EBS - Emergent BioSolutions misses on top and bottom lines as it swings to quarterly loss

• Emergent BioSolutions ( NYSE: EBS ) swung to a Q2 2022 net loss of $56.4M after a $4.6M net gain in the prior-year period.
• Gross margin also fell to 28% from 39%.
• The Gaithersburg, Md.-based life sciences company's Q2 results also missed on the top and bottom lines .
• Revenue of $242.7M was a ~39% year-over-year decline.
• The decline in revenue can be attributed to a 97% reduction in contract development and manufacturing business to just $2.7M. Emergent ( EBS ) said the revenue loss in this area was due to the ending of public-private partnership with BARDA in November 2021 that contributed $70.4M in Q2 2021 and a $21.9M decrease in lease revenues related to a contract to manufacture COVID-19 vaccine for Johnson & Johnson's ( JNJ ) Janssen unit.
• In June, Johnson & Johnson terminated a manufacturing contract for COVID vaccines following production mishaps at a Baltimore plan t that rendered millions of doses unusable.

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