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Emergent BioSolutions Inc., a life sciences company, provides preparedness and response solutions for accidental, deliberate, and naturally occurring public health threats in the United States, Canada, and internationally. It operates through Commercial Products, MCM Products, and All Other Revenues segments. The company offers ACAM2000, a smallpox and mpox vaccine; Anthrax Immune Globulin Intravenous (ANTHRASIL), a polyclonal antibody therapeutic for the treatment of inhalational anthrax; Botulism Antitoxin Heptavalent (BAT), an equine plasma antitoxin for the treatment of symptomatic botulism; BioThrax, an anthrax vaccine; CYFENDUS, a vaccine for post-exposure prophylaxis of disease following suspected or confirmed exposure to Bacillus anthracis; Ebanga, a monoclonal antibody for the treatment of infection caused by Orthoebolavirus zairense; Raxibacumab injection, a monoclonal antibody therapeutic for the treatment and prophylaxis of inhalational anthrax due to Bacillus anthracis; TEMBEXA, an oral antiviral for the treatment of smallpox disease caused by variola virus in adult and pediatric patients; and CNJ-016, a polyclonal antibody therapeutic to address complications from smallpox vaccination. It also provides NARCAN and KLOXXADO nasal sprays for the emergency treatment of known or suspected opioid overdose. In addition, the company offers contract development and manufacturing services comprising drug substance and product manufacturing, and packaging, as well as technology transfer, process, analytical development, and suite reservation services. Emergent BioSolutions Inc. was incorporated in 1998 and is headquartered in Gaithersburg, Maryland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $705M | $238M | $53M | $157M | 10.1% | -30.4% | - |
| 2024 | $1.0B | $37M | $-191M | $36M | -39.5% | -0.9% | - |
| 2023 | $1.0B | $-518M | $-761M | $-258M | -117.1% | -4.9% | - |
| 2022 | $1.1B | $-38M | $-212M | $-150M | -15.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,076.10 | 1,023 | 1,013.60 | 705.20 |
| Cost Of Revenue | 693.10 | 705.40 | 681.30 | 326.20 |
| Gross Profit | 383 | 317.60 | 332.30 | 379 |
| Operating Expense | 546.30 | 519.10 | 413.80 | 266.70 |
| Operating Income | -163.30 | -201.50 | -81.50 | 112.30 |
| EBITDA | -38.40 | -518.20 | 36.90 | 237.90 |
| EBIT | -181.70 | -643.30 | -71.90 | 142.10 |
| Pretax Income | -219 | -731.20 | -142.90 | 82.80 |
| Tax Provision | -7.40 | 29.30 | 47.70 | 30.20 |
| Net Income | -211.60 | -760.50 | -190.60 | 52.60 |
| Net Income Common Stockholders | -211.60 | -760.50 | -190.60 | 52.60 |
| Total Expenses | 1,239.40 | 1,224.50 | 1,095.10 | 592.90 |
| Interest Expense | 37.30 | 87.90 | 71 | 59.30 |
| Research And Development | 188.30 | 111.40 | 70.70 | 53.20 |
| Selling General And Administration | 339.50 | 368.40 | 308 | 186.10 |
| Normalized EBITDA | -31.70 | -70 | 39.20 | 262.30 |
| Normalized Income | -205.10 | -406.42 | -188.78 | 68.09 |
| Basic EPS | -4.47 | -14.85 | -3.60 | 0.98 |
| Diluted EPS | -4.47 | -14.85 | -3.60 | 0.93 |
| Tax Effect Of Unusual Items | -0.20 | -94.12 | -0.48 | -8.91 |
| Tax Rate For Calcs | 0.03 | 0.21 | 0.21 | 0.36 |
| Total Unusual Items | -6.70 | -448.20 | -2.30 | -24.40 |
| Total Unusual Items Excluding Goodwill | -6.70 | -448.20 | -2.30 | -24.40 |
| Net Income From Continuing Operation Net Minority Interest | -211.60 | -760.50 | -190.60 | 52.60 |
| Reconciled Depreciation | 143.30 | 125.10 | 108.80 | 95.80 |
| Reconciled Cost Of Revenue | 609.70 | 645.90 | 637.60 | 295.50 |
| Net Interest Income | -37.30 | -87.90 | -71 | -59.30 |
| Net Income From Continuing And Discontinued Operation | -211.60 | -760.50 | -190.60 | 52.60 |
| Total Operating Income As Reported | -170 | -726.40 | -108.70 | 100.10 |
| Diluted Average Shares | 50.10 | 51.20 | 53 | 56.70 |
| Basic Average Shares | 50.10 | 51.20 | 53 | 53.50 |
| Diluted NI Availto Com Stockholders | -211.60 | -760.50 | -190.60 | 52.60 |
| Net Income Including Noncontrolling Interests | -211.60 | -760.50 | -190.60 | 52.60 |
| Net Income Continuous Operations | -211.60 | -760.50 | -190.60 | 52.60 |
| Other Income Expense | -18.40 | -441.80 | 9.60 | 29.80 |
| Other Non Operating Income Expenses | -11.70 | 6.40 | 11.90 | 54.20 |
| Special Income Charges | -6.70 | -448.20 | -2.30 | -24.40 |
| Gain On Sale Of Business | 0 | 74.20 | 24.30 | 0 |
| Other Special Charges | 0 | -2.50 | -0.60 | 12.20 |
| Impairment Of Capital Assets | 6.70 | 524.90 | 27.20 | 12.20 |
| Net Non Operating Interest Income Expense | -37.30 | -87.90 | -71 | -59.30 |
| Interest Expense Non Operating | 37.30 | 87.90 | 71 | 59.30 |
| Other Operating Expenses | -41.40 | -26.30 | -30 | -37.70 |
| Depreciation Amortization Depletion Income Statement | 59.90 | 65.60 | 65.10 | 65.10 |
| Depreciation And Amortization In Income Statement | 59.90 | 65.60 | 65.10 | 65.10 |
| Amortization | 59.90 | 65.60 | 65.10 | 65.10 |
| Amortization Of Intangibles Income Statement | 59.90 | 65.60 | 65.10 | 65.10 |
| Operating Revenue | 1,076.10 | 1,023 | 1,013.60 | 705.20 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Emergent BioSolutions Inc.this co. | EBS | $413M | 8.59↑ premium | 0.80 | 10.1% | 3.79 |
| Fulgent Genetics, Inc. | FLGT | $427M | - | 0.41 | -5.5% | -1.98 |
| Vanda Pharmaceuticals Inc. | VNDA | $424M | - | 1.27 | -67.4% | -1.16 |
| Strata Critical Medical, Inc. | SRTA | $424M | - | 1.52 | 14.8% | -64.52 |
| Lexeo Therapeutics, Inc. | LXEO |
| $421M |
| - |
| 1.68 |
| -40.5% |
| -2.27 |
| Benitec Biopharma Inc. | BNTC | $416M | - | 2.22 | -39.0% | -4.75 |
| Neurogene Inc. | NGNE | $414M | - | 1.55 | -34.1% | -1.53 |
| Community Health Systems, Inc. | CYH | $404M | 0.83 | -0.27 | -60.8% | 7.88 |
| Enanta Pharmaceuticals, Inc. | ENTA | $402M | - | 3.18 | -126.5% | -6.01 |
| Peer Median | - | 0.83 | 1.54 | -39.7% | -2.13 | |