0001367644-26-000015 | 10-K | XBRL Viewer | Emergent Biosolutions INC

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Intangible assets and goodwill - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill		$ 0	$ 0	$ 0
Goodwill impairment		$ 0	$ 0	$ 218,200,000
MCM Products
Goodwill [Line Items]
Goodwill impairment	$ 218,200,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

- Definition

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

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+ Details

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

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 (benefits), changes in fair value of financial instruments, 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”. 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 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 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.

The following table presents segment information provided to the CODM, along with a reconciliation of segment adjusted gross margin to loss before income taxes as reported in the Consolidated Statement of Operation for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
Revenues:
Commercial Products	$	226.1	$	398.9	$	497.3
MCM Products	456.7		509.8		447.2
Reconciliation of revenue:
All other revenues (1)	60.1		134.9		104.8
Total revenues	$	742.9	$	1,043.6	$	1,049.3

Cost of sales reportable segments:
Commercial Products (2)	$	129.9	$	185.9	$	210.3
MCM Product (3)	158.7		205.4		295.9
Total of reportable segments	288.6		391.3		506.2









Segment adjusted gross margin reportable segments:
Commercial Products	$	96.2	$	213.0	$	287.0
MCM Products	298.0		304.4		151.3
Total of reportable segments	$	394.2	$	517.4	$	438.3

Reconciliation to income (loss) before income tax:
All other revenues less other costs of revenue (1)	$	27.1	$	(30.7)	$	(76.3)
Amortization of intangible assets	(65.1)		(65.1)		(65.6)
Restructuring benefits (costs)	0.8		(7.4)		(14.0)
Inventory step-up provision	(5.4)		(6.2)		(3.9)
Changes in fair value of financial instruments	—		(0.6)		(0.2)
Settlement charge, net	—		(110.2)		—
Goodwill impairment	—		—		(218.2)
Impairment of long-lived assets	(12.2)		(27.2)		(306.7)
Research and development	(53.2)		(70.7)		(111.4)
Selling, general and administrative	(186.1)		(308.0)		(368.4)
Interest expense	(59.3)		(71.0)		(87.9)
Gain on sale of business	—		24.3		74.2
Gain (loss) on debt extinguishment	(12.2)		0.6		2.5
Other, net	54.2		11.9		6.4
Income (loss) before income taxes	$	82.8	$	(142.9)	$	(731.2)






(1) "All other revenues" and "All other revenue less other cost of revenue" include Services and Contracts and grants revenue, and Services and Contracts and grants revenue less Cost of services, respectively.
(2) Excludes $0.2 million restructuring costs for the year ended December 31, 2025.
(3) Excludes $— million, $0.6 million and $0.2 million of changes in fair value of financial instruments, $(1.0) million, $7.2 million, and $5.6 million restructuring costs (benefits), and $5.4 million, $6.2 million and $3.9 million of inventory step-up provision during the years ended December 31, 2025, 2024, and 2023, respectively.

The following table includes depreciation expense for each reportable segment:


	Year Ended December 31,
	2025		2024		2023
Depreciation from reportable segments:
Commercial Products	$	—	$	—	$	0.3
MCM Products	18.1		20.3		22.8
Items not included in depreciation from reportable segments:
All other segment	3.7		9.9		22.5
Other	8.9		13.5		13.9
Total	$	30.7	$	43.7	$	59.5

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


	Year Ended December 31,
	2025		2024		2023
Revenue:
United States	$	531.1	$	822.6	$	607.2
Canada	75.0		140.4		224.2
Other	136.8		80.6		217.9
Total revenues	$	742.9	$	1,043.6	$	1,049.3

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


	December 31,
	2025		2024
Long-lived assets, net:
United States	$	176.0	$	238.0

Canada	32.9		34.5
Other	2.5		2.7
Total Long-lived assets, net	$	211.4	$	275.2

- 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.

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+ Details

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of significant accounting policies

Basis of presentation and consolidation

Our financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). The accompanying consolidated financial statements include the accounts of Emergent and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. For presentation purposes, reclassifications of certain items have been made for comparability.

Use of estimates

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

Cash and cash equivalents and restricted cash

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

Warrants

The Company accounts for Warrants as either equity instruments, liabilities or derivative liabilities in accordance with ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and/or ASC 815, Derivatives and Hedging (“ASC 815”), depending on the specific terms of the applicable warrant agreement.

Fair value measurements

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


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

On a recurring basis, the Company currently measures and records money market funds (Level 1) and value of Warrants (Level 3) using fair value measurements in the accompanying financial statements. The carrying amounts of the Company's short-term financial instruments, which include cash and cash equivalents, accounts receivable and accounts payable approximate their fair values due to their short maturities.

Significant customers and accounts receivable

Billed accounts receivable are stated at invoice amounts and consist of amounts due from the United States Government ("USG"), commercial and Bioservices customers, as well as amounts due under reimbursement contracts with other government entities and non-government organizations. The Company's branded and generic opioid overdose reversal product, NARCAN® Nasal Spray, is sold commercially over-the-counter at retail pharmacies and digital commerce websites. All branded Naloxone products, including KLOXXADO® Nasal Spray, are sold through physician-directed or standing order prescriptions at retail pharmacies, health departments, local law enforcement agencies, community-based organizations, substance abuse centers and other federal agencies.

We maintain an allowance for expected credit losses, which represents the estimated aggregate amount of credit risk arising from the inability or unwillingness of specific customers to pay our fees or disputes that may affect our ability to fully collect our billed accounts receivable. We estimate the current-period provision for expected credit losses on a specific identification basis and we consider factors such as the age of the receivables balance, knowledge of the specific customers' circumstances and historical collection experience for similar customers. Amounts determined to be uncollectible are charged or written-off against the reserve. Accounts receivable, net of the allowance for expected credit losses, represents the amount we expect to collect. Our actual experience may vary from our estimates. At each reporting date, we adjust the allowance for expected credit losses to reflect our current estimate. Unbilled accounts receivable relates to various service contracts for which work has been performed and the Company has a right to bill but invoicing has not yet occurred. Contract assets include revenues recognized in advance of billings and the Company does not have a right to invoice the customer under the terms of the contract. The Company has receivables from contracts containing lease components. At each reporting period, the Company assesses whether it is probable that the Company will collect all future lease payments. The Company considers payment history and current credit status when assessing collectability. The Company does not adjust our receivables for the effects of a significant financing component at contract inception if we expect to collect the receivables in one year or less from the time of sale.

Concentration Risk

Customers

The Company has long-term contracts with the USG that expire at various times from 2026 through 2036. The Company has derived a significant portion of its revenue from sales of our Government - MCM products under contracts with the USG. The Company's current USG contracts do not necessarily increase the likelihood that it will secure future comparable contracts with the USG. The Company expects that a significant portion of the business will continue to be under government contracts that present a number of risks that are not typically present in the commercial contracting process. USG contracts for ACAM2000® and Anthrax Vaccines and other medical countermeasures products are subject to unilateral termination or modification by the government. The Company may fail to achieve significant sales of its medical countermeasures products, including ACAM2000® and Anthrax Vaccines to customers in addition to the USG, which would harm their growth opportunities. The Company's commercial product sales, largely NARCAN® Nasal Spray, are sold commercially over-the-counter at retail pharmacies and digital commerce websites as well as through physician-directed or standing order prescriptions at retail pharmacies, health departments, local law enforcement agencies, community-based organizations, substance abuse centers and other federal agencies. Refer to Note 14, "Revenue recognition" for more information regarding significant customers.

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

The Company’s accounts receivable do not represent a significant concentration of credit risk. The USG accounted for approximately 46%, 39% and 38% of total revenues for 2025, 2024 and 2023, respectively. The Company’s accounts receivable as of December 31, 2025 and 2024, consist primarily of amounts due from the USG or other large multi-national highly reputable customers for product sales, Bioservices or from government agencies under government grants.

Financial Institutions

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

Lender Counterparties

There is lender counterparty risk associated with the Company's credit agreement for asset-based revolving loans (the "Revolving Credit Agreement") and any derivative instruments that the Company may utilize from time to time. There is risk that the Company’s Revolving Credit Agreement investors and derivative counterparties will not be available to fund as obligated. If funding under the Revolving Credit Agreement is unavailable, the Company may have to acquire a replacement credit facility from different counterparties at a higher cost or may be unable to find a suitable replacement. The Company seeks to manage risks from its Revolving Credit Agreement and any derivative instruments that the Company may utilize from time to time by contracting with experienced large financial institutions and monitoring the credit quality of its lenders. As of December 31, 2025, the Company does not anticipate nonperformance by any of its counterparties.

Inventories, net

Inventories are stated at the lower of cost or net realizable value with cost being determined using a standard cost method, which approximates actual cost. Actual cost consists primarily of material, labor and manufacturing overhead expenses (including fixed production-overhead costs) and includes the services and products of third-party suppliers. For internally manufactured inventory, the Company determines normal capacity for each production facility and allocates fixed production-overhead costs on that basis. The Company records inventory acquired in business combinations utilizing the comparative sales method, which estimates the expected sales price reduced for all costs expected to be incurred to complete/dispose of the inventory with a profit on those costs. The Company analyzes its inventory each reporting period and records a reserve to reduce the cost basis to net realizable value for inventory that has become obsolete, expired, slow-moving or short-dated based on customer requirements. Reserves for excess and obsolete inventory are relieved when the related inventory is disposed of through scrap or sale.

Pre-launch inventory

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

Property, plant and equipment, net

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

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

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

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


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

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

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

Income taxes

Income taxes include federal, state, local and international taxes. Income taxes are accounted for using the asset and liability method. Deferred tax assets/liabilities are recognized for future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis and net operating loss and research and development ("R&D") tax credit carryforwards. Deferred tax assets/liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. Valuation allowances are recorded as appropriate to reduce deferred tax assets to the amount considered not more likely than not to be realized.

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

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

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

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

Asset Impairment Analysis

Goodwill and Indefinite-lived Intangible Assets

Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets when accounted for using the purchase method of accounting. Goodwill is not amortized but is reviewed for impairment. Goodwill is allocated to the Company's reporting units, which are components of our business for which discrete cash flow information is available one level below its operating segment. The Company evaluates goodwill and other indefinite-lived intangible assets for impairment annually as of October 1 and at interim times if an event or other circumstance indicates that we may not recover the carrying value of the asset. If the Company believes that as a result of its qualitative assessment it is more likely than not that the fair value of a reporting unit or other indefinite-lived intangible asset is greater than its carrying amount, the quantitative impairment test is not required. If however it is determined that it is not more likely than not that the fair value of a reporting unit or other indefinite-lived intangible asset is greater than its carrying amount, a quantitative test is required.

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

When the Company has material indefinite lived intangible assets associated with in-process research and development ("IPR&D"), a qualitative assessment is performed. If the qualitative assessment indicates that it is not more likely than not that the fair value of the indefinite lived intangible asset exceeds its carrying amount, the Company compares the estimated fair value of the intangible with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Determining fair value requires the exercise of judgment about appropriate discount rates, perpetual growth rates and the amount and timing of expected future cash flows (see Note 7, "Intangible assets and goodwill"). Upon successful completion of each project, the asset is classified as a definite-lived intangible and the Company will decide as to the then-useful life of the intangible asset, generally determined by the period in which the substantial majority of the cash flows are expected to be generated and begin amortization.

Long-lived Assets

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

Contingent Consideration

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

Leases

The Company has operating leases for corporate offices, R&D facilities and manufacturing facilities. The Company determines if an arrangement is a lease at inception. Operating leases with future minimum lease payments in excess of 12 months are included in right-of-use ("ROU") assets and liabilities. The Company has elected to record expense as incurred for leases with minimum lease payments of 12 months or less.

ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses an implicit rate when readily determinable. At the beginning of a lease, the operating lease ROU asset also includes any concentrated lease payments expected to be paid and excludes lease incentives. The Company's lease ROU asset may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options.

Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for separately.

Revenue recognition

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

Multiple performance obligations

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

Transaction price and variable consideration

Once the performance obligations in the contract have been identified, the Company estimates the transaction price of the contract. The estimate includes amounts that are fixed as well as those that can vary based on expected outcomes of the activities or contractual terms. The Company's variable consideration includes net profit received from sales of the Company's Naloxone products, certain MCM products sold on a net basis, cost-plus-fee contract terms and consideration transferred under its development contracts as consideration received can vary based on developmental progression of the product candidate. When a contract's transaction price includes variable consideration, the Company evaluates the variable consideration to determine whether the estimate needs to be constrained; therefore, the Company includes the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Variable consideration estimates are updated at each reporting date. There were no significant constraints or material changes to the Company's variable consideration estimates as of or during the year ended December 31, 2025.

Product sales

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

The Company's contracts for the sale of the Company's Government - MCM products include certain acceptance criteria before title passes to the customer. The primary customer for the Company's Government - MCM products and the primary source of funding for the development of its MCM product candidate portfolio is the USG. The USG contracts for the sale of the Company's Government - MCM products are normally multi-year contracts with annual options. MCM product revenue is recognized to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur.

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 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.

Bioservices

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

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

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

The Company’s Bioservices customer contracts generally include provisions entitling the Company to a termination penalty when the contract is terminated prior to the contract’s nominal end date. The termination penalties in the customer contracts vary but are generally considered substantive for accounting purposes and create enforceable rights and obligations throughout the stated duration of the contract. The Company accounts for a contract cancellation as a contract modification. The determination of the contract termination penalty is based on the terms stated in the related customer agreement. As of the modification date, the Company updates its estimate of the transaction price, subject to constraints, and recognizes the amount over the remaining performance period or measure of progress under the arrangement.

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

Contracts and grants

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

Research and development

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

▪personnel-related expenses;

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

▪costs associated with technology transfer and scale up activities throughout the development stage, including internally and through third party contract manufacturers;

▪costs of Bioservices for clinical trial material; and

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

Comprehensive income (loss)

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

Translation and remeasurement of foreign currencies

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

Earnings (loss) per common share

Basic earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed using the treasury method by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, adjusted for the potential dilutive effect of other securities if such securities were converted or exercised and are not anti-dilutive.

Treasury stock

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

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

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

Advertising Costs

Advertising costs are expensed as incurred and are included as an element of "Selling, general and administrative" ("SG&A") expense in the Consolidated Statement of Operations. Advertising costs were $6.6 million, $23.0 million and $26.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Accounting for share-based compensation

The Company maintains the Fourth Amended and Restated Emergent BioSolutions Inc. 2006 Stock Incentive Plan (the “Emergent Plan”) which provides for grants of equity awards, including stock options, performance stock options, restricted stock units and performance stock units. The Emergent BioSolutions Inducement Plan was maintained by the Company until its termination on December 30, 2025. Following its termination, no new awards will be granted under the Inducement Plan; however, outstanding awards remain subject to its original terms. The terms and conditions of the Inducement Plan are substantially similar to the Company's stockholder-approved Emergent Plan as discussed below. For all of our share-based awards, the Company recognizes forfeitures and compensation costs when they occur.

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

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

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

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

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

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

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

The Company uses a Monte Carlo valuation model for estimating performance stock options and liability classified awards granted that vest based on market conditions. The Monte Carlo model incorporates more complex variables than closed-form models such as the Black-Scholes valuation model used for stock option grants. The Monte Carlo valuation model simulates a distribution of stock prices to yield an expected distribution of stock prices over the performance period. The stock-paths are simulated using volatilities calculated with historical information using data from a look-back period that is equal to the term of the award. The model assumes a risk-free interest rate with a term equal to the expected term of the award. The simulations are repeated multiple times and the mean of the discounted values is calculated as the grant date fair value for the award. The final payout of the award as calculated by the model is then discounted back to the grant date using the risk-free interest rate.

New Accounting Standards

Recently Adopted Accounting Standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendment enhances income tax disclosure requirements by requiring public entities to provide additional disaggregation in the income tax rate reconciliation and to disclose income taxes paid by jurisdiction. The guidance is effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company elected to adopt ASU 2023-09 in accordance with its effective date and will apply the guidance prospectively. Beginning with the current reporting period, the Company has enhanced its income tax disclosures included in Note 16, "Income taxes", to comply with the new requirements.

Accounting Standards Not Yet Adopted

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 this 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.

In December 2025, the FASB issued ASU 2025-10, Government Assistance (Topic 832): Accounting for Government Grants Received by Business Entities. This guidance establishes authoritative requirements for recognition, measurement, presentation, and disclosure of government grants received by business entities. The ASU aligns U.S. GAAP with certain aspects of IAS 20 and requires entities to disclose the nature and terms of government grants, significant conditions, accounting policies applied, amounts recognized in the financial statements, and any repayment obligations. ASU 2025-10 is effective for public business entities for annual periods beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. Adoption is expected to require enhanced disclosures regarding government grants received and may affect the timing of income recognition for certain arrangements. The Company does not expect the adoption of ASU 2025-10 to have a material impact on its financial position or results of operations.

Property, plant and equipment, net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			$ 509.5	$ 667.7
Less: Accumulated depreciation and amortization			(304.1)	(397.1)
Total property, plant and equipment, net			205.4	270.6
Impairment of long-lived assets	$ 27.2	$ 306.7	12.2	27.2	$ 306.7
Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			20.7	25.8
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			160.5	196.1
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			259.8	368.3
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			61.9	67.2
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			$ 6.6	$ 10.3

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2025	Feb. 19, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-33137
Entity Registrant Name	EMERGENT BIOSOLUTIONS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1902018
Entity Address, Address Line One	300 Professional Drive
Entity Address, City or Town	Gaithersburg,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20879
City Area Code	240
Local Phone Number	631-3200
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	EBS
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 342.7
Entity Common Stock, Shares Outstanding		51,770,857
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement for its 2026 annual meeting of stockholders, which is expected to be filed with the United States Securities and Exchange Commission not later than 120 days after the end of the registrant's fiscal year ended December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K. With the exception of the portions of the registrant's definitive proxy statement for its 2026 annual meeting of stockholders that are expressly incorporated by reference into this Annual Report on Form 10-K, such proxy statement shall not be deemed filed as part of this Annual Report on Form 10-K.
Entity Central Index Key	0001367644
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Leases - Narrative (Details)	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	5 years
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	9 years

Share-based compensation and stockholders' equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

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

The Company utilizes the Black-Scholes valuation model for estimating the fair value of stock options granted. The exercise price of each option must be not less than 100% of the fair market value of the shares underlying such option on the date of grant. Options granted under the Emergent Plan and the Inducement Plan have a contractual life of seven years. Set forth below are the assumptions used in valuing the stock options granted:


	Year Ended December 31,
	2025		2024		2023
Expected dividend yield	0	%	0	%	0	%
Expected volatility	95%-99%		78%-96%		63%-69%
Risk-free interest rate	3.70%-4.44%		3.43%-4.67%		4.00%-4.46%
Expected average life of stock options	4.8 years		4.8 years		4.5 years

The Company utilized the Monte Carlo valuation model for estimating the fair value of performance stock options granted. Set forth below are the assumptions used in valuing the performance stock options granted:


	Year Ended December 31,
	2025	2024		2023
Expected dividend yield	—	0%		—
Expected volatility	—	67.1	%	—
Risk-free interest rate	—	4.20	%	—
Expected average life of performance stock options	—	4.7 years		—

Summary of Stock Option Award Activity

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


	Number of Shares		Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Stock options outstanding at December 31, 2024	4.8		$	7.61
Stock options granted	1.7		$	6.01
Stock options exercised	(0.2)		$	3.35
Stock options forfeited	(0.3)		$	4.46
Stock options expired	(0.1)		$	46.76
Stock options outstanding at December 31, 2025	$	5.9	$	6.65	5.3	$	46.5
Stock options exercisable at December 31, 2025	$	2.1	$	11.24	4.7	$	15.3

Schedule of Nonvested Restricted Stock Units Activity

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


	Number of Shares	Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value
Stock awards outstanding at December 31, 2024	1.2	$	12.01	$	11.60
Stock awards granted	3.0	$	5.98
Stock awards released	(0.7)	$	13.78
Stock awards forfeited (1)	(0.4)	$	8.86
Stock awards outstanding at December 31, 2025	3.1	$	6.27	$	39.00

(1) Performance stock units forfeited during the year ended December 31, 2025 are included at the target payout percentage, or 100%, of shares granted.

Schedule of Stock-Based Compensation Expense

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


	Year Ended December 31,
	2025		2024		2023
Cost of products and services sales, net	$	1.2	$	2.0	$	4.9
R&D	0.8		1.1		2.0
Selling, general and administrative	14.2		14.9		16.2
Total share-based compensation expense	$	16.2	$	18.0	$	23.1

Schedule of Stockholders' Equity Note, Warrants or Rights

As of December 31, 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

Inventories, net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 120.6	$ 95.9
Work-in-process	109.0	86.3
Finished goods	113.8	129.5
Total inventories, net	$ 343.4	$ 311.7

Revenue recognition - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Revenue, remaining performance obligation, amount	$ 244.4
Contract with customer, asset, after allowance for credit loss, current	6.4	$ 9.7
Contract with customer, liability, current	5.0	4.8
Provisions for expected credit losses	0.0	$ 5.3	$ 2.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Concentration Risk [Line Items]
Revenue, remaining performance obligation, amount	$ 203.8
Revenue, remaining performance obligation, expected timing of satisfaction, period	24 months
Revenue from Contract with Customer \| Geographic Concentration Risk \| United States
Concentration Risk [Line Items]
Concentration risk percentage	71.00%	79.00%	58.00%

Fair value measurements - Schedule of Fair Value Hierarchy of Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 162.0	$ 45.7
Warrant liability	21.7	16.2
Total	21.7	16.2
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	162.0	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	21.7	16.2
Total	21.7	16.2
Money market accounts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market accounts	162.0	45.7
Money market accounts \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market accounts	162.0	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

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

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


	December 31,
	2025		2024
Senior secured credit agreement - Term loan due 2029	$	150.0	$	250.0
3.875% Senior Unsecured Notes due 2028	439.7		450.0



Total debt	$	589.7	$	700.0

Unamortized debt issuance costs	(17.6)		(36.3)
Non-current portion of debt	$	572.1	$	663.7

Schedule of Future Debt Payments of Long-Term Indebtedness

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


Year	As of December 31, 2025
2026	$	—
2027	—
2028	589.7
2029	—
2030	—
Thereafter	—
Total debt	$	589.7

- Definition

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

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+ Details

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Depreciation	$ 30.7	$ 43.7	$ 59.5
Other
Segment Reporting Information [Line Items]
Depreciation	8.9	13.5	13.9
Commercial Products \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation	0.0	0.0	0.3
MCM Products \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation	18.1	20.3	22.8
All other segments \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation	$ 3.7	$ 9.9	$ 22.5

Fair value measurements - Schedule of Level 3 Fair Value Of Common Stock Warrant Liability (Details) - Warrant - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ 16.2	$ 0.0
Issuance of Warrants		13.4
Change in fair value	5.5	2.8
Balance, end of period	$ 21.7	$ 16.2

Divestitures	12 Months Ended
Divestitures	Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Assets and liabilities held-for-sale In March 2025, the Company classified the assets and related liabilities associated with warehouse space in Maryland as held-for-sale. At that time, the Company recognized a non-cash loss on assets held-for-sale of $12.2 million which adjusted the disposal group to their fair values less costs to sell. During the fourth quarter of 2025, the Company concluded that its Maryland warehouse no longer met the criteria to be classified as held-for-sale due to changes in management's plan regarding the use of the warehouse space and determined it was no longer probable that it would be sold within 12 months. The net assets were reclassified to held-and-used at the lower of (i) their carrying amount, adjusted for depreciation that would have been recognized had they remained classified as held-and-used, or (ii) their fair value as of the date the decision not to sell was made. This reclassification as of December 31, 2025 did not result in any incremental adjustments to the recorded value of the assets and liabilities and is reported within “Impairment of long-lived assets” on the Consolidated Statements of Operations for the year ended December 31, 2025. Divestitures Sale of Travel Health Business In May 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 recorded within “Other, net” in the Consolidated Statement of Operations, upon satisfaction of the following milestones: •In July 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. •In August 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. •In February 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 year ended December 31, 2025. The Company received this milestone payment during the first quarter of 2025. •In February 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 year ended December 31, 2025. The Company received this milestone payment during 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® In July 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 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 Consolidated Statements of Operations and was $1.9 million for the year ended December 31, 2025. Sale of Baltimore-Camden Facility In August 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 on sale of business” 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 Consolidated Statements of Operations and was $0.4 million for the year ended December 31, 2025. Sale of Baltimore-Bayview Facility In March 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 year ended December 31, 2025, recorded within “Other, net” on the 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.

Debt - Senior Unsecured Notes due 2028 (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 31, 2025	Aug. 07, 2020
Debt Instrument [Line Items]
Long-term debt		$ 589.7	$ 700.0
Gain (loss) on extinguishments of debt		$ (12.2)	$ 0.6	$ 2.5
3.875% Senior Unsecured Notes due 2028 \| Prior to August 15, 2023
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
3.875% Senior Unsecured Notes due 2028 \| Upon the Occurrence of a Change in Control \| Maximum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101.00%
3.875% Senior Unsecured Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		3.875%	3.875%			3.875%
Long-term debt	$ 450.0	$ 439.7	$ 450.0
Repurchased face amount					$ 30.0
Repurchase of long-term debt		10.3
Payments for repurchase of debt, excluding gain on extinguishment		8.7
Gain (loss) on extinguishments of debt		1.6
Repurchase amount remaining		$ 19.7

Property, plant and equipment, net

12 Months Ended

Dec. 31, 2025

Property Plant and Equipment Income Statement Disclosures [Abstract]

Property, plant and equipment, net

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


	December 31,
	2025 (1)		2024 (1)
Land and improvements	$	20.7	$	25.8
Buildings, building improvements and leasehold improvements	160.5		196.1
Furniture and equipment	259.8		368.3
Software	61.9		67.2
Construction-in-progress	6.6		10.3
Property, plant and equipment, gross	$	509.5	$	667.7
Less: Accumulated depreciation and amortization	(304.1)		(397.1)
Total property, plant and equipment, net	$	205.4	$	270.6

(1) During the years ended December 31, 2025 and 2024, the Company recorded non-cash impairment charges of $12.2 million and $27.2 million, respectively, related to certain Bioservices long-lived assets. See Note 3, "Assets and liabilities held-for-sale" and Note 5, “Impairment and restructuring charges”, respectively, for more details regarding the impairment charges.

For the years ended December 31, 2025 and 2024, construction-in-progress primarily included costs incurred to advance the Company's MCM Product capabilities.

Property, plant and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization expense associated with property, plant and equipment was $30.7 million, $43.7 million and $59.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Nature of the business and organization	12 Months Ended
Nature of the business and organization	Dec. 31, 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 December 31, 2025, the Company has a product 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, as 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 19, “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. In January 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) which was approved by the FDA in July 2023 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™. Sale of RSDL® In July 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 19, “Segment information”. See Note 19, “Segment information” for more information about the Company’s reportable segments.

Revenue recognition

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue recognition

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


	Year Ended December 31,
	2025						2024						2023
	USG		Non-USG		Total		USG		Non-USG		Total		USG		Non-USG		Total
Commercial Product sales	$	2.8	$	223.3	$	226.1	$	0.8	$	398.1	$	398.9	$	0.8	$	496.5	$	497.3
MCM Product sales	300.2		156.5		456.7		381.3		128.5		509.8		373.5		73.7		447.2
All other revenues (1) (2)	36.7		23.4		60.1		28.4		106.5		134.9		20.4		84.4		104.8
Total revenues	$	339.7	$	403.2	$	742.9	$	410.5	$	633.1	$	1,043.6	$	394.7	$	654.6	$	1,049.3

(1) “All other revenues” includes Services and Contract and grants revenue.
(2) “All other revenues” for the year ended December 31, 2024 include $50.0 million of Services revenues attributable to the Settlement Agreement. The revenue is related to raw materials purchased for the Janssen Agreement which Janssen had not reimbursed. See Note 20, “Litigation” for additional information related to the accounting treatment and settlement of the arbitration with Janssen.

For the years ended December 31, 2025, 2024 and 2023, the Company's product sales from Naloxone products, Other Commercial products, Anthrax MCM, Smallpox MCM and Other products as a percentage of total product sales were as follows:


	Year Ended December 31,
	2025		2024		2023
% of product sales:
Commercial Products:
Naloxone products	33	%	44	%	51	%
Other Commercial products (1)	—	%	—	%	1	%
MCM Products:
Anthrax MCM	17	%	15	%	20	%
Smallpox MCM	39	%	31	%	18	%
Other Products	11	%	10	%	10	%

(1) “Other Commercial products” refers to the travel health business that was sold to Bavarian Nordic in 2023. See Note 4, “Divestitures” for additional information related to the sale of the travel health business.

For the years ended December 31, 2025, 2024, and 2023, aside from sales to the USG, there were no sales to an individual customer in excess of 10% of total revenues. For the years ended December 31, 2025, 2024, and 2023, the Company’s revenues from customers within the United States comprised 71%, 79% and 58%, respectively, of total revenues.

Transaction price allocated to remaining performance obligations

As of December 31, 2025, the Company has future contract value on unsatisfied performance obligations of approximately $244.4 million associated with all arrangements entered into by the Company. The Company expects to recognize $203.8 million of unsatisfied performance obligations within the next 24 months. The amount and timing of revenue recognition for unsatisfied performance obligations can change. The future revenues associated with unsatisfied performance obligations exclude the value of unexercised option periods in the Company’s revenue arrangements. Often the timing of manufacturing activities changes based on customer needs and resource availability. Government funding appropriations can impact the timing of product deliveries. The success of the Company's development activities that receive development funding support from the USG under development contracts can also impact the timing of revenue recognition.

Contract assets

The Company considers accounts receivable and deferred costs associated with revenue generating contracts, which are not included in inventory or property, plant and equipment and the Company does not currently have a contractual right to bill, to be contract assets. As of December 31, 2025 and December 31, 2024, the Company had $6.4 million and $9.7 million, respectively, of contract assets recorded within “Accounts receivable, net” on the Consolidated Balance Sheets.

Contract liabilities

When performance obligations are not transferred to a customer at the end of a reporting period, cash received associated with amounts allocated to those performance obligations is reflected as contract liabilities on the Consolidated Balance Sheets and is deferred until control of these performance obligations is transferred to the customer. The following table presents the roll forward of the contract liabilities:


	Contract Liabilities
Balance at December 31, 2024	$	9.3
Balance at December 31, 2025	$	14.4
Revenue recognized in the period from amounts included in contract liability at the beginning of the period:	$	3.2

As of December 31, 2025 and 2024, the current portion of contract liabilities was $5.0 million and $4.8 million, respectively, and was included in “Other current liabilities” on the Consolidated Balance Sheet.

Accounts receivable and allowance for expected credit losses

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


	December 31,
	2025		2024
Accounts receivable:
Billed	$	66.8	$	135.4
Unbilled	18.2		19.6
Allowance for expected credit losses	(0.8)		(0.5)
Accounts receivable, net	$	84.2	$	154.5

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-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

Revenue recognition - Schedule of Percentage of Product Sales (Details) - Sales Revenue, Product Line - Product Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Naloxone products
Concentration Risk [Line Items]
Concentration risk percentage	33.00%	44.00%	51.00%
Other Commercial Products
Concentration Risk [Line Items]
Concentration risk percentage	0.00%	0.00%	1.00%
Anthrax MCM
Concentration Risk [Line Items]
Concentration risk percentage	17.00%	15.00%	20.00%
Smallpox MCM
Concentration Risk [Line Items]
Concentration risk percentage	39.00%	31.00%	18.00%
Other Products
Concentration Risk [Line Items]
Concentration risk percentage	11.00%	10.00%	10.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Impairment and restructuring charges - Narrative (Details)	1 Months Ended					3 Months Ended		12 Months Ended
	Mar. 31, 2025 USD ($)	Aug. 31, 2024 employee	May 31, 2024 employee positions	Aug. 31, 2023 employee	Jan. 31, 2023 employee	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Amortization of intangible assets						$ 27,200,000	$ 306,700,000	$ 12,200,000	$ 27,200,000	$ 306,700,000
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Maryland Warehouse Space
Restructuring Cost and Reserve [Line Items]
Disposal group, not discontinued operation, loss on write-down	$ 12,200,000
January 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated \| employee					125
Restructuring charges incurred since inception								9,300,000
Restructuring reserve								0
August 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated \| employee				400
Restructuring charges incurred since inception								19,400,000
Restructuring reserve								0
May 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated \| employee			300
Restructuring charges incurred since inception								18,500,000
Number of currently vacant positions eliminated \| positions			85
August 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated \| employee		70
Restructuring charges incurred since inception								$ 2,500,000

Intangible assets and goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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


		December 31, 2025						December 31, 2024
	Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Products	13.8	$	855.4	$	418.9	$	436.5	$	855.4	$	353.9	$	501.5
Total intangible assets		$	855.4	$	418.9	$	436.5	$	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:


	Year Ended December 31,
	2025		2024		2023
Amortization expense	$	65.1	$	65.1	$	65.6

Summary of Future Amortization Expense

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


Year	As of December 31, 2025
2026	$	63.9
2027	60.7
2028	51.7
2029	51.7
2030	51.7
Thereafter	156.8
Total remaining amortization	$	436.5

Intangible assets and goodwill - Future Amortization Expense (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 63.9
2027	60.7
2028	51.7
2029	51.7
2030	51.7
Thereafter	156.8
Total remaining amortization	$ 436.5	$ 501.5

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenues:

Total revenues

$ 742.9

$ 1,043.6

$ 1,049.3

Operating expenses:

Cost of product and services sales, net

^[1]

326.2

681.3

705.4

Research and development

53.2

70.7

111.4

Selling, general and administrative

186.1

308.0

368.4

Amortization of intangible assets

65.1

65.6

Goodwill impairment

0.0

218.2

Impairment of long-lived assets

12.2

27.2

306.7

Total operating expenses

642.8

1,152.3

1,775.7

Income (loss) from operations

100.1

(108.7)

(726.4)

Other income (expense):

Interest expense

(59.3)

(71.0)

(87.9)

Gain on sale of business

0.0

24.3

74.2

Gain (loss) on extinguishments of debt

(12.2)

0.6

2.5

Other, net

54.2

11.9

6.4

Total other income (expense), net

(17.3)

(34.2)

(4.8)

Income (loss) before income taxes

82.8

(142.9)

(731.2)

Income tax provision

30.2

47.7

29.3

Net income (loss)

$ 52.6

$ (190.6)

$ (760.5)

Earnings (loss) per common share

Basic (in dollars per share)

$ 0.98

$ (3.60)

$ (14.85)

Diluted (in dollars per share)

$ 0.93

$ (3.60)

$ (14.85)

Weighted average shares outstanding

Basic (in shares)

53.5

53.0

51.2

Diluted (in shares)

56.7

53.0

51.2

Product and services sales, net

Revenues:

Total revenues

$ 705.2

$ 1,013.6

$ 1,023.0

Contracts and grants

Revenues:

Total revenues

$ 37.7

$ 30.0

$ 26.3

[1]	(1) Exclusive of intangible assets amortization

Income taxes - Schedule of Significant Components of the Provisions for Income Taxes Attributable to Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income (loss) from continuing operations before income tax expense (benefit):
U.S.	$ (4.7)	$ (355.5)	$ (805.1)
International	87.5	212.6	73.9
Income (loss) before income taxes	82.8	(142.9)	(731.2)
Current
Federal	0.0	4.4	(0.6)
State	1.4	1.4	0.5
International	32.7	47.4	36.7
Total current	34.1	53.2	36.6
Deferred
Federal	0.0	(4.4)	(2.0)
State	0.1	0.0	(1.2)
International	(4.0)	(1.1)	(4.1)
Total deferred	(3.9)	(5.5)	(7.3)
Income tax provision	$ 30.2	$ 47.7	$ 29.3

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

3 Months Ended

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenues:

Revenue

$ 742.9

$ 1,043.6

$ 1,049.3

Total revenues

742.9

1,043.6

1,049.3

Cost of sales reportable segments:

Cost of goods and services sold

^[1]

326.2

681.3

705.4

Reconciliation to income (loss) before income tax:

Amortization of intangible assets

(65.1)

(65.6)

Changes in fair value of financial instruments

0.0

(0.6)

(0.2)

Goodwill impairment

0.0

(218.2)

Impairment of long-lived assets

$ (27.2)

$ (306.7)

(12.2)

(27.2)

(306.7)

Research and development

(53.2)

(70.7)

(111.4)

Selling, general and administrative

(186.1)

(308.0)

(368.4)

Interest expense

(59.3)

(71.0)

(87.9)

Gain on sale of business

0.0

24.3

74.2

Gain (loss) on extinguishments of debt

(12.2)

0.6

2.5

Other, net

54.2

11.9

6.4

Income (loss) before income taxes

82.8

(142.9)

(731.2)

Restructuring costs

(2.1)

22.5

29.3

Operating Segments

Cost of sales reportable segments:

Cost of goods and services sold

288.6

391.3

506.2

Segment adjusted gross margin reportable segments:

394.2

517.4

438.3

Reconciliation to income (loss) before income tax:

All other revenues less other costs of revenue

27.1

(30.7)

(76.3)

Amortization of intangible assets

(65.1)

(65.6)

Restructuring benefits (costs)

0.8

(7.4)

(14.0)

Inventory step-up provision

(5.4)

(6.2)

(3.9)

Changes in fair value of financial instruments

0.0

(0.6)

(0.2)

Settlement charge, net

0.0

(110.2)

0.0

Goodwill impairment

0.0

(218.2)

Impairment of long-lived assets

(12.2)

(27.2)

(306.7)

Research and development

(53.2)

(70.7)

(111.4)

Selling, general and administrative

(186.1)

(308.0)

(368.4)

Interest expense

(59.3)

(71.0)

(87.9)

Gain on sale of business

0.0

24.3

74.2

Gain (loss) on extinguishments of debt

(12.2)

0.6

2.5

Other, net

54.2

11.9

6.4

Income (loss) before income taxes

82.8

(142.9)

(731.2)

Restructuring costs

(1.0)

7.4

14.0

All other revenues

Revenues:

Revenue

60.1

134.9

104.8

Commercial Products | Operating Segments

Revenues:

Revenue

226.1

398.9

497.3

Cost of sales reportable segments:

Cost of goods and services sold

129.9

185.9

210.3

Segment adjusted gross margin reportable segments:

96.2

213.0

287.0

Reconciliation to income (loss) before income tax:

Restructuring costs

0.2

MCM Products | Operating Segments

Revenues:

Revenue

456.7

509.8

447.2

Cost of sales reportable segments:

Cost of goods and services sold

158.7

205.4

295.9

Segment adjusted gross margin reportable segments:

298.0

304.4

151.3

Reconciliation to income (loss) before income tax:

Restructuring benefits (costs)

1.0

(7.2)

(5.6)

Inventory step-up provision

(5.4)

(6.2)

(3.9)

Changes in fair value of financial instruments

0.0

(0.6)

(0.2)

Restructuring costs

$ (1.0)

$ 7.2

$ 5.6

[1]	(1) Exclusive of intangible assets amortization

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Gross unrecognized tax benefits, beginning of period	$ 1.7	$ 6.6	$ 6.8
Increases (decreases) for tax positions for prior years	0.0	0.0	0.4
Increases for tax positions for current year	0.0	0.0	0.1
Settlements	0.0	(2.3)	0.0
Lapse of statute of limitations	(0.3)	(2.6)	(0.7)
Gross unrecognized tax benefits, end of period	$ 1.4	$ 1.7	$ 6.6

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy of Assets and Liabilities

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:


	December 31, 2025								December 31, 2024
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Money market accounts	$	162.0	$	162.0	$	—	$	—	$	45.7	$	45.7	$	—	$	—


Total	$	162.0	$	162.0	$	—	$	—	$	45.7	$	45.7	$	—	$	—
Liabilities:
Warrant liability	$	21.7	$	—	$	—	$	21.7	$	16.2	$	—	$	—	$	16.2
Total	$	21.7	$	—	$	—	$	21.7	$	16.2	$	—	$	—	$	16.2

Schedule of Level 3 Fair Value Of Common Stock Warrant Liability and Contingent Consideration Roll Forward

The table below is a reconciliation of the beginning and ending balance of the Company’s Level 3 warrant liability as of December 31, 2025 and 2024:


	Warrant Liability
Balance at December 31, 2023	$	—
Issuance of Warrants	13.4
Change in fair value	2.8
Balance at December 31, 2024	$	16.2
Change in fair value	5.5
Balance at December 31, 2025	$	21.7

The following table is a reconciliation of the beginning and ending balance of the Company’s Level 3 contingent consideration liability measured at fair value as of December 31, 2024 and 2023. The Company had no Level 3 contingent consideration liabilities during 2025:


	Contingent Consideration
Balance at December 31, 2023	$	5.6
Change in fair value	0.6
Settlements	(2.3)
Sales(1)	(3.9)
Balance at December 31, 2024	$	—

Schedule of Level 3 Fair Value Inputs In The Black-Scholes Option Pricing Models

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)	3.7
		Risk free interest rate	3.6%
		Volatility	107%

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease right-of-use assets	$ 10.6	$ 11.7
Operating lease liabilities, current portion	2.4	2.7
Operating lease liabilities	9.2	9.7
Total operating lease liabilities	$ 11.6	$ 12.4
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Operating leases:
Weighted average remaining lease term (years)	5 years 2 months 12 days	5 years 9 months 18 days
Weighted average discount rate	6.50%	5.50%

Share-based compensation and stockholders' equity - Narrative (Details)	1 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) shares	Dec. 31, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Feb. 26, 2026 USD ($)	Dec. 30, 2025 shares	Mar. 31, 2025 USD ($)	Aug. 30, 2024 shares	May 31, 2023 USD ($)	Dec. 31, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life of awards		7 years
Preferred stock, shares authorized (in shares) \| shares		15,000,000.0	15,000,000.0
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001	$ 0.001						$ 0.001
Common stock, shares authorized (in shares) \| shares		200,000,000.0	200,000,000.0
Common stock, voting rights \| vote		1
Repurchases of common stock		$ 24,900,000
Warrant liability		21,700,000	$ 16,200,000
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) \| shares								1,000,000.0
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) \| shares								1,500,000
2025 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized, amount							$ 50,000,000.0
Excise tax accrued		300,000
Repurchases of common stock		$ 25,100,000
Treasury stock, shares, acquired (in shares) \| shares		3,100,000
Remaining authorized amount		$ 24,900,000
Average price paid per share (in dollars per share) \| $ / shares		$ 8.15
2025 Share Repurchase Program \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized, amount					$ 50,000,000.0
Subscription Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	1,100,000
Consideration received on transaction	$ 10,000,000.0
Liabilities, fair value adjustment	$ 1,600,000
At-The-Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares		0	0	1,100,000
Aggregate gross sales price									$ 150,000,000.0
Sale of stock, consideration received on transaction, gross				$ 9,100,000
Sale of stock, price per share (in dollars per share) \| $ / shares				$ 8.22
Sale of stock, amount remaining available for sale of shares		$ 140,900,000
2023 Equity Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance under the plan (in shares) \| shares		5,000,000.0
Common stock available for grant (in shares) \| shares						3,900,000
Shares granted in period (in shares) \| shares		1,100,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from option exercises		$ 700,000	$ 300,000	$ 0
Weighted average grant date fair value of options granted (in dollars per share) \| $ / shares		$ 4.37	$ 1.80	$ 5.35
Total intrinsic value of options exercised		$ 1,300,000	$ 0	$ 0
Unrecognized compensation cost related to stock options		$ 7,100,000
Weighted average period expected to be recognized related to unvested equity awards		1 year 6 months
Employee Stock Option \| 2006 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance under the plan (in shares) \| shares		31,200,000
Common stock available for grant (in shares) \| shares		3,300,000
Exercise price of option as percentage of fair market value at grant date, minimum		100.00%
Contractual life of awards		7 years
Options, exercises in period (in shares) \| shares		200,000
Stock options granted (in shares) \| shares		1,700,000
Long-Term Incentive Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liability classified awards granted			$ 8,000,000.0
Award performance period		5 years
Performance Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance period			5 years
Contractual life of awards			7 years
Options, exercises in period (in shares) \| shares		0	0	0
Weighted average grant date fair value of options granted (in dollars per share) \| $ / shares			$ 1.13
Stock options granted (in shares) \| shares		0		0
Unrecognized compensation cost related to stock options		$ 100,000
Weighted average period expected to be recognized related to unvested equity awards		1 year 2 months 12 days
Performance Stock Option \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period expected to be recognized related to unvested equity awards		1 year 10 months 24 days
Total fair value of awards vested		$ 9,400,000	$ 21,600,000	$ 31,800,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount		$ 11,400,000
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period expected to be recognized related to unvested equity awards		1 year 2 months 12 days
Total fair value of awards vested		$ 0	$ 0	$ 2,400,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount		$ 800,000
Performance Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance period		1 year
Target payout percentage		50.00%
Performance Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance period		3 years
Target payout percentage		200.00%

Nature of the business and organization (Details)	12 Months Ended
Nature of the business and organization (Details)	Dec. 31, 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

Segment Information - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 742.9	$ 1,043.6	$ 1,049.3
United States
Disaggregation of Revenue [Line Items]
Total revenues	531.1	822.6	607.2
Canada
Disaggregation of Revenue [Line Items]
Total revenues	75.0	140.4	224.2
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 136.8	$ 80.6	$ 217.9

- 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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- Definition

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

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+ Details

Debt - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Debt - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 30, 2024
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 17.6	$ 17.6	$ 36.3
Cash collateral for borrowed securities	0.1	0.1	5.1
Gain on extinguishment of debt		(12.2)	$ 0.6	$ 2.5
Secured Debt \| Term Loan \| Line of Credit
Debt Instrument [Line Items]
Unamortized debt issuance costs	15.1	15.1			$ 35.0
Gain on extinguishment of debt	(13.8)
Revolving Credit Facility \| Revolver Loan Due 2025 \| Line of Credit
Debt Instrument [Line Items]
Debt issuance costs, current, net	$ 2.7	$ 2.7

Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	$0.001 Par Value Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2022		55,700,000
Beginning balance at Dec. 31, 2022	$ 1,387.7	$ 0.1	$ 873.5	$ (227.7)	$ 3.1	$ 738.7
Beginning balance (in shares) at Dec. 31, 2022				(5,600,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(760.5)					(760.5)
Share-based compensation activity (in shares)		1,000,000.0
Share-based compensation activity	22.5		22.5
At-the-market sale of stock, net of commissions and expenses and Issuance of common stock (in shares)		1,100,000
At-the-market sale of stock, net of commissions and expenses/Issuance of common stock	8.4		8.4
Other comprehensive income (loss), net of tax	(8.8)				(8.8)
Ending balance (in shares) at Dec. 31, 2023		57,800,000
Ending balance at Dec. 31, 2023	649.3	$ 0.1	904.4	$ (227.7)	(5.7)	(21.8)
Ending balance (in shares) at Dec. 31, 2023				(5,600,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(190.6)					(190.6)
Share-based compensation activity (in shares)		1,000,000.0
Share-based compensation activity	15.9		15.9
At-the-market sale of stock, net of commissions and expenses and Issuance of common stock (in shares)		1,100,000
At-the-market sale of stock, net of commissions and expenses/Issuance of common stock	7.7		7.7
Other comprehensive income (loss), net of tax	$ 0.5				0.5
Ending balance (in shares) at Dec. 31, 2024	59,900,000	59,900,000
Ending balance at Dec. 31, 2024	$ 482.8	$ 0.1	928.0	$ (227.7)	(5.2)	(212.4)
Ending balance (in shares) at Dec. 31, 2024	(5,600,000)			(5,600,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 52.6					52.6
Share-based compensation activity (in shares)		1,000,000.0
Share-based compensation activity	14.4		14.4
Repurchases of common stock (in shares)				(3,100,000)
Repurchase of common stock	(24.9)			$ (24.9)
Other comprehensive income (loss), net of tax	$ (2.3)				(2.3)
Ending balance (in shares) at Dec. 31, 2025	60,900,000	60,900,000
Ending balance at Dec. 31, 2025	$ 522.6	$ 0.1	$ 942.4	$ (252.6)	$ (7.5)	$ (159.8)
Ending balance (in shares) at Dec. 31, 2025	(8,700,000)			(8,700,000)

Divestitures (Details) - USD ($) $ in Millions	1 Months Ended					12 Months Ended
Divestitures (Details) - USD ($) $ in Millions	Mar. 31, 2025	Feb. 28, 2025	Aug. 31, 2024	Jul. 31, 2024	May 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business						$ 0.0	$ 110.2	$ 270.2
Gain (loss) on sale of business						0.0	24.3	74.2
Revenue						742.9	1,043.6	1,049.3
Other, net						54.2	11.9	6.4
Product and services sales, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue						705.2	1,013.6	$ 1,023.0
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]
Proceeds from sale of business					$ 270.2
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Travel Health Business \| Development-Based Milestones
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Milestone payments					80.0
Increase in contingent consideration, asset			$ 20.0	$ 10.0
Milestone payment		$ 30.0
Milestone payment receivable		$ 20.0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Travel Health Business \| Sales-Based Milestones
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Milestone payments					$ 30.0
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]
Proceeds from sale of business				75.0
Milestone payments				$ 5.0
Gain (loss) on sale of business							60.8
Transaction costs							4.1
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]
Revenue						1.9
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]
Proceeds from sale of business			$ 35.0
Gain (loss) on sale of business							(36.5)
Transaction costs							$ 3.8
Other, net						0.4
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						7.9
Transaction costs						$ 1.2
Proceeds from divestiture of facility	$ 36.5

Fair value measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair value measurements


	December 31, 2025								December 31, 2024
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Money market accounts	$	162.0	$	162.0	$	—	$	—	$	45.7	$	45.7	$	—	$	—


Total	$	162.0	$	162.0	$	—	$	—	$	45.7	$	45.7	$	—	$	—
Liabilities:
Warrant liability	$	21.7	$	—	$	—	$	21.7	$	16.2	$	—	$	—	$	16.2
Total	$	21.7	$	—	$	—	$	21.7	$	16.2	$	—	$	—	$	16.2

2024 Warrant liability

In connection with the Term Loan Agreement between the Company, 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 Consolidated Statement of Operations. As of December 31, 2025 and December 31, 2024, the fair value of the warrant liability was $21.7 million and $16.2 million, respectively, and was included within “Other liabilities” on the 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 as of December 31, 2025 and 2024:


	Warrant Liability
Balance at December 31, 2023	$	—
Issuance of Warrants	13.4
Change in fair value	2.8
Balance at December 31, 2024	$	16.2
Change in fair value	5.5
Balance at December 31, 2025	$	21.7

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)	3.7
		Risk free interest rate	3.6%
		Volatility	107%

Contingent consideration

Contingent consideration liabilities associated with business combinations required to be accounted for as derivatives are measured at fair value. The liabilities represent an obligation of the Company to transfer additional assets to the selling shareholders and owners if future events occur or conditions are met. These liabilities associated with business combinations are measured at fair value at inception and at each subsequent reporting date. The changes in the fair value are primarily due to the expected amount and timing of future net sales, which are inputs that have no observable market. Any change in fair value for the contingent consideration liabilities related to the Company’s products is classified on the Company's Consolidated Statements of Operations as “Cost of product and services sales, net.”


	Contingent Consideration
Balance at December 31, 2023	$	5.6
Change in fair value	0.6
Settlements	(2.3)
Sales(1)	(3.9)
Balance at December 31, 2024	$	—

Non-variable rate debt

As of December 31, 2025 and 2024, the fair value of the Company's 3.875% Senior Unsecured Notes (the “Senior Unsecured Notes”) was $389.7 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 11, “Debt” for more information regarding the Company’s repurchase of a portion of the Senior Unsecured Notes during the year ended December 31, 2025).

Non-recurring fair value measurements

Separate disclosure is required for assets and liabilities measured at fair value on a recurring basis from those measured at fair value on a non-recurring basis. As of December 31, 2025 and 2024, other than those liabilities mentioned above and those assets outlined in Note 7, “Intangible assets and goodwill”, there were no material assets or liabilities measured at fair value on a non-recurring basis.

- Definition

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

+ References

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

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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)	60,900,000	59,900,000
Common stock, shares outstanding (in shares)	52,100,000	54,300,000
Treasury stock (in shares)	8,700,000	5,600,000

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment Useful Lives


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

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


	December 31,
	2025 (1)		2024 (1)
Land and improvements	$	20.7	$	25.8
Buildings, building improvements and leasehold improvements	160.5		196.1
Furniture and equipment	259.8		368.3
Software	61.9		67.2
Construction-in-progress	6.6		10.3
Property, plant and equipment, gross	$	509.5	$	667.7
Less: Accumulated depreciation and amortization	(304.1)		(397.1)
Total property, plant and equipment, net	$	205.4	$	270.6

(1) During the years ended December 31, 2025 and 2024, the Company recorded non-cash impairment charges of $12.2 million and $27.2 million, respectively, related to certain Bioservices long-lived assets. See Note 3, "Assets and liabilities held-for-sale" and Note 5, “Impairment and restructuring charges”, respectively, for more details regarding the impairment charges.

Impairment and restructuring charges

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Impairment and restructuring charges

2025 Impairment of long-lived assets

The Company recognized a $12.2 million non-cash loss on assets held-for-sale classification during 2025 related to the write‑down of certain Maryland warehouse assets to fair value less cost to sell. During the fourth quarter of 2025, the Company concluded that its Maryland warehouse no longer met the criteria to be classified as held-for-sale and reclassified. This reclassification affected only the presentation of the original charge and did not result in any incremental impairment or impact on the Company’s results of operations. For further information regarding the classification change, refer to Note 3, "Assets and liabilities held-for-sale".

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.

Asset groups are written down only to the extent that their carrying value is higher than their respective fair value. The Company, with the assistance of a third-party valuation firm, applied valuation methods to estimate the fair values for each of the assets within the different asset classes. An orderly liquidation value was applied to estimate the fair value of the personal property assets and market and cost based approaches were applied to estimate the fair value of the real property assets, each representing Level 3 non-recurring fair value measurements. Based on these analyses, the Company allocated and recognized a non-cash impairment charge of $27.2 million during the second quarter of 2024.

2023 Impairment of long-lived assets

During the preparation of the Company’s financial statements for the three months ended June 30, 2023, due to deterioration in performance and resulting downward revisions to the Company’s internal Bioservices forecast made during the second quarter, including future expected cash flows, the Company determined there were sufficient indicators of impairment on the Camden, Bayview and Rockville asset groups within the Bioservices reporting unit to require an impairment analysis. As a result, the Company performed recoverability tests on certain asset groups within the Bioservices reporting unit and concluded that the impacted asset groups were not recoverable as the undiscounted expected cash flows did not exceed their carrying values.

The table below presents the total impairment charge by asset class for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
Buildings, building improvements and leasehold improvements	$	3.0	$	7.8	$	81.5
Furniture and equipment	9.2		14.1		117.5
Software	—		0.2		0.3
Construction-in-progress	—		5.1		107.4

Total impairment of long-lived assets	$	12.2	$	27.2	$	306.7

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 is $9.3 million. All activities related to the January 2023 Plan were substantially completed during the first quarter of 2023. Restructuring costs (benefits) are recognized as an operating expense within the Consolidated Statement of Operations and are classified based on the Company's classification policy for each category of operating expense.

August 2023 Organizational Restructuring Plan

In August 2023, the Company initiated the August 2023 Plan, 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 (benefits) are recognized as an operating expense within the Consolidated Statement of Operations and are classified based on the Company’s classification policy for each category of operating expense.

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 (benefits) are recognized as an operating expense within the Consolidated Statement of Operations and are classified based on the Company's classification policy for each category of operating expense.

August 2024 Organizational Restructuring Plan

In August 2024, the Company initiated an organizational restructuring plan ("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 (benefits) are recognized as an operating expense within the Consolidated Statement of Operations and are classified based on the Company’s classification policy for each category of operating expense.

The following table presents the total restructuring costs (benefits) 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:


	Year Ended December 31,
	2025		2024		2023
Segment restructuring costs (benefits):
MCM Products	$	(1.0)	$	7.2	$	5.6
All other segments	—		0.2		8.4
Total restructuring costs (benefits) included in Cost of product and services sales, net	$	(1.0)	$	7.4	$	14.0

Corporate restructuring costs (benefits):
SG&A	$	(0.5)	$	9.3	$	11.7
R&D	(0.6)		5.8		3.6
Total restructuring costs (benefits)	$	(2.1)	$	22.5	$	29.3

The following table presents the total restructuring costs (benefits), by function, for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
Employee transition	$	—	$	0.3	$	0.6
Severance payments	(1.3)		19.3		27.0
Employee benefits	(0.8)		2.9		1.7
Total restructuring costs (benefits)	$	(2.1)	$	22.5	$	29.3

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 year ended December 31, 2025. The following table provides the components of and changes in the Company’s restructuring accrual for the January 2023 Plan during the year ended December 31, 2024:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	1.4	$	—	$	1.4
Accruals	—		—		—		—
Cash payments	—		(1.4)		—		(1.4)
Balance at December 31, 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 year ended December 31, 2025. The following table provides the components of and changes in the Company’s restructuring accrual for the August 2023 Plan during the year ended December 31, 2024:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	5.3	$	0.1	$	5.4
Accruals	—		(0.6)		—		(0.6)
Cash payments	—		(4.7)		(0.1)		(4.8)
Balance at December 31, 2024	$	—	$	—	$	—	$	—

The following table provides the components of and changes in the Company's restructuring accrual for the May 2024 Plan during the years ended December 31, 2025 and 2024:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	—	$	—	$	—
Accruals	0.2		17.2		2.4		19.8
Cash payments	(0.2)		(12.7)		(1.6)		(14.5)
Balance at December 31, 2024	$	—	$	4.5	$	0.8	$	5.3
Accruals	—		(0.9)		(0.4)		(1.3)
Cash payments	—		(3.6)		(0.4)		(4.0)
Balance at December 31, 2025	$	—	$	—	$	—	$	—

The following table provides the components of and changes in the Company's restructuring accrual for the August 2024 Plan during the year ended December 31, 2025:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	—	$	—	$	—
Accruals	0.1		2.6		0.6		3.3
Cash payments	(0.1)		(0.7)		(0.1)		(0.9)
Balance at December 31, 2024	$	—	$	1.9	$	0.5	$	2.4
Accruals	—		(0.4)		(0.4)		(0.8)
Cash payments	—		(1.5)		(0.1)		(1.6)
Balance at December 31, 2025	$	—	$	—	$	—	$	—

Intangible assets and goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and goodwill

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:


		December 31, 2025						December 31, 2024
	Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Products	13.8	$	855.4	$	418.9	$	436.5	$	855.4	$	353.9	$	501.5
Total intangible assets		$	855.4	$	418.9	$	436.5	$	855.4	$	353.9	$	501.5

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


	Year Ended December 31,
	2025		2024		2023
Amortization expense	$	65.1	$	65.1	$	65.6

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


Year	As of December 31, 2025
2026	$	63.9
2027	60.7
2028	51.7
2029	51.7
2030	51.7
Thereafter	156.8
Total remaining amortization	$	436.5

Goodwill

The Company had no remaining goodwill as of December 31, 2025, 2024 and 2023. During the third quarter of 2023, the Company observed continued market volatility including significant declines in its market capitalization and revised its financial outlook, which was identified as a triggering event. As a result of the quantitative assessments performed in connection with the preparation of the financial statements as of and for the quarter ended September 30, 2023, the Company recorded a $218.2 million non-cash goodwill impairment charge for the MCM Products reporting unit, which is included in “Goodwill impairment” on the Consolidated Statement of Operations for the year ended December 31, 2023.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2025

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

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS


(in millions)	Beginning Balance		Charged to Costs and Expenses	Deductions	Ending Balance
Year Ended December 31, 2025
Prepaid expenses and other current assets allowance	$	7.2	0.3	(0.1)	$	7.4

Year Ended December 31, 2024
Prepaid expenses and other current assets allowance	$	7.5	0.7	(1.0)	$	7.2

Year Ended December 31, 2023
Prepaid expenses and other current assets allowance	$	7.1	0.8	(0.4)	$	7.5

Share-based compensation and stockholders' equity - Schedule of Performance Options Valuation Assumptions (Details) - Performance Stock Option	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility	0.00%	67.10%	0.00%
Risk-free interest rate	0.00%	4.20%	0.00%
Expected average life of stock options	0 years	4 years 8 months 12 days	0 years

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(2)(iii)(02)
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Income taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income taxes

The Company uses the asset/liability method of accounting for income taxes. Under this method, deferred tax assets/liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets/liabilities and their respective tax basis. Deferred tax assets/liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Valuation allowances are recorded as appropriate to reduce deferred tax assets to the amount considered not more likely than not to be realized.

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

As of December 31, 2025, the Company reassessed the valuation allowance and considered negative evidence, including its significant losses in the current year and prior years, positive evidence, scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income. After assessing both the negative and positive evidence, the Company concluded that it should record a net decrease in valuation allowance of $9.4 million on its global net operating losses, credits and other deferred tax assets.

The global intangible low-tax income (“GILTI”) provisions require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company is subject to incremental U.S. tax on GILTI income. The Company has elected to account for GILTI tax in the period in which it is incurred, and therefore has not provided any deferred tax amounts of GILTI in its consolidated financial statements for the years ended December 31, 2025, 2024 and 2023.

For the year ended December 31, 2025, the Company has re-evaluated its historical indefinite reinvestment assertion and determined it remains appropriate to record a deferred withholding tax liability for only the undistributed earnings of a certain subsidiary. The Company recognized a deferred withholding tax liability for the undistributed earnings of the Company’s international subsidiaries available cash and net working capital in the amount of $3.7 million. All other international subsidiaries’ outside basis differences are indefinitely reinvested.

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


	Year Ended December 31,
	2025		2024		2023
Income (loss) from continuing operations before income tax expense (benefit):
U.S.	$	(4.7)	$	(355.5)	$	(805.1)
International	87.5		212.6		73.9
Income (loss) before income taxes	82.8		(142.9)		(731.2)
Income tax expense (benefit) from continuing operations:
Current
Federal	$	—	$	4.4	$	(0.6)
State	1.4		1.4		0.5
International	32.7		47.4		36.7
Total current	34.1		53.2		36.6
Deferred
Federal	—		(4.4)		(2.0)
State	0.1		—		(1.2)
International	(4.0)		(1.1)		(4.1)
Total deferred	(3.9)		(5.5)		(7.3)
Income tax provision	$	30.2	$	47.7	$	29.3

The table below presents the Company’s income taxes paid (net of refunds received) disaggregated by federal, state, and foreign jurisdictions:


	December 31,
	2025
Income taxes paid (refunded):
U.S. Federal	$	—
U.S. State	1.8




Foreign:

Canada	37.4
Other foreign	0.8
Foreign Subtotal	38.2
Total cash paid for income taxes (net of refunds)	$	40.0

The Company adopted ASU 2023-09 prospectively; therefore, the current-year effective tax rate reconciliation below is presented in the new required format, while prior-year periods appear under the previous guidance. Income taxes differ from the amount of taxes determined by applying the U.S. federal statutory rate to income before taxes as a result of the following:


	Year Ended December 31, 2025
	Amount		Percent
Federal tax at statutory rates	$	17.4	21.0	%
State taxes, net of federal benefit (1)	1.2		1.5	%
Foreign Tax Effects
Canada
Statutory tax rate difference between Canada and US	4.3		5.2	%
Local and Provincial taxes	2.1		2.5	%

Changes in valuation allowances	(1.4)		(1.7)	%
Foreign Withholding Tax	2.5		3.0	%
Other	0.5		0.6	%
Ireland
Statutory tax rate difference between Ireland and US	(3.3)		(4.0)	%
Effect of Cross Border Tax Laws	2.6		3.2	%



Effect of Cross-Border Tax Laws	(3.9)		(4.7)	%


Changes in Valuation Allowances	1.6		1.9	%
Nontaxable or Nondeductible Items
Stock Compensation	1.6		1.9	%
Impact of Impairment	1.0		1.3	%
Compensation limitation	1.0		1.2	%
Debt Financing	3.6		4.3	%
Impact of Divestitures	(1.3)		(1.5)	%
Other	0.7		0.8	%

Effective Tax Rate	$	30.2	36.5	%

(1) State taxes in California and Maryland made up the majority (greater than 50 percent) of the tax effect in this category.


	Year Ended December 31,
	2024		2023
Federal tax at statutory rates	$	(30.0)	$	(153.6)
State taxes, net of federal benefit	(28.6)		(52.7)
Impact of foreign operations	1.5		(8.5)
Change in valuation allowance	80.2		193.6
Tax credits	(0.2)		(0.9)
Pillar Two tax	6.8		—
Stock compensation	4.1		6.8
Goodwill Impairments	—		23.3
Adjustment of prior year taxes	0.4		1.3

Compensation limitation	1.7		0.3
Unrecognized tax benefit	(3.5)		(0.6)
Impact of divestitures	(3.9)		1.0
GILTI, net	15.8		17.8
Foreign withholding tax	3.5		0.8
Permanent differences	(0.1)		0.7
Income tax provision	$	47.7	$	29.3

The effective annual tax rate for the years ended December 31, 2025, 2024, and 2023 was 36%, (33)% and (4)%, respectively.

The effective annual tax rate of 36% in 2025 is significantly different than the statutory rate primarily due to the impact of valuation allowance charge in the U.S., jurisdictional mix of income, and other permanent differences.

The effective annual tax rate of (33)% in 2024 is significantly different than the statutory rate primarily due to the impact of reduced U.S. losses, valuation allowance charge in the U.S., jurisdictional mix of income, GILTI, and other permanent differences.

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

The total unrecognized tax benefits recorded at December 31, 2025 and 2024 of $1.4 million and $1.7 million, respectively, is classified primarily as a non-current liability on the Consolidated Balance Sheets.

The table below presents the gross unrecognized tax benefits activity for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
Gross unrecognized tax benefits, beginning of period	$	1.7	$	6.6	$	6.8
Increases (decreases) for tax positions for prior years	—		—		0.4
Increases for tax positions for current year	—		—		0.1
Settlements	—		(2.3)		—
Lapse of statute of limitations	(0.3)		(2.6)		(0.7)
Gross unrecognized tax benefits, end of period	$	1.4	$	1.7	$	6.6

The current year change includes the reversal of a $0.3 million liability due to a lapse of the statute of limitations during the year.

The Company includes interest and potential penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2025 and 2024, the total amount of interest and penalties accrued was $0.8 million and $0.8 million, respectively. The Company recognized interest and penalty expense (benefit) in 2025, 2024 and 2023 of $0.0 million, $(0.8) million and $0.2 million, respectively.

The Company does not anticipate a significant change within the next twelve months for unrecognized tax benefits and when resolved, all of these liabilities would impact the effective tax rate. However, the Company maintains a full valuation allowance as of December 31, 2025 and the recognition of any unrecognized tax benefits would be offset with a change in the valuation allowance and therefore there would be no income statement impact.

The Company's federal and state income tax returns for the tax years 2022 and onwards remain open to examination. The Company's tax returns for Canada remain open to examination for the tax years 2017 and onward. The Company's Irish tax returns remain open to examination for the tax years 2019 and onward.

As of December 31, 2025, the Company’s 2018 and 2020 Canadian Scientific Research and Experimental Development Claims are subject to proceedings with the Tax Court of Canada and the Company's 2021 Canadian Scientific Research and Experimental Development Claim is under audit. In addition, the Company’s 2021-2023 Texas Franchise tax returns are under audit.

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


	December 31,
	2025		2024
Deferred tax assets
Federal losses carryforward	$	114.9	$	108.7
State losses carryforward	62.7		67.1
R&D carryforward	22.8		22.6


Stock compensation	5.5		4.6
Foreign losses carryforward	14.7		14.4

Inventory reserves	11.0		10.1
Lease liability	2.7		3.3
IRC 263A capitalized costs	1.9		1.3
Capitalized R&D	34.9		38.2
IRC 163(j) Interest Limitation	50.2		44.6
Fixed assets	0.4		14.2
Intangible assets	14.7		13.4
Charitable Contributions	1.9		1.3
Reserves	2.7		0.9
Other	2.0		1.5
Gross deferred tax assets	343.0		346.2
Valuation allowance	(329.6)		(339.0)
Total deferred tax assets	13.4		7.2
Deferred tax liabilities
Fixed assets	(5.5)		(1.8)
Intangible assets	(34.5)		(38.1)
Right-of-use asset	(2.5)		(3.1)
Foreign Withholding Tax	(3.7)		(1.2)
Prepaid expenses	(3.4)		(4.1)
Other	(1.6)		(0.6)
Total deferred tax liabilities	(51.2)		(48.9)
Net deferred tax liabilities	$	(37.8)	$	(41.7)

As of December 31, 2025, the Company has approximately $547.2 million in U.S. federal net operating loss ("NOL") carryforwards, $36.0 million of NOL’s which will expire in varying amounts in 2031 through 2035 and $511.2 million which will carryforward indefinitely, although, limited to eighty percent of taxable income annually. The Company has U.S. federal R&D tax credit carryforwards of $17.8 million which will expire in 2027 through 2042.

As of December 31, 2025, the Company had post-apportionment state NOLs totaling approximately $1.1 billion that will begin to expire in 2028. The Company has state R&D tax credit carryforwards of $5.0 million which will expire in 2027 through 2038.

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

The Company has approximately $58.7 million in net operating losses from foreign jurisdictions as of December 31, 2025, which will carryforward indefinitely.

The Company’s valuation allowance decreased by $9.4 million due to the Company’s release of Canadian valuation allowance and generation of significantly lower losses in 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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+ Details

Revenue recognition - Schedule of Contract Liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Change in Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 9.3
Ending balance	14.4
Revenue recognized in the period from amounts included in contract liability at the beginning of the period:	$ 3.2

Summary of significant accounting policies - Accounting for Share-based Compensation (Details)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Contractual life of awards	7 years

Earnings (loss) per common share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Net Earnings (Loss) Per Share, Basic and Diluted

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


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net income (loss)	$	52.6	$	(190.6)	$	(760.5)

Denominator:
Weighted-average number of shares-basic	53.5		53.0		51.2
Dilutive securities - equity awards	3.2		—		—
Weighted-average number of shares-diluted	56.7		53.0		51.2

Net income (loss) per common share - basic	$	0.98	$	(3.60)	$	(14.85)
Net income (loss) per common share - diluted	$	0.93	$	(3.60)	$	(14.85)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents the securities and equity awards that are not considered in the diluted earnings (loss) per common share calculation generally because the exercise price of the awards was greater than the average per share closing price during the year ending December 31, 2025, 2024 and 2023 or the period resulted in a net loss, thus making the awards anti-dilutive. In certain instances, awards may be anti-dilutive even if the average market price exceeds the exercise price when the sum of the assumed proceeds exceeds the difference between the market price and the exercise price.


	Year Ended December 31,
	2025	2024	2023
Anti-dilutive stock awards	4.4	4.9	3.6

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories, net consist of the following:


	December 31,
	2025		2024
Raw materials and supplies	$	120.6	$	95.9
Work-in-process	109.0		86.3
Finished goods	113.8		129.5
Total inventories, net	$	343.4	$	311.7

Income taxes - Schedule of Income Tax Paid (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Effective Income Tax Rate Reconciliation [Line Items]
U.S. Federal	$ 0.0
U.S. State	1.8
Foreign Subtotal	38.2
Total cash paid for income taxes (net of refunds)	40.0
Canada
Effective Income Tax Rate Reconciliation [Line Items]
Foreign Subtotal	37.4
Other foreign
Effective Income Tax Rate Reconciliation [Line Items]
Foreign Subtotal	$ 0.8

Summary of significant accounting policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Advertising expense	$ 6.6	$ 23.0	$ 26.9

Defined benefit and 401(k) savings plan	12 Months Ended
Defined benefit and 401(k) savings plan	Dec. 31, 2025
Retirement Benefits [Abstract]
Defined benefit and 401(k) savings plan	Defined benefit and 401(k) savings plan Defined benefit pension plan The Company previously sponsored a defined benefit pension plan covering eligible employees in Switzerland (the “Swiss Plan”), which was sold as part of the divestiture of the Company's travel health business to Bavarian Nordic in 2023 (See Note 4, “Divestitures” for information on the sale of the travel health business). The Company recognized no pension expense related to the Swiss Plan for the years ended December 31, 2025 and 2024. For the year ended December 31, 2023, the Company recognized pension expense of $0.6 million, reflected as a component of “Selling, general and administrative” expenses on the Consolidated Statement of Operations. 401(k) savings plan The Company has established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers substantially all U.S. employees. Under the 401(k) Plan, employees may make elective salary deferrals. During the years ended December 31, 2025, 2024 and 2023, the Company made matching contributions of approximately $4.5 million, $5.7 million and $8.3 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-based compensation and stockholders' equity - Schedule of Stock Options, Restricted Stock Units, and Performance Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Performance Shares And Restricted Stock Units (RSUs)
Aggregate Intrinsic Value
Target payout percentage	100.00%
2006 Stock Incentive Plan \| Employee Stock Option
Number of Shares
Stock options outstanding, beginning of period (in shares)	4,800,000
Stock options granted (in shares)	1,700,000
Stock options exercised (in shares)	(200,000)
Stock options forfeited (in shares)	(300,000)
Stock options expired (in shares)	(100,000)
Stock options outstanding, end of period (in shares)	5,900,000	4,800,000
Stock options exercisable, end of period (in shares)	2,100,000
Weighted-Average Exercise Price
Stock options outstanding, beginning of period (in dollars per share)	$ 7.61
Stock options granted (in dollars per share)	6.01
Stock options exercised (in dollars per share)	3.35
Stock options forfeited (in dollars per share)	4.46
Stock options expired (in dollars per share)	46.76
Stock options outstanding, end of period (in dollars per share)	6.65	$ 7.61
Exercisable, end of period (in dollars per share)	$ 11.24
Weighted Average Remaining Contractual Term (in Years)
Stock options outstanding	5 years 3 months 18 days
Stock options exercisable	4 years 8 months 12 days
Aggregate Intrinsic Value
Stock options outstanding	$ 46.5
Stock options exercisable	$ 15.3
2006 Stock Incentive Plan \| Performance Shares And Restricted Stock Units (RSUs)
Number of Shares
Restricted/performance stock units outstanding, beginning of period (in shares)	1,200,000
Restricted/performance stock units granted (in shares)	3,000,000.0
Restricted/performance stock units vested (in shares)	(700,000)
Restricted/performance stock units forfeited (in shares)	(400,000)
Restricted/performance stock units outstanding, end of period (in shares)	3,100,000	1,200,000
Weighted-Average Grant Date Fair Value
Restricted/performance stock units outstanding, beginning of period (in dollars per share)	$ 12.01
Restricted/performance stock units granted (in dollars per share)	5.98
Restricted/performance stock units vested (in dollars per share)	13.78
Restricted/performance stock units forfeited (in dollars per share)	8.86
Restricted/performance stock units outstanding, end of period (in dollars per share)	$ 6.27	$ 12.01
Aggregate Intrinsic Value
Restricted/performance stock units outstanding	$ 39.0	$ 11.6

Summary of significant accounting policies - Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
USG \| Revenue from Contract with Customer \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	46.00%	39.00%	38.00%

- Definition

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

+ References

+ Details

- Definition

+ References + Details

Share-based compensation and stockholders' equity - Schedule of Stock Options Valuation Assumptions (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility, minimum	95.00%	78.00%	63.00%
Expected volatility, maximum	99.00%	96.00%	69.00%
Risk-free interest rate, minimum	3.70%	3.43%	4.00%
Risk-free interest rate, maximum	4.44%	4.67%	4.46%
Expected average life of stock options	4 years 9 months 18 days	4 years 9 months 18 days	4 years 6 months

- Definition

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

+ References

+ Details

Schedule II - Valuation and Qualifying Accounts (Details) - Prepaid expenses and other current assets allowance - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	$ 7.2	$ 7.5	$ 7.1
Charged to Costs and Expenses	0.3	0.7	0.8
Deductions	(0.1)	(1.0)	(0.4)
Ending Balance	$ 7.4	$ 7.2	$ 7.5

Defined benefit and 401(k) savings plan - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Pension expense	$ 0	$ 0	$ 600,000
Matching contributions made by employer	$ 4,500,000	$ 5,700,000	$ 8,300,000

Litigation	12 Months Ended
Litigation	Dec. 31, 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. Between April and June 2021 three 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 (the "Court") on behalf of purchasers of the Company’s common stock, seeking to pursue remedies under the Exchange Act. These cases were consolidated in December 2021 under the caption In re Emergent BioSolutions Inc. Securities Litigation, No. 8:21-cv-00955-PWG (the "Federal Securities Class Action"). In September 2024, the Company and the lead plaintiffs in the consolidated matter 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. In October 2024, the Court granted preliminary approval of the proposed settlement, ordered notice to the settlement class and scheduled a fairness hearing that was held in February 2025. At the scheduled fairness hearing in February 2025, the Court granted final approval of the settlement. 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. In June 2021, Lincolnshire Police Pension Fund (“Lincolnshire”), and in August 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. In November 2021, the cases were consolidated under the caption In re Emergent BioSolutions Inc. Stockholder Derivative Litigation, Master Case No. 8:21-cv-01595-DLB. In January 2022, the Lincolnshire complaint was designated as the operative complaint in the consolidated action. In April 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. In September 2021 and November 2021, three 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. In February 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. In December 2021 and January 2022, three 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 sought monetary and punitive damages. In February 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 in November 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. In March 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 (the “Proposed Settlement”). The Proposed Settlement provided that the 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”) and implement certain governance reforms. In August 2025, the Court granted approval of the Proposed Settlement without modification. The Company received the Settlement Amount in September 2025. Accordingly, during the year ended December 31, 2025, the Company recorded $10.5 million with respect to the Settlement Amount as a reduction of “Selling, general and administrative” expenses on the Consolidated Statement of Operations. Government investigations 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. In the first quarter of 2025, the Company received an inquiry from the New York Attorney General’s Office (OAG) related to certain past trading activity by the Company’s former Chief Executive Officer. In January 2026, the Company announced that it had reached an agreement with the OAG to resolve this investigation. Under the terms of the agreement, the Company agreed to pay $0.9 million to the State of New York and to implement enhancements to its Insider Trading Policy. The $0.9 million was recorded within “Selling, general and administrative” expenses on the Consolidated Statement of Operations for the year ended December 31, 2025 and paid subsequent to year end. In addition, the Company agreed to provide reporting to the OAG for a period of three years regarding trading plans adopted, modified, or terminated by senior management and board members. In the second quarter of 2021, the Company received subpoenas from the SEC related to certain disclosures regarding the incidents described above under the heading “Securities and shareholder litigation.” The Company cooperated 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 December 31, 2025. 2022 Termination of manufacturing services agreement with Janssen Pharmaceuticals, Inc. In July 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”). In June 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, which were resolved by Settlement Agreement in July 2024. Pursuant to the terms of the Settlement Agreement, Janssen paid the Company $50.0 million on July 31, 2024. In 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 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 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 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.

Intangible assets and goodwill - Schedule of Finite-lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 65.1	$ 65.1	$ 65.6

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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+ Details

Revenue recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 742.9	$ 1,043.6	$ 1,049.3
Total revenues	742.9	1,043.6	1,049.3
USG
Disaggregation of Revenue [Line Items]
Total revenues	339.7	410.5	394.7
Non-USG
Disaggregation of Revenue [Line Items]
Total revenues	403.2	633.1	654.6
Commercial Product sales
Disaggregation of Revenue [Line Items]
Revenue	226.1	398.9	497.3
Commercial Product sales \| USG
Disaggregation of Revenue [Line Items]
Revenue	2.8	0.8	0.8
Commercial Product sales \| Non-USG
Disaggregation of Revenue [Line Items]
Revenue	223.3	398.1	496.5
MCM Product sales
Disaggregation of Revenue [Line Items]
Revenue	456.7	509.8	447.2
MCM Product sales \| USG
Disaggregation of Revenue [Line Items]
Revenue	300.2	381.3	373.5
MCM Product sales \| Non-USG
Disaggregation of Revenue [Line Items]
Revenue	156.5	128.5	73.7
All other revenues
Disaggregation of Revenue [Line Items]
Revenue	60.1	134.9	104.8
All other revenues \| USG
Disaggregation of Revenue [Line Items]
Revenue	36.7	28.4	20.4
All other revenues \| Non-USG
Disaggregation of Revenue [Line Items]
Revenue	$ 23.4	106.5	$ 84.4
All other revenues \| Janssen Pharmaceuticals, Inc.,
Disaggregation of Revenue [Line Items]
Revenue		$ 50.0

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Earnings (loss) per common share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income (loss)	$ 52.6	$ (190.6)	$ (760.5)
Denominator:
Weighted-average number of shares-basic (in shares)	53.5	53.0	51.2
Dilutive securities-equity awards (in shares)	3.2	0.0	0.0
Weighted-average number of shares-diluted (in shares)	56.7	53.0	51.2
Net income (loss) per common share - basic (in dollars per share)	$ 0.98	$ (3.60)	$ (14.85)
Net income (loss) per common share - diluted (in dollars per share)	$ 0.93	$ (3.60)	$ (14.85)
Anti-dilutive stock awards (in shares)	4.4	4.9	3.6

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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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+ Details

- Definition

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

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+ Details

Revenue recognition - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounts receivable:
Billed	$ 66.8	$ 135.4
Unbilled	18.2	19.6
Allowance for expected credit losses	(0.8)	(0.5)
Accounts receivable, net	$ 84.2	$ 154.5

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	CYBERSECURITY The Company’s cybersecurity program is aligned and integrated into the overall company risk management process through its Enterprise Risk Management ("ERM") Program . At Emergent, ERM is a centralized process that prioritizes, and groups the top risks to our organization into 12 categories, one of which is Cybersecurity. We conduct an Enterprise Risk Assessment ("ERA") annually to proactively identify, assess, respond, monitor, and report risks to our enterprise. Identified risks are assessed and we accordingly will either accept the risk or take action to reduce or avoid the risk. Mitigations against risks are developed, as necessary, and all risks are monitored, reviewed quarterly, and reported to executive leadership and the Board of Directors. The ERM program and ERA process is described in the Company’s Enterprise Risk Management Policy. The program includes enterprise level risks grouped in 12 risk categories. Cybersecurity is included as a standing risk category. The ERM program does not itself independently review cybersecurity policies and practices. ERM, in collaboration with Emergent’s Policy and Training Center of Excellence, provides training on Emergent’s Enterprise Risk Management Policy to all employees who are at the vice president level and above. As part of our ongoing ERM enhancements, our ERM intranet page was launched in 2024 to centralize risk-related resources and policies. The Company periodically performs a comprehensive reassessment of the Company's enterprise risks, with results thoroughly reviewed and communicated to executive leadership (VP and above) to align on key risks and strategic priorities. Annually, we provide an ERM training to all participants in advance of the Company's annual ERA. Full retraining on the ERM policy will occur every three years. The Company leverages the Committee of Sponsoring Organizations’("COSO") guidelines as the foundation for our ERM program and leverage external expertise. The Company proactively reviews the threat landscape, impacts to the company, and addresses any gaps where necessary. Also, we maintain security operations metrics and incident response plan and conduct tabletop exercises. The Company engages outside consultants to review both its Cybersecurity posture and maturity, and to perform cyber assessments for the Company’s manufacturing/operational technology environments. The Company utilizes its Third-Party Risk Management Assessment Process to oversee and identify material risks from cybersecurity threats associated with its use of any third-party service provider. We utilize the NIST framework, which covers 23 categories. When applicable, we may inquire if the third-party vendor is SOC1/2, GDPR, certified. Additionally, the Company maintains cybersecurity insurance to help mitigate the impacts of potential cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company’s cybersecurity program is aligned and integrated into the overall company risk management process through its Enterprise Risk Management ("ERM") Program . At Emergent, ERM is a centralized process that prioritizes, and groups the top risks to our organization into 12 categories, one of which is Cybersecurity. We conduct an Enterprise Risk Assessment ("ERA") annually to proactively identify, assess, respond, monitor, and report risks to our enterprise. Identified risks are assessed and we accordingly will either accept the risk or take action to reduce or avoid the risk. Mitigations against risks are developed, as necessary, and all risks are monitored, reviewed quarterly, and reported to executive leadership and the Board of Directors.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Company’s Senior Vice President and Chief Information Officer, who is currently acting as the Company's interim Chief Information Security Officer (“CISO”), is responsible for assessing and managing the Cybersecurity risks with comprehensive oversight of information security functions with an emphasis on strategic leadership, governance, risk management and technical proficiency. The Company is actively in the process of identifying a permanent CISO. Moreover, the Company’s CISO provides cybersecurity updates to the entire board of directors and the board's Quality, Compliance, Manufacturing and Risk Management Committee (the "Committee"). The purpose of the Committee is to assist the Board in fulfilling its oversight responsibilities relating to the Company’s compliance with laws, regulations, and industry standards that, if breached, may cause significant business, regulatory, or reputational damage to the Company, including oversight of the Company's: •Compliance with good (“x” = manufacturing, clinical, laboratory, pharmacovigilance, storage, distribution etc.) (GxP) and medical device Quality Management Systems Regulations (QMSR); •Healthcare compliance, anti-corruption, privacy and data security landscape, medical product safety, supply chain, employee health and safety, political expenditures and lobbying activities, and government contracting; •ERM program; and •Cyber and information security risks. The Committee is the primary oversight body to monitor the Company’s cybersecurity and related information technology risks and receives periodic updates from Company management (including the Chief Information Officer and the interim CISO) on the Company’s policies, processes, procedures, and any significant developments related to the identification, mitigation, and remediation of cybersecurity risks. The Chair or Vice-Chair of the Committee meets as necessary with the Chief Information Officer and the interim CISO to engage in a more detailed review of the Company’s cybersecurity and information security activities. The Committee charter also requires that the Committee ensure that Company management provides an annual cyber and information security update to the Board of Directors. Current Committee members are: Zsolt Harsanyi, Ph.D., Sujata Dayal, Don DeGolyer and Kathryn C. Zoon, Ph.D., all of whom are independent directors. The interim CISO reports to the Committee twice per year and also reports to the Board twice per year.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company’s Senior Vice President and Chief Information Officer, who is currently acting as the Company's interim Chief Information Security Officer (“CISO”), is responsible for assessing and managing the Cybersecurity risks with comprehensive oversight of information security functions with an emphasis on strategic leadership, governance, risk management and technical proficiency. The Company is actively in the process of identifying a permanent CISO. Moreover, the Company’s CISO provides cybersecurity updates to the entire board of directors and the board's Quality, Compliance, Manufacturing and Risk Management Committee (the "Committee"). The purpose of the Committee is to assist the Board in fulfilling its oversight responsibilities relating to the Company’s compliance with laws, regulations, and industry standards that, if breached, may cause significant business, regulatory, or reputational damage to the Company, including oversight of the Company's: •Compliance with good (“x” = manufacturing, clinical, laboratory, pharmacovigilance, storage, distribution etc.) (GxP) and medical device Quality Management Systems Regulations (QMSR); •Healthcare compliance, anti-corruption, privacy and data security landscape, medical product safety, supply chain, employee health and safety, political expenditures and lobbying activities, and government contracting; •ERM program; and •Cyber and information security risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Committee is the primary oversight body to monitor the Company’s cybersecurity and related information technology risks and receives periodic updates from Company management (including the Chief Information Officer and the interim CISO) on the Company’s policies, processes, procedures, and any significant developments related to the identification, mitigation, and remediation of cybersecurity risks. The Chair or Vice-Chair of the Committee meets as necessary with the Chief Information Officer and the interim CISO to engage in a more detailed review of the Company’s cybersecurity and information security activities. The Committee charter also requires that the Committee ensure that Company management provides an annual cyber and information security update to the Board of Directors. Current Committee members are: Zsolt Harsanyi, Ph.D., Sujata Dayal, Don DeGolyer and Kathryn C. Zoon, Ph.D., all of whom are independent directors.
Cybersecurity Risk Role of Management [Text Block]	The Company’s Senior Vice President and Chief Information Officer, who is currently acting as the Company's interim Chief Information Security Officer (“CISO”), is responsible for assessing and managing the Cybersecurity risks with comprehensive oversight of information security functions with an emphasis on strategic leadership, governance, risk management and technical proficiency. The Company is actively in the process of identifying a permanent CISO. Moreover, the Company’s CISO provides cybersecurity updates to the entire board of directors and the board's Quality, Compliance, Manufacturing and Risk Management Committee (the "Committee"). The purpose of the Committee is to assist the Board in fulfilling its oversight responsibilities relating to the Company’s compliance with laws, regulations, and industry standards that, if breached, may cause significant business, regulatory, or reputational damage to the Company, including oversight of the Company's: •Compliance with good (“x” = manufacturing, clinical, laboratory, pharmacovigilance, storage, distribution etc.) (GxP) and medical device Quality Management Systems Regulations (QMSR); •Healthcare compliance, anti-corruption, privacy and data security landscape, medical product safety, supply chain, employee health and safety, political expenditures and lobbying activities, and government contracting; •ERM program; and •Cyber and information security risks. The Committee is the primary oversight body to monitor the Company’s cybersecurity and related information technology risks and receives periodic updates from Company management (including the Chief Information Officer and the interim CISO) on the Company’s policies, processes, procedures, and any significant developments related to the identification, mitigation, and remediation of cybersecurity risks. The Chair or Vice-Chair of the Committee meets as necessary with the Chief Information Officer and the interim CISO to engage in a more detailed review of the Company’s cybersecurity and information security activities. The Committee charter also requires that the Committee ensure that Company management provides an annual cyber and information security update to the Board of Directors. Current Committee members are: Zsolt Harsanyi, Ph.D., Sujata Dayal, Don DeGolyer and Kathryn C. Zoon, Ph.D., all of whom are independent directors. The interim CISO reports to the Committee twice per year and also reports to the Board twice per year.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Company’s Senior Vice President and Chief Information Officer, who is currently acting as the Company's interim Chief Information Security Officer (“CISO”), is responsible for assessing and managing the Cybersecurity risks with comprehensive oversight of information security functions with an emphasis on strategic leadership, governance, risk management and technical proficiency. The Company is actively in the process of identifying a permanent CISO. Moreover, the Company’s CISO provides cybersecurity updates to the entire board of directors and the board's Quality, Compliance, Manufacturing and Risk Management Committee (the "Committee").
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Company’s Senior Vice President and Chief Information Officer, who is currently acting as the Company's interim Chief Information Security Officer (“CISO”), is responsible for assessing and managing the Cybersecurity risks with comprehensive oversight of information security functions with an emphasis on strategic leadership, governance, risk management and technical proficiency.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Company’s Senior Vice President and Chief Information Officer, who is currently acting as the Company's interim Chief Information Security Officer (“CISO”), is responsible for assessing and managing the Cybersecurity risks with comprehensive oversight of information security functions with an emphasis on strategic leadership, governance, risk management and technical proficiency. The Company is actively in the process of identifying a permanent CISO. Moreover, the Company’s CISO provides cybersecurity updates to the entire board of directors and the board's Quality, Compliance, Manufacturing and Risk Management Committee (the "Committee"). The purpose of the Committee is to assist the Board in fulfilling its oversight responsibilities relating to the Company’s compliance with laws, regulations, and industry standards that, if breached, may cause significant business, regulatory, or reputational damage to the Company, including oversight of the Company's: •Compliance with good (“x” = manufacturing, clinical, laboratory, pharmacovigilance, storage, distribution etc.) (GxP) and medical device Quality Management Systems Regulations (QMSR); •Healthcare compliance, anti-corruption, privacy and data security landscape, medical product safety, supply chain, employee health and safety, political expenditures and lobbying activities, and government contracting; •ERM program; and •Cyber and information security risks. The Committee is the primary oversight body to monitor the Company’s cybersecurity and related information technology risks and receives periodic updates from Company management (including the Chief Information Officer and the interim CISO) on the Company’s policies, processes, procedures, and any significant developments related to the identification, mitigation, and remediation of cybersecurity risks. The Chair or Vice-Chair of the Committee meets as necessary with the Chief Information Officer and the interim CISO to engage in a more detailed review of the Company’s cybersecurity and information security activities. The Committee charter also requires that the Committee ensure that Company management provides an annual cyber and information security update to the Board of Directors. Current Committee members are: Zsolt Harsanyi, Ph.D., Sujata Dayal, Don DeGolyer and Kathryn C. Zoon, Ph.D., all of whom are independent directors. The interim CISO reports to the Committee twice per year and also reports to the Board twice per year. The Company has not incurred a material cybersecurity incident over the past three years. The Company is not aware that any risks from cybersecurity threats, including because of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect the company. For additional information related to cybersecurity related risks, refer to Part 1 Item 1A. Risk Factors. The Company proactively reviews threats landscape, impacts to the company, and address any gaps where necessary. Also, we maintain security operations metrics, incident response plan, conduct tabletop exercises and perform an internal phishing campaign and awareness program. In addition, the Company has managed Security Service Provider (MSSP) that maintains 24 hours per day, 7 days per week, monitoring of the Company's environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Purchase commitments	12 Months Ended
Purchase commitments	Dec. 31, 2025
Purchase Obligation, Fiscal Year Maturity [Abstract]
Purchase commitments	Purchase commitments The Company enters into agreements in the normal course of business with vendors for raw materials and other goods or services. Purchase commitments are agreements to purchase raw materials and services that are enforceable, legally binding, and specify terms that (1) include fixed or minimum quantities to be purchased, (2) include fixed, minimum or variable price provisions and (3) are longer than one year. Purchase commitments exclude agreements that are cancellable without penalty. As of December 31, 2025, the Company has approximately $474.8 million of purchase commitments associated with raw materials and Bioservices that will be purchased in the next five years, of which the Company estimates that approximately $142.9 million will be purchased within the next year. For the years ended December 31, 2025, 2024, and 2023, the Company purchased $88.6 million, $96.1 million and $107.8 million, respectively, of materials and services under these commitments.

Earnings (loss) per common share

12 Months Ended

Dec. 31, 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:


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net income (loss)	$	52.6	$	(190.6)	$	(760.5)

Denominator:
Weighted-average number of shares-basic	53.5		53.0		51.2
Dilutive securities - equity awards	3.2		—		—
Weighted-average number of shares-diluted	56.7		53.0		51.2

Net income (loss) per common share - basic	$	0.98	$	(3.60)	$	(14.85)
Net income (loss) per common share - diluted	$	0.93	$	(3.60)	$	(14.85)


	Year Ended December 31,
	2025	2024	2023
Anti-dilutive stock awards	4.4	4.9	3.6

Income taxes - Schedule of Reconciliation (2023 and 2024) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal tax at statutory rates	$ 17.4	$ (30.0)	$ (153.6)
State taxes, net of federal benefit		(28.6)	(52.7)
Foreign Tax Effects		1.5	(8.5)
Changes in valuation allowances		80.2	193.6
Tax credits		(0.2)	(0.9)
Pillar Two tax		6.8	0.0
Stock Compensation	1.6	4.1	6.8
Impact of Impairment	1.0	0.0	23.3
Adjustment of prior year taxes		0.4	1.3
Compensation limitation		1.7	0.3
Unrecognized tax benefit		(3.5)	(0.6)
Impact of divestitures	(1.3)	(3.9)	1.0
GILTI, net		15.8	17.8
Foreign Withholding Tax		3.5	0.8
Permanent differences		(0.1)	0.7
Income tax provision	$ 30.2	$ 47.7	$ 29.3

Share-based compensation and stockholders' equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 16.2	$ 18.0	$ 23.1
Cost of products and services sales, net
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	1.2	2.0	4.9
R&D
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	0.8	1.1	2.0
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 14.2	$ 14.9	$ 16.2

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 3.4
2027	3.1
2028	2.7
2029	2.4
2030	2.0
Thereafter	3.3
Total undiscounted lease liabilities	16.9
Less: Imputed interest	5.3
Total lease liabilities	$ 11.6	$ 12.4

Share-based compensation and stockholders' equity - Schedule of Stockholders' Equity Note, Warrants or Rights (Details) shares in Millions	Dec. 31, 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

Leases

12 Months Ended

Dec. 31, 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 Company's leases have remaining lease terms of less than one year to approximately 9 years. Most leases included one or more options to renew, with renewal terms that can extend the lease term up to five years.

The components of lease expense were as follows:


	Year Ended December 31,
	2025		2024		2023
Operating lease cost:
Amortization of right-of-use assets	$	2.5	$	3.2	$	4.0
Interest on lease liabilities	0.8		0.8		0.8
Total operating lease cost	$	3.3	$	4.0	$	4.8

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

Supplemental balance sheet information related to leases was as follows:


		December 31,
Leases	Classification	2025			2024
Operating lease right-of-use assets	Other assets	$	10.6		$	11.7

Operating lease liabilities, current portion	Other current liabilities	$	2.4		$	2.7
Operating lease liabilities	Other liabilities	9.2			9.7
Total operating lease liabilities		$	11.6		$	12.4

Operating leases:
Weighted average remaining lease term (years)		5.2			5.8
Weighted average discount rate		6.5		%	5.5		%

The maturity analysis below summarizes future undiscounted cash flows for our operating leases as of December 31, 2025:


Year	As of December 31, 2025
2026	3.4
2027	3.1
2028	2.7
2029	2.4
2030	2.0
Thereafter	3.3
Total undiscounted lease liabilities	16.9
Less: Imputed interest	5.3
Total lease liabilities	$	11.6

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 52.6	$ (190.6)	$ (760.5)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	(2.3)	0.5	0.9
Unrealized gains on hedging activities	0.0	0.0	2.7
Reclassification adjustment for gains on hedging activities	0.0	0.0	(8.9)
Reclassification adjustment for gains on pension benefit obligation	0.0	0.0	(3.5)
Total other comprehensive income (loss), net of tax	(2.3)	0.5	(8.8)
Comprehensive income (loss), net of tax	$ 50.3	$ (190.1)	$ (769.3)

- 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

+ Details

Fair value measurements - Schedule of Level 3 Fair Value Inputs In The Black-Scholes Option Pricing Models (Details) - Level 3 - Black-Scholes Method - 2024 Warrants	Dec. 31, 2025 yr
Term (in years)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, measurement input	3.7
Risk free interest rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, measurement input	0.036
Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, measurement input	1.07

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 205.4	$ 99.5
Restricted cash	3.7	6.1
Accounts receivable, net	84.2	154.5
Inventories, net	343.4	311.7
Prepaid expenses and other current assets	25.8	26.9
Total current assets	662.5	598.7
Property, plant and equipment, net	205.4	270.6
Intangible assets, net	436.5	501.5
Other assets	14.2	18.9
Total assets	1,318.6	1,389.7
Current liabilities:
Accounts payable	55.6	60.9
Accrued expenses	12.2	17.7
Accrued compensation	41.8	56.1
Current tax liability	6.8	5.8
Other current liabilities	15.8	21.9
Total current liabilities	132.2	162.4
Debt	572.1	663.7
Deferred tax liability	37.8	41.7
Other liabilities	53.9	39.1
Total liabilities	796.0	906.9
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 15.0 shares authorized, no shares issued and outstanding	0.0	0.0
Common stock, $0.001 par value per share; 200.0 shares authorized, 60.9 and 59.9 shares issued; 52.1 and 54.3 shares outstanding, respectively.	0.1	0.1
Treasury stock, at cost, 8.7 and 5.6 common shares, respectively	(252.6)	(227.7)
Additional paid-in capital	942.4	928.0
Accumulated other comprehensive loss, net	(7.5)	(5.2)
Accumulated deficit	(159.8)	(212.4)
Total stockholders’ equity	522.6	482.8
Total liabilities and stockholders’ equity	$ 1,318.6	$ 1,389.7

Derivative Instruments and hedging activities	12 Months Ended
Derivative Instruments and hedging activities	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and hedging activities	Derivative instruments and hedging activities Risk management objective of using derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its assets and liabilities and the use of derivative financial instruments. From time to time, the Company enters into interest rate swap transactions to manage exposures that arise from payments of variable interest rate debt associated with the Company's senior secured credit agreements. The objective and strategy with respect to these interest rate swaps is to protect the Company against adverse fluctuations in interest rates. During the second quarter of 2023, the Company terminated its designated interest rate swap transactions with a total notional value of $350.0 million. Hedge accounting was also discontinued at that time. During the year ended December 31, 2023, the Company reclassified the $8.9 million gain on interest rate swaps from “Accumulated other comprehensive loss, net” into “Interest expense” on the Consolidated Statement of Operations. As of December 31, 2025 and 2024, there was no remaining accumulated other comprehensive income associated with the terminated interest rate swaps.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Segment Information - Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived assets, net	$ 211.4	$ 275.2
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived assets, net	176.0	238.0
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived assets, net	32.9	34.5
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived assets, net	$ 2.5	$ 2.7

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating lease cost:
Amortization of right-of-use assets	$ 2.5	$ 3.2	$ 4.0
Interest on lease liabilities	0.8	0.8	0.8
Total operating lease cost	$ 3.3	$ 4.0	$ 4.8

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Inventories, net

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories, net

Inventories, net consist of the following:


	December 31,
	2025		2024
Raw materials and supplies	$	120.6	$	95.9
Work-in-process	109.0		86.3
Finished goods	113.8		129.5
Total inventories, net	$	343.4	$	311.7

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

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia
Auditor Firm ID	42

Derivative Instruments and hedging activities (Details) - Interest Rate Swap - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2023
Cash Flow Hedging \| Interest Expense
Derivatives, Fair Value [Line Items]
Gain on Interest rate swaps	$ 8.9
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, notional amount				$ 350.0
AOCI before tax, attributable to parent		$ 0.0	$ 0.0

Summary of significant accounting policies - Schedule of Property, Plant and Equipment Useful Lives (Details)	Dec. 31, 2025
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	31 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	39 years
Building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	39 years
Furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

Impairment and restructuring charges - Schedule of Impairment of Long-Lived Assets Held and Used by Asset (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Impaired Long-Lived Assets Held and Used [Line Items]
Amortization of intangible assets	$ 27.2	$ 306.7	$ 12.2	$ 27.2	$ 306.7
Buildings, building improvements and leasehold improvements
Impaired Long-Lived Assets Held and Used [Line Items]
Amortization of intangible assets			3.0	7.8	81.5
Furniture and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Amortization of intangible assets			9.2	14.1	117.5
Software
Impaired Long-Lived Assets Held and Used [Line Items]
Amortization of intangible assets			0.0	0.2	0.3
Construction-in-progress
Impaired Long-Lived Assets Held and Used [Line Items]
Amortization of intangible assets			$ 0.0	$ 5.1	$ 107.4

Debt - Schedule of Future Debt Payments of Long-Term Indebtedness (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 0.0
2027	0.0
2028	589.7
2029	0.0
2030	0.0
Thereafter	0.0
Total debt	$ 589.7	$ 700.0

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

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

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


	Year Ended December 31,
	2025		2024		2023
Income (loss) from continuing operations before income tax expense (benefit):
U.S.	$	(4.7)	$	(355.5)	$	(805.1)
International	87.5		212.6		73.9
Income (loss) before income taxes	82.8		(142.9)		(731.2)
Income tax expense (benefit) from continuing operations:
Current
Federal	$	—	$	4.4	$	(0.6)
State	1.4		1.4		0.5
International	32.7		47.4		36.7
Total current	34.1		53.2		36.6
Deferred
Federal	—		(4.4)		(2.0)
State	0.1		—		(1.2)
International	(4.0)		(1.1)		(4.1)
Total deferred	(3.9)		(5.5)		(7.3)
Income tax provision	$	30.2	$	47.7	$	29.3

Schedule of Income Tax Paid

The table below presents the Company’s income taxes paid (net of refunds received) disaggregated by federal, state, and foreign jurisdictions:


	December 31,
	2025
Income taxes paid (refunded):
U.S. Federal	$	—
U.S. State	1.8




Foreign:

Canada	37.4
Other foreign	0.8
Foreign Subtotal	38.2
Total cash paid for income taxes (net of refunds)	$	40.0

Schedule of Effective Income Tax Rate Reconciliation


	Year Ended December 31, 2025
	Amount		Percent
Federal tax at statutory rates	$	17.4	21.0	%
State taxes, net of federal benefit (1)	1.2		1.5	%
Foreign Tax Effects
Canada
Statutory tax rate difference between Canada and US	4.3		5.2	%
Local and Provincial taxes	2.1		2.5	%

Changes in valuation allowances	(1.4)		(1.7)	%
Foreign Withholding Tax	2.5		3.0	%
Other	0.5		0.6	%
Ireland
Statutory tax rate difference between Ireland and US	(3.3)		(4.0)	%
Effect of Cross Border Tax Laws	2.6		3.2	%



Effect of Cross-Border Tax Laws	(3.9)		(4.7)	%


Changes in Valuation Allowances	1.6		1.9	%
Nontaxable or Nondeductible Items
Stock Compensation	1.6		1.9	%
Impact of Impairment	1.0		1.3	%
Compensation limitation	1.0		1.2	%
Debt Financing	3.6		4.3	%
Impact of Divestitures	(1.3)		(1.5)	%
Other	0.7		0.8	%

Effective Tax Rate	$	30.2	36.5	%

(1) State taxes in California and Maryland made up the majority (greater than 50 percent) of the tax effect in this category.


	Year Ended December 31,
	2024		2023
Federal tax at statutory rates	$	(30.0)	$	(153.6)
State taxes, net of federal benefit	(28.6)		(52.7)
Impact of foreign operations	1.5		(8.5)
Change in valuation allowance	80.2		193.6
Tax credits	(0.2)		(0.9)
Pillar Two tax	6.8		—
Stock compensation	4.1		6.8
Goodwill Impairments	—		23.3
Adjustment of prior year taxes	0.4		1.3

Compensation limitation	1.7		0.3
Unrecognized tax benefit	(3.5)		(0.6)
Impact of divestitures	(3.9)		1.0
GILTI, net	15.8		17.8
Foreign withholding tax	3.5		0.8
Permanent differences	(0.1)		0.7
Income tax provision	$	47.7	$	29.3

Schedule of Unrecognized Tax Benefits

The table below presents the gross unrecognized tax benefits activity for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
Gross unrecognized tax benefits, beginning of period	$	1.7	$	6.6	$	6.8
Increases (decreases) for tax positions for prior years	—		—		0.4
Increases for tax positions for current year	—		—		0.1
Settlements	—		(2.3)		—
Lapse of statute of limitations	(0.3)		(2.6)		(0.7)
Gross unrecognized tax benefits, end of period	$	1.4	$	1.7	$	6.6

Schedule of Net Deferred Tax Liability

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


	December 31,
	2025		2024
Deferred tax assets
Federal losses carryforward	$	114.9	$	108.7
State losses carryforward	62.7		67.1
R&D carryforward	22.8		22.6


Stock compensation	5.5		4.6
Foreign losses carryforward	14.7		14.4

Inventory reserves	11.0		10.1
Lease liability	2.7		3.3
IRC 263A capitalized costs	1.9		1.3
Capitalized R&D	34.9		38.2
IRC 163(j) Interest Limitation	50.2		44.6
Fixed assets	0.4		14.2
Intangible assets	14.7		13.4
Charitable Contributions	1.9		1.3
Reserves	2.7		0.9
Other	2.0		1.5
Gross deferred tax assets	343.0		346.2
Valuation allowance	(329.6)		(339.0)
Total deferred tax assets	13.4		7.2
Deferred tax liabilities
Fixed assets	(5.5)		(1.8)
Intangible assets	(34.5)		(38.1)
Right-of-use asset	(2.5)		(3.1)
Foreign Withholding Tax	(3.7)		(1.2)
Prepaid expenses	(3.4)		(4.1)
Other	(1.6)		(0.6)
Total deferred tax liabilities	(51.2)		(48.9)
Net deferred tax liabilities	$	(37.8)	$	(41.7)

Assets and liabilities held-for-sale	12 Months Ended
Assets and liabilities held-for-sale	Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]
Assets and liabilities held-for-sale	Assets and liabilities held-for-sale In March 2025, the Company classified the assets and related liabilities associated with warehouse space in Maryland as held-for-sale. At that time, the Company recognized a non-cash loss on assets held-for-sale of $12.2 million which adjusted the disposal group to their fair values less costs to sell. During the fourth quarter of 2025, the Company concluded that its Maryland warehouse no longer met the criteria to be classified as held-for-sale due to changes in management's plan regarding the use of the warehouse space and determined it was no longer probable that it would be sold within 12 months. The net assets were reclassified to held-and-used at the lower of (i) their carrying amount, adjusted for depreciation that would have been recognized had they remained classified as held-and-used, or (ii) their fair value as of the date the decision not to sell was made. This reclassification as of December 31, 2025 did not result in any incremental adjustments to the recorded value of the assets and liabilities and is reported within “Impairment of long-lived assets” on the Consolidated Statements of Operations for the year ended December 31, 2025. Divestitures Sale of Travel Health Business In May 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 recorded within “Other, net” in the Consolidated Statement of Operations, upon satisfaction of the following milestones: •In July 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. •In August 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. •In February 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 year ended December 31, 2025. The Company received this milestone payment during the first quarter of 2025. •In February 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 year ended December 31, 2025. The Company received this milestone payment during 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® In July 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 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 Consolidated Statements of Operations and was $1.9 million for the year ended December 31, 2025. Sale of Baltimore-Camden Facility In August 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 on sale of business” 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 Consolidated Statements of Operations and was $0.4 million for the year ended December 31, 2025. Sale of Baltimore-Bayview Facility In March 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 year ended December 31, 2025, recorded within “Other, net” on the 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.

Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001	$ 0.001

Debt - Revolving Loan Agreement (Details) - Line of Credit	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)
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
Interest rate, stated percentage	2.00%
Covenant maturity, number of days prior to the maturity date	90 days
Minimum liquidity requirement		$ 50,000,000.0
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	75.00%
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

Share-based compensation and stockholders' equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Share-based compensation and stockholders' equity

Share-based compensation

The Company maintains the Emergent Plan and, until its termination on December 30, 2025, maintained the Inducement Plan. Both Plans include stock options, performance stock options, restricted stock units, performance stock units and liability classified long-term incentive awards.

As of December 31, 2025, an aggregate of 31.2 million shares of common stock were authorized for issuance under the Emergent Plan, of which a total of approximately 3.3 million shares of common stock remain available for future awards to be made to plan participants. As of December 31, 2025, an aggregate of 5.0 million shares of common stock had been authorized for issuance under the Inducement Plan and 1.1 million shares had been granted. The Inducement Plan was terminated on December 30, 2025, and the remaining 3.9 million authorized but unissued shares are no longer available for future awards. Additionally, during the year ended December 31, 2024, the Company granted an $8.0 million liability-classified long-term incentive award subject to performance based market conditions with the option to settle the award in any combination of cash or shares. The fair value of the liability-classified long-term incentive award was valued at grant using a Monte Carlo valuation model and will be revalued at each reporting period until the award is earned or expires. The long-term incentive award has a performance period of five years to vest based on the Company’s stock price performance.

Stock options and performance stock options


	Year Ended December 31,
	2025		2024		2023
Expected dividend yield	0	%	0	%	0	%
Expected volatility	95%-99%		78%-96%		63%-69%
Risk-free interest rate	3.70%-4.44%		3.43%-4.67%		4.00%-4.46%
Expected average life of stock options	4.8 years		4.8 years		4.5 years

During the year ended December 31, 2024, the Company granted performance stock options. These awards vest the later of one year after the grant date or the achievement of the market based performance condition. The performance period is five years after the grant date and the awards expire seven years after the grant date. The related stock-based compensation is recognized over the requisite service period, taking into account the probability that the market based performance condition will be achieved. The Company utilized the Monte Carlo valuation model for estimating the fair value of performance stock options granted. Set forth below are the assumptions used in valuing the performance stock options granted:


	Year Ended December 31,
	2025	2024		2023
Expected dividend yield	—	0%		—
Expected volatility	—	67.1	%	—
Risk-free interest rate	—	4.20	%	—
Expected average life of performance stock options	—	4.7 years		—

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


	Number of Shares		Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Stock options outstanding at December 31, 2024	4.8		$	7.61
Stock options granted	1.7		$	6.01
Stock options exercised	(0.2)		$	3.35
Stock options forfeited	(0.3)		$	4.46
Stock options expired	(0.1)		$	46.76
Stock options outstanding at December 31, 2025	$	5.9	$	6.65	5.3	$	46.5
Stock options exercisable at December 31, 2025	$	2.1	$	11.24	4.7	$	15.3

There was $0.7 million, $0.3 million, and no cash received from option exercises for the years ended December 31, 2025, 2024 and 2023, respectively. There were no performance options exercised during the years ended December 31, 2025, 2024 and 2023.

The weighted average grant date fair value of options granted during the years ended December 31, 2025, 2024 and 2023 was $4.37, $1.80 and $5.35 per share, respectively. The intrinsic value of stock options exercised is the amount by which the market value of our common stock on the exercise date exceeds the exercise price. The intrinsic value of options exercised during the year ended December 31, 2025 was $1.3 million due to a higher market price at the time of exercise relative to the strike price and higher option exercise activity. There was an immaterial intrinsic value of options exercised during the year ended December 31, 2024. There was no intrinsic value of options exercised during the year ended December 31, 2023.

The weighted average grant date fair value of performance options granted during the year ended December 31, 2024 was $1.13. There were no performance options granted during the years ended December 31, 2025 and 2023.

As of December 31, 2025, there was $7.1 million of unrecognized compensation cost related to stock options and $0.1 million of unrecognized compensation costs related to performance stock options. These costs are expected to be recognized over the weighted average periods of 1.5 years for stock options and 1.2 years for performance stock options.

Performance stock units and restricted stock units

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


	Number of Shares	Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value
Stock awards outstanding at December 31, 2024	1.2	$	12.01	$	11.60
Stock awards granted	3.0	$	5.98
Stock awards released	(0.7)	$	13.78
Stock awards forfeited (1)	(0.4)	$	8.86
Stock awards outstanding at December 31, 2025	3.1	$	6.27	$	39.00

(1) Performance stock units forfeited during the year ended December 31, 2025 are included at the target payout percentage, or 100%, of shares granted.

The total fair value of restricted stock unit awards released during the years ended December 31, 2025, 2024 and 2023 was $9.4 million, $21.6 million and $31.8 million, respectively. As of December 31, 2025, there was $11.4 million of unrecognized compensation cost related to unvested restricted stock units. This cost is expected to be recognized straight-line over a weighted average period of 1.9 years.

Performance stock units represent common stock potentially issuable in the future, subject to achievement of performance conditions. Our current outstanding performance stock units vest based on certain financial metrics over the applicable performance period. The vesting and payout range for our performance stock units is typically between 50% and up to 200% of the target number of shares granted at the end of a one or three-year performance period. There were no performance unit awards released during years ended December 31, 2025 and 2024. The total fair value of performance unit awards released during the year ended December 31, 2023 was $2.4 million. As of December 31, 2025, there was $0.8 million of unrecognized compensation cost related to unvested performance stock units. That cost is expected to be recognized straight-line over a weighted average period of 1.2 years.

Share-based compensation expense

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


	Year Ended December 31,
	2025		2024		2023
Cost of products and services sales, net	$	1.2	$	2.0	$	4.9
R&D	0.8		1.1		2.0
Selling, general and administrative	14.2		14.9		16.2
Total share-based compensation expense	$	16.2	$	18.0	$	23.1

Stockholders' equity

Preferred stock

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

Common stock

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

2025 Share Repurchase Program

In March 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. In February 2026, the Company reauthorized the 2025 Share Repurchase Program for the repurchase of up to $50.0 million of the Company's common stock through March 31, 2027. 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 stock, macroeconomic environment and other investment opportunities, consistent with applicable law. The 2025 Share Repurchase Program may be suspended or discontinued at any time. The Inflation Reduction Act of 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 year ended December 31, 2025 was $0.3 million.

During the year ended December 31, 2025, the Company utilized $25.1 million, including commissions and excise taxes, to repurchase 3.1 million shares. The average price paid, excluding commissions and excise taxes, was $8.15 per share. As of December 31, 2025, the Company had $24.9 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 the Company issued 1.1 million shares of common stock with an aggregate value of $10.0 million in September 2024. 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 in September 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 December 31, 2025, the fair value of the Warrants was $21.7 million. See Note 9, “Fair value measurements,” for more information on the accounting treatment and valuation of the Warrants.

As of December 31, 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 year ended December 31, 2025, no Warrants expired or were exercised.

At-the-Market Equity Offering Facility

The Company established an “at-the-market” equity offering program (the “ATM Program”) in May 2023. Pursuant to the ATM Program, the Company may, from time to time, sell up to $150.0 million aggregate gross sales price of shares of its common stock through Evercore Group L.L.C. and RBC Capital Markets, LLC, as sales agents. There were no sales of the Company’s common stock under the ATM Program during the year ended December 31, 2025 and 2024, and the Company does not currently have a prospectus on file in connection with the ATM Program. In 2023, the Company sold 1.1 million shares of the Company’s common stock under the ATM Program for gross proceeds of $9.1 million, representing an average share price of $8.22 per share. As of December 31, 2025, $140.9 million aggregate gross sales price of shares of the Company’s common stock remains available for issuance under the ATM Program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Revenue recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Year Ended December 31,
	2025						2024						2023
	USG		Non-USG		Total		USG		Non-USG		Total		USG		Non-USG		Total
Commercial Product sales	$	2.8	$	223.3	$	226.1	$	0.8	$	398.1	$	398.9	$	0.8	$	496.5	$	497.3
MCM Product sales	300.2		156.5		456.7		381.3		128.5		509.8		373.5		73.7		447.2
All other revenues (1) (2)	36.7		23.4		60.1		28.4		106.5		134.9		20.4		84.4		104.8
Total revenues	$	339.7	$	403.2	$	742.9	$	410.5	$	633.1	$	1,043.6	$	394.7	$	654.6	$	1,049.3

(1) “All other revenues” includes Services and Contract and grants revenue.
(2) “All other revenues” for the year ended December 31, 2024 include $50.0 million of Services revenues attributable to the Settlement Agreement. The revenue is related to raw materials purchased for the Janssen Agreement which Janssen had not reimbursed. See Note 20, “Litigation” for additional information related to the accounting treatment and settlement of the arbitration with Janssen.

Schedule of Percentage of Product Sales


	Year Ended December 31,
	2025		2024		2023
% of product sales:
Commercial Products:
Naloxone products	33	%	44	%	51	%
Other Commercial products (1)	—	%	—	%	1	%
MCM Products:
Anthrax MCM	17	%	15	%	20	%
Smallpox MCM	39	%	31	%	18	%
Other Products	11	%	10	%	10	%

(1) “Other Commercial products” refers to the travel health business that was sold to Bavarian Nordic in 2023. See Note 4, “Divestitures” for additional information related to the sale of the travel health business.

Schedule of Contract Liabilities

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


	Contract Liabilities
Balance at December 31, 2024	$	9.3
Balance at December 31, 2025	$	14.4
Revenue recognized in the period from amounts included in contract liability at the beginning of the period:	$	3.2

Schedule of Accounts Receivable

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


	December 31,
	2025		2024
Accounts receivable:
Billed	$	66.8	$	135.4
Unbilled	18.2		19.6
Allowance for expected credit losses	(0.8)		(0.5)
Accounts receivable, net	$	84.2	$	154.5

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

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


	Year Ended December 31,
	2025		2024		2023
Revenues:
Commercial Products	$	226.1	$	398.9	$	497.3
MCM Products	456.7		509.8		447.2
Reconciliation of revenue:
All other revenues (1)	60.1		134.9		104.8
Total revenues	$	742.9	$	1,043.6	$	1,049.3

Cost of sales reportable segments:
Commercial Products (2)	$	129.9	$	185.9	$	210.3
MCM Product (3)	158.7		205.4		295.9
Total of reportable segments	288.6		391.3		506.2









Segment adjusted gross margin reportable segments:
Commercial Products	$	96.2	$	213.0	$	287.0
MCM Products	298.0		304.4		151.3
Total of reportable segments	$	394.2	$	517.4	$	438.3

Reconciliation to income (loss) before income tax:
All other revenues less other costs of revenue (1)	$	27.1	$	(30.7)	$	(76.3)
Amortization of intangible assets	(65.1)		(65.1)		(65.6)
Restructuring benefits (costs)	0.8		(7.4)		(14.0)
Inventory step-up provision	(5.4)		(6.2)		(3.9)
Changes in fair value of financial instruments	—		(0.6)		(0.2)
Settlement charge, net	—		(110.2)		—
Goodwill impairment	—		—		(218.2)
Impairment of long-lived assets	(12.2)		(27.2)		(306.7)
Research and development	(53.2)		(70.7)		(111.4)
Selling, general and administrative	(186.1)		(308.0)		(368.4)
Interest expense	(59.3)		(71.0)		(87.9)
Gain on sale of business	—		24.3		74.2
Gain (loss) on debt extinguishment	(12.2)		0.6		2.5
Other, net	54.2		11.9		6.4
Income (loss) before income taxes	$	82.8	$	(142.9)	$	(731.2)






(1) "All other revenues" and "All other revenue less other cost of revenue" include Services and Contracts and grants revenue, and Services and Contracts and grants revenue less Cost of services, respectively.
(2) Excludes $0.2 million restructuring costs for the year ended December 31, 2025.
(3) Excludes $— million, $0.6 million and $0.2 million of changes in fair value of financial instruments, $(1.0) million, $7.2 million, and $5.6 million restructuring costs (benefits), and $5.4 million, $6.2 million and $3.9 million of inventory step-up provision during the years ended December 31, 2025, 2024, and 2023, respectively.

Schedule of Segment Reporting Information, by Segment

The following table includes depreciation expense for each reportable segment:


	Year Ended December 31,
	2025		2024		2023
Depreciation from reportable segments:
Commercial Products	$	—	$	—	$	0.3
MCM Products	18.1		20.3		22.8
Items not included in depreciation from reportable segments:
All other segment	3.7		9.9		22.5
Other	8.9		13.5		13.9
Total	$	30.7	$	43.7	$	59.5

Revenue from External Customers by Geographic Areas

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


	Year Ended December 31,
	2025		2024		2023
Revenue:
United States	$	531.1	$	822.6	$	607.2
Canada	75.0		140.4		224.2
Other	136.8		80.6		217.9
Total revenues	$	742.9	$	1,043.6	$	1,049.3

Long-Lived Assets by Geographic Areas

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


	December 31,
	2025		2024
Long-lived assets, net:
United States	$	176.0	$	238.0

Canada	32.9		34.5
Other	2.5		2.7
Total Long-lived assets, net	$	211.4	$	275.2

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Aug. 31, 2020	Aug. 07, 2020
Debt Instrument [Line Items]
Long-term debt	$ 589.7	$ 700.0
Unamortized debt issuance costs	(17.6)	(36.3)
Debt	$ 572.1	$ 663.7
3.875% Senior Unsecured Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.875%	3.875%		3.875%
Long-term debt	$ 439.7	$ 450.0	$ 450.0
Secured Debt \| Term Loan Due 2029 \| Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 150.0	$ 250.0

Income taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Valuation allowance net decrease	$ 9.4
Deferred tax liabilities, foreign withholding tax	$ 3.7	$ 1.2
Effective income tax rate reconciliation, percent	36.50%	(33.00%)	(4.00%)
Unrecognized tax benefits, noncurrent	$ 1.4	$ 1.7
Unrecognized tax benefits, reduction resulting from lapse of applicable statute of limitations	0.3	2.6	$ 0.7
Unrecognized tax benefits, decrease resulting from settlements with taxing authorities	0.0	2.3	0.0
Accrued income tax penalties and interest	0.8	0.8
Interest and penalties expense (benefit)	0.0	$ (0.8)	$ 0.2
United States
Income Tax Contingency [Line Items]
Operating loss carryforwards	547.2
Operating loss carryforwards, subject to expiration	36.0
Operating loss carryforwards, not subject to expiration	511.2
Tax credit carryforward, amount	17.8
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	1,100.0
State and Local Jurisdiction \| Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward, amount	5.0
Foreign Tax Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 58.7

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Activities
Net income (loss)	$ 52.6	$ (190.6)	$ (760.5)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Share-based compensation expense	16.2	18.0	23.1
Depreciation and amortization	95.8	108.8	125.1
Change in fair value of contingent obligations, net	0.0	0.6	0.2
Amortization of deferred financing costs	9.8	7.4	21.3
Deferred income taxes	(4.0)	(5.5)	(8.9)
Noncash gain on sale of business	0.0	(32.2)	(74.2)
Change in fair value of warrant liability	5.5	1.1	0.0
Goodwill impairment	0.0	0.0	218.2
Impairment of long-lived assets	12.2	27.2	306.7
Loss on disposal of assets	4.5	28.7	21.1
Other	0.4	6.5	(8.1)
Changes in operating assets and liabilities:
Accounts receivable	25.5	(24.4)	(21.6)
Inventories	(30.3)	(24.5)	0.6
Prepaid expenses and other assets	11.7	169.9	11.7
Accounts payable	(8.4)	(33.0)	10.6
Accrued expenses and other liabilities	(10.2)	12.3	(55.7)
Long-term incentive plan accrual	3.1	3.6	4.8
Accrued compensation	(17.3)	(18.2)	(10.4)
Income taxes receivable and payable, net	(1.7)	23.3	(16.2)
Contract liabilities	5.2	(20.3)	5.9
Net cash provided by (used in) operating activities	170.6	58.7	(206.3)
Investing Activities
Purchases of property, plant and equipment	(13.8)	(22.9)	(51.6)
Proceeds from sale of property, plant and equipment	38.2	7.9	0.0
Milestone payments from prior asset divestiture	50.0	30.0	(6.3)
Purchase of convertible note receivable	(5.0)	0.0	0.0
Proceeds from sale of business	0.0	110.2	270.2
Net cash provided by investing activities	69.4	125.2	212.3
Financing Activities
Proceeds from the issuance of debt, net of lender fees	0.0	219.0	0.0
Proceeds allocated to warrants issued in conjunction with debt	0.0	13.4	0.0
Proceeds allocated to common stock issued in conjunction with debt	0.0	9.3	0.0
Principal payments on term loan facility	(100.0)	(198.2)	(164.6)
Proceeds from revolving credit facility	0.0	65.0	20.0
Principal payments on revolving credit facility	0.0	(284.2)	(398.8)
Debt issuance costs	0.0	(14.6)	0.0
Proceeds from issuance of common stock upon exercise of stock options	2.2	0.0	0.0
Repurchase of debt	(8.7)	0.0	0.0
Prepayment premium on debt principal payment	(3.8)	0.0	0.0
Purchases of treasury stock	(24.9)	0.0	0.0
Proceeds from share-based compensation activity	0.0	1.5	1.8
Proceeds from at-the-market sale of stock, net of commissions and expenses	0.0	0.0	8.4
Taxes paid for share-based compensation activity	(1.4)	(1.2)	(2.5)
Net cash used in financing activities:	(136.6)	(190.0)	(535.7)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.1	0.0	(1.2)
Net change in cash, cash equivalents and restricted cash	103.5	(6.1)	(530.9)
Cash, cash equivalents and restricted cash, beginning of period	105.6	111.7	642.6
Cash, cash equivalents and restricted cash, end of period	209.1	105.6	111.7
Supplemental cash flow disclosures:
Cash paid for interest	49.7	64.0	68.3
Cash paid for income taxes, net of refunds	40.0	26.5	52.8
Non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end	1.6	1.9	5.7
Gain (loss) on extinguishments of debt	(12.2)	0.6	2.5
Issuance of common stock in conjunction with debt	0.0	7.7	0.0
Excise tax liability accrued for common stock repurchases	0.3	0.0	0.0
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	205.4	99.5	111.7
Restricted cash	3.7	6.1	0.0
Total	$ 209.1	$ 105.6	$ 111.7

Income taxes - Schedule of Net Deferred Tax Liability (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Federal losses carryforward	$ 114.9	$ 108.7
State losses carryforward	62.7	67.1
R&D carryforward	22.8	22.6
Stock compensation	5.5	4.6
Foreign losses carryforward	14.7	14.4
Inventory reserves	11.0	10.1
Lease liability	2.7	3.3
IRC 263A capitalized costs	1.9	1.3
Capitalized R&D	34.9	38.2
IRC 163(j) Interest Limitation	50.2	44.6
Fixed assets	0.4	14.2
Intangible assets	14.7	13.4
Charitable Contributions	1.9	1.3
Reserves	2.7	0.9
Other	2.0	1.5
Gross deferred tax assets	343.0	346.2
Valuation allowance	(329.6)	(339.0)
Total deferred tax assets	13.4	7.2
Deferred tax liabilities
Fixed assets	(5.5)	(1.8)
Intangible assets	(34.5)	(38.1)
Right-of-use asset	(2.5)	(3.1)
Foreign Withholding Tax	(3.7)	(1.2)
Prepaid expenses	(3.4)	(4.1)
Other	(1.6)	(0.6)
Total deferred tax liabilities	(51.2)	(48.9)
Net deferred tax liabilities	$ (37.8)	$ (41.7)

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended December 31, 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)

Keith Katkin

Director

Adoption

November 10, 2025

Sale

15,481

November 10, 2026

Paul Williams

SVP, Product Business

Adoption

November 14, 2025

Sale

50,000

November 14, 2026

Jessica Perl

SVP, General Counsel

Adoption

November 19, 2025

Sale

32,801

November 19, 2026

Each of the above-named directors and officers is currently and is expected to remain in compliance with his or her share ownership guidelines following the sale of any common shares pursuant to his or her 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

Keith Katkin [Member]

Trading Arrangements, by Individual

Name

Keith Katkin

Title

Director

Rule 10b5-1 Arrangement Adopted

true

November 10, 2025

November 10, 2026

365 days

15,481

Paul Williams [Member]

Trading Arrangements, by Individual

Name

Paul Williams

Title

SVP, Product Business

Rule 10b5-1 Arrangement Adopted

true

November 14, 2025

November 14, 2026

365 days

50,000

Jessica Perl [Member]

Trading Arrangements, by Individual

Name

Jessica Perl

Title

SVP, General Counsel

Rule 10b5-1 Arrangement Adopted

true

November 19, 2025

November 19, 2026

365 days

32,801

Property, plant and equipment, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property Plant and Equipment Income Statement Disclosures [Abstract]
Depreciation	$ 30.7	$ 43.7	$ 59.5

Purchase commitments (Details) - USD ($) $ in Millions	12 Months Ended
Purchase commitments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Purchase Obligation, Fiscal Year Maturity [Abstract]
Total purchase commitment	$ 474.8
Purchase commitment period	5 years
Purchase commitment, year one	$ 142.9
Materials purchased under commitment, amount	$ 88.6	$ 96.1	$ 107.8

Impairment and restructuring charges - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Accruals	$ (2.1)	$ 22.5	$ 29.3
January 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	1.4
Accruals		0.0
Cash payments		(1.4)
Ending balance		0.0	1.4
August 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	5.4
Accruals		(0.6)
Cash payments		(4.8)
Ending balance		0.0	5.4
May 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	5.3	0.0
Accruals	(1.3)	19.8
Cash payments	(4.0)	(14.5)
Ending balance	0.0	5.3	0.0
August 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	2.4	0.0
Accruals	(0.8)	3.3
Cash payments	(1.6)	(0.9)
Ending balance	0.0	2.4	0.0
Employee Transition
Restructuring Reserve [Roll Forward]
Accruals	0.0	0.3	0.6
Employee Transition \| January 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	0.0
Accruals		0.0
Cash payments		0.0
Ending balance		0.0	0.0
Employee Transition \| August 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	0.0
Accruals		0.0
Cash payments		0.0
Ending balance		0.0	0.0
Employee Transition \| May 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	0.0
Accruals	0.0	0.2
Cash payments	0.0	(0.2)
Ending balance	0.0	0.0	0.0
Employee Transition \| August 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	0.0
Accruals	0.0	0.1
Cash payments	0.0	(0.1)
Ending balance	0.0	0.0	0.0
Severance Payments
Restructuring Reserve [Roll Forward]
Accruals	(1.3)	19.3	27.0
Severance Payments \| January 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	1.4
Accruals		0.0
Cash payments		(1.4)
Ending balance		0.0	1.4
Severance Payments \| August 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	5.3
Accruals		(0.6)
Cash payments		(4.7)
Ending balance		0.0	5.3
Severance Payments \| May 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	4.5	0.0
Accruals	(0.9)	17.2
Cash payments	(3.6)	(12.7)
Ending balance	0.0	4.5	0.0
Severance Payments \| August 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	1.9	0.0
Accruals	(0.4)	2.6
Cash payments	(1.5)	(0.7)
Ending balance	0.0	1.9	0.0
Employee Benefits
Restructuring Reserve [Roll Forward]
Accruals	(0.8)	2.9	1.7
Employee Benefits \| January 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	0.0
Accruals		0.0
Cash payments		0.0
Ending balance		0.0	0.0
Employee Benefits \| August 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	0.1
Accruals		0.0
Cash payments		(0.1)
Ending balance		0.0	0.1
Employee Benefits \| May 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.8	0.0
Accruals	(0.4)	2.4
Cash payments	(0.4)	(1.6)
Ending balance	0.0	0.8	0.0
Employee Benefits \| August 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0.5	0.0
Accruals	(0.4)	0.6
Cash payments	(0.1)	(0.1)
Ending balance	$ 0.0	$ 0.5	$ 0.0

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

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


	December 31,
	2025		2024
Senior secured credit agreement - Term loan due 2029	$	150.0	$	250.0
3.875% Senior Unsecured Notes due 2028	439.7		450.0



Total debt	$	589.7	$	700.0

Unamortized debt issuance costs	(17.6)		(36.3)
Non-current portion of debt	$	572.1	$	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. As of December 31, 2025, the Company has $15.1 million in unamortized debt issuance costs associated with the Term Loan.

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 Consolidated Balance Sheets. As of December 31, 2025, the Company has $2.7 million in unamortized 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.

During the year ended December 31, 2024, the Company entered into a bilateral agreement with a bank in the amount of $5.1 million that is fully collateralized by cash, which is classified within “Restricted cash” in the Company’s Consolidated Balance Sheet as of December 31, 2024. As of December 31, 2025, $0.1 million remains in the "Restricted cash."

The Company recorded a gain on extinguishments of debt of $0.6 million during the year ended December 31, 2024 in “Gain (loss) on debt extinguishment” on the Consolidated Statements of Operations related to the Prior Credit Agreement (as defined below) and other loan forgiveness.

3.875% Senior Unsecured Notes due 2028

In August 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 2028 Notes will mature on August 15, 2028.

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 2028 Notes, among other things, limit the ability of the Company to incur indebtedness and liens, dispose of assets, make investments, enter into certain merger or consolidation transactions and make restricted payments.

In May 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 year ended December 31, 2025, the Company repurchased $10.3 million principal amount of its outstanding Senior Unsecured Notes. The Company paid $8.7 million in cash, including fees and accrued interest, in connection with the repurchases and recognized a gain on extinguishment of approximately $1.6 million for the year ended December 31, 2025, which was included in “Gain (loss) on debt extinguishment” on the Consolidated Statement of Operations. As of December 31, 2025, the Company had $19.7 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. The Term Loan 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 Secured Overnight Financing Rate ("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 December 31, 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. In December 2025, the Company voluntarily prepaid $100.0 million of the Term Loan, which was subject to the applicable $3.8 million prepayment premium under the Term Loan Agreement. The Company recognized a loss on extinguishment of $13.8 million, primarily attributable to the acceleration of unamortized debt issuance costs and prepayment premium, as recorded in “Gain (loss) on debt extinguishment” on the Consolidated Statement of Operations. As of December 31, 2025, the Company has $150.0 million in Term Loan principal remaining.

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, 2018, 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 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 will 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 December 31, 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.

Debt Maturity

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


Year	As of December 31, 2025
2026	$	—
2027	—
2028	589.7
2029	—
2030	—
Thereafter	—
Total debt	$	589.7

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Impairment and restructuring charges - Schedule Restructuring and Related Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Total restructuring costs (benefits)	$ (2.1)	$ 22.5	$ 29.3
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of goods and services sold, Research and development, Selling, general and administrative	Cost of goods and services sold, Research and development, Selling, general and administrative	Cost of goods and services sold, Research and development, Selling, general and administrative
Employee Transition
Restructuring Cost and Reserve [Line Items]
Total restructuring costs (benefits)	$ 0.0	$ 0.3	$ 0.6
Severance Payments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs (benefits)	(1.3)	19.3	27.0
Employee Benefits
Restructuring Cost and Reserve [Line Items]
Total restructuring costs (benefits)	(0.8)	2.9	1.7
Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs (benefits)	(1.0)	7.4	14.0
Operating Segments \| MCM Products
Restructuring Cost and Reserve [Line Items]
Total restructuring costs (benefits)	(1.0)	7.2	5.6
Operating Segments \| All other segments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs (benefits)	0.0	0.2	8.4
Corporate \| SG&A
Restructuring Cost and Reserve [Line Items]
Total restructuring costs (benefits)	(0.5)	9.3	11.7
Corporate \| R&D
Restructuring Cost and Reserve [Line Items]
Total restructuring costs (benefits)	$ (0.6)	$ 5.8	$ 3.6

Property, plant and equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property Plant and Equipment Income Statement Disclosures [Abstract]

Schedule of Property, Plant and Equipment


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

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


	December 31,
	2025 (1)		2024 (1)
Land and improvements	$	20.7	$	25.8
Buildings, building improvements and leasehold improvements	160.5		196.1
Furniture and equipment	259.8		368.3
Software	61.9		67.2
Construction-in-progress	6.6		10.3
Property, plant and equipment, gross	$	509.5	$	667.7
Less: Accumulated depreciation and amortization	(304.1)		(397.1)
Total property, plant and equipment, net	$	205.4	$	270.6

(1) During the years ended December 31, 2025 and 2024, the Company recorded non-cash impairment charges of $12.2 million and $27.2 million, respectively, related to certain Bioservices long-lived assets. See Note 3, "Assets and liabilities held-for-sale" and Note 5, “Impairment and restructuring charges”, respectively, for more details regarding the impairment charges.

Intangible assets and goodwill - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Carrying Amount	$ 855.4	$ 855.4
Accumulated Amortization	418.9	353.9
Total remaining amortization	$ 436.5	501.5
Products
Intangible Asset, Acquired, Finite-Lived [Line Items]
Weighted Average Useful Life in Years	13 years 9 months 18 days
Gross Carrying Amount	$ 855.4	855.4
Accumulated Amortization	418.9	353.9
Total remaining amortization	$ 436.5	$ 501.5

Fair value measurements - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Aug. 30, 2024	Aug. 07, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 21.7	$ 16.2
3.875% Senior Unsecured Notes due 2028 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate, stated percentage	3.875%	3.875%		3.875%
Long-term debt, fair value	$ 389.7	$ 369.1
Series I Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)			1.0
Class of warrant or right, exercise price of warrants or rights (in dollars per share)			$ 9.8802
Series II Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)			1.5
Class of warrant or right, exercise price of warrants or rights (in dollars per share)			$ 15.7185

Impairment and restructuring charges (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
Buildings, building improvements and leasehold improvements	$	3.0	$	7.8	$	81.5
Furniture and equipment	9.2		14.1		117.5
Software	—		0.2		0.3
Construction-in-progress	—		5.1		107.4

Total impairment of long-lived assets	$	12.2	$	27.2	$	306.7

Schedule of Restructuring and Related Costs


	Year Ended December 31,
	2025		2024		2023
Segment restructuring costs (benefits):
MCM Products	$	(1.0)	$	7.2	$	5.6
All other segments	—		0.2		8.4
Total restructuring costs (benefits) included in Cost of product and services sales, net	$	(1.0)	$	7.4	$	14.0

Corporate restructuring costs (benefits):
SG&A	$	(0.5)	$	9.3	$	11.7
R&D	(0.6)		5.8		3.6
Total restructuring costs (benefits)	$	(2.1)	$	22.5	$	29.3

The following table presents the total restructuring costs (benefits), by function, for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
Employee transition	$	—	$	0.3	$	0.6
Severance payments	(1.3)		19.3		27.0
Employee benefits	(0.8)		2.9		1.7
Total restructuring costs (benefits)	$	(2.1)	$	22.5	$	29.3

Schedule of Restructuring Reserve by Type of Cost

The following table provides the components of and changes in the Company’s restructuring accrual for the January 2023 Plan during the year ended December 31, 2024:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	1.4	$	—	$	1.4
Accruals	—		—		—		—
Cash payments	—		(1.4)		—		(1.4)
Balance at December 31, 2024	$	—	$	—	$	—	$	—


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	5.3	$	0.1	$	5.4
Accruals	—		(0.6)		—		(0.6)
Cash payments	—		(4.7)		(0.1)		(4.8)
Balance at December 31, 2024	$	—	$	—	$	—	$	—

The following table provides the components of and changes in the Company's restructuring accrual for the May 2024 Plan during the years ended December 31, 2025 and 2024:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	—	$	—	$	—
Accruals	0.2		17.2		2.4		19.8
Cash payments	(0.2)		(12.7)		(1.6)		(14.5)
Balance at December 31, 2024	$	—	$	4.5	$	0.8	$	5.3
Accruals	—		(0.9)		(0.4)		(1.3)
Cash payments	—		(3.6)		(0.4)		(4.0)
Balance at December 31, 2025	$	—	$	—	$	—	$	—

The following table provides the components of and changes in the Company's restructuring accrual for the August 2024 Plan during the year ended December 31, 2025:


	Employee Transition		Severance Payments		Employee Benefits		Total
Balance at December 31, 2023	$	—	$	—	$	—	$	—
Accruals	0.1		2.6		0.6		3.3
Cash payments	(0.1)		(0.7)		(0.1)		(0.9)
Balance at December 31, 2024	$	—	$	1.9	$	0.5	$	2.4
Accruals	—		(0.4)		(0.4)		(0.8)
Cash payments	—		(1.5)		(0.1)		(1.6)
Balance at December 31, 2025	$	—	$	—	$	—	$	—

Income taxes - Schedule of Reconciliation (2025) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Federal tax at statutory rates	$ 17.4	$ (30.0)	$ (153.6)
State taxes, net of federal benefit		(28.6)	(52.7)
Foreign Tax Effects		1.5	(8.5)
Changes in valuation allowances		80.2	193.6
Foreign Withholding Tax		3.5	0.8
Stock Compensation	1.6	4.1	6.8
Impact of Impairment	1.0	0.0	23.3
Compensation limitation	1.0
Debt Financing	3.6
Impact of divestitures	(1.3)	(3.9)	1.0
Other nontaxable or nondeductible items	0.7
Income tax provision	$ 30.2	$ 47.7	$ 29.3
Percent
Federal tax at statutory rates	21.00%
Stock Compensation	1.90%
Impact of Impairment	1.30%
Compensation limitation	1.20%
Debt Financing	4.30%
Impact of Divestitures	(1.50%)
Other nontaxable or nondeductible items	0.80%
Effective Tax Rate	36.50%	(33.00%)	(4.00%)
United States
Amount
State taxes, net of federal benefit	$ 1.2
Changes in valuation allowances	1.6
Effect of Cross Border Tax Laws	$ (3.9)
Percent
State taxes, net of federal benefit	1.50%
Changes in valuation allowances	1.90%
Effect of Cross Border Tax Laws	(4.70%)
Canada
Amount
State taxes, net of federal benefit	$ 2.1
Foreign Tax Effects	4.3
Changes in valuation allowances	(1.4)
Foreign Withholding Tax	2.5
Other	$ 0.5
Percent
State taxes, net of federal benefit	2.50%
Statutory tax rate difference	5.20%
Changes in valuation allowances	(1.70%)
Foreign Withholding Tax	3.00%
Other	0.60%
Ireland
Amount
Foreign Tax Effects	$ (3.3)
Effect of Cross Border Tax Laws	$ 2.6
Percent
Statutory tax rate difference	(4.00%)
Effect of Cross Border Tax Laws	3.20%

Fair value measurements - Schedule of Contingent Consideration Roll Forward (Details) - Contingent Consideration - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ 0	$ 5,600,000
Change in fair value		600,000
Settlements		(2,300,000)
Sales		(3,900,000)
Balance, end of period	$ 0	$ 0

Debt - Term Loan Agreement (Details) - USD ($)		1 Months Ended	12 Months Ended
Debt - Term Loan Agreement (Details) - USD ($)	Aug. 30, 2024	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Debt Instrument [Line Items]
Prepayment premium on debt principal payment			$ 3,800,000	$ 0	$ 0
Loss on extinguishment of debt			12,200,000	(600,000)	$ (2,500,000)
Term loan principal		$ 589,700,000	589,700,000	$ 700,000,000.0
Term Loan \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 250,000,000.0
Original issue discount, percentage	3.00%
Additional default interest rate	2.00%
Aggregate principal amount outstanding threshold	$ 25,000,000.0
Minimum liquidity requirement						$ 75,000,000.0
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
Repayments of long-term debt		100,000,000.0
Prepayment premium on debt principal payment		3,800,000
Loss on extinguishment of debt		13,800,000
Term loan principal		$ 150,000,000.0	$ 150,000,000.0
Term Loan \| Line of Credit \| Base Rate \| Secured Debt
Debt Instrument [Line Items]
Variable interest rate floor	1.00%
Debt instrument, basis spread on variable rate	7.25%
Term Loan \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	8.25%
Term Loan \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Until The Second Anniversary Of The Closing Date \| Secured Debt
Debt Instrument [Line Items]
Variable interest rate floor	2.00%
Term Loan \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| After The Second Anniversary Of The Closing Date \| Secured Debt
Debt Instrument [Line Items]
Variable interest rate floor	3.00%

Litigation (Details)

1 Months Ended

2 Months Ended

3 Months Ended

12 Months Ended

Apr. 18, 2025

USD ($)

Jul. 31, 2024

USD ($)

Jan. 31, 2026

USD ($)

Mar. 31, 2025

USD ($)

Jan. 31, 2022

claim

Dec. 31, 2024

USD ($)

Jun. 30, 2024

USD ($)

Nov. 30, 2021

claim

Jun. 30, 2021

claim

Dec. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Jul. 02, 2024

USD ($)

Commitments and Contingencies Disclosure [Line Items]

Other assets

$ 18,900,000

$ 14,200,000

$ 18,900,000

Total revenues

742,900,000

1,043,600,000

$ 1,049,300,000

Cost of goods and services sold

^[1]

326,200,000

681,300,000

705,400,000

Product and services sales, net

Commitments and Contingencies Disclosure [Line Items]

Total revenues

705,200,000

1,013,600,000

$ 1,023,000,000

Janssen Pharmaceuticals, Inc.,

Commitments and Contingencies Disclosure [Line Items]

Proceeds from legal settlements

$ 50,000,000.0

Increase in other assets

$ 152,700,000

Other assets

$ 158,700,000

Cost of goods and services sold

$ 50,000,000.0

Inventory write-offs

110,200,000

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

Commitments and Contingencies Disclosure [Line Items]

Total revenues

$ 50,000,000.0

Securities And Shareholder Litigation

Commitments and Contingencies Disclosure [Line Items]

Number of putative class action lawsuits | claim

Damages paid

40,000,000.0

Damages paid from insurance proceeds

30,000,000.0

Settlement amount

$ 15,000,000.0

Settlement gain

10,500,000

New York Attorney General's Office Inquiry

Commitments and Contingencies Disclosure [Line Items]

Litigation settlement, fee expense

900,000

New York Attorney General's Office Inquiry | Subsequent Event

Commitments and Contingencies Disclosure [Line Items]

Litigation settlement, amount awarded to other party

$ 900,000

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

$ 1,500,000

$ 0

$ 1,500,000

[1]	(1) Exclusive of intangible assets amortization

Assets and liabilities held-for-sale (Details) $ in Millions	1 Months Ended
	Mar. 31, 2025 USD ($)
Maryland Warehouse Space \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, not discontinued operation, loss on write-down	$ 12.2

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of presentation and consolidation

Use of estimates

Cash and cash equivalents and restricted cash

Warrants

Fair value measurements


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

Significant customers and accounting receivable

Concentration Risk

Customers

Financial Institutions

Lender Counterparties

Inventories, net

Pre-launch inventory

Property, plant and equipment, net


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

Income taxes

Asset Impairment Analysis

Goodwill and Indefinite-lived Intangible Assets

Long-lived Assets

Contingent Consideration

Leases

Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for separately.

Revenue recognition

Multiple performance obligations

Transaction price and variable consideration

Product sales

Bioservices

Contracts and grants

Research and development

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

▪personnel-related expenses;

▪costs associated with technology transfer and scale up activities throughout the development stage, including internally and through third party contract manufacturers;

▪costs of Bioservices for clinical trial material; and

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

Comprehensive income (loss)

Translation and remeasurement of foreign currencies

Earnings (loss) per common share

Treasury stock

Advertising Costs

Advertising costs are expensed as incurred and are included as an element of "Selling, general and administrative" ("SG&A") expense in the Consolidated Statement of Operations.

Accounting for share-based compensation

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

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

New Accounting Standards

Recently Adopted Accounting Standards

Accounting Standards Not Yet Adopted

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	Year Ended December 31,
	2025		2024		2023
Operating lease cost:
Amortization of right-of-use assets	$	2.5	$	3.2	$	4.0
Interest on lease liabilities	0.8		0.8		0.8
Total operating lease cost	$	3.3	$	4.0	$	4.8

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows:


		December 31,
Leases	Classification	2025			2024
Operating lease right-of-use assets	Other assets	$	10.6		$	11.7

Operating lease liabilities, current portion	Other current liabilities	$	2.4		$	2.7
Operating lease liabilities	Other liabilities	9.2			9.7
Total operating lease liabilities		$	11.6		$	12.4

Operating leases:
Weighted average remaining lease term (years)		5.2			5.8
Weighted average discount rate		6.5		%	5.5		%

Schedule of Future Minimum Lease Payments

The maturity analysis below summarizes future undiscounted cash flows for our operating leases as of December 31, 2025:


Year	As of December 31, 2025
2026	3.4
2027	3.1
2028	2.7
2029	2.4
2030	2.0
Thereafter	3.3
Total undiscounted lease liabilities	16.9
Less: Imputed interest	5.3
Total lease liabilities	$	11.6