Emergent BioSolutions Inc (EBS) 2024 Q3 法說會逐字稿

My name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 2024 emergent five Solutions Inc earnings conference call. All lines have been placed on mute to prevent any background noise.

我叫克里斯，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Emergent Five Solutions Inc 2024 年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。

After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press start followed by the number one on your telephone keypad. And if you would like to withdraw your question, press star one again.

演講者發言後，將進行問答環節。如果您想在此期間提問，只需按下電話鍵盤上的「開始」鍵，然後按數字 1 即可。如果您想撤回您的問題，請再次按星號。

Thank you. I would now like to turn the call over to Frank Vargo, assistant Treasure. Please go ahead.

謝謝。現在我想將電話轉給財務助理弗蘭克·瓦爾戈 (Frank Vargo)。請繼續。

Good afternoon, everyone. Thank you for joining today. As emergent is discussion discussing their operational and financial results for the third quarter, 2024.

大家下午好。感謝您今天的加入。目前正在討論 2024 年第三季的營運和財務表現。

As is customary today's call is open to all participants is being recorded and is copyrighted by emergent BioSolutions.

按照慣例，今天的電話會議向所有參與者開放，並進行錄音，版權歸 Emergent BioSolutions 所有。

In addition to today's press release, a slide presentation accompanying this webcast is available to all webcast participants turning to slide 3 during today's call, emergent may make projections and other forward-looking statements related to their business, future events. There's prospects or future performance.

除了今天的新聞稿外，所有網路廣播參與者都可以在今天的電話會議中翻到幻燈片 3 觀看本次網路廣播附帶的幻燈片演示，緊急事件可能會做出與其業務、未來事件相關的預測和其他前瞻性聲明。有前景或未來的表現。

These forward-looking statements are based on their current intentions, beliefs and expectations regarding future events.

這些前瞻性陳述是基於他們當前的意圖、信念和對未來事件的期望。

Any forward-looking statement speaks only as of the date of this call and except as required by law, emergent does not undertake to update any forward-looking statements to reflect new information events or circumstances.

任何前瞻性聲明僅代表本次電話會議之日的觀點，除法律要求外，Emergent 不承諾更新任何前瞻性聲明以反映新的資訊、事件或情況。

Investors should consider this cautionary statement as well as the risk factors identified in emergence periodic reports filed with the SEC when evaluating their forward-looking during today's call.

投資者在今天的電話會議上評估其前瞻性時，應考慮此警告聲明以及向美國證券交易委員會提交的緊急定期報告中確定的風險因素。

Emergent may also discuss certain NON-GAAP financial measures that involve adjustments to GAAP figures. In order to provide greater transparency regarding emergences operating performance. Please refer to the tables found in today's press release.

Emergent 也可能討論涉及調整 GAAP 數據的某些非 GAAP 財務指標。為了提高突發事件營運績效的透明度。請參閱今天新聞稿中的表格。

Turning to slide 4, the agenda for today's call will include Joe Papa, President and Chief Executive Officer who will provide an update on the company's Multiyear plan.

翻到幻燈片 4，今天電話會議的議程將包括總裁兼首席執行官喬·帕帕 (Joe Papa)，他將提供有關公司多年期計劃的最新信息。

Progress, key product highlights and turnaround actions.

進度、主要產品亮點和扭轉措施。

Rich Lindahl EVP, Chief Financial Officer and treasurer will speak to key achievements in the third quarter.

執行副總裁、財務長兼財務主管 Rich Lindahl 將介紹第三季的主要成就。

The financial results for Q3 2024 as well as full year guidance.

2024 年第三季的財務表現以及全年指引。

This will be followed by Q&A finally for the benefit of those who may be listening to the replay of this webcast.

最後將進行問答環節，以便那些可能正在收聽該網路廣播重播的觀眾。

This call was held and recorded on November 6th, 2024. Since then, emergent may have made announcements related to topics discussed during today's call and with that, I'd like to now turn it over to Joe Papa for opening remarks.

本次通話於 2024 年 11 月 6 日舉行並錄音。從那時起，emergent 可能已經發布了與今天電話會議中討論的主題相關的公告，現在我想將時間交給 Joe Papa 來致開場白。

Hello and thank you for joining us today to discuss our third quarter results in our 2024 financial outlook.

您好，感謝您今天加入我們，討論我們 2024 年財務展望中的第三季業績。

I'm joined today by Rich Lindahl, our Chief Financial Officer following my opening remarks, Rich will detail our quarter three performance as well as our full year guidance update.

今天，我的開幕致詞之後，我們的財務長 Rich Lindahl 將與我一起詳細介紹我們第三季的業績以及全年指導更新。

I will close the call with a discussion of our path forward. As we continue to make significant progress on our turnaround efforts. Then we'll open up the call for question and answers.

在結束本次電話會議時，我將討論我們的未來發展方向。隨著我們在扭轉局面的努力上繼續取得重大進展。然後我們將開始問答環節。

Earlier this year, we embarked on a multiyear plan to stabilize, turn around and ultimately transform the emergent business based on the great efforts of the entire emergent team. I am pleased to share that we have now completed our first phase.

今年早些時候，我們啟動了一項多年計劃，旨在透過整個 Emergent 團隊的巨大努力，穩定、扭轉並最終實現 Emergent 業務的轉型。我很高興地告訴大家，我們現在已經完成了第一階段。

The stabilization phase ahead of our expectations emergent is now embarking on the next phase or turnaround as part of our multiyear plan to transform and strengthen our business.

超出我們預期的穩定階段現已開始進入下一階段或轉機，這是我們多年轉型和加強業務計劃的一部分。

I'd like to recognize all of our emergent team members who have demonstrated their commitment to deliver against our multiyear plan to stabilize turnaround and transform the business.

我要對我們所有新晉團隊成員表示感謝，他們致力於實現我們穩定轉型和轉變業務的多年計劃。

This stems from our collective passion mission to protect enhance and save lives against leading public health threats around the world. We plan to continue our operational improvement initiatives and focus on driving profitable growth to create sustainable value for shareholders.

這源自於我們共同的熱情使命，即保護、改善和拯救生命，抵禦世界各地主要的公共衛生威脅。我們計劃繼續我們的營運改善舉措，並專注於推動獲利成長，為股東創造永續價值。

Beginning on slide 6, I will review several important updates from the third quarter as well as the full year efforts. First the third quarter, strong quarter and paired with a great first six months of 2024. We are very pleased with the results.

從第 6 張投影片開始，我將回顧第三季以及全年工作的幾個重要更新。首先是第三季度，表現強勁，同時 2024 年上半年也表現優異。我們對結果非常滿意。

Year-to-date. I'd like to emphasize that emergent finished the quarter in its strongest financial position since 2021.

今年迄今為止。我想強調的是，Emergent 本季的財務狀況是自 2021 年以來最強勁的。

Reflecting on our strong third quarter financial performance, we are once again raising the revised midpoint for our 2024 revenue and raising our adjusted EBITA 2024 full year guidance which will walk us through the details.

考慮到我們第三季強勁的財務表現，我們再次提高了 2024 年收入的修訂中點，並提高了調整後的 2024 年全年 EBITA 指引，這將引導我們了解詳細資訊。

We have strengthened our balance sheet, and we'll exceed our expectations to reduce our net debt by more than $200 million. This year, we successfully refinanced our debt closing a new credit facility agreement with Oak Hill advisors for a term loan of $250 million and using a portion of that capital to repay all amounts outstanding under the senior bank term loan facility.

我們已經加強了資產負債表，並將超出預期地減少 2 億多美元的淨債務。今年，我們成功地為我們的債務進行了再融資，與 Oak Hill 顧問達成了一項新的信貸安排協議，獲得了 2.5 億美元的定期貸款，並使用其中的一部分資金償還高級銀行定期貸款項下的所有未償還金額。

We entered into a new agreement with Wells Fargo and our a bl facility that will provide revolving loan commitments in an aggregate principal amount up to $100 million.

我們與富國銀行和我們的 ABL 機構達成了一項新協議，該協議將提供總本金高達 1 億美元的循環貸款承諾。

We continue to improve working capital driven by increases in both revenue and cost savings and we implemented a leaner more flexible organization by streamlining our site network including several asset sales from an operational standpoint.

我們繼續透過增加收入和節省成本來改善營運資本，並透過精簡站點網路（包括從營運角度進行的幾項資產銷售）來實施更精簡、更靈活的組織。

We also made great strides in the execution of our strategic priorities during the third quarter through our relentless commitment to combat the overdose epidemic and help save lives as we expected.

正如我們預期的那樣，透過不懈地致力於對抗藥物過量流行和幫助拯救生命，我們在第三季度的戰略重點執行方面也取得了長足的進步。

Narcan nasal spray volumes increase here today, and we continue to meet the increased demand of nasal naloxone for our customers.

如今，Narcan 鼻噴劑的銷售量不斷增加，我們將繼續滿足客戶對鼻用納洛酮日益增長的需求。

We received FDA approval for AAN 2000 to include the expanded indication in August 2024. As the public health outbreak continues across Africa and other regions, we secured a number of contracts for our medical countermeasures business as a result of increased clarity, the US government as well as international government's plans to procure medical countermeasure products.

我們於 2024 年 8 月獲得了 FDA 對 AAN 2000 的批准，以擴大其適應症。隨著公共衛生疫情在非洲和其他地區持續爆發，由於美國政府以及國際政府採購醫療對策產品的計劃更加清晰，我們獲得了多份醫療對策業務合約。

Also, we announced on Monday we appointed a new head of R&D and Chief Medical Officer, Dr Simon Lowy, who brings decades of biotech and farm experience to redefine emergent scientific platform for growth. I'm also pleased to announce that Jessica Pearl has been promoted to our general counsel and corporate secretary.

此外，我們於週一宣布任命新的研發主管兼首席醫療官西蒙·洛伊博士 (Dr Simon Lowy)，他擁有數十年的生物技術和農場經驗，將重新定義新興的科學成長平台。我還很高興地宣布，傑西卡·珀爾 (Jessica Pearl) 已晉升為我們的總法律顧問兼公司秘書。

Both will be critical leaders on the executive management team as we move the company forward. Lastly, we made substantial progress on certain legacy compliance and legal matters including resolving our Jensen settlement for which emergent received a $50 million payment.

在推動公司前進的過程中，他們兩人都將成為執行管理團隊中的重要領導者。最後，我們在某些​​遺留合規和法律問題上取得了實質進展，包括解決 Jensen 和解協議，Emergent 為此獲得了 5,000 萬美元的賠償。

Also following a successful FDA inspection at the Canton facility which we have now divested, but importantly, the site received and a status as we continue to operate or operate operations, we expect to remain well positioned to help deliver value for our customers, patients and shareholders all while striving to instill the highest standards of patient safety quality and compliance in our work every day.

此外，在我們成功通過 FDA 對坎頓工廠的檢查之後，我們現在已經剝離了該工廠，但重要的是，隨著我們繼續運營或運營，該工廠獲得了地位，我們期望繼續處於有利地位，幫助為我們的客戶、患者和股東創造價值，同時努力在每天的工作中灌輸最高標準的患者安全質量和合規性。

I know the question of the day is how does the election impact your business? We are confident that what we do at emergent as broad-based bipartisan support. We help governments protect from catastrophic public health threats, opioid overdose, death and biodefense.

我知道今天的問題是選舉如何影響您的業務？我們相信，我們所做的一切必將得到兩黨的廣泛支持。我們幫助政府防範災難性的公共衛生威脅、阿片類藥物過量、死亡和生物防禦。

Both of these programs transcend political parties with that. I'll hand you over to rich to review our financials in more detail.

這兩個計劃都超越了政黨的範疇。我會把您交給 Rich，讓他更詳細地審查我們的財務狀況。

Thanks Joe. Good afternoon, everyone. We appreciate you joining the call.

謝謝喬。大家下午好。感謝您參加此次電話會議。

As Joe has just discussed coming out of the third quarter, our significant progress against our operational and financial priorities is enabling us to transition from the stabilization phase to the turnaround phase.

正如喬剛剛討論的第三季一樣，我們在營運和財務重點方面取得了重大進展，使我們能夠從穩定階段過渡到轉機階段。

Our financial foundation has been meaningfully strengthened as a result of the following positive developments which are highlighted on slide 8 in the earnings presentation.

由於收益報告第 8 張投影片中重點強調的以下積極發展，我們的財務基礎得到了顯著加強。

We completed $117 million of asset sales and received a $50 million payment from Janssen Pharmaceuticals as a result of the confidential settlement agreement operating cash flow through September 30th was $139 million an improvement of approximately $377 million as compared to the same period in the prior year.

我們完成了 1.17 億美元的資產出售，並根據保密和解協議從楊森製藥獲得了 5000 萬美元的付款，截至 9 月 30 日的經營現金流為 1.39 億美元，與去年同期相比增加了約 3.77 億美元。

And networking capital improved $98 million versus the previous quarter and $100 million. As compared to the prior year, these liquidity enhancements supported the refinancing of our prior secured credit facility as we entered into a new $250 million term loan from okay, advisors extending the maturity of our debt to August 2029 and we closed a $100 million asset backed revolving credit facility led by Wells Fargo also maturing in 2029.

網路資本比上一季增加了 9,800 萬美元，比上一季增加了 1 億美元。與前一年相比，這些流動性增強支持了我們先前的擔保信貸安排的再融資，因為我們從顧問那裡獲得了一筆新的 2.5 億美元定期貸款，將我們的債務到期日延長至 2029 年 8 月，並且我們完成了一筆由富國銀行牽頭的 1 億美元資產支持循環信貸安排，該安排也將於 2029 年到期。

These activities resulted in the following major improvements to our credit profile.

這些活動使我們的信用狀況得到了以下重大改善。

Net debt was reduced to $551 million. A $206 million reduction since the beginning of 2024 Moody's and S&P both upgraded our corporate family credit rating to B three and B minus respectively with stable outlooks.

淨債務減少至5.51億美元。自 2024 年初以來減少了 2.06 億美元穆迪和標準普爾都將我們的企業家族信用評級分別上調至 B3 和 B-，展望為穩定。

And based on our improved financial position, when we file our 10-Q, you will note that we have removed the prior going concern qualification.

並且基於我們改善的財務狀況，當我們提交 10-Q 時，您會注意到我們已經取消了先前的持續經營資格。

Now shifting to key business highlights depicted on slide 9, we received total medical countermeasure contract modifications of over $500 million this year for anthrax MCM, smallpox MCM and bat further strengthening our revenue diversification.

現在轉向幻燈片 9 上描繪的關鍵業務亮點，我們今年收到了總額超過 5 億美元的炭疽病 MCM、天花 MCM 和蝙蝠醫療對策合約修改，進一步加強了我們的收入多樣化。

We also announced a $42 million option exercise for continued development of the Ivana treatment for Ebola.

我們還宣布了一項價值 4200 萬美元的選擇權行使，用於繼續開發治療伊波拉病毒的 Ivana 療法。

We are due $30 million from Bavarian Nordic as payment of the first few milestones triggered on acceptance by the EMA and FDA of the Chikungunya vaccine license applications.

我們將從 Bavarian Nordic 獲得 3000 萬美元，作為 EMA 和 FDA 接受基孔肯雅疫苗許可申請後觸發的前幾個里程碑付款。

Narcan volume continues to remain strong up 7% year-to-date and its value proposition continues to drive a differentiated price point as compared to generic competition.

今年迄今，Narcan 的銷售量持續保持強勁成長，成長了 7%，與仿製藥相比，其價值主張繼續推動差異化的價格點。

And finally, we're further raising the midpoints of our revenue and adjusted EBITDA guidance for 2024.

最後，我們進一步提高 2024 年收入中位數和調整後 EBITDA 指引。

Turning to our financial results, we built upon our solid first half performance with continued strength in the third quarter.

談到我們的財務業績，我們在上半年穩健表現的基礎上，第三季繼續保持強勁勢頭。

As indicated on slide. 10 highlights in the third quarter include total revenues of $294 million at the upper end of our guidance range and a 9% improvement year over year total segment adjusted gross margin of 59%.

如幻燈片所示，第三季的 10 個亮點包括總收入 2.94 億美元，處於我們指導範圍的上限，總部門調整後毛利率年增 9%，達到 59%。

A significant improvement both sequentially and year over year, an adjusted EBITDA of $105 million or 36% of revenues, an improvement of $85 million versus the prior year diving deeper into quarterly revenues.

與上一季和去年同期相比都有顯著改善，調整後的 EBITDA 為 1.05 億美元，佔營收的 36%，與去年同期相比增加了 8,500 萬美元，季度收入進一步增加。

Important items on slide 11 include Narcan sales of $95 million which reflects continued strong volume in our US public interest channel.

幻燈片 11 上的重要項目包括 Narcan 的銷售額達到 9,500 萬美元，這反映了我們美國公共利益管道的持續強勁銷售。

It's important to note that the prior year included the initial stocking volume and revenue associated with the launch of Narcan OTC price was lower year over year as a result of our previously announced price decrease in September 2023.

值得注意的是，由於我們先前宣布的 2023 年 9 月降價，上一年包括了初始庫存量，與 Narcan OTC 價格推出相關的收入同比有所下降。

which was announced with the over the counter launch anthrax MCM sales at $11 million a decrease versus the prior year due to the timing of deliveries in 2024 smallpox MCM sales of $133 million which included deliveries of the previously announced a cam 2000 and contract options to the US government other product sales of $30 million driven by that are botulism antitoxin products and total BioServices revenues of $14 million.

隨著非處方藥的推出，炭疽 MCM 的銷售額為 1100 萬美元，由於 2024 年交貨時間的原因，與上一年相比有所下降；天花 MCM 的銷售額為 1.33 億美元，其中包括交付先前宣布的 cam 2000 和向美國政府簽訂的合約選擇權；其他產品銷售額為 300 萬美元，主要原因是抗生物毒桿菌服務 400 萬美元。

Note that the 9% year over year growth in total revenues came despite the divestitures of Camden and Rsdl.

值得注意的是，儘管剝離了 Camden 和 Rsdl，但總收入仍同比增長 9%。

This outcome reinforces the value of our revenue diversification transition operating expenses on slide 12, our previously announced cost actions were fully implemented by the third quarter, resulting in a significant improvement in our total operating expenses.

這項結果強化了我們第 12 張投影片上的營收多元化轉型營運費用的價值，我們先前宣布的成本行動已在第三季全面實施，從而顯著改善了我們的總營運費用。

Total adjusted gross margin was 59% in the quarter. Trending to a more normalized level and directionally consistent with performance prior to the pandemic adjusted gross margin performance by business segment was as follows. Commercial products was 50% which highlights key cost reduction initiatives with our suppliers partially offsetting the lower sales price within the public interest channel.

本季調整後總毛利率為59%。趨勢更加正常化，且與疫情前的表現方向一致，依業務部門調整後的毛利率表現如下。商業產品佔50%，凸顯了我們與供應商共同採取的關鍵成本削減舉措，部分抵銷了公益管道內較低的銷售價格。

MCM products adjusted gross margin was 73% and was influenced by higher delivery volumes as well as reduced expenses in our manufacturing facilities.

MCM 產品調整後的毛利率為 73%，受到交付量增加以及製造設施費用減少的影響。

And the services segment adjusted gross profit was negative $7 million which on a cash basis excluding depreciation is approaching breakeven total research and development and SGN A improved $11 million or 11% year over year.

服務部門調整後的毛利為負 700 萬美元，以現金基礎計算（不包括折舊）接近損益平衡，總研發和 SGN A 較去年同期成長 1,100 萬美元或 11%。

This was driven by lower compensation due to the previously announced 2023 and 2024 restructuring initiatives reduced internal R&D project expenses and reduced legal fees due to the settlement of key disputes.

這是由於先前宣布的 2023 年和 2024 年重組計畫減少了內部研發項目費用，導致薪酬降低，以及由於關鍵糾紛的解決而減少了法律費用。

STNA also includes a onetime $10 million settlement charge in Q3 related to the shareholder litigation matter.

STNA 也在第三季支付了與股東訴訟事宜相關的一次性 1000 萬美元和解費用。

So, on a normalized basis, STNA improved $19 million versus the prior year, and we expect further run rate reductions as we exit 2024 and realize the full impact of the cost actions taken to date.

因此，在正常化基礎上，STNA 比前一年增加了 1900 萬美元，我們預計隨著 2024 年的結束，運行率將進一步降低，並實現迄今為止採取的成本行動的全部影響。

Additional detail on our operating expenses can be found in the appendix of the deck.

有關我們的營運費用的更多詳細信息，請參閱本簡報的附錄。

I will now take a moment to summarize our 24 year-to-date performances. As shown on slide, 13 revenue was $849 million. Up 10% versus the prior year driven by US government and international medical countermeasures.

現在，我將花點時間總結我們今年迄今為止的 24 年表現。如幻燈片所示，13年的收入為8.49億美元。受美國政府和國際醫療對策的推動，比去年增加了 10%。

Year-to-date adjusted gross margin was $381 million or 46%. Reflecting our prior efforts to reduce costs as well as MCM sales timing and adjusted EBITDA was $162 million. An improvement of $188 million versus the prior year turning to slide. 14, we'd like to highlight the significant improvements we've made to our financial metrics at the end of the third quarter, total cash was $150 million. This was aided by generating $139 million of operating cash flow, which as I said earlier was an improvement of $377 million year over year.

年初至今調整後的毛利率為 3.81 億美元，成長 46%。反映了我們先前為降低成本所做的努力以及 MCM 銷售時機，調整後的 EBITDA 為 1.62 億美元。與去年同期相比，成長了 1.88 億美元。 14，我們想強調我們在第三季末的財務指標方面取得的重大改進，現金總額為 1.5 億美元。這得歸功於 1.39 億美元的營運現金流，正如我之前所說，這比去年同期增加了 3.77 億美元。

We also achieved a reduction of $98 million in our net working capital versus the prior quarter.

與上一季相比，我們的淨營運資本也減少了 9,800 萬美元。

The strong performance in the business coupled with our debt refinancing and reduction efforts has lowered our net leverage to 3.3 times adjusted EBITA.

業務的強勁表現加上我們的債務再融資和削減努力已將我們的淨槓桿率降低至調整後 EBITA 的 3.3 倍。

A material improvement versus the third quarter of 2023. And with the fully available $100 million undrawn asset backed revolver total liquidity at the end of Q3 was $250 million an increase of approximately $170 million as compared to the second quarter of 2020 turning to 2024 guidance.

與 2023 年第三季相比有實質改善。由於有 1 億美元未提取的資產支持循環信貸額度可供使用，第三季末的總流動性為 2.5 億美元，與 2020 年第二季至 2024 年的指引相比增加了約 1.7 億美元。

Please see slide 15 with our continued strong performance year-to-date, we're further raising the midpoint of our revenue and adjusted EBITDA guidance 2024 full year guidance is as follows and the details are shown on slide 26 in the appendix total revenues of 1.065 billion to $1.125 billion commercial product sales of 420 to $430 million.

請參閱投影片 15，了解我們今年迄今持續強勁的業績，我們進一步提高了營收中點，調整後的 EBITDA 指引 2024 年全年指引如下，詳情請參閱附錄投影片 26，總營收為 10.65 億美元至 11.25 億美元，商業產品銷售額為 4.2 億美元至 4.3 億美元。

We continue to see strong volume demand for Narcan and the revised guidance takes into account a balanced approach in the competitive environment.

我們繼續看到對 Narcan 的強勁需求，修訂後的指南考慮到了競爭環境中的平衡方法。

MCM. Product sales of 510 to $550 million.

MCM。產品銷售額為5.1億至5.5億美元。

This includes all of the previously announced contract modifications and at this point, the vast majority of the MCM revenue is committed in 2020 services segment revenue of 105 to $110 million a decrease versus the prior guidance due to the sale of our Camden facility on August 20th.

這包括所有先前宣布的合約修改，目前，MCM 的絕大部分收入已承諾用於 2020 年服務部門收入，金額為 1.05 億至 1.1 億美元，由於 8 月 20 日出售我們的卡姆登工廠，因此較之前的預期有所下降。

Shifting to profitability metrics, we're forecasting adjusted EBITDA of 180 to $200 million. This increase at the midpoint reflects the recently announced awards for our MCM products as well as our continued realization of lower operating expenses for the full year of 2024.

轉向獲利指標，我們預測調整後的 EBITDA 為 1.8 億至 2 億美元。這一中點成長反映了我們最近宣布的 MCM 產品獎項，以及我們繼續實現 2024 年全年較低的營運費用。

We're forecasting total segment adjusted gross margin of 5%.

我們預測整個分部調整後的毛利率為 5%。

That's it for the financial update. I'll now turn the call back over to Joe.

以上就是財務更新內容。我現在將電話轉回給喬。

Thank you Rich as we look forward, we see meaningful opportunity for emergent inline products and future growth drivers that have the potential to impact lives around the world. Let me dive deeper on slide. 17 with key highlights around Narcan nasal spray.

謝謝 Rich，展望未來，我們看到了新興線上產品和未來成長動力的重大機遇，這些產品和成長動力有可能影響全世界的生活。讓我在投影片 17 上更深入地介紹 Narcan 鼻噴劑的重點內容。

Although there's still a tragic number of deaths caused by opioid fentaNYL or heroin. Recent preliminary data from the CDC points to a meaningful decline in overdose death in the US for the first time in decades.

儘管仍有大量因阿片類藥物芬太尼或海洛因而導致的悲慘死亡事件。美國疾病管制與預防中心最近的初步數據顯示，美國因服藥過量而死亡的人數數十年來首次出現顯著下降。

However, rates of overdose that still remain particularly high among various demographics of people and regions across the US.

然而，美國不同人群和地區的藥物過量率仍然很高。

So we must remain focused on efforts to continue broadening access, increasing awareness and helping to maintain affordability of Narcan nasal spray to this end demand for Narcan, especially from public interest partners and expanded categories like business to business and retail channels remains.

因此，我們必須繼續致力於擴大 Narcan 鼻噴霧劑的獲取管道、提高人們的認識並幫助維持其可負擔性，從而保持對 Narcan 的需求，特別是來自公共利益合作夥伴以及企業對企業和零售渠道等擴大類別的需求。

On course, we believe the Narcan nasal spray value proposition to score a differentiated price point for a public interest customers and we tend to competitively price our Narcan product.

當然，我們相信 Narcan 鼻噴劑的價值主張能夠為公眾利益客戶提供差異化的價格點，並且我們傾向於為我們的 Narcan 產品製定具有競爭力的價格。

We also believe our best in class service. Narcan Direct is a differentiated capability for our customers in August we announced a new distribution center in Nevada to further demonstrate our customer focused approach and continued investments in Narcan supply readiness efforts across Canada.

我們也相信我們提供的是一流的服務。Narcan Direct 是我們為客戶提供的差異化能力，8 月我們宣佈在內華達州設立一個新的配送中心，以進一步展示我們以客戶為中心的方法以及對加拿大各地 Narcan 供應準備工作的持續投資。

We are making significant strides to increase access in British Columbia and Western Canada where take home now kids are becoming more readily available to perfect overdose deaths. Our efforts to broaden access through OTC channels in the US help encourage individuals to ensure at home at school at work Safety plans include Narcan.

我們正在大力推廣不列顛哥倫比亞省和加拿大西部地區的毒品取得途徑，在這些地區，帶回家的兒童現在更容易被毒品過量致死。我們努力透過美國 OTC 管道擴大獲取管道，有助於鼓勵個人確保在家中、學校和工作場所的安全計劃包括 Narcan。

They include our continued pledged to support the White House challenge to save lives from overdose through workplace and public safety measures. Our engagement with the National Safety Council and other partners to educate and reach businesses. We want to specifically acknowledge that Amazon has publicly announced their efforts to keep employees safe in the workplace.

其中包括我們繼續承諾支持白宮的挑戰，透過工作場所和公共安全措施來挽救因藥物過量而死亡的生命。我們與國家安全委員會和其他合作夥伴合作，對企業進行教育和接觸。我們要特別感謝亞馬遜已公開宣布他們為確保員工在工作場所的安全所做的努力。

Our continued commitment to educate through our ready to rescue campaign to expand awareness and Narcan particularly among young adults in vulnerable communities.

我們將繼續致力於透過「準備救援」活動進行教育，以提高公眾對納洛酮的認識，特別是針對弱勢群體的年輕人。

And this month, we donated 20,000 additional doses of Narcan to organizations in need. As stated, we will remain focused on a multipronged strategy and effort to help save lives while relying upon strong bipartisan support to combat this tragic epidemic.

本月，我們向有需要的組織額外捐贈了 20,000 劑納洛酮。如前文所述，我們將繼續致力於多管齊下的策略和努力，幫助拯救生命，同時依靠兩黨的大力支持來對抗這場悲慘的流行病。

Turning to our medical countermeasure's portfolio on slide 18, we are seeing tangible benefits from our product diversification, and we'll continue to follow this approach.

談到第 18 張投影片上的醫療對策產品組合，我們從產品多樣化中看到了切實的利益，我們將繼續遵循這種方法。

This starts with maintaining our unique position to prepare and respond to public health threats through our continued engagement with us government and international customers during the third quarter, we gained FDA approved for the use of ATM 2000 to treat and prevent ox infection which further strengthens and broadens our smallpox portfolio. This expanded indication has enabled us to have a very important seat at the table. The international leaders can help respond to the outbreak.

首先，我們透過與美國政府和國際客戶的持​​續合作，保持了我們獨特的地位，以準備和應對公共衛生威脅。在第三季度，我們獲得了 FDA 批准使用 ATM 2000 來治療和預防牛感染，這進一步加強和擴大了我們的天花產品組合。這一擴大的適應症使我們在談判桌上佔有非常重要的地位。國際領導人可以幫助應對疫情。

Also in August, we proudly 50,000 doses of Aan 2000 for potential deployment across countries in Central Africa. As we look forward, we believe we are well positioned to support the global response by actively engaging with world health leaders deploying available product inventory based on the needs and the ability to increase supply if needed.

此外，在 8 月份，我們自豪地提供了 50,000 劑 Aan 2000，用於中非各國的部署。展望未來，我們相信，透過積極與世界衛生領導人合作，根據需要部署可用的產品庫存並在必要時增加供應，我們有能力支持全球應對疫情。

One promising medical countermeasure products. The development highlights from this quarter, we announced a $42 million contract option with Barda to develop and scale Ivana a licensed treatment for Ebola earlier today or just recently.

一種有前景的醫療對策產品。本季的發展亮點是，我們今天早些時候或最近宣布與 Barda 簽訂了一份價值 4200 萬美元的合約選擇權，以開發和擴大 Ivana 這種針對伊波拉病毒的許可治療方法。

We announced our work to support a clinical trial sponsored by Panther and led by Africa CDC to evaluate the safety and efficacy of Tembexa or Brincidofovir in treating ox infections across Africa. In summary, we are proud to be a trusted partner to supply medical countermeasures for biodefense and health preparedness around the world.

我們宣布了支持由 Panther 贊助、非洲疾病預防控制中心領導的臨床試驗的工作，以評估 Tembexa 或 Brincidofovir 在治療非洲牛隻感染方面的安全性和有效性。總之，我們很自豪能夠成為值得信賴的合作夥伴，為世界各地的生物防禦和健康防範提供醫療對策。

Turn to slide 19, I'd like to touch on several of our turnaround phase focused areas that we will focus on anticipate can lead to future growth drivers continuing to be a mission driven company that strives to be a leader in public health, maintaining a level of revenue diversification across our products. Strategically focusing on international expansion efforts and line extensions of our current product and creating one sustainable value for our shareholders.

翻到第 19 張投影片，我想談談我們轉型階段的幾個重點領域，我們預計這些領域可以成為未來的成長動力，繼續成為一家以使命為導向的公司，努力成為公共衛生領域的領導者，保持我們產品的收入多樣化水平。策略上專注於國際擴張努力和現有產品的線路延伸，並為我們的股東創造可持續的價值。

On slide 20 we provide a summary of our products, communications, current market and our future growth opportunities.

在第 20 張投影片上，我們概述了我們的產品、通訊、當前市場和未來的成長機會。

On slide 21 we outlined a significant progress on the strategic operational changes to stabilize our financial position. And I'm excited about how we are positioned for the future as we enter a new phase of turnaround growth.

在第 21 張投影片上，我們概述了在穩定財務狀況的策略營運變革方面取得的重大進展。當我們進入扭虧為盈的新階段時，我對我們未來的定位感到非常興奮。

Our confidence in our financial stability is based on our strong third quarter and year-to-date results, the significant reduction in our total quantum of debt and importantly, our cash generation, our commitment to ensuring public health preparedness with Narcan nasal spray and our medical counter metric products. And as I mentioned.

我們對財務穩定性的信心是基於我們強勁的第三季度和年初至今的業績、我們總債務的大幅減少以及更重要的是我們的現金創造能力、以及我們致力於透過 Narcan 鼻噴霧劑和我們的醫療計數器產品確保公共衛生準備的承諾。正如我所提到的。

With the addition of the new leadership of Doctor Lowery, our Chief Medical Officer, head of R&D, I believe we have the right team and capabilities to accomplish our turnaround goals over the next 18 to 24 months, we are grateful to the entire emergent team for all of this work to date and look forward to seeing what else we can accomplish together.

隨著首席醫療官、研發主管 Lowery 博士等新領導層的加入，我相信我們擁有合適的團隊和能力在未來 18 到 24 個月內實現扭虧為盈的目標，我們感謝整個新興團隊迄今為止所做的所有工作，並期待看到我們還能共同取得更多成就。

I look forward to keeping you updated on our continued progress as we continue to transform and strengthen the emergent and enter this exciting turnaround phase for our company. Thank you. And now I've heard it. I'd like to turn it back to you for a question and answer.

我期待向您通報我們不斷取得的進展，因為我們將繼續轉型和加強新興業務，並進入公司令人興奮的轉型階段。謝謝。現在我聽到了。我想把這個問題交還給您，以便您可以進行問答。

We will now begin the question and answer session at this time. I would like to remind everyone in order to ask a question, press star, then the number one on your telephone keypad, we will pause for just a moment to compile the Q&A roster.

我們現在就開始問答環節。我想提醒大家，要想提問，請按電話鍵盤上的星號，然後按數字 1，我們將暫停片刻以編制問答名單。

And your first question comes from the line of Brandon Fox with Roman and RHA. Please go ahead.

您的第一個問題來自 Roman 和 RHA 的 Brandon Fox。請繼續。

Thanks for taking my questions and congratulations on all the progress. Maybe just two from me.

感謝您回答我的問題，並祝賀您取得的所有進展。也許只有兩個。

Can we just talk about the gross margin on Narcan sort of longer term? Obviously, I think it was at about 50%. This quarter looks very good. Just how do we think about that with the moving pieces on Narcan?

我們能不能談談 Narcan 的長期毛利率？顯然，我認為大約是 50%。本季看起來非常好。那麼，我們該如何看待 Narcan 的變動呢？

Yeah, and then maybe, well, let's, I'll stop that and ask for a second and.

是的，那麼也許，好吧，讓我停下來並再問一秒鐘。

Afterwards.

然後。

Sure. Hi Brandon, this is rich. You know, I think certainly the gross margin has responded to the price reductions that we referenced earlier on the call.

當然。嗨，布蘭登，這很有趣。你知道，我認為毛利率肯定對我們之前在電話會議上提到的降價做出了反應。

I think we're starting to see some stabilization in the pricing environment. We're also continuing to look for ways to improve the cost of goods sold there as well.

我認為我們開始看到定價環境穩定。我們也在繼續尋找方法來降低在那裡銷售的商品的成本。

So, while I hesitate to give you a specific long-term guide on margin on grows margin there, I think that we're stabilizing the gross margin somewhere in the area of this level.

因此，雖然我不願意給你一個關於利潤率成長的具體長期指導，但我認為我們正在將毛利率穩定在這個水平的某個地方。

Thanks, rich. That's very helpful. And then maybe Joe, you know, obviously, congratulations on all the progress here and not to get greedy. But can you just elaborate on the seeking new opportunities aligned to your internal capabilities? You know, is that something that's high on the priority list?

謝謝，里奇。這非常有幫助。然後也許喬，你知道，顯然，祝賀這裡的所有進展，不要貪婪。但是，您能否詳細說明如何尋求與您的內部能力相符的新機會？您知道嗎，這是優先順序很高的事嗎？

Is that just in the infancy of exploration at this stage? And then how should we think about, you know, bringing an additional asset in 25 and any preference there on commercial versus development stage? Given the additions to your team.

目前這還只是探索的初期階段嗎？那麼，我們應該如何考慮在 25 年內引入額外資產，以及在商業階段和開發階段有何偏好？考慮到您團隊的新增成員。

A lot of great comments there. Let me try to take them one by one. Certainly, we're delighted with the progress. We're delighted to look at these financial results.

那裡有很多精彩的評論。讓我嘗試逐一介紹它們。當然，我們對這項進展感到非常高興。我們很高興看到這些財務結果。

We're delighted to pay down the debt, we've been able to pay down and certainly the net debt coming down by approximately $200 million we think all of that's great.

我們很高興能夠償還債務，我們已經能夠償還債務，而且淨債務肯定減少了約 2 億美元，我們認為這一切都很棒。

As we think about the future and the go forward, we're very much focused on growth and what would you know, what, what can we do to increase the growth and where we can resource allocations for, to ensure growth for the future? So that's what we're focused on.

當我們思考未來和前進時，我們非常關注成長，您知道嗎，我們可以做些什麼來促進成長，我們可以在哪裡分配資源，以確保未來的成長？這就是我們所關注的重點。

I think it's going to come both internally and through business development deals on the internal side. Clearly, you've seen some of the comments I made today about, you know, what we're doing and rich talked about Ivana.

我認為這將透過內部和內部業務發展交易來實現。顯然，您已經看到了我今天就我們正在做的事情以及對伊凡娜的談論所發表的一些評論。

Clearly, we have opportunities with TBEA and what we're doing there with the, with the Panther trial and, and what we're doing with work in US government and bars. So, there's a lot of things we can do internally. Rubab is another one that we have for anthrax.

顯然，我們與特變電工有合作機會，我們正在進行 Panther 試驗，並且正在與美國政府和酒吧合作。因此，我們可以在內部做很多事情。Rubab 是我們治療炭疽病的另一種藥物。

A lot of those projects are ones where we think there are clear opportunities that leverage our existing infrastructure on the countermeasure side, on the other side, on the, what we're doing with Narcan. We clearly believe there's opportunities to expand with Narcan. Everything from kits that go into the business. I I mentioned about it last time. We, we've all seen as you go into a restaurant, defibrillator kits that are on the wall.

我們認為，在許多專案中，都有明顯的機會利用我們現有的基礎設施，一方面用於對策，另一方面用於我們正在進行的 Narcan 專案。我們堅信 Narcan 具有擴張的機會。從工具包到業務所需的一切。我上次提到過它。當你走進一家餐廳時，我們都會看到牆上掛著除顫器套件。

We think that another product, well, clearly could be our, our Narcan product that save lives. You know, that clearly defibrillators cost somewhere around $1800 they save 1,700 lives a year. We think we can put together a Narcan kit at a cost of about $45 that could save infinitely more lives.

我們認為另一種產品顯然可能是我們的 Narcan 產品，它可以拯救生命。你知道，心臟去顫器的價格顯然在 1800 美元左右，但每年卻能挽救 1700 人的生命。我們認為我們可以組裝一套 Narcan 試劑盒，成本約為 45 美元，可以挽救無數生命。

So we think that's another simple example of what we're trying to do is leverage capabilities we have today as an example. But beyond kits, we've also line extension opportunities. We see that can be very beneficial, especially as we think about.

因此，我們認為這是我們正在嘗試做的另一個簡單的例子，即利用我們今天擁有的能力。但除了套件之外，我們還有產品線擴展的機會。我們發現這非常有益，尤其是當我們思考的時候。

Unfortunately, the thousands of deaths that are occurring with college students, high school students, people that we know we can do a better job of saving those lives if only we have access to the product at the time of need. And we know that at the time of need so often there are people there with the patient. If we can just have product available, we can save lives.

不幸的是，成千上萬的死亡發生在大學生、高中生身上，我們知道，只要我們在需要的時候能夠獲得這種產品，我們就能更好地挽救他們的生命。我們知道，在病人需要幫助的時候，常常會有人陪伴在他們身邊。如果我們能夠提供產品，我們就能挽救生命。

So, look to us to spend more time talking about that in terms of NAR formulation, new kits, also expansion. And then of course, what I mentioned on medical countermeasures are all part of it.

因此，希望我們花更多時間討論 NAR 配方、新套件以及擴充方面的問題。當然，我提到的醫療對策都是其中的一部分。

On the on the business development side, I'm not talking about hundreds of millions of dollars business development opportunities, but I do think there's opportunities for us to do some business development and we're going to look to really well for those products that fit within what we do with the first responders.

在業務發展方面，我不是說數億美元的業務發展機會，但我確實認為我們有機會進行一些業務發展，並且我們將很好地尋找那些適合我們與第一響應者合作的產品。

For the Narcan side of the business, there's other products, first responders need, we'll look to develop products for them that they need and use our distribution capabilities to get products to them and also on the medical countermeasures.

對於 Narcan 業務方面，還有其他產品，急救人員需要，我們將努力為他們開發他們需要的產品，並利用我們的分銷能力將產品送到他們手中，並用於醫療對策。

What what else can we do to help the US government and other governments around the world to help their approach to medical countermeasures? So I think there's a lot of opportunities, look forward to having more chance to explain those and elaborate on them in the near future.

我們還能做些什麼來幫助美國政府和世界其他國家的政府採取醫療對策？所以我認為有很多機會，期待在不久的將來有更多的機會來解釋和闡述它們。

Great. Thank you very much. And congrats again on all the progress.

偉大的。非常感謝。再次恭喜您取得的所有進展。

Thank you, Andre Operate our next question.

謝謝，安德烈，請提出我們的下一個問題。

And your next question comes from the line of Jessica Fye with JP Morgan. Please go ahead.

您的下一個問題來自摩根大通的傑西卡·費伊 (Jessica Fye)。請繼續。

Hey, this is Nick on for J. Thanks for taking our questions. Two part here on Narcan can you talk a little bit more of the factors that went into lowering that Narcan guidance? Is it driven more by lower expected volumes or is it more on the competitive pricing pressures?

嘿，我是 Nick，代表 J 發言。感謝您回答我們的問題。關於 Narcan 的兩部分，您能否再多談談降低 Narcan 指導的因素？這是否受到預期銷售量較低的影響，還是較多受到競爭性定價壓力的影響？

And then also, could you provide an update on what the latest mix of Narcan revs is across the public interest markets? Maybe some of those X US revs in Canada and then OTC and how we should expect that to evolve over time.

另外，您能否提供有關公共利益市場上 Narcan 的最新組合的最新情況？也許其中一些 X US 轉速在加拿大和 OTC 之間，我們應該預期它們會如何隨著時間的推移而發展。

Sure. I'll, I'll start with the first one in terms of what we're doing at Narcan. We're, we're looking at a couple of factors. Number one, we're looking at the expanded volume that we are seeing with Narcan.

當然。我先從第一個面向開始講我們在 Narcan 所做的事情。我們正在考慮幾個因素。首先，我們正在關注 Narcan 的銷量擴大。

I think Rich may mention though that we see about 7% year-to-date growth in volume with Narcan and within public interest space where we're seeing about 14% of both of those versus last year numbers.

我認為 Rich 可能會提到，我們看到 Narcan 的銷量今年迄今增長了約 7%，而在公共利益領域，與去年的數字相比，這兩個領域的銷量都增長了約 14%。

So, we're seeing by increase to be clear, having said that we, we've said before and we'll say it again that we tend to price our product competitively so that we can hold on to our, our volumes that we think are available to us as the market.

因此，我們看到的成長是明確的，我們之前已經說過，我們會再說一遍，我們傾向於以有競爭力的價格定價我們的產品，這樣我們就可以保持我們認為市場上可用的產量。

We want to make sure we're holding on to those lines by competitive pricing doesn't mean we're going to match all of the other players, but we don't want to be in the ballpark and competitive realizing that we provide other value beyond just simply the product because of our ability to have very good distribution capabilities for Narcan.

我們希望透過有競爭力的定價來確保我們堅持這些路線，但這並不意味著我們要與所有其他參與者匹敵，但我們不想處於同一水平並具有競爭力，因為我們擁有非常好的 Narcan 分銷能力，所以我們提供的不僅僅是簡單的產品，還提供其他價值。

We obviously have the brand name Narcan. We obviously have the manufacturing capability. So I our view is that those are all important factors look at to the future.

我們顯然有 Narcan 這個品牌名。我們顯然擁有製造能力。所以我認為這些都是展望未來的重要因素。

And as we think about the future beyond this year, we certainly believe also that the amount of expenditures that are going to fund this area, the $54 billion over the next 10 years by the Pharma companies that have to fund the opioid settlement is going to do a lot for expanding the volume awareness and the education that goes into opioid overdose. So, we do think there's a lot of opportunities to go around the table having said all that I want to get to the other part of your question was what's what are some of the other issues that we face?

當我們思考今年以後的未來時，我們當然也相信，用於資助這一領域的支出金額，即製藥公司未來 10 年為阿片類藥物和解案提供的 540 億美元，將大大提高人們對阿片類藥物過量用藥的認識和教育。因此，我們確實認為有很多機會可以討論，說了這麼多，我想談談你問題的另一部分，我們還面臨哪些其他問題？

And that clearly as we thought about Narcan, we, we want to make sure that we took into account some of the initiatives that we did versus a year ago and looked at, for example, we discontinued the Rx Narcan last year. The prescription strength that was something that caused the one impact in the quarter. We also were looking at sales in Canada and what's happening there and also what we are offset by some things we're seeing on the OTC sales.

顯然，當我們考慮 Narcan 時，我們要確保考慮到我們與一年前相比採取的一些舉措，例如，我們去年停止了 Rx Narcan 的使用。處方強度是本季造成影響的因素。我們也關注了加拿大的銷售情況以及那裡的情況，以及我們在 OTC 銷售中看到的一些情況所抵消的情況。

There's a lot of different factors going on given the diversity of our portfolio we felt it was prudent at this time to, to look at that Narcan number. Manage that to where we think it could be, it could be upside too. But we want to manage to that.

考慮到我們投資組合的多樣性，有很多不同的因素在起作用，我們認為此時查看 Narcan 的數字是謹慎的。將其管理到我們認為可以達到的水平，那麼它也可能會有好處。但我們想做到這一點。

I think I got the first part of the question.

我想我已經理解了問題的第一部分。

Is there a second part as well?

還有第二部分嗎？

Yeah.

是的。

The second part.

第二部分。

Yeah, it makes between, but I.

是的，它介於兩者之間，但是我。

Think.

思考。

You, you kind of touched on it.

你，你有點觸及了這一點。

The majority of the business by far is still the, somewhere in the 70% range is the totality of the business.

到目前為止，大部分業務仍佔全部業務的 70% 左右。

I think that's your question, right.

我想這就是你的問題，對的。

And then just to follow up there in the pit market, can you talk a bit more about some of the competitive dynamics you're seeing there? I mean, just thinking about any contract between competitors and states that could be unfolding, kind of similar to what we saw with the mail in the State of California.

然後，為了跟進場內市場的情況，您能否再談談您在那裡看到的一些競爭動態？我的意思是，想想競爭對手和各州之間可能出現的任何合同，都有點類似於我們在加州看到的郵件合約。

Sure.

當然。

Yeah, we, we have followed that as you would imagine very closely and we, we are doing well.

是的，正如您所想像的，我們一直密切關注著這一點，而且我們做得很好。

There are some like in the Cal Rx program that, better did pick up that business but across all the different states we're doing very well.

有一些像 Cal Rx 計劃這樣的公司確實開展了這項業務，但在所有不同的州，我們都做得很好。

The, the one thing I probably should have mentioned, I don't recall. I said exactly. But we, we're seeing pricing stabilized in the overall Narcan business. At least one of the things we follow as you would have, we follow it on a weekly basis.

我可能應該提到一件事，但我不記得了。我說的正是如此。但我們看到 Narcan 整體業務的價格已經穩定下來。我們會像您一樣關注至少一件事，我們會每週關註一次。

But from July through October of 2024 the the pricing has been relatively stable. So we're not seeing anything dramatically change with the pricing environment. And as you can tell by the amount of volume we have, we're growing in terms of volumes up 7% of the total business versus last year. So a relatively stable pricing environment, the the prices I'm sorry, the volume is going up about 7% for year-to-date numbers.

但從2024年7月到10月，價格一直相對穩定。因此，我們沒有看到定價環境有任何顯著變化。從我們的交易量可以看出，與去年相比，我們的交易量增加了 7%。因此，相對穩定的定價環境，對不起，價格，年初至今的交易量上漲了約 7%。

Great. And maybe if I could just squeak one last one in on smallpox on the $400 million of orders that you announced back in September. I believe it was you noted 210 million it hit through the end of that period ie through end of three Q, there is like a remaining 100 80 million or so more.

偉大的。也許我可以在你們 9 月宣布的 4 億美元訂單中，最後再為天花做一些準備。我相信您注意到了到該時期末，即到第三季末，它達到了 2.1 億，還剩下 1 億到 8 千萬左右。

That is expected to hit over the course of, you know, maybe the next couple of months or quarters. Can you just kind of talk about how that's weighted across four Q and say maybe early 2025 and how we should also think about that being broken down between various products.

預計這可能會在未來幾個月或幾個季度內實現。您能否簡單談談這在四個季度中的權重是多少，例如可能是在 2025 年初，以及我們應該如何考慮將其分解到各種產品中。

Yeah.

是的。

Do you want to take a.

你想服用一個嗎？

Sure. Yeah, I mean, I would say that certainly a portion of it is going to hit in the fourth quarter. Most of it will hit in, in 2025. But you know, that's, it's all based into our guidance that we've, that we've updated Great. Thank you.

當然。是的，我的意思是，我想說其中一部分肯定會在第四季實現。大部分將在 2025 年到達。但你知道，這一切都是基於我們的指導，我們已經更新了 Great。謝謝。

Thank you for your question.

感謝您的提問。

After your next question.

在你提出下一個問題之後。

Again, if you would like to ask a question, press star one on your telephone keypad.

再次強調，如果您想提問，請按電話鍵盤上的星號 1。

And your next question comes from the line of Alex O with Wells Fargo. Please go ahead.

您的下一個問題來自富國銀行的 Alex O。請繼續。

Hey guys, thanks for taking the question here. I if I can belabor the Narcan question one more time of, of the 30 odd percent decline in Q3. Are you able to bucket out? How much of that was the year over year? Call it headwind from the initial ramp of OTC.

嘿夥計們，感謝你們在這裡提出這個問題。我可以再詳細討論一下 Narcan 的問題嗎？第三季的跌幅達到 30% 左右。你能擺脫困境嗎？與去年同期相比，成長了多少？我們稱之為 OTC 初期上漲帶來的逆風。

How much of that is pricing and how much of that was organic declines or increase? I, I know you guys have referenced a year-to-date figure, but if there's any figure you could reference for the quarter just to get a sense of how that segment has been performing sequentially. I think it'd be very helpful.

其中有多少是定價，有多少是有機下降或增加？我知道你們已經參考了年初至今的數據，但如果有任何數據，您可以參考本季的數據，以了解該部門的連續表現如何。我認為這會非常有幫助。

I think the, the, the stock in revenue from last year was in the, you know, in, in between 10 to $15 million. It was probably around $12 million or so. The rest of it is really more overall mix and, and really driven by, by the pricing impacts.

我認為，去年的股票收入在 1,000 萬到 1,500 萬美元之間。大概價值在 1200 萬美元左右。其餘部分實際上更多的是整體組合，並且真正受到定價影響的驅動。

Got it. And, and I know you guys took pricing down back in, I think it was August of last year when the drug went OTC. It, it, it sounds like you've taken down pricing since then to be more competitive with generics. Is that a reasonable assumption?

知道了。而且，我知道你們已經降低了價格，我想應該是去年 8 月該藥物開始非處方銷售的時候。這、這、聽起來好像從那時起你們就降低了價格，以便與仿製藥更具競爭力。這是一個合理的假設嗎？

Yeah, we've been, we've been responding as Joe said, you know, to be competitive, we haven't been matching pricing, but we have remained competitive in the marketplace and that, that has some, you know, resulted in us being.

是的，正如喬所說，我們一直在做出回應，為了保持競爭力，我們並沒有匹配價格，但我們在市場上仍然保持競爭力，而這，你知道，導致了我們的成功。

As Joe said, you know, we've had some very good success in in keeping a lot of the business that, that we had even in, even in light of, you know, some of the additional competition that's been out there.

正如喬所說，你知道，我們在保持大量業務方面取得了非常好的成功，甚至在考慮到一些額外的競爭的情況下也是如此。

Okay. Switching gears just in terms of asset sales, obviously a great job on the 200 million that you've done so far. But you know, you still have extra warehouse.

好的。就資產出售而言，顯然您迄今為止已經完成了 2 億美元的銷售，這是一個偉大的成就。但你知道，你還有多餘的倉庫。

You still have Canton, you still have Rockville, you still have 400 Professional Drive, you still have Bayview, any updates on thoughts around those properties, you know, any progress on on asset sales there or anything else we should expect, you know, for the next 12 months, whatever it is.

您還有坎頓、羅克維爾、400 Professional Drive 和 Bayview，您對這些房產的想法有什麼更新嗎？您知道，那裡的資產銷售有什麼進展嗎？或者我們應該對未來 12 個月有什麼其他期待嗎？不管是什麼。

But first I I compliment you on knowing our entire site network. But yeah, that, that is something we we, we are absolutely looking at that all the time.

但首先我要讚揚您了解我們的整個網站網路。但是的，那是我們一直在關注的事情。

I I don't want to make any specific comments about any individual site, but to be clear, we have reduced significantly the operating expense of our business as I mentioned and as rich mentioned, so we are managing this to make sure that we bring down operating expense to manage it.

我不想對任何單一網站發表任何具體的評論，但要明確的是，正如我和 Rich 提到的那樣，我們已經大幅降低了業務的營運費用，因此我們正在管理這一點，以確保降低營運費用來管理它。

But we, we do believe we have more flexibility now in terms of some of those sites, in terms of what the long-term opportunities can be with them, especially as we're thinking about other business development activities to our portfolio for growth.

但我們確實相信，就其中一些站點而言，就其長期機會而言，我們現在擁有更大的靈活性，特別是當我們正在考慮將其他業務發展活動納入我們的投資組合以實現成長時。

So, I think we got a little bit more latitude. I mean, some of them are absolutely, you know, you know, the sites you, you talked about them talk about some of the operational centers in terms of manufacturing sites that they could be more important to us, but we'll manage that others just don't have, we don't have a need and we're certainly trying to divest certain locations like potentially warehouse that we don't need.

所以，我認為我們有更多的自由。我的意思是，其中一些絕對是，你知道，你知道，你談到的一些營運中心，就製造基地而言，它們對我們來說可能更重要，但我們會設法讓其他人沒有，我們不需要，我們當然會試圖剝離某些地點，例如我們不需要的倉庫。

We, we divested one warehouse in Canton, Massachusetts as an example, that was an unused warehouse and the more we can do those types of things, obviously, the better return on investment for our shareholders. So we're going to be focused on it, but I don't want to make any specific prognosis of when and where we'll do that.

以我們位於麻薩諸塞州坎頓的一個倉庫為例，那是一個未使用的倉庫，我們做這些事情越多，顯然，股東的投資回報就越好。因此我們將集中精力於此，但我不想對我們何時何地這樣做做出任何具體預測。

Could Bayview be used to manufacture GLP Ones.

Bayview 可以用來製造 GLP Ones 嗎？

Bayview is an extraordinary site that has been a significant amount has been invested in the site by, by the emergent and, and other government agencies.

Bayview 是一個非凡的地點，新興企業和其他政府機構已對該地點投入了大量資金。

And we think there's a lot of opportunities for that site in terms of capabilities in terms of drug substance, but I don't want to specifically talk about, but there, it's a phenomenal site.

我們認為該網站在藥物物質能力方面有很多機會，但我不想具體談論，但這是一個非凡的網站。

I've had a chance to be in pharmaceutical business for over 35 years. And, you know, I've been through probably hundreds of different sites.

我從事製藥業已有 35 年多了。而且，你知道，我可能已經瀏覽過數百個不同的網站。

They unique. It's a very significant opportunity and is everything, is state of the art, really good capabilities there. We just got to find the right place to kick off some significant opportunities there, but it is a, I got a lot of capability.

他們獨一無二。這是一個非常重要的機會，而且一切都是最先進的，並且具有非常好的能力。我們只是找到了合適的地方來開啟一些重要的機會，但我有很多能力。

Okay. Got it. Last one. If I can, if, if we just look to like 2025 and beyond it. And obviously, you know, I, I understand as well as anybody, the lumpiness of the business and you know, there's years where, where big orders come in or don't come in.

好的。知道了。最後一個。如果可以的話，如果我們只是展望 2025 年及以後。顯然，我和其他人一樣了解這個行業的不穩定性，你知道，有些年份會有大訂單進來，有些年份則不會。

But if I just start with call, it the midpoint of EBIDA 190 you know, even like CDO gross profit year-to-date is, is still $60 million.

但如果我只是從看漲期權開始，它是 EBIDA 190 的中點，你知道，即使像今年迄今為止的 CDO 毛利潤一樣，仍然是 6000 萬美元。

And if that's approaching zero, I mean, that's a, that's a big uplift right there, you know, not, not to ask for forward guidance or anything.

如果這個數字接近零，我的意思是，這是一個巨大的提升，你知道，不是，不是要求前瞻性指引或任何東西。

But, you know, if you had to look at 2025 and beyond, given the big undertaking, you guys have taken on the cost side of things and stabilize the business, you know, like, you know, is EBS kind of like a 225 250 EBIDA business plus looking forward or, you know, how do you guys think about kind of the long term earnings power Of this business.

但是，你知道，如果你必須考慮 2025 年及以後，考慮到這項大工程，你們已經承擔了成本方面的問題並穩定了業務，你知道，你知道，EBS 有點像 225 250 EBIDA 業務加上展望未來，或者你知道，你們如何看待這項業務的長期盈利能力。

II, I think you probably expect my answer to that. We're not going to make comments specifically about 2025 having said that I can certainly say that, you know, one of the things that we did is we took out ballpark $30 million of operating expenses in from the business.

II，我想你可能已經預料到我的答案了。我們不會對 2025 年做出具體評論，但是我可以肯定地說，我們所做的事情之一就是從業務中拿出了大約 3000 萬美元的營運費用。

And if you look at just even in the quarter, the operating expense reductions absent the impairment versus last year was $65 million just in the core.

如果你只看本季度，扣除減損後，與去年相比，核心營運費用減少 6,500 萬美元。

So it, it tells you we're taking the steps to bring down the operating expense. Number one, number two, I've got to say this so that everyone understand we are continuing to maintain the capabilities to manufacture our products and have the ability to manufacture all of our products and have expectations that over the next several years, we, we have availability to make all the products even with the reduction in the number of sites in the streamline site network.

所以，它告訴你我們正在採取措施降低營運費用。第一，第二，我必須這樣說，以便每個人都明白，我們將繼續保持生產我們產品的能力，並且有能力生產我們所有的產品，並且期望在未來幾年內，即使精簡站點網絡中的站點數量減少，我們也有能力生產所有產品。

So, that, that probably is the best way I can answer the question in terms of we've brought down operating expenses significantly at $65 million in the quarter versus a year ago. And then of course, we still maintain, although the network is streamlined, we still make the capabilities to make all of our products.

因此，這可能是我回答這個問題的最好方式，因為與去年同期相比，我們本季的營運費用已大幅下降至 6,500 萬美元。當然，我們仍然堅持，儘管網路已經精簡，但我們仍然有能力生產所有產品。

Got it. Thank you and best of luck with the balance of the.

知道了。謝謝您，祝您一切順利。

Year.

年。

Thank you, operator. Next question.

謝謝您，接線生。下一個問題。

And there are no questions at this time, I will now turn the call back over to Frank Bargo for closing remarks.

現在沒有人提問，我現在將電話轉回給弗蘭克·巴戈 (Frank Bargo) 作結束語。

Hi, this is Joe Papa. I, I'll take the closing remarks. So, thank you again for everyone for joining us and we very much appreciate your interest in, in emerging.

嗨，我是喬帕帕。我來做最後發言。因此，再次感謝大家加入我們，我們非常感謝你們對新興事物的興趣。

We look forward to having a chance to talk to all of you in the, in the near future, rich and I will be out talking to more investors in the very near future and look forward to having a chance to catch up with any of you. But thanks again for joining us today. Have a great day. Everyone.

我們期待在不久的將來有機會與大家交談，我和 Rich 將在不久的將來與更多的投資者交談，並期待有機會與你們中的任何一個人見面。但再次感謝您今天加入我們。祝你有美好的一天。每個人。

This concludes today's conference call. Thank you all for joining you. May now disconnect.

今天的電話會議到此結束。感謝大家的加入。現在可以斷開連接。