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| Period | Total RPO ($M) | Expected within 24 months ($M) |
|---|---|---|
| Q4 2024 | 393.2 | 348.2 |
| Q1 2025 | 270.4 | 199.3 |
| Q2 2025 | 296.9 | 227.5 |
| Q3 2025 | 322.5 | 259.2 |
| Q4 2025 | 244.4 | 203.8 |
| Q1 2026 | 248 | 210.4 |
| Q2 2026 | 268.7 | 247.7 |
| Period | Printed value ($M) | What was awarded |
|---|---|---|
| ACAM2000 SNS option 2025 | 56 | ASPR option under the 2019 10-year SNS contract (up to about $2.0B if all options exercised) |
| ACAM2000 ASPR Jun 2026 | 52.7 | Contract modification to supply vaccine, ancillaries, and diluent replacement lots. Deliveries expected to begin June 2026 |
| CYFENDUS USG actions 2025 | 30 | 2025 USG contract actions. BARDA procurement options still include 7.5 million to 50.0 million additional doses |
| BioThrax DoW option Jan 2025 | 20 | Third option and modification on the $235.8M IDIQ (base through 30 Sep 2028) |
| BioThrax DoW option Jan 2026 | 21.5 | Option to supply BioThrax to the Department of War in 2026 |
| CNJ-016 VIGIV actions 2025 | 51.9 | 2025 USG contract actions. 2019 HHS award was about $535M over 10 years |
| BAT USG actions 2025 | 62.4 | 2025 USG contract actions. 2020 HHS contract is up to $550M if all options are exercised |
| BAT ASPR May 2026 | 64.5 | ASPR contract modification announced 28 May 2026 |
| TEMBEXA BARDA option Sep 2025 | 17.1 | Procurement option. Novated BARDA contract is up to $680M for up to 1.7 million tablet and suspension formulations |
| Ebanga BARDA Option 2 Jan 2025 | 16.7 | Drug product process and analytical testing validation and long-term stability. 10-year BARDA contract up to $704M |
Fuad El-Hibri founds BioPort (5 Sep 1998) and acquires Michigan's anthrax-vaccine plant. Renamed Emergent BioSolutions in 2004. BioThrax is the franchise.
Emergent IPOs on the NYSE as EBS. The buyer is the US government (DoD and SNS), not ACIP retail.
FDA and HHS halt J&J COVID production at Emergent's Baltimore Bayview plant after contamination findings (Apr 2021). The CDMO expansion thesis breaks. Distressed operator after this.
FDA approves CYFENDUS (anthrax vaccine adsorbed, adjuvanted) on 20 Jul 2023 as a two-dose post-exposure product. Complements BioThrax for BARDA/SNS.