Emergent BioSolutions (NYSE:EBS) stock is taking off on Thursday after surprising investors with strong first quarter 2024 earnings results.
The life sciences company reported adjusted earnings per share of 59 cents for the quarter. That’s a massive beat compared to Wall Street’s estimate of -86 cents per share. It’s also a major improvement over the -$3.26 reported in the same period of the year prior.
Adding to that success is Emergent BioSolutions’ revenue of $300.4 million. Yet again, that blows past analysts’ estimate of $220.25 million for the quarter. It’s also an 83% increase year-over-year from $164.3 million.
Emergent BioSolutions president and CEO Joe Papa said the following in the earnings report:
“We delivered a strong quarter with growth across all our key products. We also took significant actions to improve our debt position, reduce operating expenses and strengthen our financial flexibility.”
What’s Next for EBS Stock?
Emergent BioSolutions’ outlook for Q2 2024 gives investors some ideas of what to expect from the company. This has it predicting revenue ranging from $160 million to $210 million. For comparison, Wall Street’s Q1 revenue estimate is sitting at $244.5 million.
Emergent BioSolutions also increased its 2024 revenue guidance to between $1 billion and $1.1 billion. Before this, that range was $900 million to $1.1 billion. Wall Street is looking for $1.02 billion in 2024.
EBS stock is up 57% as of Thursday morning, with nearly 5 million shares traded. That’s well above its daily average of about 3.1 million shares.
Investors will want to stick around for even more of the most recent stock market stories.
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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.
