Why Is Emergent BioSolutions (EBS) Stock Is Tanking Today - Emergent BioSolutions (NYSE:EBS)

Emergent BioSolutions Inc's EBS Q2 sales fell 39% Y/Y to $242.7 million, missing the consensus of $270.94 million.
Revenues from contract development and manufacturing services decreased by $100.9 million due to lower combined revenues of $82.0 million from AstraZeneca Plc AZN and Johnson & Johnson's JNJ Janssen for COVID19 vaccine production.
Anthrax vaccine sales increased 86% to $95.6 million.
Naloxone products decreased 4% to $101.6 million.
The company reported an adjusted EPS loss of $(0.86), a turnaround from a profit of $0.33, and missing the consensus of $0.37.
Guidance: Emergent BioSolutions sees Q3 sales of $230-$270 million versus the consensus of $301.2 million.
For FY22, the company forecasts sales of $1.15-$1.25 billion, compared to the consensus of $1.23 billion.
For smallpox vaccine ACAM2000, EBS sees FY22 sales of $225-$250million, up from prior guidance of $190-$210 million.
Nasal Naloxone sales are expected to be $300-$340, up from the previous range of $240-$310 million.
Price Action: EBS shares are down 9.95% at $30.82 during the market session on the last check Tuesday.

Emergent BioSolutions Posts Q2 Loss On Lower Sales, Q3 Forecasts Below Consensus