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Mar 31, 2021
Emergent BioSolutions Q1 2021 Earnings Report
Reported financial results for the quarter ended March 31, 2021 and revised 2021 financial forecast.
Key Takeaways
Emergent BioSolutions reported a significant increase in total revenues for Q1 2021, driven primarily by contract development and manufacturing services. Net income and adjusted EBITDA also saw substantial growth compared to the same period last year. However, the company revised its full-year 2021 financial forecast downwards, mainly due to adjustments in CDMO services revenues.
Total revenues increased by 78% to $343.0 million compared to Q1 2020.
Net income was $69.7 million, a significant improvement from a loss of $12.5 million in Q1 2020.
CDMO services revenue increased substantially to $183.8 million, driven by the public-private partnership with BARDA.
The company revised its 2021 revenue forecast to $1.7 billion - $1.9 billion, primarily due to adjustments in CDMO services revenues.
Revenue by Segment
Forward Guidance
Emergent BioSolutions revised its full-year 2021 financial forecast, with total revenues now expected to be between $1.7 billion and $1.9 billion. This revision primarily reflects adjustments in CDMO services revenues and the timing of a new raxibacumab contract.
Positive Outlook
- Anthrax vaccines revenues are expected to continue to primarily reflect procurement of AV7909 under the terms of the Company’s existing contract with BARDA at a more normalized annual level.
- ACAM2000 vaccine deliveries are expected to continue under the terms of the Company’s existing contract with the U.S. Department of Health and Human Services (HHS) at unit volume levels consistent with 2020 deliveries.
- Narcan revenues assume the naloxone market remains competitive, that at least one new entrant will enter the market by year end.
- Pipeline progress is expected across the vaccines, therapeutics, and devices portfolios, anticipating at least one Phase 3 launch.
- Pipeline progress is expected across the vaccines, therapeutics, and devices portfolios, anticipating at least one Biologics License Application (BLA)/Emergency Use Authorization (EUA) filing.
Challenges Ahead
- CDMO services revenues have been reduced primarily due to the hold of certain COVID-19 vaccine bulk drug substance lots.
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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