Emergent BioSolutions Announces Preliminary 2012 Financial Results and Provides Guidance for 2013
Emergent BioSolutions Inc. (NYSE: EBS) today announced preliminary 2012
financial results and provided guidance for 2013.
For 2012, the company anticipates total revenues of $280 to $284
million, which includes approximately $216 million of product sales and
$64 to $68 million of contracts and grants revenue. The company also
anticipates 2012 net income of $21 to $24 million, which includes a
one-time, non-cash charge of $9.6 million related to impairment of
in-process research and development associated with the SBI-087 product
candidate, which was being developed by Pfizer; the impairment charge
was incurred in Q1 2012. In addition, the company anticipates year end
2012 cash and cash equivalents combined with accounts receivable of
approximately $235 million.
Product revenues for 2012 are primarily attributable to delivery of
approximately 8.1 million doses of BioThrax® (Anthrax Vaccine
Adsorbed) to CDC during the year. Contracts and grants revenue for 2012
is primarily attributable to revenues from our contracts with BARDA for
large-scale manufacturing of BioThrax and for development of PreviThraxTM
(Recombinant Protective Antigen Anthrax Vaccine, Purified).
For 2013, the company forecasts total revenues of $290 to $310 million,
split between product sales of $230 to $240 million and contracts and
grants revenue of $60 to $70 million. The company also forecasts 2013
net income of $20 to $30 million. The 2013 forecast does not reflect the
impact of a possible M&A transaction.
Daniel J. Abdun-Nabi, president and chief executive officer of Emergent
BioSolutions Inc., stated, “The 2012 preliminary financial performance
is in line with our expectations and guidance. During 2013, we will be
focused on implementing the principles outlined in our growth plan,
including streamlining our R&D efforts and executing on our M&A
strategy, as we drive towards achieving our stated 2015 financial and
operational goals.”
The 2012 financial results will be finalized upon the completion of the
company’s external audit, which is anticipated in early March 2013.
About Emergent BioSolutions Inc.
Emergent BioSolutions is a specialty pharmaceutical company seeking to
protect and enhance life by offering specialized products to healthcare
providers and governments to address medical needs and emerging health
threats. Additional information about us may be found at www.emergentbiosolutions.com.
Follow us on twitter: @emergentbiosolu.
Forward-Looking Statements
This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Any
statements, other than statements of historical fact, including
statements regarding our strategy, future operations, future financial
position, future revenues, projected costs, prospects, plans and
objectives of management, including our expected revenue growth and net
income, and any other statements containing the words “believes”,
“expects”, “anticipates”, “intends”, “plans”, “estimates” and similar
expressions, are forward-looking statements. These forward-looking
statements are based on our current intentions, beliefs and expectations
regarding future events. We cannot guarantee that any forward-looking
statement will be accurate. Investors should realize that if underlying
assumptions prove inaccurate or unknown risks or uncertainties
materialize, actual results could differ materially from our
expectations. Investors are, therefore, cautioned not to place undue
reliance on any forward-looking statement. Any forward-looking statement
speaks only as of the date of this press release, and, except as
required by law, we do not undertake to update any forward-looking
statement to reflect new information, events or circumstances.
There are a number of important factors that could cause the company’s
actual results to differ materially from those indicated by such
forward-looking statements, including appropriations for BioThrax®
procurement; our ability to obtain new BioThrax® sales
contracts; our plans to pursue label expansions and improvements for
BioThrax®; our ability to identify and acquire or in license
products and product candidates that satisfy our selection criteria; the
potential benefits of our existing collaboration agreements and our
ability to enter into selective additional collaboration arrangements;
our ability to expand our manufacturing facilities and capabilities; the
rate and degree of market acceptance and clinical utility of our
products; the success of our ongoing and planned development programs;
the timing of and our ability to obtain and maintain regulatory
approvals for our product candidates; and our commercialization,
marketing and manufacturing capabilities and strategy. The foregoing
sets forth many, but not all, of the factors that could cause actual
results to differ from our expectations in any forward-looking
statement. Investors should consider this cautionary statement, as well
as the risk factors identified in our periodic reports filed with the
SEC, when evaluating our forward-looking statements.
