EBS

MKT CAP:$413M

Emergent BioSolutions Inc.

Market Cap

$413M

Healthcare·Drug Manufacturers - Specialty & Generic·🇺🇸 United States·NYSE

Healthcare·Drug·🇺🇸·NYSE

Stock Price

$8.05-$4.46 (-35.65%)

Apr 24, 2026

Company Details

Emergent BioSolutions Inc., a life sciences company, focuses on the provision of preparedness and response solutions that address accidental, deliberate, and naturally occurring public health threats (PHTs) in the United States. The company...

CEO

Joseph C. Papa Jr.

IPO Date

Nov 15, 2006

Website

www.emergentbiosolutions.com

Key Metrics TTM

Revenue

$743M

-28.8% YoY

Net Income

$53M

EPS (Diluted)

$0.93

Free Cash Flow

$157M

Revenue / Share

$13.10

Gross Margin

47.2%

Operating Margin

14.8%

Net Margin

7.1%

FCF Margin

21.1%

P/S

0.6x

P/E

7.9x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$743M-28.8%EPS $0.93

Q4 2025

Feb 26, 2026

$149M-23.6%EPS -$0.95

Q3 2025

Oct 29, 2025

$231M-21.3%EPS $0.91

Q2 2025

Aug 6, 2025

$141M-44.7%EPS -$0.22

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$398M	$121M	$15M
Q3 21	$329M	$63M	-$35M
Q4 21	$723M	$428M	$277M
Q1 22	$308M	$106M	$6M
Q1 23	$164M	-$24M	-$148M
Q2 23	$338M	$123M	-$293M
Q3 23	$271M	$92M	-$242M
Q4 23	$277M	$169M	-$44M
Q1 24	$300M	$141M	$40M
Q2 24	$255M	-$66M	-$204M
Q3 24	$294M	$164M	$65M
Q4 24	$195M	$137M	-$10M
Q1 25	$222M	$119M	$50M
Q2 25	$141M	$61M	$2M
Q3 25	$231M	$139M	$77M
Q4 25	$149M	$31M	-$18M

Valuation

Quarter	P/S	P/E
Q2 21	2.0x	11.2x
Q3 21	1.7x	12.6x
Q4 21	1.4x	10.5x
Q1 22	1.2x	13.8x
Q1 23	0.3x	—
Q2 23	0.3x	—
Q3 23	0.2x	—
Q4 23	0.1x	—
Q1 24	0.1x	—
Q2 24	0.3x	—
Q3 24	0.4x	—
Q4 24	0.5x	—
Q1 25	0.3x	—
Q2 25	0.4x	2.5x
Q3 25	0.6x	6.4x
Q4 25	0.9x	12.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$30M	-$97M
Q3 21	$17M	-$39M
Q4 21	$329M	$282M
Q1 22	-$37M	-$70M
Q1 23	-$184M	-$199M
Q2 23	-$114M	-$127M
Q3 23	$60M	$47M
Q4 23	$32M	$21M
Q1 24	-$63M	-$73M
Q2 24	$48M	$43M
Q3 24	$154M	$148M
Q4 24	-$80M	-$82M
Q1 25	-$11M	-$15M
Q2 25	$106M	$104M
Q3 25	-$2M	-$6M
Q4 25	$78M	$74M

Capital Expenditures

Quarter	CapEx
Q2 21	$67M
Q3 21	$55M
Q4 21	$47M
Q1 22	$32M
Q1 23	$15M
Q2 23	$13M
Q3 23	$13M
Q4 23	$11M
Q1 24	$11M
Q2 24	$5M
Q3 24	$6M
Q4 24	$2M
Q1 25	$4M
Q2 25	$3M
Q3 25	$3M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+0.7%	+42.5%
Q3 21	-14.6%	+12.3%
Q4 21	+24.0%	+37.2%
Q1 22	-10.3%	+21.6%
Q1 23	-58.7%	-18.6%
Q2 23	+2.7%	+73.4%
Q3 23	-62.6%	+15.0%
Q4 23	-10.0%	+6.4%
Q1 24	+82.8%	-16.4%
Q2 24	-24.6%	-27.4%
Q3 24	+8.6%	-55.3%
Q4 24	-29.6%	-36.3%
Q1 25	-26.0%	-33.9%
Q2 25	-44.7%	-69.6%
Q3 25	-21.3%	-32.6%
Q4 25	-23.6%	-18.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$11M	2.9%
Q3 21	$10M	3.2%
Q4 21	$10M	1.4%
Q1 22	$10M	3.2%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$4M	1.5%
Q4 23	$4M	1.4%
Q1 24	$6M	2.0%
Q2 24	$6M	2.2%
Q3 24	$2M	0.8%
Q4 24	$4M	2.2%
Q1 25	$2M	0.7%
Q2 25	$5M	3.3%
Q3 25	$5M	2.1%
Q4 25	$5M	3.6%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 21	$49M	$91M
Q3 21	$50M	$82M
Q4 21	$83M	$94M
Q1 22	$46M	$85M
Q1 23	$41M	$96M
Q2 23	$26M	$91M
Q3 23	$15M	$80M
Q4 23	$29M	$89M
Q1 24	$15M	$85M
Q2 24	$33M	$77M
Q3 24	$14M	$76M
Q4 24	$9M	$61M
Q1 25	$15M	$53M
Q2 25	$13M	$44M
Q3 25	$14M	$39M
Q4 25	$12M	$51M

Revenue Segments

Quarter	Contract Development And Manufacturing	Contracts and Grants	Product
Q2 21	$191M	$25M	$181M
Q3 21	$42M	$17M	$271M
Q4 21	$218M	$71M	$434M
Q1 22	$61M	$10M	$237M
Q1 23	$15M	$7M	$143M
Q2 23	$29M	$7M	$302M
Q3 23	$14M	$7M	$250M
Q4 23	$20M	$7M	$249M
Q1 24	$19M	$8M	$274M
Q2 24	$65M	$7M	$183M
Q3 24	$14M	$10M	$270M
Q4 24	$7M	$5M	$182M
Q1 25	—	$13M	$209M
Q2 25	—	$11M	$130M
Q3 25	—	$9M	$222M
Q4 25	—	$5M	$144M

Revenue by Geography

Quarter	Non-US	United States
Q2 21	$236M	$161M
Q1 22	$195M	$113M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$436M	$0	$436M
Q2 22	$358M	$0	$358M
Q3 22	$241M	$0	$241M
Q4 22	$643M	$0	$643M
Q1 23	$430M	$0	$430M
Q2 23	$89M	$0	$89M
Q3 23	$88M	$0	$88M
Q4 23	$112M	$0	$112M
Q1 24	$79M	$0	$79M
Q2 24	$70M	$0	$70M
Q3 24	$150M	$0	$150M
Q4 24	$106M	$0	$106M
Q1 25	$149M	$0	$149M
Q2 25	$271M	$0	$271M
Q3 25	$246M	$0	$246M
Q4 25	$205M	$0	$205M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	54M	-0.9%	+0.9%
Q3 21	54M	-0.6%	-1.1%
Q4 21	54M	-0.4%	-1.7%
Q1 22	51M	-5.2%	-7.0%
Q1 23	50M	-1.0%	-7.0%
Q2 23	51M	+1.0%	-5.6%
Q3 23	52M	+2.2%	-3.2%
Q4 23	52M	+0.2%	+2.4%
Q1 24	52M	+0.6%	+4.0%
Q2 24	53M	+0.8%	+3.7%
Q3 24	56M	+5.7%	+7.3%
Q4 24	54M	-2.5%	+4.4%
Q1 25	57M	+5.7%	+9.8%
Q2 25	54M	-5.4%	+3.0%
Q3 25	57M	+4.2%	+1.6%
Q4 25	57M	+0.4%	+4.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$180.7K	2K
Q3 21	$149.5K	2K
Q4 21	$299.3K	2K
Q1 22	$127.3K	2K
Q1 23	$65.7K	3K
Q2 23	$135.2K	3K
Q3 23	$108.2K	3K
Q4 23	$172.9K	2K
Q1 24	$187.8K	2K
Q2 24	$159.2K	2K
Q3 24	$183.6K	2K
Q4 24	$216.3K	900
Q1 25	$246.9K	900
Q2 25	$156.6K	900
Q3 25	$256.8K	900
Q4 25	$165.2K	900

Revenue / Employee