EBS - Why Emergent BioSolutions Stock Tumbled by Almost 12% Today
Emergent BioSolutions (NYSE: EBS) probably wishes it had stayed in bed on Tuesday. The company's stock declined by nearly 12% that day, following its release of quarterly results that fell well short of expectations on the bottom line.
For its fourth quarter of 2022, Emergent booked revenue of just under $331 million, which was 54% below the same quarter of the previous year. Non- GAAP (adjusted) net income plunged into the red, with a more than $15 million ($0.31 per share) loss against the year-ago profit of over $243 million.
This meant a mixed quarter for Emergent, as the average analyst estimate for revenue was only $297 million. However, those prognosticators were anticipating an adjusted bottom-line profit of $0.04 per share.
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Why Emergent BioSolutions Stock Tumbled by Almost 12% Today