Emergent BioSolutions (EBS)
Market Price (11/8/2026): $6.05 | Market Cap: $311.1 MilSector: Health Care | Industry: Pharmaceuticals
Emergent BioSolutions (EBS)
Market Price (11/8/2026): $6.05Market Cap: $311.1 MilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30% Attractive yieldFCF Yield is 61% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Vaccine Development, Medical Countermeasures, Show more. | Weak multi-year price returns2Y Excs Rtn is -62% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 19% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 107% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15%, Rev Chg QQuarterly Revenue Change % is -52% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -89% Key risksEBS key risks include [1] a heavy reliance on volatile government contracts, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30% |
| Attractive yieldFCF Yield is 61% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Vaccine Development, Medical Countermeasures, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -62% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 19% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 107% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15%, Rev Chg QQuarterly Revenue Change % is -52% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -89% |
| Key risksEBS key risks include [1] a heavy reliance on volatile government contracts, Show more. |
Qualitative Assessment
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Emergent BioSolutions (EBS) stock has lost about 15% since 7/31/2026 because of the following key factors:
1. Deteriorating Naloxone Franchise Performance and Heightened Competition. Emergent BioSolutions' naloxone product sales have experienced a significant downturn, particularly impacting its NARCAN franchise. In fiscal Q2 2026, NARCAN sales decreased by 22% year-over-year due to an unfavorable U.S. price-volume mix. This trend intensified in fiscal Q3 2026, with naloxone product revenues declining by $31.4 million, or 42%, compared to fiscal Q3 2025, primarily driven by lower sales of OTC NARCAN in U.S. public interest channels. The market has also seen increased competitive pressure from newly approved over-the-counter naloxone competitors such as REXTOVY (approved June 16, 2026) and REZENOPY. This competitive landscape and declining sales prompted a $191.3 million non-cash impairment charge on the NARCAN finite-lived intangible asset in fiscal Q2 2026.
2. Repeated Reductions in Full-Year 2026 Revenue Guidance. Emergent BioSolutions has progressively lowered its revenue outlook for fiscal year 2026, signaling a challenging operating environment and weaker future visibility. Following its fiscal Q2 2026 earnings report in August 2026, management initially cut full-year 2026 revenue guidance from a range of $720 million-$760 million to $645 million-$675 million. This guidance was further reduced in November 2026 with the fiscal Q3 2026 results, to a new range of $600 million-$645 million. These revisions were attributed to softer naloxone pricing and the timing of Medical Countermeasure (MCM) deliveries, with some U.S. government and international MCM sales expected to shift into early fiscal 2027.
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Emergent BioSolutions (EBS) stock has lost about 15% since 7/31/2026 because of the following key factors:
1. Deteriorating Naloxone Franchise Performance and Heightened Competition. Emergent BioSolutions' naloxone product sales have experienced a significant downturn, particularly impacting its NARCAN franchise. In fiscal Q2 2026, NARCAN sales decreased by 22% year-over-year due to an unfavorable U.S. price-volume mix. This trend intensified in fiscal Q3 2026, with naloxone product revenues declining by $31.4 million, or 42%, compared to fiscal Q3 2025, primarily driven by lower sales of OTC NARCAN in U.S. public interest channels. The market has also seen increased competitive pressure from newly approved over-the-counter naloxone competitors such as REXTOVY (approved June 16, 2026) and REZENOPY. This competitive landscape and declining sales prompted a $191.3 million non-cash impairment charge on the NARCAN finite-lived intangible asset in fiscal Q2 2026.
2. Repeated Reductions in Full-Year 2026 Revenue Guidance. Emergent BioSolutions has progressively lowered its revenue outlook for fiscal year 2026, signaling a challenging operating environment and weaker future visibility. Following its fiscal Q2 2026 earnings report in August 2026, management initially cut full-year 2026 revenue guidance from a range of $720 million-$760 million to $645 million-$675 million. This guidance was further reduced in November 2026 with the fiscal Q3 2026 results, to a new range of $600 million-$645 million. These revisions were attributed to softer naloxone pricing and the timing of Medical Countermeasure (MCM) deliveries, with some U.S. government and international MCM sales expected to shift into early fiscal 2027.
3. Substantial Year-over-Year Revenue Decline and Net Loss in Fiscal Q3 2026. The company reported significantly weaker financial results for fiscal Q3 2026 compared to the prior year. Total revenues for fiscal Q3 2026 were $110.0 million, a 52% decrease from $231.1 million in fiscal Q3 2025. This decline led to a net loss of $32.7 million in fiscal Q3 2026, a stark contrast to the net income of $51.2 million reported in fiscal Q3 2025. Furthermore, Adjusted EBITDA for fiscal Q3 2026 was a negative $4.6 million, compared to a positive $92.6 million in the same period last year, reflecting reduced profitability.
4. Executive Leadership Change Amidst Company Transformation. On October 16, 2026, Emergent BioSolutions announced the retirement of its Chief Financial Officer, Richard Lindahl, effective December 31, 2026, with Frank Vargo appointed as interim CFO starting January 1, 2027. This change in a key executive position during a period described by the company as a "multi-year transformation" can introduce investor uncertainty regarding leadership stability and the continuity of strategic initiatives.
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Stock Movement Drivers
Fundamental Drivers
The -16.1% change in EBS stock from 7/31/2026 to 11/7/2026 was primarily driven by a -14.5% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.22 | 6.06 | -16.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 646 | 627 | -3.0% |
| P/S Multiple | 0.6 | 0.5 | -14.5% |
| Shares Outstanding (Mil) | 52 | 51 | 1.2% |
| Cumulative Contribution | -16.1% |
Market Drivers
7/31/2026 to 11/7/2026| Return | Correlation | |
|---|---|---|
| EBS | -16.1% | |
| Market (SPY) | -1.6% | 14.1% |
| Sector (XLV) | 13.7% | 12.9% |
Fundamental Drivers
The -26.4% change in EBS stock from 4/30/2026 to 11/7/2026 was primarily driven by a -18.7% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.23 | 6.06 | -26.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 705 | 627 | -11.1% |
| P/S Multiple | 0.6 | 0.5 | -18.7% |
| Shares Outstanding (Mil) | 52 | 51 | 1.9% |
| Cumulative Contribution | -26.4% |
Market Drivers
4/30/2026 to 11/7/2026| Return | Correlation | |
|---|---|---|
| EBS | -26.4% | |
| Market (SPY) | 2.6% | 11.5% |
| Sector (XLV) | 27.1% | 13.6% |
Fundamental Drivers
The -51.4% change in EBS stock from 10/31/2025 to 11/7/2026 was primarily driven by a -43.9% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.48 | 6.06 | -51.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 751 | 627 | -16.5% |
| P/S Multiple | 0.9 | 0.5 | -43.9% |
| Shares Outstanding (Mil) | 53 | 51 | 3.7% |
| Cumulative Contribution | -51.4% |
Market Drivers
10/31/2025 to 11/7/2026| Return | Correlation | |
|---|---|---|
| EBS | -51.4% | |
| Market (SPY) | 8.7% | 23.3% |
| Sector (XLV) | 29.8% | 18.2% |
Fundamental Drivers
The 190.0% change in EBS stock from 10/31/2023 to 11/7/2026 was primarily driven by a 384.4% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.09 | 6.06 | 190.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,035 | 627 | -39.4% |
| P/S Multiple | 0.1 | 0.5 | 384.4% |
| Shares Outstanding (Mil) | 51 | 51 | -1.2% |
| Cumulative Contribution | 190.0% |
Market Drivers
10/31/2023 to 11/7/2026| Return | Correlation | |
|---|---|---|
| EBS | 190.0% | |
| Market (SPY) | 81.9% | 25.3% |
| Sector (XLV) | 55.4% | 20.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EBS Return | -51% | -73% | -80% | 298% | 29% | -51% | -93% |
| Peers Return | 48% | -2% | 2% | -18% | 1% | 157% | 214% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| EBS Win Rate | 25% | 25% | 25% | 58% | 67% | 36% | |
| Peers Win Rate | 60% | 45% | 42% | 42% | 53% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| EBS Max Drawdown | -74% | -79% | -89% | -61% | -63% | -68% | |
| Peers Max Drawdown | -25% | -40% | -41% | -41% | -34% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SIGA, AMPH, PFE, JNJ, MRNA. See EBS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | EBS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -46.5% | -18.8% |
| % Gain to Breakeven | 87.1% | 23.1% |
| Time to Breakeven | 119 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -38.5% | -7.8% |
| % Gain to Breakeven | 62.6% | 8.5% |
| Time to Breakeven | 9 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -74.0% | -9.5% |
| % Gain to Breakeven | 285.2% | 10.5% |
| Time to Breakeven | 231 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -47.4% | -6.7% |
| % Gain to Breakeven | 90.0% | 7.1% |
| Time to Breakeven | 384 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -23.6% | -33.7% |
| % Gain to Breakeven | 30.9% | 50.9% |
| Time to Breakeven | 28 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.6% | -19.2% |
| % Gain to Breakeven | 18.4% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
In The Past
Emergent BioSolutions's stock fell -46.5% during the 2025 US Tariff Shock. Such a loss loss requires a 87.1% gain to breakeven.
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| Event | EBS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -46.5% | -18.8% |
| % Gain to Breakeven | 87.1% | 23.1% |
| Time to Breakeven | 119 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -38.5% | -7.8% |
| % Gain to Breakeven | 62.6% | 8.5% |
| Time to Breakeven | 9 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -74.0% | -9.5% |
| % Gain to Breakeven | 285.2% | 10.5% |
| Time to Breakeven | 231 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -47.4% | -6.7% |
| % Gain to Breakeven | 90.0% | 7.1% |
| Time to Breakeven | 384 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -23.6% | -33.7% |
| % Gain to Breakeven | 30.9% | 50.9% |
| Time to Breakeven | 28 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -20.0% | -6.8% |
| % Gain to Breakeven | 25.0% | 7.3% |
| Time to Breakeven | 29 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -30.0% | -17.9% |
| % Gain to Breakeven | 42.9% | 21.8% |
| Time to Breakeven | 792 days | 123 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -27.7% | -8.6% |
| % Gain to Breakeven | 38.3% | 9.5% |
| Time to Breakeven | 273 days | 47 days |
In The Past
Emergent BioSolutions's stock fell -46.5% during the 2025 US Tariff Shock. Such a loss loss requires a 87.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Emergent BioSolutions (EBS)
Emergent BioSolutions (EBS) is a life sciences company dedicated to providing critical preparedness and response solutions for serious public health threats (PHTs). These threats encompass a wide range, including chemical, biological, radiological, nuclear, and explosive (CBRNE) incidents, emerging infectious diseases, and other acute health crises requiring emergency care. The company's core mission is to develop and supply specialized medical countermeasures to protect populations and support emergency response efforts, primarily serving government agencies and public health organizations in the United States and internationally.
The company's product portfolio includes established vaccines for diseases like anthrax (BioThrax) and smallpox (ACAM2000), as well as antitoxins and treatments for botulism and inhalational anthrax. A significant commercial offering is NARCAN Nasal Spray, an emergency treatment for known or suspected opioid overdose, which serves a broader market including pharmacies, hospitals, and public health initiatives. Emergent also provides travel health vaccines such as Vivotif (typhoid) and Vaxchora (cholera). Beyond its proprietary products, the company offers contract development and manufacturing (CDMO) services, leveraging its expertise to assist other pharmaceutical and biotechnology companies with drug substance and product manufacturing, packaging, and related development services.
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Here are 1-2 brief analogies for Emergent BioSolutions (EBS):
- Like a specialized Moderna or Pfizer focused on public health emergency vaccines and treatments.
- The Johnson & Johnson of biodefense and emergency medical solutions for governments.
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- BioThrax: An anthrax vaccine.
- ACAM2000: A smallpox vaccine.
- Botulism Antitoxin Heptavalent: A treatment for botulinum disease.
- Vaccinia Immune Globulin Intravenous: Addresses complications from smallpox vaccine.
- Raxibacumab: For the treatment and prophylaxis of inhalational anthrax.
- Anthrasil: Used for inhalational anthrax.
- Reactive Skin Decontamination Lotion Kits: Kits for skin decontamination.
- Trobigard: A combination drug-device auto-injector product.
- NARCAN: A nasal spray for the emergency treatment of known or suspected opioid overdose.
- Vivotif: An oral vaccine for typhoid fever.
- Vaxchora: A single-dose oral vaccine to treat cholera.
- Contract Development and Manufacturing Services (CDMO): Provides drug substance and product manufacturing, packaging, and various development services.
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Joseph Papa, President and Chief Executive Officer
Joseph Papa was appointed President and CEO of Emergent BioSolutions in February 2024. He brings over 35 years of experience in the healthcare and pharmaceutical industry. Prior to joining Emergent, Papa served as Chairman and CEO of Bausch + Lomb Corporation, where he led the company's initial public offering (IPO) in May 2022, raising $630 million. He also held the position of Chairman and CEO of Bausch Health (formerly Valeant Pharmaceuticals International, Inc.) from 2016 to 2022, during which he oversaw the company's turnaround and the spin-off of Bausch + Lomb. Earlier in his career, he served as Chairman and CEO of Perrigo from 2006 to 2016, a period during which he transformed it into a global multi-million-dollar pharmaceutical manufacturer. His extensive background also includes leadership roles at Cardinal Health, Watson Pharmaceuticals, Novartis, and Pharmacia/Searle. Papa served as lead independent director of Prometheus Biosciences until its sale to Merck in 2023. He is currently the chairman of the board of SparingVision, a privately held genomic medicines company, and a member of the board of directors of Candel Therapeutics, as well as an executive advisor at Water Street Healthcare Partners, an investment firm.
Richard S. Lindahl, Executive Vice President, Chief Financial Officer
Richard S. Lindahl has served as Executive Vice President, Chief Financial Officer, and Treasurer of Emergent BioSolutions since March 2018. He has over two decades of financial leadership experience in public companies and the telecommunications sector. Before joining Emergent, Lindahl was the CFO at CEB Inc., where he was instrumental in developing the finance organization to support significant growth, contributing to a four-fold increase in the company's market capitalization during his eight-year tenure. His previous roles include Senior Vice President and Treasurer of Sprint Nextel Corporation, Vice President and Treasurer of Nextel Communications, Inc., and various finance and management positions at Nextel, Pocket Communications, Inc., MCI Communications Corp., Deloitte & Touche LLP, and Casher Associates, Inc.
Coleen Glessner, Executive Vice President, Quality and Ethics and Compliance
Coleen Glessner serves as the Executive Vice President of Quality and Ethics and Compliance at Emergent BioSolutions.
Simon Lowry, M.D., Chief Medical Officer, Head of Research and Development
Dr. Simon Lowry is the Chief Medical Officer and Head of Research and Development at Emergent BioSolutions.
Paul Williams, Senior Vice President, Products Business
Paul Williams holds the position of Senior Vice President, Products Business at Emergent BioSolutions.
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The key risks to Emergent BioSolutions (EBS) are:
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Manufacturing and Regulatory Compliance Challenges: Emergent BioSolutions has faced extensive issues with manufacturing quality and regulatory compliance, particularly at its Bayview facility. This has resulted in significant problems, including the destruction of nearly 400 million doses of coronavirus vaccines due to failures to meet quality standards. The company has received FDA Form 483s and warning letters citing unsanitary conditions, inadequate facilities, insufficient procedures, and poorly trained staff, leading to production delays and facility shutdowns. Internal communications also revealed deliberate efforts to conceal deficiencies from government inspectors. These issues have damaged public trust and led to contract terminations, such as the termination of a contract with HHS due to the company's failure to follow federal manufacturing standards.
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Significant Dependence on Government Contracts and Public Health Preparedness Spending: A substantial portion of Emergent BioSolutions' revenue is derived from long-term government contracts for medical countermeasures (MCMs) that address public health threats like anthrax, smallpox, and botulism. While these contracts provide a stable foundation, the company is highly vulnerable to fluctuations in government funding, changes in public health priorities, and the timing of procurement cycles. A reduction in government spending or the failure to renew key contracts could severely impact its revenue streams.
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Increasing Competition and Market Pressures for NARCAN® Nasal Spray: NARCAN® Nasal Spray, a significant product for treating opioid overdose, faces growing generic competition. Emergent BioSolutions previously delayed making NARCAN® available over-the-counter, a move that drew criticism and allowed competitors to prepare their own bids for over-the-counter naloxone approval. This competition, coupled with reduced over-the-counter purchases and lower sales in Canadian retail markets, has contributed to a notable decline in NARCAN® revenue.
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Main Products and Services Market Sizes
- BioThrax (Anthrax Vaccine): The global anthrax vaccine market was valued at USD 11.9 billion in 2023 and is projected to expand at a 5.4% CAGR from 2024 to 2032. North America held an anthrax vaccine market valued at USD 4.7 billion in 2023 and is anticipated to reach USD 7.3 billion by 2032. Another source indicates the global anthrax vaccine market was USD 53.6 million in 2024 and is projected to reach USD 67.37 million by 2032, registering a CAGR of 2.90%. North America accounts for 38% of this market. A third source states the anthrax vaccine market size is expected to grow from USD 5.98 billion in 2025 to USD 6.39 billion in 2026 and is forecast to reach USD 8.88 billion by 2031 at a 6.84% CAGR. North America dominated with 58.05% of the anthrax vaccine market share in 2025.
- ACAM2000 (Smallpox Vaccine): The global smallpox vaccine market was valued at USD 69.26 million in 2024 and is projected to reach USD 102.73 million by 2032, growing at a CAGR of 3.17%. Another estimate places the global smallpox treatment market size at USD 66.8 million in 2024, expected to reach USD 78.27 million by 2032 with a CAGR of 2%. North America dominates this market with a 47.6% revenue share in 2024, with the U.S. market capturing 83% within North America in 2025. Emergent BioSolutions secured a contract modification for $56 million to supply ACAM2000 to the U.S. government, bringing total projected sales for ACAM2000 and ancillary products to over $120 million in 2025 from diverse customers.
- Botulism Antitoxin Heptavalent: The botulism market is projected to grow from USD 8.9 billion in 2025 to USD 17.0 billion by 2035 globally, at a CAGR of 6.7%. Heptavalent Botulinum Antitoxin is expected to dominate with a 37.9% market share in 2025. Separately, the global botulism treatment market size was valued at USD 1.08 billion in 2024 and is expected to reach USD 1.79 billion by 2032, at a CAGR of 6.50% globally. North America dominated the botulism treatment market with the largest revenue share of 38.7% in 2024, with the U.S. market capturing 81.6% within North America.
- NARCAN (Naloxone Nasal Spray): While the background indicates NARCAN is a product, current market information specifically for NARCAN's addressable market was not readily available through the search. However, the naloxone market faces significant competitive pressures.
- Vivotif (Oral Vaccine for Typhoid Fever): Emergent BioSolutions sold its travel health business, including Vivotif, to Bavarian Nordic A/S on May 15, 2023. The global typhoid vaccine market size was valued at USD 434.93 million in 2024 and is projected to reach USD 973.78 million by 2032, with a CAGR of 10.60% globally. Another estimate values the global typhoid fever vaccines market at USD 223 million in 2024, projected to grow to USD 324 million by 2034, exhibiting a CAGR of 5.6%. The oral typhoid vaccine market size was valued at USD 126.8 million in 2023 and is projected to reach USD 285.6 million by 2030, registering a CAGR of 12.3% globally.
- Vaxchora (Single-dose Oral Vaccine to Treat Cholera): Emergent BioSolutions also sold Vaxchora as part of its travel health business to Bavarian Nordic A/S on May 15, 2023. The global cholera vaccines market size was valued at USD 94.5 million in 2024 and is anticipated to reach USD 230.0 million by 2034, with a 9.3% CAGR. North America led the market in 2023, achieving over 38.4% share with a revenue of US$ 36.2 million. Another source indicates the global cholera vaccines market is estimated to be valued at USD 82.7 million in 2025 and is expected to reach USD 185.1 million by 2032, exhibiting a CAGR of 12.2% globally. North America is projected to hold a 37.1% market share in 2025.
- Contract Development and Manufacturing Services (CDMO): The global contract development and manufacturing organization (CDMO) market size was valued at USD 255.01 billion in 2025. It is projected to grow from USD 273.40 billion in 2026 to USD 580.72 billion by 2034, exhibiting a CAGR of 9.90% globally. North America dominated the CDMO market with a market share of 38.50% in 2025. Other estimates for the global pharmaceutical CDMO market include USD 197.40 billion in 2025, increasing to USD 392.67 billion by 2035, with a CAGR of 7.12% from 2026 to 2035.
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Emergent BioSolutions (EBS) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming from strategic initiatives and continued demand for its public health solutions.
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International Medical Countermeasure (MCM) Expansion: The company is actively pursuing and securing international agreements for its medical countermeasures. In the first quarter of 2026, Emergent secured a multi-product agreement with the government of Canada valued at CAD 140 million. This builds on a trend of strengthening international demand for MCM products, with international revenues accounting for 40% to 48% of MCM sales in 2025. This expansion positions Emergent to capitalize on rising global health threats and preparedness priorities.
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Naloxone Franchise Growth and Line Extensions: Emergent is focused on expanding its naloxone business, including NARCAN Nasal Spray. In Q1 2026, the company received FDA approval for over-the-counter (OTC) NARCAN Nasal Spray carrying cases and multipacks, and is integrating KLOXXADO Nasal Spray 8mg. While facing competitive pressures, the company expects commercial revenues, driven by the naloxone segment, to be flat to slightly up, with volume increases offsetting anticipated price adjustments.
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Advancement of Internal Research and Development (R&D) Pipeline: Organic R&D advancement is identified as a growth catalyst for Emergent BioSolutions. The company plans to invest in revenue growth drivers across both its MCM and naloxone segments by progressing its internal pipeline. This includes the development of candidates such as AP003 (Naloxone multidose nasal spray), AP007 (sustained release Nalmefene injection), AV7909 (anthrax vaccine), and a universal influenza vaccine (UniFlu), among others.
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Continued U.S. Government Medical Countermeasure (MCM) Contracts and Orders: Emergent continues to rely on and secure contracts with the U.S. government for its medical countermeasures. In 2025, the company received more than 11 MCM contract awards and product orders, including a $21.5 million delivery order for BioThrax to the U.S. government in Q1 2026. A $30 million contract modification from the Biomedical Advanced Research and Development Authority (BARDA) in 2025 further demonstrates the ongoing demand and Emergent's strong position in the biodefense sector.
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Share Repurchases
- Emergent BioSolutions authorized a new stock repurchase program of up to $50 million, to be completed on or before March 31, 2027. This new authorization superseded a prior plan that also allowed for the repurchase of up to $50 million in common stock.
- Under the previous authorization, the company repurchased $24.8 million of shares in 2025.
- Through the third quarter of 2025, the company repurchased 2.3 million shares for $15.8 million.
Share Issuance
- In conjunction with debt, there was an issuance of common stock amounting to $7.7 million in the fourth quarter of 2024.
Inbound Investments
- In 2025, Emergent BioSolutions received $80 million in milestones from Bavarian Nordic.
Outbound Investments
- In 2025, the company acquired North American rights to KLOXXADO.
Capital Expenditures
- Capital expenditures for the fourth quarter of 2025 were $3.9 million, representing a 129% increase compared to $1.7 million in the fourth quarter of 2024. The increase was primarily driven by increased development activities across the company's facilities.
- Expected capital expenditures for fiscal year 2026 are approximately $17 million.
- In 2025, capital expenditures dropped by 41%, constituting only 1% of total revenue for the third quarter.
Peer Outperformance in Pharmaceuticals
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 6.4% | 54.7% | 91.6% | CAH 507% · MCK 390% · COR 176% |
| Health Care Services | 20 | 32.4% | 24.2% | 7.1% | HIMS 212% · RDNT 120% · DGX 100% |
| Managed Health Care | 8 | 55.2% | -1.0% | -2.4% | OSCR 80% · HQY 52% · ELV 8% |
| Health Care Facilities | 26 | 16.4% | 19.8% | -6.8% | THC 276% · NHC 212% · EHC 179% |
| Health Care Equipment | 50 | 4.0% | 12.4% | -18.2% | UFPT 361% · GKOS 294% · TMDX 180% |
| Pharmaceuticals ← | 61 | -8.8% | 11.8% | -37.3% | LQDA 975% · XERS 679% · KNSA 537% |
| Health Care Supplies | 11 | 23.1% | 16.0% | -41.2% | LNTH 248% · HAE 61% · MMSI 26% |
| Life Sciences Tools & Services | 108 | -6.4% | -14.3% | -74.5% | AXGN 264% · MEDP 189% · NTRA 168% |
| Biotechnology | 365 | -23.8% | -33.1% | -81.5% | ELVN 1194% · TRVI 1125% · DNTH 995% |
| Health Care Technology | 21 | -21.7% | -51.6% | -82.9% | VEEV -5% · DOCS -52% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.91 |
| Mkt Cap | 52.1 |
| Rev LTM | 1,633 |
| Op Inc LTM | 82 |
| FCF LTM | 116 |
| FCF 3Y Avg | 109 |
| CFO LTM | 188 |
| CFO 3Y Avg | 153 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.2% |
| Rev Chg 3Y Avg | 0.3% |
| Rev Chg Q | 2.7% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Inc Chg LTM | -4.2% |
| Op Inc Chg 3Y Avg | 10.3% |
| Op Mgn LTM | 11.3% |
| Op Mgn 3Y Avg | 23.1% |
| QoQ Delta Op Mgn LTM | -0.9% |
| CFO/Rev LTM | 22.9% |
| CFO/Rev 3Y Avg | 22.2% |
| FCF/Rev LTM | 12.2% |
| FCF/Rev 3Y Avg | 15.6% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA214460 | TEMBEXA | brincidofovir | suspension | 6042021 | -1.8% | -35.0% | -49.9% | -87.2% | -90.6% |
| NDA214461 | TEMBEXA | brincidofovir | tablet | 6042021 | -1.8% | -35.0% | -49.9% | -87.2% | -90.6% |
| NDA208411 | NARCAN | naloxone hydrochloride | spray, metered | 11182015 | 0.6% | 12.9% | -13.8% | 9.1% | -82.5% |
| BLA021538 | ACCRETROPIN | somatropin | injectable | 1232008 | 26.3% | 84.1% | 233.0% | 103.7% | -7.1% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA214460 | TEMBEXA | brincidofovir | suspension | 6042021 | -1.8% | -35.0% | -49.9% | -87.2% | -90.6% |
| NDA214461 | TEMBEXA | brincidofovir | tablet | 6042021 | -1.8% | -35.0% | -49.9% | -87.2% | -90.6% |
| NDA208411 | NARCAN | naloxone hydrochloride | spray, metered | 11182015 | 0.6% | 12.9% | -13.8% | 9.1% | -82.5% |
| BLA021538 | ACCRETROPIN | somatropin | injectable | 1232008 | 26.3% | 84.1% | 233.0% | 103.7% | -7.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Medical Countermeasures (MCM) Products | 457 | 510 | 447 | 580 | 586 |
| Commercial Products | 226 | 399 | 497 | 387 | 438 |
| All other revenues | 60 | 135 | 105 | ||
| Contracts and grants revenues | 41 | 134 | |||
| Services | 110 | 616 | |||
| Total | 743 | 1,044 | 1,049 | 1,118 | 1,774 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Biodefense | 512 | 440 | 332 | 354 | 302 |
| Biosciences | 346 | 344 | 99 | 56 | 120 |
| All Other | 186 | 161 | 196 | 154 | 125 |
| Total | 1,044 | 945 | 627 | 564 | 547 |
Price Behavior
| Market Price | $6.06 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 11/15/2006 | |
| Distance from 52W High | -56.4% | |
| 50 Days | 200 Days | |
| DMA Price | $6.53 | $7.88 |
| DMA Trend | up | down |
| Distance from DMA | -7.1% | -23.1% |
| 3M | 1YR | |
| Volatility | 64.7% | 69.6% |
| Downside Capture | 80.88 | 200.97 |
| Upside Capture | 243.61 | 118.96 |
| Correlation (S&P 500) | 19.3% | 24.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.45 | 1.91 | 1.69 | 0.82 | 1.40 | 1.99 |
| Up Beta | 7.95 | -1.53 | -1.87 | -0.00 | 1.87 | 1.63 |
| Down Beta | 3.26 | 2.95 | 0.42 | -0.01 | 0.29 | 1.20 |
| Up Capture | 418% | 280% | 327% | 104% | 125% | 7169% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 21 | 32 | 56 | 115 | 347 |
| Down Capture | 269% | 137% | 276% | 158% | 155% | 113% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 20 | 30 | 67 | 131 | 388 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EBS | |
|---|---|---|---|---|
| EBS | -41.5% | 69.6% | -0.46 | - |
| Sector ETF (XLV) | 28.6% | 16.9% | 1.31 | 18.7% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 23.7% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 9.2% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -15.7% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 10.0% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 17.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EBS | |
|---|---|---|---|---|
| EBS | -32.9% | 103.8% | 0.07 | - |
| Sector ETF (XLV) | 8.3% | 15.4% | 0.35 | 24.2% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 28.1% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 6.2% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 3.3% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 27.5% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 21.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EBS | |
|---|---|---|---|---|
| EBS | -13.4% | 80.7% | 0.17 | - |
| Sector ETF (XLV) | 12.2% | 16.8% | 0.59 | 28.7% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 31.0% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 5.0% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 7.4% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 25.6% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 13.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/2/2026 | -3.0% | ||
| 8/5/2026 | -29.6% | -39.7% | -17.4% |
| 4/30/2026 | 2.9% | 10.9% | 3.2% |
| 2/26/2026 | -26.6% | -24.0% | -28.6% |
| 10/29/2025 | 36.6% | 10.0% | 14.8% |
| 8/6/2025 | 36.7% | 45.8% | 25.7% |
| 5/7/2025 | 34.2% | 19.0% | 39.9% |
| 3/3/2025 | -6.4% | -17.7% | -30.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 8 |
| # Negative | 18 | 18 | 17 |
| Median Positive | 26.9% | 10.9% | 13.7% |
| Median Negative | -11.6% | -17.4% | -22.3% |
| Max Positive | 71.0% | 128.5% | 195.3% |
| Max Negative | -42.0% | -39.7% | -39.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/2/2026 | -3.0% | ||
| 8/5/2026 | -29.6% | -39.7% | -17.4% |
| 4/30/2026 | 2.9% | 10.9% | 3.2% |
| 2/26/2026 | -26.6% | -24.0% | -28.6% |
| 10/29/2025 | 36.6% | 10.0% | 14.8% |
| 8/6/2025 | 36.7% | 45.8% | 25.7% |
| 5/7/2025 | 34.2% | 19.0% | 39.9% |
| 3/3/2025 | -6.4% | -17.7% | -30.6% |
| 11/6/2024 | 19.6% | 8.4% | -2.1% |
| 8/6/2024 | -42.0% | -31.2% | -22.6% |
| 5/1/2024 | 71.0% | 128.5% | 195.3% |
| 3/6/2024 | -15.0% | -31.3% | -29.8% |
| 11/8/2023 | -2.7% | 0.0% | 12.7% |
| 8/8/2023 | -17.8% | -27.9% | -39.3% |
| 5/9/2023 | 11.4% | -8.6% | -13.5% |
| 2/27/2023 | -11.6% | -21.6% | -36.4% |
| 1/9/2023 | -3.1% | -1.0% | 4.0% |
| 11/8/2022 | -34.9% | -32.5% | -36.8% |
| 8/1/2022 | -11.6% | -10.8% | -29.3% |
| 4/28/2022 | -11.6% | -11.8% | -3.8% |
| 2/24/2022 | -6.4% | -0.8% | 4.4% |
| 11/4/2021 | -37.1% | -32.6% | -20.2% |
| 7/29/2021 | 1.0% | -5.6% | -1.6% |
| 4/29/2021 | -3.4% | -3.6% | -4.0% |
| 2/18/2021 | -12.0% | -17.0% | -22.3% |
| 11/5/2020 | -4.8% | -12.0% | -15.3% |
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 8 |
| # Negative | 18 | 18 | 17 |
| Median Positive | 26.9% | 10.9% | 13.7% |
| Median Negative | -11.6% | -17.4% | -22.3% |
| Max Positive | 71.0% | 128.5% | 195.3% |
| Max Negative | -42.0% | -39.7% | -39.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/03/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/04/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/08/2024 | 10-K |
| 09/30/2023 | 12/11/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/03/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/04/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/08/2024 | 10-K |
| 09/30/2023 | 12/11/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
Recent Forward Guidance
Updated 11/3/2026Latest: Q3 2026 Earnings Reported 11/2/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net loss | Reported | -255.00 Mil | -240.00 Mil | -225.00 Mil | 2.1% | Lowered | Guidance: -235.00 Mil for 2026 | |
| 2026 Stock-based compensation expense | Reported | 19.00 Mil | ||||||
| 2026 Depreciation & amortization | Reported | 81.00 Mil | ||||||
| 2026 Total revenues | Reported | 600.00 Mil | 622.50 Mil | 645.00 Mil | -5.7% | Lowered | Guidance: 660.00 Mil for 2026 | |
| 2026 R&D % of Revenue | Reported | 6.0% | ||||||
| 2026 Product and services sales, net | Reported | 578.00 Mil | 599.00 Mil | 620.00 Mil | ||||
| 2026 Gross Profit | Calculated | 270.00 Mil | 286.35 Mil | 303.15 Mil | Rev x Gross Margin | |||
| 2026 Adjusted gross margin % | Reported | 45.0% | 46.0% | 47.0% | 3.0% | Raised | Guidance: 43.0% for 2026 | |
| 2026 Gross margin | Reported | 1.95E10% | 2.105E10% | 2.26E10% | ||||
| 2026 Gross margin % | Reported | 34.0% | 35.0% | 36.0% | ||||
| 2026 Adjusted gross margin | Reported | 2.6E10% | 2.755E10% | 2.91E10% | ||||
| 2026 SG&A % of Revenue | Reported | 28.0% | 29.0% | 30.0% | ||||
| 2026 Adjusted EBITDA | Reported | 110.00 Mil | 125.00 Mil | 140.00 Mil | -10.7% | Lowered | Guidance: 140.00 Mil for 2026 | |
| 2026 Interest expense | Reported | 38.00 Mil | ||||||
| 2026 Adjusted net income (loss) | Reported | -10.00 Mil | 5.00 Mil | 20.00 Mil | -75.0% | Lowered | Guidance: 20.00 Mil for 2026 | |
| 2026 Weighted average fully diluted share count | Reported | 52.00 Mil | ||||||
| 2026 Capex | Reported | 16.00 Mil | ||||||
Prior: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Total Revenues | Reported | 110.00 Mil | 120.00 Mil | 130.00 Mil | -32.4% | Lower New | Actual: 177.50 Mil for Q2 2026 | |
| 2026 Net Loss | Reported | -245.00 Mil | -235.00 Mil | -225.00 Mil | 1075.0% | Lowered | Guidance: -20.00 Mil for 2026 | |
| 2026 Total Revenues | Reported | 645.00 Mil | 660.00 Mil | 675.00 Mil | -10.8% | Lowered | Guidance: 740.00 Mil for 2026 | |
| 2026 Gross Profit | Calculated | 270.90 Mil | 283.80 Mil | 297.00 Mil | Rev x Gross Margin | |||
| 2026 Adjusted Gross Margin % | Reported | 42.0% | 43.0% | 44.0% | -3.0% | Lowered | Guidance: 46.0% for 2026 | |
| 2026 Adjusted EBITDA | Reported | 130.00 Mil | 140.00 Mil | 150.00 Mil | -15.2% | Lowered | Guidance: 165.00 Mil for 2026 | |
| 2026 Adjusted Net Income | Reported | 10.00 Mil | 20.00 Mil | 30.00 Mil | -63.6% | Lowered | Guidance: 55.00 Mil for 2026 | |
Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Total revenues | Reported | 170.00 Mil | 177.50 Mil | 185.00 Mil | 22.4% | Higher New | Actual: 145.00 Mil for Q1 2026 | |
| 2026 Net loss | Reported | -30.00 Mil | -20.00 Mil | -10.00 Mil | 0 | Affirmed | Guidance: -20.00 Mil for 2026 | |
| 2026 Total revenues | Reported | 720.00 Mil | 740.00 Mil | 760.00 Mil | 0 | Affirmed | Guidance: 740.00 Mil for 2026 | |
| 2026 Adjusted gross margin % | Reported | 45.0% | 46.0% | 47.0% | 0 | Affirmed | Guidance: 46.0% for 2026 | |
| 2026 Adjusted EBITDA | Reported | 155.00 Mil | 165.00 Mil | 175.00 Mil | 13.8% | Raised | Guidance: 145.00 Mil for 2026 | |
| 2026 Adjusted net income | Reported | 45.00 Mil | 55.00 Mil | 65.00 Mil | 57.1% | Raised | Guidance: 35.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Total revenues | Reported | 135.00 Mil | 145.00 Mil | 155.00 Mil | ||||
| 2026 Total Revenues | Reported | 720.00 Mil | 740.00 Mil | 760.00 Mil | -8.1% | Lower New | Actual: 805.00 Mil for 2025 | |
| 2026 Gross Profit | Calculated | 324.00 Mil | 340.40 Mil | 357.20 Mil | Rev x Gross Margin | |||
| 2026 Total adjusted gross margin % | Reported | 45.0% | 46.0% | 47.0% | -7.0% | Lower New | Actual: 53.0% for 2025 | |
| 2026 Adjusted EBITDA | Reported | 135.00 Mil | 145.00 Mil | 155.00 Mil | -28.4% | Lower New | Actual: 202.50 Mil for 2025 | |
| 2026 Net Income (Loss) | Reported | -30.00 Mil | -20.00 Mil | -10.00 Mil | -129.6% | Lower New | Actual: 67.50 Mil for 2025 | |
| 2026 Adjusted Net Income | Reported | 25.00 Mil | 35.00 Mil | 45.00 Mil | -54.8% | Lower New | Actual: 77.50 Mil for 2025 | |
Insider Activity
Updated 10/7/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Degolyer, Donald W | Direct | Sell | 10072026 | 7.09 | 17,800 | 126,202 | 793,520 | Form | |
| 2 | Williams, Paul Anthony | SVP, Products Business | Direct | Sell | 10022026 | 6.53 | 3,000 | 19,590 | 1,019,320 | Form |
| 3 | Williams, Paul Anthony | SVP, Products Business | Direct | Sell | 7022026 | 8.40 | 3,000 | 25,200 | 1,336,423 | Form |
| 4 | Degolyer, Donald W | Direct | Sell | 5042026 | 8.40 | 15,481 | 129,994 | 1,089,264 | Form | |
| 5 | Dayal, Sujata Tyagi | Direct | Sell | 5042026 | 8.40 | 13,761 | 115,610 | 844,860 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Degolyer, Donald W | Direct | Sell | 10072026 | 7.09 | 17,800 | 126,202 | 793,520 | Form | |
| 2 | Williams, Paul Anthony | SVP, Products Business | Direct | Sell | 10022026 | 6.53 | 3,000 | 19,590 | 1,019,320 | Form |
| 3 | Williams, Paul Anthony | SVP, Products Business | Direct | Sell | 7022026 | 8.40 | 3,000 | 25,200 | 1,336,423 | Form |
| 4 | Degolyer, Donald W | Direct | Sell | 5042026 | 8.40 | 15,481 | 129,994 | 1,089,264 | Form | |
| 5 | Dayal, Sujata Tyagi | Direct | Sell | 5042026 | 8.40 | 13,761 | 115,610 | 844,860 | Form | |
| 6 | Zoon, Kathryn C | Direct | Sell | 5042026 | 8.40 | 17,202 | 144,453 | 671,303 | Form | |
| 7 | Katkin, Keith | Direct | Sell | 5042026 | 8.28 | 15,481 | 128,183 | 797,314 | Form | |
| 8 | Williams, Paul Anthony | SVP, Products Business | Direct | Sell | 4032026 | 8.44 | 4,000 | 33,760 | 529,028 | Form |
| 9 | Richard, Ronald | Direct | Sell | 12092025 | 11.97 | 21,984 | 263,077 | 1,177,732 | Form | |
| 10 | Degolyer, Donald W | Direct | Sell | 11122025 | 10.54 | 17,801 | 187,623 | 1,263,303 | Form | |
| 11 | Dayal, Sujata Tyagi | Direct | Sell | 11102025 | 10.00 | 8,552 | 85,520 | 889,800 | Form | |
| 12 | Glessner, Coleen | EVP, Quality & Ethics, and CPL | Direct | Sell | 10162025 | 10.00 | 30,608 | 306,080 | 1,443,190 | Form |
Investor Activity (13F)
Updated Nov 8, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Emergent BioSolutions — Investor Video Playlist
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Pharmaceuticals Resources |
| Fierce Pharma |
| Pharm Exec |
| Endpoints News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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