Emergent BioSolutions Expects 2012 Revs $280-$300M vs $309M Est

Emergent BioSolutions Inc. (NYSE: EBS) today announced preliminary 2011 financial results and provided guidance for 2012.

For 2011, the Company anticipates total revenues of $270 to $275 million. With respect to 2011 net income, and before taking into account all potential adjustments related to the termination by Abbott of the co-development agreement for TRU-016, the Company anticipates net income of $20 to $24 million. These potential adjustments could include, among others, an impairment to goodwill and intangible assets to be recorded in 2011.

In addition, the Company anticipates combined year end 2011 cash, cash equivalents and investments, plus accounts receivable to be approximately $200 million.

For 2012, the Company forecasts total revenue of $280 to $300 million, split between product sales of $220 to $230 million and contracts and grants revenue of $60 to $70 million. The Company also forecasts net income of $15 to $25 million.

2012 total revenue is expected to be driven by, among other things:

Increased BioThrax manufacturing yields as well as continued deliveries of BioThrax under the current multi-year procurement contract with CDC; and,

Level contracts and grants revenue based on continuing work under existing, multi-year development contracts associated primarily with the Company's BioDefense Division programs.