Filing Flows › Emergent BioSolutions (EBS) › Q3 2026 › vs Q2 2026
Emergent BioSolutions (EBS) Q3 2026 vs Q2 2026 (quarter over quarter)
Emergent BioSolutions's revenue fell $124M (-53%) from $234M in Q2 2026 to $110M in Q3 2026. The biggest changes: MCM Product sales −$109M (-65%); Commercial Product sales −$8.9M (-17%); All other revenue −$6.8M (-49%).
Emergent BioSolutions, Q3 2026: revenue $110M (-52% year over year), operating margin -33.9%, net loss $32.7M, operating cash flow $100M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 88.0% | 23.0% | +65.0 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| MCM Product sales | $59.4M | $168M | −$109M | -65% |
| Commercial Product sales | $43.5M | $52.4M | −$8.9M | -17% |
| All other revenue | $7.1M | $13.9M | −$6.8M | -49% |
| Revenue | $110M | $234M | −$124M | -53% |
| Other income, net | $900K | −$41.2M | $42.1M | — |
| Income tax benefit | $3.7M | −$13.9M | $17.6M | — |
| Net loss | $32.7M | $180M | −$148M | -82% |
| Costs & expenses | $147M | $414M | −$267M | -64% |
| Operating costs | $147M | $359M | −$212M | -59% |
| Cost of revenue | $80.8M | $97.1M | −$16.3M | -17% |
| Research & development | $9.4M | $9.2M | $200K | +2% |
| SG&A | $46.5M | $44.6M | $1.9M | +4% |
| Other operating costs | $10.6M | $208M | −$198M | -95% |
| Operating cash sources | $133M | $236M | −$104M | -44% |
| Depreciation & amortization | $17.0M | $24.0M | −$7.0M | -29% |
| Share-based compensation | $4.2M | $6.9M | −$2.7M | -39% |
| Working capital & other | $112M | $205M | −$93.8M | -46% |
| Net loss absorbed | $32.7M | $180M | −$148M | -82% |
| Operating cash flow | $100M | $56.1M | $44.0M | +78% |
| Free cash flow (OCF − capex) | $96.8M | $54.0M | $42.8M | +79% |
| Capital expenditures | $3.3M | $2.1M | $1.2M | +57% |
Questions
How much did Emergent BioSolutions's revenue grow quarter over quarter in Q3 2026?
Emergent BioSolutions's revenue fell $124M (-53%) from $234M in Q2 2026 to $110M in Q3 2026.
What drove Emergent BioSolutions's revenue change in Q3 2026?
MCM Product sales −$109M (-65%); Commercial Product sales −$8.9M (-17%); All other revenue −$6.8M (-49%).