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Emergent BioSolutions Updates on Preliminary 2013 Financial Results and Supplies 2014 Forecast

January 24, 2014

Emergent BioSolutions Inc. announced preliminary 2013 financial results and provided guidance for 2014. In a release on January 13 , the Company noted that for full year 2013, the company anticipates total revenues of $311 to $313 million , which includes approximately $258 million of product sales and $53 to $55 million of contracts and grants revenue. The product sales comprise approximately $247 million of BioThrax revenue and approximately $11 million of RSDL revenue. The company also anticipates full year 2013 GAAP net income of $30 to $32 million . Excluding approximately $7 million of transaction-related and restructuring costs incurred during the year, the company is providing a forecast for 2013 non-GAAP adjusted net income of $35 to $37 million . In addition, the company ended 2013 with cash and cash equivalents of approximately $180 million and an accounts receivable balance of approximately $60 million . For full year 2014, and assuming a late Q1 close of the Cangene acquisition, the company forecasts total revenues of $415 to $445 million . This consists of $260 to $280 million of product sales, $55 to $65 million of contracts and grants revenue, plus approximately $100 million in anticipated revenue contribution from Cangene . The company also forecasts full year 2014 GAAP net income of $30 to $40 million . Daniel J. Abdun-Nabi , president and chief executive officer of Emergent BioSolutions Inc. , noted, "Our performance in 2013 reflects continued strength in our base biodefense business, which was expanded and diversified in the year through the successful acquisition of RSDL and the additional revenue that came with that highly complementary transaction. During 2014, we will be focused on continuing to implement the objectives outlined in our growth plan, including executing on our M&A strategy and defraying our R&D costs through commercial partnerships and government funding, as we advance toward meeting and potentially exceeding our long term growth goals." The preliminary 2013 financial results are subject to revision and will be finalized upon the completion of the company's external audit, which is anticipated in early March 2014 . Once the external audit is completed, the company may report financial results that could differ, and the differences could be material. Emergent BioSolutions is a specialty pharmaceutical company seeking to protect and enhance life by offering specialized products to healthcare providers and governments to address medical needs and emerging health threats. More Information: http://www.emergentbiosolutions.com ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


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