<p>Emergent Biosolutions（EBS）已召开 2026 年第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
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<p>Emergent BioSolutions 最近的财报电话会议传达了谨慎乐观的语气，管理层强调尽管仍面临挑战，但其扭转计划取得了实质性进展。高管们强调了业绩超出预期、资产负债表更强劲以及国际医疗应对措施的增长势头，同时承认了艰难的比较、价格压力和即将到来的收购相关现金流出。</p>
<h2>收入超预期及短期增长展望</h2>
<p>2026 年第一季度收入为 1.56 亿美元，超出管理层之前 135 百万至 155 百万美元的预期上限，显示出需求好于预期。对于第二季度，公司预计收入将在 1.7 亿至 1.85 亿美元之间，尽管全年销售仍受已知挑战的限制，但仍暗示出环比增长。</p>
<h2>调整后 EBITDA 强劲及更新的利润目标</h2>
<p>盈利能力有所改善，第一季度调整后 EBITDA 为 3600 万美元，利润率达到 23%，反映出收入增加和更严格的成本控制。全年调整后 EBITDA 指导上调至 1.55 亿至 1.75 亿美元的区间，现在明确将非现金股票补偿纳入该指标，以提高投资者的透明度。</p>
<h2>高毛利率与积极的成本控制</h2>
<p>Emergent 在第一季度报告的调整后毛利率为 52%，远高于其全年目标区间，是改善盈利质量的关键驱动因素。运营费用同比下降 1000 万美元，研发支出大约下降 33%，显示出积极的紧缩措施，这支持了短期利润率，但可能对长期创新造成压力。</p>
<h2>更健康的现金流、流动性和营运资本</h2>
<p>公司的现金状况较去年增加 1100 万美元，达到 1.6 亿美元，而包括信用额度在内的总流动性约为 2.6 亿美元。管理层还指出，自 2025 年第一季度以来，净营运资本改善超过 1 亿美元，强调了更好的库存和应收账款管理，支持财务灵活性。</p>
<h2>减债、再融资与降低杠杆</h2>
<p>Emergent 将净债务同比减少 1.22 亿美元，约 22% 的减少使净杠杆从 2.7 倍调整后的 EBITDA 降至 2.4 倍。2026 年 4 月的再融资降低了利息成本，将债务到期时间延长至 2031 年，减少了 1 亿美元的定期贷款余额，并增加了新的延迟提款和循环信贷额度，以进一步稳定资本结构。</p>
<h2>股票回购传递信心</h2>
<p>公司在 2026 年第一季度回购了 900 万美元的自有股票，回购约 90 万股，符合现有授权。自 2025 年该计划启动以来，Emergent 已回购约 3400 万美元的股票，仍有 4650 万美元的回购能力，表明管理层认为当前估值具有吸引力。</p>
<h2>国际医疗应对措施扩展提升收入结构</h2>
<p>2026 年第一季度，国际医疗应对措施收入急剧上升至总医疗应对措施收入的 37%，高于历史水平的中十几。这一变化反映出对美国政府作为主要客户的依赖逐渐多样化，并且由于海外市场更有利的定价，通常支持更高的利润率。</p>
<h2>新合同和订单支撑需求</h2>
<p>管理层强调了几项重要的胜利，包括与加拿大签署的 1.4 亿美元多产品交易、5400 万美元的法律裁决以及来自美国机构的约 2150 万美元的 BioThrax 交付订单。在本季度共签署了四个合同产品订单，增强了订单积压并验证了公司核心生物防御产品组合的需求。</p>
<h2>产品扩展与战略合作伙伴关系</h2>
<p>Emergent 正在扩大其产品和制造生态系统，推出 NARCAN 产品线扩展，如携带箱和多包装，显示出强劲的早期接受度，自 2016 年以来交付超过 1 亿剂。公司还扩大了制造合作伙伴关系，包括与日本脑炎疫苗的美国分销协议，以及支持 1 型糖尿病候选药物的合作，同时计划在其 Canton 设施增加能力。</p>
<h2>稳定的全年收入指导和利润率目标</h2>
<p>尽管第一季度超出预期，管理层仍保持 2026 年收入指导在 7.2 亿至 7.6 亿美元不变， citing 已知的需求模式和合同可见性。公司还重申全年调整后毛利率目标为 45% 至 47%，这意味着与异常强劲的第一季度水平相比，利润率将有所正常化，但仍保持稳健的盈利能力。</p>
<h2>年同比比较困难</h2>
<p>高管们反复强调，2025 年第一季度受益于一项一次性的大型国际订单，增加了约 6000 万美元的收入和约 5000 万美元的调整后 EBITDA。2026 年缺乏类似订单使得同比增长在纸面上看起来较弱，尽管基础业务有所改善，投资者被鼓励相应调整他们的视角。</p>
<h2>医疗应对措施与商业收入结构展望</h2>
<p>展望未来，Emergent 预计医疗应对措施收入全年持平或略有下降，反映合同时机和之前的比较。以 NARCAN 为主导的商业收入预计持平或略有上升，因为更高的销量有助于抵消与竞争和季节性动态相关的预期价格调整。</p>
<h2>有条件现金流出对第二季度的影响</h2>
<p>一个显著的短期挑战是与之前收购相关的 5040 万美元有条件对价，本季度作为流动负债计入。管理层预计这将在 2026 年第二季度转化为现金流出，暂时对公司的现金余额施加压力，尽管其更广泛的杠杆和流动性指标继续改善。</p>
<h2>减少研发投资与创新风险</h2>
<p>第一季度研发支出同比下降约三分之一，强化了 Emergent 对短期盈利和现金生成的关注。虽然这种纪律性目前支持了利润率，但管理层承认，如果没有通过合作伙伴关系或有针对性的投资来抵消，内部研发的持续减少可能会减缓创新和产品管道的发展速度。</p>
<h2>价格压力与政策限制</h2>
<p>由于最惠国承诺要求政府买家获得相等或更好的定价，Emergent 在美国面临价格压力，这限制了公司在其他地方提高价格的能力。管理层还预计在商业渠道，特别是 NARCAN 方面会有进一步的价格调整，这突显了在价格压力下需要增加销量和扩展国际市场以保护利润率。</p>
<h2>订单积压可见性与时机不确定性</h2>
<p>尽管管理层对国际 MCM 机会的管道表示积极，但他们强调时机仍然难以预测，有些交易在几个月内完成，而其他交易则需要数年。这种变动性导致了潜在合同的收入和利润何时实现的不确定性，尽管第一季度执行强劲，但仍对全年指导持谨慎态度。</p>
<h2>前瞻性指导与战略优先事项</h2>
<p>Emergent 重申其 2026 年收入展望为 7.2 亿至 7.6 亿美元，并预计调整后的 EBITDA 为 1.55 亿至 1.75 亿美元，支持的调整后毛利率为 45% 至 47%，第二季度收入为 1.7 亿至 1.85 亿美元。管理层的优先事项集中在扩大国际 MCM 销售、在价格压力下维护 NARCAN 销量、保持严格的成本控制，并利用其增强的资产负债表和新的信贷设施来应对即将到来的有条件现金流出并进行选择性投资。</p>
<p>Emergent 的电话会议描绘了一幅公司在经历困难时期后稳定下来的图景，改善的盈利能力、较低的杠杆率和有前景的国际需求抵消了结构性价格限制和不均匀的合同时机。对于投资者而言，短期故事是关于对扭转计划的严格执行和谨慎的资产负债表管理，而长期的上行潜力则与维持 MCM 合同的成功、NARCAN 的韧性以及恢复更平衡的研发投资相关。</p>

纽交所高增长板生物技术指数 ETF - First Trust

IBBQ

标普生物技术 3 倍做多 - Direxion

纳斯达克生物科技指数 ETF - iShares Nasdaq

标普生物技术 ETF - SPDR

动态生物技术与基因组 ETF - Invesco

2 倍做多纳斯达克生物技术 ETF - ProShares

生物科技 ETF - VanEck Vectors

医药突破 ETF - ALPS

<p>Emergent BioSolutions (EBS) 在第一季度的财报电话会议中报告了谨慎乐观的业绩，尽管面临挑战，但其扭转计划取得了进展。第一季度收入达到 1.56 亿美元，超出预期，第二季度预测收入为 1.7 亿至 1.85 亿美元。调整后的 EBITDA 改善至 3600 万美元，全年指导目标上调至 1.55 亿至 1.75 亿美元。公司将净债务减少了 22%，并回购了 900 万美元的股票，显示出对其估值的信心。国际医疗对策收入上升至总医疗对策收入的 37%，得益于新合同的支持。全年收入指导保持在 7.2 亿至 7.6 亿美元，毛利率目标为 45% 至 47%</p>

<p>Emergent Biosolutions ((EBS)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Emergent Biosolutions（EBS）已召开 2026 年第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
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</div><p>Emergent BioSolutions’ latest earnings call struck a cautiously optimistic tone, with management underscoring tangible progress on its turnaround plan despite lingering headwinds. Executives highlighted outperformance versus guidance, a stronger balance sheet, and growing traction in international medical countermeasures, while acknowledging tough comparisons, pricing pressure, and a looming acquisition‑related cash outflow.</p>
<div class="lb-trans"><p>Emergent BioSolutions 最近的财报电话会议传达了谨慎乐观的语气，管理层强调尽管仍面临挑战，但其扭转计划取得了实质性进展。高管们强调了业绩超出预期、资产负债表更强劲以及国际医疗应对措施的增长势头，同时承认了艰难的比较、价格压力和即将到来的收购相关现金流出。</p>
</div><h2>Revenue Beat and Near-Term Growth Outlook</h2>
<div class="lb-trans"><h2>收入超预期及短期增长展望</h2>
</div><p>Q1 2026 revenue came in at $156 million, topping the high end of management’s prior range of $135 million to $155 million and signaling better-than-expected demand. For Q2, the company guided revenue to between $170 million and $185 million, suggesting sequential growth even as full-year sales remain constrained by known headwinds.</p>
<div class="lb-trans"><p>2026 年第一季度收入为 1.56 亿美元，超出管理层之前 135 百万至 155 百万美元的预期上限，显示出需求好于预期。对于第二季度，公司预计收入将在 1.7 亿至 1.85 亿美元之间，尽管全年销售仍受已知挑战的限制，但仍暗示出环比增长。</p>
</div><h2>Adjusted EBITDA Strength and Updated Profit Targets</h2>
<div class="lb-trans"><h2>调整后 EBITDA 强劲及更新的利润目标</h2>
</div><p>Profitability improved with Q1 adjusted EBITDA of $36 million and a robust 23% margin, reflecting both higher revenue and tighter cost controls. Full-year adjusted EBITDA guidance was raised to a range of $155 million to $175 million, now explicitly including non-cash stock-based compensation in the metric to improve transparency for investors.</p>
<div class="lb-trans"><p>盈利能力有所改善，第一季度调整后 EBITDA 为 3600 万美元，利润率达到 23%，反映出收入增加和更严格的成本控制。全年调整后 EBITDA 指导上调至 1.55 亿至 1.75 亿美元的区间，现在明确将非现金股票补偿纳入该指标，以提高投资者的透明度。</p>
</div><h2>High Gross Margins and Aggressive Cost Discipline</h2>
<div class="lb-trans"><h2>高毛利率与积极的成本控制</h2>
</div><p>Emergent posted a Q1 adjusted gross margin of 52%, well above its full-year target range and a key driver of improved earnings quality. Operating expenses fell by $10 million year over year and R&amp;D spending dropped roughly 33%, signaling aggressive belt-tightening that supports near-term margins but may weigh on long-term innovation.</p>
<div class="lb-trans"><p>Emergent 在第一季度报告的调整后毛利率为 52%，远高于其全年目标区间，是改善盈利质量的关键驱动因素。运营费用同比下降 1000 万美元，研发支出大约下降 33%，显示出积极的紧缩措施，这支持了短期利润率，但可能对长期创新造成压力。</p>
</div><h2>Healthier Cash, Liquidity and Working Capital</h2>
<div class="lb-trans"><h2>更健康的现金流、流动性和营运资本</h2>
</div><p>The company’s cash position rose by $11 million versus a year ago to $160 million, while total liquidity, including credit lines, reached about $260 million. Management also pointed to more than $100 million of improvement in net working capital since Q1 2025, underscoring better inventory and receivables management that supports financial flexibility.</p>
<div class="lb-trans"><p>公司的现金状况较去年增加 1100 万美元，达到 1.6 亿美元，而包括信用额度在内的总流动性约为 2.6 亿美元。管理层还指出，自 2025 年第一季度以来，净营运资本改善超过 1 亿美元，强调了更好的库存和应收账款管理，支持财务灵活性。</p>
</div><h2>Debt Reduction, Refinancing and Lower Leverage</h2>
<div class="lb-trans"><h2>减债、再融资与降低杠杆</h2>
</div><p>Emergent cut net debt by $122 million year over year, a roughly 22% reduction that helped bring net leverage down to 2.4 times adjusted EBITDA from 2.7 times. An April 2026 refinancing lowered interest costs, extended debt maturities out to 2031, reduced term loan balances by $100 million and added new delayed-draw and revolver capacity to further stabilize the capital structure.</p>
<div class="lb-trans"><p>Emergent 将净债务同比减少 1.22 亿美元，约 22% 的减少使净杠杆从 2.7 倍调整后的 EBITDA 降至 2.4 倍。2026 年 4 月的再融资降低了利息成本，将债务到期时间延长至 2031 年，减少了 1 亿美元的定期贷款余额，并增加了新的延迟提款和循环信贷额度，以进一步稳定资本结构。</p>
</div><h2>Share Repurchases Signal Confidence</h2>
<div class="lb-trans"><h2>股票回购传递信心</h2>
</div><p>The company repurchased $9 million of its own shares in Q1 2026, buying back about 900,000 shares under its existing authorization. Since the program began in 2025, Emergent has retired roughly $34 million of stock and still has $46.5 million of capacity remaining, suggesting management views the current valuation as attractive.</p>
<div class="lb-trans"><p>公司在 2026 年第一季度回购了 900 万美元的自有股票，回购约 90 万股，符合现有授权。自 2025 年该计划启动以来，Emergent 已回购约 3400 万美元的股票，仍有 4650 万美元的回购能力，表明管理层认为当前估值具有吸引力。</p>
</div><h2>International MCM Expansion Boosts Mix</h2>
<div class="lb-trans"><h2>国际医疗应对措施扩展提升收入结构</h2>
</div><p>International medical countermeasure revenue rose sharply to 37% of total MCM revenue in Q1 2026, up from historical levels in the mid-teens. This shift reflects growing diversification away from the U.S. government as the dominant customer and generally supports higher margins thanks to more favorable pricing in overseas markets.</p>
<div class="lb-trans"><p>2026 年第一季度，国际医疗应对措施收入急剧上升至总医疗应对措施收入的 37%，高于历史水平的中十几。这一变化反映出对美国政府作为主要客户的依赖逐渐多样化，并且由于海外市场更有利的定价，通常支持更高的利润率。</p>
</div><h2>New Contracts and Orders Underpin Demand</h2>
<div class="lb-trans"><h2>新合同和订单支撑需求</h2>
</div><p>Management highlighted several important wins, including a $140 million multiproduct deal with Canada, a $54 million legal award and about $21.5 million in BioThrax delivery orders from a U.S. agency. In total, four contracted product orders were booked in the quarter, bolstering backlog and validating demand for the company’s core biodefense portfolio.</p>
<div class="lb-trans"><p>管理层强调了几项重要的胜利，包括与加拿大签署的 1.4 亿美元多产品交易、5400 万美元的法律裁决以及来自美国机构的约 2150 万美元的 BioThrax 交付订单。在本季度共签署了四个合同产品订单，增强了订单积压并验证了公司核心生物防御产品组合的需求。</p>
</div><h2>Product Extensions and Strategic Partnerships</h2>
<div class="lb-trans"><h2>产品扩展与战略合作伙伴关系</h2>
</div><p>Emergent is broadening its product and manufacturing ecosystem, launching NARCAN line extensions like a carrying case and multipack that are showing strong early uptake, with more than 100 million doses delivered since 2016. The company also expanded its manufacturing partnerships, including a U.S. distribution deal for a Japanese encephalitis vaccine and a collaboration to support a type 1 diabetes candidate, alongside plans to add capabilities at its Canton facility.</p>
<div class="lb-trans"><p>Emergent 正在扩大其产品和制造生态系统，推出 NARCAN 产品线扩展，如携带箱和多包装，显示出强劲的早期接受度，自 2016 年以来交付超过 1 亿剂。公司还扩大了制造合作伙伴关系，包括与日本脑炎疫苗的美国分销协议，以及支持 1 型糖尿病候选药物的合作，同时计划在其 Canton 设施增加能力。</p>
</div><h2>Steady Full-Year Revenue Guidance and Margin Targets</h2>
<div class="lb-trans"><h2>稳定的全年收入指导和利润率目标</h2>
</div><p>Despite the Q1 beat, management kept its 2026 revenue guidance intact at $720 million to $760 million, citing known demand patterns and contract visibility. The company also reaffirmed its full-year adjusted gross margin target of 45% to 47%, implying some normalization from the unusually strong Q1 level but still solid profitability.</p>
<div class="lb-trans"><p>尽管第一季度超出预期，管理层仍保持 2026 年收入指导在 7.2 亿至 7.6 亿美元不变， citing 已知的需求模式和合同可见性。公司还重申全年调整后毛利率目标为 45% 至 47%，这意味着与异常强劲的第一季度水平相比，利润率将有所正常化，但仍保持稳健的盈利能力。</p>
</div><h2>Difficult Year-Over-Year Comparisons</h2>
<div class="lb-trans"><h2>年同比比较困难</h2>
</div><p>Executives repeatedly flagged that Q1 2025 benefited from a one-time large international order that added around $60 million of revenue and roughly $50 million of adjusted EBITDA. The absence of a similar order in 2026 makes year-over-year growth look weaker on paper, even as underlying operations improve, and investors were encouraged to adjust their lens accordingly.</p>
<div class="lb-trans"><p>高管们反复强调，2025 年第一季度受益于一项一次性的大型国际订单，增加了约 6000 万美元的收入和约 5000 万美元的调整后 EBITDA。2026 年缺乏类似订单使得同比增长在纸面上看起来较弱，尽管基础业务有所改善，投资者被鼓励相应调整他们的视角。</p>
</div><h2>MCM and Commercial Revenue Mix Outlook</h2>
<div class="lb-trans"><h2>医疗应对措施与商业收入结构展望</h2>
</div><p>Looking ahead, Emergent expects medical countermeasure revenue to be flat to slightly down for the full year, reflecting contract timing and prior comparables. Commercial revenues, led by NARCAN, are projected to be flat to slightly up as higher volumes help offset anticipated pricing adjustments tied to competitive and seasonal dynamics.</p>
<div class="lb-trans"><p>展望未来，Emergent 预计医疗应对措施收入全年持平或略有下降，反映合同时机和之前的比较。以 NARCAN 为主导的商业收入预计持平或略有上升，因为更高的销量有助于抵消与竞争和季节性动态相关的预期价格调整。</p>
</div><h2>Contingent Cash Outflow Weighs on Q2</h2>
<div class="lb-trans"><h2>有条件现金流出对第二季度的影响</h2>
</div><p>A notable near-term headwind is a $50.4 million contingent consideration related to a prior acquisition that was accrued as a current liability this quarter. Management expects this to translate into a cash outflow in Q2 2026, temporarily pressuring the company’s cash balance even as its broader leverage and liquidity metrics continue to improve.</p>
<div class="lb-trans"><p>一个显著的短期挑战是与之前收购相关的 5040 万美元有条件对价，本季度作为流动负债计入。管理层预计这将在 2026 年第二季度转化为现金流出，暂时对公司的现金余额施加压力，尽管其更广泛的杠杆和流动性指标继续改善。</p>
</div><h2>Reduced R&amp;D Investment and Innovation Risk</h2>
<div class="lb-trans"><h2>减少研发投资与创新风险</h2>
</div><p>R&amp;D spending fell by about one-third year over year in Q1, reinforcing Emergent’s near-term focus on earnings and cash generation. While that discipline supports margins now, management acknowledged that a sustained reduction in internal R&amp;D could slow the pace of innovation and pipeline development if not offset by partnerships or targeted investments.</p>
<div class="lb-trans"><p>第一季度研发支出同比下降约三分之一，强化了 Emergent 对短期盈利和现金生成的关注。虽然这种纪律性目前支持了利润率，但管理层承认，如果没有通过合作伙伴关系或有针对性的投资来抵消，内部研发的持续减少可能会减缓创新和产品管道的发展速度。</p>
</div><h2>Pricing Pressure and Policy Constraints</h2>
<div class="lb-trans"><h2>价格压力与政策限制</h2>
</div><p>Emergent continues to face pricing headwinds in the U.S. due to most-favored-nation commitments that require government buyers to get equal or better pricing, limiting the company’s ability to raise prices elsewhere. Management also anticipates further price adjustments in commercial channels, particularly for NARCAN, underscoring the need to grow volume and expand internationally to protect margins.</p>
<div class="lb-trans"><p>由于最惠国承诺要求政府买家获得相等或更好的定价，Emergent 在美国面临价格压力，这限制了公司在其他地方提高价格的能力。管理层还预计在商业渠道，特别是 NARCAN 方面会有进一步的价格调整，这突显了在价格压力下需要增加销量和扩展国际市场以保护利润率。</p>
</div><h2>Backlog Visibility and Timing Uncertainty</h2>
<div class="lb-trans"><h2>订单积压可见性与时机不确定性</h2>
</div><p>While management spoke positively about the pipeline of international MCM opportunities, they emphasized that timing remains difficult to predict, with some deals closing in months and others taking years. This variability creates uncertainty around when revenue and margins from potential contracts will materialize, contributing to cautious full-year guidance despite strong Q1 execution.</p>
<div class="lb-trans"><p>尽管管理层对国际 MCM 机会的管道表示积极，但他们强调时机仍然难以预测，有些交易在几个月内完成，而其他交易则需要数年。这种变动性导致了潜在合同的收入和利润何时实现的不确定性，尽管第一季度执行强劲，但仍对全年指导持谨慎态度。</p>
</div><h2>Forward-Looking Guidance and Strategic Priorities</h2>
<div class="lb-trans"><h2>前瞻性指导与战略优先事项</h2>
</div><p>Emergent reaffirmed its 2026 revenue outlook of $720 million to $760 million and now projects adjusted EBITDA of $155 million to $175 million, supported by an expected adjusted gross margin of 45% to 47% and Q2 revenue of $170 million to $185 million. Management’s priorities center on expanding international MCM sales, defending NARCAN volumes amid pricing pressure, maintaining tight cost control and using its strengthened balance sheet and new credit facilities to navigate the upcoming contingent cash outflow and invest selectively.</p>
<div class="lb-trans"><p>Emergent 重申其 2026 年收入展望为 7.2 亿至 7.6 亿美元，并预计调整后的 EBITDA 为 1.55 亿至 1.75 亿美元，支持的调整后毛利率为 45% 至 47%，第二季度收入为 1.7 亿至 1.85 亿美元。管理层的优先事项集中在扩大国际 MCM 销售、在价格压力下维护 NARCAN 销量、保持严格的成本控制，并利用其增强的资产负债表和新的信贷设施来应对即将到来的有条件现金流出并进行选择性投资。</p>
</div><p>Emergent’s call painted a picture of a company stabilizing after a difficult stretch, with improved profitability, lower leverage and promising international demand offsetting structural pricing constraints and lumpy contract timing. For investors, the near-term story is about disciplined execution of the turnaround plan and careful balance-sheet management, with longer-term upside tied to sustaining MCM contract wins, NARCAN’s resilience and a return to more balanced R&amp;D investment.</p>
<div class="lb-trans"><p>Emergent 的电话会议描绘了一幅公司在经历困难时期后稳定下来的图景，改善的盈利能力、较低的杠杆率和有前景的国际需求抵消了结构性价格限制和不均匀的合同时机。对于投资者而言，短期故事是关于对扭转计划的严格执行和谨慎的资产负债表管理，而长期的上行潜力则与维持 MCM 合同的成功、NARCAN 的韧性以及恢复更平衡的研发投资相关。</p>
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Emergent BioSolutions 财报电话会议的亮点显示出扭转的势头