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Emergent BioSolutions (EBS) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Emergent BioSolutions (EBS) Q3 2026 earnings results →
Q3 2026 Revenue down 52% year over year to $110M · 30¢ of every $1 of revenue lost · operating margin -33.9%
Emergent BioSolutions made $110M in Q3 2026 (-52% Y/Y): MCM Product sales $59.4M, Commercial Product sales $43.5M, All other revenue $7.1M. Operating margin -33.9%, net loss $32.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $110.0M in Q3 2026, down 52% year over year and down 53% from the previous quarter. MCM Product sales was the largest line at 54% of revenue. MCM Product sales lost $83.1M year over year (down 58%), 69% of the total change.
Operating costs exceeded revenue by $37.3M, an operating margin of -33.9%. Total costs fell 5% while revenue fell 52%. The fastest-growing cost line was SG&A (+20%). The quarter ended with a net loss of $32.7M, narrower than the previous quarter's $180.2M loss.
Operating cash flow was $100.1M. Non-cash charges added back $17.0M of depreciation and amortization and $4.2M of share-based compensation. Working capital and other items added $111.6M. Capital expenditures of $3.3M left free cash flow of $96.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $110M | -52% | -33.9% | −$32.7M | $100M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $234M | +66% | -53.4% | −$180M | $56.1M |
| Q1 2026 | 10-Q | May 1, 2026 | $156M | -30% | 6.7% | $6.8M | −$33.8M |
| Q4 2025 | 10-K | Feb 27, 2026 | $149M | -24% | -18.8% | −$54.6M | $77.7M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $231M | -21% | 33.1% | $51.2M | −$2.3M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $141M | -45% | 1.1% | −$12.0M | $106M |
| Q1 2025 | 10-Q | May 8, 2025 | $222M | -26% | 22.5% | $68.0M | −$11.2M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Emergent BioSolutions
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: 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.
In its own words, from its 10-K, filed Feb 27, 2026.
Emergent BioSolutions against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -52% against the peers' median +7%. Operating margin: -33.9% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| EBS Emergent BioSolutions | Q3 2026 | $110M | -52% | -33.9% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Emergent BioSolutions 10-Q on SEC EDGAR · CIK 1367644 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns EBS and who is buying
More on EBS
- How Emergent BioSolutions makes money: revenue by segment
- Emergent BioSolutions next earnings date and what analysts expect
- Emergent BioSolutions stock forecast, price target and fair value
- Who owns Emergent BioSolutions stock: holders, funds and Congress trades
- Emergent BioSolutions guidance and outlook
- Emergent BioSolutions recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Emergent BioSolutions guidance history: guided vs reported
- Emergent BioSolutions operating margin by quarter
- Emergent BioSolutions net income by quarter
- Emergent BioSolutions free cash flow by quarter
- Emergent BioSolutions R&D spending by quarter
- Emergent BioSolutions capital expenditures by quarter
- Emergent BioSolutions MCM Product sales revenue by quarter
- Emergent BioSolutions Commercial Product sales revenue by quarter
- Emergent BioSolutions All other revenue revenue by quarter