On Tuesday, Emergent BioSolutions Inc. (NYSE:EBS) reported second-quarter 2024 sales of $254.7 million, down 25% year over year, beating the consensus of $190 million.

The company reported an adjusted EPS loss of $(2.32), more than double the $(1.05) reported a year ago, missing the consensus of $(0.94).

Revenues from Narcan (naloxone HCl) Nasal Spray decreased 10% to $120 million, primarily driven by an unfavorable price and volume mix in 2024 to U.S. public interest channels and lower Canadian market sales, partially offset by higher sales of over-the-counter Narcan through wholesaler channels, which launched in the third quarter of 2023.

Also Read: Emergent BioSolutions And Johnson & Johnson Resolve Claims Over COVID-19 Vaccine Manufacturing.

Revenues from Anthrax MCM increased 83% to $38.7 million, and Smallpox MCM sales fell 86% to $17.9 million.

Guidance: Emergent BioSolutions updated its 2024 Revenue guidance from $1 billion–$1.1 billion to $1.05 billion–$1.125 billion versus the consensus of $1.03 billion.

• The updated guidance includes commercial products sales of $450 million–$480 million, compared to prior guidance of $460 million–$500 million.

• MCM Product sales outlook of $455 million–$490 million, compared to $440 million–$490 million expected earlier.

• Services segment sales are expected to be $120 million–$130 million, higher than the prior range of $70 million–$80 million.

The company expects a 2024 net loss of $314 million–$274 million, up from the previous loss range of $148 million–$98 million, and an adjusted loss of $115 million–$75 million, higher than the previous loss forecast of $65 million–$15 million.

For the third quarter, Emergent BioSolutions expects revenues of $265 million–$315 million, versus the consensus of $312.15 million.

Last month,  Emergent BioSolutions received over $250 million in contract modifications from the Administration for Strategic Preparedness and Response (ASPR) at the United States Department of Health and Human Services to deliver millions of doses of four medical countermeasures.