Emergent BioSolutions Inc (EBS) 2023 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q2 2023 Emergent BioSolutions Inc. Earnings Conference Call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Matt Hartwig.

美好的一天，感謝您的支持。歡迎參加 Emergent BioSolutions Inc. 2023 年第二季度收益電話會議。 （操作員說明）。請注意，今天的會議正在錄製中。現在我想將會議交給您的發言人馬特·哈特維格 (Matt Hartwig)。

Thank you, Karen, and good afternoon, everyone. My name is Matt Hartwig, Senior Director of Media Relations for the company. And it is my pleasure to welcome you to today's call, where we will be discussing the operational and financial results for second quarter 2023. 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.

謝謝凱倫，大家下午好。我叫馬特·哈特維格 (Matt Hartwig)，是公司媒體關係高級總監。我很高興歡迎您參加今天的電話會議，我們將在會上討論 2023 年第二季度的運營和財務業績。按照慣例，今天的電話會議向所有參與者開放，電話會議正在錄音，版權歸 Emergent 所有生物解決方案。除了今天的新聞稿外，所有網絡廣播參與者還可以觀看本網絡廣播附帶的一系列幻燈片。

Turning to Slides 3 and 4. During today's call, we may make projections and other forward-looking statements related to our business, future events, our prospects or future performance. These forward-looking statements are based on our 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, we do not undertake to update any forward-looking statement to reflect new information, events or circumstances. Investors should consider this cautionary statement as well as the risk factors identified in our periodic reports filed with the SEC when evaluating our forward-looking statements.

轉向幻燈片 3 和 4。在今天的電話會議中，我們可能會做出與我們的業務、未來事件、前景或未來業績相關的預測和其他前瞻性陳述。這些前瞻性陳述基於我們當前對未來事件的意圖、信念和期望。任何前瞻性聲明僅代表本次電話會議之日的情況，除非法律要求，否則我們不承諾更新任何前瞻性聲明以反映新信息、事件或情況。在評估我們的前瞻性聲明時，投資者應考慮此警告聲明以及我們向美國證券交易委員會提交的定期報告中確定的風險因素。

During today's call, we may also refer to 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 table found in today's press release regarding our use of adjusted net income and loss, adjusted EBITDA and adjusted gross margin and the reconciliations between our GAAP financial measures and these non-GAAP financial measures.

在今天的電話會議中，我們還可能會提及某些非公認會計原則財務指標，其中涉及對公認會計原則數據的調整，以便提高 Emergent 經營業績的透明度。請參閱今天新聞稿中的表格，了解我們對調整後淨收入和虧損、調整後 EBITDA 和調整後毛利率的使用，以及我們的 GAAP 財務指標與這些非 GAAP 財務指標之間的調節。

Turning to Slide 5. The agenda for today's call will include Haywood Miller, our newly appointed Interim Chief Executive Officer; and Rich Lindahl, EVP and Chief Financial Officer. Following prepared comments from both Haywood and Rich, we will conduct a Q&A session where additional members of the executive leadership team are present and available as needed.

轉向幻燈片 5。今天電話會議的議程將包括我們新任命的臨時首席執行官 Haywood Miller；以及執行副總裁兼首席財務官 Rich Lindahl。在海伍德和里奇準備好意見後，我們將舉行問答會議，執行領導團隊的其他成員將出席並根據需要提供服務。

Finally, for the benefit of those who may be listening to the replay of the webcast, this call was held and recorded on August 8, 2023. Since then, Emergent may have made announcements related to topics discussed during today's call. And with that introduction, I would now like to turn the call over to Haywood. Haywood?

最後，為了那些可能正在收聽網絡廣播重播的人的利益，本次電話會議於​​ 2023 年8 月8 日舉行並進行了錄音。從那時起，Emergent 可能發布了與今天電話會議中討論的主題相關的公告。有了這樣的介紹，我現在想把電話轉給海伍德。海伍德？

Good afternoon, and thank you for joining. A summary of my comments begin on Slide 7. A. In a moment, Rich will detail our Q2 performance and provide updated guidance for 2023. I have also asked Paul Williams, our Senior Vice President, Products; to join us to answer questions related to our MCM and NARCAN Nasal Spray franchises. First, I want to begin by sharing my enthusiasm and optimism about the future of Emergent as I step into the interim CEO role. During the first half of the year, Emergent has achieved a number of strategic milestones across its products business that will help America be better prepared to face future public health threats. So far in 2023, the U.S. government has awarded contracts to Emergent for ACAM2000, VIGIV, BAT, RSDL as well as a new contract for Ebanga for the treatment of Ebola.

下午好，感謝您的加入。我的評論摘要從幻燈片 7 開始。 A. 稍後，Rich 將詳細介紹我們第二季度的業績，並提供 2023 年的更新指導。我還詢問了我們的產品高級副總裁 Paul Williams；加入我們，回答與 MCM 和 NARCAN 鼻噴霧劑特許經營相關的問題。首先，我想在擔任臨時首席執行官時分享我對 Emergent 未來的熱情和樂觀態度。今年上半年，Emergent 在其產品業務中實現了許多戰略里程碑，這將幫助美國更好地應對未來的公共衛生威脅。截至2023年，美國政府已向Emergent授予ACAM2000、VIGIV、BAT、RSDL合同，以及Ebanga治療埃博拉病毒的新合同。

These contract awards reinforce the value of Emergent's business and products. Likewise, Emergent has stepped forward to meet the demand for NARCAN Nasal Spray in the midst of the ongoing devastation caused by America's opioid crisis. We will continue to fulfill the growing needs of our public interest customers while also preparing for the launch of NARCAN Nasal Spray as an over-the-counter opioid reversal treatment. The launch remains on track for later this summer. This will be an important step in expanding access to this potentially life-saving medicine for millions of Americans.

這些合同的授予增強了 Emergent 業務和產品的價值。同樣，在美國阿片類藥物危機造成的持續破壞中，Emergent 也挺身而出，滿足對 NARCAN 鼻噴霧劑的需求。我們將繼續滿足公眾利益客戶不斷增長的需求，同時準備推出 NARCAN 鼻噴霧劑作為非處方阿片類藥物逆轉治療藥物。此次發布仍按計劃於今年夏天晚些時候進行。這將是擴大數百萬美國人獲得這種可能挽救生命的藥物的重要一步。

While these achievements have helped strengthen Emergent's financial position, the Board and management team have taken an in-depth review of the company's business and a strategic direction to ensure the sustainability of Emergent and its future growth. After careful review, the Board and management team determined that a strategic shift in how Emergent deploys its resources is necessary. As we announced this morning, moving forward, we will be reducing investment in and deemphasizing focus on growth in our services business.

雖然這些成就有助於加強 Emergent 的財務狀況，但董事會和管理團隊對公司業務和戰略方向進行了深入審查，以確保 Emergent 的可持續性及其未來增長。經過仔細審查後，董事會和管理團隊認為有必要對 Emergent 的資源部署方式進行戰略轉變。正如我們今天早上宣布的那樣，展望未來，我們將減少對服務業務增長的投資，並不再強調對服務業務增長的關注。

Instead, we will prioritize advancing Emergent's core products business and continue to take advantage of related opportunities. We are also addressing our cost structure by better aligning our operations to the changing volumes of U.S. government procurement of medical countermeasures. As noted in the press release, these changes will have an impact on our colleagues, something we do not take lightly. We are committed to helping them transition to new opportunities.

相反，我們將優先推進 Emergent 的核心產品業務，並繼續利用相關機會。我們還通過更好地調整我們的運營以適應美國政府醫療對策採購量的變化來解決我們的成本結構。正如新聞稿中所指出的，這些變化將對我們的同事產生影響，我們不會掉以輕心。我們致力於幫助他們過渡到新的機遇。

Emergent is a resilient company that has been managing through significant change and uncertainty over the past 2 years, working with the Board and management team, I will be focused on the following priorities: first, continuing to take decisive actions to strengthen Emergent's financial position and operations as we meet current demands for our products, including the OTC launch of NARCAN Nasal Spray and take advantage of future opportunities in our products business.

Emergent 是一家有韌性的公司，在過去兩年中一直在應對重大變化和不確定性，與董事會和管理團隊合作，我將重點關注以下優先事項：第一，繼續採取果斷行動，加強Emergent 的財務狀況和我們滿足當前對產品的需求（包括 NARCAN 鼻噴霧劑的非處方藥推出）並利用我們產品業務的未來機遇。

Second, delivering quality products for our current customer base and maintaining the manufacturing standards necessary to remain a leader in the MCM market. Finally, to position Emergent for strategic future growth by preserving its unique capabilities to help and protect life.

其次，為我們當前的客戶群提供優質產品，並保持必要的製造標準，以保持 MCM 市場的領先地位。最後，通過保留其幫助和保護生命的獨特能力，為 Emergent 的未來戰略增長做好準備。

Before turning it over to Rich, I want to acknowledge and thank Bob Kramer for his contributions and leadership. Bob embodies Emergent's mission to protect and enhance life and help instill a culture unafraid to do big things. Emergent has never lost focus on its mission or its people, and that is one reason I am confident in its future. As Emergent prepares to celebrate its 25th anniversary in September, I am honored to serve in this role to help shape Emergent's impact on patients and public health for the next 25 years.

在將其交給 Rich 之前，我要感謝 Bob Kramer 的貢獻和領導。鮑勃體現了 Emergent 的使命，即保護和改善生活，並幫助灌輸一種不畏懼做大事的文化。 Emergent 從未失去對其使命或員工的關注，這也是我對其未來充滿信心的原因之一。在 Emergent 準備於 9 月慶祝其成立 25 週年之際，我很榮幸能夠擔任這一職務，幫助塑造 Emergent 在未來 25 年對患者和公共衛生的影響。

Again, thank you for your participation. Now I'll turn it over to Rich.

再次感謝您的參與。現在我會把它交給里奇。

Thank you, Haywood. Good afternoon, everyone. We appreciate you joining the call. Starting on Slide 10, I'll open my remarks with the key messages I'd like you to take away from our call today. First, there were several clear positives in the quarter. We followed through on the critical initiatives we discussed on our last call, by closing the sale of our Travel Health business to Bavarian Nordic securing a $120 million order from the U.S. government for ACAM2000 and successfully completing an amendment to our secured credit facility that extends its maturity to May 2025.

謝謝你，海伍德。大家下午好。我們感謝您加入此次通話。從幻燈片 10 開始，我將首先介紹我希望您從今天的電話會議中獲得的關鍵信息。首先，本季度有幾個明顯的積極因素。我們落實了上次電話會議中討論的關鍵舉措，完成了將旅行健康業務出售給Bavarian Nordic 的交易，從美國政府獲得了1.2 億美元的ACAM2000 訂單，並成功完成了對我們的擔保信貸安排的修訂，以延長其擔保信貸安排的期限。到期日至2025年5月。

We also saw accelerating momentum in sales of NARCAN Nasal Spray, driven by continued strength in the U.S. public interest market and in Canada. These trends provide a favorable tailwind as we prepare for the near-term launch of our over-the-counter product. And we delivered strong revenue, which exceeded our prior guidance as well as strong adjusted EBITDA.

在美國公共利益市場和加拿大持續強勁的推動下，我們還看到 NARCAN 鼻噴霧劑的銷售勢頭加速。這些趨勢為我們準備近期推出場外交易產品提供了有利的推動力。我們實現了強勁的收入，超出了我們之前的指導以及強勁的調整後 EBITDA。

Second, our decision to deemphasize growth in CDMO is both immediate and near-term implications. While we are committed to serving our existing customers, the change in growth expectations is the principal driver behind the CDMO asset impairment charge reported in the second quarter. Additionally, we are significantly reducing the operational footprint of our Bayview facility, which is a major contributor to the over $100 million of annualized savings we announced earlier today.

其次，我們決定不再強調 CDMO 的增長，這既有直接的影響，也有近期的影響。雖然我們致力於服務現有客戶，但增長預期的變化是第二季度報告的 CDMO 資產減值費用背後的主要驅動因素。此外，我們還大幅減少 Bayview 設施的運營足跡，這是我們今天早些時候宣布的超過 1 億美元的年度節省的主要貢獻者。

Third, while we remain confident in the long-term prospects for our medical countermeasures business, based on recent dialogue with the U.S. government, we have lowered expectations for 2023 revenue in our anthrax and smallpox franchises. The approval of CYFENDUS is a clear positive and sets the stage for continued procurement by the U.S. government for this product. Given this transition, procurement in 2023 is expected to be reduced, and we anticipate the funding for increased levels of procurement will be available as soon as 2024.

第三，雖然我們對醫療對策業務的長期前景仍然充滿信心，但根據最近與美國政府的對話，我們降低了對炭疽和天花特許經營業務 2023 年收入的預期。 CYFENDUS 的批准是一個明顯的積極因素，為美國政府繼續採購該產品奠定了基礎。鑑於這一轉變，預計 2023 年的採購將會減少，我們預計用於提高采購水平的資金最早將於 2024 年到位。

In addition, we understand that while TEMBEXA remains a core piece of the U.S. government's smallpox preparedness strategy, the next procurement of TEMBEXA is being deferred into future periods.

此外，我們了解到，雖然 TEMBEXA 仍然是美國政府天花防範戰略的核心部分，但 TEMBEXA 的下一次採購將推遲到未來的時期。

Finally, this morning's announcement reflects decisive action to further streamline our cost structure and accelerate our return to profitability. In addition to the changes I just mentioned at Bayview, we are reducing operations in our Camden and Rockville sites in response to changes in the volumes of U.S. government procurement of our smallpox vaccine, while maintaining the manufacturing infrastructure critical to respond to the government's evolving needs for preparedness against public health threats. And we are also reducing related support across our general and administrative functions.

最後，今天上午的公告反映了我們為進一步簡化成本結構並加速恢復盈利而採取的果斷行動。除了我剛才在Bayview 提到的變化之外，我們還減少了卡姆登和羅克維爾工廠的運營，以應對美國政府採購天花疫苗數量的變化，同時維持對滿足政府不斷變化的需求至關重要的製造基礎設施為應對公共衛生威脅做好準備。我們還減少了對一般和行政職能的相關支持。

While there will be some savings realized this year, we anticipate over $100 million of savings beginning in 2024. With that, let's turn to the numbers. As indicated on Slides 11, 12 and 13, highlights in the second quarter include total revenues of $338 million, an increase over the prior year, driven primarily by higher ACAM2000 sales due to timing and NARCAN sales from the U.S. public interest market and the retail market in Canada. And as expected, our key profitability measures increased versus the prior year, with adjusted EBITDA of $56 million and adjusted net loss of $54 million.

雖然今年會實現一些節省，但我們預計從 2024 年開始節省的金額將超過 1 億美元。接下來，我們來看看數字。如幻燈片11、12 和13 所示，第二季度的亮點包括總收入3.38 億美元，比上一年有所增長，這主要是由於美國公共利益市場和零售市場的時機和NARCAN 銷售導致ACAM2000 銷量增加。加拿大市場。正如預期的那樣，我們的主要盈利能力指標較上一年有所增加，調整後的 EBITDA 為 5600 萬美元，調整後的淨虧損為 5400 萬美元。

Diving deeper into the quarterly revenues, important items include Anthrax MCM sales of $21 million lower than the prior year due to timing of deliveries of CYFENDUS and BioThrax to the U.S. government's Strategic National Stockpile, offset by increased sales of Anthrasil. NARCAN sales of $134 million higher than the prior year, demonstrating the continuing strength and durability of this product driven by consistent demand from the U.S. public interest channel and the growing market in Canada.

深入了解季度收入，重要項目包括 Anthrax MCM 銷售額比上一年減少 2100 萬美元，原因是 CYFENDUS 和 BioThrax 向美國政府戰略國家庫存的交付時間，但被 Anthrasil 銷售額增加所抵消。 NARCAN 銷售額比上一年增加了 1.34 億美元，這表明該產品在美國公共利益渠道的持續需求和不斷增長的加拿大市場的推動下保持了持續的實力和耐用性。

Smallpox MCM sales of $124 million higher due to the exercise and full delivery during the quarter of the $120 million option by the U.S. government to procure ACAM2000. Other product sales of $23 million, level with the prior year as higher RSDL sales were partially offset by lower BAT sales. And combined CDMO service and lease revenues of $29 million higher than the prior year due primarily to work at the Canton site for a CDMO customer as well as the resolution of a customer's outstanding contractual obligation.

由於美國政府在本季度行使並全面交付了美國政府 1.2 億美元的 ACAM2000 採購選擇權，Smallpox MCM 銷售額增加了 1.24 億美元。其他產品銷售額為 2,300 萬美元，與上年持平，因為 RSDL 銷售額的增加被 BAT 銷售額的下降部分抵消。 CDMO 服務和租賃收入合計比上一年增加了 2,900 萬美元，這主要是由於在坎頓工廠為 CDMO 客戶提供的工作以及解決了客戶未清償的合同義務。

Turning to operating expenses. Cost of product sales in the quarter of $135 million higher than the prior year due primarily to higher product sales of ACAM2000 and NARCAN. Cost of CDMO of $56 million lower than the prior year due primarily to reduced production across the CDMO network, partially offset by higher costs at the Camden site, reflecting additional investments in quality improvement initiatives. R&D expense of $26 million lower than the prior year due primarily to the divestiture of our CHIKV program, which was a significant contributor to the prior year period; and SG&A spend of $92 million higher than the prior year, largely due to higher professional services fees supporting transformation activities.

轉向運營費用。本季度的產品銷售成本比上年同期高出 1.35 億美元，這主要是由於 ACAM2000 和 NARCAN 的產品銷量增加。 CDMO 成本比上年減少 5600 萬美元，主要是由於 CDMO 網絡產量減少，部分被卡姆登工廠成本上升所抵消，反映出質量改進計劃的額外投資。研發費用比上年減少 2600 萬美元，主要是由於我們的 CHIKV 項目的剝離，該項目對上年同期做出了重大貢獻； SG&A 支出比上年增加 9200 萬美元，這主要是由於支持轉型活動的專業服務費用增加。

Finally, we incurred a noncash impairment charge of $307 million in the quarter, related to fixed assets at our CDMO sites in Maryland.

最後，我們在本季度產生了 3.07 億美元的非現金減值費用，與馬里蘭州 CDMO 站點的固定資產相關。

With that, let's move to Slide 14 and review segment performance during the quarter. In the Products segment, revenues were $302 million, an increase from the prior year driven by NARCAN and ACAM2000 and adjusted gross margin was $170 million or 56% an increase over the prior year, reflecting the impact of higher sales volume and a more favorable product mix.

接下來，讓我們轉到幻燈片 14 並回顧本季度的部門績效。在產品部門，收入為3.02 億美元，在NARCAN 和ACAM2000 的推動下較上年有所增長，調整後毛利率為1.7 億美元，較上年增長56%，反映了銷量增加和產品更受歡迎的影響混合。

As for the Services segment, revenues were $29 million, an increase from the prior year, and adjusted gross margin was negative $27 million, an improvement versus the prior year, driven primarily by onetime costs in the prior year period that did not recur, partially offset by additional investments in quality enhancement initiatives at the Canton facility.

至於服務部門，收入為2,900 萬美元，較上年有所增長，調整後毛利率為負2,700 萬美元，較上年有所改善，主要是由於上年期間未重複發生的一次性成本，部分是由於被廣州工廠質量提升計劃的額外投資所抵消。

Moving on to Slide 15. I'll touch on select balance sheet and cash flow highlights. We ended the second quarter with $89 million in cash down sequentially from March 31, primarily due to debt repayments made in connection with the amendment and maturity extension of our existing senior secured credit facility. Operating cash flow was negative in the quarter, and capital expenditures in the period were $13 million. And as of June 30, 2023, our net debt position was $821 million.

繼續看幻燈片 15。我將討論選定的資產負債表和現金流亮點。截至第二季度末，我們的現金較 3 月 31 日連續減少 8,900 萬美元，主要是由於我們現有高級擔保信貸安排的修改和期限延長而償還債務。該季度運營現金流為負，期間資本支出為 1300 萬美元。截至 2023 年 6 月 30 日，我們的淨債務頭寸為 8.21 億美元。

During the quarter, we initiated our at-the-market or ATM equity offering program. For the quarter, we sold 1.1 million shares of our common stock for gross proceeds of $9.1 million, representing an average price of $8.22 per share.

本季度，我們啟動了市場或 ATM 股票發行計劃。本季度，我們出售了 110 萬股普通股，總收益為 910 萬美元，平均價格為每股 8.22 美元。

Turning to guidance. Please see Slides 16 and 17. As announced in our press release this evening, we are updating our guidance for full year 2023 as follows: Total revenues of $1 billion to $1.1 billion, a decrease of $100 million at the midpoint from prior guidance as the ongoing strength in NARCAN is being offset by reduced expectations across our other products and services. We're forecasting Anthrax MCM sales of $200 million to $220 million, a decrease of $60 million at the midpoint.

轉向指導。請參閱幻燈片16 和17。正如我們今晚在新聞稿中宣布的那樣，我們將2023 年全年指導更新如下： 總收入為10 億美元至11 億美元，比之前的指導減少1 億美元，因為NARCAN 的持續優勢被我們其他產品和服務的預期降低所抵消。我們預測 Anthrax MCM 銷售額為 2 億至 2.2 億美元，中間值減少 6,000 萬美元。

With the recent FDA approval of CYFENDUS secured, we anticipate continued procurement by the U.S. government for this product. We expect smallpox MCM sales of $180 million to $200 million, a reduction of $55 million at the midpoint. Based on our latest discussions with HHS, we expect the U.S. government will defer additional purchases of TEMBEXA for now as the U.S. government determines the appropriate volume and cadence of purchases going forward.

隨著 CYFENDUS 最近獲得 FDA 批准，我們預計美國政府將繼續採購該產品。我們預計天花 MCM 銷售額為 1.8 億至 2 億美元，中間減少 5500 萬美元。根據我們與 HHS 的最新討論，我們預計美國政府將暫時推遲 TEMBEXA 的額外購買，因為美國政府將確定未來適當的購買量和節奏。

We're forecasting NARCAN Nasal Spray sales of $425 million to $445 million, an increase of $65 million at the midpoint over the prior guidance, primarily reflecting robust demand from the U.S. public interest channel and from Canada. As well as taking into account our expectations regarding the launch of NARCAN OTC.

我們預測 NARCAN 鼻噴霧劑的銷售額為 4.25 億美元至 4.45 億美元，比先前指導的中點增加 6500 萬美元，主要反映了美國公共利益渠道和加拿大的強勁需求。並考慮到我們對 NARCAN OTC 上市的期望。

We expect other product sales of $100 million to $120 million, a reduction of $20 million at the midpoint, primarily reflecting the reduction of revenue expectations for Trobigard, our auto-injector product. We're forecasting CDMO services revenue of $60 million to $80 million, a reduction of $30 million at the midpoint, primarily reflecting lower anticipated sales as the Camden site continues to focus on quality and remediation efforts to scale back up operationally.

我們預計其他產品銷售額為 1 億至 1.2 億美元，中間減少 2000 萬美元，主要反映了我們的自動注射器產品 Trobigard 收入預期的降低。我們預計 CDMO 服務收入為 6000 萬美元至 8000 萬美元，中間減少 3000 萬美元，主要反映了由於卡姆登工廠繼續專注於質量和補救措施以擴大運營規模而導致的預期銷售額下降。

Shifting to profitability metrics. We're forecasting adjusted EBITDA of $50 million to $100 million, a decrease of $50 million at the midpoint from the prior guidance range, primarily reflecting the impact of lower total revenues, partially offset by the impact of the facility and other cost actions discussed earlier. We anticipate adjusted net loss of $195 million to $145 million, a reduction of $110 million at the midpoint.

轉向盈利指標。我們預測調整後的 EBITDA 為 5000 萬至 1 億美元，比之前指導範圍的中點減少 5000 萬美元，主要反映了總收入下降的影響，部分被設施的影響和前面討論的其他成本行動所抵消。我們預計調整後淨虧損為 1.95 億美元至 1.45 億美元，中間減少 1.1 億美元。

And finally, we're forecasting adjusted gross margin of 36% to 39%, a reduction of 300 basis points at the midpoint from the prior guidance range, primarily reflecting the impact of lower revenue, volume and mix. As to the quarter, we're guiding to revenues of $210 million to $250 million in the third quarter, further emphasizing our anticipation that revenues and profits in 2023 will be more heavily weighted towards the second half of the year.

最後，我們預測調整後毛利率為 36% 至 39%，比之前的指導範圍中值減少 300 個基點，主要反映了收入、銷量和產品組合下降的影響。至於本季度，我們預計第三季度的收入為 2.1 億至 2.5 億美元，進一步強調我們預計 2023 年的收入和利潤將更加註重下半年。

To conclude, please turn to Slide 18 for summary comments. Our results in the second quarter were strong, and we delivered on a variety of important milestones. We are adapting our business to focus on products while continuing to serve our existing customers. We will continue to strengthen our quality and compliance across the organization. And we are taking decisive action to better align our costs with our customer needs while continuing to solidify our financial position.

最後，請參閱幻燈片 18 以獲取摘要評論。我們第二季度的業績強勁，並實現了多個重要的里程碑。我們正在調整我們的業務，以專注於產品，同時繼續為現有客戶提供服務。我們將繼續加強整個組織的質量和合規性。我們正在採取果斷行動，更好地調整我們的成本與客戶需求，同時繼續鞏固我們的財務狀況。

That completes my prepared remarks, and I'll now turn the call over to the operator so that we can start the question-and-answer session. Operator?

我準備好的發言就這樣完成了，現在我將把電話轉給接線員，以便我們可以開始問答環節。操作員？

(Operator Instructions) Our first question comes from Boris Peaker of TD Cowen.

（操作員說明）我們的第一個問題來自 TD Cowen 的 Boris Peaker。

This is Nick on for Boris. Few for me. First on NARCAN. Can you go into some more detail about the NARCAN revenue that was recognized in Q2 '23? And what makes that up, mainly because when you look at the guidance and the increased guidance, which is great, you see that at the high end of guidance, that would lead to about $105 million per quarter for the next 2 quarters. So I just want to see what like that changes, the differences and why 2Q '23 will be higher than 3Q or 4Q.

這是鮑里斯的尼克。對我來說很少。首先是納卡。您能否詳細介紹一下 23 年第 2 季度確認的 NARCAN 收入？這主要是因為當你查看指導和增加的指導時，你會發現在指導的高端，這將導致未來兩個季度每季度約 1.05 億美元。所以我只想看看有什麼變化、差異以及為什麼 23 年第二季度會高於第三季度或第四季度。

Sure. Yes. So part of the phenomenon we saw in second quarter was a combination of some fiscal year-end in some of the states. And also some of the settlement money from the opioid litigations finding their way into the states, which drove increased purchasing. That certainly can continue as we move forward, but we feel like this is an appropriate forecast as we go forward from here.

當然。是的。因此，我們在第二季度看到的部分現像是一些州的一些財政年度結束的結合。阿片類藥物訴訟的部分和解資金也進入了各州，這推動了購買量的增加。隨著我們的前進，這種情況肯定會繼續下去，但我們認為，隨著我們從這裡前進，這是一個合適的預測。

Got it. That makes sense. And then on CDMO, with the restructuring plan that you guys announced earlier today, and the focus on the products, do you anticipate like around a similar yearly run rate to guidance over the next several years than what you have now? And once like contracts for CDMO customers are completed, will you renew those contracts or search for new contracts? Or how will that work?

知道了。這就說得通了。然後，在 CDMO 方面，根據你們今天早些時候宣布的重組計劃，以及對產品的關注，您預計未來幾年的年運行率是否會與現在的指導類似？一旦 CDMO 客戶的類似合同完成，您會續簽這些合同還是尋找新合同？或者說這將如何運作？

So we're focused on serving our existing customers and honoring the commitments that we've made to them. And we're not prepared to provide future year guidance for CDMO at this point in time, but we will certainly do that as we come out of this year and into next year.

因此，我們專注於為現有客戶提供服務並履行我們對他們做出的承諾。目前我們還不准備為 CDMO 提供未來一年的指導，但隨著今年的結束和明年的到來，我們肯定會這樣做。

Our next question comes from Chris Sakai of Singular Research.

我們的下一個問題來自 Singular Research 的 Chris Sakai。

Yes. I'm in for (inaudible) Can you please update us on your travel health business divestment and the status of accruing synergies from that divestment. .

是的。我正在等待（聽不清）您能否向我們介紹一下您的旅行健康業務撤資以及該撤資產生的協同效應的最新情況。 。

Sure. So the divestiture was completed in mid-May just after our last earnings call. And we are in the process of working through the transition. We have a transition services agreement with Bavarian Nordic that will run through the end of this year. And those activities that were planned are on track. You did notice that in the quarter, we had lower R&D expense year-over-year. That's one of the elements of a reduced cost structure that came about as part of that transaction. But otherwise, we're on track with the plan.

當然。因此，剝離是在我們上次財報電話會議之後的五月中旬完成的。我們正在努力完成過渡。我們與 Bavarian Nordic 簽訂了一份過渡服務協議，該協議將持續到今年年底。那些計劃好的活動正在按計劃進行。您確實注意到，在本季度，我們的研發費用同比較低。這是作為該交易的一部分而產生的降低成本結構的要素之一。但除此之外，我們正在按計劃進行。

Okay. And then can you update us on your debt restructuring? And if it is fully accomplished or are there further components that need to be negotiated?

好的。那麼您能否向我們介紹一下您的債務重組的最新情況？如果它已完全完成，或者是否還有其他部分需要協商？

So we completed the amendment and maturity extension to our secured credit facility in mid-May. That provided us an extension until May 2025. So we will continue to evaluate our capital structure and make appropriate modifications before that maturity comes to fruition. But at this point, we've completed that amendment, and we are moving forward under that capital structure.

因此，我們在五月中旬完成了擔保信貸安排的修改和期限延長。這為我們提供了延期至 2025 年 5 月的機會。因此，我們將繼續評估我們的資本結構，並在成熟之前做出適當的修改。但目前，我們已經完成了該修正案，並且我們正在該資本結構下向前推進。

Okay. And last one from me. How has been the NARCAN Nasal Spray reception been so far? Do you expect to provide further (inaudible) the current pricing in the near future?

好的。還有我的最後一張。到目前為止，NARCAN 鼻噴霧劑的反響如何？您是否希望在不久的將來提供進一步（聽不清）當前的定價？

Yes, Chris, thanks for the question. I'm Paul Williams, Head of the Products business. Look, I think we're seeing a couple of things happening today with NARCAN. One is, obviously, the opioid crisis continues to worsen. I think this has really led primarily to the increase in demand at the state and the local level through our public interest segment as well as Canada. At the same time, we're excited and continue to be on track for the launch of our over-the-counter put up later this summer. The work has begun and with our retail and distribution partners, and we're looking forward to having product on the shelves and available online as soon as possible. Stay tuned.

是的，克里斯，謝謝你的提問。我是產品業務主管 Paul Williams。聽著，我想我們今天看到 NARCAN 發生了一些事情。顯然，一是阿片類藥物危機繼續惡化。我認為這確實主要通過我們的公共利益部門以及加拿大導致了州和地方層面的需求增加。與此同時，我們很興奮，並將繼續按計劃在今年夏天晚些時候推出我們的非處方藥。這項工作已經開始，並與我們的零售和分銷合作夥伴合作，我們期待產品盡快上架並在線銷售。敬請關注。

I'm showing no more further questions at this time. I would now like to turn the conference back to Matt Hartwig for closing remarks.

目前我不會再提出任何進一步的問題。現在我想請馬特·哈特維格（Matt Hartwig）致閉幕詞。

Thanks, Chris. And with that, ladies and gentlemen, we now conclude the call. Thank you for your participation. Please note an archived version of today's webcast as well as a PDF version of the slides used during today's call will be available later today and accessible through the Investors landing page on the company website.

謝謝，克里斯。女士們、先生們，我們現在結束通話。感謝您的參與。請注意，今天的網絡廣播的存檔版本以及今天電話會議中使用的幻燈片的 PDF 版本將於今天晚些時候提供，並可通過公司網站上的投資者登陸頁面進行訪問。

Thank you, again. We look forward to speaking with you all in the future. Goodbye.

再次感謝你。我們期待將來與大家交談。再見。

This concludes today's conference call. Thank you all for participating. You may now disconnect.

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連接。