'Waiting Game Continues' In Emergent BioSolutions, Analysts Cut Price Target
'Waiting Game Continues' In Emergent BioSolutions, Analysts Cut Price Target
分析师在Emergent BioSolutions中，“等待游戏仍在继续”
- Emergent BioSolutions Inc's (NYSE:EBS) Q3 sales fell 27% Y/Y to $240 million, missing the consensus of $268.30 million.
- Revenues from CDMO services decreased $76.4 million, largely due to lower combined revenues of $59.1 million from AstraZeneca Plc (NASDAQ:AZN) and Johnson & Johnson's (NYSE: JNJ) Janssen, reflecting the impact of reduced production activities for the companies' COVID-19 vaccines.
- The company reported an adjusted EPS loss of $(1.27), compared to $(0.36) a year ago and missing the consensus of $(0.06).
- Related: FDA Issues Warning Letter For Emergent Bio's Manufacturing Facility.
- Guidance: Emergent BioSolutions forecasts FY22 sales of $1.05-$1.10 billion, down from $1.15-$1.25 billion expected earlier, compared to the consensus of $1.20 billion.
- Post 3Q22 results, Cantor Fitzgerald, reiterated its Neutral rating and revised the price target to $23 from $33.
- Analyst Reaction: The analyst writes that while on the surface, Emergent BioSolutions' stock looks attractive, trading at ~2x 2022E sales on an EV/revenue basis, there remain multiple overhangs that the company will need to work through.
- Narcan continues to do well, but that is a genericized market. The company's medical countermeasures business will remain an integral part but with several overhangs, such as the likelihood and timing of the next option getting exercised.
- Price Action: EBS shares are down 29.80% at $13.86 on the last check Wednesday.
- Emergent BioSolutions Inc（纽约证券交易所代码：EBS）第三季度的销售额同比下降27％，至2.4亿美元，未达到共识的2.6830亿美元。
- CDMO服务的收入减少了7,640万美元，这主要是由于阿斯利康公司（纳斯达克股票代码：AZN）和强生公司（纽约证券交易所代码：JNJ）杨森的合并收入减少了5,910万美元，这反映了两家公司 COVID-19 疫苗生产活动减少的影响。
- 该公司报告调整后的每股收益亏损为1.27美元，而去年同期为0.36美元，未达到共识的0.06美元。
- 相关： 美国食品药品管理局对Emergent Bio的制造设施发出警告信。
- 指导意见：Emergent BioSolutions预测，22财年的销售额为10.5亿至11.0亿美元，低于之前预期的11亿至12.5亿美元，而市场普遍预期的12.0亿美元。
- 在公布22年第三季度业绩后，坎托·菲茨杰拉德重申了其中性评级，并将目标股价从33美元上调至23美元。
- 分析师的反应：这位分析师写道，尽管从表面上看，Emergent BioSolutions的股票看起来很有吸引力，按电动汽车/收入计算，交易价格约为2022年销售额的2倍，但该公司仍需要解决多个悬而未决的问题。
- Narcan继续表现良好，但这是一个通用市场。该公司的医疗对策业务仍将是不可或缺的一部分，但存在一些悬而未决的问题，例如行使下一个选择的可能性和时机。
- 价格走势：周三的最后一张支票上，EBS股价下跌29.80％，至13.86美元。