Afternoon, everyone, and welcome to the 2026 Jefferies Global Healthcare Conference. My name is Lucas Christensen with Jefferies Investment Banking, and it is my great pleasure to introduce Joe Papa, CEO, and Rich Lindahl, CFO of Emergent BioSolutions. Thank you. Thank you. Good afternoon, everyone. Joe Papa, pleasure to be here today to talk about Emergent. Emergent's a 25-year-old healthcare company that has a very unique business model. We partner with governments around the world on products like biodefense, where we come forward with programs and activities that will help protect public health around the world. That's the basic mission of our company. We have significant barriers to our product entry. Those barriers are a number of different items, whether they be barriers like we create a live attenuated virus vaccine for smallpox. Obviously, smallpox, one of the most serious viral threats. We create a product for the number one bacterial threat, which is anthrax. We have a product for the most lethal toxin known, which is botulism. We have a number of different products that we have opportunities for. Interestingly, we have a product for Ebola. You may have been reading in the news about the Ebola outbreak in Africa. That's one that is very concerning. It's very concerning for a number of reasons. Number one, there is no medical countermeasure for that. That's why a company like Emergent should be an important part of your portfolio as you think about investments for the future. I'm going to make some comments that are forward-looking. I remind you to look at our SEC filings. I'm going to talk now about exactly our leadership position in public health. Okay. The other business that we have is NARCAN. NARCAN is the other business that we have. It's an important part of being the number one product for opiate overdoses. We have the brand NARCAN that is the brand leader. That's important consideration as you think about the future. It's been a product that we've taken a lot of initiative to actually switch it to over-the-counter status, believing that as we can make NARCAN more available, more accessible, we will cut down the number of opiate overdose deaths. I'll talk more about that in a second. This is our team. It's a team that has decades of experience in the pharmaceutical and healthcare space, and specifically in the space of the medical countermeasures or biodefense. A strong team. It's been a pleasure to work with this team. As I mentioned, we are the leader in biodefense. We have the most number of products in biodefense with a 25-year history of working with governments around the world, and especially working with the U.S. government. As I mentioned before, we deal with products for smallpox. We have both the vaccine side of smallpox as well as the therapeutic side. We have products for anthrax. Once again, vaccines for anthrax as well as therapeutics. We have a botulism antitoxin product, a product for Ebola. You can see a very diverse portfolio. The leading portfolio out there in the biodefense world. It's also a very durable product portfolio. What do I mean by that? We of course, make the products for the different governments around the world on biodefense, but we also do testing for them after they get the product. We do ongoing testing for potency, for stability, and that's what's very important to consider as you think about what does governments want. They want the ability to have a supply chain for future if there's any big issues on bioterrorism. Importantly, they also want to make sure that they know the product they have in the stockpile today is a product that is potent, it is stable, and that's what we make in terms of having the ongoing supply chain and if a crisis develops. That's why they need us. The issues of medical countermeasures, biodefense, are something that we see every day. If you just think about what you've heard, obviously we all know the example of COVID and what happened with COVID and how that outbreak occurred and what it meant to society. Even just most recently, we just a short time ago, heard about hantavirus and what that meant to society. Today we're dealing with the Ebola outbreak in Africa, that one, I think, is especially concerning because there is no medical countermeasures, as I mentioned before. It's also a very important area for mining in that area of Africa. There's direct flights directly from that area of the world to China, for example. China controls much of that area for the rare earth metals and also for lithium mining. We know that this is a concerning outbreak of Ebola today. Many of the people that get this outbreak today are walking around with it before they really get sick. While they're walking around, they can potentially risk the issue of endangering a lot of other individuals as they walk around with their Ebola. That's an important part of what it is we do and why we do it, and why it's important for the future of our country, but also countries around the world. If I go to the next slide here, this looks at our actual company in terms of where we are located. I'm delighted to say that many of our products are made either in the U.S. or in a USMCA compliant facility in Canada. If you think about what does that mean, very limited exposure to things like tariffs, if those become an issue, or to the most recent issues of most favored nation pricing. That's important part of what makes us unique as a country and how we ship to the U.S. government. We always guarantee the U.S. government the most favored nation pricing. That's one of the important things that differentiates us as a company. Also, you can see that these are the number of sites, but we've identified two sites predominantly that are hub sites for us, both the facility in our Lansing, Michigan, where we're making our anthrax products, and then also our facility in Winnipeg, Canada, are two hub sites that we've identified. We tried to create a very lean, efficient company as we think about the future, but one that's also focused on our customers. One of the things, if you look at the bottom of this page, you can see what capabilities we have. We have capabilities that are very difficult for other companies to look at what we do in terms of making a live attenuated virus vaccine. It's not something somebody can go to their garage tomorrow and say, "I'm going to create a live attenuated virus vaccine." It's a very difficult thing to do. Our team has that capability. We have the capability of working with anthrax spores. Obviously, that's something that's very worrisome. We have those capabilities. We know how to work with anthrax spores. That's why we have the durability of our business once again. Because the U.S. government or other governments around the world don't want anthrax spores floating around in a lot of people's hands, and they don't want it to get in the hands of a bad actor. That's why we have capabilities. We have barriers to entry in our business, I think that are an important part of the consideration as you think about where it is that we compete and what we do with our business. If I can go to the next slide. We've started a multi-year turnaround effort with the company in 2024. I joined in February 2024. We initiated this multi-year turnaround. We have three phases, essentially, with our company. The first one was stabilization. I define the stabilization phase, it's now completed, as one where we had to make some decisions to divest unprofitable product or assets. We had to streamline our manufacturing facility, so get down to our footprint we have today. We divested three sites. We had to make sure that we settled on some of the legacy litigation that was ongoing with our company. We had to decrease our operating expenses by ballpark $250 million. We took a lot of steps during the stabilization phase. I'm glad to say it's completed. We've worked through that, and we've been able to move our EBITDA, which in 2023 was negative. We moved that to, in 2024, that turned over to be $184 million+ EBITDA. It grew again in 2025 to $205 million+. We're now in the turnaround phase. The way I define turnaround, simply stated, is that we are looking for those assets in which we can invest for growth. A good example of that is what we are doing with our international business. Now we're investing for the growth of our international business as we think about where can we go for future growth, and I'll talk more about that in just a second. Let me move to quarter one 2026 and some of the numbers we reported just a couple of months ago, and what we experienced in terms of our summary. It's ahead of our expectations for the year, both on the revenue side and in EBITDA. If you look at our first quarter 2026 revenue, $156 million ahead of our expectation, as well as the Q1 2026 EBITDA ahead of our expectation at $36 million. Importantly, we've also been able to improve some of the financial metrics of our company, like cash balance. That improved by $11 million versus last year. We improved our capital allocation by refinancing our term loan to extend the duration to 2031. We also had an ongoing program where we are continuing to repurchase our shares. We think our shares are at a value that we should warrant repurchasing, and we've been doing that. We also, on the business side, on the MCM side, we initiated four new contract awards with the governments around the world. We are able to increase our business internationally during the quarter. This is important. Historically, international has been about 15% of our MCM business, our biodefense business. This quarter, it was at 37%. That's an important consideration, number one, for the diversification that we're getting. Number two, as I said before, we always give the U.S. government the most favored nation pricing. Anything we sell outside the U.S., by definition, has to be at a slightly better margin for us. In addition, on NARCAN, we made a number of new innovations. We came out with a carrying case for NARCAN. You say, "Why do you need a carrying case for NARCAN?" The thing we know that's most important about NARCAN is the more accessible it is in time of need, the more likely you would be able to save a life. What do I mean? The reality is when someone overdoses and they stop breathing, you only have, at that point, five, six minutes to make a difference in that patient to get them breathing again, or else, unfortunately, they will die. We believe by having a carrying case, something you just clip onto a backpack, especially for college students, 81% of the college students preferred this concept of having something they could have on their backpack to make sure it was available in the time of need. We also came out with a multi-pack for those users of the product that need large quantities. We believe having this multi-pack, it was a good solution to make it more efficient for them, where they already know the product. They can get a package of six or a package of 24. In addition, we initiated and completed a new business development transaction with a company called Substipharm. We took our knowledge and capabilities to make these difficult virus vaccine products that we have that capability to make drug substance. We are restarting a facility we have in Canton, Massachusetts, to do that. That was an important initiative for us. Beyond that, though, we're going to leverage our expertise of how to work with the U.S. government, and potentially have an opportunity to take this Japanese encephalitis virus vaccine to the U.S. government as an opportunity for the future. It gives us some things that we can do beyond what we were doing before. It's just one more product, one more opportunity that allows us to have products available to deal with public health threats around the world. We also completed a new multi-year manufacturing agreement with SAB for a type 1 diabetes product. On the MCM side, just talking a little bit more about that, as I mentioned, we had four new contract awards in the first quarter. We have a $140 million contract award with Canada, $35 million of which will be for 2026. We also had a $54 million contract award for our product VIGIV for smallpox, and then also $21 million for a BioThrax. You can see a number of things that we are doing across the board to help with our MCM business. That has enabled us to get, as I mentioned before, 37% of our business came from outside the U.S. in the first quarter. We think that's an important part. Beyond that, we also know that NATO, for example, has increased their support from going from 3% of their GDP to 5% of GDP. We think that's an important part of helping to build up the European Union stockpile as they're going forward to try to build their programs and activities for the area of biodefense. Some exciting opportunities there for future growth beyond the first quarter. Maybe one other last thing I'll say about our business that makes it unique is that we sit today with strong bipartisan support from the U.S. government, both on the congressional side, the administration side, for both areas in which we compete, both in the areas of the biodefense medical countermeasures, as well on the opioid overdose. That gives you an opportunity to understand why we're optimistic as we think about what are the opportunities for the future of our company. I go to the area of naloxone opioid overdoses. What's the big problem? The root cause of this problem is there's still a lot of people dying every year because of opioid overdoses. In 2023, before we made our product NARCAN available over the counter, ballpark, there was about 100,000 overdose deaths. As we came to 2025, we think that number has shrunk about to about 50,000 deaths a year. It's still 50,000 deaths a year, so we think that's obviously still a problem. We have a product with our NARCAN that is now available over the counter, so it makes it more accessible, which is important. It's also still the number one brand. We have ballpark a 50%-55% share of the opioid overdose naloxone market. We expect the market's going to grow. It's going to grow, we think, because there's still a major problem with 50,000 deaths, but it's also going to grow because there is now incremental funding that's coming into this market. The funding is coming from the large pharma companies that have class action litigation settlements. That because they marketed opioid drugs, those settlement dollars, ballpark $50 billion over the next 10 years, are coming into the category for use by the states in the area of education and also the area of treatment. Obviously, our NARCAN product is one of the leading opportunities to treat opioid overdoses. That's why we think there still will be growth in the market, mostly because, as I said before, the people are still dying. We are bringing out additional innovations. We have a multi-pack, as I mentioned. We also have this carrying case that I mentioned. We think those are important for us. Then internationally, we think there's an opportunity for us in Canada. The products that are currently being used in Canada, our NARCAN product isn't the leading product there. Previously, they were using an injectable product, an injectable naloxone. They see the opportunity that a nasal NARCAN can be an easier, faster route to treat patients. If I think about where we're going financially with our numbers for key financial performance in the first quarter of 2026, once again, we've exceeded our expectations on both revenue and EBITDA. We've had strong management of our operating expenses, down $10 million versus last year. That's allowed us to, as I said, start the year ahead of our expectations. We're excited about what that means for the full year, and I'll talk a little bit more about that in just a second. If you think about other metrics that are important to us, we continue to improve on our financials on cash. Cash was up $11 million versus last year. Liquidity also up by $11 million. Our debt reduction programs are continuing to generate results. We're down about $110 million in gross debt and about $122 million in net debt just versus a year ago. We're making progress to obviously reduce the total quantum of our debt, but also the leverage. Our debt leverage went from about 2.7 times a year ago to about 2.4 times. Continued progress on the debt leverage side. We also, though, are being active in other things we're doing on the debt side. We did, in April, do a refinancing. We closed a $150 million new term loan. That will help us in a number of ways. First and foremost, it'll decrease our interest expense by approximately 200 basis points. It will obviously preserve the liquidity that we need for the company. It'll also extend the maturity to 2031, and it gives us a little bit better debt covenant flexibility. We're delighted to have that behind us as we think about where do we want to go for the future as we think about our turnaround. Let me talk a little bit about additional capital allocation plans for us during 2026 and beyond. We are looking at capital for three important areas. Number one, to fund the growth of our company, whether that growth is the investment I mentioned in the international side of our business by putting more regulatory capabilities, more sales capabilities, commercial capabilities. That's all part of our MCM initiative for growth. It's also to fund the internal research and development we have with the company. It's also looking at business development. All those three together, the growth initiative for international, the internal R&D, and business development are all an important part of what we're looking for to fund our growth. In addition, we're looking at what can we do to continue to refinance and reduce our total amount of debt. That's an important part of what we're looking at from a capital allocation point of view. We have a share repurchase program ongoing. We believe that if we look at our market cap, there's an opportunity to buy back shares now, at the multiples we see. We think that's a good utilization of our capital as we think about the future. Let me go now to 2026, our business outlook and catalyst, and talk about some of those. First and foremost, as I mentioned, we've got existing R&D program. Three products we have, TEMBEXA, which is a therapeutic for smallpox. We're testing it also today on mpox. We've got EBANGA for Ebola. That's another important product opportunity, especially given the news of the day about the Ebola outbreak. I want to be clear, our Ebola product is not suitable for the current strain of Ebola that's out there, but it is an important product for the most common strain of Ebola, called the Ebola Zaire strain. We're excited about continuing to advance that science and scale up the Ebola manufacturing for the future. Of course, we have our raxibacumab for anthrax product. Those are all important parts of what we're doing for the growth side and the R&D side of our business. In addition, we'll have some additional NARCAN innovation. We believe the NARCAN innovation, the carrying case, and the multi-pack all help to differentiate us as the market leader and hold onto our market-leading position by extending the brand name NARCAN to additional package size, et cetera. I mentioned about international expansion. That's also important for us. In business development, we've done a number in the last two years. We licensed in KLOXXADO. KLOXXADO is an 8 mg version of naloxone. NARCAN clearly is the gold standard, but there is at times need for a higher dose of naloxone, especially if you think about some of the very potent fentanyl-like products, or even worse, the nitazenes products that are even more potent. We believe having onboard KLOXXADO can help many of the first responders that are dealing with these patients. We also did a deal with RocketVax to acquire some next-generation live attenuated virus capabilities, so that as we think about what could happen with some of these outbreaks that we know are going to happen. We know we've had COVID, we know hantavirus occurred, we know Ebola's out there today. We want to be prepared to be able to move quickly in the event some of these other virus outbreaks occur, and we need to have solutions for them. We've licensed in some technology from RocketVax. We also, as I mentioned, licensed in the Japanese encephalitis virus vaccine. We think that's an opportunity for us, not only on the CDMO side, but potentially a U.S. government opportunity. There's just more for us to do here relative to how we can help grow the business from a business development point of view by making additional deals for the future. This is just a quick look at the pipeline I just talked about in terms of what's coming, what's new for us. A number of projects are underway. You can see many of them are already approved. We're now working on things like scale-up. We do get revenue for scale-up as we work on the program's activities to take, for example, our product, EBANGA. We're taking it from a 200 L scale up to a 2,000 L scale. Obviously, that is beneficial for things like cost of goods, et cetera. We work with governments around the world. We'll continue to work with those governments with many of our projects to build up the capabilities that we have, knowing that this is an increasingly dangerous world and the next bioterror act or the next concern about some viral outbreak could be just around the corner. We want to be able to be there to help countries to deal with these types of issues ahead of time so that they are prepared in the event of something happening and something going wrong. With that, let me close up on the summary. We continue to deliver on the Emergent multi-year turnaround plan. We are operating a lean, efficient, customer-focused organization. We are striving to continue to reduce our debt, continue to reduce interest expense by extending the maturity and getting better debt rates. We are continuing to repurchase our shares. We think that they're at a value that we can repurchase them as we think about the future opportunities for our company. We are looking for growth. We're going to look for growth through business development, as well as the international opportunities, as well as our existing pipeline. We are going to also seek for additional diversification. For example, the international opportunity we think gives us more diversified product revenue for the future. All along this way, we're looking for continuing to maintain our ongoing commitment to patient safety, quality, and compliance as we think about our company. That's the story of Emergent, a 25-plus-year-old company that's continuing to focus on solving public health threats for communities all over the world. We're excited about what we've done so far historically, but even more excited about and optimistic about what we think we can do for the future to continue to make an improvement in people's lives. Thank you for joining me today. I'm happy to take any questions if there's any questions. Also with me is Rich Lindahl, our CFO at Emergent. Are there any questions here in the room?