Emergent BioSolutions Suspends CDMO Guidance Before Clarity On COVID Vax Requirements
- Emergent BioSolutions Inc reported Q1 sales of $307.5 million, down 10% Y/Y, beating the consensus of $283 million.
- Total product sales increased 72% to $237.1 million, while Contract development & manufacturing (CDMO) revenues declined 67% to $60.8 million.
- The decrease is primarily due to the company's decision to initiate maintenance and other modification-related work at the Bayview facility, which reduced manufacturing activities during the quarter.
- Adjusted EPS fell 88% to $0.18, beating the consensus of $0.12.
- The company reported an adjusted EBITDA of $36 million, down from $123.5 million a year ago.
- The gross margin compressed from 69% to 48%.
- Guidance: Following the recent decision by Johnson & Johnson to suspend projecting COVID-19 vaccine sales for 2022 due to global supply surplus and vaccine hesitancy, EBS's FY22 revenues related to its commercial supply arrangement with J&J are uncertain.
- Hence the company has temporarily suspended guidance for FY22 pending further clarity on J&J COVID-19 vaccine requirements.
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