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Sep 30, 2023
Emergent BioSolutions Q3 2023 Earnings Report
Emergent BioSolutions reported financial results for Q3 2023, with revenues exceeding prior guidance, but disclosure of full earnings information was delayed due to an overstatement of state deferred tax liability.
Key Takeaways
Emergent BioSolutions reported Q3 2023 total revenues of $271 million, surpassing previous guidance. However, a pre-tax loss of $266 million was recorded, alongside an adjusted EBITDA of $20 million. The company is delaying the release of full earnings information and the filing of its 10-Q due to an identified overstatement of state deferred tax liability.
Total revenues for Q3 2023 reached $271 million, exceeding the prior guidance range.
The company reported a pre-tax loss of $266 million and an adjusted EBITDA of $20 million for Q3 2023.
Emergent is updating its full year 2023 guidance.
The FDA closed out its inspection of the Company’s Camden facility and issued a “close-out letter” of its Warning Letter issued in August 2022
Revenue by Segment
Forward Guidance
Emergent BioSolutions provided updated financial forecasts for the full year 2023, reflecting management's expectations based on current information and Q1-Q3 performance.
Positive Outlook
- Total Revenues — Consistent with prior guidance, due to ongoing strength in NARCAN® Nasal Spray
- NARCAN® Nasal Spray — Revised, reflecting continued robust demand from the U.S. public interest channel, Canada, and launch of NARCAN® OTC.
- Smallpox MCM — Revised, reflecting delivery of ACAM2000® and guidance on procurement of VIGIV and Tembexa®
- CDMO — Revised, reflecting expectations for remainder of the year within prior guidance range.
- The updated 2023 financial forecast as of November 8, 2023 reflects the following key considerations
Challenges Ahead
- Loss before income taxes$(726)-$(626)
- Adjusted EBITDA (2)$(25) - $75
- Adjusted Gross Margin % (2)32% - 38%
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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