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Emergent BioSolutions Inc.（EBS）与再鼎医药（ZLAB）财务数据对比。点击上方公司名可切换其他公司
Emergent BioSolutions Inc.的季度营收约是再鼎医药的1.2倍（$148.7M vs $127.1M），再鼎医药同比增速更快（17.1% vs -23.6%），Emergent BioSolutions Inc.自由现金流更多（$73.8M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs -29.6%）
Emergent BioSolutions是一家总部位于美国马里兰州盖瑟斯堡的跨国专业生物制药企业，公司专注于开发针对传染病及阿片类药物过量的疫苗与抗体疗法，同时还为生物防御领域提供相关医疗设备支持。
再鼎医药是一家创新生物制药企业，专注于肿瘤、自身免疫性疾病、感染性疾病等领域创新疗法的研发、生产与商业化，核心市场覆盖大中华区，与全球多家头部生物科技企业合作，为存在未被满足医疗需求的患者提供治疗方案。
EBS vs ZLAB — 直观对比
营收规模更大
EBS
是对方的1.2倍
$127.1M
营收增速更快
ZLAB
高出40.7%
-23.6%
自由现金流更多
EBS
多$100.5M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
-29.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $148.7M | $127.1M |
| 净利润 | $-54.6M | — |
| 毛利率 | 42.9% | 51.0% |
| 营业利润率 | -18.8% | -54.6% |
| 净利率 | -36.7% | — |
| 营收同比 | -23.6% | 17.1% |
| 净利润同比 | -74.4% | — |
| 每股收益（稀释后） | $-0.95 | $-0.05 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收EBSZLAB
| Q4 25 | $148.7M | $127.1M | ||
| Q3 25 | $231.1M | $115.4M | ||
| Q2 25 | $140.9M | $109.1M | ||
| Q1 25 | $222.2M | $105.7M | ||
| Q4 24 | $194.7M | $108.5M | ||
| Q3 24 | $293.8M | $101.8M | ||
| Q2 24 | $254.7M | $100.1M | ||
| Q1 24 | $300.4M | $87.1M |
净利润EBSZLAB
| Q4 25 | $-54.6M | — | ||
| Q3 25 | $51.2M | $-36.0M | ||
| Q2 25 | $-12.0M | $-40.7M | ||
| Q1 25 | $68.0M | $-48.4M | ||
| Q4 24 | $-31.3M | — | ||
| Q3 24 | $114.8M | $-41.7M | ||
| Q2 24 | $-283.1M | $-80.3M | ||
| Q1 24 | $9.0M | $-53.5M |
毛利率EBSZLAB
| Q4 25 | 42.9% | 51.0% | ||
| Q3 25 | 62.8% | 59.5% | ||
| Q2 25 | 52.5% | 60.6% | ||
| Q1 25 | 60.2% | 63.6% | ||
| Q4 24 | 39.4% | 61.5% | ||
| Q3 24 | 54.9% | 64.1% | ||
| Q2 24 | -18.8% | 64.9% | ||
| Q1 24 | 49.2% | 61.4% |
营业利润率EBSZLAB
| Q4 25 | -18.8% | -54.6% | ||
| Q3 25 | 33.1% | -42.3% | ||
| Q2 25 | 1.1% | -50.3% | ||
| Q1 25 | 22.5% | -53.3% | ||
| Q4 24 | -4.9% | -62.6% | ||
| Q3 24 | 22.0% | -66.6% | ||
| Q2 24 | -79.9% | -76.0% | ||
| Q1 24 | 13.2% | -80.7% |
净利率EBSZLAB
| Q4 25 | -36.7% | — | ||
| Q3 25 | 22.2% | -31.2% | ||
| Q2 25 | -8.5% | -37.3% | ||
| Q1 25 | 30.6% | -45.8% | ||
| Q4 24 | -16.1% | — | ||
| Q3 24 | 39.1% | -40.9% | ||
| Q2 24 | -111.2% | -80.2% | ||
| Q1 24 | 3.0% | -61.4% |
每股收益（稀释后）EBSZLAB
| Q4 25 | $-0.95 | $-0.05 | ||
| Q3 25 | $0.91 | $-0.03 | ||
| Q2 25 | $-0.22 | $-0.04 | ||
| Q1 25 | $1.19 | $-0.04 | ||
| Q4 24 | $-0.45 | $-0.09 | ||
| Q3 24 | $2.06 | $-0.04 | ||
| Q2 24 | $-5.38 | $-0.08 | ||
| Q1 24 | $0.17 | $-0.05 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $205.4M | $689.6M |
| 总债务越低越好 | $589.7M | — |
| 股东权益账面价值 | $522.6M | $715.5M |
| 总资产 | $1.3B | $1.2B |
| 负债/权益比越低杠杆越低 | 1.13× | — |
8季度趋势，按日历期对齐
现金及短期投资EBSZLAB
| Q4 25 | $205.4M | $689.6M | ||
| Q3 25 | $245.5M | $717.2M | ||
| Q2 25 | $267.3M | $732.2M | ||
| Q1 25 | $149.1M | $757.3M | ||
| Q4 24 | $99.5M | $779.7M | ||
| Q3 24 | $149.9M | $616.1M | ||
| Q2 24 | $69.7M | $630.0M | ||
| Q1 24 | $78.5M | $650.8M |
总债务EBSZLAB
| Q4 25 | $589.7M | — | ||
| Q3 25 | $693.1M | — | ||
| Q2 25 | $700.0M | — | ||
| Q1 25 | $700.0M | — | ||
| Q4 24 | $700.0M | — | ||
| Q3 24 | $700.8M | — | ||
| Q2 24 | $863.8M | — | ||
| Q1 24 | $909.2M | — |
股东权益EBSZLAB
| Q4 25 | $522.6M | $715.5M | ||
| Q3 25 | $582.5M | $759.9M | ||
| Q2 25 | $536.2M | $791.7M | ||
| Q1 25 | $552.7M | $810.8M | ||
| Q4 24 | $482.8M | $840.9M | ||
| Q3 24 | $508.4M | $667.7M | ||
| Q2 24 | $386.3M | $704.2M | ||
| Q1 24 | $663.9M | $762.2M |
总资产EBSZLAB
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.4B | $1.2B | ||
| Q3 24 | $1.5B | $985.3M | ||
| Q2 24 | $1.5B | $987.4M | ||
| Q1 24 | $1.8B | $988.4M |
负债/权益比EBSZLAB
| Q4 25 | 1.13× | — | ||
| Q3 25 | 1.19× | — | ||
| Q2 25 | 1.31× | — | ||
| Q1 25 | 1.27× | — | ||
| Q4 24 | 1.45× | — | ||
| Q3 24 | 1.38× | — | ||
| Q2 24 | 2.24× | — | ||
| Q1 24 | 1.37× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $77.7M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $73.8M | $-26.7M |
| 自由现金流率自由现金流/营收 | 49.6% | -21.0% |
| 资本支出强度资本支出/营收 | 2.6% | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $156.8M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流EBSZLAB
| Q4 25 | $77.7M | $-26.0M | ||
| Q3 25 | $-2.3M | $-32.0M | ||
| Q2 25 | $106.4M | $-31.0M | ||
| Q1 25 | $-11.2M | $-61.7M | ||
| Q4 24 | $-79.9M | $-55.8M | ||
| Q3 24 | $153.7M | $-26.8M | ||
| Q2 24 | $47.5M | $-42.2M | ||
| Q1 24 | $-62.6M | $-90.1M |
自由现金流EBSZLAB
| Q4 25 | $73.8M | $-26.7M | ||
| Q3 25 | $-5.7M | $-35.0M | ||
| Q2 25 | $103.5M | $-33.9M | ||
| Q1 25 | $-14.8M | $-63.2M | ||
| Q4 24 | $-81.6M | $-58.4M | ||
| Q3 24 | $147.9M | $-28.2M | ||
| Q2 24 | $42.9M | $-42.9M | ||
| Q1 24 | $-73.4M | $-91.1M |
自由现金流率EBSZLAB
| Q4 25 | 49.6% | -21.0% | ||
| Q3 25 | -2.5% | -30.4% | ||
| Q2 25 | 73.5% | -31.1% | ||
| Q1 25 | -6.7% | -59.9% | ||
| Q4 24 | -41.9% | -53.8% | ||
| Q3 24 | 50.3% | -27.7% | ||
| Q2 24 | 16.8% | -42.9% | ||
| Q1 24 | -24.4% | -104.5% |
资本支出强度EBSZLAB
| Q4 25 | 2.6% | 0.5% | ||
| Q3 25 | 1.5% | 2.6% | ||
| Q2 25 | 2.1% | 2.6% | ||
| Q1 25 | 1.6% | 1.5% | ||
| Q4 24 | 0.9% | 2.4% | ||
| Q3 24 | 2.0% | 1.3% | ||
| Q2 24 | 1.8% | 0.7% | ||
| Q1 24 | 3.6% | 1.1% |
现金转化率EBSZLAB
| Q4 25 | — | — | ||
| Q3 25 | -0.04× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.16× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.34× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -6.96× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
EBS
| Medical Countermeasures MCM Product | $99.2M | 67% |
| Commercial Products Segment | $38.4M | 26% |
| All Other Revenue | $11.1M | 7% |
ZLAB
| Zejula | $56.0M | 44% |
| Other | $21.9M | 17% |
| Nuzyra | $16.0M | 13% |
| Optune | $11.9M | 9% |
| XACDURO | $10.7M | 8% |
| Qinlock | $9.7M | 8% |
| AUGTYRO | $836.0K | 1% |
