Emergent Biosolutions Inc. · NYSE:EBS
Emergent Biosolutions — Q1 2021 Earnings Presentation
23 slides from Emergent Biosolutions's earnings presentation, Apr 29, 2021
Slide 1: 1Q21 Investor Update
1Q21 Investor Update 1 April 29, 2021
Slide 2: Introduction
Introduction Robert G. Burrows Vice President, Investor Relations 2 1Q 2021 Investor Update
Slide 3: Safe Harbor Statement
Safe Harbor Statement 3 1Q 2021 Investor UpdateINTRODUCTION This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact, including, without limitation, our financial guidanc
Slide 4: Non-GAAP Financial Measures / Trademarks
Non-GAAP Financial Measures / Trademarks 4 1Q 2021 Investor UpdateINTRODUCTION NON-GAAP FINANCIAL MEASURES This presentation contains financial measures (Adjusted Net Income, Adjusted Net Income Per Diluted Share, Adjusted EBITDA (Earnings Before Depreciation and Amortization, Interest and Taxes), A
Slide 5: Agenda
Agenda 5 1Q 2021 Investor Update • State of the Company • Financial Results: 1Q21 • Financial Guidance: Full Year 2021 and 2Q21 • Question and Answer Session INTRODUCTION
Slide 6: State of the Company
State of the Company Robert G. Kramer President and Chief Executive Officer 6 1Q 2021 Investor Update
Slide 7: Key Themes for 1Q21
Key Themes for 1Q21 Status of the Company 7 1Q 2021 Investor UpdateSTATE OF THE COMPANY • Since our founding, we have had a steadfast commitment to quality. • We stepped up and began to rapidly scale up Bayview capacity. • This kind of effort had never been done before – a process that normally take
Slide 8: Financial Results
Financial Results Richard S. Lindahl Executive Vice President, Chief Financial Officer and Treasurer 8 1Q 2021 Investor Update
Slide 9: 1Q21 Performance Summary Points
1Q21 Performance Summary Points 9 1Q 2021 Investor UpdateFINANCIAL RESULTS • Solid financial performance, consistent with expectations • Financial outcomes reflect strength and durability of diversified business • Financial condition remains sound with liquidity and financial flexibility to fund ope
Slide 10: Primary Metrics: P&L – 1Q21 vs. 1Q20
Primary Metrics: P&L – 1Q21 vs. 1Q20 10 1Q 2021 Investor UpdateFINANCIAL RESULTS $ in millions, except per share amounts $343.0 $192.5 $123.5 $15.3 $83.6 $0.3 $1.53 Total Revenues Adjusted EBITDA1 Adjusted Net Income1 Adjusted Net Income Per Diluted Share1 1Q21 1Q20 1. See the Appendix for a definit
Slide 11: Additional Information: CDMO Metrics at 1Q21
Additional Information: CDMO Metrics at 1Q21 11 1Q 2021 Investor UpdateFINANCIAL RESULTS $187M $1.34B $807M New Business1 In 1Q21 [net new contracted value included in Backlog] Backlog2 As of 3/31/21 Rolling Opportunity Funnel3 As of 3/31/21 1. New business is defined as initial value of contracts s
Slide 12: Additional Information: CDMO Metrics Trends
12 1Q 2021 Investor UpdateFINANCIAL RESULTS Additional Information: CDMO Metrics Trends ($ in millions) $60 $53 $187 3Q20 4Q20 1Q21 $475 $689 $807 9/30/2020 12/31/2020 3/31/2021 $1,484 $1,340 $1,343 9/30/2020 12/31/2020 3/31/2021 NEW BUSINESS1 [net new contracted value included in Backlog] ROLLING O
Slide 13: Primary Metrics: Balance Sheet & Liquidity – 1Q21
Primary Metrics: Balance Sheet & Liquidity – 1Q21 13 1Q 2021 Investor UpdateFINANCIAL RESULTS Cash $547.8 Accounts Receivable $184.4 Cash + Accounts Receivable $732.2 Net Debt Position1,2 $321.4 Operating Cash Flow $5.1 Capital Expenditures $56.1 As of March 31, 2021 1. Debt amount indicated on the
Slide 14: Revised 2021 Forecast
Revised 2021 Forecast 14 1Q 2021 Investor UpdateFINANCIAL RESULTS 2Q21 forecasted total revenues: $370 to $430 Metric REVISED FORECAST [As of 04/29/2021] Previous Forecast Total revenues $1,700 - $1,900 $1,950 - $2,050 -- NARCAN Nasal Spray -- Anthrax vaccines -- ACAM2000 -- CDMO services $305 - $32
Slide 15: Revised 2021 Forecast: Key Considerations
Revised 2021 Forecast: Key Considerations 15 1Q 2021 Investor UpdateFINANCIAL RESULTS • UNCHANGED from previous forecast: • Anthrax vaccines revenues are expected to continue to primarily reflect procurement of AV7909 under the terms of the Company’s existing contract with the Biomedical Advanced Re
Slide 16: Key Takeaways
Key Takeaways 16 1Q 2021 Investor UpdateFINANCIAL RESULTS • Strong financial results in 1Q21. • Protecting and enhancing lives across the globe. • Dedicated employees confronting the COVID-19 pandemic. • Remain confident in future growth.
Slide 17: Q&A
Q&A 17 1Q 2021 Investor Update
Slide 18: Appendix
APPENDIX 18 1Q 2021 Investor Update
Slide 19: Reconciliation of Net Income to Adjusted Net Income – 1Q21 vs. 1Q20
Reconciliation of Net Income to Adjusted Net Income – 1Q21 vs. 1Q20 19 1Q 2021 Investor UpdateAPPENDIX (in millions, except per share amounts) Three Months Ended March 31, 2021 2020 Source Net income (loss) $69.7 $(12.5) Adjustments: + Non-cash amortization charges 16.0 15.5 Intangible Asset Amortiz
Slide 20: Reconciliation of Net Income to Adjusted Net Income – 2021 Forecast
Reconciliation of Net Income to Adjusted Net Income – 2021 Forecast 20 1Q 2021 Investor UpdateAPPENDIX (in millions) Full Year Forecast 2021F Source Net income $340.0 - $415.0 Adjustments: + Non-cash amortization charges 64.0 Intangible Asset Amortization, Other Income + Changes in fair value of con
Slide 21: Reconciliation of Net Income to Adjusted EBITDA – 1Q21 vs. 1Q20
Reconciliation of Net Income to Adjusted EBITDA – 1Q21 vs. 1Q20 21 1Q 2021 Investor UpdateAPPENDIX (in millions) Three Months Ended March 31, 2021 2020 Net income (loss) $69.7 $(12.5) Adjustments: + Depreciation & amortization 28.7 28.2 + Provision for income taxes 15.5 (8.8) + Total interest expens
Slide 22: Reconciliation of Net Income to Adjusted EBITDA – 2021 Forecast
Reconciliation of Net Income to Adjusted EBITDA – 2021 Forecast 22 1Q 2021 Investor UpdateAPPENDIX (in millions) Full Year Forecast 2021F Net income $340.0 - $415.0 Adjustments: + Depreciation & amortization 129.0 + Income taxes 114.0 – 139.0 + Total interest expense 32.0 + Change in fair value of c
Slide 23: Reconciliation of Gross Margin to Adjusted Gross Margin – 1Q21 vs. 1Q20
Reconciliation of Gross Margin to Adjusted Gross Margin – 1Q21 vs. 1Q20 23 1Q 2021 Investor UpdateAPPENDIX (in millions) Three Months Ended March 31, 2021 2020 Total revenues $343.0 $192.5 - Contract and grants revenues (21.3) (22.6) Adjusted revenues $321.7 $169.9 Cost of product sales and contract
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