Filing Flows › Emergent BioSolutions (EBS) › Q2 2025
Emergent BioSolutions (EBS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Emergent BioSolutions (EBS) reported revenue of $141M for the second quarter 2025 (Q2 2025), -45% from a year earlier and -37% from the quarter before. Operating margin was 1.1%, net loss $12.0M (8.5% of revenue).
Emergent BioSolutions, Q2 2025: revenue $141M (-45% year over year), operating margin 1.1%, net loss $12.0M, operating cash flow $106M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $141M | -37% | -45% |
| Operating profit | $1.6M | -97% | — |
| Net earnings | −$12.0M | -118% | — |
| Operating cash flow | $106M | — | +124% |
| Free cash flow | $104M | — | +141% |
What changed
Revenue was $140.9M in Q2 2025, down 45% year over year and down 37% from the previous quarter. Commercial Product sales was the largest line at 48% of revenue. All other revenue lost $56.3M year over year (down 79%), 49% of the total change.
Operating profit was $1.6M, a 1.1% margin (up 81.0 points year over year). Total costs fell 70% while revenue fell 45%. The quarter ended with a net loss of $12.0M, after a profit of $68.0M the previous quarter. Net interest and other expense of $18.4M was the main reason.
Operating cash flow was $106.4M (up 124% year over year). Non-cash charges added back $23.5M of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items added $90.3M. Capital expenditures of $2.9M left free cash flow of $103.5M.
Questions
What was Emergent BioSolutions' revenue in the second quarter 2025?
Emergent BioSolutions (EBS) reported revenue of $141M for the second quarter 2025 (Q2 2025), -45% from a year earlier and -37% from the quarter before.
Was Emergent BioSolutions profitable in the second quarter 2025?
Operating profit was $1.6M (1.1% of revenue) and net loss $12.0M.