- Third Quarter 2026 Total Revenues of $110.0 million
- Third Quarter 2026 Net Loss of $32.7 million and Net Loss Margin was (30)%
- Third Quarter 2026 Adjusted Net Loss of $18.7 million
- Third Quarter 2026 Gross Margin % of 14% and Adjusted Gross Margin % of 28%
- Third Quarter 2026 Adjusted EBITDA was a loss of $4.6 million and Adjusted EBITDA Margin was (4)%
GAITHERSBURG, Md.--(BUSINESS WIRE)--Emergent BioSolutions Inc. (NYSE: EBS) today reported financial results for the third quarter ended September 30, 2026.
“Emergent's third-quarter results, which include revenue of $110.0 million inline with our guidance, were primarily driven by our diverse biodefense/medical countermeasures and naloxone portfolio, underscoring the importance of disciplined execution as we advance our multi-year transformation,” said Joe Papa, president and chief executive officer of Emergent BioSolutions. “We remain focused on our turnaround priorities and strengthening our financial position, which includes improving operating performance, reducing debt, creating long-term shareholder value, continuously demonstrating high standards of quality and compliance in all we do and delivering on our mission to protect and save lives.”
FINANCIAL HIGHLIGHTS (1)
Q3 2026 vs. Q3 2025 | ||||||||
($ in millions, except per share amounts) | Q3 2026 | Q3 2025 | % Change | |||||
Total Revenues | $ | 110.0 |
| $ | 231.1 |
| (52 | )% |
Net Income (Loss) | $ | (32.7 | ) | $ | 51.2 |
| (164 | )% |
Net Income (Loss) per Diluted Share | $ | (0.64 | ) | $ | 0.91 |
| (170 | )% |
Adjusted Net Income (Loss) (2) | $ | (18.7 | ) | $ | 65.2 |
| (129 | )% |
Adjusted Net Income (Loss) per Diluted Share (2) | $ | (0.36 | ) | $ | 1.15 |
| (131 | )% |
Adjusted EBITDA (2) | $ | (4.6 | ) | $ | 92.6 |
| (105 | )% |
Net Income (Loss) Margin |
| (30 | )% |
| 22 | % |
| |
Adjusted EBITDA Margin (2) |
| (4 | )% |
| 40 | % |
| |
Gross Margin % |
| 14 | % |
| 54 | % |
| |
Adjusted Gross Margin % (2) |
| 28 | % |
| 62 | % |
| |
Year to Date ("YTD") 2026 vs YTD 2025 | ||||||||
($ in millions, except per share amounts) | YTD 2026 | YTD 2025 | % Change | |||||
Total Revenues | $ | 500.4 |
| $ | 594.2 |
| (16 | )% |
Net Income (Loss) | $ | (206.1 | ) | $ | 107.2 |
| (292 | )% |
Net Income (Loss) per Diluted Share | $ | (3.99 | ) | $ | 1.89 |
| (311 | )% |
Adjusted Net Income (2) | $ | 24.1 |
| $ | 120.5 |
| (80 | )% |
Adjusted Net Income per Diluted Share (2) | $ | 0.47 |
| $ | 2.13 |
| (78 | )% |
Adjusted EBITDA (2) | $ | 127.5 |
| $ | 204.8 |
| (38 | )% |
Net Income (Loss) Margin |
| (41 | )% |
| 18 | % |
| |
Adjusted EBITDA Margin (2) |
| 25 | % |
| 34 | % |
| |
Gross Margin % |
| 39 | % |
| 48 | % |
| |
Adjusted Gross Margin % (2) |
| 49 | % |
| 57 | % |
| |
RECENT BUSINESS UPDATES
- Announced Rich Lindahl, Executive Vice President, Chief Financial Officer will retire from Emergent, effective December 31, 2026, and will stay on as a part-time advisor through March 31, 2027; Frank Vargo, Vice President, Treasurer, will serve as interim Chief Financial Officer beginning January 1, 2027
- Completed repurchase of $75 million aggregate principal amount of Senior Unsecured Notes
- Implemented restructuring efforts aimed to improve overall cost structure, drive efficiencies and align resourcing to the current needs of the organization, including creation of new Growth organization
- Awarded contract modification valued at approximately $24 million for CYFENDUS® (Anthrax Vaccine Adsorbed, Adjuvanted)
- Awarded 'Standing Offer' for NARCAN® Nasal Spray from the Government of Canada
- Announced commitment to cross-sector collaboration against biological threats in an evolving global security environment
- Announced ongoing commitment to opioid overdose education and preparedness on International Overdose Awareness Day
THIRD QUARTER 2026 FINANCIAL PERFORMANCE (1)
Revenues
The Company uses the following categories in discussing revenues:
- Naloxone — comprises contributions from NARCAN® Nasal Spray and KLOXXADO® Nasal Spray
- Anthrax MCM — comprises contributions from CYFENDUS®, BioThrax®, ANTHRASIL®, and Raxibacumab
- Smallpox MCM — comprises contributions from ACAM2000®, CNJ-016® (VIGIV) and TEMBEXA®
- Other Products — comprises contributions from BAT®
- All Other Revenues — comprises revenues from the Services operating segment and contracts and grants revenues
($ in millions) | Q3 2026 | Q3 2025 | $ Change | % Change | |||||||
Product sales, net: (3) |
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Naloxone | $ | 43.5 | $ | 74.9 | $ | (31.4 | ) | (42 | )% | ||
Anthrax MCM |
| 25.1 |
| 1.4 |
| 23.7 |
| NM | |||
Smallpox MCM |
| 26.7 |
| 83.6 |
| (56.9 | ) | (68 | )% | ||
Other Products |
| 7.6 |
| 57.5 |
| (49.9 | ) | (87 | )% | ||
Total Product sales, net | $ | 102.9 | $ | 217.4 | $ | (114.5 | ) | (53 | )% | ||
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All other revenues |
| 7.1 |
| 13.7 |
| (6.6 | ) | (48 | )% | ||
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Total revenues | $ | 110.0 | $ | 231.1 | $ | (121.1 | ) | (52 | )% | ||
NM - Not Meaningful |
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Product Sales, net (3)
Naloxone
For Q3 2026, revenues from Naloxone products decreased $31.4 million, or 42%, as compared with Q3 2025. The decrease was primarily attributable to lower sales of OTC NARCAN®, mostly driven by an unfavorable price-volume mix in U.S. public interest channels, partially mitigated by increases in Canadian sales of branded NARCAN®.
Anthrax MCM
For Q3 2026, revenues from Anthrax MCM products increased $23.7 million as compared with Q3 2025. The increase was primarily attributable to higher USG sales of CYFENDUS® due to timing. Anthrax vaccine product sales are primarily made under annual purchase options exercised by the USG. Fluctuations in revenues result from the timing of the exercise of annual purchase options, the timing of USG purchases, the availability of governmental funding and the Company’s delivery of orders that follow.
Smallpox MCM
For Q3 2026, revenues from Smallpox MCM products decreased $56.9 million, or 68%, as compared with Q3 2025. The decrease was primarily attributable to lower USG sales of ACAM2000® due to timing, lower USG sales due to timing as well as less international sales of CNJ-016® (VIGIV), partially offset by higher TEMBEXA® USG sales due to timing. Fluctuations in revenues from Smallpox MCM result from the timing of the exercise of annual purchase options in the existing procurement contracts, the timing of USG purchases, the availability of governmental funding and the Company’s delivery of orders that follow.
Other Products
For Q3 2026, revenues from Other Product sales decreased $49.9 million, or 87%, as compared with Q3 2025. The decrease was primarily due to lower USG BAT® sales due to timing, partially offset by an increase in international BAT sales.
All Other Revenues
Services
For Q3 2026, revenues from Services decreased $1.1 million, or 24%, as compared with Q3 2025. The decrease was primarily attributable to less production activity at the Company’s Winnipeg facility.
Contracts and Grants
For Q3 2026, revenues from contracts and grants decreased $5.5 million, or 60%, as compared with Q3 2025. The decrease was primarily due to lower Ebanga® related development work, reflecting the timing and nature of the work performed.
Operating Expenses
($ in millions) | Q3 2026 | Q3 2025 | $ Change | % Change | |||||||
Cost of product and services sales, net | $ | 80.8 | $ | 85.9 | $ | (5.1 | ) | (6 | )% | ||
Research and development (“R&D”) |
| 9.4 |
| 13.5 |
| (4.1 | ) | (30 | )% | ||
Selling, general and administrative (“SG&A”) |
| 46.5 |
| 38.9 |
| 7.6 |
| 20 | % | ||
Amortization of intangible assets |
| 10.6 |
| 16.3 |
| (5.7 | ) | (35 | )% | ||
Total operating expenses | $ | 147.3 | $ | 154.6 | $ | (7.3 | ) | (5 | )% | ||
Cost of Product and Services Sales, Net
For Q3 2026, cost of product and services sales, net decreased $5.1 million, or 6%, as compared with Q3 2025. The decrease was driven by a decrease in cost of Commercial Product sales of $13.1 million, which was partially offset by higher cost of Services of $6.0 million and cost of MCM Product sales of $2.0 million.
Research and Development Expenses
For Q3 2026, R&D expenses decreased $4.1 million, or 30%, as compared with Q3 2025. The decrease was primarily due to reduced development work related to Ebanga® as well as other unfunded R&D project spend.
Selling, General and Administrative Expenses
For Q3 2026, SG&A expenses increased $7.6 million, or 20%, as compared with Q3 2025. The increase was primarily due to the one-time litigation insurance reimbursement recognized in the prior year period related to settlements of our securities and shareholders litigation matters in addition to severance costs associated with the August 2026 restructuring plan in the current year. The increase was partially offset by lower marketing and administrative support expenses.
ADDITIONAL FINANCIAL INFORMATION(1)
Capital Expenditures
($ in millions) | Q3 2026 | Q3 2025 | % Change | |||||
Capital expenditures | $ | 3.3 |
| $ | 3.4 |
| (3 | )% |
Capital expenditures as a % of total revenues |
| 3 | % |
| 1 | % |
| |
For Q3 2026, capital expenditures decreased slightly due to reduced development activities across the Company’s facilities.
REPORTABLE SEGMENT INFORMATION
The Company manages the business with a focus on three operating segments: (1) a Commercial Products segment consisting of NARCAN® Nasal Spray and KLOXXADO® Nasal Spray; (2) a MCM Products segment consisting of Anthrax - MCM, Smallpox - MCM and Other products and (3) a services segment consisting of our Bioservices offerings (“Services”). Commercial Products and MCM Products are our two reportable segments. The Services operating segment no longer meets the quantitative thresholds of a reportable segment and did not meet the aggregation criteria set forth in Accounting Standards Codification 280, Segment Reporting, and as such is categorized within “All other revenues” along with “Contracts and Grants”. The Company evaluates the performance of these reportable segments based on revenues and segment adjusted gross margin, which is a non-GAAP financial measure. Segment revenue includes external customer sales but does not include inter-segment services. The Company does not allocate contracts and grants revenue, R&D, SG&A, amortization of intangible assets, interest and other income (expense) or taxes to its evaluation of the performance of these segments.
THIRD QUARTER 2026 REPORTABLE SEGMENT RESULTS
($ in millions) | Commercial Products | ||||||||||
Quarter Ended September 30, | |||||||||||
2026 | 2025 | $ Change | % Change | ||||||||
Revenues | $ | 43.5 |
| $ | 74.9 |
| $ | (31.4 | ) | (42 | )% |
Cost of sales |
| 29.5 |
|
| 42.6 |
|
| (13.1 | ) | (31 | )% |
Intangible asset amortization |
| 2.8 |
|
| 9.4 |
|
| (6.6 | ) | (70 | )% |
Gross margin* | $ | 11.2 |
| $ | 22.9 |
| $ | (11.7 | ) | (51 | )% |
Gross margin %* |
| 26 | % |
| 31 | % |
|
| |||
Add back: |
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Intangible asset amortization | $ | 2.8 |
| $ | 9.4 |
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| |||
Segment adjusted gross margin ** | $ | 14.0 |
| $ | 32.3 |
| $ | (18.3 | ) | (57 | )% |
Segment adjusted gross margin % ** |
| 32 | % |
| 43 | % |
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* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | |||||||||||
** Segment adjusted gross margin, which is a non-GAAP financial measure, for our Commercial Products segment is calculated as gross margin plus intangible asset amortization. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company’s management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. In calculating these measures, we began excluding stock-based compensation that is recorded as cost of sales in the first quarter of 2026, as this reflects a non-cash expenditure that is not related to segment operating performance. As reflected in the table above, we have recast our 2025 results to also reflect this adjustment. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | |||||||||||
Cost of Commercial Products sales decreased $13.1 million, or 31%, to $29.5 million for the quarter ended September 30, 2026. The decrease was primarily due to declines in U.S. sales volumes of OTC NARCAN® compared with the prior year period, partially offset by an increase in Canadian sales volumes of branded NARCAN®.
Commercial Products gross margin decreased $11.7 million, or 51%, to $11.2 million for the quarter ended September 30, 2026. Commercial Products gross margin percentage decreased 5 percentage points to 26% for the quarter ended September 30, 2026. The decrease was largely due to an unfavorable price and volume mix of OTC NARCAN® across most U.S. sales channels, partially offset by reduced amortization expense as a result of the impairment charge taken on the NARCAN® asset group during the second quarter of 2026. Commercial Products segment adjusted gross margin in the current quarter period excludes the impact of intangible asset amortization of $2.8 million.
($ in millions) | MCM Products | ||||||||||
Quarter Ended September 30, | |||||||||||
| 2026 |
|
| 2025 |
| $ Change | % Change | ||||
Revenues | $ | 59.4 |
| $ | 142.5 |
| $ | (83.1 | ) | (58 | )% |
Cost of sales |
| 40.1 |
|
| 38.1 |
|
| 2.0 |
| 5 | % |
Intangible asset amortization |
| 7.8 |
|
| 6.9 |
|
| 0.9 |
| 13 | % |
Gross margin* | $ | 11.5 |
| $ | 97.5 |
| $ | (86.0 | ) | (88 | )% |
Gross margin %* |
| 19 | % |
| 68 | % |
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Add back: |
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Intangible asset amortization | $ | 7.8 |
| $ | 6.9 |
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Inventory step-up provision |
| 2.1 |
|
| — |
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Severance and restructuring costs |
| 1.3 |
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| 0.2 |
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Stock-based compensation expense |
| 0.7 |
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| 0.2 |
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Segment adjusted gross margin** | $ | 23.4 |
| $ | 104.8 |
| $ | (81.4 | ) | (78 | )% |
Segment adjusted gross margin %** |
| 39 | % |
| 74 | % |
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* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | |||||||||||
** Segment adjusted gross margin, which is a non-GAAP financial measure, for our MCM Products segment is calculated as gross margin plus intangible asset amortization, inventory step-up provision, severance and restructuring costs and the portion of stock-based compensation expense that is recorded as cost of sales. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company’s management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. In calculating these measures, we began excluding stock-based compensation that is recorded as cost of sales in the first quarter of 2026, as this reflects a non-cash expenditure that is not related to segment operating performance. As reflected in the table above, we have recast our 2025 results to also reflect this adjustment. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | |||||||||||
Cost of MCM product sales increased $2.0 million, or 5%, to $40.1 million for the quarter ended September 30, 2026. The increase was primarily attributable to higher product sales volumes for CYFENDUS® and TEMBEXA® as well as higher plant shutdown costs. These increases were partially offset by a decrease in cost of sales for BAT®, ACAM2000® and CNJ-016® (VIGIV) driven by lower sales volumes.
MCM Products gross margin decreased $86.0 million, or 88%, to $11.5 million for the quarter ended September 30, 2026. MCM Product gross margin percentage decreased 49 percentage points to 19% for the quarter ended September 30, 2026. The decrease in gross margin percentage was primarily driven by an unfavorable sales mix and decreased sales volumes, which decreased the absorption of fixed manufacturing costs. MCM Product segment adjusted gross margin in the current quarter period excludes the impacts of intangible asset amortization of $7.8 million, inventory step-up provision of $2.1 million, severance and restructuring costs of $1.3 million and the portion of stock-based compensation expense recorded as cost of sales of $0.7 million.
YTD 2026 REPORTABLE SEGMENT RESULTS
($ in millions) | Commercial Products | ||||||||||
Nine Months Ended September 30, | |||||||||||
| 2026 |
|
| 2025 |
| $ Change | % Change | ||||
Revenues | $ | 138.8 |
| $ | 187.7 |
| $ | (48.9 | ) | (26 | )% |
Cost of sales |
| 92.6 |
|
| 103.5 |
|
| (10.9 | ) | (11 | )% |
Intangible asset amortization |
| 21.7 |
|
| 28.3 |
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| (6.6 | ) | (23 | )% |
Gross margin* | $ | 24.5 |
| $ | 55.9 |
| $ | (31.4 | ) | (56 | )% |
Gross margin %* |
| 18 | % |
| 30 | % |
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Add back: |
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Intangible asset amortization | $ | 21.7 |
| $ | 28.3 |
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Severance and restructuring costs |
| — |
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| 0.2 |
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Stock-based compensation expense |
| 0.1 |
|
| — |
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Segment adjusted gross margin** | $ | 46.3 |
| $ | 84.4 |
| $ | (38.1 | ) | (45 | )% |
Segment adjusted gross margin %** |
| 33 | % |
| 45 | % |
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* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | |||||||||||
** Segment adjusted gross margin, which is a non-GAAP financial measure, for our Commercial Products segment is calculated as gross margin plus intangible asset amortization, severance and restructuring costs and the portion of stock-based compensation expense that is recorded as cost of sales. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company’s management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. In calculating these measures, we began excluding stock-based compensation that is recorded as cost of sales in the first quarter of 2026, as this reflects a non-cash expenditure that is not related to segment operating performance. As reflected in the table above, we have recast our 2025 results to also reflect this adjustment. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | |||||||||||
Cost of Commercial Product sales decreased $10.9 million, or 11%, to $92.6 million for the nine months ended September 30, 2026. The decrease was primarily due to lower sales volumes of OTC NARCAN® in the U.S., partially offset by higher Canadian sales volumes of branded NARCAN® and KLOXXADO® product costs.
Commercial Products gross margin decreased $31.4 million, or 56%, to $24.5 million for the nine months ended September 30, 2026. Commercial Products gross margin percentage decreased 12 percentage points to 18% for the nine months ended September 30, 2026. The decrease was largely due to an unfavorable price and volume mix of OTC NARCAN® across most U.S. sales channels, partially offset by reduced amortization expense as a result of the impairment charge taken on the NARCAN® asset group during the second quarter of 2026, and product cost improvements in the Canadian market. Commercial Products segment adjusted gross margin in the current year period excludes the impact of intangible asset amortization of $21.7 million and the portion of stock-based compensation expense recorded as cost of sales of $0.1 million.
($ in millions) | MCM Products | ||||||||||
Nine Months Ended September 30, | |||||||||||
| 2026 |
|
| 2025 |
| $ Change | % Change | ||||
Revenues | $ | 329.2 |
| $ | 357.5 |
| $ | (28.3 | ) | (8 | )% |
Cost of sales |
| 129.7 |
|
| 114.1 |
|
| 15.6 |
| 14 | % |
Intangible asset amortization |
| 22.6 |
|
| 20.5 |
|
| 2.1 |
| 10 | % |
Gross margin* | $ | 176.9 |
| $ | 222.9 |
| $ | (46.0 | ) | (21 | )% |
Gross margin %* |
| 54 | % |
| 62 | % |
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Add back: |
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Intangible asset amortization | $ | 22.6 |
| $ | 20.5 |
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Severance and restructuring costs (benefits) |
| 1.3 |
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| (1.0 | ) |
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Inventory step-up provision |
| 2.4 |
|
| 1.8 |
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Stock-based compensation expense |
| 1.9 |
|
| 0.8 |
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Segment adjusted gross margin** | $ | 205.1 |
| $ | 245.0 |
| $ | (39.9 | ) | (16 | )% |
Segment adjusted gross margin %** |
| 62 | % |
| 69 | % |
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* Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. | |||||||||||
** Segment adjusted gross margin, which is a non-GAAP financial measure, for our MCM Products segment is calculated as gross margin plus intangible asset amortization, severance and restructuring costs (benefits), inventory step-up provision and the portion of stock-based compensation expense that is recorded as cost of sales. Segment adjusted gross margin percentage, which is a non-GAAP financial measure, is calculated as segment adjusted gross margin divided by revenues. The Company’s management utilizes segment adjusted gross margin and segment adjusted gross margin percentage for purposes of evaluating our ongoing operations and for internal planning and forecasting purposes. In calculating these measures, we began excluding stock-based compensation that is recorded as cost of sales in the first quarter of 2026, as this reflects a non-cash expenditure that is not related to segment operating performance. As reflected in the table above, we have recast our 2025 results to also reflect this adjustment. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. | |||||||||||
Cost of MCM product sales increased $15.6 million, or 14%, to $129.7 million for the nine months ended September 30, 2026. The increase was primarily due to higher cost of sales of CYFENDUS®, CNJ-016® (VIGIV), BioThrax®, and TEMBEXA® reflecting increased sales volumes, as well as increased discrete product costs related to CYFENDUS®. These increases were partially offset by lower cost of sales for ANTHRASIL®, and ACAM2000® due to lower unit sales volume.
MCM Product gross margin decreased $46.0 million, or 21%, to $176.9 million for the nine months ended September 30, 2026. MCM Product gross margin percentage decreased 8 percentage points to 54% for the nine months ended September 30, 2026. The decrease in gross margin percentage was primarily due to an unfavorable sales mix and decreased sales volumes, which decreased the absorption of fixed manufacturing costs as well as discrete product costs related to CYFENDUS®. MCM Product segment adjusted gross margin in the current year period excludes the impacts of intangible asset amortization of $22.6 million, inventory step-up provision of $2.4 million, the portion of stock-based compensation expense recorded as cost of sales of $1.9 million and severance and restructuring costs of $1.3 million.
2026 FINANCIAL FORECAST
The Company provides the following updated financial forecast for full year 2026, reflecting management's expectations based on the most current information available.
METRIC ($ in millions) |
Updated Range
| Action |
Previous Range
|
Total revenues | $600 - $645 | REVISED | $645 - $675 |
Net loss | $(255) - $(225) | REVISED | $(245) - $(225) |
Adjusted net income (loss) (2) | ($10) - $20 | REVISED | $10 - $30 |
Adjusted EBITDA (2) | $110 - $140 | REVISED | $130 - $150 |
Adjusted gross margin % (2) | 45% - 47% | REVISED | 42% - 44% |
Key Assumptions ($ and shares in millions) | Updated Range (as of 11/02/2026) | ||
Interest expense | ~$38 | ||
R&D | ~6% of Revenue | ||
SG&A | ~28-30% of Revenue | ||
Weighted average fully diluted share count | ~52 | ||
Stock-based compensation expense | ~$19 | ||
Capex | ~$16 | ||
Depreciation & amortization | ~$81 |
FOOTNOTES
(1) All financial information included in this release is unaudited.
(2) See “Non-GAAP Financial Measures” and the “Reconciliation of Non-GAAP Financial Measures” tables for the definitions and reconciliations of Company-wide non-GAAP financial measures to the most closely related GAAP financial measures. Reconciliations of segment non-GAAP financial measures are included within the reportable segment tables. In the first quarter of 2026 we revised our calculations of these measures to exclude the impact of stock-based compensation expense, as this is a non-cash expense that is not related to our operating performance. The updated ranges for our 2026 forecast reflect this adjustment.
(3) Product sales, net are reported net of variable consideration including returns, rebates, wholesaler fees and prompt pay discounts in accordance with GAAP.
CONFERENCE CALL, PRESENTATION SUPPLEMENT A
Contacts
Investor Contact
Rich Lindahl
Executive Vice President, Chief Financial Officer
lindahlr@ebsi.com
Media Contact
Assal Hellmer
Vice President, Communications
mediarelations@ebsi.com
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