Every 8-K that Emergent Biosolutions, Inc. (EBS) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow EBS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full EBS filings page.
Emergent BioSolutions Inc. (EBS) reported a new contract modification from the U.S. government to supply its anthrax vaccine CYFENDUS™ (Anthrax Vaccine Adsorbed, Adjuvanted). On August 18, 2026, the company received Modification No. 21 under its long-standing BARDA AV7909 contract, authorizing procurement of additional CYFENDUS doses valued at approximately $24 million.
The BARDA AV7909 contract has been in place since September 30, 2016 and has been modified multiple times to support anthrax preparedness. The press release notes this award supports U.S. anthrax preparedness efforts and follows an earlier 2026 delivery order valued at up to $21.5 million to supply BioThrax® to the U.S. Department of War. CYFENDUS is FDA‑approved as a two‑dose anthrax vaccine for post‑exposure prophylaxis in adults 18–65 years of age when given with recommended antibacterial drugs.
Emergent BioSolutions reported second quarter 2026 revenue of $234.3 million, up 66% year over year, driven mainly by U.S. government medical countermeasure contracts for products such as ACAM2000 and BAT. Despite this, the company posted a GAAP net loss of $180.2 million, largely due to a $191.3 million non-cash impairment on the NARCAN asset group. Non-GAAP results were much stronger, with adjusted net income of $30.9 million and adjusted EBITDA of $96.5 million, yielding a 41% adjusted EBITDA margin.
Management launched a restructuring plan that will cut approximately 93 employees, eliminate about 21 vacant roles, close wet laboratories in Gaithersburg, and is expected to generate about $40 million in annualized savings, while incurring $10–$11.5 million of charges mainly in the second half of 2026. The role of Chief Medical Officer, Head of R&D is being eliminated and Simon Lowry will depart, while Stephanie Duatschek becomes Executive Vice President, Chief Growth Officer. Full-year 2026 guidance was reduced to revenue of $645–$675 million, a net loss of $(245)–$(225) million, and adjusted EBITDA of $130–$150 million, reflecting pressures in the naloxone business and the impairment charge.
Emergent BioSolutions entered a contract modification valued at $52.7 million with the U.S. Administration for Strategic Preparedness and Response to supply its ACAM2000 smallpox and mpox vaccine, related ancillaries, and diluent replacement lots under an existing 10-year contract.
The modification, designated Option Year 7, calls for delivery of ACAM2000 doses and ancillaries in June 2026, with any remaining diluent balance due by December 2026. The company highlights this award alongside recent approvals of ACAM2000 for high-risk individuals in Saudi Arabia and an expanded indication in Singapore.
Emergent BioSolutions reported sharply lower year-over-year results for Q1 2026 but raised its full-year profit outlook. Total revenues were $156.1 million, down 30% from Q1 2025, as biodefense product and contracts-and-grants revenues declined with timing of government orders.
The company earned net income of $6.8 million, compared with $68.0 million a year ago, for a 4% net margin. Adjusted EBITDA was $35.6 million with a 23% margin. Management reaffirmed 2026 revenue guidance of $720–$760 million but increased guidance for adjusted net income to $45–$65 million and adjusted EBITDA to $155–$175 million.
Cash and cash equivalents were $160.3 million and total debt $589.7 million as of March 31, 2026. The company refinanced its term loan in April 2026, extending maturity to 2031 and targeting lower interest expense while continuing its turnaround and transformation plan.
Emergent BioSolutions Inc. held its 2026 annual meeting of stockholders, where all management proposals, including director elections, auditor ratification, executive pay, and an equity plan amendment, were approved. A total of 40,346,672 shares were present or represented by proxy, representing 78.12% of the 51,644,495 shares outstanding and entitled to vote as of March 6, 2026.
Stockholders elected four Class II directors to terms expiring at the 2029 annual meeting, ratified Ernst & Young LLP as independent registered public accounting firm for the fiscal year ending December 31, 2026, and approved the 2025 executive compensation on an advisory basis. They also approved an amendment to the Amended and Restated Stock Incentive Plan to increase the shares available for equity awards, with 16,972,952 votes for and 14,023,162 against, indicating relatively divided views on additional equity-based compensation.
Emergent BioSolutions refinanced its main credit facilities by entering a new Term Loan Agreement and amending its asset-based revolving credit facility. The new structure centers on a $150 million Initial Term Loan plus a $75 million delayed draw term loan arranged by OrbiMed and Jefferies Finance.
The Term Loan bears interest at Term SOFR, with a 3.00% floor, plus 6.25% per annum, and carries a 1.00% annual fee on undrawn delayed draw amounts. It matures as late as April 16, 2031, subject to a springing maturity tied to Emergent’s 3.875% Senior Unsecured Notes due 2028. Proceeds from the Initial Term Loan and cash on hand fully repaid and terminated the company’s prior term credit agreement.
Emergent also amended its ABL facility with Wells Fargo, reducing the revolving commitment from $100 million to $50 million while extending its latest maturity to April 16, 2031 and adjusting covenants. The Term Loan and ABL now sit in a revised collateral and covenant framework, including leverage tests and mandatory prepayments from certain debt incurrence, asset sales, casualty proceeds and excess cash flow.
Emergent BioSolutions Inc. has appointed John D. Fowler, Jr. as a Class II director effective March 1, 2026, with his initial term running until the 2026 annual stockholders meeting. He is considered an independent director and will serve on the Board’s Audit and Finance Committee.
Fowler will receive an initial restricted stock unit grant valued at $270,000, vesting in three equal annual installments, plus an annual cash retainer of $70,000 for Board service and $15,000 for committee service. He will also be eligible for an annual equity award valued at $270,000, split 75% into restricted stock units and 25% into options, subject to proration in his first year. The company highlighted his more than three decades of experience across healthcare and financial services.
Emergent BioSolutions reported a major earnings turnaround for 2025 despite lower sales. Total revenues fell to $742.9M from $1,043.6M, driven largely by a $172.8M drop in naloxone revenue to $226.1M, while MCM product revenues declined more modestly to $456.7M.
The company moved from a net loss of $190.6M in 2024 to net income of $52.6M in 2025, with adjusted net income of $86.8M and adjusted EBITDA rising to $205.0M. Gross margin improved to 45%, and adjusted gross margin to 54%, reflecting restructuring benefits and a richer mix of higher-margin MCM products. Operating cash flow increased to $170.6M, enabling $110M of debt repayment and reducing net leverage to 1.9x.
For 2026, management guides total revenues of $720–$760M, expects a GAAP net loss of $30–$10M, and targets adjusted EBITDA of $135–$155M with adjusted gross margin of 45–47%. The outlook assumes flat-to-slightly down MCM revenues with meaningful international contribution and flat-to-slightly up commercial revenues, while the company continues buybacks under a new $50M share repurchase authorization.
Emergent BioSolutions Inc. reported that its president and chief executive officer, Joseph C. Papa, is presenting at the 44th Annual J.P. Morgan Healthcare Conference on January 14, 2026. The company made available an investor presentation, furnished as Exhibit 99.1 to this Form 8-K, which contains the slides used for the event.
The information in Item 7.01 and Exhibit 99.1 is being furnished, not filed, so it is not subject to liability under Section 18 of the Exchange Act and is not automatically incorporated into Securities Act or Exchange Act filings unless specifically stated otherwise.
Emergent BioSolutions Inc. disclosed that it voluntarily prepaid $100 million in late December 2025 on its outstanding term loan under a credit agreement dated August 30, 2024. This early repayment reduces the company’s term loan balance and interest-bearing debt under that facility. The company announced the prepayment in a press release furnished as an exhibit, indicating a proactive step in managing its capital structure and obligations to its lenders.
Emergent BioSolutions Inc. announced that it has received approval from the U.S. Food and Drug Administration for drug product manufacturing of raxibacumab at its Winnipeg manufacturing site. This means the company is now authorized to produce this product at that facility, which supports its medical countermeasures business focused on serious public health threats. The update was shared through a press release furnished as an exhibit, and the information is presented as a Regulation FD disclosure rather than as part of the company’s audited financial statements.
Emergent BioSolutions announced the planned retirement of director Louis W. Sullivan, M.D., effective November 14, 2025. The company stated his decision is not due to any disagreement regarding operations, policies, or practices.
Dr. Sullivan has served on the board since June 2006, most recently as Chairman of the Compensation Committee and a member of the Nominating and Corporate Governance Committee. The company issued a press release on November 12, 2025, furnished as Exhibit 99.1.
Emergent BioSolutions (EBS) furnished its quarterly results update. The company announced financial and operating results for the quarter ended September 30, 2025 via a press release, and scheduled a conference call on October 29, 2025 to discuss the quarter. The press release is furnished as Exhibit 99.1 and the earnings call presentation as Exhibit 99.2.
The materials in Items 2.02 and 7.01 and Exhibits 99.1 and 99.2 are furnished, not filed, under the Exchange Act. The company noted the call slides would be posted on its website.
Emergent BioSolutions entered into a new, material agreement with the U.S. government tied to its smallpox vaccine. On September 5, 2025, a contract modification from the Office of the Assistant Secretary for Preparedness and Response exercised Option Year 6 under the existing 10-year ACAM2000® contract. The modification is valued at $56 million and requires Emergent to deliver doses of its ACAM2000 (Smallpox (Vaccinia) Vaccine, Live) to the U.S. government by December 31, 2025.
The company also referenced that the full text of this modification will be filed with its next quarterly report, and that the base ACAM2000 contract is already on file as a material agreement. In a related move, Emergent issued a press release on September 9, 2025 describing the modification, which is attached as an exhibit to this report for investors seeking additional detail.
Emergent BioSolutions Inc. disclosed a new government order for its anthrax vaccine CYFENDUS™ (Anthrax Vaccine Adsorbed, Adjuvanted). On August 29, 2025, the company received Modification No. 20 to its existing BARDA AV7909 Contract with the Biomedical Advanced Research and Development Authority, providing for procurement of additional CYFENDUS doses valued at $30.0 million.
The underlying BARDA AV7909 Contract, originally effective September 30, 2016 and amended several times, supports development and procurement of this anthrax vaccine. Emergent also issued a press release on September 2, 2025 describing the modification, and filed the full text of Modification No. 20 and the press release as exhibits.