Emergent BioSolutions Reaffirms Guidance, Notes Modified Task Order Following Vaccine-Plant Setback
April 05 2021 - 7:14AM
Dow Jones News
By Matt Grossman
Emergent BioSolutions Inc. on Sunday night reaffirmed its
full-year earnings guidance following a production setback at a
Baltimore facility responsible for making Covid-19 vaccine
ingredients.
The Gaithersburg, Md.-based pharmaceutical manufacturer said it
would receive an additional $23 million under a modified task order
from the U.S. government to shift production at the site.
Emergent BioSolutions' facility was being used for production of
vaccines created by both Johnson & Johnson and AstraZeneca PLC.
A production problem at the plant led to a ruined batch of the
J&J vaccine, Johnson & Johnson said last week. The problem
was detected before the affected doses were distributed.
In response, Johnson & Johnson will take an expanded role
overseeing production at the Baltimore facility, and production of
AstraZeneca's vaccine will be moved elsewhere, the Wall Street
Journal reported on Sunday.
Emergent BioSolutions said the $23 million would be used to buy
"biologics manufacturing equipment specific to Johnson &
Johnson's Covid-19 vaccine for the potential expansion of
manufacturing of that bulk drug substance." The company said it
continues to own and operate the facility.
Emergent BioSolutions' 2021 guidance forecasts revenue of $1.95
billion to $2.05 billion and adjusted net income of $475 million to
$525 million.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
April 05, 2021 06:59 ET (10:59 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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