See Why Emergent BioSolutions Stock Plunged 37% On Friday?

After a fiasco surrounding the contamination of COVID-19 vaccine doses in its facilities, Emergent BioSolutions Inc's EBS manufacturing deal with the US government has come to an end.
CEO Bob Kramer said that the two parties "mutually agreed" to terminate the contract, evaporating about $180 million in deal value.
Related Link: Millions Of JNJ COVID-19 Shots Sit Idle At Emergent's Baltimore Plant.
In the Q3 earnings call, Emergent said it would continue working with Johnson & Johnson JNJ to produce its vaccines at the Baltimore plant as its deal with JNJ is separate from its contract with the federal government.
"We've contributed over 100 million dose equivalents of COVID-19 vaccine for global distribution. Importantly, we look forward to continuing to support J&J's ongoing vaccine production in the months ahead," CEO Robert Kramer said.
The Company posted Q3 sales of $329 million, down 15% Y/Y, sharply missing the consensus of $486.84 million. It posted an adjusted EPS loss of $(0.36) down from an income of $2.19.
Emergent BioSolutions lowered the upper end of FY21 sales guidance to $1.7 billion - $1.8 billion.
It expects CDMO revenues of $600 million - $650 million for FY21, down from prior guidance of $765 million - $875 million.
Price Action: EBS shares closed down 36.95% at $33.17 on Friday.

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