EBS - Emergent BioSolutions announces $250M share buyback program

Emergent BioSolutions (NYSE:EBS) is trading ~4.4% higher after the company announced an authorization to repurchase up to $250M of the company’s common stock. Based on market conditions and other factors, the buybacks will be carried out from time to time on the open market and through privately negotiated transactions. The authorization expires on Nov. 11, 2022. CEO Robert G. Kramer stated that the decision to allow repurchases demonstrate the company’s financial position. “As part of a balanced capital management plan, we believe the company's stock can represent an attractive investment opportunity,” he added. The share repurchases are funded by cash on hand and operational cash flow. As of the end of Q3 2021, Emergent (EBS) recorded ~$404M in cash and equivalents, while its quarterly revenue contracted ~15% YoY to $329M.

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Emergent BioSolutions announces $250M share buyback program