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EBS

Emergent BioSolutions Inc.

EBS

Emergent BioSolutions Inc. • NYSE
$11.17 ▲ 1.09% (+0.12)
Market Cap $602.90 M
52w High $13.41
52w Low $4.02
Dividend Yield 0%
P/E 8.46
Volume 346.92K
Outstanding Shares 53.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $231.1M ▲ $62.9M ▲ $51.2M ▲ 22.155% ▲ $0.96 ▲ $96.2M ▲
Q2-2025 $140.9M ▼ $59.1M ▼ $-12M ▼ -8.517% ▼ $-0.22 ▼ $23.5M ▼
Q1-2025 $222.2M ▲ $69.5M ▼ $68M ▲ 30.603% ▲ $1.25 ▲ $75.2M ▲
Q4-2024 $194.7M ▼ $146M ▲ $-31.3M ▼ -16.076% ▼ $-0.59 ▼ $21M ▼
Q3-2024 $293.8M $99.7M $114.8M 39.074% $2.16 $97.7M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $245.5M ▼ $1.461B ▲ $878.5M ▼ $582.5M ▲
Q2-2025 $271M ▲ $1.417B ▼ $880.9M ▲ $536.2M ▼
Q1-2025 $149.1M ▲ $1.426B ▲ $873.4M ▼ $552.7M ▲
Q4-2024 $105.6M ▼ $1.397B ▼ $914.1M ▼ $482.8M ▼
Q3-2024 $149.9M $1.478B $969.4M $508.4M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $51.2M ▲ $-2.3M ▼ $-3.4M ▼ $-15.9M ▼ $-21.8M ▼ $-5.7M ▼
Q2-2025 $-12M ▼ $106.4M ▲ $17.2M ▼ $-6.4M ▼ $118.2M ▲ $103.5M ▲
Q1-2025 $68M ▲ $-11.2M ▲ $59.5M ▲ $-400K ▼ $47.2M ▲ $-14.8M ▲
Q4-2024 $-31.3M ▼ $-79.9M ▼ $28.6M ▼ $500K ▲ $-50.8M ▼ $-81.6M ▼
Q3-2024 $114.8M $153.7M $112M $-180.3M $85.4M $147.9M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Contracts and Grants
Contracts and Grants
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Product
Product
 $180.00M ▲$210.00M ▲$130.00M ▼$220.00M ▲
Contract Development And Manufacturing
Contract Development And Manufacturing
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Emergent’s income statement shows a clear swing from healthy profitability earlier in the period to sizable losses in the last few years. Revenue climbed during the pandemic, then fell back and has been roughly flat at a lower level more recently. At the same time, costs have stayed relatively high, which has squeezed margins. Gross profit is still positive, but the cushion between sales and production costs has narrowed. Operating income has been negative for several years, reflecting restructuring, lower utilization of plants, and a less favorable product mix after the pandemic surge faded. Net income has also been in the red, with losses that only recently started to shrink. There are some tentative signs of stabilization: earnings before interest, tax, and depreciation has moved back to slightly positive territory, suggesting the core operations may be improving. But overall, the income statement still tells a story of a company in recovery mode, not yet back to its earlier profitability.

Balance Sheet

Balance Sheet The balance sheet points to a period of contraction and repair. Total assets have come down from their peak, reflecting divestments, write-downs, or reduced investment. Cash on hand is now relatively modest, giving the company less of a buffer than it once had. Debt remains significant, though somewhat below its earlier highs. Equity has fallen notably from prior years, which means the company is now more financially stretched: it has less of an ownership cushion relative to the obligations it carries. Leverage is higher than before, and the room for error is smaller. In simple terms, Emergent still has a meaningful asset base, but the balance sheet is tighter and less resilient than it used to be, increasing sensitivity to any further operational setbacks.

Cash Flow

Cash Flow Cash flow has followed a boom‑and‑bust pattern. In the early pandemic period, the business generated strong cash from operations and had comfortable free cash flow after investments. As demand normalized and operational issues emerged, operating cash turned negative, and free cash flow also swung into the red. More recently, cash generation has edged back into positive territory, but only modestly. This improvement appears driven partly by cost controls and partly by cutting back on capital spending. Investment in new facilities and equipment is now much lower than during the expansion phase, which helps conserve cash but may limit growth capacity if carried too far. Overall, the cash flow statement shows a company that has moved from cash-rich to cash-constrained, now trying to rebuild consistent positive cash generation while keeping investment lean.

Competitive Edge

Competitive Edge Emergent occupies a rare and specialized niche: medical countermeasures for serious public health and national security threats. Its strongest competitive asset is its long, deeply embedded relationship with the U.S. government, especially health and defense agencies. For several critical products, Emergent is the sole or primary supplier to the national stockpile, which creates high barriers for new entrants and can support multi‑year contracts. Its capabilities in handling complex, high‑containment biologics and its experience with government procurement further reinforce this position. However, the flip side is concentration risk. The company depends heavily on government budgets, policy priorities, and contract renewals. Commercial products like Narcan and travel vaccines offer some diversification, but face tougher competition and less predictability. As a result, Emergent’s competitive position is strong within its niche, but structurally exposed to policy and demand swings in a small number of markets.

Innovation and R&D

Innovation and R&D Innovation at Emergent is focused rather than broad. The company has deep expertise in areas like hyperimmune therapies, specialized vaccines, and drug‑device combinations for emergency use. Its manufacturing infrastructure is designed for complex biologics and rapid scale‑up in crises, which is hard to replicate and underpins its role as a public health partner. The current pipeline targets high‑impact but relatively narrow indications, such as Ebola treatments and vaccines for rare but serious viral threats. These programs are mostly at early clinical stages, which means scientific and regulatory uncertainty is still high. Future versions of existing countermeasures and enhancements to key products are another focus area. Given the company’s tighter finances, R&D spending must be carefully prioritized. The innovation engine is clearly specialized and strategically aligned with government needs, but it is not a broad, high‑volume pharma pipeline. Success will depend on a few key programs being advanced and then taken up by government buyers.

Summary

Emergent BioSolutions is in the middle of a significant reset. It moved from a period of strong pandemic‑era demand and profitability to several years of losses, shrinking equity, and reduced cash cushions. Financially, the business is showing early signs of stabilization but has not fully recovered its prior strength. Strategically, its value lies in a unique role as a public health and biodefense partner, backed by specialized technology, complex manufacturing know‑how, and long‑standing government relationships. This creates a meaningful moat in a narrow field, but also ties the company’s fortunes closely to government spending cycles and policy priorities. The turnaround depends on restoring sustainable profitability, managing debt, keeping cash flow positive, and successfully converting a focused R&D pipeline into renewed contracts and product demand. There is a clear mix of strengths (specialized niche, entrenched relationships) and risks (financial strain, customer concentration, execution on the turnaround) that will likely define Emergent’s trajectory over the next few years.

NEWS

November 18, 2025 · 8:00 AM UTC

Emergent BioSolutions Marks 10-Year Anniversary of the U.S. FDA Approval of NARCAN® Nasal Spray and Reinforces its Commitment to Increasing Naloxone Access

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November 12, 2025 · 4:01 PM UTC

Emergent BioSolutions Announces Retirement of Dr. Louis W. Sullivan from Board of Directors

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November 11, 2025 · 2:00 PM UTC

Blueone Card Inc. Subsidiary Millennium EBS Partners with DFCC Bank in Sri Lanka to Implement ISO Transformer Solution

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October 29, 2025 · 4:15 PM UTC

Emergent BioSolutions Reports Third Quarter 2025 Financial Results

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October 28, 2025 · 8:00 AM UTC

Emergent BioSolutions Releases New Survey Findings Revealing Heightened Concerns About Biological Threats and U.S. Preparedness

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