Financial Report: Emergent BioSolutions

Financial Report: Emergent BioSolutions 
1Q Revenues: $307.5 million (-10%)
1Q Loss: $3.7 million (earnings of $69.7 million 1Q21)
Comments: Anthrax vaccines revenue was $103.6 million in the quarter, up 88% largely driven by timing of deliveries to the U.S. government, specifically the Strategic National Stockpile. The company received an AV7909 (Anthrax Vaccine Adsorbed, Adjuvanted) contract modification in September 2021 valued at approximately $399 million to deliver additional AV7909 doses through March 2023.

Nasal naloxone products revenue was $93.1 million, up 25% driven by strong growth in sales of NARCAN (naloxone HCl) Nasal Spray to U.S. public interest and Canadian customers, as well as solid contributions from sales of the authorized generic product licensed to Sandoz which launched in December 2021.

CDMO services revenue was $51.8 million, down 23% largely due to the impact of initiating maintenance and other modification-related work at the Bayview facility which reduced manufacturing activities during the quarter. The decline in revenues at Bayview was offset by an increase in manufacturing activities at the company’s Camden and Winnipeg sites in support of drug substance and drug product manufacturing services related to products and product candidates of the Company’s commercial customers.

Contracts and grants revenue was $9.6 million, down 55% in the quarter primarily due to lower revenue from BARDA as a result of the termination of the Center for Innovation and Advanced Development and Manufacturing (CIADM) agreement in November 2021.