Emergent BioSolutions Q2 2024 Earnings Report
Key Takeaways
Emergent BioSolutions reported Q2 2024 total revenues of $254.7 million, exceeding prior guidance. The company experienced a net loss of $283.1 million and an adjusted EBITDA of $(10.1) million. They are updating their FY 2024 guidance and expect to exceed $200 million in debt reduction by the end of the year.
Total revenues for Q2 2024 were $254.7 million, surpassing previous guidance.
The company secured $250 million in U.S. government contract award modifications for medical countermeasures.
A definitive agreement was announced to sell the Baltimore-Camden manufacturing site for $30 million, expected to close in Q3 2024.
The company received $50 million in Q3 related to the resolution of a contract dispute with Janssen Pharmaceuticals, Inc.
Emergent BioSolutions
Emergent BioSolutions
Forward Guidance
Emergent BioSolutions provided updated financial forecasts for full year 2024 and initial forecasts for Q3 2024.
Positive Outlook
- Total revenues are projected to be between $1,050 million and $1,125 million.
- Adjusted EBITDA is expected to be in the range of $140 million to $180 million.
- Total segment adjusted gross margin is forecasted to be between 42% and 45%.
- Commercial Products revenue is estimated to be $450 million to $480 million.
- MCM Products revenue is projected to be $455 million to $490 million.
Challenges Ahead
- Net loss is projected to be between $(314) million and $(274) million.
- Adjusted net loss is expected to be in the range of $(115) million to $(75) million.
- Services revenue is forecasted to be $120 million to $130 million, which includes $50 million related to the Settlement Agreement with Janssen.
- Interest expense is estimated to be approximately $82 million.
- Capital expenditures are projected to be approximately $30 million.