Hikma Pharmaceuticals USA, Inc.

– Generated Quarterly Net Revenues of $193.5 Million, Up 9% Year-over-Year – – Generated JORNAY PM ® Quarterly Net Revenue of $38.9 Million, Up 36% Year-over-Year – – On Track to Close Acquisition of AZSTARYS ® in Second Quarter of 2026, Adding Highly Complementary and Differentiated Medicine with Significant Growth Potential to Collegium’s Existing ADHD Portfolio – – Generated Quarterly Pain Portfolio Net Revenues of $154.6 Million, Up 4% Year-over-Year – – Ended Q1’26 with Cash, Cash Equivalents and Marketable Securities of $421.8 Million – – Reaffirmed Full-Year 2026 Guidance for the Current Business – – Conference Call Scheduled for Today at 8:00 a.m. ET – STOUGHTON, Mass., May 07, 2026 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL) today reported its financial results for the quarter ended March 31, 2026, and provided a business update. “In the first quarter, we made meaningful progress on our 2026 strategic priorities, including delivering strong performance for JORNAY PM and continued durability from our pain portfolio” said Vikram Karnani, President and Chief Executive Officer. “We generated additional growth for JORNAY PM, with net revenue up 36% and prescriptions rising 14% driven by gains in both new prescribers and market share. We are encouraged by the impact of our expanded ADHD salesforce and marketing initiatives and look forward to integrating AZSTARYS following the expected close of the transaction. The pending acquisition of AZSTARYS represents an important next step in strengthening our ADHD portfolio, extending revenues into the late 2030s, and expanding our growth profile. At the same time, our pain portfolio delivered another solid quarter of durable revenues, driven by differentiated products and deliberate actions taken to enhance profitability. We remain focused on executing our strategy to build a leading diversified biopharmaceutical company while improving the lives of people living with serious medical conditions.” “We delivered strong first quarter results, marked by significant net revenue growth for JORNAY PM, robust contributions from our pain portfolio, and impressive operating cash flows,” said Colleen Tupper, Chief Financial Officer. “Our strong financial position enabled us to continue to execute on our capital deployment strategy, fueling the proposed acquisition of AZSTARYS. We expect the acquisition to be immediately accretive upon close and to extend our revenues into the late 2030s. Following an encouraging start to the year, we are well positioned to achieve our strategic priorities and financial commitments as we work to drive long-term shareholder value.” ADHD Business Highlights Generated JORNAY PM net revenue of $38.9 million, up 36% year-over-year in the quarter ended March 31, 2026 (the 2026 Quarter). JORNAY PM prescriptions reached an all-time high in the 2026 Quarter, with over 206,000 prescriptions written, up 14% year-over-year. JORNAY PM prescribers reached an all-time high in the 2026 Quarter with approximately 30,000 healthcare providers writing JORNAY PM prescriptions, up 17% year-over-year. In March, announced the acquisition of AZSTARYS from Corium Therapeutics for $650 million in cash with the potential for additional milestone payments up to $135 million contingent on future commercial and manufacturing milestones. The acquisition will add a highly complementary and differentiated medicine with significant growth potential to Collegium’s existing ADHD portfolio. The acquisition is expected to close in the second quarter of 2026 and be immediately accretive to adjusted EBITDA. In March, launched the ‘Embrace Your Sparkle ’ campaign with Paris Hilton, aimed at encouraging broader understanding and an open dialogue about ADHD. In February, announced a multi-year sponsorship for a sensory room with Boston Legacy FC, a member of the National Women's Soccer League (NWSL), to help make games accessible and inclusive for more fans while raising awareness and encouraging understanding of neurodevelopmental disorders, such as ADHD. In January, presented four posters at the American Professional Society of ADHD and Related Disorders (APSARD) Annual Conference highlighting real-world JORNAY PM data. Pain Portfolio Highlights Generated pain portfolio net revenues of $154.6 million in the 2026 Quarter, up 4% year-over-year. Generated Belbuca ® net revenue of $52.6 million in the 2026 Quarter, up 2% year-over-year. Generated Xtampza ® ER net revenue of $50.8 million in the 2026 Quarter, up 7% year-over-year. Generated Nucynta ® Franchise net revenue of $47.0 million in the 2026 Quarter, flat year-over-year. This includes $2.7 million from Hikma Pharmaceuticals USA Inc. (Hikma) for the sale of the authorized generic (AG) versions of Nucynta and Nucynta ER, both launched in the 2026 Quarter. Under the terms of the AG agreement, Collegium will receive a significant share of net profits of the AG products from Hikma. In March, presented two posters at PainConnect 2026 showcasing real-world data from the pain portfolio. Corporate Updates In April, announced proposed updates to Collegium’s Board of Directors effective as of the date of Collegium’s 2026 Annual Meeting of Shareholders on May 14, 2026 (the Annual Meeting). Michael Donovan, who most recently served as an audit Partner at Ernst & Young LLP and brings significant audit and biotechnology industry experience, is nominated to stand for election at the Annual Meeting. In addition, current Board member Dr. John Fallon will retire after having dutifully served since 2016. Upcoming Events The Company will participate in the following upcoming investor conferences in the second quarter of 2026: Jefferies Global Healthcare Conference – New York, NY; June 3, 2026. Financial Guidance for 2026 The Company reaffirms its full-year 2026 guidance for Product Revenues, Net, JORNAY PM Revenue, Net and Adjusted EBITDA for its current business, not including the impact of the planned acquisition of AZSTARYS. Collegium expects to update 2026 guidance following the close of the acquisition. Product Revenues, Net $805 - $825 million JORNAY PM Revenue, Net $190 - $200 million Adjusted EBITDA $455 - $475 million Financial Results for Quarter Ended March 31, 2026 Product revenues, net were $193.5 million for the 2026 Quarter, compared to $177.8 million for the quarter ended March 31, 2025 (the 2025 Quarter), representing a 9% increase year-over-year. GAAP operating expenses were $86.4 million for the 2026 Quarter, compared to $75.6 million for the 2025 Quarter, representing a 14% increase year-over-year. Adjusted operating expenses, which exclude stock-based compensation expense and other adjustments to reflect changes that occur in our business but do not represent ongoing operations, were $69.3 million for the 2026 Quarter, compared to $62.2 million for the 2025 Quarter, representing an 11% increase year-over-year. GAAP net income for the 2026 Quarter was $14.5 million, with $0.45 GAAP earnings per share (basic) and $0.40 GAAP earnings per share (diluted), compared to GAAP net income for the 2025 Quarter of $2.4 million, with $0.08 GAAP earnings per share (basic) and $0.07 GAAP earnings per share (diluted). Non-GAAP adjusted net income for the 2026 Quarter was $69.2 million, with $1.76 adjusted earnings per share, compared to non-GAAP adjusted net income for the 2025 Quarter of $57.4 million, with $1.49 adjusted earnings per share. Adjusted EBITDA for the 2026 Quarter was $103.9 million, compared to $95.2 million for the 2025 Quarter, representing a 9% increase year-over-year. The Company generated $57.1 million in cash from operations, and exited the 2026 Quarter with cash, cash equivalents and marketable securities of $421.8 million. Conference Call Information The Company will host a conference call and live audio webcast on Thursday, May 7, 2026, at 8:00 a.m. ET. To access the conference call, please dial (877) 407-8037 (U.S.) or (201) 689-8037 (International) and reference the “Collegium Pharmaceutical First Quarter 2026 Earnings Call.” An audio webcast will be accessible from the Investors section of the Company’s website: . The webcast will be available for replay on the Company’s website approximately two hours after the event. About Collegium Pharmaceutical, Inc. Collegium is building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. The Company has a leading portfolio of responsible pain management medications and a rapidly growing neuropsychiatry business driven by JORNAY PM ® , a differentiated treatment for ADHD. Collegium’s strategy includes growing its commercial portfolio, with JORNAY PM as the lead growth driver, and deploying capital in a disciplined manner. Collegium’s headquarters are located in Stoughton, Massachusetts. For more information, please visit the Company’s website at . Non-GAAP Financial Measures To supplement our financial results presented on a GAAP basis, we have included information about certain non-GAAP financial measures. We believe the presentation of these non-GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliations, provide analysts, investors, lenders, and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting. In addition, certain non-GAAP financial measures, primarily adjusted EBITDA, are used to measure performance when determining components of annual compensation for substantially all non-sales force employees, including senior management. In this press release we discuss the following financial measures that are not calculated in accordance with GAAP. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as: adjusted EBITDA excludes depreciation and amortization, and, although these are non-cash expenses, the assets being depreciated or amortized may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; adjusted EBITDA does not reflect the benefit from or provision for income taxes or the cash requirements to pay taxes; adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments; we exclude stock-based compensation expense from adjusted EBITDA although: (i) it has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; and (ii) if we did not pay out a portion of our compensation in the form of stock-based compensation, the cash salary expense included in operating expenses would be higher, which would affect our cash position; we exclude impairment expenses from adjusted EBITDA and, although these are non-cash expenses, the asset(s) being impaired may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; we exclude restructuring expenses from adjusted EBITDA. Restructuring expenses primarily include employee severance and contract termination costs that are not related to acquisitions. The amount and/or frequency of these restructuring expenses are not part of our underlying business; we exclude litigation settlements and contingencies that are subject to recovery from adjusted EBITDA, as well as any applicable income items or, credit adjustments, or recoveries due to subsequent changes in estimates. This does not include our legal fees to defend claims, which are expensed as incurred; we exclude acquisition related expenses as the amount and/or frequency of these expenses are not part of our underlying business. Acquisition related expenses include transaction costs, which primarily consisted of financial advisory, banking, legal, and regulatory fees, and other consulting fees, incurred to complete the acquisition, employee-related expenses (severance cost and benefits) for terminated employees after the acquisition, legal defense expenses for specific acquired claims that relate to acts that occurred prior to our acquisition, and miscellaneous other acquisition related expenses incurred; we exclude recognition of the step-up basis in inventory from acquisitions (i.e., the adjustment to record inventory from historic cost to fair value at acquisition) as the adjustment does not reflect the ongoing expense associated with sale of our products as part of our underlying business; we exclude changes in the fair value of contingent consideration, which are non-cash, acquisition-related items that are not part of our underlying business; we exclude losses on extinguishments of debt as these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis; we exclude executive transition expenses from adjusted EBITDA as the amount and/or frequency of these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis; and we exclude other expenses, from time to time, that are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis. The Company has not provided a reconciliation of its full-year 2026 guidance for adjusted EBITDA to the most directly comparable forward-looking GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, because the Company is unable to predict, without unreasonable efforts, the timing and amount of items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition related expenses, amortization of acquired intangible assets, and changes in fair value of contingent consideration. These items are uncertain and depend on various factors that are outside of the Company’s control or cannot be reasonably predicted. While the Company is unable to address the probable significance of these items, they could have a material impact on GAAP net income and operating expenses for the guidance period. A reconciliation of adjusted EBITDA would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements related to the expected closing of the acquisition of AZSTARYS; the anticipated benefits of the AZSTARYS acquisition, including its impact on Collegium’s ADHD portfolio and commercial strategy; projected financial performance, including expected revenue and adjusted EBITDA, statements related to current and future market opportunities for our products and our assumptions related thereto and other statements that are not historic facts. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results, performance, or achievements to differ materially from the company's current expectations, including risks relating to, among others: our ability to complete the AZSTARYS acquisition on the proposed terms and schedule or at all; the failure (or delay) to receive the required regulatory approvals relating to the AZSTARYS acquisition; risks related to our ability to realize the anticipated benefits of the AZSTARYS acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period; risks related to future opportunities and plans for our products, including uncertainty of the expected financial performance of such products; our ability to commercialize and grow sales of our products; our ability to manage our relationships with licensors; the success of competing products that are or become available; our ability to maintain regulatory approval of our products, and any related restrictions, limitations, and/or warnings in the label of our products; the size of the markets for our products, and our ability to service those markets; our ability to obtain reimbursement and third-party payor contracts for our products; the rate and degree of market acceptance of our products; the costs of commercialization activities, including marketing, sales and distribution; changing market conditions for our products; the outcome of any patent infringement or other litigation that may be brought by or against us; the outcome of any governmental investigation related to our business; our ability to secure adequate supplies of active pharmaceutical ingredient for each of our products and manufacture adequate supplies of commercially saleable inventory; our ability to obtain funding for our operations and business development; regulatory developments in the U.S.; our expectations regarding our ability to obtain and maintain sufficient intellectual property protection for our products; our ability to comply with stringent U.S. and foreign government regulation in the manufacture of pharmaceutical products, including U.S. Drug Enforcement Agency compliance; our customer concentration; and the accuracy of our estimates regarding expenses, revenues, capital requirements and need for additional financing. These and other risks are described under the heading "Risk Factors" in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release. Investor Contacts: Ian Karp Head of Investor Relations ir@collegiumpharma.com Danielle Jesse Director, Investor Relations ir@collegiumpharma.com Media Contact: Jessica Cotrone Senior Vice President, Communications & Corporate Affairs communications@collegiumpharma.com Collegium Pharmaceutical, Inc. Unaudited Selected Consolidated Balance Sheet Information (in thousands) March 31, December 31, 2026 2025 Cash and cash equivalents $ 268,648 $ 231,252 Marketable securities 153,105 155,427 Accounts receivable, net 228,762 211,328 Inventory 42,741 40,912 Prepaid expenses and other current assets 32,562 32,642 Property and equipment, net 11,661 12,013 Operating lease assets 3,975 4,187 Intangible assets, net 614,037 669,510 Restricted cash 20,908 20,906 Deferred tax assets 113,567 112,539 Other noncurrent assets 16,064 20,193 Goodwill 145,925 145,925 Total assets $ 1,651,955 $ 1,656,834 Accounts payable and accrued liabilities $ 64,976 $ 73,123 Accrued rebates, returns and discounts 317,691 318,266 Business combination consideration payable 17,565 17,565 Term notes payable 564,348 571,112 Convertible senior notes 238,472 238,213 Operating lease liabilities 5,236 5,539 Deferred royalty obligation 121,634 121,563 Deferred revenue 9,611 9,778 Shareholders’ equity 312,422 301,675 Total liabilities and shareholders’ equity $ 1,651,955 $ 1,656,834 Collegium Pharmaceutical, Inc. Unaudited Condensed Statements of Operations (in thousands, except share and per share amounts) Three Months Ended March 31, 2026 2025 Product revenues, net $ 193,520 $ 177,757 Cost of product revenues Cost of product revenues (excluding intangible asset amortization) 20,801 24,960 Intangible asset amortization 55,473 55,473 Total cost of product revenues 76,274 80,433 Gross profit 117,246 97,324 Operating expenses Selling, general and administrative 86,350 76,423 Gain on fair value remeasurement of contingent consideration — (786 ) Total operating expenses 86,350 75,637 Income from operations 30,896 21,687 Interest expense (15,862 ) (20,790 ) Interest income 3,706 2,225 Income before income taxes 18,740 3,122 Provision for income taxes 4,244 705 Net income $ 14,496 $ 2,417 Earnings per share — basic $ 0.45 $ 0.08 Weighted-average shares — basic 32,087,472 31,793,739 Earnings per share — diluted $ 0.40 $ 0.07 Weighted-average shares — diluted 40,065,665 32,840,153 Collegium Pharmaceutical, Inc. Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands) (unaudited) Three Months Ended March 31, 2026 2025 GAAP net income $ 14,496 $ 2,417 Adjustments: Interest expense 15,862 20,790 Interest income (3,706 ) (2,225 ) Provision for income taxes 4,244 705 Depreciation 463 1,091 Amortization 55,473 55,473 Stock-based compensation 10,880 11,524 Recognition of step-up basis in inventory — 3,477 Executive transition expense — 1,397 Acquisition related expenses 6,175 1,289 Gain on fair value remeasurement of contingent consideration — (786 ) Total adjustments $ 89,391 $ 92,735 Adjusted EBITDA $ 103,887 $ 95,152 Collegium Pharmaceutical, Inc. Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses (in thousands) (unaudited) Three Months Ended March 31, 2026 2025 GAAP operating expenses $ 86,350 $ 75,637 Adjustments: Stock-based compensation 10,880 11,524 Executive transition expense — 1,397 Acquisition related expenses 6,175 1,289 Gain on fair value remeasurement of contingent consideration — (786 ) Total adjustments $ 17,055 $ 13,424 Adjusted operating expenses $ 69,295 $ 62,213 Collegium Pharmaceutical, Inc. Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Earnings Per Share (in thousands, except share and per share amounts) (unaudited) Three Months Ended March 31, 2026 2025 GAAP net income $ 14,496 $ 2,417 Adjustments: Non-cash interest expense 819 1,367 Amortization 55,473 55,473 Stock-based compensation 10,880 11,524 Recognition of step-up basis in inventory — 3,477 Executive transition expense — 1,397 Acquisition related expenses 6,175 1,289 Gain on fair value remeasurement of contingent consideration — (786 ) Income tax effect of above adjustments (1) (18,629 ) (18,737 ) Total adjustments $ 54,718 $ 55,004 Non-GAAP adjusted net income $ 69,214 $ 57,421 Adjusted weighted-average shares — diluted (2) 40,065,665 39,446,458 Adjusted earnings per share (2) $ 1.76 $ 1.49 (1) The income tax effect of the adjustments was calculated by applying our blended federal and state statutory rate to the items that have a tax effect. The blended federal and state statutory rate for the three months ended March 31, 2026 and 2025 were 24.9% and 25.8%, respectively. As such, the non-GAAP effective tax rates for the three months ended March 31, 2026 and 2025 were 25.4% and 25.4%, respectively. (2) Adjusted weighted-average shares - diluted were calculated using the “if-converted” method for our convertible notes in accordance with ASC 260, Earnings per Share . As such, adjusted weighted-average shares – diluted includes shares related to the assumed conversion of our convertible notes and the associated cash interest expense is added-back to non-GAAP adjusted net income. For the three months ended March 31, 2026 and 2025, adjusted weighted-average shares – diluted includes 6,606,305 shares attributable to our convertible notes. In addition, adjusted earnings per share includes other potentially dilutive securities to the extent that they are not antidilutive.

First Quarter 2026 Total Revenues of $156.1 million First Quarter 2026 Net Income of $6.8 million and Net Income Margin of 4% First Quarter 2026 Adjusted EBITDA of $35.6 million and Adjusted EBITDA Margin of 23% GAITHERSBURG, Md., April 30, 2026 (GLOBE NEWSWIRE) -- Emergent BioSolutions Inc. (NYSE: EBS) today reported financial results for the first quarter ended March 31, 2026. “Emergent’s first quarter results demonstrate a strong and positive start to 2026, with healthy topline revenue of $156 million, above the high-end of our guidance range, and adjusted EBITDA of $36 million,” said Joe Papa, president and CEO of Emergent. “We are further strengthening our financial position in 2026 through our recently announced debt refinancing, which increases our strategic flexibility and meaningfully reduces interest expense payments. Additionally, we are pleased to have monetized our capability and capacity in our Canton facility by securing a strategic manufacturing partnership with Substipharm Biologics, which includes a manufacturing agreement and exclusive U.S. (future) distribution rights to its Japanese Encephalitis vaccine, following U.S. FDA approval. We maintained our market share position with NARCAN® Nasal Spray through our efforts across multiple distribution channels, as well as by launching a new carrying case and multipack presentations, and we continued to deliver our biodefense medical countermeasures to multiple government partners in the United States, Canada and around the world. Our mission to protect and save lives remains a prominent driving force for our entire team and we are proud to do so while executing our multi-year transformation plan and turnaround strategy to build several growing and profitable verticals over time." FINANCIAL HIGHLIGHTS (1) Q1 2026 vs. Q1 2025 ($ in millions, except per share amounts) Q1 2026 Q1 2025 % Change Total Revenues $ 156.1 $ 222.2 (30)% Net Income $ 6.8 $ 68.0 (90)% Net Income per Diluted Share $ 0.07 $ 1.19 (94)% Adjusted Net Income (2) $ 11.9 $ 42.2 (72)% Adjusted Net Income per Diluted Share (2) $ 0.21 $ 0.74 (72)% Adjusted EBITDA (2) $ 35.6 $ 79.1 (55)% Net Income Margin 4 % 31 % Adjusted EBITDA Margin (2) 23 % 36 % Gross Margin % 41 % 50 % Adjusted Gross Margin % (2) 52 % 58 % RECENT BUSINESS UPDATES Secured two new strategic manufacturing partnerships with: SAB Biotherapeutics to advance its type 1 diabetes candidate, SAB-142 Substipharm Biologics to support its Japanese Encephalitis vaccine in the United States Refinanced term loan with new $150 million facility and amended asset-backed loan facility Appointed John D. Fowler, Jr. to Board of Directors Announced partnership with British Columbia to supply NARCAN ® Nasal Spray for the launch of the expanded BC Take Home Naloxone Program Partnered with professional baseball player Davis Schneider to raise awareness of NARCAN® Nasal Spray in Canada Announced launch of new NARCAN ® Nasal Spray Carrying Case and Multipacks to expand opioid overdose preparedness following U.S. FDA approvals on supplemental new drug applications Announced participation in several international preparedness conferences Secured over $60 Million in new contract award with the U.S. Government and new orders with an international government partner for smallpox medical countermeasures Secured approximately $140 million in medical countermeasures contract awards with the Government of Canada Secured delivery order up to $21.5 Million to supply BioThrax ® (Anthrax Vaccine Adsorbed) to the U.S. Department of War in 2026 Announced the Board of Directors authorized up to $50.0 million in repurchases from February 25, 2026 through March 31, 2027 Announced resolution of New York Attorney General investigation related to legacy claims Received approval from Singapore Health Sciences Authority for expanded indication of ACAM2000 ® (Smallpox and Mpox (Vaccinia) Vaccine, Live) to include mpox Announced continued support to PANTHER for the ongoing Africa CDC-led Mpox Study in Africa FIRST QUARTER 2026 FINANCIAL PERFORMANCE (1) Revenues The Company uses the following categories in discussing revenues: Naloxone — comprises contributions from NARCAN ® Nasal Spray and KLOXXADO ® Nasal Spray Anthrax MCM — comprises contributions from CYFENDUS ® , BioThrax ® , ANTHRASIL ® , and Raxibacumab Smallpox MCM — comprises contributions from ACAM2000 ® , CNJ-016 ® (VIGIV) and TEMBEXA ® Other Products — comprises contributions from BAT ® All Other Revenues — comprises revenues from the Services operating segment and contracts and grants revenues ($ in millions) Q1 2026 Q1 2025 $ Change % Change Product sales, net: ( 3 ) Naloxone $ 42.9 $ 45.3 $ (2.4 ) (5)% Anthrax MCM 21.6 47.9 (26.3 ) (55)% Smallpox MCM 64.2 106.4 (42.2 ) (40)% Other Products 16.0 2.3 13.7 NM Total Product sales, net $ 144.7 $ 201.9 $ (57.2 ) (28)% All other revenues $ 11.4 $ 20.3 $ (8.9 ) (44)% Total revenues $ 156.1 $ 222.2 $ (66.1 ) (30)% NM - Not Meaningful Product Sales, net ( 3 ) Naloxone For Q1 2026, revenues from Naloxone products decreased $2.4 million, or 5%, as compared with Q1 2025. The decrease was primarily attributable to lower sales of OTC NARCAN ® , driven primarily by an unfavorable price-volume mix in US sales, partially offset by increases in Canadian sales of branded NARCAN ® and the timing of the integration of KLOXXADO ® into the Company’s product portfolio. Anthrax MCM For Q1 2026, revenues from Anthrax MCM products decreased $26.3 million, or 55%, as compared with Q1 2025. The decrease was due to lower international sales of ANTHRASIL ® , mainly to the Canadian government, coupled with lower volumes of CYFENDUS ® sales to the USG, primarily due to the impact of timing. These decreases were partially offset by an increase in USG BioThrax ® sales due to timing of exercised purchase options. Anthrax vaccine product sales are primarily made under annual purchase options exercised by the USG. Fluctuations in revenues result from the timing of the exercise of annual purchase options, the timing of USG purchases, the availability of governmental funding and the Company’s delivery of orders that follow. Smallpox MCM For Q1 2026, revenues from Smallpox MCM products decreased $42.2 million, or 40%, as compared with Q1 2025. The decrease was primarily driven by lower ACAM2000 ® sales, largely due to reduced international volumes and an overall decline in TEMBEXA ® sales driven by lower USG sales volume due to timing partially offset by higher international sales. These decreases were partially offset by an increase in CNJ-016 ® (VIGIV) USG sales due to timing. Fluctuations in revenues from Smallpox MCM result from the timing of the exercise of annual purchase options in the existing procurement contracts, the timing of USG purchases, the availability of governmental funding and the Company’s delivery of orders that follow. Other Products For Q1 2026, revenues from Other Product sales increased $13.7 million, or 596%, as compared with Q1 2025. The increase was primarily due to higher Canadian and other international BAT ® sales. All Other Revenues Services For Q1 2026, revenues from Services decreased $2.2 million, or 31%, as compared with Q1 2025. The decrease was primarily attributable to a decline in production at the Company’s Winnipeg facility. Contracts and Grants For Q1 2026, revenues from contracts and grants decreased $6.7 million, or 51%, as compared with Q1 2025. The decrease was primarily due to lower project spend on Ebanga™ related development work. Operating Expenses ($ in millions) Q1 2026 Q1 2025 $ Change % Change Cost of product and services sales, net $ 72.0 $ 88.5 $ (16.5 ) (19 )% Research and development (“R&D”) 10.5 15.1 (4.6 ) (30 )% Selling, general and administrative (“SG&A”) 46.6 52.4 (5.8 ) (11 )% Amortization of intangible assets 16.5 16.3 0.2 1 % Total operating expenses $ 145.6 $ 172.3 $ (26.7 ) (15 )% Cost of Product and Services Sales, Net For Q1 2026, cost of product and services sales, net decreased $16.5 million, or 19%, as compared with Q1 2025. The decrease was driven by reductions in cost of MCM Product sales of $13.4 million and cost of Services of $5.4 million, partially offset by an increase in cost of Commercial Product sales of $2.3 million. Research and Development Expenses For Q1 2026, R&D expenses decreased $4.6 million, or 30%, as compared with Q1 2025. The decrease was primarily due to lower project spend on Ebanga™ related development work, partially offset by increases in development overhead spend. Selling, General and Administrative Expenses For Q1 2026, SG&A expenses decreased $5.8 million, or 11%, as compared with Q1 2025. The decrease was primarily due to lower professional services, marketing, and administrative support expenses, primarily attributable to cost-saving initiatives implemented as part of the Company’s ongoing turnaround and transformation efforts. ADDITIONAL FINANCIAL INFORMATION (1) Capital Expenditures ($ in millions) Q1 2026 Q1 2025 % Change Capital expenditures $ 2.4 $ 3.6 (33)% Capital expenditures as a % of total revenues 2 % 2 % For Q1 2026, capital expenditures decreased largely due to reduced development activities across the Company’s facilities. REPORTABLE SEGMENT INFORMATION 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; (2) a MCM Products segment consisting of Anthrax - MCM, Smallpox - MCM and Other products and (3) a services segment consisting of our Bioservices offerings (“Services”). Commercial Products and MCM Products are our two reportable segments. The Services operating segment no longer meets the quantitative thresholds of a reportable segment and did not meet the aggregation criteria set forth in Accounting Standards Codification 280, Segment Reporting, and as such is categorized within “All other revenues” along with “Contracts and Grants”. The Company evaluates the performance of these reportable segments based on revenues and segment adjusted gross margin, which is a non-GAAP financial measure. Segment revenue includes external customer sales but does not include inter-segment services. The Company does not allocate contracts and grants revenue, R&D, SG&A, amortization of intangible assets, interest and other income (expense) or taxes to its evaluation of the performance of these segments. FIRST QUARTER 2026 REPORTABLE SEGMENT RESULTS ($ in millions) Commercial Products Quarter Ended March 31, 2026 2025 $ Change % Change Revenues $ 42.9 $ 45.3 $ (2.4 ) (5 )% Cost of sales 26.8 24.5 2.3 9 % Intangible asset amortization 9.4 9.5 (0.1 ) (1 )% Gross margin * $ 6.7 $ 11.3 $ (4.6 ) (41 )% Gross margin % * 16 % 25 % Add back: Intangible asset amortization $ 9.4 $ 9.5 $ (0.1 ) (1 )% Segment adjusted gross margin ** $ 16.1 $ 20.8 $ (4.7 ) (23 )% Segment adjusted gross margin % ** 38 % 46 % * Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. ** Segment adjusted gross margin, which is a non-GAAP financial measure, for our Commercial Products segment is calculated as gross margin plus intangible asset amortization. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company’s management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. Cost of Commercial Product sales increased $2.3 million, or 9%, to $26.8 million for the quarter ended March 31, 2026. The increase was primarily due to higher KLOXXADO ® sales due to timing of its integration into the Company’s product portfolio, and Canadian branded NARCAN ® sales. Commercial Products gross margin decreased $4.6 million, or 41%, to $6.7 million for the quarter ended March 31, 2026. Commercial Products gross margin percentage decreased 9 percentage points to 16% for the quarter ended March 31, 2026. The decrease was largely due to an unfavorable price and volume mix of OTC NARCAN ® as well as Canadian branded NARCAN ® . Commercial Products segment adjusted gross margin in the current year period excludes the impact of intangible asset amortization of $9.4 million. ($ in millions) MCM Products Quarter Ended March 31, 2026 2025 $ Change % Change Revenues $ 101.8 $ 156.6 $ (54.8 ) (35 )% Cost of sales 36.8 50.2 (13.4 ) (27 )% Intangible asset amortization 7.1 6.8 0.3 4 % Gross margin * $ 57.9 $ 99.6 $ (41.7 ) (42 )% Gross margin % * 57 % 64 % Add back: Intangible asset amortization $ 7.1 $ 6.8 $ 0.3 4 % Inventory step-up provision 0.1 1.8 (1.7 ) (94 )% Severance and restructuring benefits — (0.8 ) 0.8 100 % Stock-based compensation expense 0.5 0.3 0.2 67 % Segment adjusted gross margin** $ 65.6 $ 107.7 $ (42.1 ) (39 )% Segment adjusted gross margin %** 64 % 69 % * Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. ** Segment adjusted gross margin, which is a non-GAAP financial measure, for our MCM Products segment is calculated as gross margin plus intangible asset amortization, inventory step-up provision, severance and restructuring benefits and the portion of stock-based compensation expense that is recorded as cost of sales. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company’s management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. In calculating these measures, we began excluding stock-based compensation that is recorded as cost of sales in the first quarter of 2026, as this reflects a non-cash expenditure that is not related to segment operating performance. As reflected in the table above, we have recast our 2025 results to also reflect this adjustment. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. Cost of MCM product sales decreased $13.4 million, or 27%, to $36.8 million for the quarter ended March 31, 2026. The decrease was primarily due to lower cost of sales for ANTHRASIL ® , ACAM2000 ® , CYFENDUS ® and TEMBEXA ® reflecting reduced sales volumes and the absence of significant prior-year non-recurring manufacturing related costs, including shutdown and severance expenses. These decreases were partially offset by an increase in cost of sales for CNJ-016 ® (VIGIV), BAT ® and BioThrax ® driven by greater sales volumes and increased overhead costs at the Winnipeg facility. MCM Product gross margin decreased $41.7 million, or 42%, to $57.9 million for the quarter ended March 31, 2026. MCM Product gross margin percentage decreased 7 percentage points to 57% for the quarter ended March 31, 2026. The decrease in gross margin percentage was primarily due to an unfavorable sales mix weighted more heavily toward lower margin products as well as product absorption-related variances. These impacts were partially offset by a decrease in shutdown and severance related costs compared with the prior year. MCM Product segment adjusted gross margin in the current year period excludes the impacts of intangible asset amortization of $7.1 million, the portion of stock-based compensation expense recorded as cost of sales of $0.5 million, and inventory step-up provision of $0.1 million. 2026 FINANCIAL FORECAST The Company provides the following updated financial forecast for full year 2026, reflecting management's expectations based on the most current information available. METRIC ($ in millions ) Updated Range (as of 04/30/2026) Action Previous Range (as of 02/27/2026) Total revenues $720- $760 UNCHANGED $720 - $760 Net loss $(30) - $(10) UNCHANGED $(30) - $(10) Adjusted net income (2) $45 - $65 REVISED $25 - $45 Adjusted EBITDA (2) $155 - $175 REVISED $135 - $155 Adjusted gross margin % (2) 45% - 47% UNCHANGED 45% - 47% Key Assumptions ($ and shares in millions) Updated Range (as of 04/30/2026) Interest expense ~$40 R&D ~6% to 7% of Revenues SG&A ~26% to 28% of Revenues Weighted avg. fully diluted share count ~52 Stock-based compensation expense ~$20 Capex ~$17 Depreciation & amortization ~$90 Q2 2026 METRIC ($ in millions ) Q2 2026 Forecast Total revenues $170M - $185M FOOTNOTES (1) All financial information included in this release is unaudited. (2) See “ Non-GAAP Financial Measures” and the “Reconciliation of Non-GAAP Financial Measures” tables for the definitions and reconciliations of Company-wide non-GAAP financial measures to the most closely related GAAP financial m easures. Reconciliations of segment non-GAAP financial measures are included within the reportable segment tables. In the first quarter of 2 026 we revised our calculations of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to our operating performance. The updated range s for our 2026 forecast reflect this adjustment. ( 3 ) Product sales, net are reported net of variable consideration including returns, rebates, wholesaler fees and prompt pay discounts in accordance with GAAP. CONFERENCE CALL, PRESENTATION SUPPLEMENT AND WEBCAST INFORMATION Company management will host a conference call at 5:00 pm eastern time today, April 30, 2026, to discuss these financial results. The conference call and presentation supplement can be accessed from the Company's website or through the following: By phone Advanced registration is required. Visit to register and receive an email with the dial-in number, passcode and registrant ID. By webcast Visit A replay of the call can be accessed from the Emergent website. ABOUT EMERGENT BIOSOLUTIONS INC. At Emergent, our mission is to protect and save lives. For over 25 years, we’ve been at work preparing those entrusted with protecting public health. We deliver protective and life-saving solutions for health threats like smallpox, mpox, botulism, Ebola, anthrax and opioid overdose emergencies. To learn more about how we help prepare communities around the world for today’s health challenges and tomorrow’s threats, visit our website and follow us on LinkedIn, X, Instagram, Apple Podcasts and Spotify. NON-GAAP FINANCIAL MEASURES In the accompanying analysis of financial information, we sometimes use information derived from consolidated and segment financial information that may not be presented in our financial statements or prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Certain of these financial measures are considered not in conformity with GAAP (“non-GAAP financial measures”) under the United States Securities and Exchange Commission (“SEC”) rules. Specifically, we have referred to the following non-GAAP financial measures: Adjusted Net Income Adjusted Net Income per Diluted Share Adjusted EBITDA Adjusted EBITDA Margin Adjusted Gross Margin Adjusted Gross Margin % Segment Adjusted Gross Margin Segment Adjusted Gross Margin % We define Adjusted Net Income and Adjusted Net Income per Diluted Share, which are non-GAAP financial measures, as net income and net income per diluted share, respectively, excluding the impact of non-cash amortization charges, severance and restructuring costs (benefits), inventory step-up provision, acquisition and divestiture costs, loss on assets held for sale, contingent consideration milestones, changes in fair value of financial instruments, stock-based compensation expense, other income, net and tax effects. In the first quarter of 2026 we revised our calculation of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to our operating performance. We use Adjusted Net Income for the purpose of calculating Adjusted Net Income per Diluted Share. Management uses Adjusted Net Income per Diluted Share to assess total Company operating performance on a consistent basis. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results and GAAP financial measures, provide management and investors with an additional understanding of our business operating results, including underlying trends. We define Adjusted EBITDA, which is a non-GAAP financial measure, as net income before depreciation and amortization, income taxes, total interest expense, net, inventory step-up provision, changes in fair value of financial instruments, severance and restructuring costs (benefits), acquisition and divestiture costs, loss on assets held for sale, contingent consideration milestones, stock-based compensation expense and other income, net items. We define Adjusted EBITDA Margin, which is a non-GAAP financial measure, as Adjusted EBITDA divided by Total Revenues. In the first quarter of 2026 we revised our calculation of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to our operating performance. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results and GAAP financial measures, provide management and investors with a more complete understanding of our operating results, including underlying trends. In addition, EBITDA is a common alternative measure of operating performance used by many of our competitors. It is used by investors, financial analysts, rating agencies and others to value and compare the financial performance of companies in our industry, although it may be defined differently by different companies. Therefore, we also believe that this non-GAAP financial measure, considered along with corresponding GAAP financial measures, provides management and investors with additional information for comparison of our operating results with the operating results of other companies. We define Adjusted Gross Margin, which is a non-GAAP financial measure, as Gross Margin, excluding the impact of intangible asset amortization, stock-based compensation expense, severance and restructuring costs (benefits) and inventory step-up provision. We define Adjusted Gross Margin %, which is a non-GAAP financial measure, as Adjusted Gross Margin as a percentage of Products and services sales, net. In the first quarter of 2026 we revised our calculation of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to our operating performance. We define Segment Adjusted Gross Margin, which is a non-GAAP financial measure, as a segment's Gross Margin excluding the respective impact of intangible asset amortization, restructuring costs (benefits), stock-based compensation expense and inventory step-up provision. We define Segment Adjusted Gross Margin %, which is a non-GAAP financial measure, as Segment Adjusted Gross Margin as a percentage of a segment's revenues. In the first quarter of 2026 we revised our calculation of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to segment operating performance. Non-GAAP financial measures are not defined in the same manner by all companies and may not be comparable with other similarly titled measures of other companies. The determination of the amounts that are excluded from these non-GAAP financial measures are a matter of management judgment and depend upon, among other factors, the nature of the underlying expense or income amounts. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our Consolidated Statements of Operations and Consolidated Statements of Cash Flows. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release. SAFE HARBOR STATEMENT This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical fact, including statements regarding the future performance of the Company or any of our businesses, our business strategy, future operations, future financial position, future revenues and earnings, our ability to achieve the objectives of our restructuring initiatives, acquisitions and divestitures, including our future results, projected costs, prospects, plans and objectives of management, are forward-looking statements. We generally identify forward-looking statements by using words like “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “confident,” “commit,” “forecast,” “future,” “outlook,” “goal,” “intend,” “may,” “plan,” “position,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. These forward-looking statements are based on our current intentions, beliefs, assumptions and expectations regarding future events based on information that is currently available. You should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could differ materially from our expectations. Readers are, therefore, cautioned not to place undue reliance on any forward-looking statement contained herein. Any such forward-looking statement speaks only as of the date of this press release, and, except as required by law, we do not undertake any obligation to update any forward-looking statement to reflect new information, events or circumstances. There are a number of important factors that could cause our actual results to differ materially from those indicated by such forward-looking statements, including, among others, the availability of USG funding for contracts related to procurement of our medical countermeasures (“MCM”) products, including CYFENDUS® (Anthrax Vaccine Adsorbed (AVA) Adjuvanted), previously known as AV7909, ACAM2000® (Smallpox (Vaccinia) Vaccine, Live), CNJ-016® (Vaccinia Immune Globulin Intravenous (Human) (VIGIV)), BAT® (Botulism Antitoxin Heptavalent (A,B,C,D,E,F,G)-(Equine)), BioThrax® (Anthrax Vaccine Adsorbed) Ebanga™ (ansuvimab-zykl) and/or TEMBEXA® (brincidofovir) among others, as well as contracts related to development of medical countermeasures; our ability to meet our commitments to quality and compliance in all of our manufacturing operations; our ability to negotiate additional USG procurement or follow-on contracts for our MCM products that have expired or will be expiring; the commercial availability and impact of a generic and competitive marketplace on future sales of NARCAN® (naloxone HCL) Nasal Spray, over-the-counter NARCAN® Nasal Spray and KLOXXADO® Nasal Spray; our ability to perform under our contracts with the USG, including the timing of and specifications relating to deliveries; the ability of our contractors and suppliers to maintain compliance with current good manufacturing practices and other regulatory obligations; our ability to collect reimbursement for raw materials and payment of service fees from our Bioservices customers; the results of pending government investigations and their potential impact on our business; our ability to satisfy the conditions of our litigation settlement agreements, and the potential impact of such agreements, including the funds to resolve related litigation, on our business; our ability to comply with the operating and financial covenants required by (i) our term loan facility under the Credit Agreement, dated April 16, 2026, by and among the Company, the lenders from time to time party thereto, and OrbiMed Royalty & Credit Opportunities V, LP, as administrative agent, (ii) our revolving credit facility under a credit agreement, dated September 30, 2024, among the Company, certain subsidiary borrowers, the lenders from time to time party thereto and Wells Fargo, National Association, as Agent, and (iii) our 3.875% Senior Unsecured Notes due 2028; our ability to maintain adequate internal control over financial reporting and to prepare accurate financial statements in a timely manner; our ability to maintain sufficient cash flow from our operations to pay our substantial debt, both now and in the future; our ability to invest in our business operations as a result of our current indebtedness; the impact of our share and debt repurchase programs; the procurement of our product candidates by USG entities under regulatory authorities that permit government procurement of certain medical products prior to FDA marketing authorization, and corresponding procurement by government entities outside the United States; the success of our commercialization, marketing and manufacturing capabilities and strategy; our ability to identify and acquire companies, businesses, products or product candidates that satisfy our selection criteria; our ability to attract and retain qualified personnel; our ability to adequately secure and protect our intellectual property rights; the impact of cybersecurity incidents, including the risks from the unauthorized access, interruption, failure or compromise of our information systems or those of our business partners, collaborators or other third parties; and the accuracy of our estimates regarding future revenues, expenses, capital requirements and need for additional financing. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ materially from our expectations in any forward-looking statement. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any forward-looking statements. Readers should consider this cautionary statement, as well as the risks identified in our periodic reports filed with the Securities and Exchange Commission, when evaluating our forward-looking statements. Trademarks Emergent ® , BioThrax ® , BaciThrax ® , BAT ® , Trobigard ® , ANTHRASIL ® , CNJ-016 ® , ACAM2000 ® , ​NARCAN ® , CYFENDUS ® , TEMBEXA ® and any and all Emergent BioSolutions Inc. brands, products, services and feature names, logos and slogans are trademarks or registered trademarks of Emergent BioSolutions Inc. or its subsidiaries in the United States or other countries. All other brands, products, services and feature names or trademarks are the property of their respective owners, including KLOXXADO ® , which is a registered trademark of Hikma Pharmaceuticals USA Inc. Investor Contact Rich Lindahl Executive Vice President, Chief Financial Officer lindahlr@ebsi.com Media Contact Assal Hellmer Vice President, Communications mediarelations@ebsi.com Emergent BioSolutions Inc. Consolidated Balance Sheets (in millions, except per share data) March 31, 2026 December 31, 2025 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 160.3 $ 205.4 Restricted cash 1.2 3.7 Accounts receivable, net 121.6 84.2 Inventories, net 327.6 343.4 Prepaid expenses and other current assets 26.9 25.8 Total current assets 637.6 662.5 Property, plant and equipment, net 199.4 205.4 Intangible assets, net 470.4 436.5 Other assets 13.0 14.2 Total assets $ 1,320.4 $ 1,318.6 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 39.5 $ 55.6 Accrued expenses 9.4 12.2 Accrued compensation 22.0 41.8 Accrued acquisition obligation 50.4 — Deferred revenue 12.2 5.0 Current tax liability 7.2 6.8 Other current liabilities 8.0 10.8 Total current liabilities 148.7 132.2 Debt 573.6 572.1 Deferred tax liability 33.3 37.8 Other liabilities 41.7 53.9 Total liabilities $ 797.3 $ 796.0 Stockholders’ equity: Preferred stock, $0.001 par value per share; 15.0 shares authorized, no shares issued and outstanding — — Common stock, $0.001 par value per share; 200.0 shares authorized, 61.4 and 60.9 shares issued; 51.8 and 52.1 shares outstanding, respectively. 0.1 0.1 Treasury stock, at cost, 9.6 and 8.7 common shares, respectively (261.6 ) (252.6 ) Additional paid-in capital 944.5 942.4 Accumulated other comprehensive loss, net (6.9 ) (7.5 ) Accumulated deficit (153.0 ) (159.8 ) Total stockholders’ equity $ 523.1 $ 522.6 Total liabilities and stockholders’ equity $ 1,320.4 $ 1,318.6 Emergent BioSolutions Inc. Consolidated Statements of Operations (unaudited, in millions, except per share data) Three Months Ended March 31, 2026 2025 Revenues: Product and services sales, net $ 149.7 $ 209.1 Contracts and grants 6.4 13.1 Total revenues 156.1 222.2 Operating expenses: Cost of product and services sales, net (1) 72.0 88.5 Research and development 10.5 15.1 Selling, general and administrative 46.6 52.4 Amortization of intangible assets 16.5 16.3 Total operating expenses 145.6 172.3 Income from operations 10.5 49.9 Other income (expense): Interest expense (11.0 ) (14.7 ) Loss on assets held for sale — (12.2 ) Other, net 13.9 69.7 Total other income, net 2.9 42.8 Income before income taxes 13.4 92.7 Income tax provision 6.6 24.7 Net income $ 6.8 $ 68.0 Earnings per common share Basic $ 0.13 $ 1.25 Diluted $ 0.07 $ 1.19 Weighted average shares outstanding Basic 51.9 54.4 Diluted 56.5 57.3 (1) Exclusive of intangible asset amortization Emergent BioSolutions Inc. Consolidated Statements of Cash Flows (unaudited, in millions) Three Months Ended March 31, 2026 2025 Operating Activities Net income $ 6.8 $ 68.0 Adjustments to reconcile net income to net cash used in operating activities: Stock-based compensation expense 1.9 1.5 Depreciation and amortization 23.5 25.4 Amortization of deferred financing costs 1.8 2.3 Deferred income taxes (4.5 ) 18.6 Noncash loss on assets held for sale — 12.2 Change in fair value of warrant liability (8.4 ) (9.5 ) Loss on disposal of assets 0.8 0.3 Other (3.9 ) (11.3 ) Changes in operating assets and liabilities: Accounts receivable (38.9 ) (73.3 ) Inventories 15.8 (2.2 ) Prepaid expenses and other assets (0.5 ) 9.5 Accounts payable (14.4 ) (5.4 ) Accrued expenses and other liabilities (1.8 ) (7.2 ) Long-term incentive plan accrual 0.4 0.8 Accrued compensation (20.2 ) (32.2 ) Income taxes receivable and payable, net 4.6 (8.4 ) Contract liabilities 3.2 (0.3 ) Net cash used in operating activities (33.8 ) (11.2 ) Investing Activities Purchases of property, plant and equipment (2.4 ) (3.6 ) Proceeds from sale of property, plant and equipment — 38.1 Milestone payments from prior asset divestiture — 30.0 Purchase of convertible note receivable — (5.0 ) Net cash provided by (used in) investing activities (2.4 ) 59.5 Financing Activities Proceeds from issuance of common stock upon exercise of stock options 0.4 — Purchases of treasury stock (9.0 ) — Proceeds from stock-based compensation activity — 0.1 Taxes paid for stock-based compensation activity (2.8 ) (0.5 ) Net cash used in financing activities: (11.4 ) (0.4 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — (0.7 ) Net change in cash, cash equivalents and restricted cash (47.6 ) 47.2 Cash, cash equivalents and restricted cash, beginning of period 209.1 105.6 Cash, cash equivalents and restricted cash, end of period $ 161.5 $ 152.8 Supplemental cash flow disclosures: Cash paid for interest $ 13.1 $ 16.7 Cash paid for income taxes, net of refunds $ 5.3 $ 14.5 Non-cash investing and financing activities: Purchases of property, plant and equipment unpaid at period end $ 1.0 $ 1.5 Excise tax liability accrued for treasury stock purchases $ 0.1 $ — Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 160.3 $ 149.1 Restricted cash 1.2 3.7 Total $ 161.5 $ 152.8 Emergent BioSolutions, Inc. Reconciliation of Non-GAAP Financial Measures Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share (1) ($ in millions, except per share data) Three Months Ended March 31, 2026 2025 Source Net income $ 6.8 $ 68.0 Adjustments: Non-cash amortization charges $ 18.3 $ 18.6 Amortization of intangible assets ("IA"), Other Income Severance and restructuring costs (benefits) 0.2 (1.3 ) Cost of product and services sales, net, SG&A and R&D Inventory step-up provision 0.1 1.8 Cost of product and services sales, net Acquisition and divestiture costs — 0.2 SG&A Loss on assets held for sale — 12.2 Other Income (Expense) Contingent consideration milestones (5.0 ) (50.0 ) Other Income (Expense) Changes in fair value of financial instruments (8.4 ) (9.5 ) Other Income (Expense) Stock-based compensation expense 1.9 1.5 Cost of product and services sales, net, SG&A and R&D Other income, net items (0.3 ) (7.9 ) Other Income (Expense) Tax effect (1.7 ) 8.6 Total adjustments: $ 5.1 $ (25.8 ) Adjusted net income $ 11.9 $ 42.2 Net income per diluted share $ 0.07 $ 1.19 Adjustments: Non-cash amortization charges $ 0.32 $ 0.32 Amortization of IA, Other Income Severance and restructuring benefits — (0.02 ) Cost of product and services sales, net, SG&A and R&D Inventory step-up provision — 0.03 Cost of product and services sales, net Acquisition and divestiture costs — — SG&A Loss on assets held for sale — 0.21 Other Income (Expense) Contingent consideration milestones (0.09 ) (0.87 ) Other Income (Expense) Changes in fair value of financial instruments (0.08 ) (0.17 ) Other Income (Expense) Stock-based compensation expense 0.03 0.03 Cost of product and services sales, net, SG&A and R&D Other income, net items — (0.14 ) Other Income (Expense) Tax effect (0.04 ) 0.16 Total adjustments: $ 0.14 $ (0.45 ) Adjusted net income per diluted share $ 0.21 $ 0.74 Diluted shares used in computing Adjusted net income per diluted share 56.5 57.3 (1) Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense. Emergent BioSolutions, Inc. Reconciliation of Net Income and Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin (1) ($ in millions) Three Months Ended March 31, 2026 2025 Net income $ 6.8 $ 68.0 Adjustments: Depreciation & amortization $ 23.5 $ 25.4 Income taxes 6.6 24.7 Total interest expense, net 10.2 14.0 Inventory step-up provision 0.1 1.8 Changes in fair value of financial instruments (8.4 ) (9.5 ) Severance and restructuring costs (benefits) 0.2 (1.3 ) Acquisition and divestiture costs — 0.2 Loss on assets held for sale — 12.2 Contingent consideration milestones (5.0 ) (50.0 ) Stock-based compensation expense 1.9 1.5 Other income, net items (0.3 ) (7.9 ) Total adjustments $ 28.8 $ 11.1 Adjusted EBITDA $ 35.6 $ 79.1 Total revenues $ 156.1 $ 222.2 Net income margin 4 % 31 % Adjusted EBITDA margin 23 % 36 % (1) Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense. Emergent BioSolutions, Inc. Reconciliations of Total Revenues to Product and Services Sales, Net and of Gross Margin and Gross Margin % to Adjusted Gross Margin and Adjusted Gross Margin % (1) Three Months Ended March 31, ($ in millions) 2026 2025 Total revenues $ 156.1 $ 222.2 Contracts and grants 6.4 13.1 Product and services sales, net $ 149.7 $ 209.1 Cost of product and services sales, net 72.0 88.5 Intangible asset amortization 16.5 16.3 Gross margin $ 61.2 $ 104.3 Gross margin % 41 % 50 % Add back: Intangible asset amortization $ 16.5 $ 16.3 Stock-based compensation expense 0.5 0.3 Severance and restructuring benefits — (0.9 ) Inventory step-up provision 0.1 1.8 Adjusted gross margin $ 78.3 $ 121.8 Adjusted gross margin % 52 % 58 % (1) Amounts for fiscal year 2025 have been revised from those previously reported to reflect the exclusion of stock-based compensation expense. Emergent BioSolutions, Inc. Reconciliation of Net Loss Forecast to Adjusted Net Income Forecast ($ in millions) 2026 Full Year Forecast Source Net loss $(30) - $(10) Adjustments: Non-cash amortization charges $74 Amortization of IA and Other Income (Expense) Changes in fair value of financial instruments (8) Other Income (Expense) Inventory step-up provision 4 Cost of products and services, net Contingent consideration milestones (10) Other Income (Expense) Stock-based compensation expense 20 COGS, R&D and SGA Other expense (income), net items 20 Other Income (Expense) Tax effect (25) Total adjustments: $75 Adjusted net income $45 - $65 Reconciliation of Net Loss Forecast to Adjusted EBITDA Forecast ($ in millions) 2026 Full Year Forecast Net loss $(30) - $(10) Adjustments: Depreciation & amortization $90 Income taxes 29 Total interest expense, net 40 Inventory step-up provision 4 Changes in fair value of financial instruments (8) Contingent consideration milestones (10) Stock-based compensation expense 20 Other expense (income), net items 20 Total adjustments $185 Adjusted EBITDA $155 - $175 Emergent BioSolutions, Inc. Reconciliations of Forecasted Total Revenues to Forecasted Product and Services Sales, Net and of Forecasted Gross Margin and Gross Margin % to Forecasted Adjusted Gross Margin and Adjusted Gross Margin % ($ in millions) 2026 Full Year Forecast Total revenues $720- $760 Contracts & Grants ($35)-($35) Product and services sales, net $685 - $725 Cost of product and services sales, net $381- $388 Intangible asset amortization (64) Gross margin $240 - $273 Gross margin % 35% - 38% Add back: Intangible asset amortization $64 Inventory step-up provision 4 Stock-based compensation expense 3 Adjusted gross margin $311-$344 Adjusted gross margin % 45% - 47%

Hikma announces settlement agreement for VYNDAMAX® (tafamidis) London, 28 April 2026 – Hikma Pharmaceuticals PLC, along with its wholly owned subsidiary Hikma Pharmaceuticals USA Inc. (Hikma) announces that it has entered into a settlement agreement with Pfizer Inc. regarding Hikma’s Abbreviated New Drug Application (ANDA) to bring to market a generic version of VYNDAMAX® (tafamidis), a medicine used to treat adults with cardiomyopathy transthyretin-mediated amyloidosis (ATTR-CM). The settlement agreement allows Hikma to enter the market with its generic tafamidis on 1 June 2031. This is ahead of the 31 August 2035 expiry date of the patent challenged by Hikma. “This settlement is a great example of how we are successfully executing our first-to-file strategy and translating this into meaningful, value-creating opportunities within our pipeline,” said Hafrun Fridriksdottir, President, Hikma US and Chief R&D Officer. “By resolving the litigation, we now have a clear pathway to ensuring earlier and more affordable access for patients to this important medicine.” - ENDS - About Hikma Pharmaceuticals PLC Hikma helps put better health within reach every day for millions of people around the world. For more than 45 years, we've been creating high-quality medicines and making them accessible to the people who need them. Headquartered in the UK, we are a global company with a local presence across North America, the Middle East and North Africa (MENA) and Europe, and we use our unique insight and expertise to transform cutting-edge science into innovative solutions that transform people's lives. We're committed to our customers, and the people they care for, and by thinking creatively and acting practically, we provide them with a broad range of branded and non-branded generic medicines. Together, our 9,400 colleagues are helping to shape a healthier world that enriches all our communities. We are a leading licensing partner, and through our venture capital arm, are helping bring innovative health technologies to people around the world. For more information, please visit: www.hikma.com Enquiries Hikma Pharmaceuticals PLC Susan Ringdal EVP, Strategic Planning and Global Affairs +44 (0)20 7399 2760/ +44 7776 477050 Steven Weiss US Communications +1 732 788 8279 Download press release