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Emergent BioSolutions, Inc. (NYSE: EBS) is a global life sciences company dedicated to protecting and enhancing life. With a mission to secure public health, Emergent develops, manufactures, and distributes a broad portfolio of medical countermeasures for biological and chemical threats as well as emerging infectious diseases. The company is committed to safeguarding lives and aims to protect and enhance 50 million lives with its products by 2025.
Headquartered in Gaithersburg, Maryland, Emergent operates through three primary segments: Commercial, Products, and Services. The Commercial segment, which generates the majority of the company's revenue, includes key products such as NARCAN® Nasal Spray—a life-saving medication for opioid overdoses. NARCAN® has become widely accessible in pharmacies, grocery stores, and online retailers, significantly increasing public availability since its over-the-counter approval by the FDA in March 2023.
Emergent is also known for its role in developing and manufacturing vaccines and therapeutics, particularly for governments and healthcare providers. The company's Baltimore Bayview manufacturing facility recently received a “No Action Indicated” status from the FDA, confirming its compliance with good manufacturing practices. This recognition underscores Emergent's dedication to quality and compliance in its manufacturing processes.
Financially, Emergent is focused on stabilizing its operations and strengthening its balance sheet. The recent restructuring plan aims to streamline operations, close certain manufacturing facilities, and reduce workforce by 300 employees, resulting in annualized savings of approximately $80 million. Despite these changes, Emergent remains dedicated to its core business areas and continues to offer integrated contract development and manufacturing services to pharmaceutical and biotechnology customers.
Key recent developments include the extension of NARCAN® Nasal Spray's shelf life from 36 to 48 months and its widespread distribution across the U.S. and Canada. Emergent is also actively working with partners like the National Safety Council to educate businesses and the public about opioid overdose prevention and response.
Emergent is committed to its long-term vision of protecting and enhancing 1 billion lives by 2030. The company continues to innovate and expand its product offerings while maintaining a strong focus on public health and safety.
Emergent BioSolutions (NYSE: EBS) announced that the FDA has extended the shelf life of NARCAN® Nasal Spray from 24 months to 36 months. This nasal spray is the first intranasal form of naloxone approved for emergency opioid overdose treatment. The company launched the Generation II NARCAN device in July, designed to enhance temperature stability. This extension reflects Emergent's commitment to improving product features for healthcare providers and first responders, addressing the critical needs in opioid overdose situations.
Emergent BioSolutions (NYSE:EBS) has completed a $450 million offering of 3.875% Senior Unsecured Notes due 2028. The offering aims to strengthen the company's financial position by repaying $353 million of its revolving credit facility. The remaining funds will support general corporate purposes. These Notes are guaranteed by all subsidiaries that hold debt under credit facilities. The offering is compliant with Rule 144A and Regulation S under the Securities Act, and it is important to note that the Notes are unregistered and subject to regulatory exemptions.
Emergent BioSolutions (NYSE:EBS) announced the pricing of its offering of $450 million in 3.875% Senior Unsecured Notes due 2028, increasing from an initial $400 million. The company plans to use $353 million of the proceeds to repay outstanding amounts under its revolving credit facility, with the remainder for general corporate purposes. The offering is set to close on August 7, 2020. The notes are guaranteed by the company’s subsidiaries and will be offered to qualified institutional buyers under Regulation S and Rule 144A of the Securities Act.
Emergent BioSolutions (EBS) reported significant growth in Q2 2020, achieving total revenues of $394.7 million, a 62.3% increase from $243.2 million in Q2 2019. The net income surged to $92.7 million, up from a loss of $9.5 million in the prior year. Key drivers include CDMO partnerships related to COVID-19, with a notable $628 million contract from HHS under Operation Warp Speed. Adjusted EBITDA reached $156.1 million, marking a 431% increase. The company revised its full-year revenue guidance upward to $1.5-$1.6 billion, highlighting continued operational strength despite pandemic challenges.
Emergent BioSolutions has secured a contract worth approximately $174 million with AstraZeneca for large-scale manufacturing of the COVID-19 vaccine candidate AZD1222. This agreement, valid through 2021, increases AstraZeneca's total commitment to $261 million. Emergent's Baltimore Bayview facility will handle production, leveraging its extensive capabilities for rapid vaccine manufacturing. As part of the U.S. government's Operation Warp Speed, Emergent aims to enhance public health efforts during the pandemic while preparing for potential future commitments in commercial manufacturing.
Emergent BioSolutions (NYSE: EBS) will join the S&P MidCap 400 index effective July 24, 2020. This milestone reflects the company's growth and commitment to public health. Richard S. Lindahl, CFO, stated that this addition signifies progress in maximizing shareholder value through revenue growth and reinvestment in the business. The S&P MidCap 400 serves as a benchmark for mid-sized companies, capturing their performance and unique market characteristics.
Emergent BioSolutions (NYSE: EBS) will hold a conference call on July 30, 2020, at 5:00 pm ET to discuss Q2 2020 financial results and provide revenue guidance for Q3 and the full year. The call can be accessed via telephone or webcast. Investors can view the live feed through the company’s website.
Emergent is focused on enhancing public health through innovative life sciences solutions, with a mission to protect 1 billion lives by 2030.
Emergent BioSolutions (NYSE: EBS) announced a $75 million investment to expand its Canton, Massachusetts facility, focusing on advanced therapy contract development and manufacturing (CDMO) services. This expansion aims to enhance capabilities in viral vector and gene therapy, with services expected to launch in 2023. The improved facility will enable molecule-to-market CDMO services integrating development, drug substance, and drug product manufacturing across its locations in Gaithersburg and Rockville, Maryland. This strategic move aligns with Emergent's growth plan and enhances its position in public health solutions.
Emergent BioSolutions (NYSE: EBS) announced participation in two key virtual investor conferences in June 2020. The events include the BMO 2020 Prescriptions for Success Healthcare Virtual Conference on June 23, featuring a fireside chat at 3:00 PM Eastern, and the Three Part Advisors Virtual East Coast IDEAS Investor Conference on June 24, offering a pre-recorded presentation available from 8:00 AM Eastern. The webcasts will cover recent business developments and financial guidance, accessible via the Emergent website.
Emergent BioSolutions (EBS) has signed an $87 million agreement to provide contract development and manufacturing services for AstraZeneca's COVID-19 vaccine, AZD1222. This partnership supports Operation Warp Speed, aiming to deliver a vaccine by January 2021. Emergent will utilize its Gaithersburg facility for development and its Baltimore Bayview facility for large-scale manufacturing, capable of producing tens to hundreds of millions of vaccine doses annually. The company plans to update its 2020 financial outlook in Q2 financial results.
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