ROCKVILLE, Md.--(BUSINESS WIRE)-- Emergent BioSolutions Inc. (NYSE: EBS) today announced preliminary 2011 financial results and provided guidance for 2012.
For 2011, the Company anticipates total revenues of $270 to $275 million. With respect to 2011 net income, and before taking into account all potential adjustments related to the termination by Abbott of the co-development agreement for TRU-016, the Company anticipates net income of $20 to $24 million. These potential adjustments could include, among others, an impairment to goodwill and intangible assets to be recorded in 2011.
In addition, the Company anticipates combined year end 2011 cash, cash equivalents and investments, plus accounts receivable to be approximately $200 million.
For 2012, the Company forecasts total revenue of $280 to $300 million, split between product sales of $220 to $230 million and contracts and grants revenue of $60 to $70 million. The Company also forecasts net income of $15 to $25 million.
2012 total revenue is expected to be driven by, among other things:
- Increased BioThrax manufacturing yields as well as continued deliveries of BioThrax under the current multi-year procurement contract with CDC; and,
- Level contracts and grants revenue based on continuing work under existing, multi-year development contracts associated primarily with the Company’s BioDefense Division programs.
Daniel J. Abdun-Nabi, president and chief operating officer of Emergent BioSolutions Inc., stated, “We are pleased with our preliminary 2011 financial performance and look forward to providing definitive results later this quarter. More importantly, we are enthusiastic about the prospects for continued growth in 2012. We are focused on increasing BioThrax output from our current facility, pursuing enhancements to BioThrax, furthering the development of the other candidates in our anthrax franchise and taking further steps toward licensure of our large-scale facility Building 55. We also are focused on continuing to invest in the development of our clinical-stage BioSciences programs targeting the high growth diseases of infectious diseases, oncology and autoimmune disorders. We anticipate publishing of data on certain key programs in 2012.”
The 2011 financial results will be finalized upon the completion of the Company’s external audit, anticipated in early March 2012.
About Emergent BioSolutions Inc.
Emergent BioSolutions protects and enhances life by developing and manufacturing vaccines and therapeutics that are supplied to healthcare providers and purchasers for use in preventing and treating disease. Emergent’s marketed and investigational products target infectious diseases, oncology and autoimmune disorders. Additional information about the company may be found at www.emergentbiosolutions.com.
Safe Harbor Statement
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements other than statements of historical fact, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, including any potential future securities offering, our estimates of preliminary results for 2011, and our expected revenue growth and net earnings for 2012, and any other statements containing the words “believes”, “expects”, “anticipates”, “plans”, “estimates” and similar expressions, are forward-looking statements. Such statements are based upon the current beliefs and expectations of management that are subject to risks, uncertainties and other important factors that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements, including appropriations for BioThrax® procurement; our ability to obtain new BioThrax® sales contracts or modifications to existing contracts; our plans to pursue label expansions and improvements for BioThrax®; our ability to perform under our current development contracts with the U.S. government; our plans to expand our manufacturing facilities and capabilities, including our ability to develop and obtain regulatory approval for large-scale manufacturing of BioThrax® in our large-scale vaccine manufacturing facility in Lansing, Michigan; the rate and degree of market acceptance of our products and product candidates; the success of preclinical studies and clinical trials of our product candidates and post-approval clinical utility of our products; the potential benefits of our existing collaborations and our ability to selectively enter into additional collaborative arrangements; the extent to which our licensing and acquisition activities are complementary to the Company or whether anticipated synergies and benefits are realized within expected time periods; our ability to identify and acquire or in-license products and product candidates that satisfy our selection criteria; ongoing and planned development programs, preclinical studies and clinical trials; the timing of and our ability to obtain and maintain regulatory approvals for our product candidates; our commercialization, marketing and manufacturing capabilities and strategy; our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; and other factors identified in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 and subsequent reports filed with the SEC. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
Emergent BioSolutions Inc.
Robert G. Burrows, 301-795-1877
Vice President, Investor Relations
Tracey Schmitt, 301-795-1800
Vice President, Corporate Communications
KEYWORDS: United States North America Maryland
INDUSTRY KEYWORDS: Health Biotechnology Infectious Diseases Oncology