Emergent BioSolutions Q3 revenue falls 52% on lower NARCAN sales, weaker smallpox product revenue
EBS•Emergent BioSolutions’ third-quarter revenue fell 52% year over year to $110 million, below the $123.2 million analyst estimate. The company reported a $32.7 million net loss and expects 2026 revenue of $600 million to $645 million.
1. Quarterly results
Emergent BioSolutions’ third-quarter revenue fell 52% year over year to $110 million, missing the $123.2 million consensus estimate. The company reported a net loss of $32.7 million and an adjusted net loss of $18.7 million. Gross margin was 14%, while adjusted gross margin was 28%.
2. Sales and outlook
Lower U.S. over-the-counter NARCAN sales, mainly due to an unfavorable price-volume mix, and reduced U.S. government and international smallpox product sales drove the revenue decline. Higher U.S. government purchases of CYFENDUS anthrax vaccine partly offset those declines. Emergent BioSolutions expects 2026 revenue of $600 million to $645 million, a net loss of $225 million to $255 million and adjusted EBITDA of $110 million to $140 million.
