Emergent BioSolutions Inc. (NYSE:EBS) announced today preliminary,
unaudited financial results for 2009 and guidance for 2010.
For 2009, the company expects total revenue of approximately $234
million and net income of $25 to $28 million. The company also ended the
year with a cash balance in excess of $100 million and an accounts
receivable balance in excess of $50 million. The company’s accounts
receivable balance consists primarily of amounts due related to
shipments of BioThrax® received and accepted by the US
government, but for which payment is forthcoming.
For 2010, the company is forecasting total revenue of approximately $235
to $255 million, an increase of up to 9 percent. The company also
anticipates 2010 net income of $20 to $30 million.
2010 total revenue is expected to be driven by, among other things:
-
the continuation of deliveries of BioThrax® under the
current multi-year procurement contract with CDC;
-
a significant increase in the performance of work in 2010 under
contracts with the U.S. government, including development contracts
related to the development of the company’s anthrax immune globulin
and anthrax monoclonal antibody product candidates, and BioThrax®
product extensions.
-
additional sales of BioThrax® to allied foreign governments.
Fuad El-Hibri, chairman and chief executive officer of Emergent
BioSolutions Inc., stated, "We are pleased with our 2009 performance and
are enthusiastic about the prospects for continued growth in 2010. We
remain confident about a potential significant development contract from
BARDA to fund work on our rPA vaccine candidate, which would add to our
2010 guidance.”
The 2009 results will be finalized upon the completion of the company’s
financial statement audit, anticipated in early March 2010.
About Emergent BioSolutions Inc.
Emergent BioSolutions Inc. is a biopharmaceutical company focused on the
development, manufacture and commercialization of vaccines and
therapeutics that assist the body’s immune system to prevent or treat
disease. Emergent’s marketed product, BioThrax® (Anthrax
Vaccine Adsorbed), is the only vaccine approved by the U.S. Food and
Drug Administration for the prevention of anthrax infection. Emergent’s
product pipeline targets infectious diseases and includes programs
focused on anthrax, tuberculosis, typhoid, flu and chlamydia. Additional
information may be found at www.emergentbiosolutions.com.
Safe Harbor Statement
This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Any
statements, other than statements of historical fact, including
statements regarding our strategy, future operations, future financial
position, future revenues, projected costs, prospects, plans and
objectives of management, including any potential future securities
offering, our estimates of preliminary results for 2009, and our
expected revenue growth and net earnings for 2010, and any other
statements containing the words "believes”, "expects”, "anticipates”,
"plans”, "estimates” and similar expressions, are forward-looking
statements. There are a number of important factors that could cause the
company’s actual results to differ materially from those indicated by
such forward-looking statements, including appropriations for BioThrax®
procurement; our ability to obtain new BioThrax® sales
contracts; our plans to pursue label expansions and improvements for
BioThrax®; our ability to win a development award with the
U.S. government for our recombinant protective antigen anthrax vaccine
candidate; our plans to expand our manufacturing facilities and
capabilities; the rate and degree of market acceptance and clinical
utility of our products; the success of our ongoing and planned
development programs, preclinical studies and clinical trials; our
ability to identify and acquire or in license products and product
candidates that satisfy our selection criteria; the potential benefits
of our existing collaboration agreements and our ability to enter into
selective additional collaboration arrangements; the timing of and our
ability to obtain and maintain regulatory approvals for our other
product candidates; our commercialization, marketing and manufacturing
capabilities and strategy; our estimates regarding expenses, future
revenue, capital requirements and needs for additional financing; and
other factors identified in the company’s Quarterly Report on Form 10-Q
for the quarter ended September 30, 2009 and subsequent reports filed
with the SEC. The company disclaims any intention or obligation to
update any forward-looking statements as a result of developments
occurring after the date of this press release.
