Emergent BioSolutions Continues to Drive Improved Financial Position as Part of Multi-Year Transformation Plan
09 Julio 2024 - 6:30AM
Emergent BioSolutions Inc. (NYSE: EBS) today highlights several
recent advancements in improving its financial health, marked by
robust cash generation and meaningful debt repayment. As set forth
in its operational plan to transform the company over the next
several years, Emergent is diligently executing its strategy to
enhance operational efficiency, streamline costs, and generate cash
to increase profitability and reduce the company’s overall debt.
This disciplined approach has enhanced Emergent’s financial
position, as well as enabling a customer focused, leaner and more
flexible organization, and enriching its opportunities to pursue
strategic initiatives.
Emergent’s recent actions include:
- Secured $250 million in U.S. government contract award
modifications for four medical countermeasures
- Announced a $30 million definitive agreement to sell its
Baltimore-Camden manufacturing site, which is expected to close in
the third quarter of 2024, subject to the satisfaction or waiver of
customary closing conditions
- Received $7 million for sale of its unimproved, empty building
in Canton, Massachusetts
- As disclosed yesterday in its SEC filing, the resolution of its
contract dispute with Janssen Pharmaceuticals, Inc., including the
impending receipt of $50 million in the third quarter of this
year
- Expected receipt of a development milestone payment as part of
its Travel Health Business sale by year end
"Emergent is making steady progress toward cash generation and
debt repayment, which is in service to our strategic plan to
stabilize our financial position and ultimately transform the
organization as we continue to be a global leader in public health
preparedness," said Joe Papa, president and CEO of Emergent. "We
remain committed to reaching our target of more than $100 million
in debt reduction this year, while continuing to deliver vital
medicines to our customers and patients, creating long-term and
sustainable value for shareholders and working toward strengthening
our balance sheet, so that we have a healthier financial foundation
to support our company’s future direction."
Emergent will provide more on its 2024 financial outlook,
incorporating any potential expectations related to these recent
events, and other relevant information when it reports its second
quarter financial results in August.
About Emergent BioSolutions At
Emergent, our mission is to protect and enhance life. For 25 years,
we’ve been at work defending people from things we hope will never
happen—so we are prepared just in case they ever do. We provide
solutions for complex and urgent public health threats through a
portfolio of vaccines and therapeutics that we develop and
manufacture for governments and consumers. We also offer a range of
integrated contract development and manufacturing services for
pharmaceutical and biotechnology customers. To learn more about how
we plan to protect or enhance 1 billion lives by 2030, visit
our website and follow us
on LinkedIn, X, Instagram, Apple
Podcasts and Spotify.
Safe Harbor StatementThis press release
includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Any statements,
other than statements of historical fact, including statements
regarding the expected timing for implementation of its
restructuring activities, its total and cash cost, our ability to
reduce our debt by more than $100 million, and if so, within our
anticipated timeframe, our ability to achieve the objectives of the
restructuring, including our future results and any other
statements containing the words "anticipate," "believe,"
"continue," "could," "estimate," "expect," "forecast," "future,"
"goal," “impending,” "intend," "may," "plan," "position,"
"possible," "potential," "predict," "project," "should," "target,"
"will," "would," and similar expressions or variations thereof, or
the negative thereof.. Forward-looking statements are based on our
current intentions, beliefs and expectations regarding future
events based on information that is currently available. We cannot
guarantee that any forward-looking statement will be accurate.
Readers should realize that if underlying assumptions prove
inaccurate or unknown risks or uncertainties materialize, actual
results could differ materially from our expectations. Readers are,
therefore, cautioned not to place undue reliance on any
forward-looking statements. Any forward-looking statement speaks
only as of the date of this press release, and, except as required
by law, we do not undertake to update any forward-looking statement
to reflect new information, events or circumstances.
There are a number of important factors that could cause our
actual results to differ materially from those indicated by any
forward-looking statements. Readers should consider this cautionary
statement, as well as the risk factors identified in our periodic
reports filed with the U.S. Securities and Exchange Commission,
when evaluating our forward-looking statements.
Investor Contact:Richard S. LindahlExecutive
Vice President, CFOlindahlr@ebsi.com
Media Contact:Assal HellmerVice President,
Communicationsmediarelations@ebsi.com
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