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EMERGENT BIOSOLUTIONS REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER AND FULL YEAR 2020

Reports record fourth quarter and year to date 2020 performance, in line with prior guidance
Reaffirms full year 2021 forecast

GAITHERSBURG, MD., February 18, 2021
Emergent BioSolutions Inc. (NYSE: EBS) today reported financial results for the quarter and year ended December 31, 2020. The Company also reaffirmed its full year 2021 forecast.

“Emergent’s financial and operational performance in 2020 reflects the impact we are making in addressing the growing public health threat landscape and meeting our mission to protect and enhance the lives of patients,” said Robert G. Kramer, president and CEO of Emergent BioSolutions. “We look forward to continuing to execute on our strategy with vaccines, therapeutics, devices, and contract development and manufacturing services. Our strong core business, robust development pipeline, and innovator and public-private partnership opportunities position us to remain leaders in the market and create long-term shareholder value.”

FINANCIAL HIGHLIGHTS (1)
(in millions, except per share data)
Q4 2020
Q4 2019
% Change
Total Revenues$583.0$360.462%
Net Income$185.4$46.9*
Net Income Per Diluted Share$3.44$0.90*
Adjusted Net Income (2)$198.8$82.7*
Adjusted Net Income Per Diluted Share (2)$3.67$1.57*
Adjusted EBITDA (2)$290.9$134.3*
(in millions, except per share data)
Full Year 2020
Full Year 2019
% Change
Total Revenues$1,555.4$1,106.041%
Net Income$305.1$54.5*
Net Income Per Diluted Share$5.67$1.04*
Adjusted Net Income (2)$423.9$152.3*
Adjusted Net Income Per Diluted Share (2)$7.88$2.91*
Adjusted EBITDA (2)$630.4$279.7*
* % change greater than 100%

SELECT Q4 2020 AND RECENT BUSINESS ACCOMPLISHMENTS

Completed three-year, $50 million expansion at the Company's Baltimore Camden drug product facility, including a new state-of-the-art fill/finish line that became operational in January 2021, intended to significantly increase contract development and manufacturing (CDMO) capacity and capability.
Signed a CDMO services agreement with Providence Therapeutics to provide drug product manufacturing services for their mRNA PTX-COVID19-B vaccine candidate at the Company's Winnipeg, Manitoba facility.
Signed a CDMO services agreement for drug product manufacturing of Humanigen's COVID-19 therapeutic candidate, lenzilumab™, at the Company's Baltimore Camden facility.
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The following information was filed by Emergent Biosolutions Inc. (EBS) on Thursday, February 18, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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