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Emergent Biosolutions shares tumble on news it will lose COVID vaccine production contract with govt’

Economy, Finance

Shares of Emergent Biosolutions Inc. [s:ebs] dropped 14% in premarket trading after the company disclosed that the U.S. government had cancelled a contract with the vaccine manufacturer. Emergent’s Baltimore facilities were found in March to have contaminated millions of Johnson & Johnson COVID vaccines, causing production delays that lasted months. The company made the disclosure on a call announcing results and in a separate 8-K filing with the Securities and Exchange Commission. The company said it will continue to produce J&J’s COVID-19 vaccine drug substance at its Bayview facility. The company said the value of that dropped contract was $180 million.

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