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    Alex [indiscernible] • Wells Fargo & Company

    Alex Zukin is a Managing Director and Senior Equity Research Analyst at Wells Fargo Securities, focused on the software sector with in-depth coverage of leading cloud and SaaS companies such as Salesforce, Adobe, ServiceNow, and Workday. He is recognized for his insightful stock recommendations, ranking among the top 1% of Wall Street analysts by TipRanks, with a historical success rate consistently above 70% and double-digit annualized returns on buy-rated stocks. Zukin joined Wells Fargo in 2019 after a distinguished tenure at RBC Capital Markets, where he established a strong track record in software equities research, and began his analyst career at Morgan Stanley in the early 2000s. Alex holds FINRA Series 7, 63, 86, and 87 licenses and is regularly cited among leading U.S. equity analysts for his sector expertise and investment performance.

    Alex [indiscernible]'s questions to Emergent BioSolutions Inc (EBS) leadership

    Alex [indiscernible]'s questions to Emergent BioSolutions Inc (EBS) leadership • Q3 2024

    Question

    An analyst from Wells Fargo & Company asked for a breakdown of the Q3 NARCAN revenue decline, clarification on recent pricing actions, an update on potential asset sales for properties like Bayview, and an outlook on the company's long-term EBITDA potential given recent cost reductions.

    Answer

    EVP and CFO Rich Lindahl attributed the Q3 NARCAN decline to a $10-$15 million headwind from the prior year's OTC launch, with the remainder driven by product mix and competitive pricing. President and CEO Joe Papa addressed asset sales by stating the company continuously evaluates its site network but made no specific commitments, highlighting Bayview's unique capabilities. Regarding long-term earnings, Papa emphasized the significant operating expense reductions ($65 million in Q3 vs. prior year) while maintaining manufacturing capabilities, but declined to provide 2025 guidance.

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