On this page of StockholderLetter.com we present the 4/14/2023 shareholder letter from Emergent BioSolutions Inc. — ticker symbol EBS. Reading current and past EBS letters to shareholders can bring important insights into the investment thesis.
2022 Annual Report
Dear Fellow Shareholder, Following two long years in a pandemic, the world began to pivot to a new post-Covid reality. Employees returned to the office, stadiums filled with fans, and travelers returned to the skies. Despite the return to normalcy, events like Russia s aggression against Ukraine and the outbreak of mpox remind us that we cannot rest in our preparation for threats accidental or intentional. Like the rest of the world, Emergent transitioned into the post-pandemic environment in 2022, taking bold and decisive actions to invest in our core Products and Services businesses. In December, we announced that the U.S. Food and Drug Administration (FDA) had accepted for Priority Review our supplemental New Drug Application to switch NARCAN (naloxone HCl) Nasal Spray 4 mg, our opioid overdose treatment, to over-the-counter (OTC). On March 29th, the FDA approved our application, making NARCAN Nasal Spray the first 4 mg naloxone nasal spray to receive OTC status in the U.S. We also acted to further strengthen our medical countermeasures franchises, specifically smallpox and anthrax vaccines and treatments. In September, we closed the deal to acquire TEMBEXA (brincidofovir), an FDA-approved oral antiviral for the treatment of smallpox, and completed two deliveries to the Strategic National Stockpile by the end of the year. And, in June, we announced the FDA s acceptance of our Biologics License Application for AV7909 (Anthrax Vaccine Adsorbed, Adjuvanted), our new anthrax vaccine candidate. In 2019, the AV7909 vaccine was granted pre-Emergency Use Authorization (pre-EUA) status by the FDA, and since then, the U.S. government has been procuring this product for the Strategic National Stockpile. We will work on transitioning this product, if approved, to post-approval procurement in 2023. Additionally, we invested in our operational, quality and compliance systems and enhanced our technical capabilities and expertise across all our manufacturing sites. These investments will take time to yield dividends, but will strengthen the company s global manufacturing operations so that Emergent can reliably, efficiently, and compliantly provide high-quality products to patients. While we are pleased with these accomplishments, 2022 handed us a fair share of challenges that we are addressing with strength and resolve to further position the company for success and growth at rates more in line with pre-Covid trends. We are focusing our efforts to improve overall profitability, to supply our ACAM2000 (Smallpox (Vaccinia) Vaccine, Live) vaccine, a first line of defense in a smallpox event, to restructure and extend our debt obligations, and to complete the sale of our Travel Health business that we announced recently. We look forward to delivering on these as well as the aforementioned priorities to enable positive outcomes for all stakeholders patients, customers, employees, equity investors, and debt capital providers. I am proud of the Emergent team s dedication to protecting and enhancing life. Threats to public health are real and Emergent is one of a few companies wholly committed to helping governments prepare for and respond to those threats. As we gear up to celebrate our 25th anniversary in September, I remain confident in the long-term success of this company and the noble mission it serves. Sincerely, Robert G. Kramer President and Chief Executive Officer
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EBS 4/14/2023 Shareholder/Stockholder Letter Transcript:

2022 Annual Report

Dear Fellow Shareholder,
Following two long years in a pandemic, the world began to pivot to a new post-Covid reality. Employees
returned to the office, stadiums filled with fans, and travelers returned to the skies. Despite the return to
normalcy, events like Russia   s aggression against Ukraine and the outbreak of mpox remind us that we
cannot rest in our preparation for threats     accidental or intentional.
Like the rest of the world, Emergent transitioned into the post-pandemic environment in 2022, taking
bold and decisive actions to invest in our core Products and Services businesses. In December, we
announced that the U.S. Food and Drug Administration (FDA) had accepted for Priority Review our
supplemental New Drug Application to switch NARCAN   (naloxone HCl) Nasal Spray 4 mg, our opioid
overdose treatment, to over-the-counter (OTC). On March 29th, the FDA approved our application,
making NARCAN   Nasal Spray the first 4 mg naloxone nasal spray to receive OTC status in the U.S.
We also acted to further strengthen our medical countermeasures franchises, specifically smallpox and
anthrax vaccines and treatments. In September, we closed the deal to acquire TEMBEXA   (brincidofovir),
an FDA-approved oral antiviral for the treatment of smallpox, and completed two deliveries to the
Strategic National Stockpile by the end of the year. And, in June, we announced the FDA   s acceptance of
our Biologics License Application for AV7909 (Anthrax Vaccine Adsorbed, Adjuvanted), our new anthrax
vaccine candidate. In 2019, the AV7909 vaccine was granted pre-Emergency Use Authorization (pre-EUA)
status by the FDA, and since then, the U.S. government has been procuring this product for the Strategic
National Stockpile. We will work on transitioning this product, if approved, to post-approval
procurement in 2023.
Additionally, we invested in our operational, quality and compliance systems and enhanced our technical
capabilities and expertise across all our manufacturing sites. These investments will take time to yield
dividends, but will strengthen the company   s global manufacturing operations so that Emergent can
reliably, efficiently, and compliantly provide high-quality products to patients.
While we are pleased with these accomplishments, 2022 handed us a fair share of challenges that we
are addressing with strength and resolve to further position the company for success and growth at rates
more in line with pre-Covid trends. We are focusing our efforts to improve overall profitability, to supply
our ACAM2000   (Smallpox (Vaccinia) Vaccine, Live) vaccine, a first line of defense in a smallpox event, to
restructure and extend our debt obligations, and to complete the sale of our Travel Health business that
we announced recently. We look forward to delivering on these as well as the aforementioned priorities
to enable positive outcomes for all stakeholders     patients, customers, employees, equity investors, and
debt capital providers.
I am proud of the Emergent team   s dedication to protecting and enhancing life. Threats to public health
are real and Emergent is one of a few companies wholly committed to helping governments prepare for
and respond to those threats.
As we gear up to celebrate our 25th anniversary in September, I remain confident in the long-term
success of this company and the noble mission it serves.
Sincerely,
Robert G. Kramer
President and Chief Executive Officer



shareholder letter icon 4/14/2023 Letter Continued (Full PDF)
 

EBS Stockholder/Shareholder Letter (Emergent BioSolutions Inc.) 4/14/2023 | www.StockholderLetter.com
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