Rockville-based Emergent BioSolutions Inc. (NYSE: EBS) released another quarter of net income increases, dispelling the anecdotal evidence of unprofitable biotechnology companies in the region.
Net income jumped to $14.21 Million in the second quarter ended June 30, 2011 opposed to a net income of $9.81 Million in the prior quarter of 2010.
R. Don Elsey, chief financial officer of Emergent BioSolutions, remarked, "Our second quarter financial performance reflects the continued deliveries of BioThrax to the SNS under the modified current contract for 17.9 million doses and our ongoing commitment to control expenditures while investing in the development of our pipeline programs."
Revenue increased to $71.48 Million due to higher sales of Emergent's BioThrax-Anthrax Vaccine; delivered doses were up 25%. Last year's revenue was $55.87 Million.
Cash and cash equivalents decreased though to $122.1 Million as of June 30, 2011 from $169.02 Million in 2010.
Emergent BioSolutions revised its full year forecast downwards for revenue to fall between $270 and $290 Million but conclude the 2011 with a net income range of $15 to $25 Million. The fall in revenue is due to lower fermentation yields.