Emergent BioSolutions Q2 2024 10-Q Filed

TL;DR

Emergent BioSolutions filed its Q2 2024 10-Q, detailing financial performance and business segments.

AI Summary

Emergent BioSolutions Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company's fiscal year ends on December 31st, and this filing covers the second quarter of 2024. Key financial details and business segments, including Commercial Products and Medical Countermeasures (MCM), are presented.

Why It Matters

This filing provides investors and stakeholders with a crucial update on Emergent BioSolutions' financial health and operational performance for the second quarter of 2024.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company's industry and past performance can introduce inherent risks.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024 financial performance)
• 2024-06-30 — Period End Date (Date as of which financial information is reported)
• 2024-08-07 — Filing Date (Date the 10-Q was submitted to the SEC)

Key Players & Entities

• Emergent BioSolutions Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240807 (date) — Filing date
• 2024-01-01 (date) — Start of the reporting period
• 2023-12-31 (date) — Previous fiscal year end

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share EBS New York Stock

Filing Documents

• ebs-20240630.htm (10-Q) — 2003KB
• a311-papacert063024.htm (EX-31.1) — 8KB
• a312-lindahlcert063024.htm (EX-31.2) — 8KB
• a321-papacert063024.htm (EX-32.1) — 3KB
• a322-lindahlcert063024.htm (EX-32.2) — 3KB
• ebs-20240630_g1.jpg (GRAPHIC) — 74KB
• 0001367644-24-000147.txt ( ) — 10530KB
• ebs-20240630.xsd (EX-101.SCH) — 56KB
• ebs-20240630_cal.xml (EX-101.CAL) — 90KB
• ebs-20240630_def.xml (EX-101.DEF) — 359KB
• ebs-20240630_lab.xml (EX-101.LAB) — 709KB
• ebs-20240630_pre.xml (EX-101.PRE) — 574KB
• ebs-20240630_htm.xml (XML) — 1847KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements 5 Condensed Consolidated Balance Sheets— June 30 , 2024 and December 31, 202 3 5 Condensed Consolidated Statements of Operations—Three and Six Months Ended June 30 , 2024 and 202 3 6 Condensed Consolidated Statements of Comprehensive Loss —Three and Six Months Ended June 30 , 2024 and 202 3 7 Condensed Consolidated Statements of Cash Flows— Six Months Ended June 30 , 2024 and 2023 8 Condensed Consolidated Statements of Changes in Stockholders' Equity—Three and Six Months Ended June 30 , 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 58 Item 4.

Controls and Procedures

Controls and Procedures 58

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 58 Item 1A.

Risk Factors

Risk Factors 59 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 62 Item 3. Defaults Upon Senior Securities 62 Item 4. Mine Safety Disclosures 62 Item 5. Other Information 62 Item 6. Exhibits 62

Signatures

Signatures 64 2 EMERGENT BIOSOLUTIONS INC.

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including statements regarding the future performance of Emergent BioSolutions Inc. or any of our businesses, our business strategy, future operations, future financial position, future revenues and earnings, our ability to achieve the objectives of our restructuring initiatives, including our future results, projected costs, prospects, plans and objectives of management, are forward-looking statements. We generally identify forward-looking statements by using words like "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "goal," "intend," "may," "plan," "position," "possible," "potential," "predict," "project," "should," "target," "will," "would," and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. These forward-looking statements are based on our current intentions, beliefs, assumptions and expectations regarding future events based on information that is currently available. You should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could differ materially from our expectations. You are, therefore, cautioned not to place undue reliance on any forward-looking statement contained herein. Any such forward-looking statement speaks only as of the date on which such statement is made and, except as required by law, we do not undertake any obligation 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 such forward-looking sta

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Emergent BioSolutions Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in millions, except per share amounts) June 30, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 69.7 $ 111.7 Restricted cash 1.3 — Accounts receivable, net 196.3 191.0 Inventories, net 317.5 328.9 Prepaid expenses and other current assets 36.0 47.9 Assets held for sale 33.7 — Total current assets 654.5 679.5 Property, plant and equipment, net 306.2 382.8 Intangible assets, net 534.1 566.6 Other assets 18.7 194.3 Total assets $ 1,513.5 $ 1,823.2 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 95.9 $ 112.2 Accrued expenses 17.2 18.6 Accrued compensation 66.7 74.1 Debt, current portion 415.2 413.7 Other current liabilities 14.6 32.7 Liabilities held for sale 10.1 — Total current liabilities 619.7 651.3 Debt, net of current portion 447.0 446.5 Deferred tax liability 34.8 47.2 Other liabilities 25.7 28.9 Total liabilities 1,127.2 1,173.9 Stockholders' equity: Preferred stock, $ 0.001 par value per share; 15.0 shares authorized, no shares issued or outstanding — — Common stock, $ 0.001 par value per share; 200.0 shares authorized, 58.5 and 57.8 shares issued; 52.9 and 52.2 shares outstanding, respectively 0.1 0.1 Treasury stock, at cost, 5.6 and 5.6 common shares, respectively ( 227.7 ) ( 227.7 ) Additional paid-in capital 915.3 904.4 Accumulated other comprehensive loss, net ( 5.5 ) ( 5.7 ) Accumulated deficit ( 295.9 ) ( 21.8 ) Total stockholders' equity 386.3 649.3 Total liabilities and stockholders' equity $ 1,513.5 $ 1,823.2 See accompanying notes to condensed consolidated financial statements. 5 Emergent BioSolutions Inc. and Subsidiaries Condensed Consolidated Statements of Operations (unaudited, in millions, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Commercial

View Full Filing

View this 10-Q filing on SEC EDGAR