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Emergent BioSolutions Reports Financial Results For Third Quarter And First Nine Months Of 2012

Emergent BioSolutions Inc. (NYSE: EBS) announced today its financial results for the third quarter and nine months ended September 30, 2012.

Total revenues for Q3 and the first nine months of 2012 were $66.6 million and $187.3 million, respectively. Net income for Q3 2012 was $6.6 million, or $0.18 per basic share. Net income for the first nine months of 2012 was $7.4 million or $0.21 per basic share. The year-to-date 2012 net income included a one-time, non-cash charge of $9.6 million related to impairment of in-process research and development associated with the SBI-087 product candidate, which was being developed by Pfizer, related to Pfizer’s termination of its SBI-087 development programs.

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

Q3 Operational Accomplishments
  • Completed manufacture of BioThrax ® (Anthrax Vaccine Adsorbed) consistency lots in Building 55;
  • Secured BARDA contract option to further advance the development of PreviThrax™ (Recombinant Protective Antigen Anthrax Vaccine, Purified); and
  • Completed phase 1b comparative study evaluating TRU-016 in combination with bendamustine and rituximab in relapsed indolent non-Hodgkin’s lymphoma.

Daniel J. Abdun-Nabi, president and chief executive officer of Emergent BioSolutions, said, “We are pleased with our third quarter and year-to-date performance. We are executing against all of our financial and operational goals and are on track to achieve the milestones we set out for the year.”

Financial Results

Product Sales

For Q3 2012, product sales were $54 million, an increase of $10.3 million from Q3 2011. This increase was due to increased doses of BioThrax delivered under our CDC contract.

For the first nine months of 2012, product sales were $141.5 million, an increase from $120.7 million in the comparable period of 2011. This increase was primarily due to an increase in doses of BioThrax delivered, partially offset by a lower sales price per dose. Product sales revenues for the nine month period of 2012 included BioThrax sales to CDC of $141.1 million.

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