Emergent BioSolutions Reports Q4 Results, Amends Credit Agreement

Emergent Biosolutions Inc EBS shares are trading higher after the company amended its existing credit agreement and reported its fourth-quarter financial results. Here's a look at the details. 

The Details: Emergent BioSolutions reported quarterly losses of 77 cents per share, missing the analyst consensus estimate of losses of 19 cents per share.

Quarterly sales came in at $276.6 million which missed the analyst consensus estimate of $293.533 million and is a 16.36% decrease from the same period last year.

Quarterly revenues from Narcan (naloxone HCl) Nasal Spray increased $19.9 million, or 22% year-over-year. The increase was primarily driven by higher OTC Narcan sales to U.S. public interest channels and retailers, partially offset by a decrease in sales of prescription-based Narcan due to the launch of OTC Narcan and the termination of the company’s relationship with Sandoz.

According to an 8-K filed by Emergent, the company entered into a forbearance agreement, securing flexible credit terms on its existing credit agreement.

“Emergent has a long history of helping protect people around the world from opioid overdose emergencies and chemical, biological and radiological threats. This commitment to public health, together with Emergent’s leadership, give me confidence in the long-term future of the company,” said Joe Papa, CEO at Emergent BioSolutions.

“Emergent faces some short-term challenges, which we are addressing head on. At the same time, we are making decisions and putting strategies in place for Emergent to add value for customers, patients and investors,” added Papa.

Outlook: Emergent BioSolutions sees first-quarter revenue between $200 million and $250 million, versus the $185.4 million estimate and fiscal year revenue between $900 million and $1.1 billion, versus the $1.184 billion estimate.

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EBS Price Action: According to Benzinga Pro, Emergent BioSolutions shares are trading up 1.23% after-hours at $3.30 at the time of publication.

Image: Gerd Altmann from Pixabay