Emergent BioSolutions Inc.
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
EBS$6.06+3.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001367644-25-000124
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001367644-25-000181
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 189 previous paragraphs and 215 current paragraphs.
103 unchanged; 47 reworded; 61 added; 37 removed; 2 previous and 4 current paragraphs rearranged.
Tables are not compared: 10 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (61)
Current report
Naloxone Products
Current report
Trobigard Revocation
Current report
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law in the United States. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing the impact of the OBBBA on its consolidated financial statements.
Current report
Total revenues decreased $113.8 million, or 45%, to $140.9 million for the three months ended June 30, 2025. The decrease was due to decreases in Services revenue of $60.3 million, Commercial Products revenue of $52.5 million and MCM Products revenue of $5.0 million, partially offset by an increase in and Contracts and grants revenue of $4.0 million.
Current report
Intangible asset amortization decreased $0.1 million, or 1%, to $16.2 million for the three months ended June 30, 2025.
Current report
Gross margin increased $111.5 million to $47.2 million for the three months ended June 30, 2025. Gross margin percentage increased 62 percentage points to 36% for the three months ended June 30, 2025. The increase in gross margin was largely due to improvements in Services gross margin driven by the accounting for the $50.0 million arbitration settlement (the “Settlement Agreement”) with Janssen in the prior year period and slight improvements in MCM Products gross margin, partially offset by a decrease in Commercial Products gross margin. Gross margin and gross margin percentage exclude Contracts and grants revenues because the related costs are R&D expenses.
Current report
R&D expenses decreased $20.2 million, or 62%, to $12.5 million for the three months ended June 30, 2025. The decrease was primarily due to write-offs related to program terminations in the second quarter of 2024 and decreases in overhead and severance related costs. This decrease was partially offset by an increase in costs associated with the Ebanga TM development work.
Current report
Impairment of long-lived assets decreased $27.2 million, or 100%, due to no impairment recognized during the three months ended June 30, 2025. The $27.2 million non-cash impairment charge in the second quarter of 2024 was related to our Bayview and Rockville asset groups within the Bioservices reporting unit.
Current report
Interest expense decreased $8.9 million, or 38%, to $14.7 million for the three months ended June 30, 2025. The decrease was primarily due to lower interest costs related to our syndicated borrowings and lower amortization of debt service costs, partially offset by higher interest expense related to our Credit Agreement with OHA Agency LLC, as administrative agent, and the lenders from time to time party thereto (the “Term Loan Agreement”).
Current report
Loss on assets held for sale decreased $40.0 million, or 100%, due to no loss on assets held for sale recognized during the three months ended June 30, 2025. The loss on assets held for sale in the second quarter of 2024 is related to the sale of our Drug Product facility in Baltimore-Camden to Bora Pharmaceuticals Injectables Inc., a subsidiary of Bora Pharmaceuticals Co., Ltd. (“Bora”) (the “Camden Transaction”), which closed during the third quarter of 2024.
Current report
Other, net went from $2.7 million in expense to $3.7 million in expense for the three months ended June 30, 2025. The change of $1.0 million is primarily related to a loss on remeasurement of the Warrant liability of $2.9 million, partially offset by favorable foreign currency exchange revaluations.
Current report
Income tax provision (benefit)
Current report
Total revenues decreased $192.0 million, or 35%, to $363.1 million for the six months ended June 30, 2025. The decrease was due to lower Commercial Products revenue of $125.7 million, Services revenue of $71.6 million and MCM Products revenue of $3.8 million, partially offset by an increase in Contracts and grants revenue of $9.1 million.
Current report
Intangible asset amortization was consistent at $32.5 million for the six months ended June 30, 2025 and 2024.
Current report
Gross margin increased $84.2 million to $151.5 million for the six months ended June 30, 2025. Gross margin percentage increased 33 percentage points to 45% for the six months ended June 30, 2025. The increase in gross margin was due to improvements in Services gross margin driven by the accounting for the Settlement Agreement with Janssen in the prior year period and improvements in MCM Products gross margin, partially offset by a decrease in Commercial Products gross margin. Gross margin and gross margin percentage exclude Contracts and grants revenues because the related costs are R&D expenses.
Current report
R&D expenses decreased $20.2 million, or 42%, to $27.6 million for the six months ended June 30, 2025. The decrease was primarily due to write-offs related to program terminations in the second quarter of 2024 and decreases in overhead and severance related costs. This decrease was partially offset by an increase in costs associated with the Ebanga TM development work.
Current report
Impairment of long-lived assets decreased $27.2 million, or 100%, due to no impairment recognized during the six months ended June 30, 2025. The $27.2 million non-cash impairment charge in the second quarter of 2024 was related to our Bayview and Rockville asset groups within the Bioservices reporting unit.
Current report
Income tax provision (benefit)
Current report
Cost of Commercial Product sales decreased $17.0 million, or 32%, to $36.4 million for the three months ended June 30, 2025. The decrease was primarily due to lower sales of OTC NARCAN® and lower Canadian sales of branded NARCAN®.
Current report
Cost of Commercial Product sales decreased $44.6 million, or 42%, to $60.9 million for the six months ended June 30, 2025. The decrease was primarily due to lower sales of OTC NARCAN® and lower Canadian sales of branded NARCAN®.
Current report
Commercial Products gross margin decreased $81.1 million, or 71%, to $33.0 million for the six months ended June 30, 2025. Commercial Products gross margin percentage decreased 19 percentage points to 29% for the six months ended June 30, 2025. The decrease was largely due to lower sales of OTC NARCAN® and lower branded NARCAN®sales, as well as an unfavorable price and volume mix. Commercial Products segment adjusted gross margin in the current year period excludes the impact of intangible asset amortization of $18.9 million and restructuring costs of $0.2 million.
Current report
Anthrax MCM sales decreased $27.1 million, or 70%, to $11.6 million for the three months ended June 30, 2025. The decrease primarily reflects the impact of the timing of sales related to CYFENDUS®, partially offset by the timing of sales of BioThrax®. 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 Company delivery of orders that follow.
Current report
Smallpox MCM sales increased $22.7 million, or 127%, to $40.6 million for the three months ended June 30, 2025. The increase was primarily due to higher VIGIV CNJ-016®sales due to timing, partially offset by lower ACAM2000®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 Company delivery of orders that follow.
Current report
Other Products sales decreased $0.6 million, or 9%, to $6.2 million for the three months ended June 30, 2025. The decrease was primarily due to no RSDL® product sales in the current year period due to the sale of RSDL®to SERB in the third quarter of 2024, partially offset by higher BAT® sales due to timing.
Current report
Cost of MCM product sales decreased $5.3 million, or 17%, to $25.8 million for the three months ended June 30, 2025. The decrease was primarily due to lower Raxibacumab inventory reserves, lower sales of ACAM2000® due to timing, lower shut-down costs and no RSDL® product sales in the current year period due to the sale of RSDL® to SERB in the third quarter of 2024, partially offset by an increase in VIGIV CNJ-016® sales due to timing.
Current report
Services revenues decreased $60.3 million, or 93%, to $4.4 million for the three months ended June 30, 2025. The decrease was primarily attributable to the one time $50.0 million arbitration settlement (the “Settlement Agreement”) with Janssen Pharmaceuticals, Inc. (“Janssen”), one of the Janssen Pharmaceutical Companies of Johnson & Johnson, related to the 2022 termination of the manufacturing services agreement with Janssen, coupled with a decrease in revenue from the Company’s Camden facility in the current year period, which was sold to Bora in the third quarter of 2024, partially offset by an increase in production at the Company's Winnipeg facility.
Current report
Services Revenues
Current report
Total revenues decreased $83.2 million, or 25%, to $254.7 million for the three months ended June 30, 2024. The decrease was due to decreases in MCM Products revenue of $100.9 million and Commercial Products revenue of $17.9 million, partially offset by an increase in Services revenue of $35.6 million.
Current report
Intangible asset amortization increased $0.2 million, or 1%, to $16.3 million for the three months ended June 30, 2024. The increase was due to amortization expense for the intangible asset related to Ebanga TM.
Current report
SG&A expenses decreased $5.5 million, or 6%, to $85.9 million for the three months ended June 30, 2024. The decrease was primarily due to lower employee related expenses and compensation as a result of restructuring initiatives during 2023, coupled with a decrease in marketing expense. The decrease was partially offset by higher legal services fees for disputes and other corporate initiatives, as well as higher restructuring costs. SG&A expenses as a percentage of total revenues increased 7 percentage points to 34% for the three months ended June 30, 2024.
Current report
Impairment of long-lived assets decreased $279.5 million, or 91%, to $27.2 million for the three months ended June 30, 2024. The decrease was due to a $27.2 million non-cash impairment charge in the second quarter of 2024 related to our Bayview and Rockville asset groups within the Bioservices reporting unit, compared with a $306.7 million non-cash impairment charge recorded in the second quarter of 2023 related to our Camden, Bayview and Rockville asset groups within the Bioservices reporting unit.
Current report
Interest expense decreased $5.0 million, or 17%, to $23.6 million for the three months ended June 30, 2024. The decrease was primarily due to lower interest costs related to our syndicated borrowings and debt service costs attributable to the negotiation of the Fourth Amendment to Amended and Restated Credit Agreement, Waiver and First Amendment to Amended and Restated Collateral Agreement in the second quarter of 2023, partially offset by higher interest expense related to the termination of our interest rate swap hedging agreements.
Current report
Gain (loss) on sale of business and assets held for sale
Current report
Gain (loss) on sale of business and assets held for sale was a loss of $40.0 million for the three months ended June 30, 2024 compared to a gain of $74.9 million for the three months ended June 30, 2023. The loss on sale of business and assets held for sale is related to the held for sale treatment of the Company’s drug product facility in Baltimore-Camden, which the Company agreed to sell to Bora. The gain on sale of business and assets held for sale in the prior year is attributable to the sale of our travel health business to Bavarian Nordic during the second quarter of 2023.
Current report
Income tax provision increased $2.1 million, or 19%, to $13.3 million for the three months ended June 30, 2024. The increase was primarily due to an increase in taxable income in the Company’s profitable jurisdictions.
Current report
Gross margin decreased $45.2 million, or 40%, to $67.3 million for the six months ended June 30, 2024. Gross margin percentage decreased 11 percentage points to 12% for the six months ended June 30, 2024. The decrease in gross margin was due to decreases in Services gross margin of $94.8 million and Commercial Products gross margin of $10.1 million, partially offset by an increase in MCM Products gross margin of $59.7 million. Gross margin and gross margin percentage exclude Contracts and grants revenues because the related costs are R&D expenses.
Current report
R&D expenses decreased $18.9 million, or 28%, to $47.8 million for the six months ended June 30, 2024. The decrease was primarily due to the sale of our development program for CHIKV VLP to Bavarian Nordic in the second quarter of 2023 and reduction in related overhead costs driven by the headcount reductions. The decrease was also driven by a reduction in spend for certain funded projects, excluding Ebanga TM. The decrease was partially offset by write-offs related to program terminations during the period, an increase in the allocation of R&D overhead costs, an increase in severance costs and an increase in funded R&D related to Ebanga TM.
Current report
SG&A expenses decreased $22.1 million, or 11%, to $170.6 million for the six months ended June 30, 2024. The decrease was primarily due to lower employee related expenses and compensation as a result of restructuring initiatives during 2023 and lower professional services fees related to general corporate initiatives, including organizational transformation consulting fees. These decreases were partially offset by higher legal services fees for disputes and strategic corporate initiatives, as well as higher restructuring costs. SG&A expenses as a percentage of total revenues decreased 7 percentage points to 31% for the six months ended June 30, 2024.
Current report
Impairment of long-lived assets decreased $279.5 million, or 91%, to $27.2 million for the six months ended June 30, 2024. The decrease was due to a $27.2 million non-cash impairment charge in the second quarter of 2024 related to our Bayview and Rockville asset groups within the Bioservices reporting unit, compared with a $306.7 million non-cash impairment charge recorded in the second quarter of 2023 related to our Camden, Bayview and Rockville asset groups within the Bioservices reporting unit.
Current report
Interest expense increased $1.4 million, or 3%, to $47.9 million for the six months ended June 30, 2024. The increase was primarily due to interest expense related to the termination of our interest rate swap hedging agreements and one-time debt service costs attributable to the negotiation of the Forbearance Agreement and Sixth Amendment and the Seventh Amendment to the Amended and Restated Credit Agreement, partially offset by lower interest costs related to our syndicated borrowings.
Showing the first 40 of 61 passages. Open the source sections for the rest.
Removed paragraphs (37)
Previous report
Revenues and gross margin
Previous report
Total revenues decreased $78.2 million, or 26%, to $222.2 million for the three months ended March 31, 2025. The decrease was due to decreases in Commercial Products revenue of $73.2 million and Services revenue of $11.3 million, partially offset by increases in Contracts and grants revenue of $5.1 million and MCM Products revenue of $1.2 million.
Previous report
Gross margin decreased $27.3 million to $104.3 million for the three months ended March 31, 2025. Gross margin percentage increased 5 percentage points to 50% for the three months ended March 31, 2025. The decrease in gross margin was due to a decrease in Commercial Products gross margin of $45.7 million, partially offset by increases in MCM Products gross margin of $13.2 million and Services gross margin of $5.2 million. Gross margin and gross margin percentage exclude Contracts and grants revenues because the related costs are R&D expenses.
Previous report
See "Segment Results" for an expanded discussion of revenues and gross margin.
Previous report
Unallocated corporate operating expenses
Previous report
R&D Expenses
Previous report
R&D expenses were consistent at $15.1 million for the three months ended March 31, 2025.
Previous report
SG&A Expenses
Previous report
Interest expense
Previous report
Other, net
Previous report
Cost of Product Sales and Gross Margin
Previous report
Intangible asset amortization allocated to Commercial Products was consistent at $9.5 million for the three months ended March 31, 2025.
Previous report
Commercial Products gross margin decreased $45.7 million, or 80%, to $11.3 million for the three months ended March 31, 2025. Commercial Products gross margin percentage decreased 23 percentage points to 25% for the three months ended March 31, 2025. The decrease was largely due to lower sales of OTC NARCAN® and lower branded NARCAN®sales. Commercial Products segment adjusted gross margin excludes the impact of intangible asset amortization of $9.5 million.
Previous report
Anthrax MCM
Previous report
Smallpox MCM
Previous report
Smallpox MCM sales increased $56.2 million, or 112%, to $106.4 million for the three months ended March 31, 2025. The increase was primarily due to higher ACAM2000® and TEMBEXA® sales due to timing, partially offset by lower VIGIV CNJ-016®, 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 Company delivery of orders that follow.
Previous report
Cost of MCM Product Sales and Gross Margin
Previous report
Intangible asset amortization allocated to MCM Products was consistent at $6.8 million for the three months ended March 31, 2025.
Previous report
Contracts and Grants
Previous report
Revenues and gross margin
Previous report
Gross margin increased $143.7 million to $131.6 million for the three months ended March 31, 2024. Gross margin percentage increased 53 percentage points to 45% for the three months ended March 31, 2024. The increase in gross margin was due to increases in MCM Products gross margin of $111.3 million, Services gross margin of $25.5 million and Commercial Products gross margin of
Previous report
See "Segment Results" for an expanded discussion of revenues and gross margin.
Previous report
Unallocated corporate operating expenses
Previous report
R&D Expenses
Previous report
SG&A Expenses
Previous report
Interest expense
Previous report
Interest expense increased $6.4 million, or 36%, to $24.3 million for the three months ended March 31, 2024. The increase was primarily due to an increase in amortization of debt service costs related to fees incurred in connection with the amendments associated with the Prior Credit Agreement and the Forbearance Agreement and Amendment dated February 29, 2024, partially offset by lower interest costs on the Company’s syndicated borrowings as a result of principal payments during 2023.
Previous report
Other, net
Previous report
Cost of Product Sales and Gross Margin
Previous report
Cost of Commercial Product sales increased $6.3 million, or 14%, to $52.1 million for the three months ended March 31, 2024. The increase was primarily due to higher sales of OTC NARCAN®, which was launched during the third quarter of 2023, partially offset by lower Canadian retail sales of branded NARCAN®.
Previous report
Anthrax MCM
Previous report
Smallpox MCM
Previous report
Cost of MCM Product Sales and Gross Margin
Previous report
Cost of MCM product sales increased $6.8 million, or 12%, to $62.2 million for the three months ended March 31, 2024. The increase was primarily due to higher sales of BAT®, VIGIV, BioThrax® and CYFENDUS®, partially offset by a decrease in shutdown costs.
Previous report
Intangible asset amortization allocated to MCM Products increased $0.1 million, or 1%, to $6.8 million for the three months ended March 31, 2024. The increase was due to an increase in amortization expense for intangible assets related to Ebanga TM, which were acquired during the second half of 2023.
Previous report
Services revenues increased $4.1 million, or 28%, to $18.5 million for the three months ended March 31, 2024. The increase was driven by an increase in production at the Company's Camden facility, partially offset by decreases in production at the Company’s Canton and Winnipeg facilities.
Previous report
Contracts and Grants
Reworded paragraphs (47)
Previous wording
We are currently focused on the following four PHT categories: chemical, biological, radiological, nuclear and explosives (“CBRNE”); emerging infectious diseases (“EID”); emerging health crises; and acute, emergency and community care. We have a portfolio of 10 products that contribute a substantial portion of our revenue and are sold to government and commercial customers. Additionally, we have a development pipeline consisting of a diversified mix of both pre-clinical and clinical stage product candidates. Finally, we have a fully integrated portfolio of CDMO services which cover development services, drug substance manufacturing and drug product manufacturing and packaging.
Current wording
We are currently focused on the following four PHT categories: chemical, biological, radiological, nuclear and explosives (“CBRNE”); emerging infectious diseases (“EID”); emerging health crises; and acute, emergency and community care. We have a portfolio of 11 products, 10 of which are owned by the Company, that contribute a substantial portion of our revenue and are sold to government and commercial customers. Additionally, we have a development pipeline consisting of a diversified mix of both pre-clinical and clinical stage product candidates. Finally, we have a fully integrated portfolio of CDMO services which cover development services, drug substance manufacturing and drug product manufacturing and packaging.
Previous wording
The Company structures the business with a focus on markets and customers. As such, the key components of the business structure include the following four product and service categories: NARCAN®commercial product, Anthrax - Medical Countermeasures (“MCM”) Products, Smallpox - MCM products and Emergent Bioservices (CDMO) services (“Bioservices”).
Current wording
The Company structures the business with a focus on markets and customers. As such, the key components of the business structure include the following four product and service categories: Anthrax - Medical Countermeasures (“MCM”) products, Naloxone commercial products, Smallpox - MCM products and Emergent Bioservices (CDMO) (“Bioservices”).
Previous wording
The Company manages the business with a focus on three operating segments: (1) a Commercial Products segment consisting of NARCAN®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. Commercial Products and MCM Products are our two reportable segments (see Note 17, “Segment information” in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1, of this Form 10-Q for more information on our reportable segments).
Current wording
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. Commercial Products and MCM Products are our two reportable segments (see Note 17, “Segment information” in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1, of this Form 10-Q for more information on our reportable segments).
Previous wording
On January 14, 2025, the Company announced an agreement with Hikma Pharmaceuticals Inc. (“Hikma”) in which the Company obtained exclusive commercial rights for product sales and marketing in the United States and Canada to Hikma’s KLOXXADO® (Naloxone HCl) Nasal Spray, an 8 mg naloxone agent.
Current wording
•KLOXXADO®(naloxone HCl) Nasal Spray. On January 14, 2025, the Company announced an agreement with Hikma Pharmaceuticals Inc. (“Hikma”) in which the Company obtained exclusive commercial rights for product sales and marketing in the United States and Canada to Hikma’s KLOXXADO® (naloxone HCl) Nasal Spray, an 8 mg naloxone agent.
Previous wording
•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;
Current wording
•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; and
Previous wording
•Ebanga™ (ansuvimab-zykl), 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™; and
Current wording
•Ebanga™ (ansuvimab-zykl), 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™.
Previous wording
•Trobigard® atropine sulfate, obidoxime chloride auto-injector, a combination drug-device auto-injector procured product candidate that contains atropine sulfate and obidoxime chloride. On April 2, 2024, the Belgium Federal Agency for Medicines and Health Products (“FAMHP”) acknowledged and confirmed Emergent’s request to revoke the Market Authorization for the Trobigard Auto-Injector.
Current wording
On April 2, 2024, the Belgium Federal Agency for Medicines and Health Products (“FAMHP”) acknowledged and confirmed Emergent’s request to revoke the Market Authorization for the Trobigard Auto-Injector.
Previous wording
The Company’s 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”. See Note 17, “Segment information” in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1, of this Form 10-Q for more information about the Company’s reportable segments.
Current wording
As of the first quarter of 2025, the Company’s Services operating segment no longer met 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”. See Note 17, “Segment information” in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1, of this Form 10-Q for more information about the Company’s reportable segments.
Previous wording
In May 2024, the Company initiated the May 2024 Plan. These strategic actions led to a reduction of the Company’s workforce by approximately 300 employees across all areas of the Company and the elimination of approximately 85 positions that were vacant, as well as the closure of the Company’s Baltimore-Bayview Drug Substance manufacturing facility and Rockville, Maryland Drug Product facility. Decisions regarding the elimination of positions and the closure of manufacturing facilities were subject to local law and consultation requirements in certain countries, as well as the Company’s business needs. The cumulative amount of restructuring charge related to the May 2024 Plan since inception is $19.1 million. All activities related to the May 2024 Plan were substantially completed during the third quarter of 2024. Restructuring costs are recognized as an operating expense within the Condensed Consolidated Statement of Operations and are classified based on the Company's classification policy for each category of operating expense.
Current wording
In May 2024, the Company initiated the May 2024 Plan. These strategic actions led to a reduction of the Company’s workforce by approximately 300 employees across all areas of the Company and the elimination of approximately 85 positions that were vacant, as well as the closure of the Company’s Baltimore-Bayview Drug Substance manufacturing facility and Rockville, Maryland Drug Product facility. Decisions regarding the elimination of positions and the closure of manufacturing facilities were subject to local law and consultation requirements in certain countries, as well as the Company’s business needs. The cumulative amount of restructuring charge related to the May 2024 Plan since inception is $18.2 million. All activities related to the May 2024 Plan were substantially completed during the third quarter of 2024. Restructuring costs are recognized as an operating expense within the Condensed Consolidated Statement of Operations and are classified based on the Company's classification policy for each category of operating expense.
Previous wording
In August 2024, the Company initiated an organizational restructuring plan (the “August 2024 Plan”) at the Company’s Lansing facility, which reduced the Company’s workforce by approximately 70 employees, as well eliminated several open positions. The Company also implemented non-labor optimization efforts, such as reducing the Company’s external and vendor spend. The cumulative amount of restructuring charges related to the August 2024 Plan since inception is $2.7 million. All activities related to the August 2024 Plan are expected to be substantially completed during the fourth quarter of 2024. Restructuring costs are recognized as an operating expense within the Condensed Consolidated Statement of Operations and are classified based on the Company's classification policy for each category of operating expense.
Current wording
In August 2024, the Company initiated an organizational restructuring plan (the “August 2024 Plan”) at the Company’s Lansing facility, which reduced the Company’s workforce by approximately 70 employees, as well eliminated several open positions. The Company also implemented non-labor optimization efforts, such as reducing the Company’s external and vendor spend. The cumulative amount of restructuring charges related to the August 2024 Plan since inception is $2.5 million. All activities related to the August 2024 Plan are expected to be substantially completed during the fourth quarter of 2024. Restructuring costs are recognized as an operating expense within the Condensed Consolidated Statement of Operations and are classified based on the Company's classification policy for each category of operating expense.
Previous wording
On September 12, 2024, the Company and the lead plaintiffs in stockholder litigation against the Company entered into an agreement in principle to settle the claims against the Company and each of the Company’s current and former officers and directors. On October 4, 2024, the Court granted preliminary approval of the proposed settlement, ordered notice to the settlement class and scheduled a fairness hearing for February 27, 2025. On February 27, 2025, the court granted final approval of a settlement between the Company and lead plaintiffs. Under the settlement, the claims against the Company and its officers and directors were dismissed with prejudice and released in exchange for a payment from the Company of $40.0 million, $30.0 million of which was paid from insurance proceeds, and was funded in the fourth quarter of 2024. The Company recorded the settlement and insurance recoverable amounts as pre-tax operating expense and income, respectively, within “Selling, general and administrative” expenses on the Consolidated Statement of Operations for the year ended December 31, 2024.
Current wording
On September 12, 2024, the Company and the lead plaintiffs in stockholder litigation against the Company entered into an agreement in principle to settle the claims against the Company and each of the Company’s current and former officers and directors. On October 4, 2024, the Court granted preliminary approval of the proposed settlement, ordered notice to the settlement class and scheduled a fairness hearing for February 27, 2025. On February 27, 2025, the court granted final approval of a settlement between the Company and the lead plaintiffs. Under the settlement, the claims against the Company and its officers and directors were dismissed with prejudice and released in exchange for a payment from the Company of $40.0 million, $30.0 million of which was paid from insurance proceeds, and was funded in the fourth quarter of 2024. The Company recorded the settlement and insurance recoverable amounts as pre-tax operating expense and income, respectively, within “Selling, general and administrative” expenses on the Consolidated Statement of Operations for the year ended December 31, 2024.
Previous wording
We generate Commercial Product revenues through sale of NARCAN® Nasal Spray, which is sold commercially over-the-counter at retail pharmacies and digital commerce websites as well as through physician-directed or standing order prescriptions at retail pharmacies, health departments, local law enforcement agencies, community-based organizations, substance abuse centers and other federal agencies. In addition, we previously generated Commercial product revenues through sale of the Company's travel health products, which we sold to Bavarian Nordic in May 2023.We generate MCM Product revenues from the sale of our marketed products and procured product candidates. The U.S. government (“USG”) is the largest purchaser of our Government - MCM products and primarily purchases our products for the Strategic National Stockpile, a national repository of medical countermeasures including critical antibiotics, vaccines, chemical antidotes, antitoxins, and other critical medical supplies. The USG primarily purchases our products under long-term, firm fixed-price procurement contracts, generally with annual options.
Current wording
We generate Commercial Product revenues through the sale of Naloxone products, primarily NARCAN® Nasal Spray, which is sold commercially over-the-counter at retail pharmacies and digital commerce websites as well as through physician-directed or standing order prescriptions at retail pharmacies, health departments, local law enforcement agencies, community-based organizations, substance abuse centers and other federal agencies, as well as KLOXXADO®Nasal Spray, which is currently being integrated into our distribution network, NARCANDirect®. We generate MCM Product revenues from the sale of our marketed products and procured product candidates. The U.S. government (“USG”) is the largest purchaser of our Government - MCM products and primarily purchases our products for the Strategic National Stockpile, a national repository of medical countermeasures including critical antibiotics, vaccines, chemical antidotes, antitoxins, and other critical medical supplies. The USG primarily purchases our products under long-term, firm fixed-price procurement contracts, generally with annual options.
Previous wording
Commercial and MCM Products - The primary expenses that we incur to deliver our NARCAN® and MCM products consist of fixed and variable costs. We determine the cost of product sales for products sold during a reporting period based on the average manufacturing cost per unit in the period those units were manufactured. Fixed manufacturing costs include facilities, utilities and amortization of intangible assets. Variable manufacturing costs primarily consist of costs for materials and personnel-related expenses for direct and indirect manufacturing support staff, contract manufacturing operations, sales-based royalties, shipping and logistics. In addition to the fixed and variable manufacturing costs described above, the cost of product sales depends on utilization of available manufacturing capacity. For our commercial sales, other associated expenses include sales-based royalties, shipping, and logistics.
Current wording
Commercial and MCM Products - The primary expenses that we incur to deliver our Naloxone and MCM products consist of fixed and variable costs. We determine the cost of product sales for products sold during a reporting period based on the average manufacturing cost per unit in the period those units were manufactured. Fixed manufacturing costs include facilities, utilities and amortization of intangible assets. Variable manufacturing costs primarily consist of costs for materials and personnel-related expenses for direct and indirect manufacturing support staff, contract manufacturing operations, sales-based royalties, shipping and logistics. In addition to the fixed and variable manufacturing costs described above, the cost of product sales depends on utilization of available manufacturing capacity. For our commercial sales, other associated expenses include sales-based royalties, shipping, and logistics.
Previous wording
SG&A expenses decreased $32.3 million, or 38%, to $52.4 million for the three months ended March 31, 2025. The decrease was primarily due to decreases in compensation and other employee costs as a result of the restructuring initiatives that began during the first quarter of 2023, a reduction in marketing costs, lower professional services fees related to general corporate initiatives in the prior year, including organizational transformation consulting fees and lower legal service fees. SG&A expenses as a percentage of total revenues decreased 5 percentage points to 24% for the three months ended March 31, 2025.
Current wording
SG&A expenses decreased $42.2 million, or 49%, to $43.7 million for the three months ended June 30, 2025. The decrease was primarily due to an improvement of $21.2 million in professional services fees related to general corporate initiatives in the prior year and legal service fees, coupled with a $17.4 million reduction in compensation and other employee related costs as a result of the restructuring initiatives that began during the first quarter of 2023 and a decrease in marketing costs. SG&A expenses as a percentage of total revenues decreased 3 percentage points to 31% for the three months ended June 30, 2025.
Previous wording
Income tax provision decreased $22.5 million to $3.1 million for the three months ended March 31, 2024. The decrease was primarily due to a change in jurisdictional mix of income and losses.
Current wording
Income tax provision (benefit) decreased $18.1 million, or (136)%, to $4.8 million for the three months ended June 30, 2025. The decrease was primarily due to a change in jurisdictional mix of income and losses, and a decrease of profitability in the second quarter of 2025 relative to the first quarter.
Previous wording
SG&A expenses decreased $16.6 million, or 16%, to $84.7 million for the three months ended March 31, 2024. The decrease was primarily due to decreases in compensation and other employee costs as a result of the restructuring initiatives that began during the first quarter of 2023 and a reduction in professional services fees related to general corporate initiatives in the prior year, including organizational transformation consulting fees. These decreases were partially offset by an increase in marketing expenses related to the launch of OTC NARCAN® and higher legal services fees. SG&A expenses as a percentage of total revenues decreased 33 percentage points to 28% for the three months ended March 31, 2024.
Current wording
SG&A expenses decreased $74.5 million, or 44%, to $96.1 million for the six months ended June 30, 2025. The decrease was primarily due to an improvement of $34.2 million in compensation and other employee related costs as a result of the restructuring initiatives that began during the first quarter of 2023 and a reduction of $30.6 million for professional services fees related to general corporate initiatives in the prior year and legal service fees, coupled with a decrease in marketing costs. SG&A expenses as a percentage of total revenues decreased 4 percentage points to 26% for the six months ended June 30, 2025.
Previous wording
Interest expense decreased $9.6 million, or 40%, to $14.7 million for the three months ended March 31, 2025. The decrease was primarily due to lower interest costs related to our syndicated borrowings and lower amortization of debt service costs, partially offset by higher interest expense related to our Term Loan Agreement.
Current wording
Interest expense decreased $18.5 million, or 39%, to $29.4 million for the six months ended June 30, 2025. The decrease was primarily due to lower interest costs related to our syndicated borrowings and lower amortization of debt service costs, partially offset by higher interest expense related to our Term Loan Agreement.
Previous wording
Loss on assets held for sale was $12.2 million for the three months ended March 31, 2025. The loss on assets held for sale is related to warehouse space in Maryland.
Current wording
Loss on assets held for sale decreased $27.8 million, or 70%, to $12.2 million for the six months ended June 30, 2025. The loss on assets held for sale in the current period is related to warehouse space in Maryland and in the prior period it is related to the Camden Transaction, which closed during the third quarter of 2024.
Previous wording
Other, net went from $3.4 million in expense to $69.7 million in income for the three months ended March 31, 2025. The change of $73.1 million is primarily attributable to the $50.0 million of income associated with development milestone achievements related to CHIK VLP coupled with a gain on remeasurement of the Warrant liability of $9.5 million, a gain on the sale of the Company’s Baltimore-Bayview Facility to Syngene of $7.9 million and a one time write off of an equity method investment in the prior period.
Current wording
Other, net went from $6.1 million in expense to $66.0 million in income for the six months ended June 30, 2025. The change of $72.1 million is primarily attributable to the $50.0 million of income associated with development milestone achievements related to CHIK VLP coupled with a gain on the sale of the Company’s Baltimore-Bayview Facility, a gain on remeasurement of the Warrant liability, favorable foreign currency exchange revaluations, and a one-time write off of an equity method investment in the first quarter of 2024.
Previous wording
Income tax provision increased $21.6 million to $24.7 million for the three months ended March 31, 2025. The increase was primarily due to a change in jurisdictional mix of income and losses, reflecting a higher U.S. profitability in the first quarter of 2025 relative to the remaining forecasted quarters.
Current wording
Income tax provision (benefit) increased $3.5 million, or 21%, to $19.9 million for the six months ended June 30, 2025. The increase was primarily due to a change in jurisdictional mix of income and losses, reflecting a higher U.S. profitability in the second quarter of 2025 relative to 2024.
Previous wording
NARCAN® sales decreased $73.2 million, or 62%, to $45.3 million for the three months ended March 31, 2025. The decrease was primarily driven by lower sales of OTC NARCAN® and lower Canadian retail sales of branded NARCAN®, primarily driven by an unfavorable price and volume mix.
Current wording
NARCAN® sales decreased $52.5 million, or 44%, to $67.5 million for the three months ended June 30, 2025. The decrease was primarily driven by lower sales of OTC NARCAN® and lower Canadian sales of branded NARCAN®, primarily driven by an unfavorable price and volume mix.
Previous wording
Commercial Products gross margin increased $6.9 million, or 14%, to $57.0 million for the three months ended March 31, 2024. Commercial Products gross margin percentage increased 1 percentage point to 48% for the three months ended March 31, 2024. The increase was largely due to the higher sales of OTC NARCAN® and lower branded NARCAN®sales. Commercial Products segment adjusted gross margin excludes the impact of intangible asset amortization of $9.4 million.
Current wording
Commercial Products gross margin decreased $35.4 million, or 62%, to $21.7 million for the three months ended June 30, 2025. Commercial Products gross margin percentage decreased 16 percentage points to 32% for the three months ended June 30, 2025. The decrease was largely due to lower sales of OTC NARCAN® and lower branded NARCAN®sales, as well as an unfavorable price and volume mix. Commercial Products segment adjusted gross margin in the current year period excludes the impact of intangible asset amortization of $9.4 million and restructuring costs of $0.2 million.
Previous wording
Cost of Commercial Product sales decreased $27.6 million, or 53%, to $24.5 million for the three months ended March 31, 2025. The decrease was primarily due to lower sales of OTC NARCAN® and lower Canadian retail sales of branded NARCAN®.
Current wording
NARCAN® sales decreased $125.7 million, or 53%, to $112.8 million for the six months ended June 30, 2025. The decrease was primarily driven by lower sales of OTC NARCAN® and lower Canadian sales of branded NARCAN®, primarily driven by an unfavorable price and volume mix.
Previous wording
MCM Product gross margin increased $111.3 million to $86.4 million for the three months ended March 31, 2024. MCM Product gross margin percentage increased 123 percentage points to 56% for the three months ended March 31, 2024. The increase in gross margin percentage was primarily due to a favorable sales mix which was weighted more heavily towards higher margin products and a decrease in shutdown costs compared to the prior quarter. MCM Product segment adjusted gross margin excludes the impacts of intangible asset amortization of $6.8 million, non-cash items related to changes in the fair value of contingent consideration of $0.5 million and restructuring costs of $(0.1) million.
Current wording
MCM Product gross margin increased $0.3 million, or 1%, to $25.8 million for the three months ended June 30, 2025. MCM Product gross margin percentage increased 4 percentage points to 44% for the three months ended June 30, 2025. The increase in gross margin percentage was primarily due to a favorable sales mix which was weighted more heavily towards higher margin products and a decrease in shutdown costs compared with the second quarter of 2024. MCM Product segment adjusted gross margin in the current year period excludes the impacts of intangible asset amortization of $6.8 million and restructuring costs of $(0.4) million.
Previous wording
Anthrax MCM sales decreased $8.0 million, or 14%, to $47.9 million for the three months ended March 31, 2025. The decrease reflects the impact of the timing of sales related to CYFENDUS®, partially offset by the timing of sales related to Anthrasil®. 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 Company delivery of orders that follow.
Current wording
Anthrax MCM sales decreased $35.1 million, or 37%, to $59.5 million for the six months ended June 30, 2025. The decrease reflects the impact of the timing of sales related to CYFENDUS®, partially offset by the timing of sales related to Anthrasil®and BioThrax®. 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 Company delivery of orders that follow.
Previous wording
Smallpox MCM sales increased $43.0 million to $50.2 million for the three months ended March 31, 2024. The increase was primarily due to higher VIGIV CNJ-016® and ACAM2000® 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 Company delivery of orders that follow.
Current wording
Smallpox MCM sales increased $78.9 million, or 116%, to $147.0 million for the six months ended June 30, 2025. The increase was primarily due to higher VIGIV CNJ-016®, ACAM2000® and TEMBEXA® 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 Company delivery of orders that follow.
Previous wording
Other Products sales decreased $47.0 million, or 95%, to $2.3 million for the three months ended March 31, 2025. The decrease was primarily due to lower BAT® sales due to timing and no RSDL® product sales due to the sale of RSDL® to SERB.
Current wording
Other Products sales decreased $47.6 million, or 85%, to $8.5 million for the six months ended June 30, 2025. The decrease was primarily due to lower BAT® sales due to timing and no RSDL® product sales in the current year period due to the sale of RSDL® to SERB in the third quarter of 2024.
Previous wording
Cost of MCM product sales decreased $12.0 million, or 19%, to $50.2 million for the three months ended March 31, 2025. The decrease was primarily due to lower sales of BAT® and CYFENDUS®, due to timing, coupled with no RSDL® product sales due to the sale of RSDL® to SERB, partially offset by an increase in Anthrasil®and ACAM2000® sales, due to timing.
Current wording
Cost of MCM product sales decreased $17.3 million, or 19%, to $76.0 million for the six months ended June 30, 2025. The decrease was primarily due to lower sales of BAT® and CYFENDUS® due to timing, no RSDL® product sales due to the sale of RSDL® to SERB in the third quarter of 2024, lower shut-down costs and lower Raxibacumab inventory reserves, partially offset by an increase in Anthrasil® and VIGIV CNJ-016®due to timing, and TEMBEXA®sales due to higher unit volume.
Previous wording
MCM Product gross margin increased $13.2 million, or 15%, to $99.6 million for the three months ended March 31, 2025. MCM Product gross margin percentage increased 8 percentage points to 64% for the three months ended March 31, 2025. The increase in gross margin percentage was primarily due to a favorable sales mix which was weighted more heavily towards higher margin products and a decrease in shutdown costs compared to the prior quarter. MCM Product segment adjusted gross margin excludes the impacts of intangible asset amortization of $6.8 million, the inventory step-up provision of $1.8 million and restructuring costs of $(0.8) million.
Current wording
MCM Product gross margin increased $13.5 million, or 12%, to $125.4 million for the six months ended June 30, 2025. MCM Product gross margin percentage increased 7 percentage points to 58% for the six months ended June 30, 2025. The increase in gross margin percentage was primarily due to a favorable sales mix which was weighted more heavily towards higher margin products and a decrease in shutdown costs compared with the prior year period. MCM Product segment adjusted gross margin in the current year period excludes the impacts of intangible asset amortization of $13.6 million, inventory step-up provision of $1.8 million and restructuring costs of $(1.2) million.
Previous wording
Contracts and grants revenue increased $5.1 million, or 64%, to $13.1 million for the three months ended March 31, 2025. The increase was due to development work in connection with Ebanga TM.
Current wording
Contracts and grants revenue increased $4.0 million, or 61%, to $10.6 million for the three months ended June 30, 2025. The increase was due to development work in connection with Ebanga TM.
Previous wording
Services revenues decreased $11.3 million, or 61%, to $7.2 million for the three months ended March 31, 2025. The decrease was driven by revenue from the Company’s Camden facility in the prior period, which was sold to Bora in the third quarter of 2024, partially offset by an increase in production at the Company's Winnipeg facility.
Current wording
Services revenues decreased $71.6 million, or 86%, to $11.6 million for the six months ended June 30, 2025. The decrease was primarily attributable to the one time $50.0 million arbitration settlement with Janssen related to the Settlement Agreement, coupled with a decrease in revenue from the Company’s Camden facility in the current year period, which was sold to Bora in the third quarter of 2024, partially offset by an increase in production at the Company's Winnipeg facility.
Previous wording
Contracts and grants revenue increased $1.5 million, or 23%, to $8.0 million for the three months ended March 31, 2024. The increase was due to development work in connection with Ebanga TM, partially offset by the close out of other development initiatives.
Current wording
Contracts and grants revenue increased $9.1 million, or 62%, to $23.7 million for the six months ended June 30, 2025. The increase was due to development work in connection with Ebanga TM.
Previous wording
$6.9 million. Gross margin and gross margin percentage exclude Contracts and grants revenues because the related costs are R&D expenses.
Current wording
Gross margin decreased $188.9 million, or 152%, to $(64.3) million for the three months ended June 30, 2024. Gross margin percentage decreased 64 percentage points to (26)% for the three months ended June 30, 2024. The decrease in gross margin was due to decreases in Services gross margin of $120.3 million, MCM Products gross margin of $51.6 million and Commercial Products gross margin of $17.0 million. Gross margin and gross margin percentage exclude Contracts and grants revenues because the related costs are R&D expenses.
Previous wording
R&D expenses decreased $25.6 million, or 63%, to $15.1 million for the three months ended March 31, 2024. The decrease was primarily due to the sale of our development program for CHIKV VLP to Bavarian Nordic and reduction in related overhead costs, as well as a reduction in overhead costs driven by the headcount reductions as a result of restructuring. The decrease was partially offset by an increase in expense related to development activities for Ebanga TM.
Current wording
R&D expenses increased $6.7 million, or 26%, to $32.7 million for the three months ended June 30, 2024. The increase was primarily due to write-offs related to program terminations during the period and an increase in R&D overhead and severance costs. The increase was partially offset by the sale of our development program for CHIKV VLP to Bavarian Nordic and reduction in related overhead costs driven by the headcount reductions and an overall decrease in spend for funded projects.
Previous wording
Total revenues increased $136.1 million, or 83%, to $300.4 million for the three months ended March 31, 2024. The increase was due to increases in MCM Products revenue of $118.2 million, Commercial Products revenue of $12.3 million, Services revenue of $4.1 million and Contracts and grants revenue of $1.5 million.
Current wording
Total revenues increased $52.9 million, or 11%, to $555.1 million for the six months ended June 30, 2024. The increase was due increases in Services revenue of $39.7 million, MCM Products revenue of $17.3 million and Contracts and grants revenue of $1.5 million, partially offset by a decrease Commercial Products revenue of $5.6 million.
Previous wording
Intangible asset amortization allocated to Commercial Products decreased $0.9 million, or 9%, to $9.4 million for the three months ended March 31, 2024. The decrease was due to lower amortization expense resulting from the intangibles sold as part of our travel health business to Bavarian Nordic during the second quarter of 2023.
Current wording
Intangible asset amortization decreased $0.6 million, or 2%, to $32.5 million for the six months ended June 30, 2024. The decrease was due to a decrease in amortization expense resulting from the intangibles sold with our travel health business to Bavarian Nordic, partially offset by an increase in amortization expense for the intangible asset related to Ebanga TM.
Previous wording
Other, net went from $4.9 million in income to $3.4 million in expense for the three months ended March 31, 2024. The change of $8.3 million, or 169%, is primarily attributable to lower interest income due to lower balances in our money market accounts, coupled with a write-off of an equity method investment.
Current wording
Other, net went from $1.3 million in income to $6.1 million in expense for the six months ended June 30, 2024. The change of $7.4 million was primarily attributable to lower interest income, due to lower balances in our money market accounts and a write-off of an equity method investment.
Previous wording
Other commercial products sales decreased $5.8 million, or 100%, to no sales for the three months ended March 31, 2024. The Company sold Vivotif® and Vaxchora® to Bavarian Nordic as part of our travel health business during the second quarter of 2023.
Current wording
Other commercial products sales decreased $4.0 million, or 100%, to no sales for the three months ended June 30, 2024. The Company sold Vivotif® and Vaxchora® to Bavarian Nordic as part of our travel health business during the second quarter of 2023.
Previous wording
NARCAN® sales increased $18.1 million, or 18%, to $118.5 million for the three months ended March 31, 2024. The increase was primarily driven by higher branded NARCAN®sales to U.S. public interest channels and sales of OTC NARCAN®, partially offset by lower Canadian retail sales of branded NARCAN®.
Current wording
NARCAN® sales increased $4.2 million, or 2%, to $238.5 million for the six months ended June 30, 2024. The increase was primarily driven by higher NARCAN® sales to U.S. public interest channels and higher sales of OTC NARCAN®, partially offset by lower Canadian retail sales.
Previous wording
Anthrax MCM sales increased $34.0 million, or 155%, to $55.9 million for the three months ended March 31, 2024. The increase reflects the impact of timing of sales related to CYFENDUS®and BioThrax®. 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 Company delivery of orders that follow.
Current wording
Anthrax MCM sales increased $17.6 million, or 83%, to $38.7 million for the three months ended June 30, 2024. The increase reflects the impact of timing of sales related to CYFENDUS® and BioThrax®, partially offset by a decrease in Anthrasil® sales, 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.
Showing the first 40 of 47 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
On March 31, 2025, the Company announced that its Board of Directors had authorized the repurchase of up to $50.0 million of the Company’s common stock (the “2025 Share Repurchase Program”) on or before March 27, 2026. During the three and six months ended June 30, 2025, the Company utilized $6.9 million to repurchase 1.1 million shares at an average price of $6.12 per share, excluding commissions and excise taxes. As of June 30, 2025, we had $43.1 million available to repurchase shares under the 2025 Share Repurchase Program.
Current report — wording carried from elsewhere
Loss on assets held for sale
Current report — wording carried from elsewhere
Other, net went from $3.6 million in expense to $2.7 million in expense for the three months ended June 30, 2024. The change of $0.9 million, or 25%, was primarily attributable to lower interest income, due to lower balances in our money market accounts.
Current report — wording carried from elsewhere
Other commercial products sales decreased $9.8 million, or 100%, to no sales for the six months ended June 30, 2024. The Company sold Vivotif® and Vaxchora® to Bavarian Nordic as part of our travel health business during the second quarter of 2023.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Exclusive commercial rights to KLOXXADO® distribution in the U.S. and Canada
Previous report — wording carried elsewhere
On March 31, 2025, the Company announced that its Board of Directors had authorized the 2025 Share Repurchase Program to repurchase up to $50 million of the Company’s common stock on or before March 27, 2026. Repurchases under the 2025 Share Repurchase Program may be made from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased will be determined by the Company’s management based on its evaluation of market conditions and other factors, including the market price of the Company’s common shares, macroeconomic environment and other investment opportunities, consistent with the Company’s insider trading policy. The 2025 Share Repurchase Program may be suspended or discontinued at any time. As of March 31, 2025, the Company has not made any repurchases under this program.