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Mar 31, 2020
Emergent BioSolutions Q1 2020 Earnings Report
Emergent BioSolutions reported financial results for Q1 2020.
Key Takeaways
Emergent BioSolutions reported total revenues of $192.5 million, a slight increase over 2019, driven by increases in CDMO and contracts and grants revenues offsetting a decline in product sales. The company recorded a net loss of $12.5 million, or $0.24 per diluted share, compared to a net loss of $26.0 million in 2019. Adjusted EBITDA was $15.3 million, compared to $8.4 million in 2019.
Reaffirmed full year 2020 financial forecast.
Signed a CDMO agreement with Johnson & Johnson valued at $135 million.
Initiated development of two investigational plasma-derived therapies.
Received EMA and FDA agreement on development plan for CHIKV VLP vaccine candidate.
Emergent BioSolutions
Emergent BioSolutions
Emergent BioSolutions Revenue by Segment
Revenue by Segment
NARCAN Nasal Spray Revenue
CapyFin.comOther Products Revenue
CapyFin.comContracts and Grants Revenue
CapyFin.com Forward Guidance
The Company reaffirms its expectation of the following forecasted financial metrics previously provided on February 20, 2020.
Positive Outlook
- Full year total revenues are expected to be between $1,175 million and $1,275 million.
- Adjusted net income is expected to be between $160 million and $210 million.
- Adjusted EBITDA is expected to be between $300 million and $360 million.
- NARCAN Nasal Spray sales are projected to be $285 million - $315 million.
- Anthrax Vaccines sales are projected to be $270 million - $300 million.
Challenges Ahead
- The outlook for 2020 does not include estimates for potential new corporate development or other M&A transactions.
- ACAM2000 sales are projected to be $180 million - $200 million.
- The financial forecast includes anticipated deliveries of raxibacumab to the Strategic National Stockpile (SNS) under the anticipated follow-on procurement contract with HHS.
- Continued investment in internally funded development projects most notably the anticipated Phase 3 studies for the CHIKV VLP and FLU-IGIV product candidates as well as the Phase 1/2 study for COVID-EIG, among other R&D projects.
- The Q2 2020, the Company forecast for total revenues is $270 million - $300 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income