Emergent BioSolutions Inc.

Good afternoon, everyone. I'm the operator for today's call. Thank you for joining today as Emergent discusses their operational and financial results for the second quarter 2024. 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 this webcast available to all webcast participants. Turning to slide three. During today's call, emergent may make projections and other forward-looking statements related to their business, future events, their 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 as except as required by law, emergent does not undertake to update any forward-looking statement to reflect new information, event, 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. Turning to slide four, the agenda for today's call will include Joe Papa, President and Chief Executive Officer, who will comment on the multi-year plan update, key product highlights, and future catalysts. Rich Lindahl, EVP and Chief Financial Officer, who will speak to the current state of the company, financials for second quarter, as well as 2024 full-year guidance, including guidance for the third quarter. This will be followed by Q&A. Finally, and for the benefit of those who will be listening to the replay of this webcast, this call was held and recorded on August 6, 2024. 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 Joe Papa for opening remarks. Joe?

Hello, everyone, and thank you for joining us today to discuss our second quarter results in our 2024 financial outlook. I am joined today by Rich Lindahl, our chief financial officer. Following my opening remarks, Rich will detail our quarter two performance, provide guidance for the third quarter, as well as our full year guidance. I will then review our future growth drivers, providing summarizing thoughts on our multi-year plan, and then we'll open it up for Q&A. First, I would like to start by thanking our emergent team members. who have been hard at work executing on our multi-year plan to stabilize, turn around, and transform the business. It has been a great team effort in the first half of this year, and specifically our quarter two efforts enabled us to exceed our quarter two revenue guidance without a significant ACAM 2000 shipment that we were able to recognize in early July. I appreciate the dedication of our team, especially their support for our mission and our values. Turning to slide six, I'd like to review our progress against our multi-year plan focused on stabilizing emergent. Based on the first half performance, we are raising the midpoint of our 2024 revenue and adjusted EBITDA guidance, which Rich will walk through in great detail. While there are some one-time items in Q2 numbers, we made great progress against our plan, including making a significant reduction to our debt, as well as operating performance and working capital improvements. We focused on our product core business drivers and delivered for our customers and patients. We created a customer-focused, leaner, more flexible organization, and we streamlined our site network. And finally, leveraging our product and internal capabilities to support future growth. Turning to slide seven, I'd like to call out several activities that have been critical during the initial stabilization phase of our multiyear plan. We successfully amended our credit agreement, expanding the runway to execute on our operational plans.

Following our move, we will make our first restructuring announcement.