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Stock-based compensation and stockholders' equity
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Stock-based compensation and stockholders' equity Stock-based compensation and stockholders' equity
Stock-based compensation
The Company’s stock-based compensation expense relates to stock options, performance stock options, restricted stock units, performance stock units and liability classified long-term incentive awards. During the six months ended June 30, 2026, the Company granted stock options to purchase 1.1 million shares of common stock and 4.4 million restricted stock units. The grants were made under the Emergent BioSolutions Inc. Amended and Restated Stock Incentive Plan (the “Emergent Plan”).
During 2024, the Company granted an $8.0 million long-term incentive award, subject to market conditions, with the option to settle in any combination of cash or shares, which is accounted for as a liability classified award. The Company’s performance stock options and the long-term incentive award are valued using Monte Carlo valuation models, and have performance periods of five years to vest based on the Company’s stock price performance. The long-term incentive award is revalued at each reporting period until the award is earned or expires. The Company’s other equity awards typically vest over three equal annual installments beginning on the day prior to the anniversary of the grant date. The performance stock units settle in stock at the end of a one or three-year performance period based on the Company's results compared to the performance criteria. During the six months ended June 30, 2026, 0.1 million stock options, 0.2 million restricted stock units and 0.1 million performance stock units were forfeited prior to the completion of the applicable vesting requirements or expiration.
Stock-based compensation expense, net of forfeitures was recorded in the following financial statement line items:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of products and services sales, net$0.9 $0.3 $1.4 $0.6 
Research and development0.4 0.2 0.6 0.4 
Selling, general and administrative5.6 4.1 6.8 5.1 
Total stock-based compensation expense$6.9 $4.6 $8.8 $6.1 
Stockholders’ equity
Share Repurchase Program
In March 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. In February 2026, the Company reauthorized the 2025 Share Repurchase Program for the repurchase of up to $50.0 million of the Company's common stock (the “Reauthorized Share Repurchase Program”) through March 31, 2027. Repurchases under the Reauthorized 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 stock, macroeconomic environment and other investment opportunities, consistent with applicable law. The Reauthorized Share Repurchase Program may be suspended or discontinued at any time. The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. Excise tax accrued during the three and six months ended June 30, 2026 was $0.1 million and $0.2 million, respectively.
During the three and six months ended June 30, 2026, the Company utilized $9.1 million and $18.2 million, including commissions and excise taxes, to repurchase 1.1 million and 1.9 million shares, respectively. The average price paid, excluding commissions and excise taxes, was $8.38 and $9.21 per share, respectively. As of June 30, 2026, the Company had $37.5 million available to repurchase shares under the Reauthorized Share Repurchase Program.
2024 Warrant Issuance
In connection with the Prior Term Loan Agreement, the Company issued to the lenders Series I Warrants to purchase 1.0 million shares of common stock and Series II Warrants to purchase 1.5 million shares of common stock. The Warrants are currently exercisable and will expire on August 30, 2029. Because the Warrants could be cash settled based on events that are outside the control of the Company, it precludes the Warrants from applying the equity contract scope exception, and so the Warrants are classified as a liability. As of June 30, 2026, the fair value of the Warrants was $12.8 million. See Note 8, “Fair value measurements,” for more information on the accounting treatment and valuation of the Warrants.
As of June 30, 2026, the Company had the following Warrants outstanding to acquire shares of its common stock:
Warrants OutstandingRange of Exercise
 Price per Share		Expiration Date
Warrants issued related to the Prior Term Loan Agreement2.5
$9.88 - $15.72
August 2029
Total2.5
As of June 30, 2026, no Warrants had been exercised or expired.