0001367644-25-000202 | 10-Q | XBRL Viewer | Emergent Biosolutions INC

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Share-based compensation and stockholders' equity - Narrative (Details) $ / shares in Units, shares in Millions		3 Months Ended			9 Months Ended
	Sep. 17, 2024 USD ($) $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2025 USD ($) increment $ / shares shares	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Aug. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested options forfeited (in shares)					0.4
Excise tax liability accrued for common stock repurchases \| $		$ 200,000			$ 200,000			$ 0
Repurchases of common stock \| $		8,900,000	$ 6,900,000
Warrant liability \| $		14,400,000			14,400,000		$ 16,200,000
2025 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized, amount \| $						$ 50,000,000
Repurchases of common stock \| $		$ 8,900,000			$ 15,800,000
Treasury stock, shares, acquired (in shares)		1.1			2.3
Shares average cost price (in dollars per share) \| $ / shares		$ 7.87			$ 7.00
Remaining authorized amount \| $		$ 34,200,000			$ 34,200,000
Series I Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)									1.0
Series II Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)									1.5
Subscription Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	1.1
Consideration received on transaction \| $	$ 10,000,000
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 8.98
Liabilities, fair value adjustment \| $	$ 1,600,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)					1.6
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options granted (in shares)					2.7
Equity instruments other than options, forfeited in period (in shares)					0.3
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options granted (in shares)					0.3
Award performance period					1 year
Award vesting period					3 years
Equity instruments other than options, forfeited in period (in shares)					0.0
Long-Term Incentive Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted long-term incentive award \| $				$ 8,000,000
Award vesting period					5 years
Performance Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					5 years
Other Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vesting increments \| increment					3

Revenue recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 231.1	$ 293.8	$ 594.2	$ 848.9
Commercial Product sales
Disaggregation of Revenue [Line Items]
Revenue	74.9	95.3	187.7	333.8
MCM Product sales
Disaggregation of Revenue [Line Items]
Revenue	142.5	174.2	357.5	393.0
All other revenue
Disaggregation of Revenue [Line Items]
Revenue	13.7	24.3	49.0	122.1
USG
Disaggregation of Revenue [Line Items]
Revenue	133.0	171.5	269.6	343.8
USG \| Commercial Product sales
Disaggregation of Revenue [Line Items]
Revenue	0.7	0.0	2.0	0.4
USG \| MCM Product sales
Disaggregation of Revenue [Line Items]
Revenue	123.2	161.8	235.8	319.7
USG \| All other revenue
Disaggregation of Revenue [Line Items]
Revenue	9.1	9.7	31.8	23.7
Non-USG
Disaggregation of Revenue [Line Items]
Revenue	98.1	122.3	324.6	505.1
Non-USG \| Commercial Product sales
Disaggregation of Revenue [Line Items]
Revenue	74.2	95.3	185.7	333.4
Non-USG \| MCM Product sales
Disaggregation of Revenue [Line Items]
Revenue	19.3	12.4	121.7	73.3
Non-USG \| All other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 4.6	$ 14.6	$ 17.2	98.4
Janssen Pharmaceuticals, Inc., \| Service
Disaggregation of Revenue [Line Items]
Revenue				$ 50.0

- 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.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Impairment and restructuring charges

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

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. There were no impairment charges recorded on long-lived assets during the three and nine months ended September 30, 2025.

2024 Impairment of long-lived assets

During the preparation of the Company’s financial statements for the three months ended June 30, 2024, due to the decision to close the Company’s Baltimore-Bayview Drug Substance manufacturing facility and the Rockville, Maryland Drug Product facility, the Company determined there were sufficient indicators of impairment for the Bayview and Rockville asset groups within the Bioservices reporting unit. As a result, the Company performed recoverability tests on those asset groups and concluded that the Bayview and Rockville asset groups were not recoverable as the undiscounted expected cash flows did not exceed their carrying values. The Company allocated and recognized a non-cash impairment charge of $27.2 million during the second quarter of 2024.

The table below presents the total impairment charge by asset class for the nine months ended September 30, 2024:


	Nine Months Ended September 30,
	2024
Buildings, building improvements and leasehold improvements	$	7.8
Furniture and equipment	14.1
Software	0.2
Construction-in-progress	5.1
Total impairment of long-lived assets	$	27.2

Restructuring Charges

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 charges related to the January 2023 Plan consisted primarily of charges related to employee transition, severance payments and employee benefits. The cumulative amount of restructuring charge related to the January 2023 Plan since inception was $9.3 million. 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 Condensed 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, which was intended to strengthen its core business and financial position by reducing investment in and de-emphasizing focus on its CDMO services business for future growth. As part of the August 2023 Plan, the Company reduced its workforce by approximately 400 employees. The charges related to the August 2023 Plan consisted primarily of employee transition, severance payment and employee benefit charges. The cumulative amount of restructuring charge related to the August 2023 Plan since inception is $19.4 million. 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 Condensed Consolidated Statement of Operations and are classified based on the Company’s classification policy for each category of operating expense.

May 2024 Organizational Restructuring Plan

In May 2024, the Company initiated the May 2024 Plan. These strategic actions led to a reduction of the Company’s workforce by approximately 300 employees across all areas of the Company and the elimination of approximately 85 positions that were vacant, as well as the closure of the Company’s Baltimore-Bayview Drug Substance manufacturing facility and Rockville, Maryland Drug Product facility. Decisions regarding the elimination of positions and the closure of manufacturing facilities were subject to local law and consultation requirements in certain countries, as well as the Company’s business needs. The cumulative amount of restructuring charge related to the May 2024 Plan since inception is $18.5 million. All activities related to the May 2024 Plan were substantially completed during the third quarter of 2024. Restructuring costs are recognized as an operating expense within the Condensed Consolidated Statement of Operations and are classified based on the Company's classification policy for each category of operating expense.

August 2024 Organizational Restructuring Plan

In August 2024, the Company initiated the August 2024 Plan at the Company’s Lansing facility, which reduced the Company’s workforce by approximately 70 employees, as well as eliminated several open positions. The Company also implemented non-labor optimization efforts, such as reducing the Company’s external and vendor spend. The cumulative amount of restructuring charges related to the August 2024 Plan since inception is $2.5 million. All activities related to the August 2024 Plan were substantially completed during the fourth quarter of 2024. Restructuring costs are recognized as an operating expense within the Condensed Consolidated Statement of Operations and are classified based on the Company’s classification policy for each category of operating expense.

The following table presents the total restructuring costs related to the January 2023 Plan, August 2023 Plan, May 2024 Plan and August 2024 Plan by reportable segment as well as amounts included within non-reportable segments, unallocated corporate selling, general and administrative (“SG&A”) expense and research and development (“R&D”) expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Segment restructuring costs:
MCM Products	$	0.2	$	4.9	$	(1.0)	$	7.5
All other segments	—		0.1		—		0.3
Total restructuring costs included in Cost of product and services sales, net	$	0.2	$	5.0	$	(1.0)	$	7.8

Corporate restructuring costs:
SG&A	$	0.1	$	0.7	$	(0.5)	$	9.2
R&D	—		0.6		(0.6)		5.9
Total restructuring costs	$	0.3	$	6.3	$	(2.1)	$	22.9

The following table presents the total restructuring costs related to the January 2023 Plan, August 2023 Plan, May 2024 Plan and August 2024 Plan by function:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Employee transition	$	—	$	0.1	$	—	$	0.3
Severance payments	—		5.0		(1.3)		19.3
Employee benefits	0.3		1.2		(0.8)		3.3
Total restructuring costs	$	0.3	$	6.3	$	(2.1)	$	22.9

All financial impacts of the January 2023 Plan were reflected in the Company’s consolidated financial statements by the second quarter of 2024. As a result, there was no activity related to the January 2023 Plan for the three and nine months ended September 30, 2025. The following table provides the components of and changes in the Company’s restructuring accrual for the January 2023 Plan during the three and nine months ended September 30, 2024:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	1.4	$	—	$	1.4

Cash payments	—		(1.3)		—		(1.3)
Balance at March 31, 2024	$	—	$	0.1	$	—	$	0.1

Cash payments	—		(0.1)		—		(0.1)
Balance at June 30, 2024	$	—	$	—	$	—	$	—
Balance at September 30, 2024	$	—	$	—	$	—	$	—

All financial impacts of the August 2023 Plan were reflected in the Company’s consolidated financial statements by the fourth quarter of 2024. As a result, there was no activity related to the August 2023 Plan for three and nine months ended September 30, 2025. The following table provides the components of and changes in the Company’s restructuring accrual for the August 2023 Plan during the three and nine months ended September 30, 2024:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	5.3	$	0.1	$	5.4
Accruals	—		(0.5)		—		(0.5)
Cash payments	—		(3.6)		—		(3.6)
Balance at March 31, 2024	$	—	$	1.2	$	0.1	$	1.3
Accruals	—		(0.1)		—		(0.1)
Cash payments	—		(0.5)		(0.1)		(0.6)
Balance at June 30, 2024	$	—	$	0.6	$	—	$	0.6

Cash payments	—		(0.3)		—		(0.3)
Balance at September 30, 2024	$	—	$	0.3	$	—	$	0.3

The following tables provide the components of and changes in the Company’s restructuring accrual for the May 2024 Plan during the three and nine months ended September 30, 2025, and the three and nine months ended September 30, 2024:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2024	$	—	$	4.5	$	0.8	$	5.3
Accruals	—		—		(0.7)		(0.7)
Cash payments	—		(2.7)		(0.1)		(2.8)
Balance at March 31, 2025	$	—	$	1.8	$	—	$	1.8
Accruals	—		(0.9)		—		(0.9)
Cash payments	—		(0.8)		—		(0.8)
Balance at June 30, 2025	$	—	$	0.1	$	—	$	0.1
Accruals	—		—		0.3		0.3
Cash payments	—		(0.1)		(0.3)		(0.4)
Balance at September 30, 2025	$	—	$	—	$	—	$	—


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	—	$	—	$	—
Balance at March 31, 2024	$	—	$	—	$	—	$	—
Accruals	0.2		14.8		2.2		17.2
Cash payments	(0.2)		—		—		(0.2)
Balance at June 30, 2024	$	—	$	14.8	$	2.2	$	17.0
Accruals	—		2.3		0.5		2.8
Cash payments	—		(6.3)		(0.7)		(7.0)
Balance at September 30, 2024	$	—	$	10.8	$	2.0	$	12.8

The following tables provide the components of and changes in the Company’s restructuring accrual for the August 2024 Plan during the three and nine months ended September 30, 2025, and the three and nine months ended September 30, 2024:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2024	$	—	$	1.9	$	0.5	$	2.4
Accruals	—		(0.2)		(0.4)		(0.6)
Cash payments	—		(1.1)		(0.1)		(1.2)
Balance at March 31, 2025	$	—	$	0.6	$	—	$	0.6
Accruals	—		(0.2)		—		(0.2)
Cash payments	—		(0.4)		—		(0.4)
Balance at June 30, 2025	$	—	$	—	$	—	$	—
Balance at September 30, 2025	$	—	$	—	$	—	$	—


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	—	$	—	$	—
Balance at March 31, 2024	$	—	$	—	$	—	$	—
Balance at June 30, 2024	$	—	$	—	$	—	$	—
Accruals	0.1		2.7		0.7		3.5
Cash payments	(0.1)		—		—		(0.1)
Balance at September 30, 2024	$	—	$	2.7	$	0.7	$	3.4

Debt - Term Loan Agreement (Details) - Term Loan - Line of Credit - Secured Debt - USD ($)	Aug. 30, 2024	Sep. 30, 2024
Debt Instrument [Line Items]
Debt instrument, face amount	$ 250,000,000
Original issue discount, percentage	3.00%
Additional default interest rate	2.00%
Aggregate principal amount outstanding threshold	$ 25,000,000.0
Minimum liquidity requirement		$ 75,000,000
Gross leverage ratio	5.10
Basis spread on make-whole premium	4.00%
Prepayment premium	4.00%
Prepayment premium, decrease	0.25%
Mandatory prepayment, percentage of net cash proceeds from indebtedness incurred	100.00%
Mandatory prepayment, percentage of net cash proceeds from dispositions of property and insurance proceeds	100.00%
Mandatory prepayment, net cash proceeds from disposition of property threshold, annual basis	$ 10,000,000.0
Mandatory prepayment, net cash proceeds from disposition of property threshold, per transaction basis	$ 5,000,000.0
Base Rate
Debt Instrument [Line Items]
Variable interest rate floor	1.00%
Debt instrument, basis spread on variable rate	7.25%
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	8.25%
Secured Overnight Financing Rate (SOFR) \| Until The Second Anniversary Of The Closing Date
Debt Instrument [Line Items]
Variable interest rate floor	2.00%
Secured Overnight Financing Rate (SOFR) \| After The Second Anniversary Of The Closing Date
Debt Instrument [Line Items]
Variable interest rate floor	3.00%

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 245.5	$ 99.5
Restricted cash	3.7	6.1
Accounts receivable, net	149.5	154.5
Inventories, net	356.3	311.7
Prepaid expenses and other current assets	25.6	26.9
Assets held for sale	6.3	0.0
Total current assets	786.9	598.7
Property, plant and equipment, net	209.8	270.6
Intangible assets, net	452.7	501.5
Other assets	11.6	18.9
Total assets	1,461.0	1,389.7
Current liabilities:
Accounts payable	57.4	60.9
Accrued expenses	13.9	17.7
Accrued compensation	36.6	56.1
Other current liabilities	24.1	27.7
Liabilities held for sale	4.5	0.0
Total current liabilities	136.5	162.4
Debt	663.1	663.7
Deferred tax liability	36.3	41.7
Other liabilities	42.6	39.1
Total liabilities	878.5	906.9
Stockholders' equity:
Preferred stock, $0.001 par value per share; 15.0 shares authorized, no shares issued or outstanding	0.0	0.0
Common stock, $0.001 par value per share; 200.0 shares authorized, 60.6 and 59.9 shares issued; 52.7 and 54.3 shares outstanding, respectively	0.1	0.1
Treasury stock, at cost, 7.9 and 5.6 common shares, respectively	(243.5)	(227.7)
Additional paid-in capital	938.6	928.0
Accumulated other comprehensive loss, net	(7.5)	(5.2)
Accumulated deficit	(105.2)	(212.4)
Total stockholders’ equity	582.5	482.8
Total liabilities and stockholders’ equity	$ 1,461.0	$ 1,389.7

Income taxes (Details)	9 Months Ended		12 Months Ended
Income taxes (Details)	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Effective Income Tax Rate Reconciliation [Line Items]
Effective tax rate	20.00%	(38.00%)		20.00%
Forecast
Effective Income Tax Rate Reconciliation [Line Items]
Effective tax rate			22.00%

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024	Aug. 07, 2020
Debt Instrument [Line Items]
Total debt	$ 693.1	$ 700.0
Unamortized debt issuance costs	(30.0)	(36.3)
Non-current portion of debt, net	$ 663.1	$ 663.7
Senior Notes \| Senior Unsecured Notes Due August 2028
Debt Instrument [Line Items]
Stated interest rate percentage	3.875%	3.875%	3.875%
Total debt	$ 443.1	$ 450.0	$ 450.0
Secured Debt \| Line of Credit \| Term loan due 2029
Debt Instrument [Line Items]
Total debt	$ 250.0	$ 250.0

Inventories, net

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventories, net

Inventories, net consisted of the following:


	September 30, 2025		December 31, 2024
Raw materials and supplies	$	126.5	$	95.9
Work-in-process	115.8		86.3
Finished goods	114.0		129.5
Total inventories, net	$	356.3	$	311.7

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

Impairment and restructuring charges - Schedule of Impairment of Long-Lived Assets Held and Used by Asset (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	$ 0.0	$ 0.0	$ 27.2	$ 0.0	$ 27.2	$ 27.2
Buildings, building improvements and leasehold improvements
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets					7.8
Furniture and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets					14.1
Software
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets					0.2
Construction-in-progress
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets					$ 5.1

Revenue recognition (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company's revenues disaggregated by major sources for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended September 30, 2025						Three Months Ended September 30, 2024
	USG		Non-USG		Total		USG		Non-USG		Total
Commercial Product sales	$	0.7	$	74.2	$	74.9	$	—	$	95.3	$	95.3
MCM Product sales	123.2		19.3		142.5		161.8		12.4		174.2
All other revenues (1)	9.1		4.6		13.7		9.7		14.6		24.3
Total revenues	$	133.0	$	98.1	$	231.1	$	171.5	$	122.3	$	293.8


(1) “All other revenues” includes Services and Contracts and grants revenue.


	Nine Months Ended September 30, 2025						Nine Months Ended September 30, 2024
	USG		Non-USG		Total		USG		Non-USG		Total
Commercial Product sales	$	2.0	$	185.7	$	187.7	$	0.4	$	333.4	$	333.8
MCM Product sales	235.8		121.7		357.5		319.7		73.3		393.0
All other revenues (1)(2)	31.8		17.2		49.0		23.7		98.4		122.1
Total revenues	$	269.6	$	324.6	$	594.2	$	343.8	$	505.1	$	848.9


(1) “All other revenues” includes Services and Contracts and grants revenue.
(2) “All other revenues” for the nine months ended September 30, 2024 includes $50.0 million attributable to the confidential arbitration settlement (the “Settlement Agreement”) with Janssen Pharmaceuticals, Inc. (“Janssen”) related to the 2022 termination of the manufacturing services agreement with Janssen (the “Janssen Agreement”). The revenue is related to raw materials purchased for the Janssen Agreement which Janssen had not reimbursed. See Note 16, “Litigation” for additional information related to the accounting treatment and settlement of the arbitration with Janssen.

Schedule of Rollforward of Contract Liabilities

The following table presents the roll forward of the contract liability balances:


	Contract Liabilities
Balance at December 31, 2024	$	9.3
Balance at September 30, 2025	$	10.3
Revenue recognized in the period from amounts included in contract liability at the beginning of the period:	$	2.1

Schedule of Accounts Receivable, Net

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


	September 30, 2025		December 31, 2024
Accounts receivable:
Billed	$	131.5	$	135.4
Unbilled	19.3		19.6
Allowance for expected credit losses	(1.3)		(0.5)
Accounts receivable, net	$	149.5	$	154.5

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	15,000,000.0	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)	200,000,000.0	200,000,000.0
Common stock, shares issued (in shares)	60,600,000	59,900,000
Common stock, shares outstanding (in shares)	52,700,000	54,300,000
Treasury stock (in shares)	7,900,000	5,600,000

Fair value measurements - Schedule of Fair Value Hierarchy of Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 105.8	$ 45.7
Warrant liability	14.4	16.2
Total	14.4	16.2
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	105.8	45.7
Warrant liability	0.0	0.0
Total	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0.0	0.0
Warrant liability	0.0	0.0
Total	0.0	0.0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0.0	0.0
Warrant liability	14.4	16.2
Total	14.4	16.2
Money market accounts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market accounts	105.8	45.7
Money market accounts \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market accounts	105.8	45.7
Money market accounts \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market accounts	0.0	0.0
Money market accounts \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market accounts	$ 0.0	$ 0.0

Fair value measurements

9 Months Ended

Sep. 30, 2025

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 indicates the level within the fair value hierarchy of the valuation techniques the Company utilized to determine fair value:


	September 30, 2025								December 31, 2024
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Money market accounts	$	105.8	$	105.8	$	—	$	—	$	45.7	$	45.7	$	—	$	—


Total	$	105.8	$	105.8	$	—	$	—	$	45.7	$	45.7	$	—	$	—
Liabilities:

Warrant liability	$	14.4	$	—	$	—	$	14.4	$	16.2	$	—	$	—	$	16.2

Total	$	14.4	$	—	$	—	$	14.4	$	16.2	$	—	$	—	$	16.2

2024 Warrant liability

In connection with the Company’s Credit Agreement with OHA Agency LLC, as administrative agent, and the lenders from time to time party thereto (the “Term Loan Agreement”), the Company issued to the lenders warrants to purchase 1.0 million shares of the Company’s common stock at an exercise price of $9.8802 per share (the “Series I Warrants”) and warrants to purchase 1.5 million shares at an exercise price of $15.7185 per share (the “Series II Warrants” and, together with the Series I Warrants, the “Warrants”). The Warrants are currently exercisable and will expire on August 30, 2029. Because the Warrants could be cash settled based on events that are outside the control of the Company, it precludes the Warrants from applying the equity contract scope exception, and so are classified as a liability. As a result, the fair value of the Warrants will be remeasured each period with the gain or loss on the warrant liability included in “Other, net” on the Condensed Consolidated Statement of Operations. As of September 30, 2025 and December 31, 2024, the fair value of the warrant liability was $14.4 million and $16.2 million, respectively, and was included within “Other Liabilities” on the Condensed Consolidated Balance Sheets, as determined using the Black-Scholes method.

The Company uses the Black-Scholes option pricing model to calculate the fair value of the Warrants at each reporting period. Assumptions used in the Black-Scholes option pricing model take into account the agreement terms as well as the quoted price of the Company’s common stock in an active market. The volatility is based on the average historical volatility of the common stock. The expected life is based on the remaining contractual term of the Warrants, and the risk free interest rate is based on the implied yield available on U.S. Treasury securities with a maturity equivalent to the Warrants’ expected life.

The table below is a reconciliation of the beginning and ending balance of the Company’s Level 3 warrant liability:


	Warrant Liability
Balance at December 31, 2024	$	16.2
Change in fair value	(9.5)
Balance at March 31, 2025	$	6.7
Change in fair value	2.9
Balance at June 30, 2025	$	9.6
Change in fair value	4.8
Balance at September 30, 2025	$	14.4

The recurring Level 3 fair value measurement for the Company's warrant liability used the following significant unobservable inputs:


Warrant Liability	Valuation Technique	Unobservable Input	Range
2024 Warrants	Black-Scholes Method	Term (in years)	3.9
		Risk free interest rate	3.7%
		Volatility	103%

Non-variable rate debt

As of September 30, 2025 and December 31, 2024, the fair value of the Company’s 3.875% Senior Unsecured Notes due 2028 (the “Senior Unsecured Notes”) was $368.6 million and $369.1 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”, for more information regarding the Company’s repurchase of a portion of the Senior Unsecured Notes during the third quarter of 2025).

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair value measurements - Level 3 Fair Value Of Common Stock Warrant Liability (Details) - Warrant - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025
Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ 9.6	$ 6.7	$ 16.2
Change in fair value	4.8	2.9	(9.5)
Balance, end of period	$ 14.4	$ 9.6	$ 6.7

Share-based compensation and stockholders' equity

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Share-based compensation and stockholders' equity

Share-based compensation

The Company’s share-based compensation expense relates to stock options, performance stock options, restricted stock units, performance stock units and liability classified long-term incentive awards. During the nine months ended September 30, 2025, the Company granted stock options to purchase 1.6 million shares of common stock, 2.7 million restricted stock units and 0.3 million performance stock units. The grants were made under the Emergent BioSolutions Inc. Amended and Restated Stock Incentive Plan and the Emergent BioSolutions Inc. Inducement Plan. The performance stock units settle in stock at the end of a one-year performance period based on the Company's results compared to the performance criteria.

During the first quarter of 2024, the Company granted an $8.0 million long-term incentive award, subject to market conditions, with the option to settle in any combination of cash or shares, which is accounted for as a liability classified award. The Company’s performance stock options and the long-term incentive award are valued using Monte Carlo valuation models, and each have a performance period of five years to vest based on the Company’s stock price performance. The long-term incentive award is revalued at each reporting period until the award is earned or expires. The Company’s other equity awards typically vest over three equal annual installments beginning on the day prior to the anniversary of the grant date. The performance stock units settle in stock at the end of the three-year performance period based on the Company's results compared to the performance criteria. During the nine months ended September 30, 2025, 0.4 million stock options, 0.3 million of restricted stock units and an immaterial number of performance stock units were forfeited prior to the completion of the applicable vesting requirements or expiration.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of products and services sales, net	$	0.3	$	0.2	$	0.9	$	1.8
Research & development	0.2		—		0.6		1.0
Selling, general and administrative	4.3		2.1		9.4		10.9
Total share-based compensation expense	$	4.8	$	2.3	$	10.9	$	13.7

Stockholders’ equity

2025 Share Repurchase Program

On March 31, 2025, the Company announced that its Board of Directors had authorized the repurchase of up to $50.0 million of the Company’s common stock (the “2025 Share Repurchase Program”) on or before March 27, 2026. Repurchases under the 2025 Share Repurchase Program may be made from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased will be determined by the Company’s management based on its evaluation of market conditions and other factors, including the market price of the Company’s common shares, macroeconomic environment and other investment opportunities, consistent with the Company’s insider trading policy. The 2025 Share Repurchase Program may be suspended or discontinued at any time. The Inflation Reduction Act of 2022, which was enacted on August 16, 2022, imposed a nondeductible 1%

excise tax on the net value of certain stock repurchases made after December 31, 2022. Excise tax accrued during the three and nine months ended September 30, 2025 was $0.2 million.

During the three and nine months ended September 30, 2025, the Company utilized $8.9 million and $15.8 million to repurchase 1.1 million and 2.3 million shares, respectively, at an average price of $7.87 and $7.00 per share, excluding commissions and excise taxes, respectively. As of September 30, 2025, the Company had $34.2 million available to repurchase shares under the 2025 Share Repurchase Program.

2024 Issuance of Common Stock

In connection with the Term Loan Agreement, the Company entered into a Subscription Agreement, dated as of August 30, 2024 (the “Subscription Agreement”) with the lenders under the Term Loan Agreement, under which on September 17, 2024, the Company issued to the lenders 1.1 million shares of common stock with an aggregate value of $10.0 million, at a price per share of $8.98, which was based on the volume weighted average price per share of common stock for the 30 consecutive trading days ending on, but excluding, the tenth business day of the Term Loan Agreement. At inception, the Subscription Agreement represented a forward sale of the Company’s common stock (the “Forward”). The Forward was initially classified and recorded as a liability and was remeasured to its fair value, resulting in a $1.6 million gain on settlement on September 17, 2024.

2024 Warrant Issuance

In connection with the Term Loan Agreement, the Company issued to the lenders Series I Warrants to purchase 1.0 million shares of common stock and Series II Warrants to purchase 1.5 million shares of common stock. The Warrants are currently exercisable and will expire on August 30, 2029. Because the Warrants could be cash settled based on events that are outside the control of the Company, it precludes the Warrants from applying the equity contract scope exception, and so are classified as a liability. As of September 30, 2025, the fair value of the Warrants was $14.4 million. See Note 9, “Fair value measurements,” for more information on the accounting treatment and valuation of the Warrants.

As of September 30, 2025, the Company had the following Warrants outstanding to acquire shares of its common stock:


	Warrants Outstanding	Range of Exercise Price per Share	Expiration Date
Warrants issued related to the Term Loan Agreement	2.5	$9.88 - $15.72	August 2029
Total	2.5

During the three and nine months ended September 30, 2025, no Warrants expired or were exercised.

- Definition

The entire disclosure for equity.

+ References

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease cost:
Amortization of right-of-use assets	$	0.4	$	0.7	$	1.5	$	2.5
Interest on lease liabilities	0.2		0.2		0.6		0.6
Total operating lease cost	$	0.6	$	0.9	$	2.1	$	3.1

Schedule of Leases Supplemental Balance Sheets

Supplemental balance sheet information related to lessee activities is as follows:


Leases	Classification	September 30, 2025			December 31, 2024
Operating lease right-of-use assets	Other assets	$	7.2		$	11.7

Operating lease liabilities, current portion	Other current liabilities	$	1.8		$	2.7
Operating lease liabilities	Other liabilities	6.1			9.7
Total operating lease liabilities		$	7.9		$	12.4

Operating leases:
Weighted average remaining lease term (years)		5.5			5.8
Weighted average discount rate		8.0		%	5.5		%

Earnings (loss) per common share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings (loss) per common share

Basic earnings (loss) per common share is calculated using the treasury method by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per common share adjusts basic earnings (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, as well as shares issuable upon exercises of the Warrants. Diluted earnings (loss) per share excludes anti-dilutive securities, which represent the number of potential common shares related to shares issuable under our equity compensation plans and pursuant to exercises of the Warrants that were excluded from diluted earnings (loss) per common share because their effect would have been antidilutive.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss)	$	51.2	$	114.8	$	107.2	$	(159.3)
Denominator:
Weighted-average number of shares outstanding-basic	53.2		53.1		53.9		52.6
Dilutive securities - equity awards	3.3		2.5		2.8		—

Weighted-average number of shares outstanding-diluted	56.5		55.6		56.7		52.6
Earnings (loss) per common share - basic	$	0.96	$	2.16	$	1.99	$	(3.03)
Earnings (loss) per common share - diluted	$	0.91	$	2.06	$	1.89	$	(3.03)
Anti-dilutive securities	5.0		2.6		4.7		4.4

Litigation (Details) - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Apr. 18, 2025

Feb. 06, 2025

Jul. 31, 2024

Sep. 30, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Dec. 31, 2022

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Jul. 02, 2024

Commitments and Contingencies Disclosure [Line Items]

Other assets

$ 11,600,000

$ 18,900,000

$ 11,600,000

$ 18,900,000

Revenue

231,100,000

$ 293,800,000

594,200,000

$ 848,900,000

Cost of goods and services sold

^[1]

85,900,000

122,600,000

241,300,000

563,300,000

Product and services sales, net

Commitments and Contingencies Disclosure [Line Items]

Revenue

222,000,000.0

$ 283,800,000

561,400,000

$ 824,300,000

Jansen Pharmaceuticals, Inc.

Commitments and Contingencies Disclosure [Line Items]

Proceeds from legal settlements

$ 50,000,000

Increase in other assets

$ 152,700,000

Other assets

$ 158,700,000

Cost of goods and services sold

$ 50,000,000

Inventory Write-down

110,200,000

Jansen Pharmaceuticals, Inc. | Product and services sales, net

Commitments and Contingencies Disclosure [Line Items]

Revenue

$ 50,000,000

Securities And Shareholder Litigation

Commitments and Contingencies Disclosure [Line Items]

Damages paid

40,000,000

Damages paid from insurance proceeds

30,000,000

Settlement period

20 days

Settlement amount

$ 15,000,000

Implementation reforms, period

60 days

Period of reforms to be maintained

4 years

Settlement gain

10,500,000

SEC Enforcement Proceeding

Commitments and Contingencies Disclosure [Line Items]

Loss contingency accrual, provision

1,500,000

Payments for legal settlements

$ 1,500,000

Loss contingency, accrual, current

$ 0

$ 1,500,000

$ 0

$ 1,500,000

[1]	(1) Exclusive of intangible asset amortization

Nature of the business and organization (Details)	9 Months Ended
Nature of the business and organization (Details)	Sep. 30, 2025 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	11
Number of product and service categories \| Category	4
Number of operating segments	3
Number of reportable segments	2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001

Impairment and restructuring charges - Schedule Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0.3	$ 6.3	$ (2.1)	$ 22.9
Severance payments
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.0	5.0	(1.3)	19.3
Employee benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.3	1.2	(0.8)	3.3
Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.2	5.0	(1.0)	7.8
Corporate \| SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.1	0.7	(0.5)	9.2
Corporate \| R&D
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.0	0.6	(0.6)	5.9
MCM Products \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.2	4.9	(1.0)	7.5
All other segments \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0.0	$ 0.1	$ 0.0	$ 0.3

Leases - Schedule of Leases Supplemental Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Operating Leases
Operating lease right-of-use assets	$ 7.2	$ 11.7
Operating lease liabilities, current portion	1.8	2.7
Operating lease liabilities	6.1	9.7
Total operating lease liabilities	$ 7.9	$ 12.4
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Operating leases:
Weighted average remaining lease term (years)	5 years 6 months	5 years 9 months 18 days
Weighted average discount rate	8.00%	5.50%

Fair value measurements - Level 3 Fair Value Inputs In The Black-Scholes Option Pricing Models (Details) - Level 3 - Fair Value, Recurring - Black-Scholes Method - 2024 Warrants	Sep. 30, 2025 Term
Term (in years)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, measurement input	3.9
Risk free interest rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, measurement input	0.037
Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, measurement input	1.03

Debt - Senior Unsecured Notes due 2028 (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Aug. 07, 2020	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	May 07, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt		$ 693.1	$ 693.1			$ 700.0
Gain on extinguishment of debt			$ 1.1	$ 0.6
Senior Unsecured Notes Due August 2028 \| Prior to August 15, 2023
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
Senior Unsecured Notes Due August 2028 \| Upon the occurrence of a change in control \| Maximum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101.00%
Senior Unsecured Notes Due August 2028 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate percentage	3.875%	3.875%	3.875%			3.875%
Total debt	$ 450.0	$ 443.1	$ 443.1			$ 450.0
Repurchased face amount					$ 30.0
Repurchase of long-term debt		6.9	6.9
Payments for repurchase of debt, excluding gain on extinguishment		5.8	5.8
Gain on extinguishment of debt		1.1	1.1
Repurchase amount remaining		$ 23.1	$ 23.1

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 51.2	$ 114.8	$ 107.2	$ (159.3)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	0.6	(1.8)	(2.3)	(1.6)
Total other comprehensive income (loss), net of tax	0.6	(1.8)	(2.3)	(1.6)
Comprehensive income (loss), net of tax	$ 51.8	$ 113.0	$ 104.9	$ (160.9)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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+ Details

Impairment and restructuring charges - Narrative (Details)	1 Months Ended				3 Months Ended			9 Months Ended		12 Months Ended
	Aug. 31, 2024 employee	May 31, 2024 employee positions	Aug. 31, 2023 employee	Jan. 31, 2023 employee	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Impairment of long-lived assets					$ 0	$ 0	$ 27,200,000	$ 0	$ 27,200,000	$ 27,200,000
January 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Workforce reduction \| employee				125
Restructuring charges incurred since inception					9,300,000			9,300,000
Restructuring reserve					0			0
August 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Workforce reduction \| employee			400
Restructuring charges incurred since inception					19,400,000			19,400,000
Restructuring reserve					0			0
May 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Workforce reduction \| employee		300
Restructuring charges incurred since inception					18,500,000			18,500,000
Number of currently vacant positions eliminated \| positions		85
August 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Workforce reduction \| employee	70
Restructuring charges incurred since inception					$ 2,500,000			$ 2,500,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Operating Activities
Net income (loss)	$ 51.2	$ 68.0	$ 114.8	$ 9.0	$ 107.2	$ (159.3)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-based compensation expense					10.9	13.7
Depreciation and amortization					72.3	82.8
Change in fair value of contingent obligations, net					0.0	0.6
Amortization of deferred financing costs					7.2	5.2
Deferred income taxes					(5.5)	(5.1)
Loss (gain) on sale of business and assets held for sale					12.2	(32.2)
Change in fair value of warrant liability					(1.8)	(1.1)
Impairment of long-lived assets	0.0		0.0		0.0	27.2	$ 27.2
Loss on disposal of assets					3.5	28.9
Other					(8.7)	3.9
Changes in operating assets and liabilities:
Accounts receivable					(26.4)	52.7
Inventories					(44.5)	(35.5)
Prepaid expenses and other assets					27.1	146.3
Accounts payable					(19.8)	(22.8)
Accrued expenses and other liabilities					(27.0)	32.9
Long-term incentive plan accrual					2.3	2.5
Accrued compensation					(21.8)	(9.9)
Income taxes receivable and payable, net					4.6	26.6
Contract liabilities					1.1	(18.8)
Net cash provided by operating activities					92.9	138.6
Investing Activities
Purchases of property, plant and equipment					(9.9)	(21.2)
Proceeds from sale of property, plant and equipment					38.2	7.6
Milestone payments from prior asset divestiture					50.0	0.0
Proceeds from sale of business					0.0	110.2
Purchase of convertible note receivable					(5.0)	0.0
Net cash provided by investing activities					73.3	96.6
Financing Activities
Proceeds from the issuance of debt, net of lender fees					0.0	219.0
Proceeds allocated to warrants issued in conjunction with debt					0.0	13.4
Proceeds allocated to common stock issued in conjunction with debt					0.0	9.3
Principal payments on term loan facility					0.0	(198.2)
Proceeds from revolving credit facility					0.0	65.0
Principal payments on revolving credit facility					0.0	(284.2)
Debt issuance costs					0.0	(14.6)
Proceeds from issuance of common stock upon exercise of stock options					1.0	0.0
Repurchase of debt					(6.9)	0.0
Purchases of treasury stock					(15.8)	0.0
Proceeds from share-based compensation activity					0.0	0.7
Taxes paid for share-based compensation activity					(1.0)	(0.9)
Net cash used in financing activities:					(22.7)	(190.5)
Effect of exchange rate changes on cash, cash equivalents and restricted cash					0.1	0.0
Net change in cash, cash equivalents and restricted cash					143.6	44.7
Cash, cash equivalents and restricted cash, beginning of period		$ 105.6		$ 111.7	105.6	111.7	111.7
Cash, cash equivalents and restricted cash, end of period	249.2		156.4		249.2	156.4	105.6
Supplemental cash flow disclosures:
Cash paid for interest					41.7	55.8
Cash paid for income taxes, net of refunds					27.5	35.5
Non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end					1.8	1.6
Gain on extinguishment of debt					1.1	0.6
Issuance of common stock in conjunction with debt					0.0	7.7
Excise tax liability accrued for common stock repurchases	0.2		0.0		0.2	0.0
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	245.5		149.9		245.5	149.9	99.5
Restricted cash	3.7		6.5		3.7	6.5
Total	$ 249.2		$ 156.4		$ 249.2	$ 156.4	$ 105.6

Summary of significant accounting policies (Policies)	9 Months Ended
Summary of significant accounting policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of presentation and consolidation	Basis of presentation and consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Emergent and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 3, 2025. All adjustments contained in the accompanying unaudited condensed consolidated financial statements are of a normal recurring nature and are necessary to present fairly the financial position of the Company as of September 30, 2025. Interim results are not necessarily indicative of results that may be expected for any other interim period or for an entire year.
New accounting standards	New accounting standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board that the Company adopts as of the pronouncement’s specified effective date. Accounting Standards Not Yet Adopted In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires a public business entity 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 does not expect a material impact from this new guidance on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses, which requires a public business entity to disclose additional information about specific expense categories in the notes to financial statements on an annual and interim basis. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. A public entity should apply the amendments either prospectively to financial statements issued for reporting periods after the effective date of the ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements.
Revenue recognition	The Company's OTC NARCAN® customer contracts are fixed price contracts. 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 OTC NARCAN® are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established. Estimates of variable consideration include allowance for returns, specialty distributor fees, wholesaler fees and prompt payment discounts. OTC NARCAN® may also be sold on consignment through third-party online retailers where revenues are recognized at the 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 SG&A expenses and Cost of Commercial Product sales, respectively, in the Condensed Consolidated Statement of Operations. Revenues from OTC NARCAN® 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 OTC NARCAN®, including inventory levels within the distribution channel, product shelf life 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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Intangible assets - Schedule of Finite-lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 16.3	$ 16.3	$ 48.8	$ 48.8

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Summary of significant accounting policies	9 Months Ended
Summary of significant accounting policies	Sep. 30, 2025
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Basis of presentation and consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Emergent and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 3, 2025. All adjustments contained in the accompanying unaudited condensed consolidated financial statements are of a normal recurring nature and are necessary to present fairly the financial position of the Company as of September 30, 2025. Interim results are not necessarily indicative of results that may be expected for any other interim period or for an entire year. Significant accounting policies There have been no significant changes to the Company's summary of significant accounting policies contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC that have materially impacted the presentation of the Company's financial statements. New accounting standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board that the Company adopts as of the pronouncement’s specified effective date. Accounting Standards Not Yet Adopted In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires a public business entity 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 does not expect a material impact from this new guidance on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses, which requires a public business entity to disclose additional information about specific expense categories in the notes to financial statements on an annual and interim basis. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. A public entity should apply the amendments either prospectively to financial statements issued for reporting periods after the effective date of the ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements.

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended September 30, 2025, directors and officers (as defined in Exchange Act Rule 16a-1(f)) of the Company adopted written plans for the sale of the Company’s common stock intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) (“Rule 10b5-1 trading arrangements”) as set forth in the table below.

Name

Position

Action

Adoption date

Rule 10b5-1 Trading Plan Provides for Purchase/Sale (1)

Total Shares of Common Stock to be Sold

Expiration Date (2)

Donald DeGolyer

Director

Adoption

August 11, 2025

Sale

51,081

October 30, 2026

Sujata Tyagi Dayal

Director

Adoption

August 8, 2025

Sale

22,313

May 27, 2026

(1) Sales may begin on the 91st day following the adoption of the Rule 10b5-1 trading arrangement.

(2) Subject to early termination in accordance with the terms of the Rule 10b5-1 trading arrangement.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Donald DeGolyer [Member]

Trading Arrangements, by Individual

Name

Donald DeGolyer

Title

Director

Rule 10b5-1 Arrangement Adopted

true

August 11, 2025

October 30, 2026

445 days

51,081

Sujata Tyagi Dayal [Member]

Trading Arrangements, by Individual

Name

Sujata Tyagi Dayal

Title

Director

Rule 10b5-1 Arrangement Adopted

true

August 8, 2025

May 27, 2026

292 days

22,313

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023		57.8
Beginning balance at Dec. 31, 2023	$ 649.3	$ 0.1	$ (227.7)	$ 904.4	$ (5.7)	$ (21.8)
Beginning balance (in shares) at Dec. 31, 2023			(5.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9.0					9.0
Share-based compensation activity (in shares)		0.2
Share-based compensation activity	5.4			5.4
Other comprehensive income (loss), net of tax	0.2				0.2
Ending balance (in shares) at Mar. 31, 2024		58.0
Ending balance at Mar. 31, 2024	663.9	$ 0.1	$ (227.7)	909.8	(5.5)	(12.8)
Ending balance (in shares) at Mar. 31, 2024			(5.6)
Beginning balance (in shares) at Dec. 31, 2023		57.8
Beginning balance at Dec. 31, 2023	649.3	$ 0.1	$ (227.7)	904.4	(5.7)	(21.8)
Beginning balance (in shares) at Dec. 31, 2023			(5.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(159.3)
Other comprehensive income (loss), net of tax	(1.6)
Ending balance (in shares) at Sep. 30, 2024		59.7
Ending balance at Sep. 30, 2024	508.4	$ 0.1	$ (227.7)	924.4	(7.3)	(181.1)
Ending balance (in shares) at Sep. 30, 2024			(5.6)
Beginning balance (in shares) at Mar. 31, 2024		58.0
Beginning balance at Mar. 31, 2024	663.9	$ 0.1	$ (227.7)	909.8	(5.5)	(12.8)
Beginning balance (in shares) at Mar. 31, 2024			(5.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(283.1)					(283.1)
Share-based compensation activity (in shares)		0.5
Share-based compensation activity	5.5			5.5
Ending balance (in shares) at Jun. 30, 2024		58.5
Ending balance at Jun. 30, 2024	386.3	$ 0.1	$ (227.7)	915.3	(5.5)	(295.9)
Ending balance (in shares) at Jun. 30, 2024			(5.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	114.8					114.8
Share-based compensation activity (in shares)		0.1
Share-based compensation activity	1.4			1.4
Issuance of common stock (in shares)		1.1
Issuance of common stock	7.7			7.7
Other comprehensive income (loss), net of tax	(1.8)				(1.8)
Ending balance (in shares) at Sep. 30, 2024		59.7
Ending balance at Sep. 30, 2024	$ 508.4	$ 0.1	$ (227.7)	924.4	(7.3)	(181.1)
Ending balance (in shares) at Sep. 30, 2024			(5.6)
Beginning balance (in shares) at Dec. 31, 2024	59.9	59.9
Beginning balance at Dec. 31, 2024	$ 482.8	$ 0.1	$ (227.7)	928.0	(5.2)	(212.4)
Beginning balance (in shares) at Dec. 31, 2024	(5.6)		(5.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 68.0					68.0
Share-based compensation activity (in shares)		0.2
Share-based compensation activity	2.8			2.8
Other comprehensive income (loss), net of tax	(0.9)				(0.9)
Ending balance (in shares) at Mar. 31, 2025		60.1
Ending balance at Mar. 31, 2025	$ 552.7	$ 0.1	$ (227.7)	930.8	(6.1)	(144.4)
Ending balance (in shares) at Mar. 31, 2025			(5.6)
Beginning balance (in shares) at Dec. 31, 2024	59.9	59.9
Beginning balance at Dec. 31, 2024	$ 482.8	$ 0.1	$ (227.7)	928.0	(5.2)	(212.4)
Beginning balance (in shares) at Dec. 31, 2024	(5.6)		(5.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 107.2
Other comprehensive income (loss), net of tax	$ (2.3)
Ending balance (in shares) at Sep. 30, 2025	60.6	60.6
Ending balance at Sep. 30, 2025	$ 582.5	$ 0.1	$ (243.5)	938.6	(7.5)	(105.2)
Ending balance (in shares) at Sep. 30, 2025	(7.9)		(7.9)
Beginning balance (in shares) at Mar. 31, 2025		60.1
Beginning balance at Mar. 31, 2025	$ 552.7	$ 0.1	$ (227.7)	930.8	(6.1)	(144.4)
Beginning balance (in shares) at Mar. 31, 2025			(5.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(12.0)					(12.0)
Share-based compensation activity (in shares)		0.3
Share-based compensation activity	4.4			4.4
Repurchases of common stock (in shares)			(1.1)
Repurchases of common stock	(6.9)		$ (6.9)
Other comprehensive income (loss), net of tax	(2.0)				(2.0)
Ending balance (in shares) at Jun. 30, 2025		60.4
Ending balance at Jun. 30, 2025	536.2	$ 0.1	$ (234.6)	935.2	(8.1)	(156.4)
Ending balance (in shares) at Jun. 30, 2025			(6.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	51.2					51.2
Share-based compensation activity (in shares)		0.2
Share-based compensation activity	3.4			3.4
Repurchases of common stock (in shares)			(1.2)
Repurchases of common stock	(8.9)		$ (8.9)
Other comprehensive income (loss), net of tax	$ 0.6				0.6
Ending balance (in shares) at Sep. 30, 2025	60.6	60.6
Ending balance at Sep. 30, 2025	$ 582.5	$ 0.1	$ (243.5)	$ 938.6	$ (7.5)	$ (105.2)
Ending balance (in shares) at Sep. 30, 2025	(7.9)		(7.9)

Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

The table below presents the components of the Company’s debt:


	September 30, 2025		December 31, 2024
Senior secured credit agreement - Term loan due 2029	$	250.0	$	250.0

3.875% Senior Unsecured Notes due 2028	443.1		450.0



Total debt	$	693.1	$	700.0

Unamortized debt issuance costs	(30.0)		(36.3)
Non-current portion of debt, net	$	663.1	$	663.7

There were $35.0 million of unamortized debt issuance costs recorded in connection with the execution of the Term Loan Agreement within a contra account to directly offset the Term Loan balance.

Debt issuance costs associated with the Company’s Revolving Loans, as described in further detail below, were recorded as an asset within “Other long-term assets” on the Company’s Condensed Consolidated Balance Sheets. As of September 30, 2025, the Company has $3.0 million in debt issuance costs associated with the Revolving Loans. If the Company draws on the capacity available under the Revolving Loans, the debt issuance costs would be reclassified to a contra account to directly offset the Revolving Loans balance.

3.875% Senior Unsecured Notes due 2028

On August 7, 2020, the Company issued $450.0 million aggregate principal amount of its Senior Unsecured Notes. Interest on the Senior Unsecured Notes is payable on February 15 and August 15 of each year until maturity, beginning on February 15, 2021. The Senior Unsecured Notes will mature on August 15, 2028.

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

Negative covenants in the indenture governing the Senior Unsecured Notes, among other things, limit the ability of the Company to incur indebtedness and liens, dispose of assets, make investments, enter into certain merger or consolidation transactions and make restricted payments.

On May 7, 2025, the Board of Directors authorized the Company to repurchase up to $30.0 million in aggregate principal amount of the Company’s Senior Unsecured Notes. The Company may seek to opportunistically use this authority to repurchase its Senior Unsecured Notes in open market purchases, privately negotiated transactions or otherwise. Any such repurchases will depend upon prevailing market conditions, our liquidity requirements, contractual restrictions, applicable securities law and other factors. During the three and nine months ended September 30, 2025, the Company repurchased $6.9 million principal amount of its outstanding Senior Unsecured Notes. The Company paid $5.8 million in cash, including fees and accrued interest, in connection with the repurchases and recognized a gain on extinguishment of approximately $1.1 million, which was included in “Other, net” on the Consolidated Statement of Operations. As of September 30, 2025, the Company had $23.1 million available to repurchase additional Senior Unsecured Notes.

Term Loan Agreement

On August 30, 2024, the Company entered into the Term Loan Agreement with OHA Agency LLC, as administrative agent, and the lenders from time to time party thereto. The Term Loan Agreement provides for a term loan (the “Term Loan”) of $250.0 million, which was drawn in full on the date of entry into the Term Loan Agreement (the “Closing Date”). The Term Loan was issued with an original issue discount of 3.00%.

The Term Loan will accrue interest at the Company’s option at (i) the Base Rate (as defined in the Term Loan Agreement) (subject to a floor of 1.00%) plus 7.25% per annum, referred to as “Term Base Rate Loans” or (ii) Adjusted Term SOFR (as defined in the Term Loan Agreement) (subject to a floor of 2.00% until the second anniversary of the Closing Date, and thereafter, 3.00%) plus 8.25% per annum, referred to as “Term SOFR Loans”). A default interest rate of an additional 2.00% per annum would apply on all outstanding obligations that are not paid when due. If any defaulted obligations are Term SOFR Loans, then such loans would, at the end of the applicable interest period, automatically be converted to Term Base Rate Loans that would continue to be subject to the default interest rate.

The Term Loan will mature on the first to occur (such date, the “Term Loan Maturity Date”) of (i) August 30, 2029, (ii) the date of acceleration of the Term Loan upon the occurrence and during the continuance of an event of default and (iii) solely to the extent the aggregate principal amount of Senior Unsecured Notes outstanding exceeds $25.0 million, May 15, 2028, which is three months prior to the August 15, 2028 maturity date of the Senior Unsecured Notes. The Term Loan Agreement contains certain customary default and cross-default provisions, representations and warranties and affirmative and negative covenants, including (a) restrictions on prepayments and repurchases of indebtedness, including the Senior Unsecured Notes, subject to further customary permitted debt payments, (b) a minimum liquidity requirement of $75.0 million commencing on September 30, 2024 and tested every two weeks, and (c) a consolidated gross leverage ratio tested every fiscal quarter commencing with the fiscal quarter ending December 31, 2025, initially at 5.10:1.00 with step-downs as set forth in the Term Loan Agreement. As of September 30, 2025, the Company was in compliance with all covenants under the Term Loan Agreement.

All indebtedness outstanding under the Term Loan Agreement is guaranteed by certain of the Company’s direct and indirect subsidiaries, other than certain subsidiaries that are not material, are excluded pursuant to the terms of the Term Loan Agreement, or will become guarantors on a post-closing basis (the Company and the guarantors, collectively, the “Credit Parties”). The indebtedness under the Term Loan Agreement is secured by a first-priority security interest in and lien on substantially all assets of the Company and the other Credit Parties.

The Company may elect to prepay the Term Loan, in whole or in part, subject to (i) through and including the first anniversary of the Closing Date, a make-whole premium plus 4.00% of the aggregate principal amount of the Term Loan subject to prepayment and (ii) after the first anniversary of the Closing Date, a 4.00% prepayment premium, which percentage shall be reduced by 0.25% as set forth on a schedule attached to the Term Loan Agreement. The Term Loan Agreement requires mandatory prepayments of the Term Loan in an amount equal to (a) 100% of the aggregate net cash proceeds from the incurrence of certain indebtedness by the Term Loan Credit Parties and (b) (subject to certain reinvestment rights) 100% of the aggregate net cash proceeds from (1) subject to certain specified exceptions, dispositions of property by the Credit Parties (provided that with respect to any dispositions occurring on or after the Closing Date, prepayment will not be required unless the net cash proceeds exceed $10.0 million in the aggregate per fiscal year or $5.0 million on a per-transaction basis) and (2) insurance proceeds received by any Credit Party or their subsidiaries resulting from theft, loss, physical destruction or damage of property.

On the Closing Date, the Company used a portion of the proceeds of the Term Loan to repay all amounts outstanding and terminate commitments under the senior term loan facility under its Amended and Restated Credit Agreement, dated October 15, 2028, by and among the Company, the lenders party thereto from time to time, and Wells Fargo Bank, National Association, as the Administrative Agent (the “Prior Credit Agreement”), plus accrued interest and fees. The Company previously repaid all amounts outstanding under the revolving credit facility under the Prior Credit Agreement.

Revolving Loan Agreement

On September 30, 2024, the Company entered into a credit agreement for asset-based revolving loans (the “Revolving Credit Agreement”) with certain subsidiary borrowers (together with the Company, the “Borrowers”), the lenders from time to time party thereto, and Wells Fargo Bank, National Association, as agent (the “Agent”). The Credit Agreement provides for commitments with respect to the revolving loans (the “Revolving Loans”) of up to the lesser of (x) $100.0 million, which may be increased (but not above $125.0 million, or the “Maximum Revolver Amount”) or decreased (but not below $50.0 million) by the Borrowers in accordance with the terms of the Revolving Credit Agreement and (y) the Borrowing Base (as defined in the Revolving Credit Agreement). Once reduced, the facility may not be increased. Up to $5.0 million of capacity under the Revolving Loans may be used for swing loans and up to $10.0 million may be used for the issuance of letters of credit.

The Revolving Loans accrue interest at the Base Rate (as defined in the Revolving Credit Agreement) plus a margin of 1.25% (such loans, “Revolving Base Rate Loans”) or, at the Company’s election, at a rate equal to Adjusted Term SOFR (as defined in the Revolving Credit Agreement and subject to a floor of 0.00%) plus a margin of 2.25% (such loans, “Revolving SOFR Loans”), in each case until September 30, 2025. After September 30, 2025, the applicable margin may be reduced to 0.75% in the case of Revolving Base Rate Loans, or 1.75% in the case of Revolving SOFR Loans, provided the Borrowers’ total leverage ratio is less than 4.00 to 1.00 for the most recently completed fiscal quarter and an event of default is not continuing. A default interest rate of an additional 2.00% per annum would apply on all outstanding obligations that are not paid when due.

The Revolving Loans will mature on the first to occur of (i) September 30, 2029; (ii) to the extent there remain outstanding any portion of the term loans extended under the Term Loan Agreement, the date that is 90 days prior to the maturity date under the Term Loan Agreement; and (iii) to the extent any of the Senior Unsecured Notes remain outstanding, May 17, 2028, which is 90 days prior to the August 15, 2028 maturity date of the Senior Unsecured Notes. The Revolving Credit Agreement contains certain customary default and cross-default provisions (including with respect to defaults under the Term Loan Agreement), representations and warranties and affirmative and negative covenants, including (a) restrictions on prepayments and repurchases of indebtedness, including the Senior Unsecured Notes, (b) restrictions on dispositions of material intellectual property, (c) a minimum liquidity

requirement of $50.0 million through the day prior to the first date following September 30, 2025 on which the Company’s total leverage ratio measured as of the preceding 12-month period is less than 5.25 to 1.00 (the “Covenant Conversion Date”) and (d) from the Covenant Conversion Date, a fixed charge coverage ratio requirement of at least 1.00 to 1.00. As of September 30, 2025, the Company was in compliance with all covenants under the Revolving Credit Agreement.

All indebtedness outstanding under the Revolving Credit Agreement is guaranteed by certain of the Borrowers’ material direct and indirect subsidiaries, subject to customary exclusions. The indebtedness under the Credit Agreement is secured by a first-priority security interest in and lien on the ABL Priority Collateral and a second-priority security interest and lien on the Term Loan Priority Collateral (in each case as defined in the Revolving Credit Agreement).

The Borrowers may elect to prepay any Revolving Loans, in whole or in part, without premium or penalty. If at any time outstanding Revolving Loans and letters of credit exceed the lesser of (i) the Borrowing Base, as adjusted for reserves established by the Agent, and (ii) the Maximum Revolver Amount, the Borrowers will be required to prepay outstanding obligations in the amount of such excess. The Agent may establish, increase or decrease reserves at its discretion.

- 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 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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+ Details

Divestitures (Details) - USD ($)							3 Months Ended		9 Months Ended		12 Months Ended
Divestitures (Details) - USD ($)	Mar. 19, 2025	Aug. 20, 2024	Aug. 13, 2024	Jul. 31, 2024	Jul. 18, 2024	May 15, 2023	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Feb. 28, 2025	Feb. 14, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash purchase price									$ 0	$ 110,200,000
Gain (loss) on sale of business							$ 0	$ 64,300,000	(12,200,000)	24,300,000
Total revenues							231,100,000	293,800,000	594,200,000	848,900,000
Other, net							(3,700,000)	21,900,000	62,300,000	15,800,000
Product and services sales, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues							222,000,000.0	$ 283,800,000	561,400,000	$ 824,300,000
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]
Cash purchase price						$ 270,200,000
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						80,000,000
Increase in contingent consideration, asset			$ 20,000,000		$ 10,000,000
Milestone payment receivable												$ 20,000,000	$ 30,000,000
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						$ 30,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| RSDL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash purchase price				$ 75,000,000
Milestone payments receivable				$ 5,000,000
Gain (loss) on sale of business											$ 60,800,000
Transaction costs											4,100,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| RSDL \| Product and services sales, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues							100,000		1,700,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Baltimore-Camden Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash purchase price		$ 35,000,000
Gain (loss) on sale of business											(36,500,000)
Transaction costs											$ 3,800,000
Other, net							$ 0		400,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Baltimore-Bayview Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business									7,900,000
Transaction costs									$ 1,200,000
Proceeds from divestiture of facility	$ 36,500,000

Earnings (loss) per common share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings per Common Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss)	$	51.2	$	114.8	$	107.2	$	(159.3)
Denominator:
Weighted-average number of shares outstanding-basic	53.2		53.1		53.9		52.6
Dilutive securities - equity awards	3.3		2.5		2.8		—

Weighted-average number of shares outstanding-diluted	56.5		55.6		56.7		52.6
Earnings (loss) per common share - basic	$	0.96	$	2.16	$	1.99	$	(3.03)
Earnings (loss) per common share - diluted	$	0.91	$	2.06	$	1.89	$	(3.03)
Anti-dilutive securities	5.0		2.6		4.7		4.4

Debt - Narrative (Details) - Line of Credit $ in Millions	Sep. 30, 2025 USD ($)
Secured Debt \| Term Loan
Debt Instrument [Line Items]
Debt issuance costs, net	$ 35.0
Revolving Credit Facility \| Revolver Loan Due 2025
Debt Instrument [Line Items]
Debt issuance costs, current, net	$ 3.0

- 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

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Intangible assets (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The following table summarizes the Company’s finite-lived intangible assets:


	Weighted Average Useful Life in Years	September 30, 2025						December 31, 2024
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Products	13.5	$	855.4	$	402.7	$	452.7	$	855.4	$	353.9	$	501.5


Total intangible assets		$	855.4	$	402.7	$	452.7	$	855.4	$	353.9	$	501.5

Schedule of Finite-lived Intangible Assets Amortization Expense

Amortization expense associated with the Company’s finite-lived intangible assets was recorded as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Amortization of intangible assets	$	16.3	$	16.3	$	48.8	$	48.8

Inventories, net - Schedule of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 126.5	$ 95.9
Work-in-process	115.8	86.3
Finished goods	114.0	129.5
Total inventories, net	$ 356.3	$ 311.7

Intangible assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

The Company’s finite-lived intangible assets consist of products acquired via business combinations or asset acquisitions. The following table summarizes the Company’s finite-lived intangible assets:


	Weighted Average Useful Life in Years	September 30, 2025						December 31, 2024
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Products	13.5	$	855.4	$	402.7	$	452.7	$	855.4	$	353.9	$	501.5


Total intangible assets		$	855.4	$	402.7	$	452.7	$	855.4	$	353.9	$	501.5

Amortization expense associated with the Company’s finite-lived intangible assets was recorded as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Amortization of intangible assets	$	16.3	$	16.3	$	48.8	$	48.8

Assets and liabilities held for sale

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Assets and liabilities held for sale

On March 10, 2025, the Company classified the assets and related liabilities associated with warehouse space in Maryland as held for sale. In the accompanying Condensed Consolidated Balance Sheet as of September 30, 2025, the assets and liabilities that are expected to be conveyed are classified as held for sale and are measured at the lower of (i) the carrying value of the disposal group and (ii) the fair value of the disposal group, less estimated costs to sell. An orderly liquidation value was applied to estimate the fair value of the assets held for sale, representing Level 3 non-recurring fair value measurement. Effective with the designation of the assets as held for sale on March 10, 2025, the Company suspended recording depreciation of property, plant and equipment and right-of-use assets while these assets are classified as held for sale. Any loss resulting from the measurement is recognized in the period the held for sale criteria are met. Conversely, gains are not recognized until the date of sale. The Company recognized a loss on assets held for sale of $12.2 million during the nine months ended September 30, 2025 in “Gain (loss) on sale of business and assets held for sale” within non-operating activities on the Condensed Consolidated Statements of Operations.

Assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheet as of September 30, 2025 consist of the following:


	September 30, 2025
Assets held for sale:



Prepaid expenses and other current assets	$	0.4
Property, plant and equipment, net	13.6

Other assets	4.5
Valuation allowance	(12.2)
Total assets held for sale	$	6.3

Liabilities held for sale:



Other current liabilities	$	0.7

Other liabilities	3.8
Total liabilities held for sale	$	4.5

Divestitures

Sale of Travel Health Business

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 was required to pay milestone payments totaling $80.0 million, which the Company records within “Other, net” in the Condensed Consolidated Statement of Operations, upon satisfaction of the following milestones:

•On July 18, 2024, Bavarian Nordic announced that the European Medicines Agency had validated the marketing authorization application for CHIKV VLP, which triggered a development milestone payment receivable in the amount of $10.0 million. The Company received this milestone payment in the fourth quarter of 2024.

•On August 13, 2024, Bavarian Nordic announced that the FDA has accepted and granted Priority Review for the Biologics License Application for CHIKV VLP, which triggered a milestone payment receivable in the amount of $20.0 million. The Company received this milestone payment in the fourth quarter of 2024.

•On February 14, 2025, Bavarian Nordic announced that the FDA approved CHIKV VLP under the Priority Review, which triggered a milestone payment in the amount of $30.0 million which was recorded in “Other, net” during the nine months ended September 30, 2025. The Company received this milestone payment during the first quarter of 2025.

•On February 28, 2025, Bavarian Nordic announced that the European Commission approved CHIKV VLP, which triggered a milestone payment receivable in the amount of $20.0 million which was recorded in “Other, net” during the nine months ended September 30, 2025. The Company received this milestone payment in the second quarter of 2025.

Pursuant to the Purchase and Sale Agreement, the Company may receive up to $30.0 million of earn-out payments from Bavarian Nordic based on aggregate net sales of Vaxchora® and Vivotif® in calendar year 2026.

Sale of RSDL®

On July 31, 2024, the Company, through its wholly owned subsidiary Emergent BioSolutions Canada Inc., entered into the RSDL® Agreement with SERB pursuant to which, among other things, the Company sold its worldwide rights to RSDL® to SERB. The RSDL® Transaction also included the sale to SERB of all the outstanding capital stock of Emergent Protective Products USA Inc. (“EPPU”), a wholly owned subsidiary of the Company, which leases a manufacturing facility in Hattiesburg, Mississippi, as well as certain assets related to RSDL®, including intellectual property rights, contract rights, inventory and marketing authorizations. In addition, the employees of EPPU joined SERB in connection with the RSDL® Transaction.

At the closing, SERB paid a cash purchase price of $75.0 million, exclusive of customary closing adjustments related to inventory. In addition, SERB will owe the Company a $5.0 million payment upon achievement of a milestone relating to sourcing of a certain component of RSDL® decontamination lotion. In connection with the RSDL® Transaction, the Company recognized a pre-tax gain of $60.8 million, net of transaction costs of $4.1 million, recorded within “Gain (loss) on sale of business” on the Consolidated Statements of Operations during the year ended December 31, 2024.

The Company and SERB entered into a transition services agreement (the “SERB TSA”) to ensure the orderly transition of RSDL® decontamination lotion and the related assets to SERB, and a supply agreement (the “SERB Supply Agreement”) pursuant to which SERB has a suite reservation at the Company’s Winnipeg facility where the Company will perform Bioservices activities to manufacture and supply bulk lotion to SERB. The Company and SERB also entered into a reverse supply agreement (together with the SERB TSA and the SERB Supply Agreement, the “SERB Agreements”) pursuant to which SERB supplies to the Company finished RSDL® for the purposes of the Company’s performance of certain transitional distribution services under customer contracts that have not yet transferred to SERB. Under the SERB Agreements, the Company will retain a portion of net sales received upon delivery of RSDL® to the delayed transfer customers. Income from performing services under the SERB TSA is recorded within “Product and services sales, net” on the Condensed Consolidated Statements of Operations and was $0.1 million and $1.7 million for the three and nine months ended September 30, 2025, respectively.

Sale of Baltimore-Camden Facility

On August 20, 2024, pursuant to the Asset Purchase Agreement, the Company completed the sale of its Drug Product facility in Baltimore-Camden to an affiliate of Bora. The Baltimore-Camden facility, which was part of the Company’s Services operating segment, had clinical and commercial non-viral aseptic fill/finish services on four fill lines, including lyophilization, formulation development, and support services. At closing, Bora paid a cash purchase price of approximately $35.0 million, which included customary closing adjustments to date for working capital and transaction expenses of the business at closing. As a result of the divestiture, the Company recognized a pre-tax loss of $36.5 million, net of transaction costs of $3.8 million, during the year ended December 31, 2024 recorded within “Gain (loss) on sale of business and assets held for sale” on the Consolidated Statements of Operations.

In connection with the divestiture, the Company entered into a Transition Services Agreement (the “Bora TSA”) with Bora to help support its ongoing operations. Under the Bora TSA, the Company is providing certain transition services to Bora, including information technology, finance and enterprise resource planning, human resources, employee benefits and other limited services. Income from performing services under the Bora TSA is recorded within “Other, net” on the Condensed Consolidated Statements of Operations and was zero and $0.4 million for the three and nine months ended September 30, 2025, respectively.

Sale of Baltimore-Bayview Facility

On March 19, 2025, the Company completed the sale of its Baltimore-Bayview drug substance manufacturing facility to Syngene International (“Syngene”). At closing, Syngene paid a cash purchase price of $36.5 million. Pursuant to the sale, Syngene acquired the assets and equipment associated with the Baltimore-Bayview facility.

As a result of the divestiture, the Company recognized a pre-tax gain of $7.9 million, net of transaction costs of $1.2 million, during the nine months ended September 30, 2025 recorded within “Other, net” on the Condensed Consolidated Statements of Operations. The Company determined that the disposal of the Baltimore-Bayview facility 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 the Company’s operations and financial results.

Segment information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table presents segment information provided to the CODM, along with a reconciliation of segment adjusted gross margin to income before income taxes as reported in the Condensed Consolidated Statement of Operation for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues reportable segments:
Commercial Products	$	74.9	$	95.3	$	187.7	$	333.8
MCM Products	142.5		174.2		357.5		393.0
Reconciliation of revenue:	217.4		269.5		545.2		726.8
All other revenues (1)	13.7		24.3		49.0		122.1
Total revenues	$	231.1	$	293.8	$	594.2	$	848.9

Cost of sales reportable segments:
Commercial Products (2)	$	42.6	$	47.2	$	103.3	$	152.7
MCM Products (3)	37.9		47.9		113.3		138.0
Total of reportable segments	$	80.5	$	95.1	$	216.6	$	290.7













Segment adjusted gross margin reportable segments:
Commercial Products (2)	$	32.3	$	48.1	$	84.4	$	181.1
MCM Products (3)	104.6		126.3		244.2		255.0
Total of reportable segments	$	136.9	$	174.4	$	328.6	$	436.1

Reconciliation to income (loss) before income taxes:
All other revenues less other costs of revenue (1)	$	8.5	$	2.9	$	25.3	$	(141.2)
Amortization of intangible assets	(16.3)		(16.3)		(48.8)		(48.8)
Restructuring costs	(0.2)		(4.9)		0.8		(7.5)
Inventory step-up provision	—		(1.2)		(1.8)		(1.2)
Changes in fair value of financial instruments	—		—		—		(0.6)

Impairment of long-lived assets	—		—		—		(27.2)
Research and development	(13.5)		(13.8)		(41.1)		(61.6)
Selling, general and administrative	(38.9)		(76.6)		(135.0)		(247.2)
Interest expense	(15.2)		(8.3)		(44.6)		(56.2)
Gain (loss) on sale of business and assets held for sale	—		64.3		(12.2)		24.3
Other, net	(3.7)		21.9		62.3		15.8
Income (loss) before income taxes	$	57.6	$	142.4	$	133.5	$	(115.3)


(1) “All other revenues” and “All other revenues less other cost of revenue” includes Services and Contracts and grants revenue, and Services and Contracts and grants revenue less Cost of services, respectively.
(2) Excludes $— million and $0.2 million of restructuring costs for the three and nine months ended September 30, 2025, respectively.
(3) For 2025, excludes $1.8 million of inventory step-up provision for the nine months ended September 30, 2025 and $0.2 million and $(0.8) million of restructuring costs for the three and nine months ended September 30, 2025, respectively. For 2024, excludes $0.6 million of changes in fair value of financial instruments for the nine months ended September 30, 2024; it also excludes $4.9 million and $7.5 million of restructuring costs, and $1.2 million of inventory step up for each of the three and nine months ended September 30, 2024.

Schedule of Segment Reporting Information, by Segment

The following table includes depreciation expense for each reportable segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Depreciation from reportable segments:

MCM Products	$	4.7	$	4.7	$	13.8	$	16.0

Items not included in depreciation from reportable segments:
All other segment	0.3		2.3		2.9		7.4
Other	2.1		3.1		6.8		10.6
Total depreciation	$	7.1	$	10.1	$	23.5	$	34.0

Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy of Assets and Liabilities


	September 30, 2025								December 31, 2024
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Money market accounts	$	105.8	$	105.8	$	—	$	—	$	45.7	$	45.7	$	—	$	—


Total	$	105.8	$	105.8	$	—	$	—	$	45.7	$	45.7	$	—	$	—
Liabilities:

Warrant liability	$	14.4	$	—	$	—	$	14.4	$	16.2	$	—	$	—	$	16.2

Total	$	14.4	$	—	$	—	$	14.4	$	16.2	$	—	$	—	$	16.2

Schedule of Contingent Consideration Roll Forward

The table below is a reconciliation of the beginning and ending balance of the Company’s Level 3 warrant liability:


	Warrant Liability
Balance at December 31, 2024	$	16.2
Change in fair value	(9.5)
Balance at March 31, 2025	$	6.7
Change in fair value	2.9
Balance at June 30, 2025	$	9.6
Change in fair value	4.8
Balance at September 30, 2025	$	14.4

Schedule of Fair Value Level 3 of Significant Unobservable Inputs

The recurring Level 3 fair value measurement for the Company's warrant liability used the following significant unobservable inputs:


Warrant Liability	Valuation Technique	Unobservable Input	Range
2024 Warrants	Black-Scholes Method	Term (in years)	3.9
		Risk free interest rate	3.7%
		Volatility	103%

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

The Company is the lessee for operating leases for offices, R&D facilities and manufacturing facilities. The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use assets and liabilities.

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease cost:
Amortization of right-of-use assets	$	0.4	$	0.7	$	1.5	$	2.5
Interest on lease liabilities	0.2		0.2		0.6		0.6
Total operating lease cost	$	0.6	$	0.9	$	2.1	$	3.1

Operating lease costs are reflected as components of “Cost of product and services sales, net”, “R&D” expense and “SG&A” expense on the Company's Condensed Consolidated Statements of Operations.

Supplemental balance sheet information related to lessee activities is as follows:


Leases	Classification	September 30, 2025			December 31, 2024
Operating lease right-of-use assets	Other assets	$	7.2		$	11.7

Operating lease liabilities, current portion	Other current liabilities	$	1.8		$	2.7
Operating lease liabilities	Other liabilities	6.1			9.7
Total operating lease liabilities		$	7.9		$	12.4

Operating leases:
Weighted average remaining lease term (years)		5.5			5.8
Weighted average discount rate		8.0		%	5.5		%

Revenue recognition - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 322.5
Contract with customer, asset, noncurrent	2.3	$ 9.7
Current portion of contract liabilities	6.1	$ 4.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 259.2
Revenue, remaining performance obligation, expected timing of satisfaction, period	24 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

Inventories, net (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories, net consisted of the following:


	September 30, 2025		December 31, 2024
Raw materials and supplies	$	126.5	$	95.9
Work-in-process	115.8		86.3
Finished goods	114.0		129.5
Total inventories, net	$	356.3	$	311.7

Fair value measurements - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Sep. 30, 2025	Dec. 31, 2024	Aug. 30, 2024	Aug. 07, 2020
Debt Instrument [Line Items]
Warrant liability	$ 14.4	$ 16.2
Senior Unsecured Notes Due August 2028 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate percentage	3.875%	3.875%		3.875%
Long-term debt, fair value	$ 368.6	$ 369.1
Series I Warrants
Debt Instrument [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)			1.0
Exercise price per share (in dollars per share)			$ 9.8802
Series II Warrants
Debt Instrument [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)			1.5
Exercise price per share (in dollars per share)			$ 15.7185

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating lease cost:
Amortization of right-of-use assets	$ 0.4	$ 0.7	$ 1.5	$ 2.5
Interest on lease liabilities	0.2	0.2	0.6	0.6
Total operating lease cost	$ 0.6	$ 0.9	$ 2.1	$ 3.1

Property, plant and equipment, net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 500.5			$ 500.5		$ 667.7
Less: Accumulated depreciation and amortization	(290.7)			(290.7)		(397.1)
Total property, plant and equipment, net	209.8			209.8		270.6
Impairment of long-lived assets	0.0	$ 0.0	$ 27.2	0.0	$ 27.2	27.2
Land and improvements
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	20.7			20.7		25.8
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	159.4			159.4		196.1
Furniture and equipment
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	252.9			252.9		368.3
Software
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	62.2			62.2		67.2
Construction-in-progress
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 5.3			$ 5.3		$ 10.3

Impairment and restructuring charges - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Restructuring Reserve [Roll Forward]
Accruals	$ 0.3			$ 6.3			$ (2.1)	$ 22.9
January 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance				0.0	$ 0.1	$ 1.4		1.4
Cash payments					(0.1)	(1.3)
Ending balance				0.0	0.0	0.1		0.0
August 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance				0.6	1.3	5.4		5.4
Accruals					(0.1)	(0.5)
Cash payments				(0.3)	(0.6)	(3.6)
Ending balance				0.3	0.6	1.3		0.3
May 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.1	$ 1.8	$ 5.3	17.0	0.0	0.0	5.3	0.0
Accruals	0.3	(0.9)	(0.7)	2.8	17.2
Cash payments	(0.4)	(0.8)	(2.8)	(7.0)	(0.2)
Ending balance	0.0	0.1	1.8	12.8	17.0	0.0	0.0	12.8
August 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	0.6	2.4	0.0	0.0	0.0	2.4	0.0
Accruals		(0.2)	(0.6)	3.5
Cash payments		(0.4)	(1.2)	(0.1)
Ending balance	0.0	0.0	0.6	3.4	0.0	0.0	0.0	3.4
Employee transition
Restructuring Reserve [Roll Forward]
Accruals	0.0			0.1			0.0	0.3
Employee transition \| January 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance				0.0	0.0	0.0		0.0
Cash payments					0.0	0.0
Ending balance				0.0	0.0	0.0		0.0
Employee transition \| August 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance				0.0	0.0	0.0		0.0
Accruals					0.0	0.0
Cash payments				0.0	0.0	0.0
Ending balance				0.0	0.0	0.0		0.0
Employee transition \| May 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Accruals	0.0	0.0	0.0	0.0	0.2
Cash payments	0.0	0.0	0.0	0.0	(0.2)
Ending balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Employee transition \| August 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Accruals		0.0	0.0	0.1
Cash payments		0.0	0.0	(0.1)
Ending balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Severance payments
Restructuring Reserve [Roll Forward]
Accruals	0.0			5.0			(1.3)	19.3
Severance payments \| January 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance				0.0	0.1	1.4		1.4
Cash payments					(0.1)	(1.3)
Ending balance				0.0	0.0	0.1		0.0
Severance payments \| August 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance				0.6	1.2	5.3		5.3
Accruals					(0.1)	(0.5)
Cash payments				(0.3)	(0.5)	(3.6)
Ending balance				0.3	0.6	1.2		0.3
Severance payments \| May 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.1	1.8	4.5	14.8	0.0	0.0	4.5	0.0
Accruals	0.0	(0.9)	0.0	2.3	14.8
Cash payments	(0.1)	(0.8)	(2.7)	(6.3)	0.0
Ending balance	0.0	0.1	1.8	10.8	14.8	0.0	0.0	10.8
Severance payments \| August 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	0.6	1.9	0.0	0.0	0.0	1.9	0.0
Accruals		(0.2)	(0.2)	2.7
Cash payments		(0.4)	(1.1)	0.0
Ending balance	0.0	0.0	0.6	2.7	0.0	0.0	0.0	2.7
Employee benefits
Restructuring Reserve [Roll Forward]
Accruals	0.3			1.2			(0.8)	3.3
Employee benefits \| January 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance				0.0	0.0	0.0		0.0
Cash payments					0.0	0.0
Ending balance				0.0	0.0	0.0		0.0
Employee benefits \| August 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance				0.0	0.1	0.1		0.1
Accruals					0.0	0.0
Cash payments				0.0	(0.1)	0.0
Ending balance				0.0	0.0	0.1		0.0
Employee benefits \| May 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	0.0	0.8	2.2	0.0	0.0	0.8	0.0
Accruals	0.3	0.0	(0.7)	0.5	2.2
Cash payments	(0.3)	0.0	(0.1)	(0.7)	0.0
Ending balance	0.0	0.0	0.0	2.0	2.2	0.0	0.0	2.0
Employee benefits \| August 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	0.0	0.5	0.0	0.0	0.0	0.5	0.0
Accruals		0.0	(0.4)	0.7
Cash payments		0.0	(0.1)	0.0
Ending balance	$ 0.0	$ 0.0	$ 0.0	$ 0.7	$ 0.0	$ 0.0	$ 0.0	$ 0.7

Debt - Revolving Loan Agreement (Details) - Line of Credit	Sep. 30, 2024 USD ($)
Revolving Credit Facility \| Revolving Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000.0
Maximum borrowing capacity, increase limit	125,000,000.0
Maximum borrowing capacity, decrease limit	$ 50,000,000.0
Borrowers’ total leverage ratio	4.00
Stated interest rate percentage	2.00%
Covenant maturity, number of days prior to the maturity date	90 days
Minimum liquidity requirement	$ 50,000,000
Gross leverage ratio	5.25
Fixed charge coverage ratio	100.00%
Revolving Credit Facility \| Revolving Loans, Until September 30, 2025 \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
Revolving Credit Facility \| Revolving Loans, Until September 30, 2025 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.25%
Variable interest rate floor	0.00%
Revolving Credit Facility \| Revolving Loans, After September 30, 2025 \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.75%
Revolving Credit Facility \| Revolving Loans, After September 30, 2025 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Bridge Loan \| Revolving Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 5,000,000.0
Letter of Credit \| Revolving Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000.0

Divestitures

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

Assets and liabilities held for sale

Assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheet as of September 30, 2025 consist of the following:


	September 30, 2025
Assets held for sale:



Prepaid expenses and other current assets	$	0.4
Property, plant and equipment, net	13.6

Other assets	4.5
Valuation allowance	(12.2)
Total assets held for sale	$	6.3

Liabilities held for sale:



Other current liabilities	$	0.7

Other liabilities	3.8
Total liabilities held for sale	$	4.5

Divestitures

Sale of Travel Health Business

Sale of RSDL®

Sale of Baltimore-Camden Facility

Sale of Baltimore-Bayview Facility

Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The table below presents the components of the Company’s debt:


	September 30, 2025		December 31, 2024
Senior secured credit agreement - Term loan due 2029	$	250.0	$	250.0

3.875% Senior Unsecured Notes due 2028	443.1		450.0



Total debt	$	693.1	$	700.0

Unamortized debt issuance costs	(30.0)		(36.3)
Non-current portion of debt, net	$	663.1	$	663.7

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 22, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		52,519,964
Entity Central Index Key	0001367644
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3

Litigation	9 Months Ended
Litigation	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation Securities and shareholder litigation With respect to the specific legal proceedings and claims described below, unless otherwise noted, the amount or range of possible losses is not reasonably estimable. There can be no assurance that the settlement, resolution, or other outcome of one or more matters, including the matters set forth below, during any subsequent reporting period will not have a material adverse effect on the Company's results of operations or cash flows for that period or on the Company's financial condition. On April 20, 2021, May 14, 2021, and June 2, 2021, putative class action lawsuits were filed against the Company and certain of its current and former senior officers in the United States District Court for the District of Maryland on behalf of purchasers of the Company’s common stock, seeking to pursue remedies under the Exchange Act. These complaints were filed by Palm Tran, Inc. – Amalgamated Transit Union Local 1577 Pension Plan; Alan I. Roth, and Stephen M. Weiss, respectively. The complaints alleged, among other things, that the defendants made false and misleading statements about the Company's manufacturing capabilities with respect to COVID-19 vaccine bulk drug substance (referred to herein as "CDMO Manufacturing Capabilities"). These cases were consolidated on December 23, 2021, under the caption In re Emergent BioSolutions Inc. Securities Litigation, No. 8:21-cv-00955-PWG (the "Federal Securities Class Action"). The lead plaintiffs in the consolidated matter (the "Lead Plaintiffs") are Nova Scotia Health Employees’ Pension Plan and The City of Fort Lauderdale Police & Firefighters’ Retirement System. An order granting the Lead Plaintiffs’ motion for class certification and appointment of class representatives was entered on June 18, 2024. On September 12, 2024, the Company and the Lead Plaintiffs entered into an agreement in principle to settle the claims against the Company and each of the Company’s current and former officers and directors. On October 4, 2024, the Court granted preliminary approval of the proposed settlement, ordered notice to the settlement class and scheduled a fairness hearing for February 27, 2025. On February 6, 2025, the Lead Plaintiffs filed a Motion for Final Approval of Class Action Settlement, Certification of the Settlement Class and Approval of Plan of Allocation and Motion for Award of Attorneys' Fees, Reimbursement of Expenses and Compensatory Awards for Lead Plaintiffs. Under the settlement, the claims against the Company and its officers and directors were dismissed with prejudice and released in exchange for a payment from the Company of $40.0 million, $30.0 million of which was paid from insurance proceeds, and had previously been funded in the fourth quarter of 2024. The Company recorded the settlement and insurance recoverable amounts as pre-tax operating expense and income, respectively, within “Selling, general and administrative” expenses on the Consolidated Statement of Operations for the year ended December 31, 2024. At the scheduled fairness hearing on February 27, 2025, the Court granted final approval of the settlement. On June 29, 2021, Lincolnshire Police Pension Fund (“Lincolnshire”), and on August 16, 2021, Pooja Sayal, filed putative shareholder derivative lawsuits in the United States District Court for the District of Maryland on behalf of the Company against certain of the Company's current and former officers and directors for breach of fiduciary duties, waste of corporate assets, and unjust enrichment, each allegation related to the CDMO Manufacturing Capabilities. In addition to monetary damages, the complaints sought the implementation of multiple corporate governance and internal policy changes. On November 16, 2021, the cases were consolidated under the caption In re Emergent BioSolutions Inc. Stockholder Derivative Litigation, Master Case No. 8:21-cv-01595-DLB. On January 3, 2022, the Lincolnshire complaint was designated as the operative complaint in the consolidated action. On April 13, 2022, the Court approved the parties' joint stipulation to and stay of the proceedings and discovery until the close of fact discovery in the Federal Securities Class Action. On September 15, 2021, September 16, 2021 and November 12, 2021, putative shareholder derivative lawsuits were filed by Chang Kyum Kim, Mark Nevins and Employees Retirement System of the State of Rhode Island, North Collier Fire Control and Rescue District Firefighters Pension Plan, and Pembroke Pines Firefighters & Police Officers Pension Fund, respectively, in the Court of Chancery of the State of Delaware on behalf of the Company against certain of its current and former officers and directors for breach of fiduciary duties, unjust enrichment and insider trading, each allegation related to the CDMO Manufacturing Capabilities. In addition to monetary damages, the complaints sought the implementation of multiple corporate governance and internal policy changes. On February 2, 2022, the cases were consolidated under the caption In re Emergent BioSolutions, Inc. Derivative Litigation, C.A. No. 2021-0974-MTZ with the institutional investors as co-lead plaintiffs. On March 4, 2022, the defendants’ filed a motion to dismiss the complaint. On March 29, 2022, an order was granted staying all proceedings pending a final, non-appealable judgment in the Federal Securities Class Action. On December 3, 2021, December 22, 2021 and January 18, 2022, putative shareholder derivative lawsuits were filed by Zachary Elton, Eric White and Jeffrey Reynolds, respectively, in the Circuit Court for Montgomery County, Maryland on behalf of the Company against certain of its current and former officers and directors for breach of fiduciary duty, unjust enrichment, waste of corporate assets, failing to maintain internal controls, making or causing to be made false and/or misleading statements and material omissions, insider trading and otherwise violating the federal securities laws, each allegation related to the CDMO Manufacturing Capabilities. The complaints seek monetary and punitive damages. On February 22, 2022, the Court entered an order consolidating these actions under case number C-15-21-CV-000496. On March 9, 2022, the parties filed a Joint Stipulation of Stay of Proceedings and Discovery, pursuant to which the parties agreed to stay all proceedings until 30 calendar days after a ruling on the defendants’ motion to dismiss, and on November 2, 2023, the Court approved the parties' joint stipulation to extend the stay of the proceedings and discovery until the close of fact discovery in the Federal Securities Class Action. On March 7, 2025, plaintiffs Lincolnshire and Pooja Sayal filed a motion in the United States District Court for the District of Maryland seeking preliminary approval of a stipulation of settlement with regard to the above referenced derivative matters (“Proposed Settlement”). Specifically, the Proposed Settlement intends to resolve all matters among and between the following parties: (i) Lincolnshire and Pooja Sayal, plaintiffs in the stockholder derivative action captioned In re Emergent BioSolutions Inc. Stockholder Derivative Litigation, Master Case No. 8:21-cv-01595-DLB, pending in the U.S. District Court for the District of Maryland; (ii) North Collier Fire Control and Rescue District Firefighter Pension Plan, Chang Kyum Kim and Mark Nevins, plaintiffs in the stockholder derivative action captioned In re Emergent BioSolutions Inc. Derivative Litigation, Case No. 2021-0974-MTZ, pending in the Delaware Court of Chancery; (iii) Zachary Elton, Jeffery Reynolds and Eric White, plaintiffs in the stockholder derivative action captioned Elton v. Kramer, et al, Case No. C-15-CV-21-000496, pending in the Circuit Court of Maryland for Montgomery County; (iv) Richard J. Levine and Christopher Seaver, plaintiffs in the stockholder derivative action captioned In Re Emergent BioSolutions Inc. Demand Refused Stockholder Derivative Litigation, Master File No. 8:23-cv-02969-DLB, pending in the U.S. District Court for the District of Maryland; (v) Christopher Andrews, plaintiff in the stockholder derivative action captioned Andrews v. Kramer, C.A. No. 2024-0925-MTZ, pending in the Delaware Court of Chancery; (vi) individual defendants Robert G. Kramer Sr., Fuad El-Hibri, Richard S. Lindahl, Ronald B. Richard, Zsolt Harsanyi, Louis W. Sullivan, George A. Joulwan, Jerome M. Hauer, Kathryn C. Zoon, Marvin White, Syed T. Husain, Seamus Mulligan, Adam Havey, Sean Kirk, Atul Saran and Sue Bailey and (vii) the Company, as nominal defendant (collectively with the individual defendants, the “Defendants”). The Proposed Settlement provided that no later than 20 business days following the satisfaction of all conditions precedent set forth in the Proposed Settlement, Defendants must cause their insurers to pay to the Company a settlement amount of $15.0 million, less a court-approved fee and expense amount (the “Settlement Amount”). Additionally, no later than 60 days following the satisfaction of all conditions precedent set forth in the Proposed Settlement, the Company must effectuate a series of corporate governance reforms and maintain such reforms for a period of not less than four years, subject to the terms and conditions set forth in the Proposed Settlement. On May 9, 2025, the United States District Court for the District of Maryland (the “Court”) issued an order granting preliminary approval of the Proposed Settlement. The Proposed Settlement included no admission of fault, liability or wrongdoing by any of the Defendants. On August 6, 2025, the Court granted final approval of the Proposed Settlement without modification. The Company received the Settlement Amount in September 2025. Accordingly, during the three and nine months ended September 30, 2025, the Company recorded $10.5 million with respect to the Settlement Amount as a reduction of “Selling, general and administrative” expenses on the Condensed Consolidated Statement of Operations. Government investigations In addition to the actions described above under “Securities and shareholder litigation,” the Company received inquiries and subpoenas to produce documents related to these matters from the Department of Justice, the SEC (as discussed further below) and the Maryland Attorney General’s Office. The Company produced documents in response and will continue to cooperate with these government inquiries should further requests be made. In the second quarter of 2021, the Company also received inquiries and subpoenas from the House Committee on Oversight and Reform and the Select Subcommittee on the Coronavirus Crisis and Senator Murray of the Committee on Health, Education, Labor and Pensions. The Company produced documents and provided testimony and briefings as requested in response to these inquiries and the Select Subcommittee released its final report related to the coronavirus crisis on December 9, 2022. Also in the second quarter of 2021, the Company also received subpoenas from the SEC related to certain disclosures regarding the incidents described above under the heading “Securities and shareholder litigation.” The Company has been cooperating with the SEC’s investigation. During the first quarter of 2025, the Company determined that a loss resulting from the investigation was probable and that the amount of loss could be reasonably estimated. As a result, the Company recorded an accrual within “Selling, general and administrative” expenses on the Consolidated Statement of Operations for the year ended December 31, 2024 of $1.5 million, and the related liability was included in “Other current liabilities” on the Company’s Consolidated Balance Sheet as of December 31, 2024. On April 7, 2025, the Company consented to the SEC’s entry of an administrative order under which the Company agreed to cease and desist from committing or causing a violation of Section 17(a)(2) of the Securities Act of 1933 and to pay a fine of $1.5 million. The Company paid the fine on April 18, 2025 and no liability balance remains on the Company’s Consolidated Balance Sheet as of September 30, 2025. In the first quarter of 2025, the Company received an additional inquiry from the New York Attorney General’s Office related to certain past trading activity by the Company’s former Chief Executive Officer. The Company has produced documents and is cooperating with the New York Attorney General’s office on this matter. In the second quarter of 2025, the Company met with representatives of the Department of Justice regarding the Company’s 2017 and 2019 contracts with the Department of State to provide medical countermeasures for exposure to nerve toxins. The Company has provided documents and is continuing discussions with the Department of Justice on this matter. 2022 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, 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 parties exchanged notices alleging material breaches of the Janssen Agreement, with each asserting the other had failed to meet key contractual obligations. Janssen subsequently initiated arbitration proceedings, and the Company responded with counterclaims. On July 3, 2024, the Company and Janssen entered into the Settlement Agreement to resolve all claims among the parties arising from the Janssen Agreement and the activities referenced above. Pursuant to the terms of the Settlement Agreement, Janssen paid the Company $50.0 million on July 31, 2024. Beginning in the fourth quarter of 2022, because the arbitration process with Janssen was 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 Condensed Consolidated Balance Sheet as of December 31, 2022. The long-term asset balance within “Other Assets” prior to announcing the Settlement Agreement was $158.7 million. The Company recorded $50.0 million in “Product and services sales, net” and “Cost product and services sales, net” on the Condensed Consolidated Statement of Operations during the second quarter of 2024 to reflect the settlement receivable as a change in the transaction price for the Janssen Agreement. Additionally, the Company recorded $110.2 million in the second quarter of 2024 within “Cost product and services sales, net” on the Condensed Consolidated Statement of Operations to write down the remaining inventory to its net realizable value and for estimated disposal costs. The receivable for the settlement amount was collected during the third quarter of 2024 and there was no long-term asset balance remaining within “Other Assets” related to the Janssen Agreement as of December 31, 2024.

Impairment and restructuring charges (Tables)

9 Months Ended

Sep. 30, 2025

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 nine months ended September 30, 2024:


	Nine Months Ended September 30,
	2024
Buildings, building improvements and leasehold improvements	$	7.8
Furniture and equipment	14.1
Software	0.2
Construction-in-progress	5.1
Total impairment of long-lived assets	$	27.2

Schedule of Restructuring and Related Costs


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Segment restructuring costs:
MCM Products	$	0.2	$	4.9	$	(1.0)	$	7.5
All other segments	—		0.1		—		0.3
Total restructuring costs included in Cost of product and services sales, net	$	0.2	$	5.0	$	(1.0)	$	7.8

Corporate restructuring costs:
SG&A	$	0.1	$	0.7	$	(0.5)	$	9.2
R&D	—		0.6		(0.6)		5.9
Total restructuring costs	$	0.3	$	6.3	$	(2.1)	$	22.9

The following table presents the total restructuring costs related to the January 2023 Plan, August 2023 Plan, May 2024 Plan and August 2024 Plan by function:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Employee transition	$	—	$	0.1	$	—	$	0.3
Severance payments	—		5.0		(1.3)		19.3
Employee benefits	0.3		1.2		(0.8)		3.3
Total restructuring costs	$	0.3	$	6.3	$	(2.1)	$	22.9

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 three and nine months ended September 30, 2024:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	1.4	$	—	$	1.4

Cash payments	—		(1.3)		—		(1.3)
Balance at March 31, 2024	$	—	$	0.1	$	—	$	0.1

Cash payments	—		(0.1)		—		(0.1)
Balance at June 30, 2024	$	—	$	—	$	—	$	—
Balance at September 30, 2024	$	—	$	—	$	—	$	—

The following table provides the components of and changes in the Company’s restructuring accrual for the August 2023 Plan during the three and nine months ended September 30, 2024:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	5.3	$	0.1	$	5.4
Accruals	—		(0.5)		—		(0.5)
Cash payments	—		(3.6)		—		(3.6)
Balance at March 31, 2024	$	—	$	1.2	$	0.1	$	1.3
Accruals	—		(0.1)		—		(0.1)
Cash payments	—		(0.5)		(0.1)		(0.6)
Balance at June 30, 2024	$	—	$	0.6	$	—	$	0.6

Cash payments	—		(0.3)		—		(0.3)
Balance at September 30, 2024	$	—	$	0.3	$	—	$	0.3


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2024	$	—	$	4.5	$	0.8	$	5.3
Accruals	—		—		(0.7)		(0.7)
Cash payments	—		(2.7)		(0.1)		(2.8)
Balance at March 31, 2025	$	—	$	1.8	$	—	$	1.8
Accruals	—		(0.9)		—		(0.9)
Cash payments	—		(0.8)		—		(0.8)
Balance at June 30, 2025	$	—	$	0.1	$	—	$	0.1
Accruals	—		—		0.3		0.3
Cash payments	—		(0.1)		(0.3)		(0.4)
Balance at September 30, 2025	$	—	$	—	$	—	$	—


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	—	$	—	$	—
Balance at March 31, 2024	$	—	$	—	$	—	$	—
Accruals	0.2		14.8		2.2		17.2
Cash payments	(0.2)		—		—		(0.2)
Balance at June 30, 2024	$	—	$	14.8	$	2.2	$	17.0
Accruals	—		2.3		0.5		2.8
Cash payments	—		(6.3)		(0.7)		(7.0)
Balance at September 30, 2024	$	—	$	10.8	$	2.0	$	12.8


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2024	$	—	$	1.9	$	0.5	$	2.4
Accruals	—		(0.2)		(0.4)		(0.6)
Cash payments	—		(1.1)		(0.1)		(1.2)
Balance at March 31, 2025	$	—	$	0.6	$	—	$	0.6
Accruals	—		(0.2)		—		(0.2)
Cash payments	—		(0.4)		—		(0.4)
Balance at June 30, 2025	$	—	$	—	$	—	$	—
Balance at September 30, 2025	$	—	$	—	$	—	$	—


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	—	$	—	$	—
Balance at March 31, 2024	$	—	$	—	$	—	$	—
Balance at June 30, 2024	$	—	$	—	$	—	$	—
Accruals	0.1		2.7		0.7		3.5
Cash payments	(0.1)		—		—		(0.1)
Balance at September 30, 2024	$	—	$	2.7	$	0.7	$	3.4

Revenue recognition

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue recognition

The Company generates the majority of its revenues through product sales to customers. The Company also generates revenues through its Bioservices offerings and suite reservations for and to third parties and Contracts and grants revenue. The Company recognizes revenue when its 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.

The Company's Nasal Naloxone Products 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.

The Company's OTC NARCAN® customer contracts are fixed price contracts. 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 OTC NARCAN® are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established. Estimates of variable consideration include allowance for returns, specialty distributor fees, wholesaler fees and prompt payment discounts. OTC NARCAN® may also be sold on consignment through third-party online retailers where revenues are recognized at the 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 SG&A expenses and Cost of Commercial Product sales, respectively, in the Condensed Consolidated Statement of Operations. Revenues from OTC NARCAN® 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 OTC NARCAN®, including inventory levels within the distribution channel, product shelf life 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.

The Company's revenues disaggregated by major sources for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended September 30, 2025						Three Months Ended September 30, 2024
	USG		Non-USG		Total		USG		Non-USG		Total
Commercial Product sales	$	0.7	$	74.2	$	74.9	$	—	$	95.3	$	95.3
MCM Product sales	123.2		19.3		142.5		161.8		12.4		174.2
All other revenues (1)	9.1		4.6		13.7		9.7		14.6		24.3
Total revenues	$	133.0	$	98.1	$	231.1	$	171.5	$	122.3	$	293.8


(1) “All other revenues” includes Services and Contracts and grants revenue.


	Nine Months Ended September 30, 2025						Nine Months Ended September 30, 2024
	USG		Non-USG		Total		USG		Non-USG		Total
Commercial Product sales	$	2.0	$	185.7	$	187.7	$	0.4	$	333.4	$	333.8
MCM Product sales	235.8		121.7		357.5		319.7		73.3		393.0
All other revenues (1)(2)	31.8		17.2		49.0		23.7		98.4		122.1
Total revenues	$	269.6	$	324.6	$	594.2	$	343.8	$	505.1	$	848.9


(1) “All other revenues” includes Services and Contracts and grants revenue.
(2) “All other revenues” for the nine months ended September 30, 2024 includes $50.0 million attributable to the confidential arbitration settlement (the “Settlement Agreement”) with Janssen Pharmaceuticals, Inc. (“Janssen”) related to the 2022 termination of the manufacturing services agreement with Janssen (the “Janssen Agreement”). The revenue is related to raw materials purchased for the Janssen Agreement which Janssen had not reimbursed. See Note 16, “Litigation” for additional information related to the accounting treatment and settlement of the arbitration with Janssen.

Transaction price allocated to remaining performance obligations

As of September 30, 2025, the Company has future contract value on unsatisfied performance obligations of approximately $322.5 million associated with all arrangements entered into by the Company. The Company expects to recognize $259.2 million of unsatisfied performance obligations within the next 24 months. The amount and timing of revenue recognition for unsatisfied performance obligations can change. The future revenues associated with unsatisfied performance obligations exclude the value of unexercised option periods in the Company’s revenue arrangements. Often the timing of manufacturing activities changes based on customer needs and resource availability. Government funding appropriations can impact the timing of product deliveries. The success of the Company's development activities that receive development funding support from the USG under development contracts can also impact the timing of revenue recognition.

Contract assets

The Company considers accounts receivable and deferred costs associated with revenue generating contracts, which are not included in inventory or property, plant and equipment and that the Company does not currently have a contractual right to bill, to be contract assets. As of September 30, 2025 and December 31, 2024, the Company had $2.3 million and $9.7 million, respectively, of contract assets recorded within “Accounts receivable, net” on the Condensed 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 Condensed 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 liability balances:


	Contract Liabilities
Balance at December 31, 2024	$	9.3
Balance at September 30, 2025	$	10.3
Revenue recognized in the period from amounts included in contract liability at the beginning of the period:	$	2.1

As of September 30, 2025 and December 31, 2024, the current portion of contract liabilities was $6.1 million and $4.8 million, respectively, and was included in “Other current liabilities” on the Condensed Consolidated Balance Sheets.

Accounts receivable and allowance for expected credit losses

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


	September 30, 2025		December 31, 2024
Accounts receivable:
Billed	$	131.5	$	135.4
Unbilled	19.3		19.6
Allowance for expected credit losses	(1.3)		(0.5)
Accounts receivable, net	$	149.5	$	154.5

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. 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.

- 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 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Share-based compensation and stockholders' equity - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 4.8	$ 2.3	$ 10.9	$ 13.7
Cost of products and services sales, net
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.3	0.2	0.9	1.8
Research & development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.2	0.0	0.6	1.0
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 4.3	$ 2.1	$ 9.4	$ 10.9

Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Revenues:

Total revenues

$ 231.1

$ 293.8

$ 594.2

$ 848.9

Operating expenses:

Cost of product and services sales, net

^[1]

85.9

122.6

241.3

563.3

Research and development

13.5

13.8

41.1

61.6

Selling, general and administrative

38.9

76.6

135.0

247.2

Amortization of intangible assets

16.3

48.8

Impairment of long-lived assets

0.0

27.2

Total operating expenses

154.6

229.3

466.2

948.1

Income (loss) from operations

76.5

64.5

128.0

(99.2)

Other income (expense):

Interest expense

(15.2)

(8.3)

(44.6)

(56.2)

Gain (loss) on sale of business and assets held for sale

0.0

64.3

(12.2)

24.3

Other, net

(3.7)

21.9

62.3

15.8

Total other income (expense), net

(18.9)

77.9

5.5

(16.1)

Income (loss) before income taxes

57.6

142.4

133.5

(115.3)

Income tax provision

6.4

27.6

26.3

44.0

Net income (loss)

$ 51.2

$ 114.8

$ 107.2

$ (159.3)

Earnings (loss) per common share

Basic (in dollars per share)

$ 0.96

$ 2.16

$ 1.99

$ (3.03)

Diluted (in dollars per share)

$ 0.91

$ 2.06

$ 1.89

$ (3.03)

Weighted average shares outstanding

Basic (in shares)

53.2

53.1

53.9

52.6

Diluted (in shares)

56.5

55.6

56.7

52.6

Product and services sales, net

Revenues:

Total revenues

$ 222.0

$ 283.8

$ 561.4

$ 824.3

Contracts and grants

Revenues:

Total revenues

$ 9.1

$ 10.0

$ 32.8

$ 24.6

[1]	(1) Exclusive of intangible asset amortization

Segment information - Narrative (Details)	9 Months Ended
Segment information - Narrative (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment information - Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Jun. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Revenues:

Revenue

$ 231.1

$ 293.8

$ 594.2

$ 848.9

Cost of sales reportable segments:

Cost of goods and services sold

^[1]

85.9

122.6

241.3

563.3

Segment, Reconciliation of Other Items from Segments to Consolidated [Abstract]

Amortization of intangible assets

(16.3)

(48.8)

Changes in fair value of financial instruments

0.0

(0.6)

Impairment of long-lived assets

0.0

$ (27.2)

0.0

(27.2)

$ (27.2)

Research and development

(13.5)

(13.8)

(41.1)

(61.6)

Selling, general and administrative

(38.9)

(76.6)

(135.0)

(247.2)

Interest expense

(15.2)

(8.3)

(44.6)

(56.2)

Gain (loss) on sale of business and assets held for sale

0.0

64.3

(12.2)

24.3

Other, net

(3.7)

21.9

62.3

15.8

Income (loss) before income taxes

57.6

142.4

133.5

(115.3)

Restructuring costs

0.3

6.3

(2.1)

22.9

Operating Segments

Revenues:

Revenue

217.4

269.5

545.2

726.8

Cost of sales reportable segments:

Cost of goods and services sold

80.5

95.1

216.6

290.7

Segment adjusted gross margin reportable segments:

136.9

174.4

328.6

436.1

Segment, Reconciliation of Other Items from Segments to Consolidated [Abstract]

All other revenues less other costs of revenue

8.5

2.9

25.3

(141.2)

Amortization of intangible assets

(16.3)

(48.8)

Restructuring costs

(0.2)

(4.9)

0.8

(7.5)

Inventory step-up provision

0.0

(1.2)

(1.8)

(1.2)

Changes in fair value of financial instruments

0.0

(0.6)

Impairment of long-lived assets

0.0

(27.2)

Research and development

(13.5)

(13.8)

(41.1)

(61.6)

Selling, general and administrative

(38.9)

(76.6)

(135.0)

(247.2)

Interest expense

(15.2)

(8.3)

(44.6)

(56.2)

Gain (loss) on sale of business and assets held for sale

0.0

64.3

(12.2)

24.3

Other, net

(3.7)

21.9

62.3

15.8

Income (loss) before income taxes

57.6

142.4

133.5

(115.3)

Restructuring costs

0.2

5.0

(1.0)

7.8

All other revenues

Revenues:

Revenue

13.7

24.3

49.0

122.1

Commercial Products | Operating Segments

Revenues:

Revenue

74.9

95.3

187.7

333.8

Cost of sales reportable segments:

Cost of goods and services sold

42.6

47.2

103.3

152.7

Segment adjusted gross margin reportable segments:

32.3

48.1

84.4

181.1

Segment, Reconciliation of Other Items from Segments to Consolidated [Abstract]

Restructuring costs

0.0

0.2

MCM Products | Operating Segments

Revenues:

Revenue

142.5

174.2

357.5

393.0

Cost of sales reportable segments:

Cost of goods and services sold

37.9

47.9

113.3

138.0

Segment adjusted gross margin reportable segments:

104.6

126.3

244.2

255.0

Segment, Reconciliation of Other Items from Segments to Consolidated [Abstract]

Restructuring costs

(0.2)

(4.9)

0.8

(7.5)

Inventory step-up provision

(1.2)

(1.8)

(1.2)

Changes in fair value of financial instruments

(0.6)

Restructuring costs

$ 0.2

$ 4.9

$ (1.0)

$ 7.5

[1]	(1) Exclusive of intangible asset amortization

Property, plant and equipment, net

9 Months Ended

Sep. 30, 2025

Property Plant and Equipment Income Statement Disclosures [Abstract]

Property, plant and equipment, net

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


	September 30, 2025		December 31, 2024 (1)
Land and improvements	$	20.7	$	25.8
Buildings, building improvements and leasehold improvements	159.4		196.1
Furniture and equipment	252.9		368.3
Software	62.2		67.2
Construction-in-progress	5.3		10.3
Property, plant and equipment, gross	$	500.5	$	667.7
Less: Accumulated depreciation and amortization	(290.7)		(397.1)
Total property, plant and equipment, net	$	209.8	$	270.6

(1) During 2024, the Company recorded non-cash impairment charges of $27.2 million related to certain Bioservices long-lived assets. See Note 5, “Impairment and restructuring charges” for more details regarding the impairment charge.

As of September 30, 2025 and December 31, 2024, construction-in-progress primarily included costs incurred to advance the Company’s MCM Products capabilities. Property, plant and equipment, net is stated at cost, less accumulated depreciation and amortization.

Assets and liabilities held for sale - Schedule of assets and liabilities held for sale (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - Maryland Warehouse Space $ in Millions	Sep. 30, 2025 USD ($)
Assets held for sale:
Prepaid expenses and other current assets	$ 0.4
Property, plant and equipment, net	13.6
Other assets	4.5
Valuation allowance	(12.2)
Total assets held for sale	6.3
Liabilities held for sale:
Other current liabilities	0.7
Other liabilities	3.8
Total liabilities held for sale	$ 4.5

Assets and liabilities held for sale (Tables)

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of assets and liabilities held for sale

Assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheet as of September 30, 2025 consist of the following:


	September 30, 2025
Assets held for sale:



Prepaid expenses and other current assets	$	0.4
Property, plant and equipment, net	13.6

Other assets	4.5
Valuation allowance	(12.2)
Total assets held for sale	$	6.3

Liabilities held for sale:



Other current liabilities	$	0.7

Other liabilities	3.8
Total liabilities held for sale	$	4.5

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

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

Share-based compensation and stockholders' equity (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Schedule of Stock-based Compensation Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of products and services sales, net	$	0.3	$	0.2	$	0.9	$	1.8
Research & development	0.2		—		0.6		1.0
Selling, general and administrative	4.3		2.1		9.4		10.9
Total share-based compensation expense	$	4.8	$	2.3	$	10.9	$	13.7

Schedule of Stockholders' Equity Note, Warrants or Rights

As of September 30, 2025, the Company had the following Warrants outstanding to acquire shares of its common stock:


	Warrants Outstanding	Range of Exercise Price per Share	Expiration Date
Warrants issued related to the Term Loan Agreement	2.5	$9.88 - $15.72	August 2029
Total	2.5

Property, plant and equipment, net (Tables)

9 Months Ended

Sep. 30, 2025

Property Plant and Equipment Income Statement Disclosures [Abstract]

Schedule of Property, Plant and Equipment

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


	September 30, 2025		December 31, 2024 (1)
Land and improvements	$	20.7	$	25.8
Buildings, building improvements and leasehold improvements	159.4		196.1
Furniture and equipment	252.9		368.3
Software	62.2		67.2
Construction-in-progress	5.3		10.3
Property, plant and equipment, gross	$	500.5	$	667.7
Less: Accumulated depreciation and amortization	(290.7)		(397.1)
Total property, plant and equipment, net	$	209.8	$	270.6

(1) During 2024, the Company recorded non-cash impairment charges of $27.2 million related to certain Bioservices long-lived assets. See Note 5, “Impairment and restructuring charges” for more details regarding the impairment charge.

Revenue recognition - Schedule of Rollforward of Contract Liabilities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Change in Contract With Customer, Liability [Roll Forward]
Beginning of period	$ 9.3
End of period	10.3
Revenue recognized in the period from amounts included in contract liability at the beginning of the period:	$ 2.1

Earnings (loss) per common share - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net income (loss)	$ 51.2	$ (12.0)	$ 68.0	$ 114.8	$ (283.1)	$ 9.0	$ 107.2	$ (159.3)
Denominator:
Weighted-average number of shares outstanding-basic (in shares)	53.2			53.1			53.9	52.6
Dilutive securities - equity awards (in shares)	3.3			2.5			2.8	0.0
Weighted-average number of shares outstanding-diluted (in shares)	56.5			55.6			56.7	52.6
Earnings (loss) per common share - basic - basic (in dollars per share)	$ 0.96			$ 2.16			$ 1.99	$ (3.03)
Earnings (loss) per common share - basic - diluted (in dollars per share)	$ 0.91			$ 2.06			$ 1.89	$ (3.03)
Anti-dilutive securities (in shares)	5.0			2.6			4.7	4.4

- Definition

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

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Intangible assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 855.4	$ 855.4
Accumulated Amortization	402.7	353.9
Net Carrying Amount	$ 452.7	501.5
Products
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	13 years 6 months
Gross Carrying Amount	$ 855.4	855.4
Accumulated Amortization	402.7	353.9
Net Carrying Amount	$ 452.7	$ 501.5

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+ Details

Assets and liabilities held for sale - Narrative (Details) $ in Millions	Sep. 30, 2025 USD ($)
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Maryland Warehouse Space
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Valuation allowance	$ 12.2

Income taxes	9 Months Ended
Income taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The estimated effective annual tax rate as of September 30, 2025 and 2024 for the years ended December 31, 2025 and 2024, excluding the impact of discrete adjustments, was 22% and 20%, respectively. The effective tax rate for the nine months ended September 30, 2025 and 2024 was 20% and (38)%, respectively. The increase in the estimated effective annual tax rate and the effective quarterly tax rate is primarily due to an increase in estimated profit combined with a change in jurisdictional mix of income and losses. 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. At each reporting period, the Company considers the scheduled reversal of deferred tax liabilities and assets, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. These impacts did not have a material effect on the tax rate for the three and nine months ended September 30, 2025.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Share-based compensation and stockholders' equity - Schedule of Stockholders' Equity Note, Warrants or Rights (Details) shares in Millions	Sep. 30, 2025 $ / shares shares
Class of Warrant or Right [Line Items]
Warrants Outstanding \| shares	2.5
Warrants issued related to the Term Loan Agreement
Class of Warrant or Right [Line Items]
Warrants Outstanding \| shares	2.5
Warrants issued related to the Term Loan Agreement \| Minimum
Class of Warrant or Right [Line Items]
Range of Exercise Price per Share (in dollars per share) \| $ / shares	$ 9.88
Warrants issued related to the Term Loan Agreement \| Maximum
Class of Warrant or Right [Line Items]
Range of Exercise Price per Share (in dollars per share) \| $ / shares	$ 15.72

Nature of the business and organization	9 Months Ended
Nature of the business and organization	Sep. 30, 2025
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. As of September 30, 2025, the Company has a portfolio of 11 products consisting of vaccines, therapeutics, and drug-device combination products, including KLOXXADO® Nasal Spray for which the Company obtained certain exclusive commercial rights for product sales and marketing in the United States and Canada. 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, Naloxone commercial products, Smallpox - MCM products and Emergent Bioservices (CDMO) (“Bioservices”). The Company manages the business with a focus on three operating segments: (1) a Commercial Products segment consisting of NARCAN® Nasal Spray and KLOXXADO® Nasal Spray, described below; (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. Commercial Products and MCM Products are our two reportable segments (see Note 17, “Segment information” for more information on our reportable segments). The Company's products and services include: Commercial Products Segment: Naloxone Products •NARCAN® (naloxone HCl) Nasal Spray is an intranasal formulation of naloxone approved by the United States Food and Drug Administration (“FDA”) (including in over-the-counter (“OTC”) form) and Health Canada for the emergency treatment of known or suspected opioid overdose as manifested by respiratory and/or central nervous system depression. •KLOXXADO® (naloxone HCl) Nasal Spray. On January 14, 2025, the Company announced an agreement with Hikma Pharmaceuticals Inc. (“Hikma”) in which the Company obtained exclusive commercial rights for product sales and marketing in the United States and Canada to Hikma’s KLOXXADO® (naloxone HCl) Nasal Spray, an 8 mg naloxone agent. MCM Products Segment: Anthrax - MCM Products •Anthrasil® (Anthrax Immune Globulin Intravenous (human)), the only polyclonal antibody therapeutic licensed by the FDA and Health Canada for the treatment of inhalational anthrax in combination with appropriate antibacterial drugs; •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; and •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™. Trobigard Revocation On April 2, 2024, the Belgium Federal Agency for Medicines and Health Products acknowledged and confirmed Emergent’s request to revoke the Market Authorization for the Trobigard Auto-Injector. Sale of RSDL® On July 31, 2024, the Company entered into the Stock and Asset Purchase Agreement (the “RSDL® Agreement”) with SERB Pharmaceuticals, through its wholly owned subsidiary BTG International Inc. (collectively, “SERB”), pursuant to which, among other things, the Company sold its worldwide rights to RSDL® to SERB (the “RSDL® Transaction”). See Note 4, “Divestitures” for more information on the RSDL® Transaction. Services Segment: As of the first quarter of 2025, the Company’s Services operating segment no longer met the quantitative thresholds of a reportable segment and did not meet the aggregation criteria set forth in Accounting Standards Codification (“ASC”) 280, Segment Reporting, and as such is categorized within “All other revenues” along with “Contracts and Grants” within Note 17 “Segment information”. See Note 17, “Segment information” for more information about the Company’s reportable segments.

Segment information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment information

In the first quarter of 2025, using the guidance provided in ASC 280, Segment Reporting (“ASC 280”), along with the adoption of ASU 2023-07, Segment Reporting (Topic 280), the Company reevaluated its reportable and operating segments. Based on updates to the Company’s internal operating and reporting structure and quantitative tests outlined in ASC 280, the Company manages its business with a focus on two reportable segments; the Commercial Products segment, which includes Naloxone products and the MCM Products segment, which includes the Anthrax - MCM products, Smallpox - MCM products and Other Products. The Company’s Services operating segment no longer meets the quantitative threshold for determining reportable segments and is now included within “All other revenues” along with the Company’s Contracts and grants business.

The Company's Chief Operating Decision Maker (“CODM”) is its President and Chief Executive Officer. The CODM evaluates the performance of the Company's reportable segments based on segment adjusted gross margin. The Company defines segment adjusted gross margin as sales less cost of sales excluding restructuring costs, changes in fair value of financial instruments, settlement charges, net and inventory step-up provision for each reportable segment. The Company does not allocate amortization of intangible assets, research and development expenses, selling, general and administrative costs, interest and other income (expense) or taxes to each reportable segment in the operating results that are regularly reviewed by the CODM. The CODM uses these reported measures to assess segment performance, allocate resources and monitor budget and guidance versus actual results. These metrics are used by the CODM to make key operating decisions, such as decisions about allocating capital and other resources to each segment. The accounting policies for segment reporting are the same as those described in Note 2, "Summary of significant accounting policies" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Intersegment revenue, cost of sales, and profit are eliminated in the segment measures regularly reviewed by the CODM as these activities are eliminated in consolidation and thus are not included in management’s evaluation of performance for each segment.

The Company manages its assets on a total company basis, not by segment, as the Company's operating assets are shared or commingled. Therefore, the Company’s CODM does not regularly review any asset information by segment and, accordingly, the Company does not report asset information by segment. The measure of segment assets is reported on the Condensed Consolidated Balance Sheet as "Total assets".

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues reportable segments:
Commercial Products	$	74.9	$	95.3	$	187.7	$	333.8
MCM Products	142.5		174.2		357.5		393.0
Reconciliation of revenue:	217.4		269.5		545.2		726.8
All other revenues (1)	13.7		24.3		49.0		122.1
Total revenues	$	231.1	$	293.8	$	594.2	$	848.9

Cost of sales reportable segments:
Commercial Products (2)	$	42.6	$	47.2	$	103.3	$	152.7
MCM Products (3)	37.9		47.9		113.3		138.0
Total of reportable segments	$	80.5	$	95.1	$	216.6	$	290.7













Segment adjusted gross margin reportable segments:
Commercial Products (2)	$	32.3	$	48.1	$	84.4	$	181.1
MCM Products (3)	104.6		126.3		244.2		255.0
Total of reportable segments	$	136.9	$	174.4	$	328.6	$	436.1

Reconciliation to income (loss) before income taxes:
All other revenues less other costs of revenue (1)	$	8.5	$	2.9	$	25.3	$	(141.2)
Amortization of intangible assets	(16.3)		(16.3)		(48.8)		(48.8)
Restructuring costs	(0.2)		(4.9)		0.8		(7.5)
Inventory step-up provision	—		(1.2)		(1.8)		(1.2)
Changes in fair value of financial instruments	—		—		—		(0.6)

Impairment of long-lived assets	—		—		—		(27.2)
Research and development	(13.5)		(13.8)		(41.1)		(61.6)
Selling, general and administrative	(38.9)		(76.6)		(135.0)		(247.2)
Interest expense	(15.2)		(8.3)		(44.6)		(56.2)
Gain (loss) on sale of business and assets held for sale	—		64.3		(12.2)		24.3
Other, net	(3.7)		21.9		62.3		15.8
Income (loss) before income taxes	$	57.6	$	142.4	$	133.5	$	(115.3)


(1) “All other revenues” and “All other revenues less other cost of revenue” includes Services and Contracts and grants revenue, and Services and Contracts and grants revenue less Cost of services, respectively.
(2) Excludes $— million and $0.2 million of restructuring costs for the three and nine months ended September 30, 2025, respectively.
(3) For 2025, excludes $1.8 million of inventory step-up provision for the nine months ended September 30, 2025 and $0.2 million and $(0.8) million of restructuring costs for the three and nine months ended September 30, 2025, respectively. For 2024, excludes $0.6 million of changes in fair value of financial instruments for the nine months ended September 30, 2024; it also excludes $4.9 million and $7.5 million of restructuring costs, and $1.2 million of inventory step up for each of the three and nine months ended September 30, 2024.

The following table includes depreciation expense for each reportable segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Depreciation from reportable segments:

MCM Products	$	4.7	$	4.7	$	13.8	$	16.0

Items not included in depreciation from reportable segments:
All other segment	0.3		2.3		2.9		7.4
Other	2.1		3.1		6.8		10.6
Total depreciation	$	7.1	$	10.1	$	23.5	$	34.0

- 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
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+ Details

Revenue recognition - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Billed	$ 131.5	$ 135.4
Unbilled	19.3	19.6
Allowance for expected credit losses	(1.3)	(0.5)
Accounts receivable, net	$ 149.5	$ 154.5

Segment information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Depreciation from reportable segments:
Total depreciation	$ 7.1	$ 10.1	$ 23.5	$ 34.0
Other
Depreciation from reportable segments:
Total depreciation	2.1	3.1	6.8	10.6
MCM Products \| Operating Segments
Depreciation from reportable segments:
Total depreciation	4.7	4.7	13.8	16.0
All other segments \| Operating Segments
Depreciation from reportable segments:
Total depreciation	$ 0.3	$ 2.3	$ 2.9	$ 7.4