
Emergent BioSolutions remains a hold as commercial recovery is uncertain despite progress on cost savings and debt reduction. EBS lowered FY26 revenue and EBITDA guidance, citing government procurement delays and persistent pricing pressure in the U.S. naloxone market. Gross margin and profitability deteriorated sharply, with adjusted EBITDA swinging to a $4.6M loss and a net loss of $32.7M in 3Q26.










