Emergent BioSolutions Reveals New Financial Plan
Strategy includes a layoff of nearly 400 employees.
With the goal of strengthening its core business and financial position, Emergent BioSolutions has announced it is de-emphasizing focus on growth in its contract development and manufacturing (CDMO) services business. Additionally, the organization will be reducing operations at facilities in Baltimore, Md. and Canton, Mass., resulting in a cutback of approximately 400 employees across the company.
Emergent expects the cuts to save an estimated $100 million a year. Due to the strategic shift away from the service business, it will be eliminating the chief operating officer position. As a result, current chief operating officer Adam Havey will exit the company on September 30, 2023.
“The actions we are taking will further strengthen our core products business and financial foundation,” said Haywood Miller, interim CEO, Emergent, in a company press release. “This will better align Emergent’s businesses with a focus on our core products and delivering for the needs of our customers. It will provide us with flexibility to respond to future customer demand while responsibly maintaining manufacturing infrastructure deemed critical to respond to public health threats.”
Reference: Emergent BioSolutions Announces Strategic Steps to Strengthen Core Business and Financial Position. Emergent. August 8, 2023. Accessed August 9, 2023. https://investors.emergentbiosolutions.com/news-releases/news-release-details/emergent-biosolutions-announces-strategic-steps-strengthen-core
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