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Dec 31, 2019
Emergent BioSolutions Q4 2019 Earnings Report
Emergent BioSolutions' Q4 2019 financial performance was reported, marked by increased revenues and net income compared to Q4 2018.
Key Takeaways
Emergent BioSolutions reported a strong Q4 2019 with a 33% increase in total revenues, driven by increased sales of ACAM2000 and NARCAN Nasal Spray. Net income significantly improved, and the company reaffirmed its 2020 financial forecast.
Total revenues increased by 33% to $360.4 million compared to Q4 2018.
Net income was $46.9 million, a significant improvement from a net loss of $3.4 million in Q4 2018.
Adjusted EBITDA increased by 76.2% to $134.3 million compared to Q4 2018.
The company reaffirmed its full year 2020 financial forecast, with total revenues expected to be between $1.175 billion and $1.275 billion.
Emergent BioSolutions
Emergent BioSolutions
Emergent BioSolutions Revenue by Segment
Revenue by Segment
NARCAN Nasal Spray Revenue
CapyFin.comContracts and Grants Revenue
CapyFin.com Forward Guidance
For full year 2020, the Company reaffirms its expectation of the following forecasted financial metrics originally presented on January 13, 2020:(in millions)FULL YEAR 2020 (As of 2/20/2020)Total Revenues$1,175 -- $1,275Adjusted Net Income (1)$160 -- $210Adjusted EBITDA (1)$300 -- $360
Positive Outlook
- continued growth in sales of NARCAN Nasal Spray to a range of $285 -- $315 million
- combined deliveries of AV7909 (2) and BioThrax to the SNS in a range of $270 -- $300 million
- deliveries of ACAM2000 in a range of $180 -- $200 million under procurement contracts with the U.S. government and other foreign governments
- deliveries of raxibacumab to the SNS under the anticipated follow-on procurement contract with the ASPR
- domestic and international sales of the other medical countermeasures that comprise Other Product sales
Challenges Ahead
- continued expansion of our molecule-to-market CDMO services across our Development Services, Drug Substance and Drug Product offerings
- continued improvement of gross margin in a range of 200 -- 400 basis points, driven by improved product mix
- continued investment in discretionary development projects funded by the company, most notably the anticipated Phase 3 studies for both the CHIKV VLP and FLU-IGIV product candidates, among other R&D projects
Revenue & Expenses
Visualization of income flow from segment revenue to net income