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  Title	EMERGENT BIOSOLUTIONS INC. Emergent BioSolutions Reports Fourth Quarter and Full Year 2024 Financial Results
  ID	7419221
  External ID	7596892769
  Author	Unknown
  Published Date	March 3, 2025, 3:31 p.m.
  Summary	March 03, 2025 at 04:24 pm EST Fourth Quarter 2024 Total Revenues of $194.7 million; Full Year 2024 Total Revenues of $1.04 billion Fourth Quarter 2024 Net Loss of $31.3 million, decrease in Net Los
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  URL	https://www.marketscreener.com/quote/stock/emergent-biosolutions-inc-36547/news/emergent-biosolutions-reports-fourth-quarter-and-full-year-2024-financial-results-49221792/
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  Content	March 03, 2025 at 04:24 pm EST Fourth Quarter 2024 Total Revenues of $194.7 million; Full Year 2024 Total Revenues of $1.04 billion Fourth Quarter 2024 Net Loss of $31.3 million, decrease in Net Loss of 37% versus prior year Fourth Quarter 2024 Adjusted EBITDA of $21.0 million, increase of 518% versus prior year Full Year 2024 Adjusted EBITDA of $183.1 million, compares favorably to a loss of $22.3 million in 2023 Guiding to 2025 Adjusted EBITDA of $150 - $200 million and improved gross margins GAITHERSBURG, Md., March 03, 2025 (GLOBE NEWSWIRE) -- Emergent BioSolutions Inc. (NYSE: EBS) today reported financial results for the quarter and year ended December 31, 2024. "As we close out 2024, I'm proud to share we delivered favorable full-year financial results driven by our core products, all the while, completing a series of strategic stabilization actions to strengthen our financial position ahead of plan," said Joe Papa, president and chief executive officer of Emergent. “This strong foundation enables Emergent to focus on profitable revenue growth and cash generation as we move forward with turnaround activities, a critical phase in our multi-year transformation plan. Our results and progress are a testament to the hard work and dedication of our entire team, and we believe Emergent's future will be defined by the durability of our business, opportunities for new markets and innovation, and a steadfast commitment to protecting and saving lives." FINANCIAL HIGHLIGHTS Q4 2024 vs. Q4 2023 Year to Date ( “ YTD ” ) 2024 vs. YTD 2023 SELECT 2024 FULL YEAR BUSINESS UPDATES Appointed industry leader Joseph C. Papa as President, CEO and Director Appointed Dr. Simon Lowry as Chief Medical Officer and Head of Research and Development Received approximately $550 million of Medical Countermeasure Contract Modification Awards Awarded procurement contract valued up to $235.8 million to supply BioThrax ® (Anthrax Vaccine Adsorbed) to the U.S. Department of Defense FDA approved sBLA for expansion of the indication for ACAM2000® to include prevention of mpox disease in individuals determined to be at high risk Repaid $168 million of debt and extended maturities to 2029 with new $250 million secured term loan and $100 million asset-backed revolving credit facility Completed $117 million of targeted asset divestitures and streamlined manufacturing footprint Resolved legacy legal disputes including receipt of $50 million settlement payment from Janssen Received $30 million in development milestone payments from Bavarian Nordic as part of the sale of the Travel Health Business Returned to strong, positive operating cash flow FOURTH QUARTER FINANCIAL PERFORMANCE Revenues The Company uses the following categories in discussing product/service level revenues: NARCAN ® — comprises contributions from NARCAN ® Nasal Spray Anthrax MCM — comprises contributions from CYFENDUS ® , previously known as AV7909, BioThrax ® , Anthrasil ® and Raxibacumab Smallpox MCM — comprises contributions from ACAM2000 ® , VIGIV CNJ-016 ® and TEMBEXA ® Other Products — comprises contributions from BAT ® and RSDL ® Bioservices — comprises service and lease revenues from the Bioservices business Product Sales, net NARCAN ® For Q4 2024, revenues from NARCAN ® (naloxone HCl) Nasal Spray decreased $45.9 million, or 41%, as compared with Q4 2023. The decrease was primarily driven by lower sales of over-the-counter (“OTC”) NARCAN ® , coupled with lower revenues for Canadian retail sales. Anthrax MCM For Q4 2024, revenues from Anthrax MCM products decreased $79.1 million, or 71%, as compared with Q4 2023. The decrease reflects the impact of timing of sales related to CYFENDUS ® , Anthrasil ® , and BioThrax ® . Anthrax vaccine product sales are primarily made under annual purchase options exercised by the U.S. government (the “USG”). Fluctuations in revenues result from the timing of USG purchases and the exercise of annual purchase options, the availability of governmental funding and the Company's delivery of orders that follow. Smallpox MCM For Q4 2024, revenues from Smallpox MCM products increased $65.0 million, or 565%, as compared with Q4 2023. The increase was primarily due higher ACAM2000 ® sales to non-U.S. customers and timing of USG purchases of VIGIV CNJ-016 ® . Fluctuations in revenues result from the timing of USG purchases and the exercise of annual purchase options in existing procurement contracts, the availability of governmental funding and Company delivery of orders that follow. Other Products For Q4 2024, revenues from Other Product sales decreased $7.2 million, or 48%, as compared with Q4 2023. The decrease was due to lower sales of RSDL ® , which was sold to SERB during the third quarter of 2024, and lower product sales of BAT ® , due to timing of deliveries. Bioservices Revenues Services For Q4 2024, revenues from Bioservices services decreased $13.8 million, or 67%, as compared with Q4 2023. The decrease was primarily attributable to the sale of the Camden facility to Bora Pharmaceuticals Injectables Inc., a subsidiary of Bora Pharmaceuticals Co., Ltd (“Bora”), during the third quarter of 2024, coupled with lower revenue from the Company's Bayview facility as a result of the prior year resolution of a customer's outstanding obligation, partially offset by higher production from the Company's Winnipeg facility. Leases For Q4 2024, revenues from Bioservices leases increased $0.4 million, or 200%, as compared with Q4 2023. The increase was attributable to an increase in lease revenue associated with SERB at our Winnipeg facility. Contracts and Grants For Q4 2024, revenues from contracts and grants decreased $1.3 million, or 19%, as compared with Q4 2023. The decrease was primarily attributable to the wind-down of various development initiatives. Operating Expenses Cost of Commercial Product Sales For Q4 2024, cost of Commercial Product sales decreased $16.9 million, or 34%, as compared with Q4 2023. The decrease was primarily due to lower OTC NARCAN ® unit volume. Cost of MCM Product Sales For Q4 2024, cost of MCM Product sales decreased $25.1 million, or 26%, as compared with Q4 2023. The decrease was primarily due to lower sales of CYFENDUS ® and Anthrasil ® , coupled with a reduction in Trobigard ® related costs due to the revocation of Trobigard's Marketing Authorization during the second quarter of 2024 and lower sales of RSDL ® , which was sold to SERB during the third quarter of 2024. This decrease was partially offset by an increase in TEMBEXA ® related costs and higher sales of ACAM2000 ® Cost of Bioservices For Q4 2024, cost of Bioservices decreased $25.1 million, or 66%, as compared with Q4 2023. The decrease was primarily attributable to lower costs due to the sale of the Camden facility to Bora in the third quarter of 2024, coupled with a decrease in overhead costs at our Gaithersburg facility. The decrease was partially offset by higher costs at our Winnipeg facility due to an increase in production. Research and Development Expenses For Q4 2024, R&D expenses decreased $20.3 million, or 69%, as compared with Q4 2023. The decrease was primarily driven by prior period write-offs related to program terminations, a reduction in spend for certain funded and unfunded projects and a reduction in related overhead costs driven by headcount reductions. Selling, General and Administrative Expenses For Q4 2024, SG&A expenses decreased $28.9 million, or 32%, as compared with Q4 2023. The decrease was primarily due to lower legal services fees and consulting services fees for disputes and other corporate initiatives, coupled with lower employee related expenses and compensation as a result of restructuring initiatives during 2023 and 2024. The decrease was also driven by lower marketing fees related to the launch of OTC NARCAN ® in the prior year. ADDITIONAL FINANCIAL INFORMATION Capital Expenditures For Q4 2024, capital expenditures decreased largely due to lower development activities across the Company's facilities. SEGMENT INFORMATION The Company manages the business with a focus on three reportable segments: (1) the Commercial Products segment consisting of NARCAN ® and other commercial products that were sold as part of our travel health business in the second quarter of 2023; (2) the MCM Products segment consisting of Anthrax – MCM, Smallpox – MCM and Other products and (3) the services segment consisting of our Bioservices business (“Services”). The Company evaluates the performance of these reportable segments based on revenues and segment adjusted gross margin, which is a non-GAAP financial measure. Segment revenue includes external customer sales, but does not include inter-segment services. The Company does not allocate contracts and grants revenue, R&D, SG&A, amortization of intangible assets, interest and other income (expense) or taxes to its evaluation of the performance of these segments. FOURTH QUARTER 2024 SEGMENT RESULTS ** Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. Commercial Products segment gross margin decreased $29.1 million, or 57%, to $22.4 million in the quarter, as compared with $51.5 million in the prior year quarter. Commercial Products segment gross margin percentage decreased twelve percentage points to 34% for the quarter ended December 31, 2024. The decrease was largely due to an unfavorable price and volume mix in 2024 for NARCAN ® products. Commercial Products segment adjusted gross margin in the current year period excludes the impact of intangible asset amortization of $9.5 million. ** Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. MCM Products segment gross margin increased $3.8 million, or 11%, to $37.9 million in the quarter, as compared with $34.1 million in the prior year quarter. MCM Products segment gross margin percentage increased 7 percentage points to 32% for the quarter ended December 31, 2024. The increase was largely due to a favorable product mix weighted more heavily to higher margin products. MCM Product segment adjusted gross margin in the current year period excludes the impact of intangible asset amortization of $6.8 million, inventory step-up provision of $5.0 million and restructuring costs of $(0.3) million. ** Gross margin is calculated as revenues less cost of services less intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. Services segment gross margin increased $11.7 million, or 69%, to $(5.3) million in the quarter, as compared with $(17.0) million in the prior year quarter. Services segment gross margin percentage increased 10 percentage points to (72)% for the quarter ended December 31, 2024. The increase was primarily due to lower overhead and remediation costs related to the sale of the Camden facility coupled with lower overhead costs at our Gaithersburg facility. Services segment adjusted gross margin in the current year period excludes the impact of restructuring costs of $(0.1) million. YTD 2024 SEGMENT RESULTS ** Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. Commercial Products segment gross margin decreased $73.2 million, or 29%, to $175.2 million for the year ended December 31, 2024, as compared with $248.4 million for the year ended December 31, 2023. Commercial Products segment gross margin percentage decreased 6 percentage points to 44% in 2024. The decrease was largely due to an unfavorable price and volume mix in 2024 for NARCAN ® products, partially offset by the sale of the products associated with our travel health business to Bavarian Nordic. Commercial Products segment adjusted gross margin in the current year period excludes the impact of intangible asset amortization of $37.8 million. ** Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. MCM Products segment gross margin increased $148.5 million, or 130%, to $263.1 million for the year ended December 31, 2024, as compared with $114.6 million for the year ended December 31, 2023. MCM Products segment gross margin percentage increased 26 percentage points to 52% for the year ended December 31, 2024. The increase was largely due to overall higher sales volumes with a favorable product mix weighted more heavily to higher margin products coupled with lower allocations to Cost of MCM Product sales at our Bayview facility and lower shutdown related costs, a reduction in Trobigard ® related costs due to the Trobigard ® revocation, and realization of previously adjusted inventory values. MCM Product segment adjusted gross margin in the current year period excludes the impact of intangible asset amortization of $27.3 million, restructuring costs of $7.2 million, inventory step-up provision of $6.2 million and changes in fair value of financial instruments of $0.6 million. ** Gross margin is calculated as revenues less cost of sales and intangible asset amortization. Gross margin % is calculated as gross margin divided by revenues. NM - Not Meaningful Services segment gross margin decreased $60.1 million, or 54%, to $(171.1) million for the year ended December 31, 2024, as compared with $(111.0) million for the year ended December 31, 2023. Services segment gross margin percentage decreased 22 percentage points to (163)% for the year ended December 31, 2024. The decrease was primarily due to the Settlement Agreement with Janssen and resulting revenue and write-down of related assets mentioned above, coupled with lower production at the Company's Canton facility. This decrease was partially offset by an increase in production at the Camden facility prior to the sale of the facility to Bora and a decrease in overhead costs at our other Maryland facilities. Services segment adjusted gross margin in the current year period excludes the impact of segment settlement charge, net of $110.2 million and restructuring costs of $0.2 million. 2025 FINANCIAL FORECAST The Company provides the following financial forecast for full year 2025 and Q1 2025, reflecting management's expectations based on the most current information available. Q1 2025 FOOTNOTES All financial information included in this release is unaudited. See “ Non-GAAP Financial Measures” and the "Reconciliation of Non-GAAP Financial Measures" tables for the definitions and reconciliations of these non-GAAP financial measures to the most closely related GAAP financial measures. Product sales , net are reported net of variable consideration including returns, rebates, wholesaler fees and prompt pay discounts in accordance with GAAP Ou r M CM Products forecast excludes revenues relate d to RSDL ® , whi ch product was sold during the third quarter of 2024. Our Commercial Products forecast consists of revenue s for NARCAN ® Nasal Spray and revenue s from distribution of K loxxado™ naloxone HC l nasal sp r ay mg pursuan t to an agreement with Hikma Pharmaceuticals PLC in January 2025. CONFERENCE CALL, PRESENTATION SUPPLEMENT AND WEBCAST INFORMATION Company management will host a conference call at 5:00 pm eastern time today, March 3, 2025, to discuss these financial results. The conference call and presentation supplement can be accessed from the Company's website or through the following: By phone Advanced registration is required. Visit https://register.vevent.com/register/BI9fd2e9c4549b4810a48b112eda75d4ad to register and receive an email with the dial-in number, passcode and registrant ID By webcast Visit https://edge.media-server.com/mmc/p/3zrcjovs A replay of the call can be accessed from the Emergent website. ABOUT EMERGENT BIOSOLUTIONS INC. At Emergent, our mission is to protect and save lives. For over 25 years, we've been at work preparing those entrusted with protecting public health. We deliver protective and life-saving solutions for health threats like smallpox, mpox, botulism, Ebola, anthrax and opioid overdose emergencies. To learn more about how we help prepare communities around the world for today's health challenges and tomorrow's threats, visit our website and follow us on LinkedIn X Instagram Apple Podcasts and Spotify NON-GAAP FINANCIAL MEASURES In the accompanying analysis of financial information, we sometimes use information derived from consolidated and segment financial information that may not be presented in our financial statements or prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Certain of these financial measures are considered not in conformity with GAAP (“non-GAAP financial measures”) under the United States Securities and Exchange Commission (“SEC”) rules. Specifically, we have referred to the following non-GAAP financial measures: Adjusted Net Income (Loss) Adjusted Net Income (Loss) per Diluted Share Adjusted EBITDA Total Segment Revenues Total Segment Gross Margin Total Segment Gross Margin % Total Segment Adjusted Gross Margin Total Segment Adjusted Gross Margin % Segment Adjusted Gross Margin Segment Adjusted Gross Margin % We define Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Diluted Share, which are non-GAAP financial measures, as net loss and net loss per diluted share, respectively, excluding the impact of changes in fair value of financial instruments, acquisition and divestiture-related costs, severance and restructuring costs, settlement charges, net, exit and disposal costs, impairment charges, gain on sale of business, non-cash amortization charges, contingent consideration milestones, and other income (expense) items. We use Adjusted Net Income (Loss) for the purpose of calculating Adjusted Net Income (Loss) per Diluted Share. Management uses Adjusted Net Income (Loss) per Diluted Share to assess total Company operating performance on a consistent basis. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results and GAAP financial measures, provide management and investors with an additional understanding of our business operating results, including underlying trends. We define Adjusted EBITDA, which is a non-GAAP financial measure, as net loss before income tax provision (benefit), interest expense, net, depreciation, amortization of intangible assets, excluding the impact of changes in fair value of financial instruments, acquisition and divestiture-related costs, severance and restructuring costs, settlement charges, net, exit and disposal costs, impairment charges, gain (loss) on sale of business, non-cash amortization charges, contingent consideration milestones and other income (expense) items. We believe that this non-GAAP financial measure, when considered together with our GAAP financial results and GAAP financial measures, provides management and investors with a more complete understanding of our operating results, including underlying trends. In addition, EBITDA is a common alternative measure of operating performance used by many of our competitors. It is used by investors, financial analysts, rating agencies and others to value and compare the financial performance of companies in our industry, although it may be defined differently by different companies. Therefore, we also believe that this non-GAAP financial measure, considered along with corresponding GAAP financial measures, provides management and investors with additional information for comparison of our operating results with the operating results of other companies. We have included the definitions of Segment Gross Margin and Segment Gross Margin %, which are GAAP financial measures, below in order to more fully define the components of certain non-GAAP financial measures presented in this press release. We define Segment Gross Margin, as a segment's revenues, less a segment's cost of sales or services and intangible asset amortization. We define Segment Gross Margin %, as Segment Gross Margin as a percentage of a segments revenues. We define Segment Adjusted Gross Margin, which is a non-GAAP financial measure as Segment Gross Margin excluding the impact of intangible asset amortization, restructuring costs, changes in the fair value of financial instruments, settlement charges, net and inventory step-up provision. We define Segment Adjusted Gross Margin %, which is a non-GAAP financial measure, as Segment Adjusted Gross Margin as a percentage of a segment's revenues. We define Total Segment Revenues, which is a non-GAAP financial measure, as our Total Revenues, less contracts and grants revenue, which is also equal to the sum of the revenues of our reportable operating segments. We define Total Segment Gross Margin, which is a non-GAAP financial measure, as Total Segment Revenues less our aggregate cost of sales or services. We define Total Segment Gross Margin %, which is a non-GAAP financial measure, as Total Segment Gross Margin as a percentage of Total Segment Revenues. We define Total Segment Adjusted Gross Margin, which is a non-GAAP financial measure, as Total Segment Gross Margin, excluding the impact of restructuring costs, settlement charges, net, changes in the fair value of financial instruments and inventory step-up provision. We define Total Segment Adjusted Gross Margin %, which is a non-GAAP financial measure, as Total Segment Adjusted Gross Margin as a percentage of Total Segment Revenues. Non-GAAP financial measures are not defined in the same manner by all companies and may not be comparable with other similarly titled measures of other companies. 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. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our Consolidated Statements of Operations and Consolidated Statements of Cash Flows. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release. SAFE HARBOR STATEMENT This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including statements regarding the future performance of the Company or any of our businesses, our business strategy, future operations, future financial position, future revenues and earnings, our ability to achieve the objectives of our restructuring initiatives and divestitures, including our future results, projected costs, prospects, plans and objectives of management, are forward-looking statements. We generally identify forward-looking statements by using words like “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “may,” “plan,” “position,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. These forward-looking statements are based on our current intentions, beliefs, assumptions and expectations regarding future events based on information that is currently available. You should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could differ materially from our expectations. Readers are, therefore, cautioned not to place undue reliance on any forward-looking statement contained herein. Any such forward-looking statement speaks only as of the date of this press release, and, except as required by law, we do not undertake any obligation 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, among others, the availability of USG funding for contracts related to procurement of our medical countermeasure ("MCM") products, including CYFENDUS ® (Anthrax Vaccine Adsorbed (AVA) Adjuvanted), previously known as AV7909, BioThrax ® (Anthrax Vaccine Adsorbed), and ACAM2000 ® (Smallpox (Vaccinia) Vaccine, Live) among others, as well as contracts related to development of medical countermeasures; our ability to meet our commitments to quality and compliance in all of our manufacturing operations; our ability to negotiate additional USG procurement or follow-on contracts for our MCM products that have expired or will be expiring; the commercial availability and impact of a generic and competitive marketplace on future sales of NARCAN ® (naloxone HCL) Nasal Spray and over-the-counter NARCAN ® Nasal Spray; our ability to perform under our contracts with the USG, including the timing of and specifications relating to deliveries; the ability of our contractors and suppliers to maintain compliance with current good manufacturing practices and other regulatory obligations; our ability to negotiate new or further commitments related to the collaboration and deployment of capacity toward future commercial manufacturing related to our bioservices and under our existing Bioservices contracts; our ability to collect reimbursement for raw materials and payment of service fees from our Bioservices customers; the results of pending government investigations and their potential impact on our business; our ability to satisfy the conditions of the final settlement, and the potential impact of the final settlement agreement, including the funds to resolve the litigation, on our business; our ability to comply with the operating and financial covenants required by (i) our term loan facility under a credit agreement, dated August 30, 2024, among the Company, the lenders from time to time party thereto and OHA Agency LLC, as administrative agent, (ii) our revolving credit facility under a credit agreement, dated September 30, 2024, among the Company, certain subsidiary borrowers, the lenders from time to time party thereto and Wells Fargo, National Association, as Agent, and (iii) our 3.875% Senior Unsecured Notes due 2028; our ability to maintain adequate internal control over financial reporting and to prepare accurate financial statements in a timely manner; our ability to maintain sufficient cash flow from our operations to pay our substantial debt, now and in the future; our ability to invest in our business operations as a result of our current indebtedness; the procurement of our product candidates by USG entities under regulatory authorities that permit government procurement of certain medical products prior to FDA marketing authorization, and corresponding procurement by government entities outside the United States; our ability to realize the expected benefits of the sale of our travel health business to Bavarian Nordic, the sale of our Drug Product facility in Baltimore-Camden to Bora Pharmaceuticals Injectables Inc., a subsidiary of Bora Pharmaceuticals Co., Ltd. and the sale of RSDL ® to SERB Pharmaceuticals; the impact of the organizational changes we announced in January 2023, August 2023, May 2024 and August 2024; our ability to identify and acquire companies, businesses, products or product candidates that satisfy our selection criteria; the impact of cybersecurity incidents, including the risks from the unauthorized access, interruption, failure or compromise of our information systems or those of our business partners, collaborators or other third parties; the success of our commercialization, marketing and manufacturing capabilities and strategy; and the accuracy of our estimates regarding future revenues, expenses, capital requirements and need 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. Readers should consider this cautionary statement, as well as the risks identified in our periodic reports filed with the Securities and Exchange Commission, when evaluating our forward-looking statements. Trademarks Emergent ® , BioThrax ® , BaciThrax ® , BAT ® , Trobigard ® , Anthrasil ® , CNJ-016 ® , ACAM2000 ® , ​NARCAN ® , CYFENDUS ® , TEMBEXA ® and any and all Emergent BioSolutions Inc. brands, products, services and feature names, logos and slogans are trademarks or registered trademarks of Emergent BioSolutions Inc. or its subsidiaries in the United States or other countries. All other brands, products, services and feature names or trademarks are the property of their respective owners, including RSDL ® (Reactive Skin Decontamination Lotion), which was acquired by SERB on July 31, 2024.
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