Emergent BioSolutions Shares Rise On 1Q Beat

NEW YORK (AP) — Shares of Emergent BioSolutions Inc. jumped Friday after the company reported a 58-percent profit boost on higher sales of the anthrax treatment BioThrax, and its results widely beat Wall Street expectations.

The stock — which has traded between $8.22 and $27 over the last 52 weeks — gained $1.39, or 14.5 percent, to $11.01 in morning trading.

Late Thursday, the Rockville, Md.-based company said it earned $11.1 million, or 35 cents per share, up from profit of $7 million, or 24 cents per share, during the same period a year prior. Revenue rose 51 percent to $64.5 million from $42.7 million.

Analysts polled by Thomson Reuters expected a more modest profit of 13 cents per share on revenue of $48.7 million.

"We are executing on our commitments under the current contract and look forward later this year to initiating additional deliveries under a follow on contract that provides sales visibility through late 2011," said Chief Financial Officer R. Don Elsey, in a statement.

Looking ahead, the company reaffirmed its forecast for revenue in 2009 between $225 million and $240 million, while analysts expect revenue of $228 million. Emergent BioSolutions also projected its 2009 net income would exceed $20 million.