From GlobeNewswire: 2024-08-06 17:01:00

Emergent BioSolutions Inc. reported total revenues of $254.7 million in the second quarter of 2024, above previous guidance. The net loss was $283.1 million, with Adjusted EBITDA of $(10.1) million. The company updated its FY 2024 guidance, focusing on debt reduction and operational improvements to enhance public health preparedness. Key financial highlights include a decrease in total revenues by 25% compared to Q2 2023. Net loss per diluted share was $(5.38), with adjusted net loss per diluted share of $(2.32), and adjusted EBITDA decreased by 118%.

The company secured $250 million in U.S. government contract award modifications and reached a $30 million agreement to sell the Baltimore-Camden manufacturing site. Additionally, Emergent received $50 million from a contract dispute resolution, $7 million for the sale of a building in Massachusetts, and expects a $10 million development milestone payment from Bavarian Nordic. The company also received $75 million for the sale of its RSDL® product to SERB Pharmaceuticals.

In the second quarter of 2024, Emergent saw a decrease in revenues from NARCAN® but an increase in Anthrax MCM revenues compared to the same quarter in 2023. Revenues from Smallpox MCM decreased significantly due to the timing of US government purchases. Other product sales decreased, but Bioservices revenues saw a significant increase, primarily due to an arbitration settlement with Janssen Pharmaceuticals.

Operating expenses decreased by 27% in the second quarter of 2024 compared to the same period in 2023. Costs related to commercial product sales and MCM product sales decreased, while costs of Bioservices increased due to the settlement agreement with Janssen Pharmaceuticals. Impairment of long-lived assets saw a significant decrease, resulting in improved financial performance for the company. Research and development expenses also increased, mainly due to program terminations and other factors.



Read more at GlobeNewswire:: Emergent BioSolutions Reports Second Quarter 2024 Financial