Emergent Biosolutions Q2 Earnings Call Highlights

Emergent Biosolutions NYSE: EBS reported second-quarter 2026 revenue and adjusted EBITDA above its prior guidance and analyst consensus, driven by accelerated medical countermeasure deliveries to U.S. government customers. The company also lowered its full-year outlook as increased competition and pricing pressure in the naloxone market are expected to weigh on sales of NARCAN.

Revenue for the second quarter totaled $234 million, above the high end of the company’s prior guidance range of $185 million. Adjusted EBITDA was $97 million, representing a 41% margin, compared with $33 million and a 23% margin in the year-earlier period. Year-to-date revenue reached $390 million, up from $363 million in the first half of 2025, while adjusted EBITDA increased to $132 million from $112 million.

Chief Executive Officer Joseph Papa said the results reflected “strong execution and acceleration” of medical countermeasure, or MCM, deliveries during the quarter. MCM revenue totaled $168 million, which Papa said was the company’s highest second-quarter MCM revenue since 2020. MCM revenue totaled $168 million, which Papa said was the company’s highest second-quarter MCM revenue since 2020.

Emergent said its MCM business remains a central growth driver, supported by contracts with the U.S. government and international customers. During the quarter, the company received a $52.7 million contract modification for ACAM2000 and a $64.5 million contract modification for botulism antitoxin. It secured more than 10 contract awards year to date.

International MCM sales accounted for approximately 20% of total first-half 2026 MCM revenue, according to Papa. The company cited continued engagement with U.S. and allied governments amid heightened concerns about biodefense preparedness. Papa also said Emergent is seeking to collaborate with artificial intelligence leaders and partners to address potential bioterrorism risks and improve preparedness. He noted that the company continues to pursue programs including TEMBEXA, Ebanga and Raxibacumab. The MOSA study in Africa, which is evaluating TEMBEXA in Mpox, has enrolled more than 100 patients, with additional sites being opened by the study sponsor and partners. During the quarter, Emergent received Saudi Food and Drug Authority approval for ACAM2000 and approval from Singapore’s Health Sciences Authority to expand ACAM2000’s label to include an Mpox indication.

Management said the naloxone market changed late in the second quarter with a new 4-milligram over-the-counter nasal naloxone approval on June 16 and the anticipated August launch of a 10-milligram prescription product. The company also cited more aggressive pricing across the category. Papa said Emergent believes NARCAN retains more than 50% of the naloxone market.