Emergent BioSolutions, Inc. (NYSE:EBS) shares are trading lower in the premarket session on Thursday after ending yesterday’s run with a whopping 78% jump.

Yesterday, the company appointed Joseph C. Papa as president and CEO, effective February 21, 2024. Papa succeeded Haywood Miller, who held the role of interim CEO.

“Whether it’s increasing access to NARCAN® Nasal Spray, which is helping combat the opioid epidemic, or continuing to deliver important medical countermeasures to customers around the world, Emergent is providing critical products to address global health crises,” said Papa.

Last month, the company secured a contract worth up to $235.8 million to supply BioThrax for use by all branches of the U.S. military as Pre-Exposure Prophylaxis for anthrax disease. 

Under the initial five-year contract, there is a guaranteed purchase minimum of $20.1 million, with future orders estimated to be at least $20 million for each following year.

In 2023, the company said it implemented organizational changes, resulting in $60 million in annual savings.

The company also shifted resource deployment, resulting in $100 million in annual savings.

Price Action: EBS shares are trading lower by 6.27% to $2.54 premarket on the last check Thursday.