
• Reported GAAP EPS of -$1.04 down -79.31% YoY • Reported revenue of $148.7M down -23.63% YoY • Emergent forecasts full year 2026 total revenues between $720M, adjusted net income of $25M, and adjusted EBITDA of $135M, with total adjusted gross margin % projected at 45%-47%.
Bullish
Emergent achieved significant full year 2025 profitability improvements, with net income up 128% and gross margin expanding. The company also reduced debt and secured over $450M in new Medical Countermeasures contracts.
Bearish
Emergent experienced a 24% revenue decline in Q4 2025 to $148.7M and a 74% increase in net loss, largely due to increased generic competition impacting its commercial products segment.