Emergent BioSolutions 2Q Financial Results

Emergent
2Q Revenue: $337.9 million (+39%)
2Q Loss: $261.3 million (loss of $56.4 million 2Q22)
Comments: Anthrax MCM sales were $21.2 million down 78% reflecting the impact of timing of sales related to CYFENDUS (Anthrax Vaccine Adsorbed, Adjuvanted), previously known as AV7909, and BioThrax (Anthrax Vaccine Adsorbed), partially offset by an increase in sales of Anthrasil.
 
NARCAN sales were $133.9 million, up 32% primarily driven by higher branded NARCAN sales to U.S. public interest channels and Canadian retail sales, partially offset by lower commercial retail sales in the U.S. following the termination of the company’s relationship with Sandoz related to the authorized generic NARCAN product.
 
Smallpox MCM sales were $123.9 million up from $16.0 million in 2Q22 primarily due to the exercise and full delivery during the quarter of a $120 million option by the U.S. government (USG) to purchase ACAM2000, partially offset by lower VIG sales due to timing.
 
Contract development and manufacturing services revenue was $29.1 million, an increase of $23.7 million compared with 2Q22. The increase was primarily driven by work at the company’s Canton facility for a customer. In the prior year quarter, there was a reversal of revenue related to the halt in manufacturing under the Janssen Agreement.
 
R&D expenses were $26.0 million, down 48% in the quarter primarily due to the sale of the company’s development program for CHIKV VLP to Bavarian Nordic, which was a significant contributor to prior period R&D expense.