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what it is
Emergent makes vaccines, therapeutics, and emergency medical products for public health threats.
how it gets paid
Last year Emergent Biosolut made $743M in revenue. NARCAN commercial product was the main engine at $335M, or 45% of sales.
why growth slowed
Revenue fell 28.8% last year. Gross margin was 43.9%, or 43.9 cents on the sales dollar before overhead.
what just happened
The SEC filing showed $594M in revenue and 43.9% gross margin, even with a messy EPS feed.
At a glance
C+ balance sheet — struggling to keep the lights on
5/100 earnings predictability — expect surprises
10.2% return on capital — nothing to write home about
-$3.60 fy2024 eps est
$1B fy2024 rev est
xvary composite: 33/100 — weak
What they do
Emergent makes vaccines, therapeutics, and emergency medical products for public health threats.
11 products across 4 threat buckets is breadth, not a lock. A web analysis says Emergent lacks an economic moat, so your edge is thin. The kill switch is simple: if $743M of revenue keeps shrinking while $669M of debt stays put, the story breaks.
How they make money
$743M
annual revenue · their business grew -28.8% last year
NARCAN commercial product
$335M
Anthrax medical countermeasures
$178M
Smallpox medical countermeasures
$104M
Emergent Bioservices
$126M
The products that matter
anthrax biodefense franchise
BioThrax & AV7909
$~520M
this is the biggest revenue bucket shown here at roughly $520M, but the category declined about 29%. for a turnaround, your largest business shrinking is not a side detail.
core revenue driver
contract manufacturing services
Contract Development
$~223M
this roughly $223M segment declined about 25%. when both major buckets are moving the wrong way, the guide cut to $720–$760M stops looking conservative and starts looking like a warning.
order-sensitive
overdose-reversal portfolio
NARCAN
key but undisclosed here
management framing on this page makes NARCAN one of the main pillars, but no standalone revenue figure is provided here. when disclosure is thin, your visibility is thin too.
visibility limited
Key numbers
$743M
annual revenue
That is the whole top line. It is smaller than the $669M debt pile sitting under it.
$669M
long-term debt
That is money you still owe, and it equals 62% of capital. Lenders get a louder voice when the stack is this heavy.
43.9%
gross margin
That is what you keep after direct costs. It is solid, but it does not pay the debt on its own.
1.7
beta
This measures how violently the stock moves. At 1.7, it has been doing 70% more than the market.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $669M (62% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for EBS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The SEC filing showed $594M in revenue and 43.9% gross margin, even with a messy EPS feed.
Revenue rose 157% vs. prior year. The source set disagrees on EPS, with EDGAR showing $1.89 and the consensus feed showing -$1.04, so you should anchor on the filing.
$594M
revenue
$1.89
eps
43.9%
gross margin
the number that mattered
Gross margin was 43.9%, or 43.9 cents on the sales dollar before overhead. That is the cleanest proof the quarter had quality.
source: company earnings report, 2026
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What could go wrong
the #1 risk is a revenue decline that collides with a $669M debt load.
med
guidance already starts below last year's revenue
2026 guidance is $720–$760M after $743M of revenue in 2025. for a company asking you to believe in repair, flat-to-down sales are the problem, not the backdrop.
if revenue lands below the low end, the equity story weakens fast because debt leaves little room for another reset.
med
creditors still have the senior claim
long-term debt is $669M versus a $418M market cap. that gap matters more than the 0.2x price/sales multiple, because cheap stocks do not help you if the balance sheet starts driving every decision.
even with positive adjusted EBITDA, too much cash can end up serving the debt instead of rebuilding equity value.
med
core demand is tied to procurement and public-health cycles
this page names NARCAN and anthrax products as the main pillars. one depends on overdose-treatment demand, the other on government threat assessments and procurement budgets.
that exposes a large share of revenue to decisions that have little to do with normal consumer demand patterns.
$205M of adjusted EBITDA shows there is still a business here. $669M of debt and a $720–$760M revenue guide show how little slack you have if the recovery slips.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next report
q1 2026 earnings
the first quarter after the guide cut needs to show the $720–$760M full-year range is realistic, not generous.
cash checkpoint
cash generation versus $669M of debt
29.8% debt coverage is thin. if operating cash flow softens, the balance sheet stops being context and becomes the whole story.
business risk
whether the two main revenue buckets stabilize
medical countermeasures fell about 29% and contract development fell about 25%. you need that slide to stop before the stock earns a better multiple.
sentiment
price action versus shrinking fundamentals
the stock sits near the top of a $4–$14 range even after a 26% one-day drop. if the numbers do not catch up, that gap can close the wrong way.
Analyst rankings
earnings predictability
5 / 100
in human-speak, analysts do not trust the quarter-to-quarter earnings path.
balance sheet quality
C+
this sits below the level where you can ignore financing risk. every operating update comes with a debt footnote.
price stability
5 / 100
a healthcare label does not protect you here. the stock behaves like a stressed small cap.
source: institutional data
Institutional activity
institutional ownership data for EBS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$12
current price
n/a
target midpoint · n/a from current
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