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NEW YORK - Emergent BioSolutions Inc. (NYSE:EBS) reported fourth-quarter results that fell short of analyst expectations, sending shares down 8.2% in after-hours trading.
The biopharmaceutical company posted adjusted earnings per share of $0.05, beating the analyst estimate of a $0.41 loss. However, revenue came in at $194.7 million, well below the consensus forecast of $243.33 million.
Total (EPA:TTEF) revenue declined 30% year-over-year, primarily due to a 41% drop in sales of NARCAN nasal spray to $65.1 million. The company cited lower over-the-counter and Canadian retail sales of the opioid overdose treatment.
Anthrax medical countermeasure revenues plunged 71% to $32.5 million on timing of government purchases. This was partially offset by a 565% surge in smallpox countermeasure sales to $76.5 million, driven by higher international orders of the ACAM2000 vaccine.
"As we close out 2024, I’m proud to share we delivered favorable full-year financial results driven by our core products, all the while, completing a series of strategic stabilization actions to strengthen our financial position ahead of plan," said CEO Joe Papa.
For 2025, Emergent forecasts total revenue of $750 million to $850 million and adjusted EBITDA of $150 million to $200 million. The company expects improved gross margins of 48% to 51%.
The significant revenue miss and cautious outlook appear to be weighing on investor sentiment despite the earnings beat. Emergent will host a conference call Thursday morning to discuss the results in more detail.
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