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Xencor vs Emergent BioSolutions: XNCR and EBS compared
Xencor is the larger company: $117M of revenue in its latest quarter (Q3 2026) against $110M for Emergent BioSolutions (Q3 2026). Xencor is growing faster (+455% against -52% a year earlier). Xencor is more profitable, with an operating margin of 19.6% against -33.9%.
Where the money goes: XNCR and EBS
Xencor (XNCR) · Q3 2026
Xencor, Q3 2026: revenue $117M (+455% year over year), operating margin 19.6%, net earnings $39.4M, operating cash flow $2.6M. The chart follows the revenue to costs, profit and cash.
Emergent BioSolutions (EBS) · Q3 2026
Emergent BioSolutions, Q3 2026: revenue $110M (-52% year over year), operating margin -33.9%, net loss $32.7M, operating cash flow $100M. The chart follows the revenue to costs, profit and cash.
| Xencor (XNCR) | Emergent BioSolutions (EBS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $117M | $110M |
| Revenue growth, Y/Y | +455% | -52% |
| Operating margin | 19.6% | -33.9% |
| Net earnings | $39.4M | −$32.7M |
| Net margin | 33.8% | -29.7% |
| Operating cash flow | $2.6M | $100M |
| Free cash flow | $838K | $96.8M |
Where the revenue comes from
Xencor
- Royalties: $87.5M (75%)
- Milestone: $29.0M (25%)
Emergent BioSolutions
- MCM Product sales: $59.4M (54%)
- Commercial Product sales: $43.5M (40%)
- All other revenue: $7.1M (6%)
Questions
Which is bigger, Xencor or Emergent BioSolutions?
Xencor is the larger company: $117M of revenue in its latest quarter (Q3 2026) against $110M for Emergent BioSolutions (Q3 2026).
Is Xencor or Emergent BioSolutions growing faster?
Xencor is growing faster (+455% against -52% a year earlier).
Which is more profitable, Xencor or Emergent BioSolutions?
Xencor is more profitable, with an operating margin of 19.6% against -33.9%.
More: Xencor earnings · how Xencor makes money · Emergent BioSolutions earnings · how Emergent BioSolutions makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.