By Ben Glickman
Shares of Emergent Biosolutions climbed after the company reported an increase in revenue and swung to a profit in the third quarter.
The stock was up 28% to $11.81 in Thursday afternoon trading. Shares have increased about five-fold this year.
The Gaithersburg, Md.-based biotechnology company, which makes Narcan nasal spray, late Wednesday reported a profit of $114.8 million, or $2.06 a share, in the third quarter, compared with a loss of $263.4 million, or $5.08 a share, a year earlier. Analysts polled by FactSet expected a per-share loss of 20 cents.
Revenue rose 9% from a year earlier to $293.8 million, ahead of Wall Street's estimates. Surging orders of the company's smallpox medical countermeasure products offset declines in Narcan and other products.
The company's Tembexa, which is approved as a treatment for smallpox, is currently being evaluated to treat mpox. Emergent also announced that Tembexa, which is sold under generic name brincidofovir, will be included in a trial on treatments for the mpox virus led by the Africa Centres for Disease Control and Prevention.
Emergent said it was now expecting 2024 revenue of $1.065 billion to $1.125 billion, compared with its previous guidance for $1.05 billion to $1.125 billion. The company also said it was expecting a loss of $183 million to $203 million on the year, compared with its previous outlook for a loss of $274 million to $314 million.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 07, 2024 13:35 ET (18:35 GMT)
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