Emergent BioSolutions Inc.

emergentbiosolutions.com

What Do They Do?

Sells vaccines and treatments for public-health threats to government buyers, naloxone sprays through retail pharmacies and public agencies, and drug manufacturing services to pharmaceutical companies and government agencies.

How Do They Make Money?

Government buyers pay for medical-countermeasure products after delivery and acceptance; pharmacies and wholesalers are invoiced for naloxone when they receive it. Drug manufacturing and development work earns money as it is performed, reserved production space is paid for over its reservation period, and research also receives contract and grant funding.

revenue

Segment	Share	How money arrives
Commercial Product sales Sold outright	30% FY2022: 35%	Sold outright
MCM Product sales Sold outright	61% FY2022: 52%	Sold outright
All other revenues	8.1%

Who Are Their Customers?

Government agencies procure MCM products, with sales also to non-government organizations; naloxone is sold through retail pharmacies and digital commerce sites and is also supplied through public agencies. Government agencies, pharmaceutical companies and nonprofits use the company’s manufacturing and development services.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 38% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 21 cents into free cash flow.

Operating income, FY2025

13% of revenue

▲ Now profitable vs FY2024 (−$108.7M, −10%)

Net income, FY2025

7% of revenue

▲ Now profitable vs FY2024 (−$190.6M, −18%)

Free cash flow, FY2025

21% of revenue

▲ +338% vs FY2024 ($35.8M, 3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +66%; vs $140.9M in Q2 FY2025
Net income: ▲ +1402% (Loss); vs −$12M in Q2 FY2025

MCM Product sales share of revenue vs 41.5% in Q2 FY2025

Aug 5, 2026 Added two strategic manufacturing partnerships The partnerships cover a diabetes candidate and a Japanese encephalitis vaccine.

Shrinking. Revenue fell 58% in 4 years, from $1.8B in FY2021 to $742.9M in FY2025, about 20% a year.

Commercial portfolio narrowed The older report described NARCAN and travelers’ vaccines as commercial products; the latest report centers the commercial business on naloxone sprays, including KLOXXADO, and says the travel-health business was sold.

Services receive less emphasis The older report described a broad drug-development and manufacturing service portfolio and planned investment in its network; the latest report says it reduced investment in and de-emphasized services, which are grouped with contracts and grants.

Revenue over time

Commercial Product sales MCM Product sales All other revenues Contracts and grants Services Total Product sales, net

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with KM Biologics, GC Biopharma, Blue Willow Biologics, Porton Biopharma, Greffex, SIGA, Teva, Padagis Pharmaceuticals, Amneal Pharmaceuticals, Amphastar Pharmaceuticals, Adamis, Harm Reduction Therapeutics, Opiant Pharmaceuticals, Indivior, Summit Biosciences, Elusys Therapeutics, Thermo Fisher Scientific, Lonza, FUJIFILM Biotechnologies, and Grand River Aseptic Manufacturing

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