Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table presents segment information provided to the CODM, along with a reconciliation of segment adjusted gross margin to loss before income taxes as reported in the Consolidated Statement of Operation for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
Revenues:
Commercial Products	$	226.1	$	398.9	$	497.3
MCM Products	456.7		509.8		447.2
Reconciliation of revenue:
All other revenues (1)	60.1		134.9		104.8
Total revenues	$	742.9	$	1,043.6	$	1,049.3

Cost of sales reportable segments:
Commercial Products (2)	$	129.9	$	185.9	$	210.3
MCM Product (3)	158.7		205.4		295.9
Total of reportable segments	288.6		391.3		506.2









Segment adjusted gross margin reportable segments:
Commercial Products	$	96.2	$	213.0	$	287.0
MCM Products	298.0		304.4		151.3
Total of reportable segments	$	394.2	$	517.4	$	438.3

Reconciliation to income (loss) before income tax:
All other revenues less other costs of revenue (1)	$	27.1	$	(30.7)	$	(76.3)
Amortization of intangible assets	(65.1)		(65.1)		(65.6)
Restructuring benefits (costs)	0.8		(7.4)		(14.0)
Inventory step-up provision	(5.4)		(6.2)		(3.9)
Changes in fair value of financial instruments	—		(0.6)		(0.2)
Settlement charge, net	—		(110.2)		—
Goodwill impairment	—		—		(218.2)
Impairment of long-lived assets	(12.2)		(27.2)		(306.7)
Research and development	(53.2)		(70.7)		(111.4)
Selling, general and administrative	(186.1)		(308.0)		(368.4)
Interest expense	(59.3)		(71.0)		(87.9)
Gain on sale of business	—		24.3		74.2
Gain (loss) on debt extinguishment	(12.2)		0.6		2.5
Other, net	54.2		11.9		6.4
Income (loss) before income taxes	$	82.8	$	(142.9)	$	(731.2)






(1) "All other revenues" and "All other revenue less other cost of revenue" include Services and Contracts and grants revenue, and Services and Contracts and grants revenue less Cost of services, respectively.
(2) Excludes $0.2 million restructuring costs for the year ended December 31, 2025.
(3) Excludes $— million, $0.6 million and $0.2 million of changes in fair value of financial instruments, $(1.0) million, $7.2 million, and $5.6 million restructuring costs (benefits), and $5.4 million, $6.2 million and $3.9 million of inventory step-up provision during the years ended December 31, 2025, 2024, and 2023, respectively.

Schedule of Segment Reporting Information, by Segment

The following table includes depreciation expense for each reportable segment:


	Year Ended December 31,
	2025		2024		2023
Depreciation from reportable segments:
Commercial Products	$	—	$	—	$	0.3
MCM Products	18.1		20.3		22.8
Items not included in depreciation from reportable segments:
All other segment	3.7		9.9		22.5
Other	8.9		13.5		13.9
Total	$	30.7	$	43.7	$	59.5

Revenue from External Customers by Geographic Areas

The following table includes revenues by country. Revenues have been attributed based on the location of the customer:


	Year Ended December 31,
	2025		2024		2023
Revenue:
United States	$	531.1	$	822.6	$	607.2
Canada	75.0		140.4		224.2
Other	136.8		80.6		217.9
Total revenues	$	742.9	$	1,043.6	$	1,049.3

Long-Lived Assets by Geographic Areas

The following table includes long-lived assets, net by country. Long-lived assets, net includes right-of-use assets and property, plant & equipment, net, excluding software, net:


	December 31,
	2025		2024
Long-lived assets, net:
United States	$	176.0	$	238.0

Canada	32.9		34.5
Other	2.5		2.7
Total Long-lived assets, net	$	211.4	$	275.2

Emergent BioSolutions Inc. 10-K