Emergent BioSolutions executives said the company has reduced gross debt to $515 million from about $800 million when CEO Joe Papa joined in late 2023, while year-to-date revenue reached $390 million and adjusted EBITDA rose to $132 million.
The comments came at the H.C. Wainwright 28th Annual Global Investment Conference on Sept. 14, 2026, with CEO Joe Papa and CFO Rich Lindahl discussing the company's financial position, medical countermeasures business and biodefense portfolio.
Emergent said year-to-date revenue was up $27 million from the prior-year period. Adjusted EBITDA increased $20 million year over year, with margin expanding by 3 percentage points. Operating expenses fell by $13 million. The company said net leverage was about 2.0 times.
Debt reduction was driven by refinancing and bond repurchases. Emergent refinanced a $250 million term loan down to $150 million, extended maturity to 2031, repurchased $75 million of unsecured bonds and made an additional $75 million payment. The company also has a $50 million share repurchase authorization through March 2027, with about $37.5 million remaining.
Medical countermeasures revenue for the second quarter was $168 million, described as the highest second quarter since 2020. International customers in Europe, the Middle East and Asia account for about 20% to 30% of medical countermeasures revenue, with roughly 20% of second-quarter revenue coming from outside the United States.
Emergent said NARCAN, the 4 mg naloxone product approved for over-the-counter sale in 2023, holds about 50% market share against four generic rivals. Management said the company has reduced the expense base by approximately $40 million related to NARCAN. KLOXXADO, an 8 mg naloxone nasal spray licensed through Hikma, is part of the naloxone portfolio. Naloxone packaging includes multi-pack cases, backpack clip kits and wall display formats.
The company said U.S. opioid overdose deaths were roughly 90,000 to 100,000 in 2023 and had fallen to about 50,000 in 2025. Papa said he met with Robert F. Kennedy Jr. in early September and said Emergent provides most-favored-nation pricing to the U.S. government for products made on its behalf.
Emergent has worked with the U.S. government and other governments on biodefense programs for 26 years. Its portfolio covers viral, bacterial and toxin threats, including smallpox, mpox, Ebola, Japanese encephalitis virus, anthrax and botulism. Products include ACAM2000, Ebanga, TEMBEXA and Raxibacumab, with a pan-Ebola therapeutic under development.
The company said it has streamlined its manufacturing footprint around hubs in Lansing, Michigan for bacterial fermentation, Winnipeg for hyperimmune plasma capabilities, and a Canton facility recently restarted for live attenuated virus vaccine production to support Japanese encephalitis virus vaccine production. It also closed two laboratories in Maryland, sold an unutilized office building and exited a warehouse lease.
Emergent said it has a $50 million investment tied to Ebanga milestones. Shares were noted around $6.38, while analyst price targets ranged from $10 to $12.
