Emergent BioSolutions Inc. EBS
We are a global life sciences company focused on providing innovative preparedness and response solutions addressing accidental, deliberate and naturally occurring Public Health Threats ("PHTs"). Our solutions include a product portfolio, a product development portfolio, and a contract development and manufacturing ("CDMO") services portfolio. The types of PHTs we are currently addressing are focused on the following four categories:
•acute, emergency and community care.
Our revenues are derived from a combination of the sale and procurement of our product/product candidate portfolio (described below), the provision of our bioservices to external customers, and non-dilutive contract and grant funding for research and development ("R&D") projects from various third-party sources.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $742.9M | $1.04B | $1.05B | $1.12B | $1.77B | $1.58B | $1.11B | $782.4M | $560.9M | $488.8M |
| Cost of revenue | $326.2M | $681.3M | $705.4M | $693.1M | $748.1M | $537.0M | $433.5M | $322.3M | $187.7M | $126.3M |
| Gross profit | $416.7M | $362.3M | $317.6M | $383.0M | $891.3M | $925.2M | $672.5M | $460.1M | $373.2M | $362.5M |
| R&D | $53.2M | $70.7M | $111.4M | $188.3M | $235.2M | $237.9M | $226.2M | $142.8M | $97.4M | $106.9M |
| SG&A | $186.1M | $308.0M | $368.4M | $339.5M | $348.7M | $304.1M | $273.5M | $202.5M | $142.9M | $143.1M |
| Total operating expenses | — | — | — | — | — | — | $991.9M | $692.6M | $436.6M | $383.3M |
| Operating income | $100.1M | -$108.7M | -$726.4M | -$170.0M | $341.4M | $438.5M | $114.1M | $89.8M | $124.3M | $105.5M |
| Interest expense | $59.3M | $71.0M | $87.9M | $37.3M | $34.5M | $31.3M | $38.4M | $9.9M | $6.6M | $7.6M |
| Pre-tax income | $82.8M | -$142.9M | -$731.2M | -$219.0M | $303.2M | $411.9M | $77.4M | $81.5M | $118.6M | $99.2M |
| Income tax | $30.2M | $47.7M | $29.3M | $7.4M | $83.7M | $106.1M | $22.9M | $18.8M | $36.0M | $36.7M |
| Net income | $52.6M | -$190.6M | -$760.5M | -$211.6M | $219.5M | $305.8M | $54.5M | $62.7M | $82.6M | $51.8M |
| EPS, basic | 0.98 | -3.60 | -14.85 | -4.22 | 4.10 | 5.80 | 1.06 | 1.25 | 1.98 | 1.29 |
| EPS, diluted | 0.93 | -3.60 | -14.85 | -4.22 | 4.06 | 5.68 | 1.04 | 1.22 | 1.71 | 1.13 |
| Shares, diluted (wtd. avg.) | $56.7M | $53.0M | $51.2M | $50.1M | $54.1M | $53.8M | $52.4M | $51.4M | $50.3M | $49.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $205.4M | $99.5M | $111.7M | $642.6M | $576.3M | $621.5M | $168.0M | $112.4M | $179.3M | $272.5M |
| Receivables | $84.2M | $154.5M | $191.0M | $159.2M | $278.9M | $230.9M | $270.7M | $262.5M | $143.7M | $138.5M |
| Inventory | $343.4M | $311.7M | $328.9M | $350.7M | $344.5M | $307.0M | $222.5M | $205.8M | $142.8M | $74.0M |
| Total current assets | $662.5M | $598.7M | $679.5M | $1.21B | $1.27B | $1.20B | $686.2M | $620.8M | $485.4M | $510.2M |
| Property, plant and equipment | $205.4M | $270.6M | $382.8M | $817.6M | $800.1M | $644.1M | $542.3M | $510.2M | $407.2M | $376.4M |
| Goodwill | $0 | $0 | $0 | $218.2M | $224.9M | $266.7M | $266.6M | $259.7M | $49.1M | $41.0M |
| Other intangibles | $436.5M | $501.5M | $566.6M | $728.8M | $604.6M | $663.1M | $712.9M | $761.6M | $119.6M | $33.9M |
| Total assets | $1.32B | $1.39B | $1.82B | $3.17B | $2.96B | $2.88B | $2.33B | $2.23B | $1.07B | $970.1M |
| Accounts payable | $55.6M | $60.9M | $112.2M | $103.5M | $128.9M | $136.1M | $94.8M | $80.7M | $41.8M | $34.6M |
| Short-term debt | — | $0 | $413.7M | $957.3M | $31.6M | $33.8M | $12.9M | $10.1M | $0 | — |
| Total current liabilities | $132.2M | $162.4M | $651.3M | $1.23B | $374.0M | $384.5M | $216.3M | $200.4M | $100.1M | $105.9M |
| Long-term debt | $572.1M | $663.7M | $446.5M | $448.5M | $809.4M | $841.0M | $798.4M | $784.5M | $13.5M | $248.1M |
| Total liabilities | $796.0M | $906.9M | $1.17B | $1.78B | $1.35B | $1.44B | $1.24B | $1.22B | $157.9M | $373.9M |
| Retained earnings | -$159.8M | -$212.4M | -$21.8M | $738.7M | $950.3M | $726.9M | $421.8M | $367.3M | $337.1M | $254.5M |
| Total equity | $522.6M | $482.8M | $649.3M | $1.39B | $1.61B | $1.45B | $1.09B | $1.01B | $912.3M | $596.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $170.6M | $58.7M | -$206.3M | -$34.1M | $320.2M | $536.9M | $188.0M | $41.8M | $208.1M | $54.6M |
| Depreciation and amortisation | $95.8M | $108.8M | $125.1M | $143.3M | $123.8M | $50.1M | $49.5M | $36.3M | $32.2M | $28.0M |
| Stock-based compensation | $16.2M | $18.0M | $23.1M | $45.1M | $42.4M | $51.8M | $26.7M | $23.2M | $15.2M | $18.5M |
| Capital expenditure | $13.8M | $22.9M | $51.6M | $115.8M | $224.1M | $141.9M | $86.9M | $72.1M | $54.8M | $76.2M |
| Investing cash flow | $69.4M | $125.2M | $212.3M | -$381.3M | -$224.1M | -$151.9M | -$96.9M | -$897.2M | -$249.9M | -$76.2M |
| Financing cash flow | -$136.6M | -$190.0M | -$535.7M | $481.2M | -$141.0M | $69.5M | -$35.9M | $788.7M | -$51.4M | -$19.8M |
| Buybacks | $24.9M | $0 | $0 | $82.1M | $106.0M | $0 | $0 | $100.0K | $33.1M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001367644-26-000015.
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