Improved Financial Position
Emergent BioSolutions improved its cash position, ending Q1 2025 with $149 million on the balance sheet and a total liquidity of $250 million, including a fully undrawn revolver. Net leverage reduced to 2.8x adjusted EBITDA from 5.7x in Q1 2024.
International Revenue Growth
International sales accounted for $91 million of total revenue, representing about 40% of overall revenue and 60% of medical countermeasures revenue, indicating significant diversification and growth outside the U.S.
Significant Margin Expansion
Adjusted EBITDA margin improved by 1,300 basis points to 35%, and adjusted gross margin increased by 700 basis points year-over-year.
Large Contract with Ontario Ministry of Health
A 3-year agreement valued at approximately $65 million was signed with the Province of Ontario for supplying NARCAN, demonstrating continued demand and support for Emergent's opioid overdose reversal treatments.
Strong Start to 2025
Net income for Q1 2025 was $68 million, a 656% increase compared to Q1 2024, highlighting significant financial improvement.