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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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