Emergent BioSolutions Inc. (EBS) · Nov 2, 2026 · Earnings

Emergent BioSolutions earnings miss as 2026 guidance is cut

Miss — Revenue $110.0M vs ~$123.2M consensus; FY EBITDA guide cut to $110M-$140M

Emergent BioSolutions earnings missed revenue expectations, while another 2026 guidance cut exposes pressure across NARCAN and MCM operations.

Emergent is a public-health products company in a turnaround, trying to rebuild around government medical-countermeasure contracts, NARCAN, international expansion and debt reduction. Its Q2 2026 results had already shown a business heavily dependent on lumpy government deliveries and had forced a first major 2026 guidance cut; the new filing shows that the recovery is still uneven.

The quarter missed the external bar despite meeting management’s own guide. Revenue was $110.0 million, down 52% year over year, versus a published consensus of roughly $123.2 million; diluted EPS was negative $0.64 versus an estimated negative $0.39. The shortfall was not just a timing story: NARCAN revenue fell 42%, while Smallpox MCM revenue fell 68% and Other Products revenue fell 87%. The company did record higher anthrax sales, but that was not enough to offset the other declines.

Metric	Q3 2026	Q3 2025	Consensus / prior guide
Total revenue (Financial Results)	$110.0M (-52%)	$231.1M	~$123.2M consensus
Adjusted EPS (Adjusted Net Income reconciliation)	$(0.36)	$1.15	~$(0.39) consensus
Adjusted EBITDA (EBITDA reconciliation)	$(4.6)M	$92.6M	—
Adjusted gross margin (Gross Margin reconciliation)	28%	62%	—
FY revenue guide (FY Guidance)	$600M-$645M	—	$645M-$675M prior guide
FY adjusted EBITDA guide (FY Guidance)	$110M-$140M	—	$130M-$150M prior guide

The more important news is the second guidance cut. Emergent reduced its full-year revenue range from $645 million-$675 million to $600 million-$645 million and cut adjusted EBITDA from $130 million-$150 million to $110 million-$140 million. Adjusted net income also moved from a profit range of $10 million-$30 million to a range spanning a $10 million loss to a $20 million profit. The higher adjusted gross-margin target does not offset the lower revenue and EBITDA outlook; it mainly reflects mix and cost assumptions rather than renewed demand.

The operating weakness is broader than one delayed government shipment. MCM revenue declined 58% in the quarter and MCM adjusted gross margin fell to 39% from 74%, with the filing citing unfavorable mix, lower volumes and weaker absorption of fixed manufacturing costs. Commercial revenue also fell 42%, with the company attributing the decline primarily to unfavorable price-volume mix in U.S. public-interest NARCAN channels. That combination suggests the turnaround is still exposed both to government-order timing and to deterioration in the commercial naloxone engine. 〔0〕

Debt reduction provides a real cushion, but does not repair the earnings reset. Emergent generated $122.4 million of operating cash flow year to date and repurchased $75 million of unsecured bond principal, reducing net debt to $338.6 million from $447.6 million a year earlier. Those are meaningful balance-sheet improvements, but cash also fell to $175.7 million from $245.5 million and net leverage increased to 2.4x from 1.9x, so the company has less room for another prolonged earnings deterioration.

The CFO handoff adds execution risk during an already unsettled reset. Rich Lindahl will retire on December 31, 2026, with the treasurer becoming interim CFO on January 1, 2027. The filing gives no evidence that the transition is disruptive, but it arrives while Emergent is restructuring costs, rebuilding commercial performance and repeatedly revising its outlook. 〔1〕

Bottom line: This was not merely a noisy quarter: Emergent missed the outside revenue and EPS benchmarks and cut full-year targets again. Debt reduction keeps the turnaround funded, but the core business is tracking below the recovery path investors had been using before this filing.

What to watch next

CFO transition, January 1, 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Emergent BioSolutions earnings miss as 2026 guidance is cut

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