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Emergent BioSolutions Reports Financial Results For Fourth Quarter And Full Year 2012

Stocks in this article: EBS

Emergent BioSolutions Inc. (NYSE: EBS) announced today its financial results for the fourth quarter and full year ended December 31, 2012.

Total revenues for 2012 were $281.9 million as compared to $273.4 million in 2011, and net income for 2012 was $23.5 million, or $0.65 per basic share, as compared to $23.0 million, or $0.65 per basic share, in 2011.

For the fourth quarter 2012, total revenues were $94.6 million as compared to $107.9 million in 2011, and net income was $16.1 million, or $0.45 per basic share, as compared to $28.7 million, or $0.80 per basic share, in 2011.

Robert Kramer, executive vice president and chief financial officer of Emergent BioSolutions, commented, “Our operational achievements in 2012 marked another solid year of performance for the company, highlighted by our ongoing deliveries of BioThrax to the SNS, continued advancement of our many biodefense development contracts, progress toward licensure of Building 55, and securing designation of our Baltimore facility by BARDA as one of three Centers for Innovation in Advanced Development and Manufacturing in the nation. We look to build upon these successes in 2013 as we take definitive steps toward achieving the financial and operational goals we set out in our growth plan.”

2012 Key Operational Accomplishments

  • Received FDA approval for BioThrax ® (Anthrax Vaccine Adsorbed) administered in a three-dose primary series with booster doses at 12 and 18 months and annually thereafter;
  • Advanced toward a post-exposure prophylaxis indication for BioThrax by initiating a pivotal antibiotic non-interference study;
  • Progressed toward licensure of Building 55 by initiating manufacture of consistency lots;
  • Secured a contract option from BARDA for development of PreviThrax™ (Recombinant Protective Antigen Anthrax Vaccine, Purified);
  • Partnered with BARDA to establish a Center for Innovation in Advanced Development and Manufacturing;
  • Initiated a Phase 2 study of TRU-016 in combination with bendamustine in patients with relapsed refractory Chronic Lymphocytic Leukemia (CLL);
  • Initiated a Phase 1b study of TRU-016 in combination with rituximab in patients with previously untreated CLL; and
  • Announced a three-year plan for growth and established key financial and operational goals to be achieved by year-end 2015.

2012 Key Financial Results

Product Sales

For the full twelve months of 2012, product sales were $215.9 million, an increase of $13.5 million, or 7 percent, from $202.4 million in 2011, primarily due to a 15 percent increase in the number of doses of BioThrax delivered.

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