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

Stocks in this article: EBS

For the six month period of 2013, product sales were $96.0 million, an increase of $8.4 million from $87.5 million in the comparable period of 2012, due to a 7% increase in the number of doses of BioThrax delivered along with a modest increase in the average sales price per dose.

Contracts and Grants Revenues

For Q2 2013, contracts and grants revenues were $16.8 million, a decrease of $0.4 million from $17.2 million for Q2 2012. For the six month period of 2013, contracts and grants revenues were $29.6 million, a decrease of $3.6 million from $33.2 million for the comparable period of 2012. The decrease in both periods was primarily due to decreased revenues from the company’s collaboration agreements with Abbott and Pfizer that terminated in 2012.

Cost of Product Sales

For Q2 2013, cost of product sales was $16.9 million, an increase of $3.8 million from $13.2 million for Q2 2012. For the six month period of 2013, cost of product sales was $22.6 million, an increase of $1.9 million from $20.7 million for the comparable period of 2012. The increase in both periods was primarily due to an increase in the number of BioThrax doses delivered.

Research and Development

For Q2 2013, gross research and development expenses were $30.3 million, a slight decrease from $30.6 million for Q2 2012. For the six month period of 2013, gross research and development expenses were $61.0 million, an increase of $4.1 million from $56.9 million for the comparable period of 2012. After adjusting for development contracts and grants revenue and the net loss attributable to noncontrolling interests, net research and development expenses for Q2 2013 were $13.3 million, as compared to $11.3 million for Q2 2012. Net research and development expenses for the first six months of 2013 were $30.6 million, as compared to $20.4 million in the comparable period in 2012. For both periods in 2013, the increase in net research and development expense was primarily due to development spending on the company’s biosciences programs and platform technologies in an ongoing effort to position them for partnering, as well as depreciation related to the company’s Baltimore facility.

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