Why Emergent BioSciences Stock Is Slipping Today
Shares of Emergent BioSolutions (NYSE: EBS) were slipping 3.8% as of 11:38 a.m. ET on Friday and fell as much as 7.7% earlier in the day. The decline came following the company's fourth-quarter update on Thursday after the market close.
Emergent reported fourth-quarter revenue of $723 million, up 24% year over year. It posted earnings of $189.3 million, or $3.50 per diluted share. The consensus estimate was for earnings of $4.27 per share.
With a solid earnings beat, why did the healthcare stock move lower? Emergent cut its full-year 2022 outlook. The company now expects revenue of between $1.3 billion and $1.4 billion. It previously projected 2022 revenue would be between $1.4 billion and $1.5 billion. Emergent also now anticipates adjusted earnings in 2022 of between $95 million and $140 million, down from its prior forecast of $135 million to $180 million.
Source Fool.com
