Emergent BioSolutions (EBS) Company Report

Emergent BioSolutions (EBS) provided FY 2025 revenue guidance of $775 - $835 million and Adjusted EBITDA guidance of $195 - $210 million, as of October 29, 2025.
The company is on track with its multi-year turnaround plan, having reduced debt by $100 million in December 2025 and targeting a Net Leverage Ratio of 2.0x – 3.0x Adjusted EBITDA.
EBS reported YTD 2025 Adjusted EBITDA of $194 million, an increase from $162 million in YTD 2024, reflecting improved operating efficiency and increased profitability.
Capital allocation priorities for 2026 include growth investments, debt repayment, and share repurchases, with 2.3 million shares repurchased for $15.8 million through Q3 2025.
The company maintains a diverse portfolio in biodefense/medical countermeasures (MCM) and naloxone, with international orders representing 34% of total MCM revenues in the first nine months ending September 30, 2025.

2 days ago

Presentation

Emergent BioSolutions Details Turnaround Progress and 2026 Growth Strategy

EBS

New Projects/Investments

Share Buyback

Revenue Acceleration/Inflection

Emergent BioSolutions is executing a multi-year turnaround plan, having completed the stabilization phase in 2024-2025 by divesting $150 million in assets, reducing operating expenses by $250 million, and decreasing total debt by $275 million since 2023.
The company achieved significant financial improvements, with Adjusted EBITDA rising from negative in 2023 to $183 million in 2024 and projected $195-$210 million in 2025, and Adjusted EBITDA margin increasing from 19% in 2024 to 33% in 2025. Net leverage has been reduced from 9.9 times to approximately 2 times.
For 2026, the company is focusing on growth investments, including organic growth in biodefense and opioid overdose products, geographic expansion (with ex-U.S. revenue increasing from 15% to 34%), and inorganic growth opportunities.
Emergent announced FDA approval for a Narcan pack on January 15, 2026, and anticipates the overall naloxone unit volume market to grow in the mid-single digits.
The 2026 capital allocation strategy includes growth investments, continued debt repayment, and a share repurchase program that runs through March 2026.

2 days ago

Transcript

Emergent Provides Update on Multi-Year Turnaround Plan and 2026 Outlook

EBS

Guidance Update

New Projects/Investments

Share Buyback

Emergent has completed the stabilization phase (2024-2025) of its multi-year turnaround plan, achieving significant improvements including an increase in Adjusted EBITDA from negative in 2023 to $183 million in 2024 and a projected $195-$210 million for 2025. The company also reduced total debt by $275 million since 2023, bringing net leverage down to approximately 2.0 times.
The company's focus for 2025-2026 is on growth investments, encompassing organic growth in its biodefense product portfolio, geographic expansion which has increased non-U.S. revenue from 15% to 34% in the first nine months of 2025, and inorganic growth through business development opportunities.
Emergent recently launched a Narcan pack to improve access to its opioid overdose treatment and anticipates the overall naloxone unit volume market to grow at a mid-single digit rate.
For 2026, capital allocation priorities include growth investments, continued debt repayment, and a share repurchase program that runs through March 2026.

2 days ago

Transcript

Emergent BioSolutions Updates on Turnaround Plan Progress and 2026 Outlook

EBS

Guidance Update

Debt Issuance

Share Buyback

Emergent BioSolutions is progressing with its multi-year turnaround plan, having achieved $183 million in Adjusted EBITDA in 2024 and projecting $195 million-$210 million for 2025.
The company has significantly reduced its total debt by approximately $275 million since 2023, lowering net leverage from 9.9x to about 2.0x.
Strategic priorities for 2025-2026 include investing in organic growth for biodefense products, expanding international revenue to 34% of the medical countermeasure business, and pursuing inorganic growth opportunities.
Emergent recently launched a FDA-approved Narcan pack to increase accessibility and anticipates the overall naloxone unit volume market to grow at a mid-single digit rate in the future.
For 2026, capital allocation will focus on growth investments, continued debt repayment, and a share repurchase program running through March 2026.

2 days ago

Transcript

Emergent BioSolutions Inc. Provides FY 2025 Guidance and Updates on Capital Allocation

EBS

Guidance Update

Share Buyback

Debt Issuance

Emergent BioSolutions Inc. (EBS) provided FY 2025 revenue guidance of $775 - $835 million and adjusted EBITDA guidance of $195 - $210 million as of October 29, 2025.
The company executed a $100 million Term Loan Paydown in December 2025, resulting in gross debt of $593 million and net debt of $448 million (compared to year-end 2023), with a net leverage ratio of 2.1x.
EBS is actively managing capital through a $50 million share repurchase program ending March 2026, having repurchased 2.3 million shares for $15.8 million through Q3 2025. Additionally, a $30 million bond repurchase program was initiated in August 2025, with $6.9 million of unsecured bonds repurchased for $5.8 million through Q3 2025.
The FDA approved OTC NARCAN® Nasal Spray to be packaged in a new carrying case, aiming to increase accessibility.

2 days ago

8-K

Emergent BioSolutions Announces $100 Million Term Loan Prepayment

EBS

Emergent BioSolutions (EBS) made a voluntary prepayment of $100 million on its outstanding term loan facility in late December 2025, utilizing cash on hand.
This prepayment contributes to a total gross debt reduction of $275 million since 2023, bringing the pro forma gross debt to $593 million as of September 30, 2025.
The company's total debt has declined by 32 percent since the start of its multi-year transformation plan, enhancing its financial flexibility.

5 days ago

Press Release

Emergent BioSolutions Receives FDA Approval for Raxibacumab Manufacturing at Winnipeg Site

EBS

New Projects/Investments

Emergent BioSolutions (EBS) announced on December 12, 2025, that the U.S. Food and Drug Administration (FDA) has approved its supplemental Biologics License Application (sBLA) to add its Winnipeg, Canada facility as the drug product manufacturing and testing site for raxibacumab.
Raxibacumab is a monoclonal antibody indicated for the treatment and prophylaxis of inhalational anthrax.
This regulatory action supports Emergent's multi-year transformation strategy to build a flexible, streamlined, and customer-focused manufacturing network, following a May 2024 announcement to consolidate operations in Winnipeg and Lansing, Michigan.

Dec 12, 2025, 1:30 PM

Press Release

Emergent BioSolutions Receives FDA Approval for Raxibacumab Manufacturing

EBS

New Projects/Investments

Emergent BioSolutions announced on December 12, 2025, that the U.S. Food and Drug Administration (FDA) has approved its supplemental Biologics License Application (sBLA).
This approval designates Emergent's Winnipeg, Canada facility as the drug product manufacturing and testing site for raxibacumab.
Raxibacumab is a monoclonal antibody indicated for the treatment and prophylaxis of inhalational anthrax.
This regulatory action supports Emergent's multi-year transformation strategy to build a flexible, streamlined, and customer-focused manufacturing network.

Dec 12, 2025, 1:29 PM

8-K

Emergent BioSolutions Reports Strong Q3 2025 Results and Raises Full-Year Guidance

EBS

Earnings

Guidance Update

Share Buyback

Emergent BioSolutions reported Q3 2025 revenues of $231 million, surpassing the high end of its guidance range by $21 million, and achieved year-to-date adjusted EBITDA of $194 million, meeting the high end of its prior full-year guidance.
The company has raised its full-year 2025 guidance, with total revenue now projected between $775 to $835 million and adjusted EBITDA between $195 to $210 million.
Liquidity is strong with $346 million in financial capacity, including $246 million in cash, and net leverage improved to approximately two times net debt to adjusted EBITDA as of Q3 2025.
International sales are a key growth driver, now accounting for 34% of medical countermeasures sales year-to-date, a significant increase from previous years.
Emergent BioSolutions continued its capital allocation strategy by spending $15.8 million year-to-date on its $50 million share repurchase program and retiring $6.9 million in principal amount of unsecured bonds in Q3 2025.

Oct 29, 2025, 9:00 PM

Transcript

Emergent BioSolutions Announces Strong Q3 2025 Performance and Raised Full-Year Guidance

EBS

Earnings

Guidance Update

Share Buyback

Emergent BioSolutions reported Q3 2025 revenues of $231 million, exceeding the high end of its guidance by $21 million. The company also raised its Full Year 2025 revenue guidance to $775 - $835 million and Adjusted EBITDA guidance to $195 - $210 million.
The company improved its cash position to $246 million and liquidity to $346 million. Net leverage decreased to 2.1x Adjusted EBITDA in Q3 2025, down from 3.3x in Q3 2024.
Emergent BioSolutions repurchased $6.9 million of unsecured bonds and 2.3 million shares year-to-date.
NARCAN Nasal Spray unit volume increased 13% quarter-over-quarter, marking its highest quarterly total since Q3 2024. International Medical Countermeasure (MCM) sales now represent 34% of total MCM revenue year-to-date.