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Emergent BioSolutions CEOs Discuss 1Q 2012 Results - Earnings Call Transcript

Before we begin, I am compelled to remind everyone that during the call management may make projections and other forward-looking statements regarding future events and the company's prospects or future performance. These forward-looking statements reflect Emergent's current perspective on existing trends and information.

Any such forward-looking statements are not guarantees of future performance and involve potential risks and uncertainties. Actual results may differ materially from those projected in any forward-looking statements. You are encouraged to review Emergent's filings with the SEC on Forms 10-K, 10-Q, and 8-K for more information on the risks and uncertainties that could cause actual results to differ.

For the benefit of those who may be listening to replay, this call was held and recorded on May 3, 2012. Since then, Emergent may have made announcements related to topics discussed during today's call. So, again, please reference our most recent press releases and SEC files.

Emergent BioSolutions assumes no obligation to update the information in today's press release, or as presented on this call, except as may be required by applicable laws or regulations. Today's press release may be found on our website at www.emergentbiosolutions.com under Investors/Press Releases. And wWith that introduction, I would now like to turn the call over to Dan Abdun-Nabi, Emergent BioSolutions President and CEO. Dan?



Dan Abdun-Nabi



Thank you, Bob. Good afternoon, everyone and thank you for joining our call today. For my prepared comments I will review our financial performance for the first quarter of 2012. Then I will address our 2012 forecast, including revenue expectations for the second quarter and finally, I will provide a brief business update.

To begin, let me review our financial results for Q1 2012. Total revenues were approximately $50 million, which is within the $40 million to $50 million range that we provided during our March conference call. In addition, for the quarter we realized a net loss of $6.8 million, or $0.19 per share. This loss includes a one-time, non-cash charge of $9.6 million related to Pfizer's decision to cease further development of SBI-087.

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