Emergent BioSolutions Is Clearly Risky, But The Reward Could Be Substantial (NYSE:EBS)

The article mentions Emergent BioSolutions (NYSE:EBS) as the stock being discussed. The author does not give a clear recommendation of whether to buy, hold, or sell the stock. The author highlights the risks and challenges facing the company, such as debt covenants and the need for equity dilution, but also suggests that the current price may be attractive on a risk/reward basis. The author's core thesis is that Emergent BioSolutions is a great business with valuable pharma assets, but it is facing challenges related to debt, CDMO issues, and government procurement. The author provides information on the company's debt levels, EBITDA forecasts, and potential catalysts, as well as a range of potential scenarios for the stock price.