 31, 2022	$	3.5	$	6.2	$	(6.6)	$	3.1
Other comprehensive income before reclassifications	—		2.7		0.9		3.6
Amounts reclassified from accumulated other comprehensive income (loss)	(3.5)		(8.9)		—		(12.4)
Net current period other comprehensive income (loss)	(3.5)		(6.2)		0.9		(8.8)
Balance at December 31, 2023	$	—	$	—	$	(5.7)	$	(5.7)

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


	December 31, 2023						December 31, 2022						December 31, 2021
	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	$	(4.1)	$	0.6	$	(3.5)	$	8.7	$	(1.2)	$	7.5	$	4.3	$	(0.6)	$	3.7
Derivative instruments	(8.5)		2.3		(6.2)		14.6		(3.9)		10.7		8.9		(2.4)		6.5
Foreign currency translation adjustments	1.6		(0.7)		0.9		0.6		0.4		1.0		(1.2)		0.2		(1.0)
Total adjustments	$	(11.0)	$	2.2	$	(8.8)	$	23.9	$	(4.7)	$	19.2	$	12.0	$	(2.8)	$	9.2

- Definition

The entire disclosure for equity.

+ References

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+ Details

Segment Information - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,049.3	$ 1,117.5	$ 1,773.6
United States
Disaggregation of Revenue [Line Items]
Total revenues	607.2	886.1	1,623.4
Canada
Disaggregation of Revenue [Line Items]
Total revenues	224.2	148.6	66.7
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 217.9	$ 82.8	$ 83.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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

+ Details

Nature of the business and organization (Details)	12 Months Ended
Nature of the business and organization (Details)	Dec. 31, 2023 category product Category segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of categories of public health threats \| category	4
Number of revenue generating products \| product	12
Number of product and service categories \| Category	4
Number of operating segments \| segment	3

Summary of significant accounting policies - Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer \| Customer Concentration Risk \| USG
Concentration Risk [Line Items]
Concentration risk percentage	3800.00%	43.00%	51.00%

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss)	$ (760.5)	$ (211.6)	$ 219.5

- Definition

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

+ References

+ Details

Share-based compensation and stockholders' equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

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,
	2023		2022		2021
Expected dividend yield	0	%	0	%	0	%
Expected volatility	63%-69%		54%-62%		47%-48%
Risk-free interest rate	4.00%-4.46%		1.54%-4.31%		0.43%-0.94%
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, 2022	1.7	$	51.74
Stock options granted	0.7	$	9.66
Stock options exercised	—	$	—
Stock options forfeited	(1.3)	$	42.82
Stock options outstanding at December 31, 2023	1.1	$	34.44	5.1	$	—
Stock options exercisable at December 31, 2023	0.4	$	56.60	3.4	$	—

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, 2022	2.2	$	42.30	$	25.8
Stock awards granted (1)	2.4	$	8.51
Stock awards released	(0.7)	$	46.73
Stock awards forfeited (1)	(1.3)	$	26.92
Stock awards outstanding at December 31, 2023	2.6	$	16.57	$	6.20

(1) Performance stock units granted and forfeited during the year ended December 31, 2023 are included at the target payout percentage, or 100%, of shares granted.

Summary of Stock-Based Compensation Expense

Share-based compensation expense, net of forfeitures was recorded in the following financial statement line items:


	Year Ended December 31,
	2023		2022		2021
Cost of Commercial Product sales	$	0.1	$	0.8	$	1.0
Cost of MCM Product sales	3.8		6.5		5.4
Cost of Bioservices	1.0		1.8		1.1
R&D	2.0		5.4		5.0
Selling, general and administrative	16.2		30.6		29.9
Total share-based compensation expense	$	23.1	$	45.1	$	42.4

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, 2021	$	(4.0)	$	(4.5)	$	(7.6)	$	(16.1)
Other comprehensive income (loss) 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 (loss)	7.5		10.7		1.0		19.2
Balance at December 31, 2022	$	3.5	$	6.2	$	(6.6)	$	3.1
Other comprehensive income before reclassifications	—		2.7		0.9		3.6
Amounts reclassified from accumulated other comprehensive income (loss)	(3.5)		(8.9)		—		(12.4)
Net current period other comprehensive income (loss)	(3.5)		(6.2)		0.9		(8.8)
Balance at December 31, 2023	$	—	$	—	$	(5.7)	$	(5.7)

Comprehensive Income (Loss)

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


	December 31, 2023						December 31, 2022						December 31, 2021
	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	$	(4.1)	$	0.6	$	(3.5)	$	8.7	$	(1.2)	$	7.5	$	4.3	$	(0.6)	$	3.7
Derivative instruments	(8.5)		2.3		(6.2)		14.6		(3.9)		10.7		8.9		(2.4)		6.5
Foreign currency translation adjustments	1.6		(0.7)		0.9		0.6		0.4		1.0		(1.2)		0.2		(1.0)
Total adjustments	$	(11.0)	$	2.2	$	(8.8)	$	23.9	$	(4.7)	$	19.2	$	12.0	$	(2.8)	$	9.2

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of significant accounting policies - Going Concern (Details) $ in Millions			1 Months Ended
	Dec. 31, 2023 USD ($)	May 15, 2023 USD ($)	Aug. 31, 2023 employee	Jan. 31, 2023 employee	Dec. 31, 2022 USD ($)	Aug. 07, 2020 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 868.4				$ 1,413.8
Cash and cash equivalents	111.7				642.6
January 2023 Restructuring Plan
Debt Instrument [Line Items]
Restructuring and related cost, number of positions eliminated \| employee				125
August 2023 Restructuring Plan
Debt Instrument [Line Items]
Restructuring and related cost, number of positions eliminated \| employee			400
Revolving Credit Facility \| Credit Agreement Amendment
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal		$ 3.9
Term Loan Facility \| Credit Agreement Amendment
Debt Instrument [Line Items]
Debt instrument, covenant, consideration threshold	75.0	$ 75.0
Outstanding credit facility	417.4
Line of Credit
Debt Instrument [Line Items]
Long-term debt	219.2				598.0
Term Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	198.2				362.8
Senior Notes \| 3.875% Senior Unsecured Notes due 2028
Debt Instrument [Line Items]
Long-term debt	$ 450.0				$ 450.0	$ 450.0
Interest rate, stated percentage	3.875%				3.875%	3.875%

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The table below present the components of the Company's debt:


	December 31,
	2023		2022
Senior secured credit agreement - Term loan due 2025	$	198.2	$	362.8
Senior secured credit agreement - Revolver loan due 2025	219.2		598.0
3.875% Senior Unsecured Notes due 2028	450.0		450.0
Other	1.0		3.0
Total debt	$	868.4	$	1,413.8
Current portion of long-term debt, net of debt issuance costs	(413.7)		(957.3)
Unamortized debt issuance costs	(8.2)		(8.0)
Non-current portion of debt	$	446.5	$	448.5

Summary of Future Debt Payments of Long-Term Indebtedness

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


Year	As of December 31, 2023
2024	$	418.4
2025	—
2026	—
2027	—
2028	450.0
Thereafter	—
Total debt	$	868.4

- 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://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Section S99
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Income taxes - Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S.	$ (805.1)	$ (442.6)	$ 100.1
International	73.9	224.0	203.3
Earnings (losses) before taxes on income	(731.2)	(218.6)	303.4
Federal tax at statutory rates	(153.6)	(46.0)	63.5
State taxes, net of federal benefit	(52.7)	(13.5)	14.1
Impact of foreign operations	(8.5)	(7.2)	(18.7)
Change in valuation allowance	193.6	37.8	8.2
Tax credits	(0.9)	(3.5)	(4.7)
Stock compensation	6.8	4.7	(3.9)
Goodwill Impairments	23.3	1.8	8.3
Adjustment of prior year taxes	1.3	(1.8)	0.8
Transaction costs	0.0	0.0	0.1
Compensation limitation	0.3	0.7	2.9
Unrecognized tax benefit	(0.6)	(9.0)	1.2
GILTI, net	17.8	20.7	13.0
Foreign withholding tax	0.8	4.7	0.0
Permanent differences	1.7	3.2	(1.2)
Income tax (benefit) provision	$ 29.3	$ (7.4)	$ 83.7

Intangible assets and goodwill - Future Amortization Expense (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 65.1
2025	65.1
2026	63.9
2027	60.6
2028	51.7
Thereafter	260.2
Net Carrying Amount	$ 566.6	$ 728.8

Debt - Narrative (Details)	Feb. 29, 2024 USD ($)	Feb. 28, 2024 USD ($)	Dec. 31, 2023 USD ($)	May 15, 2023 USD ($)	Aug. 07, 2020 USD ($)	May 14, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt			$ 868,400,000				$ 1,413,800,000
Debt issuance costs, current, net			5,300,000				1,300,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Debt Instrument [Line Items]
Cash				$ 217,200,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Travel Health Business
Debt Instrument [Line Items]
Disposal group, total consideration				270,200,000
Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of long-term debt				$ 342,800,000
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 \| Upon the Occurrence of a Change in Control \| Maximum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage					101.00%
Credit Agreement Amendment \| Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.50%
Credit Agreement Amendment \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.00%
Credit Agreement Amendment \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				5.00%
Credit Agreement Amendment \| Until March 31, 2024 \| SOFR, EURIBOR, Or CDOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				6.00%
Credit Agreement Amendment \| Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity				$ 300,000,000		$ 600,000,000
Debt instrument, periodic payment, principal				3,900,000
Credit Agreement Amendment \| Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, covenant, consideration threshold			75,000,000	$ 75,000,000
Credit Agreement Amendment \| Maximum \| Fiscal Quarters Ending After March 31, 2024 \| SOFR, EURIBOR, Or CDOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				4.00%
Credit Agreement Amendment \| Maximum \| Fiscal Quarters Ending After March 31, 2024 \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				3.00%
Credit Agreement Amendment \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage				0.40%
Credit Agreement Amendment \| Minimum \| Fiscal Quarters Ending After March 31, 2024 \| SOFR, EURIBOR, Or CDOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				2.75%
Credit Agreement Amendment \| Minimum \| Fiscal Quarters Ending After March 31, 2024 \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.75%
Credit Agreement Amendment \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage				0.15%
Line of Credit
Debt Instrument [Line Items]
Long-term debt			219,200,000				598,000,000.0
Line of Credit \| Credit Agreement Amendment
Debt Instrument [Line Items]
Debt instrument, covenant, leverage ratio, maximum				4.50
Line of Credit \| Credit Agreement Amendment \| Fiscal Quarters Ending in 2024
Debt Instrument [Line Items]
Debt instrument, covenant, interest coverage ratio, minimum				2.25
Line of Credit \| Credit Agreement Amendment \| Fiscal Quarters Ending After 2024
Debt Instrument [Line Items]
Debt instrument, covenant, interest coverage ratio, minimum				2.50
Line of Credit \| Credit Agreement Amendment \| Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Mandatory prepayment threshold		$ 125,000,000
Mandatory principal prepayment percentage		75.00%
Line of Credit \| Credit Agreement Amendment \| Revolving Credit Facility \| SOFR, SONIA, and Eurocurrency \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		6.00%
Line of Credit \| Forbearance Agreement And Amendment \| Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Current borrowing capacity	$ 270,000,000
Line of credit facility, unused capacity, commitment fee percentage	0.40%
Mandatory prepayment threshold	$ 100,000,000
Mandatory principal prepayment percentage	100.00%
Forbearance fee	$ 1,200,000
Line of Credit \| Forbearance Agreement And Amendment \| Revolving Credit Facility \| Base Rate \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	5.00%
Line of Credit \| Forbearance Agreement And Amendment \| Revolving Credit Facility \| SOFR, SONIA, and Eurocurrency \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	6.50%
Senior Notes \| 3.875% Senior Unsecured Notes due 2028
Debt Instrument [Line Items]
Long-term debt			$ 450,000,000.0		$ 450,000,000		$ 450,000,000.0
Interest rate, stated percentage			3.875%		3.875%		3.875%
Term Loan
Debt Instrument [Line Items]
Repayments of long-term debt				$ 144,400,000
Term Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt			$ 198,200,000				$ 362,800,000