Why Emergent BioSolutions Shares Are Crashing Today
Shares of Emergent BioSolutions (NYSE: EBS) were crashing 18.4% lower as of 11:13 a.m. EDT on Monday. The big drop came after the U.S. District Court for the District of New Jersey reached a decision after the market closed on Friday in a patent lawsuit regarding opioid overdose treatment NARCAN, a nasal spray. The court ruled in favor of Teva Pharmaceuticals (NYSE: TEVA) and against Emergent and its partner, Opiant Pharmaceuticals.
The decision by the U.S. District Court is a huge blow to Emergent. NARCAN generated $72.2 million in sales for the company in the first quarter of 2020, nearly 38% of its total revenue.
Image source: Getty Images.
Source Fool.com
