Emergent BioSolutions Q2 2023 Earnings Report
Key Takeaways
Emergent BioSolutions reported Q2 2023 total revenues of $338 million, exceeding prior guidance, and an adjusted EBITDA of $56 million. The company updated its FY 2023 guidance and provided an initial Q3 2023 revenue forecast. Strategic steps were announced to reduce investment in its CDMO business.
Total revenues for Q2 2023 were reported at $338 million, surpassing the prior guidance range.
A net loss of $261 million and an adjusted EBITDA of $56 million were reported for Q2 2023.
The company updated its FY 2023 guidance and provided an initial Q3 2023 revenue forecast.
Strategic steps were announced to reduce investment in and de-emphasize focus on growth in its CDMO business.
Emergent BioSolutions
Emergent BioSolutions
Forward Guidance
Emergent BioSolutions provided updated financial forecast for the full year 2023 and initial forecast for total revenues for Q3 2023.
Positive Outlook
- Total Revenues — Revised, reflecting ongoing strength in NARCAN, offset by reduced near term expectations across other products and services.
- NARCAN — Revised, reflecting continued robust demand from the US Public Interest channel and Canada.
Challenges Ahead
- Anthrax MCM — Revised, reflecting reduced short-term CYFENDUS volume following FDA-approval as procurement transitions from BARDA to the Strategic National Stockpile.
- Smallpox MCM — Revised, reflecting recent USG guidance that next procurement of TEMBEXA is deferred to future periods.
- Other Products — Revised, reflecting reduced expectations for Trobigard.
- CDMO — Revised, reflecting lower anticipated sales at the Camden site.
- Adjusted Net Loss and Adjusted EBITDA — Revised, reflecting lower total revenues partially offset by the impact of cost actions announced on August 8, 2023.