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Emergent BioSolutions Reports Financial Results For Second Quarter And First Six Months Of 2013

Emergent BioSolutions Inc. (NYSE: EBS) announced today its financial results for the second quarter and six months ended June 30, 2013.

Total revenues for Q2 2013 were $82.4 million as compared to $70.4 million in 2012. Total revenues for the first six months of 2013 were $125.5 million as compared to $120.7 million in 2012.

Net income for Q2 2013 was $10.5 million, or $0.29 per basic share, as compared to $7.6 million, or $0.21 per basic share, in 2012. Net income for the first six months of 2013 was $2.4 million, or $0.07 per basic share, as compared to $0.8 million, or $0.02 per basic share, in 2012.

The company reaffirms its forecast for full year 2013 total revenues of $290 to $310 million, split between product revenues of $235 to $245 million and contracts and grants revenue of $55 to $65 million. The company also reaffirms its forecast for full year net income of $20 to $30 million. For Q3 2013, the company forecasts total revenues of $70 to $80 million.

Daniel J. Abdun-Nabi, president and chief executive officer of Emergent BioSolutions, stated, “We are very pleased with our performance for the second quarter and year-to-date. We achieved strong financial results and significantly advanced our operational objectives, including closing on the Healthcare Protective Products Division of Bracco Diagnostics, Inc., securing German approval of BioThrax ® with a three-dose primary series and triennial boosters, and continuing to progress our biodefense and biosciences development programs. We are well positioned to continue to deliver financial results in accordance with our forecast and to execute on our growth plan.”

Q2 2013 and Subsequent Operational Accomplishments
  • Entered into and closed an asset purchase agreement to acquire the Healthcare Protective Products Division (HPPD) of Bracco Diagnostics Inc.;
  • Received Paul-Ehrlich-Institut approval to market BioThrax in Germany with a three-dose primary schedule over 6 months with triennial boosters thereafter;
  • Completed the Phase 3 clinical study evaluating the immunogenicity and safety of a three-dose BioThrax regimen for the post-exposure prophylaxis (PEP) indication;
  • Completed enrollment in the pivotal antibiotic non-interference trial in support of the PEP indication for BioThrax;
  • Expanded the ongoing phase 1b study of otlertuzumab (formerly TRU-016) to include two new cohorts: one cohort with a lower dose of otlertuzumab in front line chronic lymphocytic leukemia (CLL); one to evaluate the combination of otlertuzumab and rituximab in relapsed CLL patients;
  • Announced positive preclinical efficacy and pharmacokinetic data for ES414, a bispecific ADAPTIR™ (Modular Protein Technology) molecule in development for castration-resistant prostate cancer; and
  • Presented preclinical efficacy data on ES210, a bispecific ADAPTIR molecule in development for treating autoimmune diseases.

Financial Results

Product Sales

For Q2 2013, product sales were $65.6 million, an increase of $12.4 million from $53.2 million for Q2 2012, due to a 21% increase in the number of doses of BioThrax delivered along with a modest increase in the average sales price per dose.

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