On May 01, 2024 Emergent BioSolutions Inc. (NYSE: EBS) reported financial results for the first quarter ended March 31, 2024 (Press release, Emergent BioSolutions, MAY 1, 2024, View Source [SID1234642511]).

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"We delivered a strong quarter with growth across all our key products," said Joe Papa, President and CEO at Emergent. "We also took significant actions to improve our debt position, reduce operating expenses and strengthen our financial flexibility. Emergent’s transformation will not happen overnight. The actions we are implementing today, combined with the assets Emergent possesses, will enable us to move faster, reach farther and be more nimble. The public health threats we collectively face are changing, and so is Emergent."

FINANCIAL HIGHLIGHTS (1)

Q1 2024 vs. Q1 2023

($ in millions, except per share amounts) Q1 2024 Q1 2023 % Change
Total Revenues $ 300.4 $ 164.3 83 %
Net Income (Loss) $ 9.0 $ (186.2 ) 105 %
Net Income (Loss) per Diluted Share $ 0.17 $ (3.71 ) 105 %
Adjusted Net Income (Loss) (2) $ 31.1 $ (163.5 ) 119 %
Adjusted Net Income (Loss) per Diluted Share (2) $ 0.59 $ (3.26 ) 118 %
Adjusted EBITDA (2) $ 66.9 $ (101.5 ) 166 %
Total Segment Gross Margin % (2) 51 % 3 %
Total Segment Adjusted Gross Margin % (2) 51 % 5 %

SELECT Q1 2024 AND OTHER RECENT BUSINESS UPDATES

Appointed industry leader Joseph C. Papa as new President, CEO and Director
Was awarded procurement contract valued up to $235.8 Million to supply BioThrax (Anthrax Vaccine Adsorbed) to the U.S. Department of Defense
Received "no action indicated" (NAI) status for Baltimore Bayview Manufacturing Facility
Continued progress on strengthening our fundamentals with key focus on our Medical Countermeasure ("MCM") and NARCAN products
Amended our senior secured credit facility
FIRST QUARTER 2024 FINANCIAL PERFORMANCE (1)

Revenues

The Company uses the following categories in discussing product/service level revenues:

NARCAN — comprises contributions from NARCAN Nasal Spray
Other Commercial Products – comprises contributions from Vaxchora and Vivotif, which we sold to Bavarian Nordic as part of our travel health business in May 2023
Anthrax MCM — comprises potential contributions from CYFENDUS, previously known as AV7909, BioThrax, Anthrasil and Raxibacumab
Smallpox MCM — comprises potential contributions from ACAM2000, VIGIV and TEMBEXA
Other Products — comprises potential contributions from BAT, RSDL and Trobigard
Bioservices — comprises service and lease revenues from the Bioservices business