See Why Emergent BioSolutions Stock Plunged 37% On Friday? - Emergent BioSolutions (NYSE:EBS), Johnson &

After a fiasco surrounding the contamination of COVID-19 vaccine doses in its facilities, Emergent BioSolutions Inc's (NYSE: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 (NYSE: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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