Stock Alert: Emergent BioSolutions Climbs 12% On Quarterly Results, Outook

(RTTNews) - Shares of Emergent BioSolutions Inc. (EBS) are rising more than 12% Friday morning on positive earnings surprise in the second quarter. The company also raised its full-revenue outlook, better than analysts' view.

For the second quarter, the company recorded adjusted net income of $105.7 million, or $1.98 per share, versus $10.2 million, or $0.20 per share a year ago, and compared with $0.68, expected by the analysts polled by Thomson Reuters.

Revenue for the quarter increased to $394.7 million from $243.2 million last year.

For the third quarter, the company forecasts revenues between $420 million and $450 million. The consensus estimate is at $420.17 million.

For the full year, Emergent has raised its revenue outlook to the range of $1.5 billion - $1.6 billion from the previous view of $1.175 billion - $1.275 billion. Analysts see revenue of $1.39 billion for the year.

Last week, Emergent had signed an agreement worth $174 million to provide contract development and manufacturing (CDMO) services for large-scale commercial manufacturing for AstraZeneca's COVID-19 vaccine candidate, AZD1222.