Emergent BioSolutions swings to Q2 loss on impairment charge; to cut jobs
EBS•Outlook
- Emergent now sees 2026 total revenues at $645 mln to $675 mln, down from $720 mln to $760 mln
- Company expects 2026 adjusted EBITDA of $130 mln to $150 mln, down from $155 mln to $175 mln
- Emergent forecasts Q3 2026 revenues of $110 mln to $130 mln
Q2 results
- U.S. biopharma firm's Q2 revenue rose 66% yr/yr, driven by government contract modifications
- Company posted Q2 net loss of $180.2 mln due to $191.3 mln non-cash impairment charge
- Emergent to restructure operations, targeting $40 mln in annualized savings; to cut about 90 roles
Result drivers
- MCM sales surge - Revenue growth was primarily driven by higher U.S. government sales of smallpox and botulism antitoxin products, due to contract modifications and delivery timing
- Naloxone decline - Naloxone product revenues fell 22% yr/yr, mainly due to unfavorable price-volume mix in U.S. public interest channels, partially offset by increases in Canadian sales
- Asset impairment - Net loss was largely due to a $191.3 mln non-cash impairment charge related to the naloxone asset group
