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Emergent BioSolutions Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 3, 2012 06:23AM

Emergent BioSolutions Inc. (EBS) filed Quarterly Report for the period ended 2012-06-30. Emergent Biosolutions Inc has a market cap of $523.7 million; its shares were traded at around $14.31 with a P/E ratio of 12.2 and P/S ratio of 1.9. Emergent Biosolutions Inc had an annual average earning growth of 1.2% over the past 5 years.



Highlight of Business Operations:

Product sales revenues decreased by $18.3 million, or 26%, to $53.2 million for the three months ended June 30, 2012 from $71.5 million for the three months ended June 30, 2011. This decrease in product sales revenues was primarily due to a 20% decrease in the number of doses of BioThrax delivered coupled with a 7% decrease in the sales price per dose. The decrease in the number of doses delivered was primarily attributable to the timing of doses sold. The decrease in the sales price per dose was due to slightly lower price per dose under the current CDC contract compared to our prior contract with Health and Human Services, or HHS. Product sales revenues during the three months ended June 30, 2012 consisted of BioThrax sales to the CDC of $53.1 million and aggregate international and other sales of $111,000. Product sales revenues for the three months ended June 30, 2011 consisted of BioThrax sales to HHS of $70.7 million and aggregate international and other sales of $738,000.

Contracts and grants revenues increased by $556,000, or 3%, to $17.2 million for the three months ended June 30, 2012 from $16.7 million for the three months ended June 30, 2011. The increase in contracts and grants revenues was primarily due to increased activity and associated revenue from our development contract with BARDA for large-scale manufacturing of BioThrax, a milestone paymemt recieved related to our post-exposure prophylaxis, or PEP, indication for BioThrax and the sale of our spi-VECTM (live attuenated bacterial vaccine vector) technology, partially offset by decreased activity and associated revenue under our NuThrax contracts along with the one-time payment received in 2011 related to the Pfizer biosimilar amendment. Contracts and grants revenues during the three months ended June 30, 2012 consisted of $13.8 million in development contract and grant revenues from BARDA and NIAID, $1.9 million from Abbott Laboratories, or Abbott, and Pfizer, and $1.5 million from the sale of patent and trademark rights and related materials pertaining to our spi-VEC technology platform. Contracts and grants revenues for the three months ended June 30, 2011 consisted of $12.1 million in development contract and grant revenue from NIAID and BARDA and $4.5 million from Abbott and Pfizer.

Research and development expenses decreased by $836,000, or 3%, to $30.6 million for the three months ended June 30, 2012 from $31.5 million for the three months ended June 30, 2011. This decrease primarily reflects lower contract service expenses, and includes decreased expenses of $2.5 million development activities categorized in the Biosciences segment, partially offset by increased expenses of $1.5 million for product candidates that are categorized in the Biodefense segment and increased expenses of $128,000 in other research and development, which are in support of central research and development activities. During the three months ended June 30, 2012 and 2011, we incurred research and development expenses net of development contract and grant revenues along with the net loss attributable to noncontrolling interests of $11.3 million and $13.1 million, respectively.

Product sales revenues increased by $10.4 million, or 14%, to $87.5 million for the six months ended June 30, 2012 from $77.1 million for the six months ended June 30, 2011. This increase in product sales revenues was primarily due to a 23% increase in the number of doses of BioThrax delivered partially offset by an 8% decrease in the sales price per dose. The increase in doses delivered is primarily attributable to the timing of deliveries to the SNS. The decrease in the sales price per dose was due to slightly lower price per dose under the current CDC contract versus our prior contract with HHS. Product sales revenues for the six months ended June 30, 2012 consisted of BioThrax sales to CDC of $87.3 million and aggregate international and other sales of $199,000. Product sales revenues for the six months ended June 30, 2011 consisted of BioThrax sales to HHS of $75.8 million and aggregate international and other sales of $1.3 million.

Contracts and grants revenues increased by $3.6 million, or 12%, to $33.2 million for the six months ended June 30, 2012 from $29.6 million for the six months ended June 30, 2011. The increase in contract and grant revenues was primarily due to increased activity and associated revenue from our development contracts with BARDA for large-scale manufacturing for BioThrax and development of PreviThrax along with a milestone payment received for our PEP indication for BioThrax and the sale of our spi-VEC technology, partially offset by decreased activity under our NuThrax contracts with NIAID and BARDA and decreased revenue from Pfizer and Abbott. Contracts and grants revenues for the six months ended June 30, 2012 consisted of $28.1 million in development contract and grant revenues from NIAID and BARDA, $3.6 million from Abbott and Pfizer and $1.5 million from the sale of our spi-VEC platform technology. Contracts and grants revenues for the six months ended June 30, 2011 consisted of $22.0 million in development contract and grant revenue from NIAID and BARDA and $7.5 million from Abbott and Pfizer.

Read the The complete Report



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