Emergent Biosolutions

Q3 FY2026 EarningsQ3 FY26 results missed consensus across most key financial metrics, with revenue of $110.0M failing to meet the expected $123.2M. The company reported a GAAP EPS of -$0.64, significantly wider than the consensus of -$0.78 primarily due to lower-than-anticipated sales in both MCM and Commercial segments. Gross margin plummeted to 14% vs. the 55% consensus, driven by unfavorable price-volume mix in NARCAN and lower absorption of fixed costs in the Anthrax/Smallpox lines. While a $6.7M gain on debt extinguishment provided a slight non-operating cushion, the underlying operational performance remains under pressure from generic competition and government contract timing.