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Emergent Biosolutions
(NYSE:EBS)
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Rating:51Neutral
Price Target:
$7.00
▲(24.11% Upside)
Action:Reiterated
Date:09/14/26
The score is held back primarily by unstable and currently negative profitability and elevated leverage despite improving revenue and positive free cash flow. Technicals also remain weak versus key longer-term moving averages, indicating a challenged trend. Recent earnings commentary shows strong Q2 execution, but a meaningful full-year guidance cut and naloxone competitive pressure temper the outlook, while valuation provides limited support due to negative earnings and no dividend yield provided.
Positive Factors
Government MCM demand
Strong medical-countermeasure demand and repeated government contract awards support a durable role in biodefense procurement. The breadth of ACAM2000, botulism and other products can provide revenue visibility beyond commercial channels, although delivery timing remains important.
Negative Factors
Naloxone competition
New OTC and prescription naloxone entrants create a structural challenge to NARCAN’s commercial franchise rather than a temporary sales fluctuation. Greater competition and price pressure can reduce volume, revenue quality and future cash contribution from an important product.
Read all positive and negative factors
Positive Factors
Negative Factors
Government MCM demand
Strong medical-countermeasure demand and repeated government contract awards support a durable role in biodefense procurement. The breadth of ACAM2000, botulism and other products can provide revenue visibility beyond commercial channels, although delivery timing remains important.
Read all positive factors
Emergent Biosolutions (EBS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$354.81M
Dividend YieldN/A
Average Volume (3M)1.15M
Price to Earnings (P/E)―
Beta (1Y)2.09
Revenue Growth-9.56%
EPS Growth-231.68%
CountryUS
Employees900
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-3.44
Shares Outstanding51,273,335
10 Day Avg. Volume1,182,706
30 Day Avg. Volume1,150,802
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)1.27
Price to Sales (P/S)0.89
P/FCF Ratio4.22
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$10.00Price Target Upside77.30% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.36
Revenue Forecast (FY)$655.55M
Emergent Biosolutions Business Overview & Revenue Model
Company Description
Emergent BioSolutions Inc. is a life sciences company dedicated to providing vital preparedness and response solutions for a wide range of public health threats (PHTs) across the United States. These threats encompass accidental, deliberate, and n...
How the Company Makes Money
EBS generates revenue primarily through (1) product sales and procurement contracts and (2) contract services. Product-related revenue is largely driven by medical countermeasures purchased under government procurement and preparedness programs (e...
Emergent Biosolutions Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call reflected a balance of strong near-term operational execution and financial results—Q2 revenue and adjusted EBITDA materially exceeded expectations, driven by accelerated MCM deliveries and improved margins—alongside significant commercial headwinds in the naloxone business that prompted a $191M noncash impairment and a downward revision to full-year revenue and profitability guidance. Management is taking proactive restructuring and capital allocation actions (debt refinancing, share repurchases, $40M annualized cost-savings plan) to preserve liquidity and position the company for 2027, but the naloxone competitive dynamics and guidance cuts temper the otherwise strong quarter.Positive Updates
Q2 Revenue Beat
Second-quarter revenue of $234 million, materially above the prior guidance high end of $185 million; year-to-date revenue $390 million, up from $363 million year-over-year (+7.4%).
Negative Updates
Naloxone Competitive Pressure and Price Erosion
Two new naloxone entrants (4 mg OTC approved 06/16/2026 and a 10 mg prescription product launching Aug 2026) and more aggressive pricing have increased competitive intensity. Management expects additional price erosion and pressure on commercial naloxone volumes going forward.
Read all updates
Q2-2026 Updates
Positive
Negative
Q2 Revenue Beat
Second-quarter revenue of $234 million, materially above the prior guidance high end of $185 million; year-to-date revenue $390 million, up from $363 million year-over-year (+7.4%).
Read all positive updates
Company Guidance
Emergent revised full‑year 2026 guidance downward, lowering total revenue to $645–$675M (prior $720–$760M) and trimming adjusted EBITDA to $130–$150M (prior $155–$175M), while forecasting a GAAP net loss of $(245)–(225)M and adjusted net income of $10–$30M; adjusted gross margin is expected at 42%–44% and Q3 revenue is guided to $110–$130M. The update reflects increased competitive pressure in naloxone (NARCAN), a noncash NARCAN impairment of ~ $191M taken in Q2, and announced restructuring actions expected to yield ~ $40M of annualized savings (with ~ $11M of costs to achieve). For context, Q2 revenue was $234M and YTD revenue $390M, Q2 adjusted EBITDA was $97M (41% margin) and YTD adjusted EBITDA $132M (34% margin); Q2 adjusted gross margin was 58% (YTD 56%); quarter‑end cash was $140M with $190M total liquidity, gross debt $590M, net debt $450M (net leverage 1.9x), the company collected ~$145M of A/R in July, repurchased 1.1M shares for ~$9M in Q2 (YTD 1.9M for ~$18M, $37.5M remaining), and sold an underutilized building for roughly $6–6.4M.Emergent Biosolutions Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
55
Neutral
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 770.20M | 742.90M | 1.04B | 1.05B | 1.12B | 1.77B |
| Gross Profit | 380.50M | 350.60M | 375.40M | 360.00M | 473.00M | 793.20M |
| EBITDA | -23.70M | 240.40M | 53.40M | -47.00M | 15.70M | 504.20M |
| Net Income | -176.80M | 52.60M | -190.60M | -760.50M | -211.60M | 219.50M |
Balance Sheet | ||||||
| Total Assets | 1.12B | 1.32B | 1.39B | 1.82B | 3.17B | 2.96B |
| Cash, Cash Equivalents and Short-Term Investments | 139.70M | 205.40M | 99.50M | 111.70M | 642.60M | 576.30M |
| Total Debt | 581.80M | 572.10M | 676.10M | 860.20M | 1.43B | 871.00M |
| Total Liabilities | 775.40M | 796.00M | 906.90M | 1.17B | 1.78B | 1.35B |
| Stockholders Equity | 341.40M | 522.60M | 482.80M | 649.30M | 1.39B | 1.61B |
Cash Flow | ||||||
| Free Cash Flow | 85.90M | 156.80M | 35.80M | -257.90M | -149.90M | 96.10M |
| Operating Cash Flow | 97.70M | 170.60M | 58.70M | -206.30M | -34.10M | 321.10M |
| Investing Cash Flow | -62.00M | 69.40M | 125.20M | 212.30M | -381.30M | -225.00M |
| Financing Cash Flow | -165.60M | -136.60M | -190.00M | -535.70M | 481.20M | -141.00M |
Emergent Biosolutions Technical Analysis
Positive
5.64
Price Trends
6.20
Positive
7.24
Negative
8.68
Negative
Market Momentum
0.22
Negative
61.04
Neutral
72.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EBS, the sentiment is Positive. The current price of 5.64 is below the 20-day moving average (MA) of 6.48, below the 50-day MA of 6.20, and below the 200-day MA of 8.68, indicating a neutral trend. The MACD of 0.22 indicates Negative momentum. The RSI at 61.04 is Neutral, neither overbought nor oversold. The STOCH value of 72.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EBS.
Emergent Biosolutions Risk Analysis
Emergent Biosolutions disclosed 59 risk factors in its most recent earnings report. Emergent Biosolutions reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Emergent Biosolutions Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $1.02B | 71.14 | 2.13% | ― | 5.71% | ― | |
68 Neutral | $1.67B | 15.04 | 19.19% | ― | 30.90% | ― | |
68 Neutral | $1.13B | 14.83 | 10.11% | 3.43% | 1.02% | -38.09% | |
56 Neutral | $247.16M | -77.98 | -1.53% | 26.49% | -70.13% | -103.41% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $354.81M | -1.92 | -35.91% | ― | -9.56% | -231.68% |
* Healthcare Sector Average
EBS
Emergent Biosolutions
6.60
-2.59
-28.18%
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ANIP
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Emergent Biosolutions Corporate Events
Business Operations and StrategyProduct-Related Announcements
Emergent Biosolutions Highlights Global Public Health Countermeasures
Positive
Sep 14, 2026
On September 14, 2026, Emergent BioSolutions’ president and chief executive officer Joseph C. Papa presented at the H.C. Wainwright 28th Annual Global Investment Conference, highlighting the company’s leadership in combating public hea...
Business Operations and StrategyFinancial Disclosures
Emergent BioSolutions Secures New BARDA Anthrax Contract
Positive
Sep 1, 2026
Emergent BioSolutions, a biopharmaceutical company specializing in biodefense and medical countermeasures, has reinforced its position as a key supplier to the U.S. government’s preparedness programs. Its anthrax vaccines CYFENDUS and BioThr...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and Financing
Emergent BioSolutions Announces Restructuring Amid Turnaround Efforts
Negative
Aug 5, 2026
On August 5, 2026, Emergent BioSolutions reported second-quarter 2026 revenue of $234.3 million, up 66% year-on-year, alongside a net loss of $180.2 million driven largely by a $191.3 million non-cash impairment charge, while adjusted net income r...
Business Operations and Strategy
Emergent BioSolutions Secures New ACAM2000 Biodefense Contract
Positive
Jun 29, 2026
On June 26, 2026, Emergent BioSolutions received a $52.7 million contract modification from the U.S. Department of Health and Human Services’ ASPR, exercising Option Year 7 of its 10‑year ACAM2000 contract. The deal covers delivery of ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.