# Emergent BioSolutions Inc. (EBS)

> Source: Nexqual · https://nexqual.com/EBS · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Emergent BioSolutions Inc. (EBS), nexqual.com/EBS" · informational, not investment advice.

**Price:** USD 7.22 (+1.83% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 7.09 · day 7.01–7.24 · 52w 4.36–14.06 · market cap $370M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $770M, net income -$177M (-23.0% margin), free cash flow $85.9M (SEC filings).
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $689K; 0 not under a Rule 10b5-1 plan ($0K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (3 analysts), mean target USD 11 (range 10–12).
- Total return with dividends: 1Y -44.8% vs S&P 500 +14.8%; 5Y -84.8% vs S&P 500 +79.1%.
- Next earnings: 2026-11-02, EPS estimate USD -0.39, revenue estimate $123M. All companies reporting that day: https://nexqual.com/earnings/2026-11-02
- Dividend: EBS paid no cash dividend in the last five years.
- Short interest: 19.19% of float (as of 2026-10-15), 8.9 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.77B | $1.12B | $1.05B | $1.04B | $743M | $770M |
| Gross profit | $891M | $383M | $318M | $362M | $417M | — |
| Operating income | $341M | -$170M | -$726M | -$109M | $100M | -$66.0M |
| Net income | $220M | -$212M | -$761M | -$191M | $52.6M | -$177M |
| EPS (diluted) | $4.06 | -$4.22 | -$14.85 | -$3.60 | $0.93 | — |
| Free cash flow | $96.1M | -$150M | -$258M | $35.8M | $157M | $85.9M |
| Gross margin | 50.3% | 34.3% | 30.3% | 34.7% | 56.1% | — |
| Operating margin | 19.2% | -15.2% | -69.2% | -10.4% | 13.5% | -8.6% |
| Net margin | 12.4% | -18.9% | -72.5% | -18.3% | 7.1% | -23.0% |
| Revenue growth | +12.4% | -37.0% | -6.1% | -0.5% | -28.8% | — |
| Cash + short-term investments | $576M | $643M | $112M | $99.5M | $205M | — |
| Total debt | $850M | $1.41B | $868M | $700M | $590M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.5x · EV/Sales 1.1x · P/FCF 4.3x · P/B 1.1x · FCF yield 23.20% · Earnings yield -47.76% · Buyback yield (TTM) 9.72% · Net debt $450M · EV $820M
P/E at fiscal year-ends: Dec 2025 13.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-07 | Degolyer Donald W | Director | 17,800 | $126K | 13.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-10-01 | Williams Paul Anthony | SVP, Products Business | 3,000 | $20K | 1.9% | Yes (adopted November 14, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-01 | Williams Paul Anthony | SVP, Products Business | 3,000 | $25K | 1.9% | Yes (adopted November 14, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Dayal Sujata Tyagi | Director | 13,761 | $116K | 12% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-01 | Degolyer Donald W | Director | 15,481 | $130K | 10.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-01 | Zoon Kathryn C | Director | 17,202 | $144K | 17.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-30 | Katkin Keith | Director | 15,481 | $128K | 13.9% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 3 analysts; mean target USD 11 (low 10, high 12).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-09 | HC Wainwright & Co. | Reiterated | Buy | $10 |
| 2026-08-10 | HC Wainwright & Co. | Target lowered | Buy | $12 → $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -44.8% | -84.8% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -45.0% | -31.4% |
| Volatility (annualized) | 75.5% | 97.8% |
| Max drawdown | -68.0% (Jan 2026→Aug 2026) | -97.0% (Jan 2022→Feb 2024) |

## Dividends
EBS paid no cash dividend in the last five years.

## Short interest
9,684,744 shares sold short, 19.19% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 9,786,380 shares (-1.0%). Days to cover: 8.9 (short shares ÷ average daily volume).

## Peers (Drug Manufacturers - Specialty & Generic)
SUPN (Supernus Pharmaceuticals, Inc.) USD 41.84 +1.85% · BHC (Bausch Health Companies Inc.) USD 8.91 +28.76% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 28.68 +2.17% · RGC (Regencell Bioscience Holdings L) USD 6.86 -5.64% · LQDA (Liquidia Corporation) USD 44.99 -1.60% · INDV (Indivior Pharmaceuticals, Inc.) USD 35.25 +1.38%

## More
Full page: https://nexqual.com/EBS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in EBS's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1367644/000136764426000015/ebs-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Thermo Fisher (TMO) | "First, contract manufacturers such as Thermo Fisher Scientific, Lonza, and FUJIFILM Biotechnologies, all of which offer end-to-end contract manufacturing services encompassing development, drug substance, and drug produc…" |
| Supplier | Lonza | "First, contract manufacturers such as Thermo Fisher Scientific, Lonza, and FUJIFILM Biotechnologies, all of which offer end-to-end contract manufacturing services encompassing development, drug substance, and drug produc…" |
| Supplier | Pfizer (PFE) | "Lastly, organizations such as Pfizer CentreOne and AbbVie Contract Manufacturing, which offer a portfolio of manufacturing services to increase utilization of internal manufacturing capabilities." |
| Supplier | AbbVie (ABBV) | "Lastly, organizations such as Pfizer CentreOne and AbbVie Contract Manufacturing, which offer a portfolio of manufacturing services to increase utilization of internal manufacturing capabilities." |
| Partner | Johnson & Johnson (JNJ) | "In July 2020, the Company, through its wholly owned subsidiary, Emergent Manufacturing Operations Baltimore, LLC, entered into the Janssen Agreement with Janssen for large-scale drug substance manufacturing of Johnson & …" |

Other companies that name EBS in their own reports (relationship from EBS's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | SOLIGENIX, INC. (SNGX) | 10-K 2026-03-31 | "We also initiated a development agreement with Emergent BioSolutions, Inc. ("EBS") to implement a commercially viable, scalable production technology for the RiVax® drug substance protein antigen." |
| partner | Aptevo Therapeutics Inc. (APVO) | 10-K 2026-03-26 | "We have financed our operations to date primarily through royalty and purchase agreements with various partners, sale of business products and segments, public offerings of our common stock, loan proc…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| MCM Products | $168.0M | 71.7% | +187.7% |
| Commercial Products | $52.4M | 22.4% | -22.4% |
| Total revenue | $234.3M | 100% | — |
The lines above cover 94.1% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product and services sales, net | $226.8M | 96.8% | +74.1% |
| MCM Product sales | $168.0M | 71.7% | +187.7% |
| Commercial Product sales | $52.4M | 22.4% | -22.4% |
| All other revenue | $13.9M | 5.9% | -7.3% |
| Contracts and grants | $7.5M | 3.2% | -29.2% |
| Total revenue | $234.3M | 100% | — |
The lines above cover 200% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $531.1M | 71.5% | -35.4% |
| Other Geographical Area | $136.8M | 18.4% | +69.7% |
| Canada | $75.0M | 10.1% | -46.6% |
| Total revenue | $742.9M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 46% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

## Company outlook (8-K filed 2026-08-05)

- "(NYSE: EBS) today reported financial results for the second quarter ended June 30, 2026. "Emergent delivered a strong second quarter, significantly exceeding the high end of our guidance range with revenues of $234 million, primarily driven by accelerated MCM/biodefense contract modifications secured with the U.S. government."
- "The updated ranges for our 2026 forecast reflect this adjustment."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.39 | $0.35 | −$0.74 | $123.2M | 2 |
| Next quarter (ends 2026-12-31) | $-0.08 | $0.28 | −$0.36 | $143.7M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.36 | $0.95 | -62.1% | $657.1M | 2 |
| Next fiscal year (ends 2027-12-31) | $1.05 | $0.00 | +$1.05 | $703.3M | 1 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.60 | $0.11 | Beat +445.5% | — |
| — | Quarter ended Mar 31, 2026 | $0.21 | −$0.25 | Beat +$0.46 | — |
| — | Quarter ended Dec 31, 2025 | −$0.43 | $0.11 | Miss −$0.54 | — |
| — | Quarter ended Sep 30, 2025 | $1.06 | −$0.12 | Beat +$1.18 | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-16 | 8-K | Director or executive officer change, or pay arrangement — “On October 16, 2026, Emergent BioSolutions Inc. (the " Company ") announced that Richard Lindahl, the Company's Chief Financial Officer, will step down from his role as the Company's principal financial and accounting officer effective December 31, 2026, after which he will continue as an advisor until his retirement on March 31, 2027. The Company has appointed Frank Vargo, Vice President, Treasurer, to serve as the Company's Interim Chief Financial Officer and principal financial and accounting officer beginning…” | https://www.sec.gov/Archives/edgar/data/1367644/000136764426000098/0001367644-26-000098-index.htm |
| 2026-09-14 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1367644/000136764426000091/0001367644-26-000091-index.htm |
| 2026-09-01 | 8-K | Other material event — “On August 18, 2026, Emergent BioSolutions Inc. ("Emergent") received a contract modification ("Modification No. 21") of the BARDA AV7909 Contract (as defined below) from the Office of the Assistant Secretary for Preparedness and Response to procure additional doses of CYFENDUS (Anthrax Vaccine Adsorbed, Adjuvanted) (previously known as "AV7909") valued at $24 million. This modification relates to Emergent's AV7909 development and procurement contract with the Biomedical Advanced Research and Development Authority…” | https://www.sec.gov/Archives/edgar/data/1367644/000136764426000088/0001367644-26-000088-index.htm |
| 2026-08-14 | Schedule 13G | American Century ETF Trust, American Century Investment Management, Inc.: 5.4% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1367644/000005238826000262/0000052388-26-000262-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1367644/000136764426000082/0001367644-26-000082-index.htm |
| 2026-08-05 | 8-K | Quarterly results; Exit or restructuring costs (layoffs, closures); Director or executive officer change, or pay arrangement; Regulation FD disclosure — “On August 5, 2026, the Company announced an organizational restructuring plan (the "Restructuring Plan") intended to strengthen its long-term financial position in response to changes in its business. These strategic actions will lead to a reduction of the Company's current workforce by approximately 93 employees across all areas of the Company and the elimination of approximately 21 positions that are currently vacant, as well as the closure of wet laboratories in Gaithersburg, Maryland. Decisions regarding the…” | https://www.sec.gov/Archives/edgar/data/1367644/000136764426000080/0001367644-26-000080-index.htm |
| 2026-07-31 | Schedule 13G/A | Vanguard Capital Management: 4.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1367644/000210011926001413/0002100119-26-001413-index.htm |
| 2026-07-28 | Schedule 13G/A | BlackRock, Inc.: 9.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1367644/000201238326002482/0002012383-26-002482-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.