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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Emergent BioSolutions Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 5, 2010 07:16AM
Emergent BioSolutions Inc. (EBS) filed Quarterly Report for the period ended 2010-09-30. Highlight of Business Operations:Product sales revenues increased by $28.3 million, or 72%, to $67.3 million for the three months ended September 30, 2010 from $39.0 million for the three months ended September 30, 2009. This increase in product sales revenues was primarily due to a 46% increase in the number of doses of BioThrax delivered coupled with an 18% increase in the sales price per dose. Product sales revenues for the three months ended September 30, 2010 consisted of BioThrax sales to HHS of $67.2 million and aggregate other sales of $39,000. Product sales revenues for the three months ended September 30, 2009 consisted of BioThrax sales to HHS of $38.9 million and aggregate international and other sales of $117,000. Research and development expenses increased by $2.4 million, or 13%, to $21.2 million for the three months ended September 30, 2010 from $18.8 million for the three months ended September 30, 2009. This increase reflects higher contract service costs, and includes increased expenses of $509,000 on product candidates that are categorized in the biodefense segment and increased expenses of $2.0 million in other research and development, which are in support of technology platform development activities and central research and development activities. These increases were partially offset by decreased expenses of $105,000 on product candidates categorized in the commercial segment. Selling, general and administrative expenses increased by $926,000, or 5%, to $20.7 million for the three months ended September 30, 2010 from $19.8 million for the three months ended September 30, 2009. This increase is primarily due to increased personnel and professional services to support the business, partially offset by lower legal service costs. The majority of the expense is attributable to the biodefense segment, in which selling, general and administrative expenses increased by $1.0 million, or 8%, to $13.5 million for the three months ended September 30, 2010 from $12.5 million for the three months ended September 30, 2009. Selling, general and administrative expenses related to our commercial segment decreased by $81,000, or 1%, to $7.2 million for the three months ended September 30, 2010 from $7.3 million for the three months ended September 30, 2009. Product sales revenues decreased by $8.0 million, or 5%, to $162.0 million for the nine months ended September 30, 2010 from $170.0 million for the nine months ended September 30, 2009. This decrease in product sales revenues was due to a 2% decrease in the number of doses of BioThrax delivered, along with 2009 payments from HHS of approximately $34.0 million related to the approval of four-year expiry dating for BioThrax. These deceases were partially offset by a 22% increase in the sales price per dose. Product sales revenues for the nine months ended September 30, 2010 consisted of BioThrax sales to HHS of $159.6 million and aggregate international and other sales of $2.4 million. Product sales revenues for the nine months ended September 30, 2009 consisted of BioThrax sales to HHS of $169.6 million, including approximately $34.0 million related to the approval of four-year expiry dating for BioThrax, and aggregate international and other sales of $458,000. Contracts and grants revenues increased by $10.0 million, or 91%, to $20.9 million for the nine months ended September 30, 2010 from $11.0 million for the nine months ended September 30, 2009. The increase in contracts and grants revenue was primarily due to increased revenues from development contracts for our next generation anthrax vaccine, our double mutant recombinant protective antigen anthrax vaccine, our anthrax monoclonal antibody therapeutic, and from our recently awarded contract for development of large-scale manufacturing of BioThrax. Contracts and grants revenues for the nine months ended September 30, 2010 consisted of $20.2 million in development contract and grant revenue from NIAID and BARDA and $750,000 from a milestone payment related to the 2008 sale of technology rights and related materials and documentation pertaining to our Pertussis technology. Contracts and grants revenues for the nine months ended September 30, 2009 consisted primarily of development contract and grant revenue from NIAID and BARDA. Research and development expenses increased by $4.3 million, or 8%, to $59.7 million for the nine months ended September 30, 2010 from $55.4 million for the nine months ended September 30, 2009. This increase reflects higher contract service costs, and includes increased expenses of $6.3 million on product candidates that are categorized in the biodefense segment and increased expenses of $3.6 million in other research and development, which are in support of technology platform development activities and central research and development activities. These increases were partially offset by decreased expenses of $5.6 million on product candidates categorized in the commercial segment.
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