The company reported a stark reversal from the previous year, when it posted a $51.2 million profit. Adjusted losses reached 36 cents per share, driven by a weakened performance across its primary segments. Naloxone sales, intended to curb opioid overdoses, dropped 42% to $43.5 million, hindered by an unfavorable shift in public-health sector demand. Meanwhile, smallpox product revenue cratered 68% to $26.7 million, a decline the company attributed to volatile U.S. government procurement schedules.

Management responded to the shortfall by downgrading its full-year outlook. Emergent now expects annual revenue between $600 million and $645 million, down from its earlier target of up to $675 million. The projected annual loss has also been widened to a range of $225 million to $255 million, signaling continued pressure on the company’s balance sheet as it navigates declining emergency medication orders.