March 29 - Contract drugmaker Emergent BioSolutions Inc., subject of a scathing report after an FDA inspection of its plant-making ingredients for COVID-19 vaccines, posted a first-quarter profit compared with a year-ago loss, helped by the U.S. government funding for vaccine production in 2014.
Emergent reported $183.8 million in sales from contract development and manufacturing services, up from $162.1 million during the same period last year.The increase was mainly due to the government's support of its part in producing COVID - 19 vaccines.
Emergent lowered its 2019 contract manufacturing revenue forecast to $765 million from the $925 million figure it had previously perceived to be $965 million.
It attributed the change to a halt by U.S. regulators in the shipments of vaccines it made for Johnson Johnson due to serious quality concerns.
The company was ordered to stop making vaccine for AstraZeneca in its Baltimore plant after ingredients from the batch of J&J that was poisoned by the injection of that company.J&J has since taken control of this manufacturing plant where the Food and Drug Administration has a long list of problems identified.
Net income was $69 million, or $2.28 per share, for the quarter versus a loss of $12.5 million, or 24 cents per share a year earlier.