Emergent BioSolutions Earnings - Blowout Quarter
By:
TraderMark Thursday, November 06, 2008 9:47 PM
I almost bought
Emergent BioSolutions (EBS) today on the pullback to support (20 day moving average) to fill my 2 stock "government as customers" portfolio - but with earnings tonight I wanted to hold off. And
what an earnings they are - EBS should be on Jimmy Cramer's radar any day now as a "buy buy buy". I really like this company because you get a biotech pipeline for the future, thrown on top of a "government as customer" Anthrax business today. Here was our original write up - thanks to whichever reader brought this little gem to our attention. (
Oct 22: Readers Idea: Emergent BioSolutions)
- Total revenues for the third quarter and nine months of 2008 were $56.6 million and $142.8 million, respectively, an increase of 30 percent and 53 percent, respectively, over the prior year periods. (analysts at $46.8M - that's a 20%+ beat on revenue)
- Net income for the third quarter and nine months of 2008 was $10.4 million or $0.35 per share, and $19.2 million or $0.65 per share, respectively, in comparison to net income of $2.8 million or $0.10 per share, and a net loss of $4.8 million or $0.17 per share for the comparable periods in 2007. (analysts at $0.18 - that's a nearly 100% beat on EPS)
- Such performance was primarily driven by growth in sales of BioThrax® (Anthrax Vaccine Adsorbed), the company’s FDA licensed vaccine for the prevention of anthrax.
- Secured up to $58.5 million of government development contracts and grants to fund future work on selected anthrax and botulism product candidates; and
- “Our financial performance as reported today positions us well to achieve our objectives for year over year revenue growth and year end profitability. In addition, our recently signed contract with HHS for the delivery of 14.5 million additional doses of BioThrax for inclusion in the SNS provides us with revenue visibility through 3Q 2011.
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