Emergent BioSolutions Inc. (Emergent BioSolutions) has reported preliminary, unaudited financial results for 2008 and outlook for 2009. For 2008, the company projects total revenue of $179 million and net income of $18 to $20 million. For 2009, the company projects 25% to 35% growth in total revenue, or about $225 to $240 million. The company also projects 2009 net income in excess of $20 million.
An additional $12 million of BioThrax revenue originally planned for the fourth quarter of 2008 is projected to be recognized in 1Q 2009. This additional revenue is attributable to three lots of BioThrax that were delayed in the completion of final testing. This delay stemmed from an equipment failure that the company addressed and has resolved. These three lots are projected to be delivered in the first quarter of 2009. The company also projects a year-end cash balance of approximately $90 million.
projections for both revenue and net income exclude the potential contribution of the pending contract award from the US Department of Health and Human Services (HHS) related to the development and procurement of a recombinant anthrax vaccine (rPA) and the potential impact of a strategic transaction.