Emergent BioSolutions Inc.

Good day, and thank you for standing by. Welcome to the Q4 2025 Emergent BioSolutions, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Frank Fargo, Treasurer. Please go ahead.

Good afternoon, everyone. Thank you for joining today as Emergent discusses their operational and financial results for the fourth quarter and full year of 2025. As is customary, today's call is open to all participants. The call is being recorded and is copyrighted by Emergent BioSolutions. of slides accompanying this webcast available to all webcast participants. Turning to slide two. During today's call, eMERGEAN 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 except as required by law, eMERGEAN does not undertake to updating a forward-looking statement to reflect new information, events, or circumstances. Investors should consider this cautionary statement as well as the risk factors identified in emergence periodic reports filed at the FCC 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 emergence operating performance. Please refer to the tables found in today's press release. Turning to slide three, the agenda for today's call will include Joe Papa, President and Chief Executive Officer, who will provide an update on the company's 2025 business performance and multi-year transformation plan highlights, and Rich Lindahl, EVP and Chief Financial Officer, who will provide details on the fourth quarter and full year 2025 financial results, as well as provide an update on full year 2026 guidance. Finally, for the benefit of those who may be listening to the replay of this webcast, this call was held and reported on February 26, 2026. 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.

Thank you, Frank, and good afternoon, everyone. This is Joe Papa, CEO of Emergent. I am joined by our CFO, Rich Lindo. I'll start with our multi-year transformation plan progress and top line business results. which will walk through the fourth quarter and full year 2025 financials and provide our 2026 guidance. Before I return to our business outlook and growth records, and we'll end with a Q&A. Turning to slide five, over the past few years, our emergent team has made substantial progress executing on our multi-year transformation plan, strengthening our financial position through great operating results, strategic divestitures, margin improvements, and deleveraging through debt-based payments. In 2025, we also return capital to shareholders through shared purchases and resolve a legacy historical matter with the New York Attorney General's Office. I'm proud of the excellent work by our emergent team for staying focused on our mission to protect and save lives. In 2026, Our priorities are clear. Invest in revenue growth drivers across both the MCM and the Matlack Zone Seconds by advancing our internal pipeline and pursuing targeted bolt-on acquisitions and external opportunities that leverage our infrastructure and scale. Turn to slide seven. In 2025, we deliver strong results, adjusted EBITDA of $205 million, primarily driven by our lean, efficient, customer-focused business model, year-end cash of $205 million, and net leverage was reduced from 1.9 times from 3.3 times in December of 2024. We secured biodefense contracts in the U.S. and ex-U.S. with international sales representing 34% of our full-year medical countermeasures revenue. In quarter four, we maintained market leadership across our Naloxone business, while dealing with the U.S. government shutdown, which created uncertainty for some of our public interest customers. Let's look at our MCM business on slide eight. Our work in biodefense preparedness remains strong, with numerous contract awards and product orders with the U.S. government, and international deliveries made to over 20 countries. And just announced today, we've executed a series of new multi-year agreements with the government of Canada valued at $140 million Canadian dollars to deliver critical medical common measures. And now onto our Naloxone business on slide nine. CDC data continues to show immediate full decline in U.S. opioid overdose deaths from 2022 to 2023. We believe access to Naloxone, especially our Narcan nasal spray, four milligrams as a state of care, remains essential to sustaining this progress. As the market leader in nasal naloxone across the public interest channel, we continue to invest in access, awareness, and innovation across our Narcan nasal spray product line to include convenient carrying case designed to be compact, discreet, and easy to carry. Our consumer survey of more than 500 adults reinforced the critical need for this solution. The survey found 74% of consumers prefer a carrying case over standard packaging, Among college students, the population identified as one of the highest risk groups for opioid misuse. This preference rises to 81%. Additionally, we received FDA approval for two multi-use configurations of Narcan nasal spray offering both a six-pound and a 24-pound multi-pack option designed to meet the needs of partners distributing higher volumes of naloxone. As opioid overdose death rates are declining nationally, we believe in the critical role OTC and ARCAN play in saving lives. Many from the field want to know what is the real-world impact of naloxone in opioid overdose reversal and saving lives. New York State offers compelling evidence of its effectiveness. A peer-reviewed analysis from 2023 to March of 2025 found that naloxone administration saved more than 6,500 lives and over 200,000 years of life in the New York State alone. It's worth noting that recent legislation signed by the New York governor now requires certain private employers to stock in opioid antagonists. Our efforts are aligned as we work hard to ensure businesses are equipped and prepared to respond to an opioid overdose emergency. We are also very proud of our ongoing work to support Canada in their efforts to help save lives. There have been recent shifts across British Columbia and other provinces to prioritize naval malaxone access, and we look forward to continued engagement across Canada. We cannot afford to lose thousands of innocent lives to opioid crisis, and we believe our work in collaboration with all stakeholders is essential to reducing the number of lives lost to zero. Now I'd like to turn the call over to Rich to walk through the quarter for financial results.