Emergent Biosolutions

Q2 FY2026 EarningsQ2 FY2026 results were mixed, characterized by a top-line beat but significant GAAP bottom-line miss due to a $191.3M non-cash impairment. Revenue of $234.3M exceeded the $177.5M consensus by 32%, driven by strong Smallpox MCM sales (+150% YoY). However, GAAP EPS was -$3.49 vs. -$0.34 expected, reflecting the NARCAN® asset impairment. Gross margin of 50.0% beat the 45.0% consensus. Management announced a new restructuring plan to save $40M annually, signaling a pivot toward cost efficiency amid pricing pressure in the commercial naloxone market.