'Waiting Game Continues' In Emergent BioSolutions, Analysts Cut Price Target
'Waiting Game Continues' In Emergent BioSolutions, Analysts Cut Price Target
分析師在Emergent BioSolutions中，“等待遊戲仍在繼續”
- 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.
- Emerent BioSolutions Inc.(紐約證券交易所代碼：EBS)第三季度銷售額同比下降27%，至2.4億美元，低於市場普遍預期的2.683億美元。
- 來自CDMO服務的收入減少了7640萬美元，主要是因為綜合收入減少了5910萬美元阿斯利康(納斯達克：azn)和強生(紐約證券交易所代碼：JNJ)詹森反映了兩家公司新冠肺炎疫苗生產活動減少的影響。
- 該公司報告調整後每股虧損為1.27美元，而去年同期為0.36美元，低於市場普遍預期的0.06美元。
- 相關： FDA對Emerent Bio的製造設施發出警告信.
- 指導意見：Emerent BioSolutions預計2012財年銷售額為10.5億-11.億美元，低於早些時候預計的11.5億-12.5億美元，低於市場普遍預期的12.億美元。
- 在公佈第三季度業績後，康託·菲茨傑拉德重申了其中性評級，並將目標價從33美元修正為23美元。
- 分析師的反應：這位分析師寫道，儘管從表面上看，Emerent BioSolutions的股票看起來很有吸引力，在電動汽車/收入的基礎上，其銷售額約為2022E的2倍，但該公司仍將需要解決多個懸而未決的問題。
- 納爾坎繼續表現良好，但這是一個泛化的市場。該公司的醫療對策業務仍將是一個不可或缺的部分，但還有幾個懸而未決的問題，比如下一個選項獲得行使的可能性和時機。
- 價格行動：週三尾盤，EBS股價下跌29.80%，至13.86美元。