Emergent BioSolutions Reports Q1 2024 Financial Results and Workforce Reduction

May 2, 2024

DENVER, Colo., May 02, 2024 (247marketnews.com)- Emergent BioSolutions Inc. (NYSE:EBS) reported it first quarter financial results and upgraded its 2024 forecast.

Its first quarter 2024 total revenues of $300.4 million exceeded the prior guidance range, while generating $9.0 million in 2024 first quarter net income and adjusted EBITDA of $66.9 million

“We delivered a strong quarter with growth across all our key products,” commented Emergent President and CEO, Joe Papa. “We also took significant actions to improve our debt position, reduce operating expenses and strengthen our financial flexibility. Emergent’s transformation will not happen overnight. The actions we are implementing today, combined with the assets Emergent possesses, will enable us to move faster, reach farther and be more nimble. The public health threats we collectively face are changing, and so is Emergent.”

Emergent increased the lower range of its full year 2024 financial forecast from $900 – $1,100 million to $1,000 – $1,100.

Emergent BioSolutions also announced the next phase of its new operational plan that consolidates operations, closes several manufacturing facilities, and restructures its enterprise workforce, which is expected to deliver annual cost savings of approximately $80 million

“Today’s actions are about the future of Emergent,” stated Papa. “We have put in place a multi-year plan to position Emergent for sustainable and long-term success, and that starts by stabilizing our operations, strengthening our balance sheet and managing our debt.

“Decisions like these are never easy as they have real impact on many of our dedicated colleagues. We are committed to providing resources to those affected as they transition to new opportunities.”

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