EBS - Emergent BioSolutions Reports Blockbuster Q1 Results Raises Guidance: What's Going On With The Stock? | Benzinga
Emergent BioSolutions, Inc. (NYSE:EBS) shares surged higher Thursday after the company announced operational changes to stabilize its financial position and reported first-quarter financial results.
The Details:
Emergent reported quarterly earnings of 59 cents per share, which beat the analyst consensus estimate of losses of 83 cents by 171.08%.
Quarterly sales clocked in at $300.4 million, which beat the analyst consensus estimate of $224.5 million by 33.81% and represents an 82.84% increase from the same period last year.
The company also announced the next phase of its new operational plan that consolidates operations, closes several manufacturing facilities and restructures its enterprise workforce to improve its performance and profitability.
Emergent will shut down both its Baltimore-Bayview Drug Substance manufacturing facility and Rockville, Maryland Drug Product facility. The company will also reduce its workforce by 300 employees ...