Simon Lowry
Emergent BioSolutionsAbout Simon Lowry
Simon Lowry, M.D., is Chief Medical Officer and Head of Research & Development at Emergent BioSolutions (EBS). He is 52 and joined the executive team in 2024; his background includes over 25 years in clinical medicine and development, with a medical degree from Cambridge University School of Clinical Medicine and prior industry leadership across rheumatology, oncology, critical care, dermatology/immunology, ophthalmology, and transplant . He was appointed effective November 18, 2024, and is responsible for advancing Emergent’s scientific roadmap across R&D, regulatory, medical affairs, biostatistics, and patient safety . In his initial tenure period, company performance improved with FY 2024 revenues of $1,043.6 million, adjusted EBITDA of $183.1 million, and a lower net loss versus FY 2023; pay-versus-performance disclosures show cumulative TSR value of $17.72 for a $100 initial investment as of 2024 .
Company performance (context for Lowry’s 2024–2025 tenure)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Total Revenues ($USD Millions) | $1,049.3 | $1,043.6 |
| Net Income (Loss) ($USD Millions) | $(760.5) | $(190.6) |
| Adjusted Net Loss ($USD Millions) | $(319.0) | $(12.1) |
| Adjusted EBITDA ($USD Millions) | $(22.3) | $183.1 |
| TSR – $100 Initial Investment (Year-end) | $4.45 | $17.72 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Mysthera Therapeutics AG | Chief Executive Officer | Pre-2024 (end 2024) | Led early-stage development of PIM kinase inhibitors in autoimmune diseases |
External Roles
No additional external board roles disclosed for Lowry in EBS filings or announcements.
Fixed Compensation
| Component | Details for Lowry | Company Program (Context) |
|---|---|---|
| Base Salary | Not disclosed for Lowry in 2024 proxy/8-Ks (not a 2024 NEO) | Executives receive base salary reviewed annually; 2024 increases were ~4–5% for participating NEOs (ex-CEO) |
| Target Bonus % | Not disclosed for Lowry | Annual cash incentive for NEOs (ex-CEO) weighted 90% corporate and 10% individual; payouts 0–150% of target; CEO max 200% |
| Actual Bonus Paid (2024) | Not disclosed for Lowry | Corporate performance factor approved at 140% for 2024 based on stabilization/turnaround achievements |
Notes:
- Lowry was not included among Named Executive Officers in the 2024 Summary Compensation Table; therefore, EBS did not disclose his base salary, bonus target, or actual bonus for 2024 .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual Corporate Objectives (financial & operational) | Corporate 90% (for NEOs ex-CEO); Individual 10% | Targets not disclosed per metric | Overall corporate performance assessed as “Significantly Exceeds” across multiple objectives | Corporate factor 140% for eligible employees | N/A (cash) |
| PSU Cycle 2022–2024 (Adj. EBITDA Margin over 3 years) | 100% to EBITDA margin | Threshold 20.5%; Target 23.5%; Max 26.5% | 6.2% cumulative adjusted EBITDA margin | 0% payout; PSUs forfeited | 3-year performance (ended 12/31/2024) |
Notes:
- EBS identifies Total Revenues, Adjusted EBITDA Margin, and Adjusted Net Income (Loss) as the most important measures linking compensation to performance .
- Lowry’s individual performance metrics and targets are not disclosed; tables above reflect company-wide plan design.
Equity Ownership & Alignment
Equity awards and ownership (SEC filings; grants at hire)
| Item | Detail |
|---|---|
| Initial RSU Grant | 29,482 RSUs granted 12/15/2024; vest in three equal annual installments beginning the day prior to the first anniversary of grant; each RSU represents one share of common stock |
| Initial Stock Option Grant | 40,499 options at $8.48 exercise price (granted 12/15/2024); vest in three equal annual installments beginning the day prior to the first anniversary; option expires 12/14/2031 |
| Beneficial Ownership after grant | Form 4 shows 29,482 common shares (RSUs) beneficially owned after the transaction |
| Insider Filings | Form 3 filed 11/21/2024 confirming officer status ; Form 4 filed 12/17/2024 (RSUs/options); subsequent Form 4 filed 3/10/2025 (details not disclosed here) |
| Ownership Guidelines | Executives must hold equity equal to 2x base salary; 50% retention of net shares until guideline met; stock options do not count; compliance monitored; all directors and executives were in compliance in 2024 |
| Hedging/Pledging | Hedging prohibited; pledging or margin accounts require prior General Counsel approval per Insider Trading Policy |
| Clawback Policy | NYSE-compliant compensation recovery policy (October 2023) requiring recoupment of erroneously awarded incentive compensation after an accounting restatement, on a no-fault basis |
Vesting and selling pressure indicators
- Upcoming vest dates for Lowry’s 12/15/2024 grants (RSUs and options) are the day prior to each anniversary (i.e., expected around 12/14/2025, 12/14/2026, 12/14/2027), which may trigger withholding transactions for RSUs and increase near-term supply; no discretionary sales disclosed to date .
Employment Terms
| Provision | Company Policy (Senior Management Severance Plan & related) |
|---|---|
| Severance (No CIC) | Cash severance expressed as multiple of base salary + target bonus; ranges from 1.25x to 2.00x depending on role; continued benefits (medical/dental/life) for a stated period |
| Severance (Change in Control; double-trigger) | If terminated without cause or for good reason within 18 months of a CIC, lump-sum cash (including pro-rata bonus), accelerated vesting of unvested equity, extended option exercise window, continued benefits; indemnification and advancement of costs; double-trigger applies; no tax gross-ups for 280G/4999 |
| Non-compete / Non-solicit | Participants acknowledge non-compete and non-solicitation obligations (e.g., CEO’s plan acknowledgment: 12-month non-compete/non-solicit); employee ND/NS agreements include a six-month non-solicit and assignment of inventions |
| Insider Trading Policy | Prohibits hedging; pledging requires prior approval; policy filed with 2024 Form 10-K exhibits |
Note: EBS discloses severance multiples by named executives; Lowry’s specific severance multiple is not disclosed. The plan design and double-trigger change-of-control mechanics apply broadly to designated senior management participants .
Investment Implications
- Alignment: Lowry’s equity is primarily at-risk with multi-year vesting and no immediate PSU payout (company PSUs paid 0% for the 2022–2024 cycle), reinforcing long-term performance orientation tied to adjusted EBITDA margin and revenue growth .
- Selling pressure: Upcoming annual vesting of RSUs (and options) beginning around 12/14/2025 could create periodic withholding-related prints; monitor Forms 4 near vest dates for signaling .
- Retention risk: With clawback, strict insider policies, and a double-trigger CIC structure, Lowry’s incentives are aligned with sustained turnaround execution; lack of guaranteed perquisites and no tax gross-ups further support shareholder-friendly governance .
- Execution: His remit includes mpox and broader MCM portfolio science; recent public commentary underscores advancing clinical programs (e.g., brincidofovir) and scientific credibility—monitor R&D milestones as potential catalysts .
