Shares of Emergent BioSolutions tumbled premarket after the maker of opioid overdose remedies and other emergency medications swung to a third-quarter loss due to a sharp drop in orders from the U.S. government and elsewhere.
The company, which also makes antidotes for anthrax and other diseases, logged a loss of $32.7 million, or 64 cents a share, in contrast to a profit of $51.2 million, or 91 cents a share, a year earlier.
Stripping out certain one-time items, Emergent posted an adjusted loss of 36 cents a share.
Third-quarter revenue plunged 52% to $110 million. Revenue from Naloxone, the products preventing opioid overdoses, slid 42% to $43.5 million, on an adverse mix of sales via public-health outlets in the U.S.
Revenue from smallpox products plunged 68% to $26.7 million, reflecting changes in timing of U.S. government orders.
Emergent BioSolutions slashed its revenue projection to a range of $600 million to $645 million for the year from a previous $645 million-to-$675 million target. The company widened its estimated loss for the year to between $225 million and $255 million from a prior estimate for a loss of $225 million to $245 million.
Shares of Emergent fell 19% to $5.22, premarket.
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