Emergent BioSolutions returns to '25 profitability, strong margins, guides '26 revenue flat lower adj EBITDA

 

• 2025 revenue $742.9M (~$743M) declined versus 2024, but net income reached $52.6M and cash generation improved.
• Adjusted EBITDA rose 12% to $205M in 2025, with 900 basis point gross margin expansion and strong profitability.
• Q4 2025 non-GAAP EPS was -$0.43, down 960% YoY and below analyst estimates, resulting in an adjusted quarterly loss.
• Q4 2025 revenue was $148.7M/$149M, down 24% YoY, below estimates, with naloxone demand hurt by U.S. government shutdown and uncertainty.
• Net leverage reduced to 1.9x in 2025, with net debt cut nearly 50% since year-end 2023.
• 2026 guidance calls for revenue $720–$760M and adjusted EBITDA $135–$155M, with adjusted net income expected to remain positive.
• Guided 2026 EBITDA decline mainly reflects nonrecurring $60M 2025 international medical countermeasure order that will not repeat.

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