Kodak, Once a Photography Bet, Now Soaring as a Drug Maker
Investing.com
Published Jul 28, 2020 10:38AM ET
By Christiana Sciaudone
Investing.com - Eastman Kodak Co (NYSE:KODK) -- yes, that Kodak -- quintupled on Tuesday after The Wall Street Journal reported it won a loan to speed up drug production.
Kodak, historically associated with cameras and film, received a $765 million loan under the Defense Production Act to speed up domestic drug production and reduce reliance on foreign sources.
Kodak is readying production of ingredients for generic drugs, including the antimalarial drug hydroxychloroquine that some have said can treat the new coronavirus.
In May, Eastman Kodak reported first quarter consolidated revenue of $267 million, and a GAAP net loss of $111 million. The company redirected resources to produce isopropyl alcohol for hand sanitizer and manufacture face masks.
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