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Emergent Biosolutions Inc. (EBS) stock

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NYSE: EBS NYSE Pharmaceuticals Next results ~February 1, 2027

C Fundamentals grade

Emergent Biosolutions Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Emergent Biosolutions Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: our cash-flow value ($33.14) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.

Emergent Biosolutions Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 15 sales by directors and officers, last 12 monthsInsider trades
  • Funds99 adding, 88 cuttingOf 35 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Emergent Biosolutions files

Where Emergent Biosolutions stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $770m, down 9.6% on a year earlier, a smaller fall than the 29.9% decline a quarter earlier. That puts it 34 of 34 for growth among the pharmaceuticals companies we cover. Free-cash-flow margin fell to 11.2% from 18.2% a year earlier. Operating margin narrowed to -8.6% from 12.5%. The diluted share count is up 2.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 7 financial-health checks.

Our model value for Emergent Biosolutions is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 1, 2027 (estimated)

Emergent Biosolutions Inc.'s trailing-twelve-month revenue fell 17.7% year on year, with a free-cash-flow margin of 29.0%. Where it stands out: free-cash-flow margin of 29.0% ranks 7 of 74 pharmaceuticals companies we cover. Where it lags: revenue growth of -17.7% ranks 63 of 74 pharmaceuticals companies we cover.

Our discounted-cash-flow model values the business at ~$33 per share in the base case (~$23–$46 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -17.7% (-8.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 29.0% of revenue turned into free cash flow, against a median of 10.1% for pharmaceuticals companies we cover.

Things to watch

  • Revenue shrinking. Revenue fell 17.7% over the last 12 months.
  • Growth slowing. The growth rate is 8.2 points lower than a quarter earlier.
  • Loss-making. Operating margin is -27.7%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 42.7 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 71% and a beta of 1.4 against the S&P 500.
  • Gross margin slipping. Gross margin is down 6.0 points on a year ago.

Latest results: FY2026 Q3

Filed November 3, 2026
Earnings per share
-$0.36 against an average estimate of -$0.39: beat by 8.0%
Revenue
$110m, down 52.4% on a year earlier
Guidance given
total revenues $645m to $675m (full year 2026); net loss $-245m to $-225m (full year 2026)
Next report
November 2, 2026; average EPS estimate -$0.08

Emergent Biosolutions' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.4%
  • 1 week+1.6%
  • 1 month+1.7%
  • This year-47.9%
  • 1 year-48.4%
  • 5 years-87.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$649M
Operating margin
-27.7%
Net margin
-40.2%
EPS (TTM, diluted)
$-4.78

Growth

Revenue growth
−17.7%
Change in growth rate
−8.2 pts
Share count change
−0.6%

Cash

Free cash flow (TTM)
$188M
FCF margin
29.0%
Stock pay % of revenue
2.8%

Earnings

Last results
November 2, 2026
Next results (est.)
February 1, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Announcement
  4. Announcement
  5. Results
  6. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Emergent Biosolutions Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($33.14) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Emergent Biosolutions Inc.'s free cash flow after stock-based pay ( $107M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Emergent Biosolutions Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.3 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$33 ~$23–$46 Left out: out of range vs price (5.15x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Emergent Biosolutions Inc. with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$40.01$32.84$46.47$59.28$53.95$89.60$43.47$11.81$2.40$9.56$12.36$6.44
Market value$1.9bn$1.6bn$2.3bn$3.0bn$2.8bn$4.8bn$2.4bn$592m$123m$507m$701m$351m
+ Net debt (− = net cash)−$66m−$3m−$165m$707m$668m$298m$305m−$643m−$112m$601m$384m$339m
Enterprise value$1.8bn$1.6bn$2.2bn$3.8bn$3.5bn$5.1bn$2.7bn−$51m$11m$1.1bn$1.1bn$690m
Multiples
Price / sales 3.6x3.3x4.2x3.9x2.6x3.1x1.3x0.5x0.1x0.5x0.9x0.5x
Price / earnings 30.1x31.3x28.3x48.6x51.9x15.8x10.7x———13.3x—
Price / free cash flow ——15.2x—28.0x12.2x24.5x——14.2x4.5x1.9x
EV / EBITDA 11.0x12.1x13.9x29.8x21.4x10.5x5.7x——n/m5.5x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

27 /100

Weak moat

How hard Emergent Biosolutions's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median 0.9% of total assets over 10 years.

  • Pricing power 3 / 20

    Gross margin has been a median 29.0%, moving by 14.5 percentage points (standard deviation) across 10 years.

  • Durability 2 / 20

    Operating margin has been a median 9.9%; its worst year was -66.9%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 8 of 10 years, at a median 7.4% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 0.3% over five years; stock-based pay has been a median 2.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (32 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.36 −77% $657m −12%
Next $1.05 +191% $703m +7%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −62.1% on 90 days ago. In the last 30 days, 1 analyst raised Emergent Biosolutions Inc.'s forecast and 0 cut it.

Consensus EPS forecast Emergent Biosolutions Inc., last 90 days
$0.20 $0.40 $0.60 $0.80 $1.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.95 Current fiscal year, 60 days ago: $0.95 Current fiscal year, 30 days ago: $0.95 Current fiscal year, 7 days ago: $0.36 Current fiscal year, Now: $0.36 $0.36

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal year
90 days ago $0.95
60 days ago $0.95
30 days ago $0.95
7 days ago $0.36
Now $0.36

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.39 −$0.36 +8.0%
Jun 2026 $0.11 $0.60 +445.5%
Mar 2026 −$0.25 $0.21 +184.0%
Dec 2025 $0.11 −$0.43 −490.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Total revenues full year 2026 $645m to $675m Lowered
    “Total revenues $645 - $675 REVISED $720 - $760” source
  • Total revenues Q3 2026 $110m to $130m
    “Total revenues $110 - $130” source
  • Adjusted gross margin % full year 2026 42% to 44% Non-GAAP Lowered
    “Adjusted gross margin % (2) 42% - 44% REVISED 45% - 47%” source
  • Gross margin full year 2026 $200m to $226m
    “Gross margin $200 - $226” source
  • Gross margin % full year 2026 32% to 35%
    “Gross margin % 32% - 35%” source
  • Adjusted gross margin full year 2026 $263m to $289m Non-GAAP
    “Adjusted gross margin $263 - $289” source
Show 13 more items
  • Net loss full year 2026 $-245m to $-225m Lowered
    “Net loss $(245) - $(225) REVISED $(30) - $(10)” source
  • Adjusted net income full year 2026 $10m to $30m Non-GAAP Lowered
    “Adjusted net income (2) $10 - $30 REVISED $45 - $65” source
  • Adjusted EBITDA full year 2026 $130m to $150m Non-GAAP Lowered
    “Adjusted EBITDA (2) $130 - $150 REVISED $155 - $175” source
  • Interest expense full year 2026 about $40m
    “Interest expense ~$40” source
  • R&D full year 2026 about 6%
    “R&D ~6% of Revenues” source
  • SG&A full year 2026 27% to 28%
    “SG&A ~27% to 28% of Revenues” source
  • Weighted avg. fully diluted share count full year 2026 about 52m
    “Weighted avg. fully diluted share count ~52” source
  • Stock-based compensation expense full year 2026 about $19m
    “Stock-based compensation expense ~$19” source
  • Depreciation & amortization full year 2026 about $82m
    “Depreciation & amortization ~$82” source
  • Contracts & Grants · Contracts and Grants full year 2026 about $-25m
    “Contracts & Grants $(25) - $(25)” source
  • Product and services sales, net full year 2026 $620m to $650m
    “Product and services sales, net $620 - $650” source
  • Cost of product and services sales, net full year 2026 $365m to $369m
    “Cost of product and services sales, net $365 - $369” source
  • Intangible asset amortization full year 2026 about $55m
    “Intangible asset amortization 55” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Emergent Biosolutions Inc.'s revenue by +6.1% next year and +4.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.6%, weight 33%) , management guidance (+7.0%, weight 40%) and the company's own record (+4.0%, weight 27%) . How the weights are set.

Analyst recommendations

3 analysts, Nov 2026
Buy267%
Hold00%
Sell133%

Monthly trend

  1. Nov 2026213
  2. Oct 2026213

Counts of recommendations published by analysts covering Emergent Biosolutions Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
19.2%
of tradable shares
Days to cover
8.86
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
4.2%
of shares
Employees
900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −48.4%

$12.48 on October 31, 2025 to $6.44

ThenNowEffect
Revenue (last 12 months) $852m $770m −9.6%
P/S multiple 0.8x 0.5x −41.7%
Share count 55m 56m −2.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +166.1%

$2.42 on November 3, 2023 to $6.44

ThenNowEffect
Revenue (last 12 months) $1.1bn $770m −28.2%
P/S multiple 0.1x 0.5x +312.6%
Share count 50m 56m −10.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EBS−52%−73%−80%+298%+29%−48%
Industry peers (median)−18%−49%−13%−2%+7%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EBS25%25%25%58%67%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EBS−74%−79%−89%−61%−64%−68%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 99% from August 13, 2020 to February 7, 2024. Getting back needed a 8896% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$4.45 – $13.90
From 52-week high
−53.7%
vs 50-day average
−0.9%
vs 200-day average
−19.4%
Volatility (1 year)
71%
Beta vs S&P 500
1.42

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 4 down
typical move ±29.5%
After a week
7 up, 4 down
typical move ±32.3%
After a month
7 up, 4 down
typical move ±36.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −29.9% −0.4% −39.9% −17.7%
April 30, 2026 +6.0% +1.3% +14.3% +6.3%
February 26, 2026 −26.0% −1.0% −23.3% −28.0%
October 29, 2025 +35.6% −1.1% +9.2% +18.0%
August 6, 2025 +35.1% +0.7% +44.1% +24.3%
May 7, 2025 +32.8% +1.1% +17.7% +38.4%
March 3, 2025 −14.6% −2.9% −24.9% −36.6%
November 6, 2024 +22.8% +3.3% +11.3% +0.6%
October 2, 2024 +5.5% −0.1% +5.4% +7.0%
August 6, 2024 −41.2% +0.2% −30.2% −21.5%
May 1, 2024 +75.5% +0.6% +134.6% +203.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Emergent Biosolutions Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Emergent Biosolutions Inc.
$600M $800M $1B $1.2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1B Revenue (TTM), FY24 Q1: $1.2B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $1.1B Revenue (TTM), FY24 Q4: $1B Revenue (TTM), FY25 Q1: $965.4M Revenue (TTM), FY25 Q2: $851.6M Revenue (TTM), FY25 Q3: $788.9M Revenue (TTM), FY25 Q4: $742.9M Revenue (TTM), FY26 Q1: $676.8M Revenue (TTM), FY26 Q2: $770.2M Revenue (TTM), FY26 Q3: $649.1M $649.1M

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1B
FY24 Q1 $1.2B
FY24 Q2 $1.1B
FY24 Q3 $1.1B
FY24 Q4 $1B
FY25 Q1 $965.4M
FY25 Q2 $851.6M
FY25 Q3 $788.9M
FY25 Q4 $742.9M
FY26 Q1 $676.8M
FY26 Q2 $770.2M
FY26 Q3 $649.1M
Revenue growth, TTM YoY Emergent Biosolutions Inc.
-40% -20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -6.1% Revenue growth, TTM YoY, FY24 Q1: 21.3% Revenue growth, TTM YoY, FY24 Q2: 2.8% Revenue growth, TTM YoY, FY24 Q3: 2.0% Revenue growth, TTM YoY, FY24 Q4: -0.5% Revenue growth, TTM YoY, FY25 Q1: -18.6% Revenue growth, TTM YoY, FY25 Q2: -22.7% Revenue growth, TTM YoY, FY25 Q3: -29.9% Revenue growth, TTM YoY, FY25 Q4: -28.8% Revenue growth, TTM YoY, FY26 Q1: -29.9% Revenue growth, TTM YoY, FY26 Q2: -9.6% Revenue growth, TTM YoY, FY26 Q3: -17.7% -17.7%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -6.1%
FY24 Q1 21.3%
FY24 Q2 2.8%
FY24 Q3 2.0%
FY24 Q4 -0.5%
FY25 Q1 -18.6%
FY25 Q2 -22.7%
FY25 Q3 -29.9%
FY25 Q4 -28.8%
FY26 Q1 -29.9%
FY26 Q2 -9.6%
FY26 Q3 -17.7%
Operating margin (TTM) Emergent Biosolutions Inc.
-100% -50% 0% 50% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -69.2% Operating margin (TTM), FY24 Q1: -45.5% Operating margin (TTM), FY24 Q2: -40.8% Operating margin (TTM), FY24 Q3: -12.7% Operating margin (TTM), FY24 Q4: -10.4% Operating margin (TTM), FY25 Q1: -10.2% Operating margin (TTM), FY25 Q2: 12.5% Operating margin (TTM), FY25 Q3: 15.0% Operating margin (TTM), FY25 Q4: 13.5% Operating margin (TTM), FY26 Q1: 9.0% Operating margin (TTM), FY26 Q2: -8.6% Operating margin (TTM), FY26 Q3: -27.7% -27.7%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -69.2%
FY24 Q1 -45.5%
FY24 Q2 -40.8%
FY24 Q3 -12.7%
FY24 Q4 -10.4%
FY25 Q1 -10.2%
FY25 Q2 12.5%
FY25 Q3 15.0%
FY25 Q4 13.5%
FY26 Q1 9.0%
FY26 Q2 -8.6%
FY26 Q3 -27.7%
FCF margin (TTM) Emergent Biosolutions Inc.
-40% -20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -24.6% FCF margin (TTM), FY24 Q1: -11.2% FCF margin (TTM), FY24 Q2: 3.4% FCF margin (TTM), FY24 Q3: 12.3% FCF margin (TTM), FY24 Q4: 3.4% FCF margin (TTM), FY25 Q1: 9.8% FCF margin (TTM), FY25 Q2: 18.2% FCF margin (TTM), FY25 Q3: 0.2% FCF margin (TTM), FY25 Q4: 21.1% FCF margin (TTM), FY26 Q1: 20.0% FCF margin (TTM), FY26 Q2: 11.2% FCF margin (TTM), FY26 Q3: 29.0% 29.0%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -24.6%
FY24 Q1 -11.2%
FY24 Q2 3.4%
FY24 Q3 12.3%
FY24 Q4 3.4%
FY25 Q1 9.8%
FY25 Q2 18.2%
FY25 Q3 0.2%
FY25 Q4 21.1%
FY26 Q1 20.0%
FY26 Q2 11.2%
FY26 Q3 29.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Emergent Biosolutions took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $743M
  2. Cost of revenue $326M · 43.9%
  3. Gross profit $417M · 56.1%
  4. Research and development $53.2M · 7.2%
  5. Selling, general and admin $186M · 25.1%
  6. Other operating costs $77.3M · 10.4%
  7. Operating income $100M · 13.5%
  8. Income tax $30.2M · 4.1%
  9. Interest and other $17.3M · 2.3%
  10. Net income $52.6M · 7.1%

Shares of revenue. Source: Emergent Biosolutions's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 235 286 273 282 313 450 523 489 561 782 1,106 1,577 1,774 1,118 1,049 1,044 743 649
Gross profit — — — — — — — 363 373 460 673 925 891 383 318 362 417 314
EBITDA 45 80 41 41 60 112 165 134 157 126 164 489 465 −27 −601 0 196 −120
Operating income 40 74 32 30 43 89 142 106 124 90 114 439 341 −170 −726 −109 100 −180
Net income 31 52 23 24 31 37 63 52 83 63 55 306 220 −212 −761 −191 53 −261
Diluted EPS $0.99 $1.59 $0.64 $0.65 $0.85 $0.88 $1.41 $1.13 $1.71 $1.22 $1.04 $5.68 $4.06 −$4.22 −$14.85 −$3.60 $0.93 −$4.78
Growth (year on year)
Revenue — +21.9% −4.5% +3.1% +10.9% +43.9% +16.1% −6.5% +14.8% +39.5% +41.4% +42.6% +12.4% −37.0% −6.1% −0.5% −28.8% −17.7%
EBITDA — +76.2% −47.9% −0.7% +45.3% +86.5% +48.2% −19.2% +17.2% −19.4% +29.7% +198.7% −4.8% −105.7% — — — −164.9%
Operating income — +83.2% −56.4% −6.6% +42.8% +108.4% +58.7% −25.4% +17.8% −27.8% +27.1% +284.3% −22.1% −149.8% — — — −251.7%
Net income — +66.0% −55.5% +2.2% +32.4% +18.0% +71.1% −17.6% +59.5% −24.1% −13.1% +461.1% −28.2% −196.4% — — — −443.5%
Diluted EPS — +60.6% −59.7% +1.6% +30.8% +3.5% +60.2% −19.9% +51.3% −28.7% −14.8% +446.2% −28.5% −203.9% — — — −445.7%
Margins
Gross margin — — — — — — — 74.2% 66.5% 58.8% 60.8% 58.7% 50.3% 34.3% 30.3% 34.7% 56.1% 48.4%
EBITDA margin 19.2% 27.8% 15.2% 14.6% 19.1% 24.8% 31.6% 27.3% 27.9% 16.1% 14.8% 31.0% 26.2% −2.4% −57.3% 0.0% 26.4% −18.4%
Operating margin 17.1% 25.7% 11.7% 10.6% 13.7% 19.8% 27.1% 21.6% 22.2% 11.5% 10.3% 27.8% 19.2% −15.2% −69.2% −10.4% 13.5% −27.7%
Net margin 13.3% 18.1% 8.4% 8.3% 10.0% 8.2% 12.0% 10.6% 14.7% 8.0% 4.9% 19.4% 12.4% −18.9% −72.5% −18.3% 7.1% −40.2%
Free-cash-flow margin −1.5% 26.5% −15.3% −5.0% 17.6% 18.1% −0.4% −4.4% 27.3% −3.9% 9.1% 25.0% 5.4% −13.4% −24.6% 3.4% 21.1% 29.0%
Cash flow
Cash from operations 30 98 12 40 97 112 43 55 208 42 188 537 320 −34 −206 59 171 200
Capital spending 33 22 54 54 42 31 45 76 55 72 87 142 224 116 52 23 14 12
Free cash flow −3 76 −42 −14 55 82 −2 −22 153 −30 101 395 96 −150 −258 36 157 188
Stock-based pay 5 7 11 11 11 13 16 19 15 23 27 52 42 45 23 18 16 18
Free cash flow after stock pay −8 69 −53 −25 44 69 −18 −40 138 −54 74 343 54 −195 −281 18 141 170
Balance sheet
Cash 103 169 144 142 179 280 313 272 178 112 168 621 576 643 112 100 205 176
Total debt 0 47 59 63 62 251 247 268 14 819 835 919 881 — — 700 590 514
Net debt (negative = net cash) −103 −122 −84 −79 −117 −29 −66 −3 −165 707 668 298 305 −643 −112 601 384 339
Diluted shares 31m 33m 36m 36m 37m 46m 47m 49m 50m 51m 52m 54m 54m 50m 51m 53m 57m 55m
Returned to shareholders
Buybacks — 0 0 6 0 0 0 0 33 0 0 0 106 82 0 0 25 27
Total returned — 0 0 6 0 0 0 0 33 0 0 0 106 82 0 0 25 27

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · September 30, 2026
What it owns · $995m
Short-term assets $558mLonger-term assets $437m
What it owes, and who funded it · $995m
Short-term liabilities $122mLonger-term liabilities $560mShareholders' equity $313m
  • Short-term assets cover short-term liabilities $558m of assets due within a year against $122m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $558m short-term assets against $560m of longer-dated liabilities.
  • More cash than debt $176m of cash against $508m of debt.
  • Debt below 40% of shareholders' equity Debt is 162% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 51% to 162% over five years.
  • A year's operating cash flow covers at least 20% of debt $200m of operating cash flow against $508m of debt.
  • Operating profit covers interest at least five times over Operating income of −$180m against $45m of interest.

From Emergent Biosolutions Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$27.2M
Returned to shareholders
14%
of free cash flow
Buybacks, last 3 fiscal years
$24.9M
Diluted share count
−0.6%
year over year
Total shareholder yield
8.2%
dividends 0.0% + buybacks 8.2% of market value
R&D spending
6.3%
of revenue
Sales & admin spending
29.1%
of revenue
Days sales outstanding
44 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated EBS TVTX ALVO AMPH PCRX CORT Median
Revenue, last 12 months $649m $651m $586m $730m $746m $831m $276m
Revenue growth, last 12 months −17.7% 49.4% 19.7% 1.0% 5.7% 16.0% 9.9%
Revenue growth, 3-year average −16.2% 71.3% — 10.5% 3.7% 24.7% 5.5%
Revenue growth, latest quarter −52.4% 36.2% — 5.4% 6.2% 31.7% 6.5%
Gross margin 48.4% 98.5% 59.8% 47.7% 79.2% 98.3% 62.0%
Operating margin −27.7% −20.5% 13.3% 15.7% 2.7% 0.8% −5.9%
Operating margin, 3-year average −8.5% −72.3% — 24.3% 0.4% 12.5% −7.4%
Net margin −40.2% −18.7% 4.8% 10.8% 2.0% 6.6% −7.3%
Cash from operations / revenue 30.8% 27.1% −8.6% 25.3% 25.2% 13.2% 10.2%
Free-cash-flow margin 29.0% 27.1% −19.6% 20.9% 24.1% 12.9% 8.6%
Free-cash-flow margin, 3-year average 13.8% −40.1% — 20.5% 22.5% 19.9% 7.4%
Stock pay / revenue 2.8% 11.2% 1.3% 4.0% 7.5% 10.7% 3.6%
Change in share count −0.6% −1.7% 8.7% −7.8% −2.8% −2.2% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth -17.7% 10.0% 63 of 74
Change in growth rate Growth -8.2pp -0.3pp 56 of 74
Gross margin Profitability 48.4% 59.8% 37 of 59
Operating margin Profitability -27.7% -5.9% 48 of 67
Net margin Profitability -40.2% -7.3% 56 of 75
Free-cash-flow margin Cash generation 29.0% 10.1% 7 of 74
Stock pay as % of revenue Cash generation 2.8% 3.6% 34 of 69
Long-term debt as % of assets Balance sheet 51.0% 23.8% 45 of 53
Change in share count Balance sheet -0.6% 1.5% 15 of 62
Days sales outstanding Balance sheet 44 days 72 days 11 of 59

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
MCM Products $457M ▼ 10.4%
Commercial Products $226M ▼ 43.3%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue YoY
Product and Service $705M ▼ 30.4%
Medical Countermeasures MCM Product $457M ▼ 10.4%
Commercial Product $226M ▼ 43.3%
All Other Revenue $60.1M ▼ 55.4%
Contracts and Grants $37.7M ▲ 25.7%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $531M 71.5% ▼ 35.4%
Other Geographical Area $137M 18.4% ▲ 69.7%
Canada $75M 10.1% ▼ 46.6%

From Emergent Biosolutions Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$365M
Institutions reporting
193
Shares held vs prior quarter
▲ 1.3%
Positions opened / closed
31 / 25

Top buyers and sellers, Q2 2026: 99 institutions bought and 88 sold ; the biggest buyer was LSV Asset Management (+799K shares) and the biggest seller Palisade Capital Management, LP (−686K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $39.5M 4.7M 10.8% ▲ 8.6%
Dimensional Fund Advisors LP $25.8M 3.1M 7.1% ▲ 11.6%
State Street Corp $24.6M 2.9M 6.7% ▲ 2.8%
American Century Companies Inc $23.2M 2.8M 6.4% ▲ 14.2%
Vanguard Capital Management LLC $18.4M 2.2M 5.0% ▼ 2.6%
LSV Asset Management $14.2M 1.7M 3.9% ▲ 89.1%
Acadian Asset Management LLC $11.3M 1.3M 3.1% ▼ 2.7%
Geode Capital Management, LLC $11.2M 1.3M 3.1% ▲ 5.1%
Charles Schwab Investment Management Inc $10.1M 1.2M 2.8% ▼ 20.3%
Oak Hill Advisors LP $9.3M 1.1M 2.6% 0.0%
Millennium Management LLC $9M 1.1M 2.5% ▲ 101.5%
AQR Capital Management LLC $8.7M 1.0M 2.4% ▲ 5.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Emergent Biosolutions Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.3M 15 trades by 6 insiders · 79% under pre-set plans
Net ▼ $1.3M net selling
Insider Date Trade Shares Price Value
Degolyer Donald W Director October 7, 2026 Sell pre-set plan 17,800 $7.09 $126,202
Williams Paul Anthony SVP, Products Business October 1, 2026 Sell pre-set plan 3,000 $6.53 $19,590
Williams Paul Anthony SVP, Products Business July 1, 2026 Sell pre-set plan 3,000 $8.40 $25,200
Zoon Kathryn C Director May 1, 2026 Sell pre-set plan 16,145 $8.36 $134,972
Zoon Kathryn C Director May 1, 2026 Sell pre-set plan 1,057 $8.97 $9,481
Degolyer Donald W Director May 1, 2026 Sell pre-set plan 14,527 $8.36 $121,446
Degolyer Donald W Director May 1, 2026 Sell pre-set plan 954 $8.96 $8,548
Dayal Sujata Tyagi Director May 1, 2026 Sell pre-set plan 12,781 $8.36 $106,849
Dayal Sujata Tyagi Director May 1, 2026 Sell pre-set plan 980 $8.94 $8,761
Katkin Keith Director April 30, 2026 Sell pre-set plan 15,481 $8.28 $128,183
Williams Paul Anthony SVP, Products Business April 1, 2026 Sell pre-set plan 4,000 $8.44 $33,760
Richard Ronald Director December 5, 2025 Sell 7,100 $12.11 $85,981

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 13 trades and filings

No trades in Emergent Biosolutions Inc. disclosed in the last 12 months; 13 earlier trades on record.

  • Steve Cohen(D-TN 9):Sale (full), $1,001 - $15,000, traded December 11, 2024, filed January 10, 2025
  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded November 5, 2021, filed December 13, 2021
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded October 18, 2021, filed November 15, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 1, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 5, 2026
  • April 30, 2026
  • February 26, 2026
  • October 29, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Emergent Biosolutions Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Emergent Biosolutions Inc. in brief

What does Emergent Biosolutions Inc. do?
Emergent Biosolutions Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Emergent Biosolutions Inc.'s stock ticker?
Emergent Biosolutions Inc. trades under the ticker EBS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Emergent Biosolutions Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Emergent Biosolutions Inc. reported revenue of $649M, 17.7% lower than a year earlier, according to its SEC filings.
What is Emergent Biosolutions Inc.'s free cash flow?
Emergent Biosolutions Inc.'s free-cash-flow margin is 29.0% of revenue over the trailing twelve months, ranking 7 of the 74 pharmaceuticals companies we cover.
Who are Emergent Biosolutions Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Emergent Biosolutions Inc. buying back stock, and does it pay a dividend?
Emergent Biosolutions Inc. spent $27.2M on share repurchases over the trailing twelve months, and its diluted share count fell 0.6% over the year.
What is Emergent Biosolutions Inc.'s market cap?
On November 2, 2026, Emergent Biosolutions Inc.'s market capitalisation was about $351M and net debt of $339M. Market figures come from third-party market data and may be delayed.
How much debt does Emergent Biosolutions Inc. have?
Emergent Biosolutions Inc.'s debt-to-equity ratio is 162.1%, from its latest balance sheet (51.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Emergent Biosolutions Inc.'s competitors?
In our Pharmaceuticals peer group, the companies closest to Emergent Biosolutions Inc. are Travere Therapeutics, Inc., Alvotech, Amphastar Pharmaceuticals, Inc., Pacira Biosciences, Inc. and Corcept Therapeutics Inc. The side-by-side comparison below sets their revenue, margins and growth against Emergent Biosolutions Inc.'s.
Are insiders buying or selling Emergent Biosolutions Inc. stock?
Over the last 12 months, Emergent Biosolutions Inc.'s directors and officers reported 0 open-market purchases and 15 sales on Form 4. The insider trading page charts every trade.
When is Emergent Biosolutions Inc.'s next earnings date?
Around February 1, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Emergent Biosolutions Inc. announces its own schedule.