* 2009 record revenues of $234.8 million
* 2009 net income of $31.1 million, or $1.02 per share, representing eighth consecutive year of profitability
* 2009 cash and accounts receivable balance of $157.8 million, including $102.9 million of cash and $54.9 million of accounts receivable
* 2010 forecast anticipates total revenues of $235 to $255 million and net income of $20 to $30 million
Emergent BioSolutions Inc. (NYSE: EBS) announced its financial results for the full year ended December 31, 2009.
For the full year 2009, total revenues were $234.8 million as compared to $178.6 million in 2008, and net income was $31.1 million, or $1.02 per share, as compared to $20.7 million, or $0.69 per share, in 2008. The 2009 performance was primarily driven by sales of BioThrax (Anthrax Vaccine Adsorbed), the company’s FDA licensed vaccine for the prevention of anthrax disease, including $34.0 million related to the approval of four-year expiry dating for BioThrax.
For the fourth quarter 2009, total revenues were $53.8 million as compared to $35.8 million in 2008, and net income was $4.2 million, or $0.14 per share, as compared to net income of $1.5 million, or $0.05 per share in 2008.
2009 Key Operational Accomplishments
* Received FDA approval extending shelf life of BioThrax to 4 years, triggering a $34.0 million payment from HHS;
* Received FDA approval to amend the BioThrax license, providing for an intramuscular route of administration and a reduction in the dosing schedule to five doses over 18 months—an initiative supported and funded by the U.S. Centers for Disease Control and Prevention (CDC);
* Received market authorization for BioThrax in India;
* Commenced what we expect will be the only clinical trial of the company’s polyclonal anthrax immune globulin (AIG) candidate for treating anthrax disease;
* Obtained Fast Track designation and Orphan Drug status from FDA and Orphan Drug status from EMEA for the company’s AIG candidate;
* Secured a NIAID grant to fund development of a third-generation anthrax vaccine candidate, valued at $4.9 million over a two-year period;
* Initiated a Phase IIb field efficacy trial in South Africa for the Company’s advanced TB vaccine candidate, largely funded by The Aeras Global TB Vaccine Foundation and the Wellcome Trust;
* Completed a Phase IIb clinical trial of TyphellaTM which demonstrated additional safety and immunogenicity of this typhoid vaccine product candidate in healthy subjects in the U.S.;
* Purchased a 56,000 square foot manufacturing facility in Baltimore, MD., which houses five independent manufacturing suites flexibly designed to support the production of both clinical and commercial materials for the Company’s growing product pipeline, for a total purchase price of $8.2 million;
* Purchased a 48,000 square foot product development facility in Gaithersburg, MD., that the Company previously leased, for a total purchase price of $6.4 million;
* Resumed scale-up of BioThrax in the Company’s large-scale manufacturing facility (Building 55) in Lansing, MI.; and
* Submitted a proposal to HHS, in response to a request, for funding the completion of the manufacturing scale-up of BioThrax in Building 55.
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