Estados financieros detallados de Emergent BioSolutions Inc. (EBS): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Emergent BioSolutions Inc. registró ingresos de $742.9M en el último ejercicio fiscal, con un CAGR de 5 años del -14.0%. El beneficio neto alcanzó $52.6M, con un CAGR a 5 años del -29.7%.
Márgenes de los últimos 12 meses: margen bruto 49.4%, margen operativo -7.1%, margen neto -23.0%. El flujo de caja libre creció a un CAGR del -16.9% en 5 años.
Al precio actual de $6.75, EBS presenta beneficios negativos (P/E no significativo) y un ROE del -35.91%. La capitalización bursátil es de $348M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $488.8M | $560.9M | $782.4M | $1.11B | $1.58B | $1.77B | $1.12B | $1.05B | $1.04B | $742.9M |
| Coste de Ventas | $244.0M | $277.3M | $462.0M | $622.9M | $714.2M | $980.4M | $644.5M | $689.3M | $668.2M | $392.3M |
| Beneficio Bruto | $244.8M | $283.6M | $320.4M | $483.1M | $863.1M | $793.2M | $473.0M | $360.0M | $375.4M | $350.6M |
| I+D | $106.9M | $97.4M | $142.8M | $226.2M | $237.9M | $235.2M | $188.3M | $111.4M | $70.7M | $53.8M |
| Generales y Administrativos | $143.1M | $142.9M | $202.5M | $273.5M | $304.1M | $348.7M | $339.5M | $356.7M | $298.7M | $186.6M |
| Gastos Operativos | $139.3M | $159.3M | $230.6M | $369.0M | $424.6M | $451.8M | $643.0M | $1.09B | $484.1M | $240.4M |
| Beneficio Operativo | $105.5M | $124.3M | $89.8M | $114.1M | $438.5M | $341.4M | -$170.0M | -$726.4M | -$108.7M | $110.2M |
| EBITDA | $132.9M | $174.7M | $155.1M | $258.9M | $609.2M | $504.2M | $15.7M | -$47.0M | $53.4M | $240.4M |
| Gastos por Intereses | $7.6M | $6.6M | $9.9M | $38.4M | $31.3M | $34.5M | $37.3M | $87.9M | $71.0M | $59.3M |
| Beneficio Antes de Impuestos | $99.2M | $118.6M | $81.5M | $77.4M | $411.9M | $303.2M | -$219.0M | -$731.2M | -$142.9M | $82.8M |
| Impuestos | $36.7M | $36.0M | $18.8M | $22.9M | $106.1M | $83.7M | -$7.4M | $29.3M | $47.7M | $30.2M |
| Beneficio Neto | $51.8M | $82.6M | $62.7M | $54.5M | $305.8M | $219.5M | -$211.6M | -$760.5M | -$190.6M | $52.6M |
| BPA | $1.29 | $1.98 | $1.25 | $1.06 | $5.79 | $4.10 | $-4.22 | $-14.85 | $-3.60 | $0.98 |
| BPA Diluido | $1.13 | $1.71 | $1.22 | $1.04 | $5.67 | $4.06 | $-4.22 | $-14.85 | $-3.60 | $0.93 |
| Acciones en Circulación (Diluidas) | $49.3M | $50.3M | $51.4M | $52.4M | $53.8M | $54.1M | $50.1M | $51.2M | $53.0M | $56.7M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $231.1M | $148.7M | $156.1M | $234.3M |
| Beneficio Bruto | $129.1M | $46.6M | $67.6M | $137.2M |
| Beneficio Operativo | $76.8M | -$16.6M | $10.5M | -$125.1M |
| EBITDA | $96.6M | -$12.5M | $48.5M | -$156.3M |
| Beneficio Neto | $51.2M | -$54.6M | $6.8M | -$180.2M |
| BPA | $0.96 | $-1.04 | $0.13 | $-3.49 |
| BPA Diluido | $0.91 | $-1.04 | $0.07 | $-3.49 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $271.5M | $178.3M | $112.2M | $168.0M | $621.3M | $576.3M | $642.6M | $111.7M | $99.5M | $205.4M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $148.5M | $146.1M | $262.5M | $275.3M | $230.9M | $278.9M | $159.2M | $191.0M | $154.5M | $84.2M |
| Inventario | $74.0M | $142.8M | $205.8M | $222.5M | $307.0M | $344.5M | $350.7M | $328.9M | $311.7M | $343.4M |
| Activos Corrientes | $510.2M | $485.4M | $620.8M | $686.2M | $1.20B | $1.27B | $1.21B | $679.5M | $598.7M | $662.5M |
| Inmovilizado Material | $376.4M | $407.2M | $510.2M | $567.0M | $675.1M | $828.4M | $837.0M | $399.0M | $270.6M | $205.4M |
| Fondo de Comercio | $41.0M | $49.1M | $259.7M | $266.6M | $266.7M | $224.9M | $218.2M | 0 | 0 | 0 |
| Activos Intangibles | $33.9M | $119.6M | $811.6M | $741.9M | $663.1M | $604.6M | $728.8M | $566.6M | $501.5M | $436.5M |
| Activos Totales | $970.1M | $1.07B | $2.23B | $2.33B | $2.88B | $2.96B | $3.17B | $1.82B | $1.39B | $1.32B |
| Cuentas por Pagar | $34.6M | $41.8M | $80.7M | $94.8M | $136.1M | $128.9M | $103.5M | $112.2M | $60.9M | $55.6M |
| Deuda a Corto | $20.0M | 0 | $10.1M | $16.4M | $39.5M | $37.4M | $963.1M | $413.7M | $2.7M | 0 |
| Pasivos Corrientes | $105.9M | $100.1M | $200.4M | $216.3M | $384.5M | $374.0M | $1.23B | $651.3M | $162.4M | $132.2M |
| Deuda a Largo | $248.1M | $13.5M | $784.5M | $798.4M | $850.3M | $809.4M | $448.5M | $446.5M | $663.7M | $572.1M |
| Pasivos Totales | $373.9M | $157.9M | $1.22B | $1.24B | $1.44B | $1.35B | $1.78B | $1.17B | $906.9M | $796.0M |
| Reservas | $254.5M | $337.1M | $367.3M | $421.8M | $726.9M | $950.3M | $738.7M | -$21.8M | -$212.4M | -$159.8M |
| Patrimonio Neto | $596.2M | $912.3M | $1.01B | $1.09B | $1.45B | $1.61B | $1.39B | $649.3M | $482.8M | $522.6M |
| Deuda Total | $268.1M | $13.5M | $794.6M | $836.9M | $923.0M | $871.0M | $1.43B | $860.2M | $676.1M | $572.1M |
| Deuda Neta | -$3.4M | -$164.8M | $682.4M | $668.9M | $301.7M | $294.7M | $783.8M | $748.5M | $576.6M | $366.7M |
| Capital Circulante | $404.4M | $385.3M | $420.4M | $469.9M | $811.4M | $895.9M | -$18.5M | $28.2M | $436.3M | $530.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $245.5M | $205.4M | $160.3M | $139.7M |
| Activos Totales | $1.46B | $1.32B | $1.32B | $1.12B |
| Pasivos Totales | $878.5M | $796.0M | $797.3M | $775.4M |
| Patrimonio Neto | $582.5M | $522.6M | $523.1M | $341.4M |
| Deuda Total | $663.1M | $572.1M | $573.6M | $581.8M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $51.8M | $82.6M | $62.7M | $54.5M | $305.8M | $230.9M | -$211.6M | -$760.5M | -$190.6M | $52.6M |
| Amortizaciones | $38.2M | $42.6M | $62.2M | $110.7M | $114.5M | $123.8M | $143.3M | $125.1M | $108.8M | $95.8M |
| Compensación en Acciones | $18.5M | $15.2M | $23.2M | $26.7M | $51.8M | $42.4M | $45.1M | $23.1M | $18.0M | $16.2M |
| Cambio en Capital Circulante | -$45.5M | $53.7M | -$119.1M | -$42.4M | $9.5M | -$156.4M | -$2.1M | -$70.3M | $88.7M | -$22.4M |
| Flujo de Caja Operativo | $53.5M | $208.1M | $41.8M | $188.0M | $536.9M | $321.1M | -$34.1M | -$206.3M | $58.7M | $170.6M |
| Inversiones (CapEx) | -$76.3M | -$54.8M | -$72.1M | -$86.9M | -$141.9M | -$225.0M | -$115.8M | -$51.6M | -$22.9M | -$13.8M |
| Adquisiciones | 0 | -$195.1M | -$827.7M | 0 | 0 | 0 | 0 | $270.2M | $110.2M | 0 |
| Recompra de Acciones | -$1.1M | -$33.1M | -$100000 | 0 | 0 | -$106.0M | -$82.1M | 0 | 0 | -$24.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$22.8M | $153.3M | -$30.3M | $101.1M | $395.0M | $96.1M | -$149.9M | -$257.9M | $35.8M | $156.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$2.3M | $77.7M | -$33.8M | $56.1M |
| Inversiones (CapEx) | -$3.4M | -$3.9M | -$2.4M | -$2.1M |
| Flujo de Caja Libre | -$5.7M | $73.8M | -$36.2M | $54.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $4.8M | $5.3M | $1.9M | $6.9M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +14.8% | +39.5% | +41.4% | +42.6% | +12.4% | -37.0% | -6.1% | -0.5% | -28.8% |
| Crecimiento Beneficio Neto (anual) | | +59.5% | -24.1% | -13.1% | +461.1% | -28.2% | -196.4% | -259.4% | +74.9% | +127.6% |
| Crecimiento BPA (anual) | | +53.5% | -36.9% | -15.2% | +446.2% | -29.2% | -202.9% | -251.9% | +75.8% | +127.2% |
| Cambio en Acciones (anual) | | +2.0% | +2.1% | +1.9% | +2.7% | +0.6% | -7.4% | +2.2% | +3.5% | +7.0% |
| Crecimiento FCF (anual) | | +773.3% | -119.8% | +433.7% | +290.7% | -75.7% | -256.0% | -72.0% | +113.9% | +338.0% |
| Margen Bruto | 50.1% | 50.6% | 41.0% | 43.7% | 54.7% | 44.7% | 42.3% | 34.3% | 36.0% | 47.2% |
| Margen Operativo | 21.6% | 22.2% | 11.5% | 10.3% | 27.8% | 19.2% | -15.2% | -69.2% | -10.4% | 14.8% |
| Margen EBITDA | 27.2% | 31.1% | 19.8% | 23.4% | 38.6% | 28.4% | 1.4% | -4.5% | 5.1% | 32.4% |
| Margen Neto | 10.6% | 14.7% | 8.0% | 4.9% | 19.4% | 12.4% | -18.9% | -72.5% | -18.3% | 7.1% |
| Margen FCF | -4.7% | 27.3% | -3.9% | 9.1% | 25.0% | 5.4% | -13.4% | -24.6% | 3.4% | 21.1% |
| Tasa Impositiva Efectiva | 37.0% | 30.4% | 23.1% | 29.6% | 25.8% | 27.6% | 3.4% | -4.0% | -33.4% | 36.5% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.46 | $3.05 | $-0.59 | $1.93 | $7.34 | $1.78 | $-2.99 | $-5.04 | $0.68 | $2.77 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $40.2M | $41.8M | $50.1M | $51.5M | $52.7M | $53.5M | $50.1M | $51.2M | $53.0M | $53.5M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | -35.91% |
| Rentabilidad sobre capital invertido | -5.47% |
| Rentabilidad sobre activos | -15.83% |
| Margen bruto | 49.40% |
| Margen operativo | -7.06% |
| Margen neto | -22.96% |
Salud financiera
| Deuda / Patrimonio | 1.70 |
| Ratio corriente | 5.42 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 25.46 | 23.47 | 47.42 | 50.90 | 15.47 | 10.60 | -2.80 | -0.16 | -2.66 | 12.61 |
| P/VC | 2.21 | 2.13 | 2.94 | 2.55 | 3.26 | 1.44 | 0.43 | 0.19 | 1.05 | 1.27 |
| P/V | 2.70 | 3.46 | 3.80 | 2.51 | 2.99 | 1.31 | 0.53 | 0.12 | 0.49 | 0.89 |
| Margen Bruto | 50.1% | 50.6% | 41.0% | 43.7% | 54.7% | 44.7% | 42.3% | 34.3% | 36.0% | 47.2% |
| Margen Operativo | 21.6% | 22.2% | 11.5% | 10.3% | 27.8% | 19.2% | -15.2% | -69.2% | -10.4% | 14.8% |
| Margen Neto | 10.6% | 14.7% | 8.0% | 4.9% | 19.4% | 12.4% | -18.9% | -72.5% | -18.3% | 7.1% |