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FOR IMMEDIATE RELEASE

EMERGENT BIOSOLUTIONS REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER AND FULL YEAR 2019

GAITHERSBURG, MD., February 20, 2020
Emergent BioSolutions Inc. (NYSE: EBS) reported financial results for the quarter and year ended December 31, 2019.

FINANCIAL HIGHLIGHTS
(in millions)
Q4 2019
(unaudited)
Q4 2018
(unaudited)
$ Change
% Change
Total Revenues
$360.4
$270.7
$89.7
33.1%
Pre-tax Income
71.5
3.6
67.9
*
Net Income
46.9
(3.4)
50.3
*
Adjusted Net Income (1)
82.7
39.5
43.2
109.4%
EBITDA (1)
107.9
36.1
71.8
198.9%
Adjusted EBITDA (1)
$134.3
$76.2
$58.1
76.2%
(in millions)
Full Year 2019
(unaudited)
Full Year
2018
$ Change
% Change
Total Revenues
$1,106.0
$782.4
$323.6
41.4%
Pre-tax Income
77.4
81.5
(4.1)
(5.0%)
Net Income
54.5
62.7
(8.2)
(13.1%)
Adjusted Net Income (1)
152.3
122.7
29.6
24.1%
EBITDA (1)
224.2
151.1
73.1
48.4%
Adjusted EBITDA (1)
$279.7
$200.3
$79.4
39.6%
 
 
 
 
 
* % change greater than 500%

Q4 2019 AND RECENT BUSINESS ACCOMPLISHMENTS

Awarded a contract by the Office of the Assistant Secretary for Preparedness and Response (ASPR) in the U.S. Department of Health and Human Services (HHS) valued at up to $490 million over 10 years ($90 million agreed to currently and the remaining $400 million to be negotiated and finalized over six months from date of award) for the continued supply of BAT® [Botulism Antitoxin Heptavalent (A, B, C, D, E, F, G) - (Equine)] into the Strategic National Stockpile (SNS) in support of botulism preparedness and response capabilities.
Announced updated results from the interim analysis of the Company's Phase 2 clinical study evaluating the safety and immunogenicity of its chikungunya virus (CHIKV) virus-like particle (VLP) vaccine candidate, CHIKV VLP, across a series of dosing regimens. The interim analysis has shown that after the first dose is administered, up to 98% of study participants produced a neutralizing antibody response against CHIKV within seven days of vaccination and that the immune response persisted for at least one year for subjects who received a single dose.
Announced a new five-year growth strategy, 2020 - 2024, and 2024 financial and operational goals during the Company's Analyst and Investor Day.
Announced that the Company's CHIKV VLP was granted PRIority MEdicines, or PRIME, designation by the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA).

1 of 15

The following information was filed by Emergent Biosolutions Inc. (EBS) on Thursday, February 20, 2020 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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