Emergent BioSolutions Q4 net income down to $1.5m

Emergent BioSolutions, a developer and marketer of immunobiotics, has reported net income of $1.5m, or $0.05 diluted earnings per share for the fourth quarter of 2008, compared to net income of $27.7m, or $0.93 diluted earnings per share for the same period of 2007.

For 2008, Emergent reported net income of $20.7m, or $0.68 diluted earnings per share, compared to $22.9m, or $0.77 diluted earnings per share for 2007.

The company reported total revenues of $35.8m for the fourth quarter of 2008 compared to $89.6m for the same period of 2007. For the full year 2008, total revenues were $178.5m compared to $182.9m for the year 2007.

Don Elsey, CFO of Emergent BioSolutions, said: Our net income for 2008 exceeded the $18-$20m we projected on January 9, 2009. Looking ahead, our business remains strong and we are confident about the prospects for growth in 2009. We currently anticipate 2009 total revenues of $225-$240m and continued profitability.

Additionally, we are optimistic about a substantial rPA development and procurement contract award, expected to exceed $500m, after which we would update our 2009 guidance. Finally, and consistent with our strategy for growth, we are actively pursuing acquisition opportunities that would complement our product pipeline.