Mpox Vaccine Player Emergent BioSolutions Stock Jumps On Upbeat Annual Forecast, Expects Smaller Losses In 2024

Core Viewpoint - Emergent BioSolutions Inc. reported mixed third-quarter earnings, with a notable increase in stock price driven by new mpox trials in Africa and a significant turnaround in adjusted EPS [1][5]. Financial Performance - Third-quarter sales reached $293.8 million, a 9% increase year over year, but fell short of the consensus estimate of $297.5 million [1]. - Adjusted EPS was $1.37, a recovery from a loss of $1.09 a year ago, exceeding the consensus of $0.14 [1]. Revenue Breakdown - Revenues from Narcan Nasal Spray decreased by 33% to $95.3 million due to the transition to over-the-counter sales and lower Canadian retail sales, although OTC Narcan sales increased [2]. - Anthrax MCM revenues fell by 65% to $11.4 million, while Smallpox MCM sales surged over fivefold to $132.7 million [2]. Guidance Updates - The company revised its 2024 revenue guidance to $1.065 billion – $1.125 billion, slightly below the previous range and consensus of $1.123 billion [3]. - Commercial product sales guidance was adjusted to $420 million – $430 million, down from $450 million – $480 million [3]. - MCM product sales outlook was updated to $510 million – $550 million, compared to the earlier expectation of $455 million – $490 million [3]. Services Segment and Loss Projections - Services segment sales are now expected to be $105 million – $110 million, lower than the previous range of $120 million – $130 million [4]. - The company anticipates a 2024 net loss of $203 million – $183 million, an improvement from the earlier loss range of $314 million – $274 million [4]. - Adjusted EBITDA is forecasted to be $180 million – $200 million, up from the previous forecast of $140 million – $180 million [4]. New Trials and Initiatives - Emergent BioSolutions announced a new trial for brincidofovir (Tembexa) to treat mpox, sponsored by PANTHER and led by the Africa Centres for Disease Control and Prevention, set to begin in the Democratic Republic of Congo [5]. Stock Performance - EBS stock increased by 28.3%, reaching $11.80 during the latest trading session [6].