Good afternoon, everyone, and thank you for joining the 2026 H.C. Wainwright 28th Annual Global Investment Conference. My name is Ahmed Mahmoud, an Associate Research Analyst at H.C. Wainwright, and I am happy today to introduce our presenters for this session, Joe Papa, CEO, and Rich Lindahl, CFO of Emergent BioSolutions, a public health company providing medical countermeasures and other life-saving products. Joe? Thank you. Hello, everyone. Pleasure to be here today, and thank you very much for your interest in Emergent, an emerging and unique company. We have a 26-year history of working with the U.S. government and other governments around the world, to partner with them to create biodefense programs, activities where we help them prepare. The number one areas and risks of biodefense tend to be, what is the number one viral risk? It is smallpox. We have both a therapeutic as well as a vaccine for smallpox. The number one bacterial threat is anthrax. We have, once again, a vaccine as well as a therapeutic for anthrax. The number one toxin in the world is the botulism, and we have both botulism antitoxin for that. Then, of course, you may have read in the news the current risk of the outbreak of Ebola, in Africa, and we have a product that is a treatment, a monoclonal antibody for the treatment of Ebola. So, we have a number of different products. Our product is called Ebanga. So, a number of different products that makes a very unique business model where we partner with governments around the world to help get them prepared for risk of biodefense. In addition, because our business deals with different types of pathogens that the government does not want exposure to, we have a long lifespan of our products in that the government does not want a number of players to have access to anthrax. Their concern is that if anthrax spores got into the hands of a bad actor, they may choose to do something that could be problematic for the government. So, we have a longevity of our business in the sense that we make the product for the U.S. government. There are limited people that can go. I can guarantee you, there is no one going to their garage tonight and say, "I am going to create an anthrax vaccine." That is just not going to happen, because they are not going to get access to anthrax spores. But we also, beyond making the product, we have the ability to provide the government with ongoing stability, testing, make sure the potency is there, shelf life is there. That gives us additional longevity. So, that gives you a sense of our business. Beyond that, we also, beyond public health, we have a product, the number one product for opioid overdoses is NARCAN. That is our product. We continue to be the market leader in that area. That is the quick view. There are some safe harbor comments I will make. I refer all of you to look at our SEC filings if you have any interesting questions on that. In terms of leadership and public health, I will start with the team. The team is a very experienced and trusted management team. The team has over 100 years of experience in the biopharma segment. Good, strong team, with representatives from all the different areas of our business. This is just a look at our portfolio. This includes all the products in our portfolio. This represents the leading position in biodefense. We have more products in biodefense than any other company has out there, as I mentioned. If you start at the top there with smallpox, we have a therapeutic and a vaccine for smallpox. The products that are also used for mpox, there is ACAM2000, which is our vaccine that can also be used for mpox. Anthrax, we have a number of different products there, both therapeutically and a vaccine for anthrax. Botulism, I mentioned botulism antitoxin, and Ebola is our Ebanga monoclonal antibody. All those products are designed to make sure that the governments around the world have products to anticipate risk in the bio-preparedness and biodefense. In addition to that, I mentioned the opioid overdose, and once again, our products there are NARCAN, which is the gold standard 4 mg product, and we also, through a license with Hikma, have access to KLOXXADO nasal spray, which is an 8 mg strength of naloxone. It gives you a very wide, diversified portfolio of products. I am happy to say I had a chance to meet RFK Jr., just in early September, and one of the things I can absolutely say to him, that many of you have heard the questions that have been asked about the U.S. government about Most-Favored-Nation pricing. I can absolutely assure you that I walked into that office and tell him that right now, Emergent already provides Most-Favored-Nation pricing. Unlike with many of the pharma companies, the U.S. gets the Most-Favored-Nation pricing for the products that we make for the U.S. government. In terms of our manufacturing footprint, we have streamlined that footprint down, that manufacturing network. We have two hub locations. One is in Lansing, Michigan. That capability there is bacterial fermentation. We make the product there. The other hub is Winnipeg. Winnipeg makes predominantly products for hyperimmune plasma product capabilities in terms of what we do there. In addition, based on the need in the marketplace, we are also restarting our Canton facility. We announced that fairly recently about the Canton restart. That has a live attenuated virus vaccines active ingredient capability, which is not widely available around the world. We did choose to restart that just recently. It gives you a sense of the capabilities we have, both in terms of where the sites are, but then also being able to make the full portfolio of our product capabilities for our company. We have done some good steps in terms of streamlining, but also maintaining the capabilities. Additionally, I mentioned this at the beginning that we have a multi-year transformation plan underway. I joined the company in 2024, with the intent to first stabilize the company and then find the turnaround where we'll decide where to make the best investment for the future. Our priorities on the turnaround were absolutely to look for where can we make the best investment with the best return on investment for all of our stakeholders in the company. We're in the middle of that right now. We've stabilized the company, we're investing for the future and looking for those future growth opportunities, all while making sure that we continue to be the leader in solving global public health threats and prioritizing patient safety, quality, and compliance across our entire portfolio of our products. That's what we do and why we do it. I'm going to go in through each segment. I'll start with naloxone. It'll take me a couple slides to go through that, and then I'll go to the medical countermeasures business. The naloxone business, I'm delighted to say we got approval for that product to go over the counter in 2023. We believe naloxone's availability as over-the-counter status has been a dramatic improvement in reducing the number of opiate overdose deaths. In 2023, the opiate overall deaths in the U.S. was somewhere in the 90,000- 100,000 people dying every year for opiate overdoses. That's a terrible number. I'm delighted to say, in 2025, we've been able to bring that number down dramatically. It's somewhere now in around 50,000 level. Still way too many people dying from opiate overdoses, but we have been able to dramatically reduce that. We believe a big part of that is because we've been able to move the product from prescription to OTC. With OTC status, we can make it more available. We can put it on the wall kit on the walls, we can clip it onto a backpack for a student so they can have it on their backpack, so that wherever the person needs the product, you have the potential ability to save a person's life. Because if you overdose on an opioid, you will stop breathing, and once you stop breathing, you only have four or five minutes before you're going to have some serious problems or death. So having the availability of the product wherever you need it has been a big part of why we think the number of opiate overdose deaths have come down. Our product, NARCAN, is the gold standard out there. It is the leading brand. It's what's commonly referred to, even if they're using the generic naloxone, they're often will talk about it as the NARCAN product. That's our portfolio. To be clear, we have faced some intensifying competitive pressures on the NARCAN business. The overall market continues to grow in units, but we have faced pressures, and a result of that, we have brought down our estimates for revenue. But once again, we continue to hold the market share. We believe our market share is somewhere in the 50%, with now four generic competitors in the market, and we're still holding on to about 50%. We have had to price the product competitively, which means we have to come closer to where the generics are. We don't have to match them, but we have to be certainly be close with that. And that's the reason why we've run into some challenges with NARCAN. We still are focused on trying to protect and save lives. We are continuing to make our product even more accessible, bringing out new innovation for multi-pack cases, bringing out backpack kits that you can clip on the backpack, things that can help make the product available in more forms that will help save lives because it will be where you need it. As a result of some of the challenges with NARCAN, we did have to make some reductions in the actual numbers of what we were doing from a restructuring point of view. We did that based on this generic entries. We have decreased the expense base by approximately $40 million. We closed two labs in Maryland. We sold an unutilized office building that we had available to us, and we exited a warehouse lease. All this is designed to continue to make us more flexible, leaner, more customer focused, and obviously improve the overall efficiency of how our business operates. That has been what the decisions we have made as a result of some of these incremental challenges. Let me move to the other part of our business, the very exciting part of our business, the medical countermeasures. As I mentioned, it is a very unique business. We look at where can we address the dangers that the world face, and I think all of us see the newspapers every day, the news on TV, on the internet, and we know we live in an increasingly dangerous world. We are working to make this a little bit safer by making medical countermeasure products that will help prepare governments around the world for what is going on out there. Most of our business is with the U.S. government. However, we have diversified and increased our footprint, and we sell now somewhere in that 20%-30% every year outside of the U.S. government. So we are getting some additional diversification by selling to countries in Europe, countries in Middle East, countries in Asia. So we are continuing to expand our geographic footprint. Most recent quarter we had was the second quarter. We reported revenues, $168 million. It was the highest second quarter we had since 2020. About 20% of our MCM revenue came from outside the U.S., as I mentioned, and we continue to get new contract awards with the U.S. government and other governments around the world. So that is clearly something that we are excited about in terms of what we see. One of the things I will mention is that as we think about the growth drivers for this business, we know that there are going to continue to be outbreaks of Ebola. Ebola is obviously a very serious problem. It seems like we have an Ebola outbreak almost once every year, and unfortunately, it is continuing to be widespread. The good news is that we have had ways to control it, so the products that were out there. Unfortunately, the current outbreak of Ebola is not the normal Ebola Zaire strain. This is a different strain, and we are continuing to look for new ways to treat it. Emergent has a product under development right now for what we would call pan-Ebola, because that is an important opportunity for us to continue to improve on the therapies we have. Beyond that, though, there are other things that we know. One of the things that we know, just has shown up really in the last 12 months, is that there are bad actors out there that are trying to create chaos in the world. One of the ways they've done it is what I'd call the traditional weapons. They send a missile across the border and into another country. What the bad actors have seen over the last 12 months, especially, is that if the U.S. government's involved with something, they send a missile across a border, the U.S. government just knocks it down. Our military is very well prepared to do that. So the bad actors are now looking for what are the other ways they create chaos in the world, that's kind of their mindset. What we believe is happening is they're looking at other ways to create chaos in the world. What we believe is one of the areas that we have to be prepared for is the ability to use AI for pathogens, create new pathogens. For example, to take a smallpox DNA, insert it with CRISPR into a flu virus, as a simple example. Hopefully, that doesn't happen, but we've got to be prepared for things like that. That's why we continue to spend the money in R&D, continue to work very closely with the U.S. government to help prepare and other governments around the world to help them prepare for potential issues out there in terms of AI-generated threats. You may have seen this quote just last week. This was from Anthropic, one of the leaders in AI, they just came out last week with the headlines about cases that are coming in from Yemen, Russia, and China involving support of biological weapons. There's a real concern out there. This is Anthropic's comments, not mine, but I think it's important that what's going on out there is there's a lot of concern about using AI in a way that could create new pathogens. For us, the sooner we know, the sooner where we can collaborate with the likes of Anthropic or other AI leaders, we hope to be able to be prepared and help to protect and save lives by working ahead of time for bio-preparedness. So that's a concern that exactly where that goes, how far it goes, I can't speak to that, but I can tell you that we want to make sure that we are prepared across any type of outbreak that could cause problems for national security for the U.S. or other countries around the world. Let me go through the financial results, the year-to-date numbers, just to give you some sense of where we are as a company. These are the key financial metrics for year to date 2026 versus a year ago. You can see these metrics. We had a very good first half of the year. Revenue was up $27 million, $390 million. Adjusted EBITDA was up from $112 million- $132 million, up $20 million. The margin went up by 3%. We also did that while we were reducing operating expenses, they came down by $13 million. So if you look at these, you can see some very strong performance for the first half of 2026 for our company. We're delighted to talk about some of the things we've done to try to do this. Importantly, it's been a good team effort across the board. If I go to the next page, this list looks at some additional metrics. I will not go through all of them. I do not want to bore you with the numbers. You could see the presentation is posted. But I would say, certainly, if you look at a couple of things here, we continue to generate a strong amount of cash flow from operations, and we have been using that to pay down our debt. When I joined the company at the end of 2023, early 2024, we had about $800 million of gross debt. I am glad to say that that gross debt now was down to $590 million at the end of the second quarter. We have made an additional $75 million payment on the gross debt and got it down to $515 million. And our EBITDA leverage is now down to about, call it a little less than two. We have made some really good progress in reducing the total quantum of debt, as well as by increasing EBITDA, the net leverage has come down to ballpark around two. Good progress in what we are doing as a company. If you think about year-to-date capital allocation, where are we focused on? We are focusing on what can we do to grow our business. As I mentioned to you before, we are focusing on international growth opportunities for our MCM business. We are looking at where can we invest internally in our company. For example, we just made a $50 million milestone payment for our product called Ebanga for the treatment of Ebola, and we continue to look for additional business development. We are also using our capital for debt management in terms of the refinancing and reduction of debt. As I mentioned, we refinanced our term loan. It was $250 million previously. In April, we brought it down to $150 million and extended the maturity to 2031. We also are, as I mentioned, reducing our total bonds out there outstanding. We repurchased $75 million of principal unsecured bonds. All this trying to continue to reduce our overall quantum of debt to make our companies more stable and give us more opportunities for the future. Also, in addition, we have a share repurchase program of $50 million authorization that runs through the 2027 time period, March 2027. And we still have about $37.5 million of reauthorized repurchase funds available to us at this time. The next slide just looks at our 2026 revenue and profitability guidance and gives you some sense of what we have changed. I will not go through in detail, but this is a slide that we posted during our earnings call in August of 2026 as we think about the future of our company and the full year 2026 expectation. Let me talk a little bit about the business catalyst for growth. This goes back to some of the things I have said before, but just to give you some review of it. In terms of the organic growth opportunities, there is TEMBEXA. It is a product for the treatment of smallpox. It is a therapeutic treatment that also has potential applications for the treatment of mpox. We are out studying that right now and the outbreak of mpox that has occurred in Africa. We have Ebanga, which is for Ebola, that is currently under continued evaluation. Right now, we are scaling that up. We have raxibacumab. It is a monoclonal antibody for the treatment of anthrax. In addition, we have one additional product that's new on this list, a product that's a Japanese encephalitis virus vaccine for the treatment of Japanese encephalitis virus. That's something that we're making at our facility in Canton, Massachusetts, with the belief that once we have that product completely made in the U.S., there will be an opportunity that we can potentially sell that to the U.S. government. In addition, on NARCAN, we're bringing out new innovation with NARCAN. We're trying to make these new packaging configurations available. We believe that once again, by making the product with new packaging innovation that makes a multi count that we can make available by making a backpack kit that clips onto the backpack, by making the wall displays that go right next to the defibrillator, the product will be available in more places. The more places it's available, the more lives we can save. In addition, we're looking at what we can do to expand internationally and then use business development to expand our portfolio of product opportunities. Next page just looks at that pipeline of where we are today. Some of the things I've already talked about, I won't go through in great detail, but there's a couple of new products here. There's the Japanese encephalitis virus vaccine I just mentioned. In addition, I talked about us developing a pan-Ebola monoclonal antibody therapeutic product. All those are opportunities for the future. Then we got a couple of other undisclosed products for categories that we haven't talked about, but specifically, we think those are other good opportunities. Then finally, a pandemic flu product opportunity because we unfortunately think that's going to be a problem. I can't say when, but we do think it's a problem at some point in the future. Final slide, just in summation, just in terms of where we are as a company. I think what makes Emergent unique is, once again, we are the market leader in the MCM product category. We're the market leader in the opioid overdose with our NARCAN product. We have multi-year turnaround underway. We have capabilities of providing additional products to the government, depending on what their next needs are. We have a restructuring of our manufacturing network to make it very efficient. We believe that's an important part of the go-forward strategy for us in terms of managing our overall operating expenses while we build up the new product growth drivers for the future. We've restructured our debt, we've extended the maturities as well as reduced the total quantum of debt. We think that, once again, that makes us for a more stable company, and more prepared to act on the business development opportunities for the future. Then finally, we're looking at the MCM growth opportunities because unfortunately, there will be new pathogens that come forward. Hopefully, we're going to be prepared and/or we'll be helping the U.S. government to prepare for those as we think about the future. That concludes what I wanted to comment on today. Thank you very much for your attention. Appreciate your interest in the Emergent company. Have a great day, everyone.