2023 Q1 Form 10-K Financial Statement

#000136764423000046 Filed on March 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $165.1M $330.7M $1.121B
YoY Change -46.31% -54.27% -37.47%
Cost Of Revenue $155.1M $219.4M $693.7M
YoY Change -0.51% 3.05% -3.11%
Gross Profit $3.500M $111.3M $385.8M
YoY Change -97.54% -78.19% -64.17%
Gross Profit Margin 2.12% 33.66% 34.42%
Selling, General & Admin $100.5M $94.20M $340.3M
YoY Change 18.51% 0.0% -2.32%
% of Gross Profit 2871.43% 84.64% 88.21%
Research & Development $40.60M $57.60M $193.0M
YoY Change -12.5% -30.6% -17.52%
% of Gross Profit 1160.0% 51.75% 50.03%
Depreciation & Amortization $34.60M $35.60M $83.40M
YoY Change 11.97% 21.92% 34.08%
% of Gross Profit 988.57% 31.99% 21.62%
Operating Expenses $141.1M $169.7M $533.3M
YoY Change 7.55% -11.24% -8.43%
Operating Profit -$148.1M -$58.40M -$172.7M
YoY Change -2414.06% -118.3% -148.98%
Interest Expense $17.90M -$12.80M $37.30M
YoY Change 118.29% 42.22% 8.12%
% of Operating Profit
Other Income/Expense, Net -$13.00M $6.700M -$49.00M
YoY Change 27.45% -844.44% 28.27%
Pretax Income -$161.1M -$71.20M -$221.7M
YoY Change 4139.47% -126.62% -170.52%
Income Tax $21.90M $16.80M $2.100M
% Of Pretax Income
Net Earnings -$183.0M -$88.00M -$223.8M
YoY Change 4845.95% -146.49% -196.93%
Net Earnings / Revenue -110.84% -26.61% -19.97%
Basic Earnings Per Share -$3.65 -$4.47
Diluted Earnings Per Share -$3.65 -$1.77 -$4.47
COMMON SHARES
Basic Shares Outstanding 50.14M shares 49.89M shares 50.10M shares
Diluted Shares Outstanding 50.20M shares 50.10M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $430.2M $642.6M $642.6M
YoY Change -1.28% 11.54% 11.54%
Cash & Equivalents $430.2M $642.6M $642.6M
Short-Term Investments
Other Short-Term Assets $267.3M $57.90M $57.90M
YoY Change 225.98% -17.87% -17.87%
Inventory $367.9M $351.8M $351.8M
Prepaid Expenses
Receivables $155.9M $158.4M $158.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.221B $1.211B $1.211B
YoY Change 11.0% -4.83% -4.83%
LONG-TERM ASSETS
Property, Plant & Equipment $716.8M $817.6M $837.0M
YoY Change -11.23% 2.19% 1.04%
Goodwill $218.2M $218.2M
YoY Change -2.98% -2.98%
Intangibles $608.9M $728.8M
YoY Change 3.1% 20.54%
Long-Term Investments
YoY Change
Other Assets $184.6M $191.3M $171.9M
YoY Change 223.29% 233.86% 492.76%
Total Long-Term Assets $1.729B $1.956B $1.956B
YoY Change 2.88% 15.95% 15.95%
TOTAL ASSETS
Total Short-Term Assets $1.221B $1.211B $1.211B
Total Long-Term Assets $1.729B $1.956B $1.956B
Total Assets $2.950B $3.167B $3.167B
YoY Change 6.09% 7.02% 7.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $124.2M $103.5M $103.5M
YoY Change 15.75% -19.71% -19.71%
Accrued Expenses $21.30M $34.90M $129.0M
YoY Change -27.3% -32.5% -11.76%
Deferred Revenue $12.80M $26.40M
YoY Change 28.0% 125.64%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $950.7M $957.3M $957.3M
YoY Change 2908.54% 2929.43% 2929.43%
Total Short-Term Liabilities $1.216B $1.230B $1.230B
YoY Change 387.84% 229.03% 229.03%
LONG-TERM LIABILITIES
Long-Term Debt $447.7M $448.5M $448.5M
YoY Change -44.14% -44.59% -44.59%
Other Long-Term Liabilities $24.10M $33.40M $33.40M
YoY Change -51.12% -46.04% -46.04%
Total Long-Term Liabilities $471.8M $481.9M $481.9M
YoY Change -44.55% -44.69% -44.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.216B $1.230B $1.230B
Total Long-Term Liabilities $471.8M $481.9M $481.9M
Total Liabilities $1.747B $1.784B $1.784B
YoY Change 44.98% 33.1% 33.1%
SHAREHOLDERS EQUITY
Retained Earnings $551.0M $734.0M
YoY Change -42.25% -23.37%
Common Stock $100.0K $100.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $227.7M $227.7M
YoY Change 11.4% 49.61%
Treasury Stock Shares 5.600M shares
Shareholders Equity $1.203B $1.383B $1.383B
YoY Change
Total Liabilities & Shareholders Equity $2.950B $3.167B $3.167B
YoY Change 6.09% 7.02% 7.02%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$183.0M -$88.00M -$223.8M
YoY Change 4845.95% -146.49% -196.93%
Depreciation, Depletion And Amortization $34.60M $35.60M $83.40M
YoY Change 11.97% 21.92% 34.08%
Cash From Operating Activities -$184.0M $92.80M -$34.10M
YoY Change 393.3% -71.79% -110.62%
INVESTING ACTIVITIES
Capital Expenditures $15.10M $23.60M $115.8M
YoY Change -53.11% -150.54% -48.53%
Acquisitions
YoY Change
Other Investing Activities -$21.80M -$21.80M
YoY Change
Cash From Investing Activities -$15.10M -$45.40M -$381.3M
YoY Change -53.11% -2.78% 69.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $82.10M
YoY Change -22.55%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$10.50M 353.1M $481.2M
YoY Change -85.11% -421.0% -441.28%
NET CHANGE
Cash From Operating Activities -$184.0M 92.80M -$34.10M
Cash From Investing Activities -$15.10M -45.40M -$381.3M
Cash From Financing Activities -$10.50M 353.1M $481.2M
Net Change In Cash -$209.8M 400.5M $66.30M
YoY Change 49.54% 132.44% -246.68%
FREE CASH FLOW
Cash From Operating Activities -$184.0M $92.80M -$34.10M
Capital Expenditures $15.10M $23.60M $115.8M
Free Cash Flow -$199.1M $69.20M -$149.9M
YoY Change 186.47% -81.58% -255.98%

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Nature of the business and organization <div style="margin-bottom:9pt"><span style="color:#19415e;font-family:'Franklin Gothic Demi',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Organization and business</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Emergent BioSolutions Inc. (“Emergent,” the “Company,” “we,” “us,” and “our”) is a global life sciences company focused on providing innovative preparedness and response solutions addressing accidental, deliberate, and naturally occurring Public Health Threats ("PHTs"). The Company's solutions include a product portfolio, a product development portfolio, and a contract development and manufacturing ("CDMO") services portfolio.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is focused on the following five PHT categories: chemical, biological, radiological, nuclear and explosives ("CBRNE"); emerging infectious diseases ("EID"); travel health; emerging health crises; and acute/emergency care. The Company has a product portfolio of thirteen products (vaccines, therapeutics, and drug-device combination products). The revenue generated by the products comprises a substantial portion of the Company's revenue. The Company has one product candidate that is procured under special circumstances by the United States government ("USG"), although it is not approved by the United States Food and Drug Administration ("FDA"). The Company structures the business with a focus on markets and customers. As such, the key components of the business structure include the following three product and service categories: Government - Medical Countermeasures ("MCM") Products, Commercial Products, and CDMO Services. The Company operates as two operating segments: (1) a products segment ("Products") consisting of the Government - MCM and Commercial product categories and (2) a services segment ("Services") focused on CDMO services (Note 16, "Segment information</span><span style="color:#2c2c2c;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#19415e;font-family:'Franklin Gothic Demi',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's products and services include:</span></div><div style="margin-bottom:5pt;padding-left:18pt;text-align:justify"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Government - MCM Products</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#19415e;font-family:'Franklin Gothic Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.14pt">ACAM2000®, (Smallpox (Vaccinia) Vaccine, Live), the only single-dose smallpox vaccine licensed by the FDA for active immunization against smallpox disease for persons determined to be at high risk for smallpox infection;</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#19415e;font-family:'Franklin Gothic Medium',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.96pt">Anthrasil® (Anthrax Immune Globulin Intravenous (human)), the only polyclonal antibody therapeutic licensed by the FDA and Health Canada for the treatment of inhalational anthrax in combination with appropriate antibacterial drugs;</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#19415e;font-family:'Franklin Gothic Medium',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.96pt">Anthrax vaccines, including our AV7909 (Anthrax vaccine adsorbed (AVA), adjuvanted) procured product candidate being developed as a next-generation anthrax vaccine for post-exposure prophylaxis and BioThrax® (Anthrax Vaccine Adsorbed), the only vaccine licensed by the FDA for the general use prophylaxis and post-exposure prophylaxis of anthrax disease. AV7909 has not been approved by the FDA, but is procured by certain authorized government buyers for their use;</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#19415e;font-family:'Franklin Gothic Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.14pt">BAT® (Botulism Antitoxin Heptavalent (A,B,C,D,E,F,G)-(Equine)), the only heptavalent antitoxin licensed by the FDA and Health Canada for the treatment of symptomatic botulism; </span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12pt">CNJ-016® (Vaccinia Immune Globulin Intravenous (Human) (VIGIV)), the only polyclonal antibody therapeutic licensed by the FDA and Health Canada to address certain complications from smallpox vaccination;</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12pt">Ebanga™ (ansuvimab-zykl) is a monoclonal antibody with antiviral activity provided through a single IV infusion for the treatment of Ebola. Under the terms of a collaboration with Ridgeback Biotherapeutics ("Ridgeback"). Emergent will be responsible for the manufacturing, sale, and distribution of Ebanga™ in the U.S. and Canada, and Ridgeback will serve as the global access partner for Ebanga™;</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12pt">Raxibacumab injection, the first fully human monoclonal antibody therapeutic licensed by the FDA for the treatment and prophylaxis of inhalational anthrax;</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12pt">RSDL® (Reactive Skin Decontamination Lotion Kit), the only medical device cleared by the FDA that is intended to remove or neutralize chemical warfare agents from the skin, including: tabun, sarin, soman, cyclohexyl sarin, VR, VX, mustard gas and T-2 toxin;</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12pt">TEMBEXA®, an oral antiviral formulated as 100 mg tablets and 10 mg/mL oral suspension dosed once weekly for two weeks which has been approved by the FDA for the treatment of smallpox disease caused by variola virus in adult and pediatric patients, including neonates; and</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12pt">Trobigard® atropine sulfate, obidoxime chloride auto-injector, a combination drug-device auto-injector procured product candidate that contains atropine sulfate and obidoxime chloride. It was approved in Belgium in 2021 but has not been approved by the FDA. Trobigard is procured by certain authorized government buyers under special circumstances for potential use as a nerve agent countermeasure outside of the U.S.</span></div><div style="margin-bottom:9pt;padding-left:18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Commercial Products</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12pt">NARCAN</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (naloxone HCl) Nasal Spray, an intranasal formulation of naloxone approved by the FDA and Health Canada for the emergency treatment of known or suspected opioid overdose as manifested by respiratory and/or central nervous system depression;</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12pt">Vaxchora</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (Cholera Vaccine, Live, Oral), the first vaccine approved by the FDA for the prevention of cholera, which we have agreed to sell as part of our travel health business; and</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12pt">Vivotif</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (Typhoid Vaccine Live Oral Ty21a), a live attenuated vaccine for oral administration for the prevention of typhoid fever, which we have agreed to sell as part of our travel health business.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Services - Contract Development and Manufacturing </span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's services line focused on CDMO offerings cover development services, drug substance manufacturing, drug product manufacturing, and when necessary, suite reservations, which depending on facts and circumstances could be considered a lease. These services are provided across the pharmaceutical and biotechnology industries as well as the USG and non-governmental organizations. The Company's technology platforms include mammalian, microbial, viral, plasma and advanced therapies utilizing the Company's core capabilities for manufacturing to third parties on a clinical and commercial (small and large) scale. Additional services include fill/finish formulation and analytical development services for injectable and other sterile products, inclusive of process design, technical transfer, manufacturing validations, aseptic filling, lyophilization, final packaging and stability studies, as well as manufacturing of vial and pre-filled syringe formats on multiple platforms.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#19415e;font-family:'Franklin Gothic Demi',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Asset Acquisition</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year ended December 31, 2022, the Company acquired from Chimerix ("the Seller") the exclusive worldwide rights to brincidofovir, including TEMBEXA® and related assets (the “Transaction”). TEMBEXA is an oral antiviral medical countermeasure to treat smallpox approved by the FDA in June 2021. Under the terms of the Asset Purchase Agreement (the "Purchase Agreement"), the Company paid $238.0 million upon closing of the Transaction, and is subject to potential milestone payments of up to $124.0 million contingent on the potential exercise by the USG of procurement options. The closing payment and the milestone payments were based on the actual procurement value of the procurement contract (the "BARDA Contract") with the Biomedical Advanced Research and Development Authority (“BARDA”). Each milestone payment is associated with the exercise of future BARDA procurement options of TEMBEXA following the BARDA Contract base period. The Seller is also eligible to receive up to $12.5 million in regulatory milestones associated with the SymBio Pharmaceuticals Ltd. brincidofovir licensing arrangements assumed by the Company in the Transaction. The milestone payments will be recorded when the associated procurement options have been exercised and/or the regulatory milestones have been met and the consideration is paid or becomes payable. The total consideration paid in the Transaction was allocated based on the proportionate fair value of the assets acquired. We recorded $156.9 million in intangible assets, net and $82.3 million in inventories, net upon execution of the Transaction on our consolidate balance sheet.</span></div>The Seller may also earn a 20% royalty on future gross profit of TEMBEXA in the United States associated with volumes above 1.7 million treatment courses of therapy during the exclusivity period of TEMBEXA. Outside of the United States, the Purchase Agreement also allows the Seller to earn a 15% royalty on all gross profit associated with TEMBEXA sales during the exclusivity period of TEMBEXA on a market-to-market basis. Refer to Note 5 "Intangible assets and goodwill" for additional information around the impacts of this asset acquisition on the current period results.
CY2021 us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
41500000 usd
CY2022 ebs Number Of Categories Of Public Health Threats
NumberOfCategoriesOfPublicHealthThreats
5 category
CY2022 ebs Number Of Revenue Generating Products
NumberOfRevenueGeneratingProducts
13 product
CY2022 ebs Number Of Product Candidates
NumberOfProductCandidates
1 productcandidate
CY2022 ebs Number Of Product And Service Categories
NumberOfProductAndServiceCategories
3
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
642600000 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
The preparation of financial statements requires management to make estimates, judgments and assumptions that affect reported amounts and disclosures for asset impairments, revenue recognition, allowances for doubtful accounts, inventory, depreciation and amortization, business combinations, contingent consideration, stock-based compensation, income taxes, and other contingencies. Management continually re-evaluates its estimates, judgments and assumptions. These estimates are sometimes complex, sensitive to changes in assumptions and require fair value determinations using Level 3 fair value measurements. Actual results may differ materially from those estimates.
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:5pt;padding-left:18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Customers</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has long-term contracts with the USG that expire at various times from 2023 through 2036. The Company has derived a significant portion of its revenue from sales of our Government - MCM products under contracts with the USG. The Company's current USG contracts do not necessarily increase the likelihood that it will secure future comparable contracts with the USG. The Company expects that a significant portion of the business will continue to be under government contracts that present a number of risks that are not typically present in the commercial contracting process. USG contracts for ACAM2000 and Anthrax Vaccines and other medical countermeasures products are subject to unilateral termination or modification by the government. The Company may fail to achieve significant sales of its medical countermeasures products, including ACAM2000 and Anthrax Vaccines to customers in addition to the USG, which would harm their growth opportunities. The Company's other product sales, largely Nasal Naloxone Products, are largely sold commercially through physician-directed or standing order prescriptions at retail pharmacies, as well as to state health departments, local law enforcement agencies, community-based organizations, substance abuse centers and other federal agencies. In 2022, we filed our supplemental New Drug Application for NARCAN® (naloxone HCI) Nasal Spray, as an over-the-counter emergency treatment which if approved would further broaden our customer base. Our CDMO customers are generally third-party pharmaceutical companies. Refer to Footnote 11, "Revenue recognition" for more information regarding significant customers. </span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although the Company seeks to expand its customer base and to renew its agreements with its customers prior to expiration of a contract, a delay in securing a renewal or a failure to secure a renewal or securing a renewal on less favorable terms may have a material adverse effect on the Company’s financial condition and results of operations.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s accounts receivable do not represent a significant concentration of credit risk. The USG accounted for approximately 43%, 50% and 64% of total revenues for 2022, 2021 and 2020, respectively. The Company’s accounts receivable as of December 31, 2022 and 2021, consist primarily of amounts due from the USG or other large multi-national highly reputable customers for product sales, CDMO services or from government agencies under government grants. Management does not deem credit risk to be significant.</span></div><div style="margin-bottom:5pt;padding-left:18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Financial Institutions</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk.</span></div><div style="margin-bottom:5pt;padding-left:18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Lender Counterparties</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There is lender counterparty risk associated with the Company's revolving credit facility and derivatives instruments. There is risk that the Company’s revolving credit facility investors and derivative counterparties will not be available to fund as obligated. If funding under the revolving credit facility is unavailable, the Company may have to acquire a replacement credit facility from different counterparties at a higher cost or may be unable to find a suitable replacement. The Company seeks to manage risks from its revolving credit facility and derivative instruments by contracting with experienced large </span></div>financial institutions and monitoring the credit quality of its lenders. As of December 31, 2022, the Company does not anticipate nonperformance by any of its counterparties.
CY2022Q4 ebs Number Of Stock Based Employee Compensation Plans
NumberOfStockBasedEmployeeCompensationPlans
1 plan
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P7Y
CY2022Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
143400000 usd
CY2021Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
217500000 usd
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
116200000 usd
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
95800000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
92200000 usd
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
37500000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
351800000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
350800000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1201400000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1119200000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
383800000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
319100000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
817600000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
800100000 usd
CY2022 us-gaap Depreciation
Depreciation
83400000 usd
CY2021 us-gaap Depreciation
Depreciation
62200000 usd
CY2020 us-gaap Depreciation
Depreciation
50100000 usd
CY2022 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P14Y4M24D
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1016200000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
287400000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
728800000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
832100000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
227500000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
604600000 usd
CY2022 us-gaap Payments To Acquire Intangible Assets
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21800000 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
59900000 usd
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
58500000 usd
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
59800000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
71500000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
71500000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
71500000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
70200000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
67000000.0 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
377100000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
728800000 usd
CY2020Q4 us-gaap Goodwill
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266700000 usd
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
41700000 usd
CY2021 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-100000 usd
CY2021Q4 us-gaap Goodwill
Goodwill
224900000 usd
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
6700000 usd
CY2022 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
0 usd
CY2022Q4 us-gaap Goodwill
Goodwill
218200000 usd
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
6700000 usd
CY2022Q4 us-gaap Derivative Assets
DerivativeAssets
8500000 usd
CY2021Q4 us-gaap Derivative Assets
DerivativeAssets
0 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
500000000.0 usd
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
352400000 usd
CY2022Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
6800000 usd
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
37200000 usd
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
0 usd
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
6100000 usd
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
32700000 usd
CY2022Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
6800000 usd
CY2021Q4 us-gaap Liabilities Fair Value Disclosure
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CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2022 us-gaap Revenues
Revenues
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CY2021 us-gaap Revenues
Revenues
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CY2022 us-gaap Cost Of Goods And Services Sold
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CY2022 ebs Gross Profit Adjustments
GrossProfitAdjustments
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GrossProfitAdjustments
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CY2020 ebs Gross Profit Adjustments
GrossProfitAdjustments
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CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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ResearchAndDevelopmentExpense
234000000.0 usd
CY2020 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2022 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2021 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2020 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
6700000 usd
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
41700000 usd
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
59900000 usd
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2022 us-gaap Interest Expense
InterestExpense
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CY2021 us-gaap Interest Expense
InterestExpense
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CY2020 us-gaap Interest Expense
InterestExpense
31300000 usd
CY2022 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-11700000 usd
CY2021 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2020 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4700000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-221700000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
314400000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
407200000 usd
CY2022 us-gaap Depreciation
Depreciation
83400000 usd
CY2021 us-gaap Depreciation
Depreciation
62200000 usd
CY2020 us-gaap Depreciation
Depreciation
50100000 usd
CY2022 us-gaap Revenues
Revenues
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CY2021 us-gaap Revenues
Revenues
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CY2020 us-gaap Revenues
Revenues
1555400000 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
826700000 usd
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
819600000 usd
CY2022 dei Auditor Firm
AuditorFirmId
42

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