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)

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