Emergent BioSolutions slides 27% after missing Wall Streetʼs Q2 estimates
Shares of Emergent BioSolutions (NYSE: EBS) plummeted by 27% Thursday morning after the biopharmaceutical company missed Wall Street expectations for its second quarter performance despite swinging to a profit.
For the three months ended June 30, the Rockville, Md.-based company notched net income of $1.8 million, or $0.06 per share, compared with a loss of $5 million, or $0.17 per share. Analysts had expected earnings per share of $0.23.
Emergent said cost of product sales rose by $2.8 million, or 48%, to $8.7 million for the quarter compared to last year.
Shares crumbled 28%, or $3.91, to $10.08 at 1:08 pm. For detailed price information and recent news stories about Emergent BioSolutions, click EBS.
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Contributing author Mary Ann Azevedo has more than 13 years of writing and editing experience that includes coverage of a broad range of companies.
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