EBS Emergent BioSolutions
Price Chart
Executive Summary
Emergent BioSolutions reported Q1 2026 revenue of $156.1M (above the high-end of guidance) but GAAP EPS of $0.07 missed the consensus estimate of -$0.25 by a wide margin. Revenue fell 30% YoY driven by declines in Anthrax and Smallpox MCM product sales, though the company raised its full-year adjusted EBITDA guidance to $155-175M from $135-155M, signaling improved operational efficiency.
Key Financial Metrics
Actionable Insight
The raised adjusted EBITDA guidance (+$20M at midpoint) and $50M buyback authorization provide near-term support, but the 30% revenue decline and 90% GAAP net income drop signal structural headwinds in core MCM franchises. Monitor Q2 revenue guidance of $170-185M for sequential improvement and watch for further USG contract awards to validate the turnaround narrative.
Key Facts
- Q1 2026 total revenue $156.1M, down 30% YoY from $222.2M
- GAAP net income $6.8M ($0.07 diluted EPS) vs $68.0M ($1.19) in Q1 2025
- Adjusted net income $11.9M ($0.21 diluted EPS) vs $42.2M ($0.74) YoY
- Adjusted EBITDA $35.6M (23% margin) vs $79.1M (36% margin) YoY
- Raised FY2026 adjusted EBITDA guidance to $155-175M from $135-155M; revenue guidance unchanged at $720-760M
- Naloxone product sales down 5% YoY to $42.9M; Anthrax MCM down 55% to $21.6M; Smallpox MCM down 40% to $64.2M
- Board authorized $50M share repurchase program through March 2027
- Refinanced term loan with new $150M facility and amended ABL facility
- Secured over $60M in new USG contract awards for smallpox MCM and ~$140M in Canadian government contracts
Financial Impact
Revenue decline of $66.1M YoY (30%); adjusted EBITDA guidance raised by $20M at midpoint
Risk Factors
- Continued decline in Anthrax and Smallpox MCM revenue due to timing of USG purchases and international orders
- Naloxone franchise faces OTC price-volume mix pressure and generic competition
- High debt load ($573.6M) with interest expense of $11M/quarter limits financial flexibility
- Dependence on government contract timing creates lumpy revenue recognition
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3285513 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 4, 2026
10d ago
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Press Release
| $8.44 $8.07 | ▼ −4.38% | ▼ −1.79% | $8.32 (−1.42%) |
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Apr 30, 2026
6w ago
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Press Release
| $8.47 $8.54 | ▲ +0.83% | ▲ +1.17% | $8.32 (−1.77%) |
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Apr 30, 2026
6w ago
|
Insider Cluster
| $8.23 $8.47 | ▲ +2.92% | ▲ +2.70% | $8.32 (+1.09%) |
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Apr 29, 2026
6w ago
|
Press Release
| $7.99 $8.23 | ▲ +3.00% | ▲ +1.98% | $8.32 (+4.13%) |
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Apr 29, 2026
6w ago
|
Press Release
| $7.99 $8.23 | ▲ +3.00% | ▲ +1.98% | $8.32 (+4.13%) |
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Apr 28, 2026
6w ago
|
DEFA14A
| $8.23 $7.99 | ▼ −2.92% | ▼ −2.91% | $8.32 (+1.09%) |
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Apr 28, 2026
6w ago
|
Press Release
| $8.23 $7.99 | ▼ −2.92% | ▼ −2.91% | $8.32 (+1.09%) |
|
Apr 27, 2026
6w ago
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DEFA14A
| $8.23 $8.12 | ▼ −1.34% | ▼ −1.33% | $8.32 (+1.09%) |
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Apr 16, 2026
8w ago
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Press Release
| $8.81 $8.35 | ▼ −5.22% | ▼ −5.03% | $8.32 (−5.56%) |
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Apr 16, 2026
8w ago
|
Press Release
| $8.81 $8.35 | ▲ +5.22% | ▲ +5.03% | $8.32 (+5.56%) |
US Market Status
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