Emergent BioSolutions Files 2023 Annual Report on Form 10-K

Ticker: EBS · Form: 10-K · Filed: Mar 8, 2024 · CIK: 1367644

Emergent Biosolutions Inc. 10-K Filing Summary
FieldDetail
CompanyEmergent Biosolutions Inc. (EBS)
Form Type10-K
Filed DateMar 8, 2024
Risk Levelmedium
Pages15
Reading Time17 min
Key Dollar Amounts$0.001, $160 million, $250 million, $2 billion, $170.0 m
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Emergent BioSolutions, Annual Report, Pharmaceuticals, Financials

TL;DR

<b>Emergent BioSolutions Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Emergent BioSolutions Inc. (EBS) filed a Annual Report (10-K) with the SEC on March 8, 2024. Emergent BioSolutions Inc. filed its 2023 Form 10-K on March 8, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in Pharmaceutical Preparations (SIC 2834). The filing includes financial data for the fiscal years 2021, 2022, and 2023. The company is incorporated in Delaware and headquartered in Gaithersburg, MD.

Why It Matters

For investors and stakeholders tracking Emergent BioSolutions Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Emergent BioSolutions' financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and risk factors disclosed in this report are essential for stakeholders to understand the company's revenue streams, profitability, debt levels, and potential challenges in the pharmaceutical preparations industry.

Risk Assessment

Risk Level: medium — Emergent BioSolutions Inc. shows moderate risk based on this filing. The company's reliance on government contracts and the potential for shifts in government funding or priorities represent a significant risk, as indicated by the nature of its business in medical countermeasures.

Analyst Insight

Investors should closely examine the revenue breakdown by segment and the disclosed risk factors to understand the sustainability of Emergent BioSolutions' business model and its exposure to regulatory and market changes.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed period of report)
  • 2024-03-08 — Filing Date (Filed as of date)
  • 2023 — Fiscal Year (Filing values)

Key Players & Entities

  • Emergent BioSolutions Inc. (company) — Filer name
  • 2023 (date) — Fiscal year end
  • March 8, 2024 (date) — Filing date
  • Gaithersburg, MD (location) — Business address city and state
  • 240-631-3200 (phone) — Business phone number
  • DE (state) — State of incorporation
  • 2834 (industry) — Standard Industrial Classification

FAQ

When did Emergent BioSolutions Inc. file this 10-K?

Emergent BioSolutions Inc. filed this Annual Report (10-K) with the SEC on March 8, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Emergent BioSolutions Inc. (EBS).

Where can I read the original 10-K filing from Emergent BioSolutions Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Emergent BioSolutions Inc..

What are the key takeaways from Emergent BioSolutions Inc.'s 10-K?

Emergent BioSolutions Inc. filed this 10-K on March 8, 2024. Key takeaways: Emergent BioSolutions Inc. filed its 2023 Form 10-K on March 8, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business is in Pharmaceutical Preparations (SIC 2834)..

Is Emergent BioSolutions Inc. a risky investment based on this filing?

Based on this 10-K, Emergent BioSolutions Inc. presents a moderate-risk profile. The company's reliance on government contracts and the potential for shifts in government funding or priorities represent a significant risk, as indicated by the nature of its business in medical countermeasures.

What should investors do after reading Emergent BioSolutions Inc.'s 10-K?

Investors should closely examine the revenue breakdown by segment and the disclosed risk factors to understand the sustainability of Emergent BioSolutions' business model and its exposure to regulatory and market changes. The overall sentiment from this filing is neutral.

Risk Factors

  • Government Contracts and Funding [high — regulatory]: The company's significant reliance on government contracts, particularly for medical countermeasures, exposes it to risks associated with changes in government funding, procurement policies, and regulatory approvals.
  • Product Demand and Competition [medium — market]: Fluctuations in demand for its products, driven by public health needs or competitive pressures, can impact revenue and profitability.
  • Manufacturing and Supply Chain [medium — operational]: Disruptions in manufacturing processes, supply chain issues, or quality control failures could lead to production delays, product recalls, and reputational damage.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
  • 2024-03-08: 10-K Filing Date — Date Emergent BioSolutions filed its annual report.

Filing Stats: 4,356 words · 17 min read · ~15 pages · Grade level 15.7 · Accepted 2024-03-08 16:21:44

Key Financial Figures

  • $0.001 — ange on Which Registered Common stock, $0.001 par value per share EBS New York Stock
  • $160 million — plemented actions intended to save over $160 million of annualized operating expense, and an
  • $250 million — including the receipt of approximately $250 million of USG orders for ACAM2000 (discussed m
  • $2 billion — contract valued at up to approximately $2 billion over 10 years for the continued supply
  • $170.0 m — ormance in 2019 valued at approximately $170.0 million, and nine option years. The numbe
  • $176.0 m — of the first contract option, valued at $176.0 million, to procure doses of ACAM2000 vac
  • $182.2 m — f the second contract option, valued at $182.2 million, to procure doses of ACAM2000 vac
  • $120 million — ion Exercise is valued at approximately $120 million and was made under a bilateral modifica
  • $550.0 m — nced contract with HHS, valued at up to $550.0 million, if all options under the contrac
  • $90.0 m — 2019 and valued at up to approximately $90.0 million, is to supply annual doses of BAT
  • $94.0 million — nal doses valued at up to approximately $94.0 million over 10 years. The second deliverable,
  • $366.0 m — iverable, valued at up to approximately $366.0 million, is for the production of additio

Filing Documents

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 56 Item 1C. Cyber Security 56 Item 2.

Properties

Properties 58 Item 3.

Legal Proceedings

Legal Proceedings 58 Item 4. Mine Safety Disclosures 58 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 59 Item 6. [Reserved] 59 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 60 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 87 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 88 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 137 Item 9A.

Controls and Procedures

Controls and Procedures 137 Item 9B. Other Information 139 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 139 PART III Item 10. Directors, Executive Officers and Corporate Governance 139 Item 11.

Executive Compensation

Executive Compensation 139 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 139 Item 13. Certain Relationships and Related Transactions, and Director Independence 139 Item 14. Principal Accountant Fees and Services 139 PART IV Item 15. Exhibits and Financial Statement Schedules 140 Item 16. Form 10-K Summary 147 Exhibit Index 141

Signatures

Signatures 148 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K and the documents we incorporate by reference include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including statements regarding the future performance of Emergent BioSolutions Inc. or any of our businesses, our business strategy, future operations, future financial position, future revenues and earnings, projected costs, prospects, plans and objectives of management, are forward-looking statements. We generally identify forward-looking statements by using words like "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "future", "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. You are, therefore, cautioned not to place undue reliance on any forward-looking statement contained herein. Any forward-looking statement speaks only as of the date on which such statement is made 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 U.S. Government ("USG")

BUSINESS

ITEM 1. BUSINESS OVERVIEW We are a global life sciences company focused on providing innovative preparedness and response solutions addressing accidental, deliberate and naturally occurring public health threats ("PHTs"). Our solutions include a product portfolio, a product development portfolio, and a Bioservices portfolio. The types of PHTs we are currently addressing are focused on the following four categories: chemical, biological, radiological, nuclear and explosives ("CBRNE"); emerging infectious diseases ("EID"); public health crises (such as the opioid crisis); and acute, emergency and community care. Our revenues are derived from a combination of the sale and procurement of our product/product candidate portfolio (described below), the provision of our bioservices to external customers, and non-dilutive contract and grant funding for research and development ("R&D") projects from various third-party sources. OUR OPERATING SEGMENTS In the fourth quarter of 2023, we realigned our reportable operating segments to reflect recent changes in our internal operating and reporting process. The revised reporting structure reflects the internal reporting and review process used by our Chief Operating Decision Maker, for making decisions and assessing performance, and is consistent with how we currently manage the business. We now manage our business with a focus on three reportable segments: our Commercial Products Segment consisting of NARCAN and other commercial products which were sold as part of our travel health business in the second quarter of 2023; our MCM Products Segment consisting of Anthrax—MCM products, Smallpox—MCM products and Other Products (as discussed below) ; and our Services Segment consisting of our Bioservices portfolio. Additionally, we have a centralized R&D organization and an enterprise-wide governance approach to managing our portfolio of R&D projects. Commercial Products Segment In the U.S. and international markets, our C

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