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Emergent BioSolutions

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Emergent BioSolutions
Company typePublic company
NYSE: EBS
Founded1998
HeadquartersGaithersburg, Maryland
Key people
List
  • Fuad El-Hibri (Executive Chairman of the Board of Directors)
  • Daniel J. Abdun-Nabi (President and Chief Executive Officer)
RevenueIncrease US $445-$500 million (2014)
Increase US $42.8 million (2014)
Increase US $53-$55 million (2014)
WebsiteOfficial website
Footnotes / references
[1][2][3][4][5][6][7][8]

Emergent BioSolutions is a multinational specialty biopharmaceutical company headquartered in Gaithersburg, Maryland.[9] It develops vaccines and antibody therapeutics for infectious diseases, oncology and autoimmune disorders, and provides medical devices for biodefense purposes.

Among the company’s notable products is BioThrax (Anthrax Vaccine Adsorbed), the only anthrax vaccine licensed by the U.S. Food and Drug Administration (FDA). The company also manufactures pharmaceuticals for adults and children with acute blood disorders, people undergoing certain liver transplants, palliative care for chemo or radiation therapy patients, hemophilia B and a varicella (Chickenpox) vaccine for high risk patients.

The company has two divisions: a Biodefense division for medical countermeasures and a Biosciences division to treat infectious disease, autoimmune diseases, and cancer.[10]

Fuad El-Hibri, the founder of the company and former CEO,[11] led the company since its founding as BioPort Inc.[10][12] until his retirement on April 1, 2012.[13][14] He continues to serve as the executive chairman of Emergent BioSolutions’ board of directors.[15] The current CEO is Daniel Abdun-Nabi.

Anthrax vaccine

Further information: Anthrax vaccine
Anthrax Vaccine Adsorbed
Anthrax Vaccine Adsorbed

BioThrax

According to the U.S. National Library of Medicine, BioThrax was first made available in 1970.[16] BioThrax (Anthrax Vaccine Adsorbed), a vaccine licensed by the U.S. Food and Drug Administration.[17] Following a study by scientists from the Centers for Disease Control and Prevention,[18] on December 19, 2008, Emergent received final FDA licensing for use of BioThrax five doses for intramuscular injection.[19] Later in 2009, Emergent received approval from the FDA to extend the shelf life of its anthrax vaccine from three to four years. BioThrax was approved for distribution in the United States.[20][failed verification] BioThrax has received marketing approval in India, Singapore, and Germany.[21][22][23]

The FDA gave BioThrax an "orphan drug" designation in April 2014.[24] The FDA gives that status to drugs that are used to treat rare diseases.[24] BioThrax is the only anthrax vaccine licensed by the FDA.[24]

As of April 2014, Emergent has sold over 66 million doses of BioThrax to the U.S. government.[25] Three million U.S. military personnel have received the BioThrax vaccine.[25]

The main buyer of BioThrax is the U.S. Centers for Disease Control and Prevention (CDC).[26] The CDC buys BioThrax for the Strategic National Stockpile (SNS).[26] The government uses the SNS to protect the public in the event of a national emergency like a terrorist attack.[26]

Company history

Acquisition history
  • 2003 (2003): Antex Biologics, Inc.[27]
  • 2005 (2005): Microscience Ltd.[28]
  • 2006 (2006): Vivacs GmbH[29]
  • 2008 (2008): A group of anthrax monoclonal antibodies from Avanir Pharmaceuticals[30]
  • 2008 (2008): Anthrax vaccine program, patents and processes from VaxGen[31][32]
  • 2010 (2010): Trubion Pharmaceuticals[33]
  • 2013 (2013): Healthcare Protective Products Division of Bracco Diagnostics Inc., which includes RSDL decontamination lotion[34][35]
  • 2014 (2014): Cangene Corporation[36][37]

Founding

Emergent BioSolutions was founded on September 5, 1998, under the name BioPort. At the time, the Michigan Department of Public Health, though its Michigan Biologics Products Institute, owned an anthrax vaccine manufacturing facility in Lansing, Michigan. BioPort purchased the facility and the rights to manufacture the vaccine for the U.S. military.[38][39]

2001 anthrax attacks

After the September 11, 2001, and the anthrax attacks that followed, Emergent worked with the U.S. government to supply anthrax countermeasures.[40]

Emergent BioSolutions and acquisitions

BioPort was renamed Emergent BioSolutions in 2004.[41] Between 2003 and 2014, Emergent acquired several companies and product lines. See Acquisition history box to the right.

Initial public offering (IPO)

Emergent became a publicly traded company in 2006, with its stock trading on the New York Stock Exchange under the symbol EBS.[40]

Centers for Innovation in Advanced Development and Manufacturing

In June 2012, Emergent, along with Novartis and the Texas A&M University System was selected by the U.S. Department of Health and Human Services as one of the three Centers for Innovation in Advanced Development and Manufacturing. The public-private partnership granted Emergent $163 million over eight years to assist in the development of countermeasures for health, nuclear and radiological epidemics.[42] The point of the sites is to produce medical countermeasures in the event of a national pandemic.[43] Emergent's site is located in Maryland. The company expects the site to be operational by the year 2020.[43]

Financial information

2014-2015 activity and financial figures

According to ZACKs, Emergent's acquisition of Cangene made both of Emergent's divisions (Biosciences and Biodefense) stronger. In addition to the Cangene acquisition, Emergent and the German human antibody developer MorphySys AG in 2014 began collaborating on a prostate cancer drug called ES414. As of January 2015, the drug is in the pre-clinical stage.[44]

In early January 2015, Emergent publicly released its preliminary financial totals for the 2014 year. The company saw an increase in revenue, GAAP net income,[a] and adjusted net income. Revenue amounted to between $445–$450 million, which is 43% higher than revenue earned in 2013. GAAP net income was between $36 and $38 million (a 19% increase). Adjusted net income increased by 49 percent to between $53 and $55 million.[45]

Also in January, the company gave what is known as "guidance" (an accounting term meaning a company tells the public what it expects to earn in the future[46]) for 2015. Emergent expects $90–105 million in sales in the first three months of 2015; and between $510–540 million for the full year.[44] Emergent sold more BioThrax in 2014 than in the previous year (BioThrax sales amounted to approximately $246 million). According to company statements, Emergent believes that the growth in BioThrax sales along with stronger sales of other products from its Biodefense division will drive growth in 2015.[45] The Motley Fool, an investment information company characterized in its Yahoo! Finance profile as "the king of personal investing tips",[47] believes that Emergent's drug to treat hemophilia B, called Ixinity, will also drive growth in 2015. As of January 21, 2015, the FDA was reviewing Emergent's application for Ixinity approval.[48]

Key financial figures, current as of January 21, 2015, are listed in the table:[49]

Measure Header
Market capitalization $1,040,000,000
Enterprise value $1,070,000,000
Profit margin 5.46%
Operating margin 12.19%
Cash on hand $242,250,000
Debt $251,000,000
Debt/equity ratio 43.92

R&D and manufacturing operations

Main article: Anthrax Vaccine Adsorbed

In addition to the anthrax vaccine, Emergent BioSolutions develops and manufactures vaccines and therapeutics for the prevention or treatment of several diseases.[50]

The following table shows the company's marketed products, as of May 2014:[2][51][52]

Name Disease/Therapeutic Area Treats Stage Type
Anthrasil (Anthrax Immune Globulin Intravenous) Anthrax Inhalational anthrax Marketed Therapeutic[53]
BAT (Botulism Antitoxin Heptavalent (A,B,C,D,E,F,G)-Equine) Botulism Exposure to botulinum neurotoxin Marketed Therapeutic
BioThrax (Anthrax Vaccine Adsorbed) Anthrax Anthrax Marketed Vaccine
episil (Oral Liquid) Oral wound dressing Pain associated with oral mucositis Marketed Medical device
HepaGam B [Hepatitis B Immune Globulin Intravenous] Hepatitis B Hepatitis B reinfection after liver transplantation Marketed Therapeutic
IXINITY [coagulation factor IX (recombinant)] Hemophilia B Inherited bleeding disorder that prevents clotting Marketed Therapeutic[54]
RSDL Chemical decontamination Skin exposure to chemical warfare agents Marketed Medical device
VIGIV [Vaccinia Immune Globulin Intravenous (Human)] Smallpox Smallpox vaccine complications Marketed Therapeutic
VARIZIG [Varicella Zoster Immune Globulin (Human)] Chickenpox Post-exposure prophylaxis of chickenpox Marketed Therapeutic
WinRho SDF [Rho(D) Immune Globulin Intravenous (Human)] Blood disorder Immune thrombocytopenic purpura (autoimmune platelet disorder) Marketed Therapeutic

Corporate social responsibility

Emergent runs a charitable giving program called Give Corporate Social Responsibility. The company has given money to the Lansing, Michigan school district. Prominent donations and scholarships include:

  • April 2014 - $15,000 to Lansing J. W. Sexton High School for the purchase of equipment for the AP Biology program.[55]
  • October 2014 - $25,000 to Sexton High School for engineering equipment[56]
  • October 2014 - $25,000 to the Lansing Promise scholarship fund[56]

Emergent is also a donor to the "Relentless Tour", an anti-bullying program that tries to raise awareness of autism and the problem of autistic children being bullied.[57]

See also

References

  1. ^ "Emergent BioSolutions Corporate Governance". Emergent BioSolutions. Retrieved 8 July 2013.
  2. ^ a b "Emergent BioSolutions, Inc. (EBS)". Yahoo! Finance. Retrieved 1 May 2014.
  3. ^ "Emergent BioSolutions - Key Statistics". Yahoo! Finance. Retrieved 1 May 2014.
  4. ^ "Emergent BioSolutions - Income Statement". Yahoo! Finance. Retrieved 1 May 2014.
  5. ^ "Emergent BioSolutions - Balance Sheet". Yahoo! Finance. Retrieved 1 May 2014.
  6. ^ "Emergent Solutions". BioSpace. Dice Holdings, Inc. Retrieved 1 May 2014.
  7. ^ Ramstack, Tom (16 October 2007). "BioSolutions posts healthy progress". The Washington Times. p. C10.
  8. ^ "Emergent Biosolutions Inc". Google Finance. Retrieved 1 May 2014.
  9. ^ "Contact Us". Emergent BioSolutions. Retrieved 13 May 2015.
  10. ^ a b "Lansing laboratory may begin anthrax vaccine shipments". The Michigan Daily. 23 January 2002. Retrieved 19 March 2015.
  11. ^ Shapiro, Andy (29 May 2008). "Md. firm to buy Protein Sciences". New Haven Register.
  12. ^ "Emergent BioSolutions CEO joins board of U.S. Chamber of Commerce". The Washington Business Journal. 13 June 2011. Retrieved 19 March 2015.
  13. ^ Overly, Steven (21 December 2011). "Emergent CEO to step down in 2012". The Washington Post. Retrieved 19 March 2015.
  14. ^ Eckert, Barton (21 December 2011). "Emergent BioSolutions Fuad El-Hibri to retire as CEO". The Washington Business Journal. Retrieved 19 March 2015.
  15. ^ \Kevin James Shay (30 March 2012). "Emergent's Fuad El-Hibri, an entrepreneur at heart". Gazette. Retrieved 19 March 2015.
  16. ^ Meyer Weiss, Martin; Weiss, Peter D.; Weiss, Joseph B. (November 2007). "Anthrax Vaccine and Public Health Policy". American Journal of Public Health. 97 (11). American Public Health Association: 1945–1951. doi:10.2105/AJPH.2006.102749. ISSN 1541-0048. PMC 2040369. PMID 17901434.
  17. ^ Echols, Tucker (14 July 2010). "Emergent BioSolutions wins $107M HHS contract". Washington Business Journal.
  18. ^ Lauerman, John (30 September 2008). "Emergent's Anthrax Vaccine Effective With Fewer Doses in Study". Bloomberg. Retrieved 11 July 2011.
  19. ^ "Emergent BioSolutions Gets FDA Nod For Anthrax Vaccine supplemental BLA - Update", RTT News, December 19, 2008. Retrieved August 13, 2013.
  20. ^ "Emergent BioSolutions Gets FDA Nod For Anthrax Vaccine supplemental BLA - Update". RTT News. 19 December 2008. Retrieved 11 July 2011.
  21. ^ "Emergent BioSolutions Receives Paul-Ehrlich-Institut Approval to Market BioThrax in Germany", Yahoo Finance press release, July 1, 2013. Retrieved August 13, 2013.
  22. ^ Clabaugh, Jeff (24 June 2011). "Emergent gets entry to Singapore". Washington Business Journal. Retrieved 22 July 2011.
  23. ^ "Local Briefing". The Washington Post. 13 February 2009. Retrieved 11 July 2011.
  24. ^ a b c Bryan, Cohen (21 April 2014). "Emergent BioSolutions' BioThrax receives orphan drug designation for PEP". BioPrepWatch. Chicago, Illinois. Retrieved 1 May 2014.
  25. ^ a b "Emergent BioSolutions Receives Orphan Drug Designation for BioThrax for Post-Exposure Prophylaxis of Anthrax Disease". MarketWatch.com. Wall Street Journal. Dow Jones & Company. 21 April 2014. Retrieved 1 May 2014.
  26. ^ a b c PropThink, P. (2014). "Emergent BioSolutions Is Building An Enviable BioDefense Portfolio". Seeking Alpha. Retrieved 1 May 2014.
  27. ^ Tinder, Paul (10 November 2009). "Emergent BioSolutions appoints Jackson as chief scientific officer". Vaccine News Daily. Retrieved 30 April 2014.
  28. ^ "Emergent acquires vaccine company". BIOTECH Patent News. 1 June 2005. ISSN 0898-2813.
  29. ^ "Emergent BioSolutions mit verstärkter Präsenz in Deutschland". bionity.com (in German). Bionity. August 7, 2006. Retrieved 30 April 2014.
  30. ^ "Avanir Divests Anthrax mAb Program to Emergent BioSolutions in Deal Worth $1.75M". Genetic Engineering & Biotechnology News. 6 March 2008. Retrieved 12 October 2011.
  31. ^ "VaxGen sells anthrax vaccine candidate to Emergent BioSolutions". Forbes. Thomson Reuters. 5 May 2008. Retrieved 11 July 2011.
  32. ^ "VaxGen wraps up sale of anthrax assets". San Francisco Business Times. 5 May 2008. Retrieved 11 July 2011.
  33. ^ "Emergent BioSolutions Completes Acquisition Of Trubion Pharmaceuticals". The Street. 28 October 2010. Retrieved 30 April 2014.
  34. ^ Cohen, Bryan (6 August 2013). "Emergent BioSolutions closes on acquisition of Bracco Diagnostics division". Vaccine News Daily. Retrieved 1 May 2014.
  35. ^ "Emergent BioSolutions Closes on Its Acquisition of Healthcare Protective Products Division from Bracco Diagnostics Inc". Yahoo! Finance. 2 August 2013. Retrieved 1 May 2014.
  36. ^ "Cangene Receives Court Approval of Plan of Arrangement for Acquisition by Emergent BioSolutions". Wall Street Journal. 2014-02-18 (Retrieved 2014-02-21)
  37. ^ Overly, Steven. "Emergent BioSolutions pays $222M to acquire life sciences firm Cangene Corp." The Washington Post. 2013-12-11 (Retrieved 2014-02-21)
  38. ^ "Lansing laboratory may begin anthrax vaccine shipments". The Michigan Daily. 23 January 2002. Retrieved 30 April 2014.
  39. ^ Williams, Thomas D. (18 May 2001). "Shays: Pentagon Acted Inappropriately". The Hartford Courant. Retrieved 30 April 2014.
  40. ^ a b "History". Emergent BioSolutions. Retrieved 1 May 2014.
  41. ^ "EMERGENT BIOSOLUTIONS INC (EBS:New York): Company Description". Bloomberg Businessweek. Retrieved 28 September 2012.
  42. ^ "Emergent licenses flu vaccine for new federal biodefense center". Gazette.net. 4 January 2013. Retrieved 25 January 2013.
  43. ^ a b Sievers, Lisa (15 April 2014). "First of three pandemic manufacturing sites could be ready by 2016". Chicago, Illinois. Retrieved 1 May 2014.
  44. ^ a b "Emergent BioSolutions Provides Preliminary 2014 Results - January 12, 2015 - Zacks.com". ZACKS. Chicago, IL: Zacks Investment Research. 12 January 2015. Retrieved 27 January 2015.
  45. ^ a b Burrows, Robert and Schmitt, Tracey (11 January 2015). "Emergent BioSolutions Announces Preliminary 2014 Financial Results and Provides 2015 Financial Outlook". NASDAQ Stock Market - Stock Quotes - Stock Exchange News - NASDAQ.com (Press release). Gaithersburg, MD: Emergent BioSolutions. GlobeNewswire. Retrieved 21 January 2015.{{cite press release}}: CS1 maint: multiple names: authors list (link)
  46. ^ "Guidance". Investopedia. Investopedia, LLC. Retrieved 21 January 2015.
  47. ^ "The Motley Fool, Inc. Company Profile - Yahoo Finance". Yahoo! Finance. Retrieved 21 January 2015.
  48. ^ Orelli, Brian (6 November 2014). "Emergent BioSolutions Inc. Busts Through Guidance. Sort of". The Motley Fool. The Motley Fool. Retrieved 21 January 2015.
  49. ^ "EBS Key Statistics Emergent BioSolutions, Inc. Com Stock". Yahoo! Finance. 21 January 2015. Retrieved 21 January 2015.
  50. ^ "Emergent BioSolutions Secures Orphan Drug Designation for Its Investigational Monoclonal Antibody for the Treatment of Inhalation Anthrax". Health & Beauty Close-Up. 9 November 2010.
  51. ^ "Corporate Fact Sheet" (PDF). Emergent BioSolutions. Retrieved 1 May 2014.
  52. ^ "Products page". Emergent BioSolutions. Retrieved 13 May 2015.
  53. ^ "Anthasil - Highlights Of Prescribing Information" (PDF). Emergent BioSolutions. 24 March 2015. Retrieved 13 May 2015.
  54. ^ "IXINITY". Ixinity.com. Emergent BioSolutions. Retrieved 13 May 2015.
  55. ^ "Lansing Students Get AP Credits Thanks To Emergent Biosolutions". WLNS Channel 6 (CBS). Lansing, Michigan. 28 March 2014. Retrieved 1 May 2014.
  56. ^ a b Lavey, Kathleen (28 October 2014). "$50K gift will pay for science, scholarships in Lansing". Lansing State Journal. Retrieved 28 October 2014.
  57. ^ "Anti-Bullying 'Relentless Tour' To Visit Lansing Area". Fox 47 News. 31 March 2014. Retrieved 1 May 2014.

Notes

  1. ^ The NASDAQ source includes a statement regarding the "reconciliation of GAAP to Non-GAAP Net Income" and cites Securities and Exchange Commission rules. The full statement appears under the header "(III) Reconciliation of GAAP to Non-GAAP Net Income" in the source text ([2])

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