Emergent Bio Jumps on FDA Approval of Anthrax Vaccine (1)

(Updates shares move, adds Benchmark comments.)

Emergent BioSolutions rises 12% in premarket trading on Friday after the company said it got FDA approval for its Cyfendus anthrax vaccine. Cowen analyst notes that the approval is an incremental positive as it was largely expected.

• Emergent has been delivering the vaccine to the US since 2019, under pre-Emergency Use Authorization status
• Cowen analyst Boris Peaker notes that the approval will lead to additional procurement, though the timing is uncertain
  • Market perform rating; PT $15
• Benchmark analyst Robert Wasserman says the approval provides “greater assurance the company will reach its 2023 guidance of $260-$280 million ...