Emergent BioSolutions Q1 2022 Earnings Report
Key Takeaways
Emergent BioSolutions reported first quarter 2022 financial results, with total revenues of $307.5 million, a net loss of $3.7 million, and an adjusted EBITDA of $36 million. The company temporarily suspended CDMO guidance pending further clarity on COVID-19 vaccine requirements.
Total revenues for Q1 2022 were $308 million, in line with guidance.
Adjusted EBITDA for Q1 2022 was $36 million.
The company completed the rolling submission to the FDA of the BLA for AV7909.
Emergent repurchased 1.1 million shares for $52.2 million during the quarter.
Emergent BioSolutions
Emergent BioSolutions
Forward Guidance
Emergent BioSolutions reaffirmed revenue guidance for Anthrax Vaccines, ACAM2000, and Nasal Naloxone Products for full year 2022. The company has temporarily suspended guidance for CDMO Revenues, Total Revenues, Adjusted Net Income, Adjusted EBITDA, and Gross Margin pending further clarity on COVID-19 vaccine requirements.
Positive Outlook
- Anthrax Vaccines revenues are expected to continue at similar levels to 2021 under the terms of the company's existing contract with BARDA.
- 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 2021 deliveries.
- Nasal naloxone products revenues reflect the formation of a generic market and comprise revenues from a combination of NARCAN Nasal Spray and the authorized generic of NARCAN Nasal Spray, a product licensed to Sandoz and launched in late 2021 and one in which the company retains a financial interest.
- Other Products + Contracts and Grants revenues reflect continued procurement of other products not highlighted on a standalone basis from various government customers under existing multi-year contracts.
- Contracts and grants revenues reflect continued funding of select development programs from various government and other non-dilutive sources.
Challenges Ahead
- The company's 2022 revenues related to its commercial supply arrangement with J&J are uncertain due to J&J's decision to suspend projecting COVID-19 vaccine sales for 2022.
- CDMO Revenues guidance is temporarily suspended.
- Total Revenues guidance is temporarily suspended.
- Adjusted Net Income guidance is temporarily suspended.
- Adjusted EBITDA guidance is temporarily suspended.