Emergent Biosolutions (EBS)
NYSE:EBS
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Emergent Biosolutions
(NYSE:EBS)
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Rating:61Neutral
Price Target:
$10.00
▲(13.51% Upside)
Action:Reiterated
Date:05/03/26
The score reflects solid cash generation and a generally positive earnings-call outlook (beat vs. guidance, maintained full-year targets, improving leverage), tempered by weakening TTM profitability and revenue, a still debt-heavy balance sheet for a volatile earnings profile, and a technically mixed trend with the stock below key longer-term moving averages.
Positive Factors
Cash generation
Consistent positive operating and free cash flow over the trailing twelve months provides durable financial flexibility. Strong cash conversion supports debt service, working capital, share repurchases and targeted reinvestment without relying solely on equity or volatile revenue timing.
Negative Factors
Revenue decline and margin volatility
Revenues and profitability have shown wide swings across recent periods, undermining predictability of earnings and cashflow. This volatility reduces the reliability of EBITDA coverage for debt service and complicates long-term planning, making sustainable margin recovery less certain absent stable demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistent positive operating and free cash flow over the trailing twelve months provides durable financial flexibility. Strong cash conversion supports debt service, working capital, share repurchases and targeted reinvestment without relying solely on equity or volatile revenue timing.
Read all positive factors
Emergent Biosolutions (EBS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$435.99M
Dividend YieldN/A
Average Volume (3M)671.54K
Price to Earnings (P/E)15.8
Beta (1Y)2.78
Revenue Growth-29.89%
EPS Growth93.33%
CountryUS
Employees900
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.17
Shares Outstanding51,596,294
10 Day Avg. Volume661,339
30 Day Avg. Volume671,536
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 Cap1.95
Enterprise Value/Revenue1.25
Enterprise Value/Gross Profit2.82
Enterprise Value/Ebitda5.10
Forecast
1Y Price Target
$12.00Price Target Upside36.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.52
Revenue Forecast (FY)$735.00M
Emergent Biosolutions Business Overview & Revenue Model
Company Description
Emergent BioSolutions Inc., a life sciences company, focuses on the provision of preparedness and response solutions that address accidental, deliberate, and naturally occurring public health threats (PHTs) in the United States. The company's prod...
How the Company Makes Money
EBS generates revenue primarily through (1) product sales and procurement contracts for its medical countermeasure portfolio and (2) contract manufacturing and related services for other biopharmaceutical companies.
1) Product sales and governmen...
Emergent Biosolutions Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call emphasized meaningful operational and financial progress: revenue and adjusted EBITDA exceeded guidance, cash, liquidity and net debt improved materially, refinancing enhanced flexibility, and strategic initiatives (international MCM expansion, product line extensions, manufacturing partnerships) are gaining traction. Notable challenges include comparability to a large 2025 order, constrained U.S. pricing dynamics, an expected $50.4M contingent cash outflow in Q2, and reduced R&D spend. On balance, the positives—strong execution against the turnaround plan, improved balance sheet metrics, and concrete growth catalysts—outweigh the negatives in the near term.Positive Updates
Revenue Above Guidance
Q1 2026 revenue of $156 million, which exceeded the high end of prior guidance ($135M–$155M). Q2 revenue guidance: $170M–$185M.
Negative Updates
Challenging Year-over-Year Comparisons
Q1 2025 included a one-time large international order that contributed ~ $60 million of revenue and ~$50 million of adjusted EBITDA; absence of that order in 2026 complicates year-over-year comparisons and pressure on growth metrics.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Above Guidance
Q1 2026 revenue of $156 million, which exceeded the high end of prior guidance ($135M–$155M). Q2 revenue guidance: $170M–$185M.
Read all positive updates
Company Guidance
Emergent maintained full‑year 2026 guidance of $720–$760 million in total revenue, updated full‑year adjusted EBITDA to $155–$175 million (now including non‑cash stock compensation), and expects adjusted gross margin of 45–47%; Q2 revenue was guided to $170–$185 million. For context, Q1 revenue was $156 million (above prior guidance of $135–$155 million), Q1 adjusted EBITDA was $36 million (23% margin) with an adjusted gross margin of 52%. Management expects commercial revenues (NARCAN) to be flat to slightly up and MCM revenues flat to slightly down, noting international MCM was 37% of MCM revenue in Q1. Balance sheet and capital metrics highlighted include cash of $160 million, total liquidity of $260 million, net debt reduced by ~$122 million (~22% YoY) with net leverage at 2.4x adjusted EBITDA (versus 2.7x a year ago), $100 million less term‑loan debt YoY, a new $75 million delayed‑draw facility, a $50 million revolver, maturities extended to 2031, $9 million of share repurchases in Q1 with $46.5 million remaining under a $50 million program, and an expected $50.4 million contingent acquisition cash outflow in Q2.Emergent Biosolutions Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
58
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 676.80M | 742.90M | 1.04B | 1.05B | 1.12B | 1.77B |
| Gross Profit | 300.80M | 350.60M | 375.40M | 360.00M | 473.00M | 793.20M |
| EBITDA | 166.60M | 208.50M | 53.40M | -47.00M | 15.70M | 504.20M |
| Net Income | -8.60M | 52.60M | -190.60M | -760.50M | -211.60M | 219.50M |
Balance Sheet | ||||||
| Total Assets | 1.32B | 1.32B | 1.39B | 1.82B | 3.17B | 2.96B |
| Cash, Cash Equivalents and Short-Term Investments | 160.30M | 205.40M | 99.50M | 111.70M | 642.60M | 576.30M |
| Total Debt | 573.60M | 572.10M | 676.10M | 860.20M | 1.43B | 871.00M |
| Total Liabilities | 797.30M | 796.00M | 906.90M | 1.17B | 1.78B | 1.35B |
| Stockholders Equity | 523.10M | 522.60M | 482.80M | 649.30M | 1.39B | 1.61B |
Cash Flow | ||||||
| Free Cash Flow | 135.40M | 156.80M | 35.80M | -257.90M | -149.90M | 96.10M |
| Operating Cash Flow | 148.00M | 170.60M | 58.70M | -206.30M | -34.10M | 321.10M |
| Investing Cash Flow | 7.50M | 69.40M | 125.20M | 212.30M | -381.30M | -225.00M |
| Financing Cash Flow | -147.60M | -136.60M | -190.00M | -535.70M | 481.20M | -141.00M |
Emergent Biosolutions Technical Analysis
Positive
8.81
Price Trends
8.34
Positive
9.64
Negative
9.75
Negative
Market Momentum
<0.01
Negative
60.47
Neutral
55.65
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 8.81 is above the 20-day moving average (MA) of 8.52, above the 50-day MA of 8.34, and below the 200-day MA of 9.75, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 60.47 is Neutral, neither overbought nor oversold. The STOCH value of 55.65 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $1.88B | 13.63 | 17.32% | ― | 37.03% | ― | |
69 Neutral | $918.47M | 78.40 | 0.73% | ― | 4.57% | ― | |
64 Neutral | $811.75M | 34.57 | 10.23% | ― | -1.39% | -41.70% | |
61 Neutral | $435.99M | 15.84 | -1.59% | ― | -29.89% | 93.33% | |
56 Neutral | $335.67M | -27.74 | 10.62% | ― | -22.07% | -58.28% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
EBS
Emergent Biosolutions
9.13
2.81
44.46%
PCRX
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24.36
-1.46
-5.65%
SIGA
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4.67
-0.71
-13.16%
ANIP
ANI Pharmaceuticals
81.41
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39.59%
AMPH
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18.81
-6.72
-26.32%
Emergent Biosolutions Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Emergent BioSolutions Posts Weak Q1 Results Amid Turnaround
Negative
Apr 30, 2026
On April 30, 2026, Emergent BioSolutions reported first-quarter 2026 results showing total revenue of $156.1 million, net income of $6.8 million with a 4% margin, and adjusted EBITDA of $35.6 million, all down sharply versus the prior year period ...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Emergent BioSolutions Shareholders Back Board, Incentive Plan Changes
Positive
Apr 30, 2026
On April 29, 2026, Emergent BioSolutions Inc. held its 2026 annual meeting of stockholders, with approximately 78% of outstanding shares represented, and stockholders elected four Class II directors—Sujata Dayal, John Fowler Jr., Zsolt Harsa...
Business Operations and StrategyPrivate Placements and Financing
Emergent BioSolutions Secures New Term Loan, Refinances Debt
Positive
Apr 17, 2026
On April 16, 2026, Emergent BioSolutions Inc. refinanced its debt structure by entering a new $150 million term loan with OrbiMed and amending its asset-based revolving credit facility with Wells Fargo. The new term loan, fully drawn at closing, c...
Business Operations and StrategyExecutive/Board Changes
Emergent BioSolutions Adds Independent Director Amid Turnaround Efforts
Positive
Mar 3, 2026
Emergent BioSolutions Inc. announced on March 3, 2026, that it had appointed John D. Fowler, Jr. as a Class II independent director to its board effective March 1, 2026, with an initial term running through the 2026 annual shareholder meeting. Fow...
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
Emergent BioSolutions Reports Profitability Amid Ongoing Turnaround
Positive
Feb 26, 2026
On February 26, 2026, Emergent BioSolutions reported its fourth-quarter and full-year 2025 results, showing a sharp turnaround to full-year net income of $52.6 million from a $190.6 million loss in 2024, despite a 29% drop in revenue to $742.9 mil...
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.