Filing Flows › Emergent BioSolutions (EBS) › Q1 2025
Emergent BioSolutions (EBS) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Emergent BioSolutions (EBS) reported revenue of $222M for the first quarter 2025 (Q1 2025), -26% from a year earlier and +14% from the quarter before. Operating margin was 22.5%, net earnings $68.0M (30.6% of revenue).
Emergent BioSolutions, Q1 2025: revenue $222M (-26% year over year), operating margin 22.5%, net earnings $68.0M, operating cash flow −$11.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $222M | +14% | -26% |
| Operating profit | $49.9M | — | +25% |
| Net earnings | $68.0M | — | +656% |
| Operating cash flow | −$11.2M | — | — |
What changed
Revenue was $222.2M in Q1 2025, down 26% year over year and up 14% from the previous quarter. MCM Product sales was the largest line at 70% of revenue. Commercial Product sales lost $73.2M year over year (down 62%), 94% of the total change.
Operating profit was $49.9M, a 22.5% margin (up 9.2 points year over year). The fastest-growing cost line was Other operating costs (+99%). Net earnings were $68.0M, up 656% year over year. The effective tax rate was 26.6%. Non-operating items added $42.8M, 46% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$11.2M. Non-cash charges added back $25.4M of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items used $106.1M. Capital expenditures of $3.6M exceeded it, leaving free cash flow of −$14.8M.
Questions
What was Emergent BioSolutions' revenue in the first quarter 2025?
Emergent BioSolutions (EBS) reported revenue of $222M for the first quarter 2025 (Q1 2025), -26% from a year earlier and +14% from the quarter before.
Was Emergent BioSolutions profitable in the first quarter 2025?
Operating profit was $49.9M (22.5% of revenue) and net earnings $68.0M.