Emergent BioSolutions Inc. (NYSE: EBS) today reported financial
results for the quarter ended March 31, 2021.
FINANCIAL HIGHLIGHTS (1)
(in millions) |
Q1 2021 |
Q1 2020 |
% Change |
Total revenues |
$343.0 |
$192.5 |
78% |
Net income (loss) |
$69.7 |
($12.5) |
* |
Net income (loss) per diluted share |
$1.28 |
($0.24) |
* |
Adjusted net income (2) |
$83.6 |
$0.3 |
* |
Adjusted net income (2) per diluted share |
$1.53 |
$0.01 |
* |
Adjusted EBITDA (2) |
$123.5 |
$15.3 |
* |
* % change is greater than 100% |
2021 FINANCIAL PERFORMANCE (1)
(I) Quarter Ended March 31,
2021 (Q1)
Revenues
(in millions) |
Q1 2021 |
Q1 2020 |
% Change |
Product sales, net (5): |
• NARCAN® Nasal Spray |
$74.2 |
$72.2 |
3% |
• Anthrax vaccines |
$55.0 |
$51.9 |
6% |
• Other |
$8.7 |
$24.1 |
(64)% |
Total product sales, net |
$137.9 |
$148.2 |
(7)% |
Contract development and manufacturing (CDMO) services |
$183.8 |
$21.7 |
* |
Contracts and grants |
$21.3 |
$22.6 |
(6)% |
Total revenues |
$343.0 |
$192.5 |
78% |
(5) Product sales, net are reported net of variable consideration
including returns, rebates, wholesaler fees and prompt pay
discounts. |
* % change is greater than 100% |
Product Sales, netFor Q1 2021, revenues from
NARCAN Nasal Spray and Anthrax vaccines were consistent as compared
to Q1 2020.
For Q1 2021, revenues from other product sales decreased $15.4
million as compared to Q1 2020. The decrease is primarily due to
lower sales of BAT®[Botulism Antitoxin Heptavalent (A, B, C, D, E,
F, G) - (Equine)], due to timing of deliveries to the U.S.
government (USG) and the Strategic National Stockpile, and lower
sales of the Company's travel health vaccines, largely Vivotif®
(Typhoid Vaccine Live Oral Ty21a), due to the currently low level
of global travel.
Contract Development and Manufacturing (CDMO)
ServicesFor Q1 2021, revenue from contract development and
manufacturing services was $183.8 million, an increase of$162.1
million, as compared to Q1 2020. The increase is largely due to the
public-private partnership with the Biomedical Advanced Research
and Development Authority (BARDA) to support the USG's efforts to
address the COVID-19 pandemic and CDMO services in support of
commercial innovators.
Contracts and GrantsFor Q1 2021, revenues from
contracts and grants were consistent as compared to Q1 2020.
Operating Expenses
(in millions) |
Q1 2021 |
Q1 2020 |
% Change |
Cost of product sales and CDMO services |
$99.3 |
$76.9 |
29% |
Research and development |
$52.5 |
$42.7 |
23% |
Selling, general and administrative |
$80.9 |
$69.7 |
16% |
Amortization of intangible assets |
$14.9 |
$14.8 |
1% |
Cost of Product Sales and CDMO ServicesFor Q1
2021, cost of product sales and contract development and
manufacturing services increased $22.4 million as compared to Q1
2020. The increase is primarily due to a higher volume of CDMO
services, largely the Company's arrangements to address the
COVID-19 pandemic, partially offset by a decline in costs
associated with product sales due to the lower total product sales,
net.
Research and DevelopmentFor Q1 2021, research
and development expenses increased $9.8 million as compared to Q1
2020. The increase is primarily due to higher costs associated with
the development of the COVID-HIG therapeutic product candidate,
offset by a decline in costs associated with the development of the
AV7909 (Anthrax Vaccine Adsorbed, Adjuvanted) product candidate as
this program is nearing completion. Net of contracts and grants
revenue, which consists primarily of reimbursements against
development investments, research and development expenses were
$31.2 million for Q1 2021.
Selling, General and AdministrativeFor Q1 2021,
selling, general and administrative expenses increased $11.2
million as compared to Q1 2020. The increase is primarily due to
higher staffing and professional service costs to support the
Company's growth.
Additional Financial Information
Gross Margin (2)
(in millions) |
Q1 2021 |
Q1 2020 |
% Change |
Gross margin |
$222.4 |
$93.0 |
139% |
Gross margin % (gross margin divided by adjusted revenues (2)) |
69% |
55% |
14% |
Adjusted gross margin |
$223.5 |
$93.6 |
139% |
Adjusted gross margin % (adjusted gross margin divided by adjusted
revenues (2)) |
69% |
55% |
14% |
CDMO Metrics
CDMO Backlog Rollforward |
(in millions) |
Beginning backlog (12/31/2020) |
$1,340.0 |
Revenue recognized during Q1 2021 |
($183.8) |
New business (net new contracted value included in backlog) |
$186.6 |
Ending backlog (3/31/2021) |
$1,342.8 |
(in millions) |
March 31, 2021 |
December 31, 2020 |
% Change |
CDMO services backlog (3) |
$1,342.8 |
$1,340.0 |
—% |
CDMO services opportunity funnel (4) |
$807.1 |
$689.0 |
17% |
Capital Expenditures
(in millions) |
Q1 2021 |
Q1 2020 |
% Change |
Gross capital expenditures |
$56.1 |
$24.2 |
132% |
- Capital expenditures reimbursed |
($7.2) |
$— |
—% |
Net capital expenditures |
$48.9 |
$24.2 |
102% |
Gross capital expenditures as a % of total revenues |
16% |
13% |
3% |
2021 FINANCIAL FORECAST
For full year 2021, the Company's revised and previous forecast
of the following financial metrics is as follows:
(in millions) |
Revised 2021 Forecast |
Previous 2021 Forecast |
Total revenues |
$1,700 - $1,900 |
$1,950 - $2,050 |
• NARCAN® nasal spray |
$305 - $325 |
$305 - $325 |
• Anthrax vaccines |
$280 - $310 |
$280 - $310 |
• ACAM2000® |
$185 - $205 |
$185 - $205 |
• CDMO services |
$765 - $875 |
$925 - $965 |
Adjusted EBITDA (2) |
$620 - $720 |
$750 - $810 |
Adjusted net income (2) |
$395 - $470 |
$475 - $525 |
Gross margin (2) |
63% - 65% |
65% |
The Company's revised financial forecast for 2021 includes the
following additional considerations:
Revised considerations
- CDMO services revenues have been
reduced primarily due to the hold of certain COVID-19 vaccine bulk
drug substance lots and commitment not to initiate new
manufacturing at Bayview pending further review by the U.S. Food
and Drug Administration (FDA). Even assuming FDA concurrence to
re-initiate new manufacturing and/or release of lots, the Company
expects a delay in the timing of expected revenue.
- Total revenues, specifically other
product sales, are expected to be impacted due to the Company's
assumption that a new raxibacumab contract will be awarded later
than previously planned.
Unchanged considerations
- Anthrax vaccines revenues are
expected to continue to primarily reflect procurement of AV7909
under the terms of the Company’s existing contract with BARDA at a
more normalized annual level.
- ACAM2000®, (Smallpox (Vaccinia) Vaccine, Live) vaccine
deliveries are expected to continue under the terms of the
Company’s existing contract with the U.S. Department of Health and
Human Services (HHS) at unit volume levels consistent with 2020
deliveries.
- Narcan® (naloxone HCl) Nasal Spray revenues assume the naloxone
market remains competitive, that at least one new entrant will
enter the market by year end, and that no generic entrant will
enter the market prior to the anticipated appellate decision
related to the pending patent litigation, which is expected in the
second half of 2021.
- Pipeline progress is expected across the vaccines,
therapeutics, and devices portfolios, anticipating at least one
Phase 3 launch and one Biologics License Application
(BLA)/Emergency Use Authorization (EUA) filing.
- Capital expenditures, net of reimbursement, are expected to be
in a range of 8% to 9% of total revenues, reflecting ongoing
investments in capacity and capability expansions in support of the
Company's CDMO services business and product portfolio.
Q2 2021 REVENUE FORECAST
For Q2 2021, the Company expects total revenues of $370 million
to $430 million.
FOOTNOTES
(1) All financial information incorporated
within this release is unaudited(2) See "Reconciliation of Net
Income to Adjusted Net Income," "Reconciliation of Net Income to
Adjusted EBITDA," "Reconciliation of Gross Margin and Adjusted
Gross Margin" and "Reconciliation of Net Research and Development
Expenses" for a definition of terms and the reconciliation
tables.(3) CDMO backlog is defined as estimated remaining contract
value as of the indicated period pursuant to signed contracts, the
majority of which is expected to be recognized over the next 24
months.(4) CDMO opportunity funnel is defined as proposal values
from new work with new customers, new work with existing customers
and extensions/expansions of existing contracts with existing
customers, that if converted to new business the majority of which
is expected to be realized over the next 24 months. This excludes
any value associated with an extension of the commercial supply
agreements (CSA) with Johnson & Johnson and AstraZeneca.(5)
Product sales, net are reported net of variable consideration
including returns, rebates, wholesaler fees and prompt pay
discounts.
CONFERENCE CALL, PRESENTATION
SUPPLEMENT, AND WEBCAST INFORMATION
Company management will host a conference call
at 5:00 pm (Eastern Time) today, April 29, 2021, to discuss these
financial results. The conference call and presentation supplement
can be accessed from the Company's website or through the
following:
Live Teleconference Information:Dial
in: [US] (855) 766-6521; [International] (262) 912-6157Conference
ID: 9153099
Live Webcast Information:Visit
https://edge.media-server.com/mmc/p/yvrb3cpe for the webcast.
A replay of the call can be accessed from the
Emergent website.
ABOUT EMERGENT BIOSOLUTIONS INC.
Emergent BioSolutions is a global life sciences company whose
mission is to protect and enhance life. Through our specialty
products and contract development and manufacturing services, we
are dedicated to providing solutions that address public health
threats. Through social responsibility, we aim to build healthier
and safer communities. We aspire to deliver peace of mind to our
patients and customers so they can focus on what’s most important
in their lives. In working together, we envision protecting or
enhancing 1 billion lives by 2030. For more information, visit our
website and follow us on LinkedIn, Twitter, and Instagram.
RECONCILIATION OF NON-GAAP MEASURES
This press release contains financial measures (Adjusted Net
Income, Adjusted EBITDA (Earnings Before Depreciation and
Amortization, Interest and Taxes, Adjusted Gross Margin, Adjusted
Revenues and Net Research and Development expenses)) that are
considered “non-GAAP” financial measures under applicable
Securities and Exchange Commission rules and regulations. These
non-GAAP financial measures should be considered supplemental to
and not a substitute for financial information prepared in
accordance with generally accepted accounting principles. The
Company’s definition of these non-GAAP measures may differ from
similarly titled measures used by others. For its non-GAAP
measures, the Company adjusts for specified items that can be
highly variable or difficult to predict, or reflect the non-cash
impact of charges or accounting changes. As needed, such
adjustments are tax effected utilizing the federal statutory tax
rate for the U.S., except for changes in the fair value of
contingent consideration as the vast majority is non-deductible for
tax purposes. The Company views these non-GAAP financial measures
as a means to facilitate management’s financial and operational
decision-making, including evaluation of the Company’s historical
operating results and comparison to competitors’ operating results.
These non-GAAP financial measures reflect an additional way of
viewing aspects of the Company’s operations that, when viewed with
GAAP results and the reconciliations to the corresponding GAAP
financial measure, may provide a more complete understanding of
factors and trends affecting the Company’s business. For more
information on these non-GAAP financial measures, please see the
tables captioned "Reconciliation of Net Income to Adjusted Net
Income," "Reconciliation of Net Income to Adjusted EBITDA,"
"Reconciliation of Gross Margin and Adjusted Gross Margin" and
"Reconciliation of Net Research and Development Expenses" included
at the end of this release.
The determination of the amounts that are excluded from these
non-GAAP financial measures are a matter of management judgment and
depend upon, among other factors, the nature of the underlying
expense or income amounts. Because non-GAAP financial measures
exclude the effect of items that will increase or decrease the
Company’s reported results of operations, management strongly
encourages investors to review the Company’s consolidated financial
statements and publicly filed reports in their entirety.
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, without limitation, our financial guidance and related
projections and statements regarding our ability to meet such
projections in the anticipated timeframe, if at all; statements
regarding procurement of AV7909; ACAM2000® vaccine deliveries; the
award of a new procurement contract for raxibacumab; the strength
of the naloxone market; the timing and number of generic naloxone
entrants; the timing of the anticipated appellate decision on
pending patent litigation; pipeline progress and the anticipated
timing and number of regulatory submissions; the timing of CDMO
revenues, our CDMO backlog and opportunity funnel; capital
expenditures and total contract value; and any other statements
containing the words “will,” “believes,” “expects,” “anticipates,”
“intends,” “plans,” “targets,” “forecasts,” “estimates” and similar
expressions in conjunction with, among other things, discussions of
the Company’s outlook, financial performance or financial
condition, financial and operation goals, product sales, government
development or procurement contracts or awards, government
appropriations, manufacturing capabilities, and the timing of
certain regulatory approvals or expenditures are forward-looking
statements. These forward-looking statements are based on our
current intentions, beliefs and expectations regarding future
events. We cannot guarantee that any forward-looking statement will
be accurate.
The reader should realize that if underlying assumptions prove
inaccurate or unknown risks or uncertainties materialize, actual
results could differ materially from our expectations. The reader
is, therefore, cautioned not to place undue reliance on any
forward-looking statement. Any forward-looking statements speak
only as of the date of this press release, and, except as required
by law, we do not undertake to update any forward-looking statement
to reflect new information, events or circumstances. There are a
number of important factors that could cause our actual results to
differ materially from those indicated by such forward-looking
statements, including the impact of COVID-19 on the markets, our
operations, and employees as well as those of our customers and
suppliers; the ability to obtain authorization from the FDA for our
proposed COVID-19 treatment and its safety and effectiveness; the
ability to obtain authorization from the FDA to produce the
products and product candidates of our customers; availability of
U.S. government funding for procurement of our products and certain
product candidates and the future exercise of options under
contracts related to such procurement; the negotiation of further
commitments or contracts related to the collaboration and
deployment of capacity toward future commercial manufacturing under
our CDMO contracts; our ability to perform under our contracts with
the U.S. government and our CDMO clients, including the timing of
and specifications relating to deliveries; the continued exercise
of discretion by BARDA to procure additional doses of AV7909
(Anthrax Vaccine Adsorbed, Adjuvanted) prior to approval by the
FDA; our ability to secure licensure of AV7909 from the FDA within
the anticipated timeframe, if at all; our ability to secure
follow-on procurement contracts for our solutions to public health
threats that are under procurement contracts that have expired or
will be expiring; our ability to successfully appeal the patent
litigation decision related to NARCAN® Nasal Spray 4mg/spray; our
ability and the ability of our collaborators to enforce patents
related to NARCAN® Nasal Spray against potential generic entrants;
our ability to identify and acquire companies, businesses, products
or product candidates that satisfy our selection criteria; our
ability and the ability of our contractors and suppliers to
maintain compliance with Current Good Manufacturing Practices and
other regulatory obligations; our ability to comply with the
operating and financial covenants required by our senior secured
credit facilities and the indenture governing our senior unsecured
notes due 2028; our ability to obtain and maintain regulatory
approvals for our other product candidates and the timing of any
such approvals; the procurement by government entities outside of
the United States under regulatory exemptions prior to approval by
the corresponding regulatory authorities in the applicable country;
the success of our commercialization, marketing and manufacturing
capabilities and strategy; and the accuracy of our estimates
regarding future revenues, expenses, and capital requirements and
needs for additional financing. The foregoing sets forth many, but
not all, of the factors that could cause actual results to differ
from our expectations in any forward-looking statement. The reader
should consider this cautionary statement as well as the risk
factors identified in our periodic reports filed with the
Securities and Exchange Commission when evaluating our
forward-looking statements.
Investor ContactRobert BurrowsVice President, Investor Relations
burrowsr@ebsi.com(240) 413-1917 |
Media ContactMatt HartwigDirector, Media Relations
hartwigm@ebsi.com |
|
|
|
Emergent
BioSolutions Inc. |
Condensed
Consolidated Balance Sheets |
(unaudited, in
millions, except per share data) |
|
|
|
|
|
|
|
|
|
March 31, 2021 |
|
December 31,
2020 |
ASSETS |
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
547.8 |
|
|
$ |
621.3 |
|
Restricted cash |
|
0.2 |
|
|
|
0.2 |
|
Accounts receivable, net |
|
184.4 |
|
|
|
230.9 |
|
Inventories, net |
|
406.5 |
|
|
|
307.0 |
|
Prepaid expenses and other current assets |
|
42.2 |
|
|
|
36.5 |
|
Total current assets |
|
1,181.1 |
|
|
|
1,195.9 |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
692.9 |
|
|
|
644.1 |
|
Intangible assets, net |
|
648.2 |
|
|
|
663.1 |
|
Goodwill |
|
266.5 |
|
|
|
266.7 |
|
Other assets |
|
111.4 |
|
|
|
113.4 |
|
Total assets |
$ |
2,900.1 |
|
|
$ |
2,883.2 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
142.2 |
|
|
$ |
136.1 |
|
Accrued expenses |
|
25.0 |
|
|
|
46.9 |
|
Accrued compensation |
|
55.0 |
|
|
|
84.6 |
|
Debt, current portion |
|
26.0 |
|
|
|
33.8 |
|
Other current liabilities |
|
122.0 |
|
|
|
83.1 |
|
Total current liabilities |
|
370.2 |
|
|
|
384.5 |
|
|
|
|
|
|
|
|
|
Contingent consideration, net of current portion |
|
5.3 |
|
|
|
34.2 |
|
Debt, net of current portion |
|
833.1 |
|
|
|
841.0 |
|
Deferred tax liability |
|
53.3 |
|
|
|
53.2 |
|
Contract liabilities, net of current portion |
|
52.5 |
|
|
|
55.5 |
|
Other liabilities |
|
62.9 |
|
|
|
67.8 |
|
Total liabilities |
$ |
1,377.3 |
|
|
$ |
1,436.2 |
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 15.0 shares authorized, no
shares issued or outstanding |
|
— |
|
|
|
— |
|
Common stock, $0.001 par value; 200.0 shares authorized, 54.8 and
54.3 shares issued; 53.6 and 53.1 shares outstanding,
respectively |
|
0.1 |
|
|
|
0.1 |
|
Additional paid-in capital |
|
790.1 |
|
|
|
784.9 |
|
Treasury stock, at cost, 1.2 common shares |
|
(39.6 |
) |
|
|
(39.6 |
) |
Accumulated other comprehensive loss, net |
|
(24.4 |
) |
|
|
(25.3 |
) |
Retained earnings |
|
796.6 |
|
|
|
726.9 |
|
Total stockholders' equity |
|
1,522.8 |
|
|
|
1,447.0 |
|
Total liabilities and stockholders' equity |
$ |
2,900.1 |
|
|
$ |
2,883.2 |
|
|
|
|
|
|
|
|
|
|
Emergent
BioSolutions Inc. |
Condensed
Consolidated Statements of Operations |
(unaudited, in
millions, except per share data) |
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
Product
sales, net |
$ |
137.9 |
|
|
$ |
148.2 |
|
Contract
development and manufacturing services |
|
183.8 |
|
|
|
21.7 |
|
Contracts
and grants |
|
21.3 |
|
|
|
22.6 |
|
Total
revenues |
|
343.0 |
|
|
|
192.5 |
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
Cost of
product sales and contract development and manufacturing
services |
|
99.3 |
|
|
|
76.9 |
|
Research and
development |
|
52.5 |
|
|
|
42.7 |
|
Selling,
general and administrative |
|
80.9 |
|
|
|
69.7 |
|
Amortization
of intangible assets |
|
14.9 |
|
|
|
14.8 |
|
Total
operating expenses |
|
247.6 |
|
|
|
204.1 |
|
|
|
|
|
|
|
|
|
Income
(loss) from operations |
|
95.4 |
|
|
|
(11.6 |
) |
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
Interest
expense |
|
(8.5 |
) |
|
|
(8.6 |
) |
Other,
net |
|
(1.7 |
) |
|
|
(1.1 |
) |
Total other
income (expense), net |
|
(10.2 |
) |
|
|
(9.7 |
) |
|
|
|
|
|
Income
(loss) before income taxes |
|
85.2 |
|
|
|
(21.3 |
) |
Income
taxes |
|
(15.5 |
) |
|
|
8.8 |
|
Net income
(loss) |
$ |
69.7 |
|
|
$ |
(12.5 |
) |
|
|
|
|
|
|
|
|
Net income
(loss) per common share |
|
|
|
|
|
|
|
Basic |
$ |
1.31 |
|
|
$ |
(0.24 |
) |
Diluted |
$ |
1.28 |
|
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
Shares used in computing income (loss) per share |
|
|
|
|
|
|
Basic |
|
53.3 |
|
|
|
52.0 |
|
Diluted |
|
54.5 |
|
|
|
52.0 |
|
Emergent
BioSolutions Inc. |
Condensed
Consolidated Statements of Cash Flows |
(unaudited, in
millions) |
|
|
|
|
Three months ended March 31, |
|
2021 |
|
2020 |
Cash
flows provided by operating activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
69.7 |
|
|
$ |
(12.5 |
) |
Adjustments to reconcile to net income (loss) to net cash provided
by operating activities: |
|
|
Share-based compensation expense |
10.5 |
|
|
6.6 |
|
Depreciation and amortization |
28.7 |
|
|
28.2 |
|
Change in fair value of contingent consideration, net |
1.1 |
|
|
0.6 |
|
Amortization of deferred financing costs |
1.0 |
|
|
0.7 |
|
Deferred income taxes |
(1.7 |
) |
|
(4.2 |
) |
Other |
3.5 |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
42.1 |
|
|
108.2 |
|
Inventories |
(99.9 |
) |
|
(25.6 |
) |
Prepaid expenses and other assets |
(10.0 |
) |
|
(15.3 |
) |
Accounts payable |
20.1 |
|
|
(15.6 |
) |
Accrued expenses and other liabilities |
(40.0 |
) |
|
1.1 |
|
Accrued compensation |
(29.4 |
) |
|
(14.9 |
) |
Contract liabilities |
9.4 |
|
|
0.5 |
|
Net cash provided by operating activities: |
5.1 |
|
|
57.8 |
|
Cash
flows used in investing activities: |
|
|
Purchases of property, plant and equipment and other |
(56.1 |
) |
|
(24.2 |
) |
Net cash used in investing activities: |
(56.1 |
) |
|
(24.2 |
) |
Cash
flows used in financing activities: |
|
|
Principal payments on revolving credit facility |
— |
|
|
(20.0 |
) |
Principal payments on term loan facility |
(5.6 |
) |
|
(2.8 |
) |
Principal payments on convertible senior notes |
(10.6 |
) |
|
— |
|
Proceeds from share-based compensation activity |
6.9 |
|
|
9.1 |
|
Taxes paid for share-based compensation activity |
(12.2 |
) |
|
(5.6 |
) |
Contingent consideration payments |
(0.7 |
) |
|
(0.7 |
) |
Net cash used in financing activities: |
(22.2 |
) |
|
(20.0 |
) |
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
(0.3 |
) |
|
0.1 |
|
Net change in cash, cash equivalents and restricted cash |
(73.5 |
) |
|
13.7 |
|
Cash, cash equivalents and restricted cash at beginning of
period |
621.5 |
|
|
168.0 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
548.0 |
|
|
$ |
181.7 |
|
|
|
|
|
|
|
Reconciliation of Net Income to Adjusted Net Income
(1)
|
Three Months Ended March 31, |
(in millions, except per share value) |
2021 |
2020 |
Source |
Net income (loss) |
$69.7 |
$(12.5) |
|
Adjustments: |
+ Non-cash amortization charges |
16.0 |
15.5 |
Intangible Asset (IA) Amortization, Other Income |
+ Changes in fair value of contingent consideration |
1.1 |
0.6 |
COGS |
+ Acquisition-related costs (transaction & integration) |
0.2 |
— |
SG&A |
Tax effect |
(3.4) |
(3.3) |
|
Total adjustments: |
$13.9 |
$12.8 |
|
Adjusted net income |
$83.6 |
$0.3 |
|
Adjusted net income per diluted share |
$1.53 |
$0.01 |
|
(in millions) |
Revised 2021 Full YearForecast |
Source |
Net income |
$340 - $415 |
|
Adjustments: |
+ Non-cash amortization charges |
64 |
IA Amortization, Other Income |
+ Changes in fair value of contingent consideration |
3 |
COGS |
+ Acquisition-related costs (transaction & integration) |
2 |
SG&A |
Tax effect |
(14) |
|
Total adjustments: |
$55 |
|
Adjusted net income |
$395 - $470 |
|
Reconciliation of Net Income to Adjusted EBITDA
(1)
|
Three Months Ended March 31, |
(in millions) |
2021 |
2020 |
Net income (loss) |
$69.7 |
$(12.5) |
Adjustments: |
+ Depreciation & amortization |
28.7 |
28.2 |
+ Provision for income taxes |
15.5 |
(8.8) |
+ Total interest expense, net |
8.3 |
7.8 |
+ Changes in fair value of contingent consideration |
1.1 |
0.6 |
+ Acquisition-related costs (transaction & integration) |
0.2 |
— |
Total adjustments |
$53.8 |
$27.8 |
Adjusted EBITDA |
$123.5 |
$15.3 |
(in millions) |
Revised 2021 Full YearForecast |
Net income |
$340 - $415 |
Adjustments: |
+ Depreciation & amortization |
129 |
+ Provision for income taxes |
114-139 |
+ Total interest expense, net |
32 |
+ Changes in fair value of contingent consideration |
3 |
+ Acquisition-related costs (transaction & integration) |
2 |
Total adjustments |
$280 - $305 |
Adjusted EBITDA |
$620 - $720 |
Reconciliation of Gross Margin and Adjusted Gross Margin
(1)
|
Three Months Ended March 31, |
(in millions) |
2021 |
2020 |
Total revenues |
$343.0 |
$192.5 |
- Contract and grants revenues |
(21.3) |
(22.6) |
Adjusted revenues |
$321.7 |
$169.9 |
|
Cost of product sales and contract development and manufacturing
services ("COGS") |
$99.3 |
$76.9 |
- Changes in fair value of contingent consideration |
(1.1) |
(0.6) |
Adjusted COGS |
$98.2 |
$76.3 |
|
Gross margin (adjusted revenues minus COGS) |
$222.4 |
$93.0 |
Gross margin % (gross margin divided by adjusted revenues) |
69% |
55% |
|
|
|
Adjusted gross margin (adjusted revenues minus adjusted COGS) |
$223.5 |
$93.6 |
Adjusted gross margin % (adjusted gross margin divided by adjusted
revenues) |
69% |
55% |
Reconciliation of Net Research and Development Expenses
(1)
|
Three Months Ended March 31, |
(in millions) |
2021 |
2020 |
Research and Development Expenses |
$52.5 |
$42.7 |
Adjustments: |
- Contracts and Grants Revenue |
(21.3) |
(22.6) |
Net Research and Development Expenses |
31.2 |
$20.1 |
Adjusted Revenue(Total Revenue less Contracts and Grants
Revenue) |
321.7 |
$169.9 |
Net R&D as % of Adjusted Revenue (Net R&D Margin) |
10% |
12% |
Emergent Biosolutions (NYSE:EBS)
Historical Stock Chart
From Apr 2024 to May 2024
Emergent Biosolutions (NYSE:EBS)
Historical Stock Chart
From May 2023 to May 2024