Emergent BioSolutions Inc. (NYSE:EBS) Q3 2023 Earnings Call Transcript

Emergent BioSolutions Inc. (NYSE:EBS) Q3 2023 Earnings Call Transcript November 8, 2023

Operator: Good afternoon, everyone. I am the operator for today’s call. Thank you for joining today as Emergent discusses the Operational and Financial Results for the Third Quarter of 2023. As is customary, today’s call is open to all participants and the call is being recorded and is copyrighted by Emergent BioSolutions. In addition to today’s press release, there is a series of slides accompanying the webcast available to all webcast participants. Turning to slides three and four. During today’s call, Emergent may make projections and other forward-looking statements related to their business, future events, the prospects or future performance. These forward-looking statements are based on their current intentions, beliefs and expectations regarding future events.

Any forward-looking statement speaks only as of the date of this conference call, and except as required by law, Emergent does not undertake to update any forward-looking statement to reflect new information, events or circumstances. Investors should consider this cautionary statement, as well as the risk factors identified in Emergent’s periodic reports filed with the SEC when evaluating their forward-looking statements. During today’s call, Emergent may also discuss certain non-GAAP financial measures that involve adjustments to GAAP figures in order to provide greater transparency regarding Emergent’s operating performance. Please refer to the tables found in today’s press release and in its slides regarding their use of adjusted net income and loss, adjusted EBITDA and adjusted gross margin and a reconciliation between Emergent’s GAAP financial measures and these non-GAAP financial measures.

A scientist in a protective suit working in a state-of-the-art laboratory, researching drugs to combat infectious diseases.

Turning to slide five. The agenda for today’s call will include Haywood Miller, Interim Chief Executive Officer; who will comment on the current state of the company; Paul Williams, SVP and Head of the Product Business, will provide brief remarks on NARCAN Nasal Spray; and finally, Rich Lindahl, EVP and Chief Financial Officer, who will speak to the financials for Q3 2023 and then pivot to Emergent’s revised forecast for full year 2023, as well as Q4 2023 total revenues. This will be followed by a Q&A session where additional members of the executive leadership team are present and available as needed. Finally, and for the benefit of those who may be listening to the replay of this webcast, this call was held and recorded on November 8, 2023.

Since then, Emergent may have made announcements related to topics discussed during today’s call. And with that, I would now like to turn the call over to Haywood Miller. Haywood?

Haywood Miller: Good afternoon to everybody and thank you for joining us today. My comments this afternoon begin on slide seven. After my remarks, Rich will detail our third quarter performance and provide updated guidance for 2023. I have also asked Paul Williams, Senior Vice President and Head of our Products business, to join us to provide additional detail on the broad availability of NARCAN Nasal Spray as we continue to battle the ongoing opioid crisis. With a full quarter at Emergent now under my belt, I remain encouraged by the progress we are making to improve performance. We are strengthening our fundamentals and we are continuing to advance our core products business. We are focused on delivering value through our life-saving products and shaping Emergent to return to growth as we continue to further advance public health and preparedness.

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