Emergent BioSolutions Inc (EBS) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q3 2025 Emergent BioSolutions Inc earnings conference call.(Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Emergent BioSolutions Inc. 2025 年第三季財報電話會議。 （操作說明）

I would now like to hand your conference over to your first speaker today, Frank Vargo, Vice President and treasurer. Please go ahead.

現在，我謹將會議交給今天的第一位發言人，副總裁兼財務長弗蘭克·瓦戈。請繼續。

Good Afternoon. Everyone.

午安.每個人。

Thank you for joining today as the merchant discusses their operational and financial results to the thirdrd quarter of 2025. As is. Customary, today's call is open to all participants. The call is being recorded and is copyrighted by Emergent BioSolutions.

感謝您今天參加本次活動，商家將討論其截至 2025 年第三季的營運和財務表現。就這樣。按照慣例，今天的電話會議對所有參與者開放。通話內容正在錄音，版權歸 Emergent BioSolutions 所有。

In addition to today's press release, there are a series of. Slides accompanying this webcast available to all webcast participants.

除了今天的新聞稿之外，還有一系列…所有網路直播參與者均可查看本次網路直播的配套投影片。

Turning to slide 2. During today's call. A merchant may make projections and other. Forward-looking.Statements related to their business. Future events, prospects, or future performance. These forward-looking statements are based on their current intentions, beliefs and expectations regarding future events.

翻到第二張幻燈片。在今天的電話會議中。商家可能會做出預測和其他預測。前瞻性聲明。與公司業務相關的聲明。未來事件、前景或未來表現。這些前瞻性陳述是基於他們目前對未來事件的意圖、信念和預期。

Any forward-looking. Statement speaks only as of the date of this conference call. And except as required by Law, Virgin does not undertake to update any.

任何具有前瞻性的事。本聲明僅代表本次電話會議當日的情況。除法律另有規定外，維珍集團不承擔任何更新義務。

Forward-looking. Statements to reflect new information that benefits its circumstances. Investors should consider this cautionary statement, as well as the risk factors identified in emergency periodic reports filed with the SEC when evaluating their forward-looking statements. During today's call.

具有前瞻性。聲明旨在反映有利於自身處境的新資訊。投資者在評估前瞻性聲明時，應考慮此警示性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。在今天的電話會議中。

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

緊急事項也可能討論某些涉及調整的非GAAP財務指標。GAAP 數據，旨在提高應急營運績效的透明度。請參考今天新聞稿中的表格。

Turning to slide 3, the agenda.

接下來請看第三張投影片，議程。

For today's Call will Include Joseph Papa, President and Chief Executive Officer, who will Provide an update on the company's transformation plan and highlight key results.

今天的電話會議將包括總裁兼執行長 Joseph Papa，他將介紹公司轉型計劃的最新進展並重點介紹主要成果。

And Richard Lindahl, EVP and Chief Financial Officer, will provide details on the third quarter and year-to-date 2025 financial results. As well as provide an update on full year 2025 guidance. Joe Papa will conclude by discussing.The company's business performance and key catalyst for growth. Followed by Q&A.

執行副總裁兼財務長理查德·林達爾將詳細介紹 2025 年第三季和年初至今的財務表現。同時提供 2025 年全年業績指引的最新資訊。喬·帕帕將最後討論公司的業務表現和關鍵成長催化劑。隨後是問答環節。

Finally, for the benefit of those who may be listening to a replay of this. Webcast. This call was held and recorded on. October 29, 2025. Since then, aerant may have made. Announcements related to topics discussed during today's call.

最後，為了那些可能正在收聽重播的人的利益。網路直播。本次通話已進行並錄音。2025年10月29日。從那時起，空氣清新劑可能已經製造出來了。與今天電話會議討論的主題相關的公告。

And with that, I would now like to turn the call over to Joe.

那麼，現在我想把電話交給喬。

Thank you, Frank, and hello everyone. Welcome to the emergent thirdrdrdrdrd quarter 2025 Ernie Hall. This is Joe Pappas, CEO of Merchant, and I'm joined today by Rich Linda, our Chief Financial Officer. I will start by providing third quarter highlights, and then Rich will review the third quarter financials.

謝謝你，弗蘭克，大家好。歡迎來到新興的 2025 年第三季 Ernie Hall。我是 Merchant 公司的執行長 Joe Pappas，今天與我一起的是我們的財務長 Rich Linda。我將首先介紹第三季的亮點，然後 Rich 將回顧第三季的財務狀況。

I'll return to review key business catalyst Drive growth. We'll close with a Q&A session.

我將稍後回顧推動成長的關鍵業務催化劑。最後我們將進行問答環節。

Turning to slide number 5, the emergency team's aspiration is to be the leader in solving public health crisis around the world. As part of our mission to protect and save lives, we develop and deliver highly complex products that address some of the world's most pressing threats.

翻到第 5 張投影片，緊急小組的目標是成為解決世界各地公共衛生危機的領導者。作為我們保護和拯救生命使命的一部分，我們開發和提供高度複雜的產品，以應對世界上一些最緊迫的威脅。

Based on the efforts of our team, we had another great quarter and are on track to exceed our initial 2025 revenue and adjustment guidance. Here to date, we have secured 11 contract modifications and product orders for our biodefense business while maintaining our market leadership position in the nasal nal ax category.

憑藉我們團隊的努力，我們又取得了一個非常好的季度業績，並有望超過我們最初設定的 2025 年收入和調整預期。迄今為止，我們已為生物防禦業務獲得了 11 項合約修改和產品訂單，同時保持了我們在鼻腔噴霧劑領域的市場領先地位。

We have a durable biodefense business model has a North America based supply chain for our product when manufacturing in the US or in the USMCA compliant facility.

我們擁有持久的生物防禦商業模式，我們的產品在美國或符合美墨加協定的工廠生產時，供應鏈位於北美。

Finally, we believe our differentiative capabilities in plasma and hard to manufacture products position us to be a strategic long-term partner for our customers.

最後，我們相信我們在等離子體和難以製造的產品方面的差異化能力，使我們成為客戶的策略性長期合作夥伴。

Turning to slide 6 emerged was founded 25 years ago, and our business is unlike traditional pharmaceutical companies. In fact, we have the most diversified biodefense and nexin product portfolio.

翻到第 6 張投影片，可以看到公司成立於 25 年前，我們的業務與傳統製藥公司截然不同。事實上，我們擁有最多樣化的生物防禦和連結產品組合。

It is focused on addressing the global health public health threats of smallpox, anthrax, andpox, Ebola, latism, and even opiate overdose emergency situations.

它致力於應對天花、炭疽、伊波拉、瘧疾，甚至阿片類藥物過量等全球公共衛生威脅。

Just yesterday, we released a new survey finding that reinforced bioterrorism remains a significant concern to inform public policy leaders.

就在昨天，我們發布了一項新的調查結果，顯示生物恐怖主義的加劇仍然是公共政策制定者需要重點關注的問題。

Turn to slide 8, we are making great progress with our multi-year transformation. During 2025, we continue to make strategic investments for the long-term growth while creating significant value for our stakeholders. We are achieving operating margin improvements and validating best options to advance top-line growth while maintaining our attractive cost structure.

請翻到第 8 頁，我們的多年轉型計畫正在取得巨大進展。2025年，我們將繼續進行策略性投資，以實現長期成長，同時為我們的利害關係人創造重大價值。我們正在提高營業利潤率，並驗證推動營收成長的最佳方案，同時維持我們具有吸引力的成本結構。

On slide 9, we provide a more detailed look at the third quarter included exceeding our internal guidance of both the top and bottom line.

在第 9 張投影片中，我們將更詳細地介紹第三季的情況，包括營收和利潤都超過了我們內部的預期。

Third quarter revenues of $231 million or $21 million above the high end for Q3 guidance range of $180 million to $210 million. Our profitability continues to improve and year-to-date, we have already achieved the high end of our full year adjusted even guidance range for the $194 million generated as of the third quarter.

第三季營收為 2.31 億美元，比第三季預期範圍 1.8 億美元至 2.1 億美元的上限高出 2,100 萬美元。我們的獲利能力持續提升，截至第三季度，我們已經實現了全年調整後獲利預期範圍的高端，達到 1.94 億美元。

Both the revenue and profitability of the business exceeded our internal management expectations and the analyst consensus.

公司的收入和獲利能力都超出了我們內部管理層的預期和分析師的普遍預期。

Based on the year to today's performance, we are increasing our adjusted baggage range, $195 million to $210 million up from $175 million to $200 million.

根據今年迄今的業績，我們將調整後的行李範圍從 1.75 億美元至 2 億美元上調至 1.95 億美元至 2.1 億美元。

Our liquidity remains very strong. We now have access to $346 million in financial capacity to invest in additional growth and capital deployment. This includes $246 million of balance sheet cash and an undrawn revolver.

我們的流動性依然非常強勁。我們現在擁有 3.46 億美元的財務資源，可用於投資進一步成長和資本部署。這包括 2.46 億美元的資產負債表現金和一筆未提取的循環信貸額度。

We are pleased with a significant collection of cash for accounts receivable, even during the first days in Q4. We are selectively deploying our capital to create stakeholder value. Our net leverage improved to approximately 2 times net debt to adjusted debt, down from 3.3 times in the third quarter of 2024.

即使在第四季的最初幾天，我們也對應收帳款的大量回收感到滿意。我們正在選擇性地部署資本，以創造股東價值。我們的淨槓桿率改善至淨債務與調整後債務比率約為 2 倍，低於 2024 年第三季的 3.3 倍。

In the third quarter of 2025, we also repurchased some emergent bonds. It continued with our share repurchase program where we have spent $15.8 million over our $50 million and $0.12 month program.

2025年第三季度，我們也回購了一些新興債券。我們繼續推動股票回購計劃，在5000萬美元、每月0.12美元的計劃中，我們已經花了1580萬美元。

We are excited about the progress of the MCM segment with four new contract modifications added in the third quarter. We also see upsides from our international customers which represent 34% of our MCM sales year-to-date, which is up from the mid to high [10s] in past years.

我們對 MCM 業務板塊的進展感到興奮，第三季新增了四項合約修改。我們也從國際客戶那裡看到了成長，他們占我們今年迄今為止 MCM 銷售額的 34%，而過去幾年這一比例僅為 10% 到 20% 左右。

Our leadership in the election remains strong. We are committed as ever to combating the opioid overdose epidemic and saving lives. The two months left in the year, we feel very good about our 2025 performance and are actively working to establish additional growth drivers for 2026 and beyond.

我們在選舉中的領導地位依然穩固。我們一如既往地致力於打擊鴉片類藥物過量致死危機，拯救生命。今年還剩兩個月，我們對 2025 年的業績感到非常滿意，並正在積極努力為 2026 年及以後的發展建立更多成長動力。

On slide 10, we summarize the strong performance of our naloxone this year-to-date.

在第 10 張投影片中，我們總結了納洛酮今年迄今的強勁表現。

We remain the leader in the naloxone category amongst public interest customers, and we are benefiting from a stabilized US pricing market for naloxone. Quarter over quarter, Narcan unit volume grew by 13% and revenue grew by 9%.

在公共利益客戶中，我們仍然是納洛酮領域的領導者，我們受益於美國納洛酮價格市場的穩定。納洛酮的銷量較上月成長了 13%，營收成長了 9%。

This sequential growth reaffirms that we have moved past one time first border events. In fact, North and demand remains strong. We expect continued growth of the entire market, which may provide a tailwind to our business.

這種循序漸進的成長再次證明，我們已經超越了一次性的首次邊境事件。事實上，北方市場需求依然強勁。我們預計整個市場將持續成長，這可能會對我們的業務帶來利好。

And I'd like to turn the call over to Rich, who offered through the third quarter financials.

接下來我想把電話交給 Rich，他介紹了第三季的財務狀況。

Thanks.

謝謝。

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

喬：大家下午好。感謝您參加本次通話。

We're off to a strong start in the second half of 2025. Our third quarter revenue came in at $231 million exceeding the upper end of our guidance range by $21 million driven by sequential growth of Narcan and the addition of four new contract modifications.

2025年下半年我們開局強勁。第三季營收達到 2.31 億美元，比預期上限高出 2,100 萬美元，這主要得益於 Narcan 的環比增長以及新增的四份合約修改。

Through the third quarter, we continue to see year over year improvements in both gross margin and adjusted Ear margin, highlighting the efficiency of our business that delivered 38% adjusted EBITA margin this past quarter.

第三季度，毛利率和調整後 EBITA 利潤率均較去年同期持續改善，凸顯了我們業務的效率，上個季度調整後 EBITA 利潤率達到 38%。

To further highlight our strong performance, net income for the third quarter was $51 million. Year-to-date net income was $107 million and year-to-date earnings per share was $1.08.

為了進一步凸顯我們強勁的業績，第三季淨利為 5,100 萬美元。年初至今淨收入為 1.07 億美元，年初至今每股收益為 1.08 美元。

Year to day's performance has also exceeded our internal expectations.

今年的業績也超出了我們的內部預期。

We're raising our total revenue guidance to a range of $775 million to $835 million a $5 million improvement at the midpoint, and we're increasing our adjusted EBITDA guidance to a range of $195 million to $210 million a $15 million increase at the midpoint as compared to our prior forecast.

我們將總營收預期上調至 7.75 億美元至 8.35 億美元，中位數提高 500 萬美元；我們將調整後 EBITDA 預期上調至 1.95 億美元至 2.1 億美元，中位數比先前的預測增加 1,500 萬美元。

The profitability and cash generation of our company has allowed us to focus on creating opportunities to generate additional shareholder value.

公司良好的獲利能力和現金流使我們能夠專注於創造機會，為股東創造更多價值。

In the third quarter, we deployed cash towards both equity and debt repurchases, taking advantage of opportunistic pricing.

第三季度，我們利用價格機會，將現金用於股權和債務回購。

Even with these actions, our cash position and leverage ratio remained in a strong and stable position.

即使採取了這些措施，我們的現金狀況和槓桿率仍然保持強勁穩定。

Both of our business segments outperformed in the quarter, and importantly, we saw no disruption from external macro factors that may be pressuring the rest of biopharma.

本季我們兩個業務部門的表現都超出預期，更重要的是，我們沒有受到可能給其他生物製藥企業帶來壓力的外部宏觀因素的干擾。

We continue to play a vital role as a trusted partner to both the US government and our international partners, with growing demand for our medical countermeasures as nations prioritize preparedness and response capabilities.

我們作為美國政府和國際夥伴值得信賴的合作夥伴，繼續發揮至關重要的作用。隨著各國優先考慮準備和應對能力，對我們的醫療對策的需求也日益增長。

Please turn to slide 12 to review our third quarter financials. I'll start by noting that the prior year comparisons fully reflect our restructuring actions from early 2024.

請翻到第12頁查看我們第三季的財務數據。首先我要指出的是，前一年的比較結果完全反映了我們從 2024 年初開始的重組措施。

Highlights of the quarter include total revenues of $231 million. As a reminder, third quarter of 2024 benefited from a partial quarter of now divested revenues from RSDL and the Cambridge facility.

本季亮點包括總收入達 2.31 億美元。需要提醒的是，2024 年第三季受益於 RSDL 和劍橋工廠部分季度的收入，這些收入現已剝離。

Adjusted margin of 38%, an increase of 200 basis points versus the prior year, underscoring our continued strong profitability in with our efficient platform.

經過調整後的利潤率為 38%，比上年增長 200 個基點，凸顯了我們高效平台持續強勁的獲利能力。

Adjust the gross margin of 61% improved 200 basis points year over year, driven by a more favorable product mix, the expansion of strategic global partnerships, and a leaner cost structure stemming from our divestitures and restructuring initiatives.

經調整後，毛利率為 61%，較上年同期提高 200 個基點，這主要得益於更有利的產品組合、全球戰略合作夥伴關係的拓展，以及透過資產剝離和重組舉措實現的更精簡的成本結構。

And finally, operating expenses of $52 million were $38 million lower compared to the prior year. Of note, you can see that our SG&A declined roughly 50% from life. Additional third quarter revenue details can be found in the appendix.

最後，營運支出為 5,200 萬美元，比前一年減少了 3,800 萬美元。值得注意的是，我們的銷售、一般及行政費用比之前下降了約 50%。有關第三季收入的更多詳細信息，請參見附錄。

Turning to 2013, I'll walk through our performance for the first nine months of 2025. Total revenues were $594 million a decline compared to the prior year, reflecting the divestitures, the JHA one-time settlement in 2024, and strategic pricing actions taken on Narcan.

接下來，我將回顧 2013 年，並展望 2025 年前九個月的表現。總收入為 5.94 億美元，比前一年減少了 5.94 億美元，這反映了資產剝離、2024 年與 JHA 達成的一次性和解協議以及對 Narcan 採取的戰略定價措施。

Just to even it down was $194 million or 33% of total revenues, an improvement of approximately $32 million and 1,400 basis points year over year.

光是為了平衡，就達到了 1.94 億美元，佔總收入的 33%，比去年同期提高了約 3,200 萬美元和 1,400 個基點。

This outcome illustrates our strong operating leverage, the impact of our restructuring actions, as well as a favorable product mix in 2025 driven by international MCM sales.

這一結果體現了我們強大的經營槓桿作用、重組措施的影響，以及在國際 MCM 銷售的推動下，2025 年有利的產品組合。

Adjusted gross margin of 57% improved 1,100 basis points compared to the prior year. This expansion was driven by product mix and continued operational efficiencies stemming from the 2024 initiatives.

經調整後的毛利率為 57%，比前一年提高了 1100 個基點。此次擴張是由產品組合和 2024 年各項措施帶來的持續營運效率提升所驅動的。

Operating expenses total of $176 million a $133 million reduction from the prior year. Most of this reduction came from a $112 million decline in SG&A while we preserved critical R&D capabilities to support long-term growth.

營運支出總額為 1.76 億美元，比前一年減少了 1.33 億美元。此次削減主要來自銷售、管理及行政費用的 1.12 億美元下降，同時我們保留了關鍵的研發能力，以支持長期成長。

Moving on to slide 14, for the first nine months of 2025, total revenue was $594 million driven by total product sales of $545 million.

接下來是第 14 張投影片，2025 年前九個月的總收入為 5.94 億美元，其中產品總銷售額為 5.45 億美元。

As noted, 2024 includes revenue associated with one-time events and divested assets. The table in the upper right corner of slide 14 normalizes 2024 revenue for these items.

如前所述，2024 年的收入包括一次性事件和已剝離資產相關的收入。第 14 張投影片右上角的表格對這些項目的 2024 年收入進行了標準化處理。

With that, let's break down performance by key product lines. Naloxone nasal spray revenue totaled $188 million reflecting improved sequential momentum from the second and third orders.

接下來，讓我們以主要產品線分析一下業績。納洛酮鼻噴劑收入總計 1.88 億美元，反映出第二筆和第三筆訂單帶來的持續成長動能。

Anthrax's medical countermeasure revenue was $61 million based on the timing of government procurement orders. Smallpox revenue was $231 million an increase of $30 million or 15%, reflecting deliveries under multi-year contracts and increased international orders.

根據政府採購訂單的時間，炭疽病的醫療對策收入為 6,100 萬美元。天花收入為 2.31 億美元，增加了 3000 萬美元，增幅達 15%，這反映了多年合約下的交付和國際訂單的增加。

Lastly, other revenues were $49 million. As a reminder, last year's revenues included $50 million from the Jansen settlement, as well as the Camden facility revenue prior to its divestiture in August 24.

最後，其他收入為 4900 萬美元。提醒一下，去年的收入包括來自 Jansen 和解協議的 5,000 萬美元，以及 Camden 工廠在 8 月 24 日剝離之前的收入。

Normalizing for these items, other revenues grew $25 million year over year due to increased services demand in our Winnipeg facility, along with CNG revenue related to our Ganga development program.

剔除這些項目的影響，由於溫尼伯工廠的服務需求增加，以及與我們的恒河開發計劃相關的 CNG 收入，其他收入同比增長 2500 萬美元。

Turning to slide 15, I'm pleased to report continued progress in strengthening our financial position. For the third quarter of 25, total liquidity was $346 million compared comprised of $246 million of cash and $100 million of undrawn revolver capacity.

翻到第 15 張投影片，我很高興地報告，我們在加強財務狀況方面取得了持續進展。2025 年第三季度，總流動資金為 3.46 億美元，其中包括 2.46 億美元的現金和 1 億美元的未提取循環信貸額度。

Liquidity improved $96 million a year to year.

流動性較上年同期改善了9,600萬美元。

As of September 30th, our gross debt was $693 million down about $7 million versus the prior year driven by our unsecured bond repurchases during the quarter.

截至 9 月 30 日，我們的總債務為 6.93 億美元，比上年同期減少了約 700 萬美元，這主要得益於我們本季回購了無擔保債券。

Total net debt in Q3 2025 was $448 million a $103 million or 19% reduction.

2025 年第三季淨債務總額為 4.48 億美元，減少了 1.03 億美元，降幅達 19%。

Our net leverage remains in the 2 times adjusted EBITDA range at the end of the third quarter as we both increased profitability and reduced gross debt.

第三季末，我們的淨槓桿率仍維持在調整後 EBITDA 的 2 倍左右，因為我們既提高了獲利能力，也降低了總債務。

We also collected significant accounts receivable from late September MCM deliveries in early October, despite the current US government shutdown, further enhancing our operating cash flow. This this outcome further reinforces the critical importance of our business.

儘管美國政府目前處於停擺狀態，但我們在 10 月初也收回了 9 月下旬 MCM 交付的大量應收帳款，進一步增強了我們的經營現金流。這項結果進一步凸顯了我們業務的關鍵重要性。

Please turn to slide 6.

請翻到第6張投影片。

Our capital allocation priorities are focused on three key areas growth, debt repayment, and share repurchases. First, we're investing in both organic and inorganic opportunities to strengthen our core businesses and drive future revenue expansion.

我們的資本配置重點集中在三個關鍵領域：成長、償還債務和股票回購。首先，我們正在投資有機成長和無機成長機會，以加強我們的核心業務並推動未來的收入成長。

Some important tailwinds include increasing international revenue from our medical countermeasures segment and our stronger balance sheet which enables business development.

一些重要的利多因素包括醫療對策業務部門國際收入的成長以及我們更強勁的資產負債表，這有利於業務發展。

We remain very judicious stewards of shareholder capital and continue to evaluate opportunities to advance internal RNG projects. Next, we continue to prioritize debt repayment to strengthen our balance sheet and improve financial flexibility.

我們始終謹慎管理股東資本，並將繼續評估推進內部 RNG 專案的機會。接下來，我們將繼續優先償還債務，以增強資產負債表並提高財務靈活性。

Beginning in August, we initiated a $30 million bond repurchase program and during the quarter retired $6.9 million in principal amount of unsecured bonds for $5.8 million of cash.

從 8 月開始，我們啟動了 3000 萬美元的債券回購計劃，並在該季度以 580 萬美元現金償還了 690 萬美元的無擔保債券本金。

We are also committed to creating shareholder value through the 12 month $50 million share repurchase program we announced in March 2025.

我們也致力於透過我們在 2025 年 3 月宣布的為期 12 個月、金額達 5000 萬美元的股票回購計畫來創造股東價值。

In the third quarter, we repurchased another 1.1 million shares for $8.9 million bringing us to $2.3 million repurchased year-to-date for $15.8 million or an average price of $7 per share.

第三季度，我們又回購了 110 萬股，耗資 890 萬美元，使我們今年迄今的回購總額達到 230 萬美元，總計 1,580 萬美元，平均每股價格為 7 美元。

We remain opportunistic with buybacks in future quarters as we evaluate market conditions and other factors.

我們將根據市場狀況和其他因素，在未來幾季繼續伺機回購股票。

Transitioning to slide 17, we are updating our full year 25 guidance by raising the midpoints of our revenue and profitability measures.

接下來是第 17 張投影片，我們將更新 2025 年全年業績指引，提高收入和獲利能力指標的中位數。

Further details are as follows total revenues of $775 million to $835 million an increase of $5 million at the midpoint.

更多詳情如下：總收入為 7.75 億美元至 8.35 億美元，中間值增加 500 萬美元。

Adjusted in the range of $195 million to $210 million an improvement of $15 million at the midpoint.

經調整後，金額在 1.95 億美元至 2.1 億美元之間，中點數值提高了 1,500 萬美元。

We're also raising our adjusted gross margin guidance to a range of 52% to 54%, a 200 basis point improvement over our prior guidance at the midpoint.

我們同時將調整後毛利率預期上調至 52% 至 54%，比先前預期的中位數提高了 200 個基點。

Based on the strong performance year-to-date across our segments, we're also raising the midpoint of our medical countermeasures products revenue guidance while maintaining our prior guidance grants for commercial products.

鑑於我們各業務板塊今年迄今的強勁表現，我們也提高了醫療對策產品收入預期中位數，同時維持先前對商業產品的預期。

Segment revenue guidance is as follows MCM product sales of $450 million to $475 million. We continue our enduring partnership with the US government, which is further evidenced by the 11 contract modifications we've received here to date for our medical countermeasures.

分部收入預期如下：MCM產品銷售額為4.5億美元至4.75億美元。我們與美國政府保持著長期的合作關係，這一點從我們迄今為止在這裡獲得的 11 份醫療對策合約修改中得到了進一步的證明。

Commercial products, including Koa in the range of $265 million to $300 million.

商業產品，包括價值 2.65 億美元至 3 億美元的寇阿木。

Year-to-date, commercial product sales were $188 million with stable pricing across the US public interest channel. Our performance in 2025 reinforces our market leading position in the opioid overdose reversal space.

今年迄今為止，商業產品銷售額為 1.88 億美元，美國公共利益管道定價穩定。我們在 2025 年的業績鞏固了我們在阿片類藥物過量逆轉領域的市場領先地位。

In closing on slide 18, we're continuing the turnaround phase of our multi-year plan with solid performance in the first nine months of 2025.

最後，在第 18 張投影片中，我們將繼續推進多年計畫的轉型階段，並在 2025 年前九個月取得穩健的表現。

Our 2025 revenue outlook remains focused on our core business across both the medical countermeasures and commercial segments. Of note, international sales now represent 34% of the company's MCM segment, which is up meaningfully from the high [10s] in prior years.

我們對 2025 年的收入展望仍然專注於我們在醫療對策和商業領域的核心業務。值得注意的是，國際銷售額目前佔該公司 MCM 部門的 34%，比前幾年的高點 [10%] 有了顯著成長。

We are closely monitoring this trend and making targeted investments to facilitate this growth. A partnership with the US government and international customers remains strong, as evidenced by the 11 contract modifications here today.

我們正在密切關注這一趨勢，並進行有針對性的投資以促進這一成長。與美國政府和國際客戶的合作關係依然牢固，今天在這裡進行的 11 項合約修改就證明了這一點。

Our gross margins and profitability have continued to improve throughout the year, and we're generating positive operating cash flow while enhancing our liquidity position.

今年以來，我們的毛利率和獲利能力持續改善，在提高流動性的同時，我們也實現了正向的經營現金流。

Our leverage ratio is stable at approximately 2 times the.

我們的槓桿率穩定在2倍左右。

Looking ahead, our plan remains consistent. We're pursuing strategic growth investments while actively seeking opportunities to deliver value to our shareholders.

展望未來，我們的計劃保持不變。我們正在進行策略性成長投資，同時積極尋求為股東創造價值的機會。

I'll now turn the call back to Joe to discuss our business outlook and catalysts. Joe.

現在我將把電話轉回給喬，讓他來討論我們的業務前景和成長動力。喬。

Thank you, Rich. Turning to July 20, let's begin with our naloxone business.

謝謝你，里奇。時間來到7月20日，讓我們先從納洛酮業務說起。

Our emergent organization is proud of the tangible impact that Narcan has of saving many lives from opioid overdoses in the United States and Canada.

我們這個新興組織為納洛酮在美國和加拿大挽救眾​​多阿片類藥物過量致死者的生命所取得的切實成效而感到自豪。

Next month we will recognize the 10 year anniversary of the US FDA approval of the prescription Narcan and nasal spray. We will highlight the tremendous work that is going to expand its access to its over the counter availability in 2023.

下個月我們將迎來美國FDA核准處方藥納洛酮和鼻噴劑上市10週年紀念。我們將重點介紹為擴大其在 2023 年的非處方銷售管道而開展的巨大工作。

And with ongoing efforts to expand Narcan access, added Foxado into our Narcan direct platform for ease of purchasing combined with the over $50 billion in opioid litigation settlement dollars, we believe that our portfolio will continue to align with the overall market growth expectations.

隨著我們不斷努力擴大納洛酮的獲取途徑，並將 Foxado 添加到我們的納洛酮直接購買平台，以方便購買，再加上超過 500 億美元的阿片類藥物訴訟和解金，我們相信我們的產品組合將繼續與整體市場增長預期保持一致。

Moving to slide number 21, I'd like to review the key results from our recent biodefense survey. There is significant bipartisan support favoring bio-threat preparedness.

接下來是第 21 張投影片，我想回顧我們最近進行的生物防禦調查的主要結果。兩黨都對生物威脅防範工作給予了相當大的支持。

The bottom line is that amongst policy opinion leaders, the perceived risk of bioterrorist threats is high, and bioterrorism even outpaces concerns about nuclear risk. This is because biological attacks are viewed to be more feasible, more imminent, and those surveyed were concerned about the overall preparedness.

歸根究底，在政策意見領袖中，生物恐怖主義威脅的風險感知很高，生物恐怖主義甚至超過了對核子風險的擔憂。這是因為人們認為生物攻擊更可行、更迫在眉睫，而且受訪者對整體的準備感到擔憂。

This quarter we've secured four new US government contracts worth approximately $155 million combined. We also successfully secured an incremental $29 million in MCM product orders with an international government partners.

本季我們獲得了四份新的美國政府合同，總價值約 1.55 億美元。我們也成功地從國際政府合作夥伴處獲得了價值 2,900 萬美元的 MCM 產品訂單。

International sales have been a key growth driver in 2025 and represent 34% of our MCM sales year-to-date, which is meaningfully higher for prior years.

國際銷售額在 2025 年成為關鍵的成長驅動力，占我們今年迄今 MCM 銷售額的 34%，比往年顯著更高。

On the public health front, the emergency was in continuous communication with our Ivana commercial partner Rifa biotherapeutics. Ridgeback, along with other organizations and local health authorities, directly supported efforts during the recent Ebola outbreak in the Democratic Republic of Congo.

在公共衛生方面，緊急情況下，我們與 Ivana 商業夥伴 Rifa 生物治療公司保持持續的溝通。Ridgeback 與其他組織和當地衛生部門一起，直接支持了最近剛果民主共和國爆發的伊波拉疫情的應對工作。

This outbreak, which is one of several over the last five years, is a stark reminder of the continued frequencies and threats of the Ebola virus disease.

這次疫情是過去五年中多次爆發的疫情之一，它鮮明地提醒人們伊波拉病毒病的持續頻繁爆發及其帶來的威脅。

Global readiness and resilience are key to being prepared for the next potential outbreak. Earlier this year, we announced our continued collaboration with FARA to advance Ebo development towards supplying treatment, ensuring we are prepared against Ebola.

全球的準備和韌性是應對下一次潛在疫情爆發的關鍵。今年早些時候，我們宣布將繼續與 FARA 合作，推動伊波拉病毒的研發，以提供治療方案，確保我們做好應對伊波拉病毒的準備。

On slide 22, we outline our outlook on future growth and cash deployment. Our plan is to invest the cash for your journey from our profitable business sectors into two growth drives. First, exploring government collaborations for new biodefense products.

在第 22 頁，我們概述了我們對未來成長和現金部署的展望。我們的計劃是將您旅途中從我們盈利的業務領域獲得的資金投資到兩個增長點。首先，探索與政府合作開發新型生物防禦產品。

The second is to identify value creating external commercial programs that align strategically with their current business model capabilities.

第二點是確定能夠創造價值的外部商業項目，這些項目在策略上與他們當前的商業模式能力一致。

In summary, on slide number 25, we have a we have outperformed our top-line in adjusting even debt guidance expectations in the third quarter. We are raising our full year revenue guidance while also raising our adjusted even debt guidance to $195 million to $210 million.

總而言之，在第 25 張投影片中，我們看到，即使在調整債務指引預期後，我們第三季的營收也超過了預期。我們將全年營收預期上調，同時將調整後的債務預期上調至 1.95 億美元至 2.1 億美元。

Throughout 2025, our operating margin and cash flow has grown significantly as we execute our multi-year turnaround plan. In conclusion, we have a unique and diversified bio defense portfolio.

2025 年全年，隨著我們執行多年轉型計劃，我們的營業利潤率和現金流都實現了顯著增長。總之，我們擁有獨特且多元化的生物防禦產品組合。

We are proud leaders addressing the overdose epidemic through our life saving naloxone products.

我們很自豪能成為應對藥物過量流行病的領導者，並透過我們拯救生命的納洛酮產品來實現這一目標。

We will take additional steps to generate value for all our stakeholders, and we will strive the highest standards of quality, ethics, and compliance across the entire emergent enterprise.

我們將採取更多措施為所有利害關係人創造價值，並將在整個新興企業中努力達到最高的品質、道德和合規標準。

Not that. I look forward to taking your questions, operator, could you please open up the lines for questions.

不是那樣。接線員，我期待回答您的問題，請您開放提問頻道好嗎？

(Operator Instructions)

（操作說明）

Our first question comes from the line of Jessica Fye from JP Morgan, the floor is yours.

我們的第一個問題來自摩根大通的傑西卡·費伊，請您發言。

Hey guys, good afternoon. Thanks for taking my questions. I have several, first, what drove the strong year of year growth in other products specifically?

各位，下午好。謝謝您回答我的問題。我有幾個問題，首先，具體是什麼因素推動了其他產品逐年強勁成長？

Second, with international driving 34% of MCM orders year-to-date, can we think of these orders as recurring? Are they part of multi-year contracts or are they one-off orders? And can you remind me how the gross margin on international MCM orders compares to the gross margin associated with US MCM sales?

其次，國際訂單佔今年迄今 MCM 訂單的 34%，我們可以把這些訂單視為經常性訂單嗎？這些訂單是多年合約的一部分，還是一次性訂單？您能否提醒我一下，國際 MCM 訂單的毛利率與美國 MCM 銷售的毛利率相比如何？

Then for Narcan, you mentioned OTC sales and Canadian sales fell year over year. What are you seeing in each of those segments of the business? And should we consider any impact from the government shutdown to the Narcan business this quarter? And what about the MCM business?

關於納洛酮，您提到了非處方藥銷售額和加拿大銷售額年減的情況。您在業務的各個細分領域看到了什麼？我們是否應該考慮政府停擺對本季納洛酮業務的影響？那麼MCM業務狀況如何呢？

Thank you.

謝謝。

Okay, there's quite a bit there, Jess.

好的，傑西，那裡面的資訊還真不少。

Thank you for the questions.

謝謝大家的提問。

We should take the first part of the other category was there. Yes.

我們應該把另一類的第一部分也考慮進去。是的。

So a lot of it is driven by contracts and grants with the Ivana program having significant activity this year, and that's really probably the major driver there.

因此，很多事情都是由合約和撥款驅動的，其中伊凡娜計劃今年的活動非常活躍，這很可能是主要驅動因素。

I think the second question you have about our international contracting and is that a recurring revenue based or the one time we've worked very diligently over the last 18 months where we made some investments in our international platform to reach out and get more international revenue and sales, and I'm glad to say that that is paying off and we are seeing that.

我認為你的第二個問題是關於我們的國際合同，這是基於經常性收入還是一次性收入？在過去的 18 個月裡，我們非常努力地投資我們的國際平台，以拓展業務並獲得更多的國際收入和銷售額，我很高興地說，這些努力正在取得成效，我們已經看到了這一點。

So we view this as part of a concentrated program and activity. Admittedly, any given contract is for a set amount of product in a set amount of time. But we clearly see the international opportunity as one that will be a growth opportunity for us in the future.

因此，我們將其視為集中計劃和活動的一部分。誠然，任何合約都是規定在規定的時間內交付一定數量的產品。但我們清楚地看到，國際機會將是我們未來發展壯大的機會。

So probably the best answer is these products are certainly part of a specific order for a specific quantity a specific time, but we do view this as being an international growth opportunity, especially as we know the European Union and other parts of the.

因此，最好的答案可能是，這些產品當然是特定訂單、特定數量、特定時間交付的一部分，但我們確實認為這是一個國際成長機會，尤其是在我們了解歐盟和其他地區的情況下。

Are continuing to ramp up their capabilities in this entire area of biodefense and strategic national stockpile that they're setting up and our team has been delighted to TRY to help them as they get ready for this European Union stockpiling program on strategic national.

他們正在不斷提升自身在生物防禦和戰略國家儲備領域的能力，我們的團隊很高興能夠盡力幫助他們為歐盟的戰略國家儲備計畫做好準備。

We're trying to help them think through that kind of process. On the next part of the question I think international growth margin, and one of the things I can say is our international growth margins higher? The answer to that is yes.

我們正在努力幫助他們理清這類思路。關於問題的下一部分，我認為是國際成長利潤率，我可以肯定地說，我們的國際成長利潤率更高？答案是肯定的。

And one of the issues that we have is that we have committed to the US government and that they've helped us with our funding for our programs and our products that they. The US government would get what we refer to as most favored nation pricing.

我們面臨的問題之一是，我們已經向美國政府做出了承諾，他們也為我們的專案和產品提供了資金支持。美國政府將獲得我們所謂的最惠國價格。

So as a result of that, they usually get get the best price and other countries pay a little bit more. It's not a big mark difference, but there is a little bit better pricing for the US government in that they help us with the development of our products.

因此，他們通常能拿到最優惠的價格，而其他國家則要多付一些錢。雖然價格差異不大，但美國政府在產品開發上給予我們一些優惠，因為他們幫助我們進行產品研發。

The next question I believe was Narcan in in Canada and what's happening there. We're making good progress. We we talked about a number of different Project agreements that we have with the Canadian provinces and we're making good progress there.

我認為下一個問題是關於納洛酮在加拿大的使用情況以及那裡正在發生的事情。我們進展順利。我們討論了與加拿大各省簽訂的多項專案協議，目前進展順利。

I would say that's something that's going to be variable in any given quarter in terms of whether the sales happen in the third quarter, the fourth quarter, or next year, but we're making very good progress and Canada is recognizing that they've got issues.

我認為，銷售額會在任何一個季度都有所不同，這取決於銷售額是在第三季、第四季還是明年實現，但我們取得了非常好的進展，加拿大也意識到他們存在一些問題。

With opioid overdoses and they're looking to us to help them satisfy some of that demand out there. So we're making good progress there. There is going to be some variability in quarter over quarter in terms of what the order gets shipped in third quarter, fourth quarter, or first quarter, but we are very happy with the relationship we have with the Canadian government.

由於阿片類藥物過量，他們希望我們能幫助他們滿足市場上的部分需求。所以我們在那方面取得了不錯的進展。訂單在第三季、第四季或第一季的出貨情況可能會有所不同，但我們對與加拿大政府的關係非常滿意。

Final question, I think you had a government shutdown and I can tell you first firsthand, the US government.

最後一個問題，我想你們經歷了政府停擺，我可以告訴你，這是我親身經歷的，美國政府。

Employees that we work with at the Strategic National Stockpile of FAA Department of Defense, continue to work every day, and they're they're going above and beyond all duty in terms of what they're doing, notwithstanding the shutdown, and I can tell you firsthand, Rich and myself and the rest of our team had a meeting with the highest levels of [AA].

我們在聯邦航空管理局國防部戰略國家儲備庫合作的員工每天都在堅持工作，而且他們盡職盡責，甚至超越了職責範圍，儘管政府停擺仍在繼續。我可以親身告訴你，我和里奇以及我們團隊的其他成員與最高層舉行了會議。[AA].

Defense Strategic stockpile just last week. So everything we see is they continue to move forward on these important strategic initiatives that in terms of what the biodefense really represents to the US, it's an important must do activities, so they keep working hard and we're obviously there to support them in any way we can.

就在上週，國防戰略儲備也進行了更新。因此，我們看到的是，他們繼續推動這些重要的戰略舉措，就生物防禦對美國的真正意義而言，這是一項重要的必做之事，所以他們一直在努力工作，而我們顯然會盡一切可能支持他們。

I think I got it all just but.

我覺得我都明白了，但是…

Thank.

感謝。

You.

你。

Thank you for your questions.

感謝您的提問。

Oh.

哦。

Yes.

是的。

Our next question comes from Rigaharan Savaraju from HC Wainwright and Co. The flow is yours.

下一個問題來自 HC Wainwright and Co. 的 Rigaharan Savaraju。請您來解答。

Hi everyone, this is Eduardo on for Ram. I was hoping to get a little update on, the Rock and bats collaboration if you have any anticipate any meaningful catalyst over the next 12 months.

大家好，我是 Eduardo，代表 Ram 為大家帶來精彩內容。我希望能了解 Rock and Bats 合作的最新進展，您是否預計在未來 12 個月內會有任何實質的進展。

Sure Just a reminder for everybody. Earlier in the year we agreed with Swiss Rockets, a pair of Rockets, to work with them on four project opportunities.

當然，提醒大家一下。今年早些時候，我們與瑞士火箭隊（由兩支火箭隊組成）達成協議，將與他們合作進行四個項目。

They are making good progress on the first product that we've acknowledged, they do have funding for the phase one of that. Of research that they are now obtaining the initial quantity of clinical trial material get that trial started.

據我們所知，他們在首款產品上取得了良好進展，並且已經獲得了第一階段的資金。他們目前正在獲取臨床試驗的初始資料，以便啟動試驗。

Our expectation that trials will start sometime in the early part of 2026, and I remind you what we believe is really important with the. Techno technology is that it is different than the mRNA technology. It's not mRNA, but it is a fast to develop technology, but it uses live attenuated virus technology, vaccine technology, and by doing that it can be developed quickly, similar to mRNA. However, The there's durability in the immune response, because they use a live attenuated version.

我們預計試驗將於 2026 年初開始，我在此提醒各位，我們認為真正重要的是什麼。技術與mRNA技術不同。它不是mRNA，但它是一種快速發展的技術，它利用了減毒活病毒技術和疫苗技術，因此可以像mRNA一樣快速開發。然而，由於使用了減毒活病毒，免疫反應具有持久性。

So, that's what we're excited about it because it falls under something called Project NextGen, as the US government is looking for.

所以，我們對此感到興奮，因為它屬於美國政府正在尋求的「下一代計畫」（Project NextGen）的範疇。

The next Virus outbreak. How could it be controlled, and they view this type of technology as being potentially important to that next wave of outbreaks or pandemic it may be. So yes, they're making progress.

下一次病毒爆發。如何控制疫情？他們認為這種技術對於下一波疫情爆發或疫情可能至關重要。是的，他們正在取得進展。

We're working with them. There's there's still a lot of work to be doing, but they have the funding for the phase one, starting sometime in 2026.

我們正在與他們合作。雖然還有很多工作要做，但他們已經獲得了第一階段的資金，該階段將於 2026 年某個時候開始。

Thanks.

謝謝。

Thank you for that question.

謝謝你的提問。

Is there another question you'd like to ask?

您還有其他問題嗎？

Sure, yeah.

當然，是的。

I could I get, just kind of curious more on the MCM products this time, which of the products do you think is going to be the principal driver of US government contract based revenue going forward and do you have any ideas what why that might be?

我可以問一下嗎？這次我對MCM產品比較有興趣，您認為哪些產品將成為未來美國政府合約收入的主要動力？您覺得背後的原因是什麼？

Yeah, I think the advantage that we have an emerging is we have the most diversified product portfolio in the biodefense world, and you know we all recognize that the biodefense category is we're living in an increasingly dangerous world and the technology.

是的，我認為我們新興的優勢在於我們擁有生物防禦領域最多元化的產品組合，而且我們都知道，生物防禦領域正處於日益危險的時代，而這項技術也至關重要。

As we showed in our survey in biodefense, is something that could be very quickly rolled out by some terrorists. So we think it's important that we are prepared.

正如我們在生物防禦調查中所展示的那樣，一些恐怖分子可以非常迅速地部署這種技術。所以我們認為做好準備非常重要。

I think it really comes down to, for us it's just having this diversity of the portfolio so that we're ready for any potential activity and we work very closely with BARA, the National Stockpile, Department of Defense to ensure that whatever happens that we're prepared to help them.

我認為歸根結底，對我們來說，關鍵在於擁有多元化的產品組合，這樣我們才能為任何潛在的活動做好準備。我們與美國聯邦資產管理署（BARA）、國家儲備庫和國防部密切合作，以確保無論發生什麼，我們都能準備好幫助他們。

And we're working very closely with them and we meet with them on a regular basis to get prepared. So I don't know if I want to pick out a singular product.

我們與他們密切合作，定期與他們會面，並做好準備。所以我不知道是否要挑選一個單獨的產品。

I think they're all important to us and I think what's probably the most important thing about when you think about emergence is the diversity we have, whether it be products for smallpox, whether it be the vaccine or the therapeutic for anthrax or be the vaccine or therapeutic.

我認為它們對我們來說都很重要，而且我認為，當你思考突發事件時，最重要的事情可能是我們擁有的多樣性，無論是天花產品，還是炭疽疫苗或治療方法，或是其他任何疫苗或治療方法。

Products of botulism, we've got parts. We have all of them, and I think that's what really truly sets us apart from the other players in the space. I, clearly in the new category, we like the opportunity we see the continuing outbreaks of Ebola. Yes, those are important things for us as well, and I think they'll drive a big part of our future.

我們有肉毒桿菌的產物。我們擁有所有這些，我認為這才是真正讓我們與該領域的其他競爭者區分開來的地方。我顯然屬於新類別，我們看到伊波拉疫情持續爆發，這為我們帶來了機會。是的，這些對我們來說也很重要，我認為它們將在很大程度上影響我們的未來。

Thank you for the question.

謝謝你的提問。

Thank you for your question. This concludes the question-and-answer session. I would now like to turn it back to Joe Papa, CEO for closing remarks.

謝謝你的提問。問答環節到此結束。現在我謹將發言權交還給執行長喬·帕帕，請他作總結發言。

Well thank you everyone for joining us today. We very much appreciate your interest in our company. Please reach out if there's any other additional questions, but we're excited about what the emerging is accomplishing this year.

謝謝大家今天收看我們的節目。我們非常感謝您對我們公司的關注。如有其他疑問，請隨時聯繫我們，但我們對今年新興企業的成就感到非常興奮。

I think we're well on our way to have another good year for us and another great quarter, and very much thanks to all people working at Emergen for all the work they've done to help us have a very strong year today.

我認為我們正朝著另一個好年頭和又一個出色的季度穩步前進，非常感謝Emergen的所有員工，感謝他們為我們今天取得如此強勁的業績所做的一切努力。

Thank you everyone for joining us. Have a great day.

感謝各位的參與。祝你有美好的一天。

Thank you and thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

謝謝大家，也謝謝各位參加今天的會議。節目到此結束。您現在可以斷開連線了。