Emergent BioSolutions Inc.

Emergent BioSolutions Inc. is a U.S.-based life sciences company built around preparedness for public health threats, with products for opioid overdose, anthrax, smallpox and other emergency-response needs. It also operates a CDMO/Bioservices platform that provides development, manufacturing, fill-finish and packaging services to external biopharma, government and NGO customers.

26,4 %

56,1 %

7,1 %

−28,8 %

5.01

2.41

— Emergent BioSolutions Inc.
%
Commercial Products30% Naloxone products sold through retail, prescription and public-health channels.
Anthrax MCM Products35% Anthrax countermeasure products procured mainly for government stockpiles and preparedness.
Smallpox MCM Products15% Smallpox preparedness products sold under government procurement programs.
Bioservices15% CDMO services including development, manufacturing, fill-finish and packaging for third parties.
Other Products and R&D Funding5% Other legacy products, procured candidates and non-dilutive contract/grant funding.

The company sells to the U.S. government, foreign governments, and quasi-government/public-health organizations for...

  • U.S. government procurementprimary

    Buys anthrax, smallpox and other countermeasures for the Strategic National Stockpile and preparedness programs.

  • Commercial naloxone channelsprimary

    Retail pharmacies, physician-directed prescriptions and public-health buyers purchase NARCAN and KLOXXADO to address opioid overdose emergencies.

  • International government and quasi-government buyerssecondary

    Foreign public-sector customers procure medical countermeasures for national preparedness and response needs.

  • Biopharma and biotech CDMO customerssecondary

    External developers buy development, drug substance, fill-finish and packaging services to move molecules toward commercialization.

  • NGOs and public-health organizationsemerging

    Purchase or fund bioservices and R&D work tied to infectious disease and emergency-response programs.

Emergent is headquartered in the United States and derives most of its business from U.S. government and U.S...

  • •Headquartered in the United States
  • •Largest customer is the U.S. government
  • •Commercial naloxone sold mainly in U.S. retail and public-health channels
  • •Development and manufacturing sites in the U.S. and Canada
  • •International government sales add some non-U.S. exposure

The company is focused on maintaining a portfolio of preparedness products while preserving its role as a supplier to...

01
Secure follow-on government procurement contractsshort-term

A large share of revenue depends on U.S. government stockpile and preparedness buying.

02
Grow naloxone commercial penetrationmedium-term

Commercial products diversify the business beyond government procurement cycles.

03
Monetize bioservices capacitymedium-term

CDMO services can improve utilization of specialized manufacturing assets and broaden the customer base.

04
Focus R&D on highest-value programsmedium-term

Capital is limited and the company has deprioritized some candidates, so portfolio selection is critical.

The business is exposed to procurement concentration, especially dependence on U.S. government contracts and funding...

high

U.S. government procurement concentration

The USG is the largest customer, so contract timing or funding changes can materially affect revenue.

Scope
Anthrax and smallpox MCM products
Materiality
high
high

Contract renewal and funding risk

Existing procurement contracts may not be followed by new awards when they expire.

Scope
Government MCM portfolio
Materiality
high
high

Manufacturing quality and compliance

Biologics and countermeasure production requires strict controls; failures can trigger recalls, delays or lost contracts.

Scope
All manufacturing sites and CDMO services
Materiality
high
high

Facility disruption

Unplanned outages at development or manufacturing sites can interrupt product supply and bioservices delivery.

Scope
U.S. and Canada sites
Materiality
medium
medium

Clinical and development uncertainty

Product candidates may fail to prove safe, effective or commercially viable.

Scope
Pipeline programs
Materiality
medium
Revenue recognition timing
Affects reported sales volatility and comparability
Contract and grant accounting
Affects revenue mix and gross margin
Lease accounting
Affects balance sheet liabilities and operating expense presentation
Purchase commitments
Affects liquidity and cost structure
Impairment and divestiture accounting
Affects reported earnings and asset base

Rezolute, Inc.

RZLT · Pharmaceutical Preparations

ASSEMBLY BIOSCIENCES, INC.

ASMB · Pharmaceutical Preparations

Bio Green Med Solution, Inc.

BGMS · Wholesale-Durable Goods, NEC

Theravance Biopharma, Inc.

TBPH · Pharmaceutical Preparations

BiomX Inc.

PHGE · Biological Products, (No Diagnostic Substances)

NRX Pharmaceuticals, Inc.

NRXP · Pharmaceutical Preparations

: 28/04/2026