Emergent BioSolutions: Strategic Turnaround Proving Tricky, But I'm Still Hopeful

  • Emergent stock is down >40% since my last update. I had given the stock a "Buy" rating but noted that 2025 may be a difficult year. Emergent's MCM business has performed well, but Narcan sales fell drastically in Q1. Management believes revenues will increase in the second half of the year and expects to generate a net income of $750m–$850m of revenues in 2025.