Emergent lowers revenue projections, looks beyond pandemic
Emergent BioSolutions is looking ahead and gearing up for a busy 2022, lowering its projected company revenue after deciding to undergo maintenance on its infamous Baltimore Bayview facility “earlier than anticipated,” the company said in its quarterly report.
The company had projected revenues of $1.4 billion to $1.5 billion for this year, but has now dropped the figure to $1.3 to $1.4 billion. In addition to moving up the timeline of these maintenance upgrades, Emergent is also aiming to set up the facility for “future non-pandemic work.”
While the company is looking beyond the pandemic, its contract with Johnson & Johnson hasn’t changed. “Our most recent discussions with Johnson & Johnson have indicated that they are evaluating their global supply chain as they assess the demand for their COVID-19 vaccine,” Rich Lindall, Emergent’s chief financial officer, said in a conference call.
During this Emergent CEO Robert Kramer said that the maintenance upgrades were already underway. “We expect that we will be back into production in late Q2,” Kramer said. “There may be some additional enhancements that we want to make later in the year, but that’s our current thinking.”
