Emergent BioSolutions (NYSE:EBS) layoffs are in the news as the life sciences company prepares to cut jobs and close down certain facilities.
According to a release from Emergent BioSolutions, these layoffs will affect 300 of its employees. The company will also close 85 vacant positions.
The job cuts will also see Emergent BioSolutions close down two of its locations. That includes its Baltimore-Bayview Drug Substance manufacturing facility and Rockville, Maryland Drug Product facility.
The biotech says these layoffs will result in annual savings of $80 million. The company will deal with $18 million to $21 million restructuring charges connected to these actions in the second half of the year.
Emergent BioSolutions CEO Joe Papa said this about the layoffs:
“Today’s actions are about the future of Emergent. We have put in place a multi-year plan to position Emergent for sustainable and long-term success, and that starts by stabilizing our operations, strengthening our balance sheet and managing our debt.”
Emergent BioSolutions Layoffs Extended
Investors will remember that Emergent BioSolutions announced similar layoffs just a couple of years ago after a cross-contamination case. This saw a large amount of Covid-19 vaccines discarded. Afterward, the company shifted focus away from contract manufacturing and cut roughly 400 jobs.
EBS stock is up 132.1% as of Thursday morning. That comes after it posted positive earnings results for Q1 2024.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
