Emergent BioSolutions Reports Financial Results For Second Quarter And First Six Months Of 2012

Emergent BioSolutions Inc. (NYSE: EBS) announced today its financial results for the second quarter and six months ended June 30, 2012.

Total revenues for Q2 and the first six months of 2012 were $70.4 million and $120.7 million, respectively. Net income for Q2 2012 was $7.6 million, or $0.21 per basic share. Net income for the first six months of 2012 was $0.8 million or $0.02 per share.

The company also provided a forecast for Q3 2012 revenues of $60 to $70 million and reaffirmed its full year 2012 guidance for total revenues of $280 to $300 million and net income of $15 to $25 million.

Q2 Operational Accomplishments

• Initiated manufacture of BioThrax consistency lots in Building 55;
• Received FDA approval for BioThrax administered intramuscularly in a three-dose primary series;
• Secured additional BARDA funding to conduct a non-interference study to support licensure of BioThrax for post-exposure prophylaxis (PEP);
• Completed dosing and the last subject visit in a pivotal PEP immunogenicity and safety study evaluating a three-dose vaccination schedule for BioThrax;
• Secured a new BARDA development contract to establish a Center for Innovation in Advanced Development and Manufacturing at the company’s Baltimore facility;
• Secured NIAID grant to further advance the development of MVA85A, a candidate vaccine against tuberculosis; and
• Announced a stock repurchase program.

Daniel J. Abdun-Nabi, president and chief executive officer of Emergent BioSolutions, said, “The performance of our business during the second quarter and first half of 2012 was in line with expectations. We look forward to building on our year-to-date success and anticipate achieving key milestones in the near term, including — completing Building 55 consistency lot manufacture, reviewing preliminary efficacy data from our TB vaccine Phase IIb infant trial, concluding enrollment in our TRU-016 Phase II CLL combination study, and presenting data from our TRU-016 Phase Ib NHL combination study and Phase Ib CLL combination study.”

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