EBS - Earnings call transcript Q4 2018 | Emergent BioSolutions Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2018 Emergent BioSolutions Incorporated Earnings Conference Call. At this time all participants are in a listen-only mode. Later, we will conduct the question-and-answer session and instructions will be given at that time. [Operator Instructions] I would now like to turn the conference over to Bob Burrows, VP of Investor Relations.

You may begin.

Bob Burrows

good and Sonya, you, afternoon, everyone. Thank for operational and you XX of joining fourth us the discuss months we as XXXX. financial and today quarter Thank results the for

today's team being recorded Dan is participants Rich are customary, As the Kramer, to Participating comments. Emergent Abdun-Nabi, and President and is follow of comments and call the is addition, Lindahl, Chief with copyrighted and all prepared Chief is call Bob and, Officer; call members will Financial BioSolutions. Officer; the in on by Executive open be the during Operating senior present available that Q&A Other Officer. Chief session prepared our will

materially well as Commission statements. the factors forward-looking events information, with statement only to expectations. when as this forward-looking that These risk related We circumstances. of intentions, and or inaccurate assumptions prove accurate. statement future beginning, Investors future the events. forward-looking make new our management expectations from or either could today's forward-looking prospects statement may law, risks Any we speaks based as in call by or prepared future to events, required results and actual be consider if conference call evaluating our Q&A will Before underlying reflect Exchange reports everyone materialize, on Investors forward-looking other our to undertake as any session, regarding update will that statement uncertainties differ projections current date I business, statements the our should or except are statements unknown forward-looking of during our comments remind that realize identified performance. this and should guarantee our or beliefs cannot Securities filed periodic on and, do any not cautionary the

EBITDA to regarding EBITDA use greater During in to performance. during the adjustments to press non-GAAP non-GAAP measures provide GAAP we comments between refer in figures to regarding well reconciliations operating refer and as these adjusted order also tables that the Emergent’s found financial today's release certain income, and the measures and our transparency GAAP as session, measures. financial our may Q&A Please net adjusted financial of involve prepared our

may the For this of call to today's the on replay then, who have recorded the be made XX, during held announcements and topics those to listening XXXX. benefit webcast, related Emergent of call. was February may discussed Since

You And homepage are now be of recent once filings, Emergent over Dan? with again and Dan website. turn Abdun-Nabi, all press may encouraged the the BioSolutions' of CEO. introduction, most which our that I our to Investors call the on refer SEC to to would to releases found like

Dan Abdun-Nabi

Officer. as will living company company, in our Bob’s for Emergent’s to a values that the Emergent. am would everyone of first privilege years. and continue I role support April you have history driving been I XXXX. announced been Thanks that Kramer protect be has January call XX management at I and team you becoming lead assuming employees. will confident would committed Bob. team a the of protecting the be thank to to will It’s delivering the of public Good and to it’s On since earnings to efforts life, vision be our like realize a leadership And year honor quarterly of for Financial talented health afternoon announced innovation contributed thank company’s Chief Fortune certainly he President XXX transition been Emergent of will products us. our leadership. and serve throughout and effective to begin previously to like senior my last I for and X, This and our Bob we vulnerable the your an threats. X, of those XXXX recognized under retiring to leader enhancing joined and CEO with joining Bob that

President and in COO, to and company’s him ability As has ability and aspects decisively into to about value. all operations in the am confidence Emergent’s step company’s the Bob organization making strategically the role. and add best to interest an lead of shareholder continue full uniquely to excited I of to the create extensive qualified have this future knowledge Bob’s and

remain available would during Q&A with over your turn to questions Bob. I like I that call the session. to So to Bob? the answer will

Bob Kramer

and and you thank for today. on call Dan, afternoon you, good Thank the all joining us

Dan, to customers and In years our against to the look briefly life. strategic have we few to the our remarks also as XXXX. and this to have our take talented team the touch with within for as we our we the results and XXXX XXXX our and our under then plan. to reach prepared of last year fourth well gained full walkthrough clearly continuing start our results to leaving of quarter a I as protect threats outlook product market, financial forecast and by executed enhance business create continue mission of priorities portfolio, strengthened health the on my broaden leadership our shareholder into all forward serve follow thank fulfill on units. the the had for I working company as to taking thrived value, a transitioned CEO public partners and year experienced just I'll momentum Rich and that his over while today, a me role on Let XXXX honored each moment am and the building will

XXXX. at look let's First,

and XX%, EBITDA Our of of growth and financial adjusted in performance XX% XXXX revenues growth in of year in growth net of with results adjusted income year-over-year another operational XX%. reflect strong

also I’d a like In the few addition for those. to to of operationally. goals our achieving financial year, we highlight amount tremendous a accomplished

in completed of advanced which Emergency and of two a we for up their forward total to and the submitted M&A put have look certain both stage pipeline non-dilutive to Use XXXX. our PaxVax as BioThrax a We gotten clinical NuThrax a additional four as securing key continued we and filing candidates countries, licensure for of of of to financing First, the funding a place finally Authorization increasing to programs. well six good off in support of billion in growth to acquisitions, current we future package $X.X and start and Adapt, securing

XXXX was clearly, us So, success we positions for plans year, for incredibly productive XXXX. which implement as

significant Financially, begin review our we with represent range. approximately goal revenue of would our over milestone as it of our XXXX, For a let advance. which mid-point XXXX year-over-year the $X billion, achievement year the in one billion to forecast expect total revenue the is increases This for me of year. XX% revenues of growth $X.X in company is of

income net also XX%. year-over-year of We over increase anticipate and adjusted

Our beginning the ACAMXXXX contract. under from a guidance of of follow-on NuThrax for contemplates the to EUA following transition supply continued BioThrax as as XXXX well

while and As is few substantially to this note the of a will Rich pacing in to prior important earnings pacing to will more expected backend it’s be be similar minutes. result, detail the a cover weighted revenues for years, in

and starting four to by year Jenkins. units headed Let across me our business turn our priorities for which Abby Anti-infectives, is Vaccines operational with the now

Our priorities the following. XXXX are for

our vaccine begin existing the contract to under same like would In to I focus BioThrax at to time will continue ACAMXXXX. into the we on while the franchise franchise the side, transition countermeasure medical deliver the anthrax the NuThrax. and anthrax On SNS

down process in transition of production vaccine. manufacturing we're to the and BioThrax to the infrastructure generation Specifically, of support our winding preparing next the

in will initiation In Emergency Authorization secure detail comments. more addition, trigger from we FDA, will the NuThrax this Use also of clinical Phase which the to Rich into X initiate plan SNS. his trial about during and talk deliveries

As SNS. under procurement the begin new and half the We regarding anticipate year. deliveries product current expect the contract a to new to the ACAM, contract to the complete active continue deliver into we in to second negotiations of multi-year

members, III. continue the integrate health growing Phase Vivotif launch a the and and the We're into to efforts U.S. Vaxchora globally operations. Vaxchora on On immersion advancing development for EU team to also of side, position for in Chikungunya traveler program focused of programs in products XXXX sales fully preparing the we and PaxVax

Therapeutic Next, the Laura business which Dr. is by unit, Antibody led Saward.

BAT, uninterrupted to contracts we're new well medical securing countermeasures. going contracts VIGIV existing Anthrasil Here ensure these on for raxibacumab, of and as focus supply to as delivering

caused continue infection tech which an to CIADM by target GSK pipeline manufacturing And facility. raxibacumab focused to to provide A II for Emergent our licensed patients. a of of execute to will severe facilities, from transfer finally in advancing Phase complete our influenza trial on on FLU-IG illness Next, product hospitalized in the FDA for with the products anchor

the be White Doug by for the business on to next year. Turning following unit focused led priorities Devices this will

statement Advisory a and fulfilling of pipeline including U.S. RSDL through to for of emergency from devices internationally lastly further investments continuing initiatives year; delivery NARCAN consistent options last use new with drive and affordability of awareness, First, and Surgeon availability, the and and the treatment General's disorder Spray expand opioid number of our response in April needs customers advancing treatments. in next overdose for development maintain Nasal opioid and Trobigard; of the the

development CDMO, for the led to following be on the to Turning Sean priorities focused manufacturing by and finally contract, organization, XXXX. Kirk, going or we're

capabilities non-government operational the in of via external and next, our revenue and continued generation expanding CDMO our base. efficiency First, network; client growth government

priorities the confident diversified our plan. objective to growth. support of years; to enhancements began ongoing ability development capacity identified our next to successful product believe and continued implement these part capability we’re we've activities investing and of appropriate development we our as in each over XXXX of site additional products. in achieve commercial goals of that We our meet completing and In Emergent in three and where profitable our revenue to our Next, execution the remain manufacturing and units Camden lastly summary, business long-term of

plan our in coming updates also continue that the and meet We’re provide of on of the process announcement the the of strategy in to we'll that developing objective, months. to timing XXXX

a and our Rich? my achieving and excellence we Rich. organically, augmenting as prudent finally organic prepared remain well the operational remarks enterprise. beyond, concludes over for to I'll growing through That continuous growth As focused focusing throughout as call on takeaway improvement, innovation on turn and M&A, now XXXX

Rich Lindahl

you, and joining for Thank everyone, afternoon, the you call. thank Good Bob.

my then our with P&L the capital the For today, shift state for the of address will reaffirmed performance balance comments our and on the periods and forecast. walk then comments prepared sheet to I through will quarter up wrap XXXX structure. I full year fourth

Therefore, we that, our quarter tables the is provided As issued With this in afternoon. quarter let's reminder, release on our well highlights. as look at the to all performance. press and first we numbers today the related only performance the full a year fourth goal as focus my reconciliation to

increase and the was for $XX years, Adjusted the performance XXXX diversification been to operational million, we the annual $XXX was were as XX% million, weighted Total net the quarter. EBITDA and back-end are case year revenues as business. fourth that execution no both in goals $XX of financial tend has results particularly adjusted quarter a income X% for As our the continued versus against last well ongoing fourth was annual the of Results increase. XX% our strong XXXX prior with and a few report different, million, increase. a reflect

Let me now look year. the at

with a full like Our XXXX adjusted previewed a was XX% fourth very $XXX was prior consistent key EBITDA was $XXX the against $XXX January. from few business in the income we also the the versus and range early consistent $XXX increase year, we XXXX. revenue financial net XXXX. the let a Digging XX% ACAM in $XXX for quarter with contributor Adjusted continued highlight XX% more million, XXXX. increase the year at contributing levels; late factors million, revenues were million, was performance. prior a of versus reflecting performance increase contract a strong with Total acquired and to into was million details, significant million year deliveries me BioThrax

the that in to We complete a quarter to we continue the first negotiate and SNS other to and all follow-on sales contract. expect Vaxchora line. under deliveries to the Vivotif prior contributed NARCAN, product contract

in PaxVax October closed acquisitions both the XXXX. As a Adapt and Pharma reminder, we

$XXX XX%. revenue of the to was XX% total XX% versus Combined years CDMO million and at the PaxVax business contributor and versus that BioThrax An adjusted EBITDA To percentage ongoing CDMO gross as a adjustments our adjustments channels. our illustrate prior to margin the nearly continues reflects customer XX% XX% costs about total represented of mix the from inventory diversify from recent Adjusted in mix target charges XX% products revenue non-cash in still similarly ongoing sources stemming as $XXX prior revenue revenues. non-cash note of influence product acquisition-related income our as diversification resulting below Adapt the reflect year above the and while and amortization revenue and step-up efforts of of for $XXX acquisitions. and of substantial XXXX our net million range of acquisitions. most well million and Our other well a was to significant measurable reflecting

Additionally, time its has on showing to the margin. P&L amortization of giving of I amortization note gross in own line want to in that presentation sold. finish Historically, first intangible gross intangible statement, for the goods of the income are assets clear and assets cost we a profit of been included thereby

includes debt And to In the a base terms evidenced the yet December. EBITDA billion, a of million net in in of Emergent. driven also on adjusted by up at growth was $XXX XX% $XX let transition financial growth. up X.XX our balance This XXXX million were $XXX midpoint, reaffirm net and $XXX the deliveries of liquidity at forecast. midpoint, strong touch million, our provided results billion end, $XXX to $XXX $X.XX product At continued sheet, to accounts up a at of In the total XXXX which the To initially in XXXX. and EBITDA of full-year as XXXX an total XXXX, for guidance first of we of the midpoint, million million, year-end first Today, up $XXX the had at billion, XX% the and of receivable total summary, more at of up $XXX by of position we of ended XX% we $XXX me expansion cash revenue million position one solid balance for the to example $X in income million, million, million $XXX continued million XX% midpoint. excess XX% to and that I'll of to for company $XXX us and adjusted income million, midpoint, January. up and clearly significant asset

We are bit moment With more a also million. forecast reaffirming on of a year how take that $XXX our QX progress. will and we it million provide to anticipate XXXX let me $XXX perspective revenue to the

back-end First in heavily that earnings will past revenues be and years, weighted anticipate and XXXX. our as foremost, in we

Bob's the years. In terms to half Since past evenly a half. include second second of earlier the a first first overall on be XX:XX as To cost expand up similar conclude XXXX. profitability wrap will the work adjusted basis resulting be half is let GAAP with the and in significantly revenue, that base our revenue new mix we distribution ACAM forward expect margin half me for year. the will straightforward and our on comments means following. and that than the priorities versus To to throughout contract, our spread we finalize of fairly revenue experienced this anticipate both we roughly to weighted are the two half They financial the NuThrax split should be transition that in on to greater gross move second the on year,

metrics. key performance on First,

realize margin. metrics gross to R&D margin margin, adjusted expect net key of improvements to and income incremental adjusted net our margin, margin, SG&A EBITDA We

we ensuring On remain completion the and realizing positive successful the results both on from of and integration integration, PaxVax of these net Adapt investments. focused

structure. capital Third,

now to debt Operator? remarks, and times to on should call two over our We the will credit the M&A we question-and-answer prepared both ratio to arise. of and will ensure to finally on to completes the they the in operator as opportunities three capital begin profile session. as well invest business anticipate will That And sufficient execute turn range adjusted I'll my net attractive maintain solid towards we leverage target liquidity, our trend a have net EBITDA.

Operator

Fitzgerald. question Instructions] from Thank Brandon you. Cantor Folkes Our first comes [Operator of

Your line open. is now

Brandon Folkes

Hi. for taking Thanks my question.

then you And to see of a if you then you you. wondering, Is expect there do margin if I'm Thank year? going function the the give pro you affecting capture are forma forward, and Firstly, gross during secondly NARCAN price? NARCAN the efficiencies could mix? into came growth, Or how just quarter mentioned full branded that a just that how and us think competitor expansion. secondly, do you insight about sales particularly

Bob Kramer

is Thanks, Bob. Brandon. This

comment NARCAN tackle let margin gross maybe the So, on and can expansion then further me the theme. question Rich, you

So couple have performance the encouraged a business from really transition so as turned we’re the the now happy to I see a would we the transaction, we're team of far. that with Emergent we of on by experienced months team realizing announced overall Brandon we and the professionals this NARCAN very being experienced Adapt this, we say call the when overall highly space only in as of we're transition that into the talked about

announced of focus the as state for coverage being federal with these that accessibility sensitivity this overall show we with companies. awareness We conscious We well can more increase the well the as in eight strong government see and that expertise organization as talk of leveraging we opportunities that of as are Emergent's to states starting the there number as co-pays products if to terms promoted the of opportunity about the to already. it's crisis and when to co-rx on five talked we increasing on driven insurance with opioid the already from of continue at you'd like. the there level, affordability strength Pharma And local the call and progress a looking some and to reduced is about Adapt significant ensuring

level opportunities the accessibility seen who availability the to federal needed. groups at interactions increased by on to As government drive and well patient naloxone the we've of as the company with

FDA the expanded the opportunities co-rx naloxone gave availability with as patients. our So, thoughts December. more to the advisory us you in drive could in to discuss of the participated how program opportunity in we committee on meetings know, It

what had the advisory We product. that it when with our to expect potential opportunity When and this comes in we’re a the six overall months capacity for the demand including investment of but expansion, we're in to think space. bit to number to it look in Rich, competition about either question price as going little again your prepared that NARCAN maybe additional basis OTC talk that so initiatives, government a about margin… And also going clearly to almost with competition, considers meet It's of eventually with the we the difficult we committee gross can deal model positioned and the like, your you a predict very co-prescription we're about well those and exactly that We ago. share compete uptick to comments doing that's forward. valuation

Rich Lindahl

Sure.

Bob Kramer

expansion. and Improvement

Rich Lindahl

Sure.

I a in more We improvement see in the Brandon, product XXXX factor XXXX yes, oriented services in So, think, the in predominant the and – revenue CDMO more the to revenue mix. business. is relative in the do year

higher a you mix that product as overall So, with improving revenue gross margin. know, profile and the margin that higher comes is

to In improvements are yielding addition we program operations, also have improvement continuous incremental incremental do that, and some which enhancements. across profitability an the some ongoing manufacturing

Brandon Folkes

Great, thank very much. you

Operator

of question Flanders And from Sachs. next you. our Goldman comes Thank Dana

line Your is now open.

Dana Flanders

perspective Hi. then Thank be front the one follow-up. is have with Teva NARCAN. I for coming legal Can I from My stay timeline watching year you this one on the us generics? just And questions. quick believe remind very my up. on you for should just we much what first a taking just XX-month is

Dan Abdun-Nabi

joining call. Sure. Dana, the for thanks

element your So, of I'm Atul comment the question. ask to going on Teva to Saran

Atul Saran

so question. Thanks This for your much is Atul. Dana. Hi,

trial judge exact end You and scheduling discussions on date the trial don't not anticipating is we a the the and set, at we later are but has we've are been court, yet. this in The have the timing the March, coming stay correct XX-month up year. with the had sometime of

Dana Flanders

improved been guidance historically on ACAMXXXX, kind reflect kind contract what term doing acquired it? ACAM of an since And or Okay. you reflects just of does guidance does has

Bob Kramer

Sure.

our the outcome terms as estimate those The So, negotiations for the these the of we’re timing. the best both negotiations as we've of right of in well XXXX in terms talked about, Dana, guidance middle represents as of now.

than other getting process this really engaged and that's So about is government timely say process to the negotiations way. right a now seems can committed done the the fully all we in in

Dana Flanders

strong Okay. one And on maybe had gross again, QX. just very just know you quick one, other a margins I

up a You also number. BioThrax big put

the in just kind Thank just gross I the rate XXXX. right of BioThrax but any magnitude we So given could of of sense this just method QX assume improvement we any see magnitude could margin see? number of of a taking quarter, the sense run not improvement you.

Rich Lindahl

about I careful going taking a extrapolating Yeah, in that by BioThrax fairly clearly mix I'd mean be impacted ready revenue it was of there. and really QX forward.

us interacted you've excellence continuous to continue think, put to that operational long enough with operating focus improvement. we on I know a efficiency,

of sites going no is So, items increase margin while to the improvement we are drive the we operate one or individual capacity gross that time. aim that, two and there over that to drive the utilization

I'll that So, it I think, for now. just leave

Dana Flanders

Okay, thank you.

Operator

from of JPMorgan. Thank you. And Fye our comes next Jessica question

Your is line now open.

Jessica Fye

just Hey NARCAN, And guys, good XXXX can to evening. growth. for remind Maybe what my also taking that IQVIA the you NARCAN, the using the in change to Thanks over say us about the we any acquisition summer? just volume for Would curious Have product of that? talk you price local can us expectations you're you retail XXX as about per blended you're seen you pack think government price? the back given gave try even to products realizing you going better track relative that questions. to your NARCAN, data XXX when the announced scripts could we that you for there? proportion feeling revenue the growth when for directionally or average tell different if versus about capturing price I'm is latest

Dan Abdun-Nabi

Sure. Thanks, Jess.

even the Head that you're we have XXX carton. the the kind price XXX guidance per of blended right, announced if that on we of or of scripts were the when gave turn terms the in in the Devices transaction, range. that the to I'll or for Business per But package XXXX to maybe initially of we this comment White, percent over IQVIA to Unit So Doug we

feel as of we leadership the the confident at months. We'll about progress of I in made and over said that and pleased and under business the see the encouraged And operating four the increasingly probably Adapt I range. we're transition NARCAN overall or my prepared that with the state remarks. that team Doug's last we've think higher end three

about to data? IQVIA anything Doug, So, the comment

Doug White

I your want what the to specific your it clarify sales? that captures data Rx Was of the question. Jess, question IQVIA asking? to the you're retail majority that Is

Jessica Fye

the that, That and related of sort what are overall packages you is selling proportion to of that capturing.

So, sort of about not running implicit sales are what's to retail? in question that as captured relative through a that municipalities the to

Doug White

I understand.

of first that by is measurement in mix So, vast secondly, let's range. retail the public market And – going that's majority IQVIA well, of in It's retail terms between the the approximately then, chains. the and is interest the retail. XX:XX through volume

Jessica Fye

there Is average price Okay. you're of those can kind say we you blend anything realizing the when on two?

Doug White

No, we just price. to our confirm have that raised not

two, is $XX of Our discounted mix. price XXX the commenting tip that a is the no, we’re for the pack list price, and but to price not

Jessica Fye

Okay.

Operator

And question comes our Thank Cowen. of from you. next Boris Peaker

now is line Your open.

Boris Peaker

thanks taking questions. my Great, for

Can first The is I them? you what NuThrax. expect and just could contracts ask on wanted when we one comment on to

Bob Kramer

Yes, Boris, thanks.

little to transition. was NuThrax and support the place around that the really a I your to are question faint, but think contracts You're in transition that

to either color. or weigh and So, then I'll Abby Adam in make a additional comments with ask couple

transition the Anthrax So from NuThrax. we've last the talked BioThrax year or of for for see Franchise so, beginning the the as XXXX to about we being

as the a support place contract transition, there that well then with years the for is that are contract government contract contract development in As as five is NuThrax which contract two for the procurement a procurement contracts today the both you next and as one BioThrax, which five-year is a well. know,

for year, my pace cadence mechanisms later in to So, else down work a take there and BioThrax we’re is BioThrax be and the is to remarks NuThrax opening that. a this through in during you of working care this of I transition facility transition. And operationally. from comments, to as through support of BioThrax NuThrax NuThrax, that Lansing transition place the only production we slowing there Abby, anything want so increasing to XXXX, transition manufacturing as add? we're and The from but yet contractual and are in the determined, exactly to of production be said we’ll

Abby Jenkins

you covered Bob. it No, I think well,

Boris Peaker

And be on NuThrax similar to for NuThrax BioThrax the pricing are they BioThrax? or going to over premium there's

Bob Kramer

a Boris, So, pricing actually that's what's contemplated and structure tiered. already is negotiated,

will commented Authorization we've is be price lower be per will deliveries price up FDA. the Use per NuThrax step dose in Emergency past, the contemplated once the As licensed a in there as a there by under dose in contract,

So stage development it's based pricing as tiered based again well on volume as NuThrax. pricing tiered the of on for

Boris Peaker

administration you are Got I'm nasal and nasal is it after curious; is question overdose seems my unconscious. the last is likely curious me because they convenience drug of the you the just important have receiving that just how for to NARCAN. I'm an administration. that person actually

really any route nasal versus other administration doesn't matter it So, administration?

Bob Kramer

medical here to use, individuals one Doug, a convenience, you of in ask, training. ease no benefits NARCAN and easy of I. and use by it’s to of nasal like I'll but its Yes. It spray is the requires features its minute, the comment incredibly

application all. the and use is device very easy not the So, intimidating at to of

think, If I not required administrate XX indication of and Doug, it watch the you anything pretty that training was you add? where gives ease minutes good featured, again to to of program it. a its use

Doug White

it. much covers Bob. That pretty No,

Boris Peaker

well, my right, much great, questions. thank very you All for taking

Operator

you. Thank

from Our next of Wells Kandola Sameer Fargo comes Securities. question

is line now open. Your

Sameer Kandola

Hi. taking questions. Thanks my for

would weeks kits. few a NARCAN they the buy approximately ago, XX,XXX announced Department Police DC So,

same. to quickly just And do then you do wondering their them to was departments you expect do expect supply. I So, how replenish police the other large

additional be could estimates? Just NARCAN to upside wondering this

Bob Kramer

and again continue performance Doug, local activities federal Yeah. you the level. at the occurred those you're and on again Thanks don't it's the state know or opportunities if any Sameer unit have encouragement whether for of give near-term. overall comment business the on level similar are question right can and at the us I to that other

Doug White

health or Well, NARCAN have police large spray. a directly. just number Many public supplied currently nasal that departments the we of be are clear, to utilize do through

continue We state groups. federal responders organizations provide health distribute they're funds In public the purchase and out community NARCAN. with some using they and cases, to to will different first work themselves local, NARCAN to to

we continuing activity. anticipate do that So,

Sameer Kandola

And quick a it. follow-up. then got Okay, maybe

in know So potential a Opiant coming that in Pharma the wondering, was a the see you do Nalmefene. stage for this that's NARCAN cycle I I company just I it's as early nasal management would overdose developing NARCAN? for you that partnership a years. competitor Thank life and product strategy on you. consider few develop as And NARCAN believe another called opioid spray, its

Doug White

Sure. the question. This is Doug. Thanks for

well While we the aware of Nalmefene. development of are

Just is effective it to to clear. not of how long terms be last, overdose, as Nalmefene advantages of the ultimate opportunity to a necessarily solution. are a replacing segment clear effects very the in naloxone more we market an as niche There the but some see very very drug the opioid that's and counteract naloxone, Nalmefene naloxone

Sameer Kandola

thank it, Got you.

Operator

Nakae Chardan. you. Thank question from of Keay next And our comes

line now is Your open.

Keay Nakae

Thanks, about just questions a couple of ACAM.

you're in in then of does one. the ACAM complete Just gave the does or that three to that did revenue envelope number if does sorry. won't much that guess, Number finalize map QX, NARCAN existing million number mean mean XX deliver revenue so another to my around looking that. we contract or and in revenue that maybe then is that ACAM that's And – of QX see much two, I you you going at the us, numbers contract back QX, from

Bob Kramer

Yeah.

question the call. and for joining thanks Keay for the So,

the XXXX. with number of back spot of XX your about envelope You're for on QX

the the outcome predict fact a yet. discussions said, ACAM. the will with call government year. that back-end in We both that in revenue is as be why ACAM that think I and weighted. the what counting similar in years on the that we've they will the of did to negotiations half the revenue on made I too the part about be of XXXX of second cadence but and now couple of follow see are We'll the of profile It's right we're we're the about for last comments majority to negotiations I the the the and contract the will, follow-on and early outcome that Rich for And to active timing today

Keay Nakae

back or there $XX other that different QX? so, anything just to products, And the million versus of QX meaningfully mix the

Bob Kramer

But, I add color we there? to Rich, any you want don't believe – so. anything can

Rich Lindahl

don't broken the revenue product lines. I lot out in we've a No, other think

drivers So, that significantly any the historically, was recognizing have from which be historically we're we revenue. revenue going primary only of component really in diversified BioThrax, period disclosing away just significant to the of

So, significant BioThrax you then and for periods. to those revenue quarter the addition were for saw we year disclosed drivers the NARCAN ACAM. full Those in the fourth in

Keay Nakae

one you anticipate OUS and one just XXXX? revenue Do BioThrax in Okay, just quickly. maybe last any

Rob Kramer

Yeah.

of revenue general, U.S. overall. terms bullish portfolio on opportunities in the still So, I for we're in think, Keay, outside the

out to revenue So, the XX% the not to it of targeting like on we BioThrax, XXXX on in laid or we to from and our the as but with exceed growth countermeasure base we'd that portfolio, We're through that medical more track than board customers confident U.S. across to feel the percentage. pace plan the XXXX meet outside

forward that step not XXXX going forward. share will comment I'm with set that to materialized we'll until realized on number, toward and product a but you. another individual was XX% be it's opportunity then any XXXX So

Keay Nakae

lot. a thanks Okay,

Operator

[Operator Instructions] next comes Laidlaw. question of Thank from Our Brisebois you. Francois

Your line open. is now

Francois Brisebois

the just What that? there. by meant that taking wanted a for congrats Dan anchor more I you again? based on ask to raxi just Thanks about you job mentioned product. as Can little over touch a great questions and on you

Bob Kramer

call thanks question. for Frank, the Yeah, the and

to FDA my of raxibacumab So, licensed that today in we that Baltimore, with our GSK the contract first facility, us was completion our of that see manufacturing comment really the tech whose the – from facility transfer for as Bayview along other all and an facility to product of as with development historically work being anchor we're licensed the doing. that in that go first that kind product Bayview is referred that product the we in to facility

Francois Brisebois

the used makes on great. questions just of reason part statement? income a wondering of Okay, for specific That was quickly COGS answered. I was the that sense, but now there that most But amortization have my be been to displaying the

Rich Lindahl

a we as be really able non-cash Rich. that just easier to of folks. for would to transparent investors out and separate Yes, just gross it make margin, calculation amortization to useful clearer be to thought this is get more view That's the

Francois Brisebois

you very Understood, Thank much. all right.

Operator

remarks. like session. over would gentlemen the closing Thank does you. back I conclude any Burrows call to question-and-answer our And for Bob now turn ladies to this and

Bob Burrows

for of with archived company accessible Goodbye. speaking be And will note that Sonya. in through ladies to the forward very participation. much all and you, of now the you available Please we Thank an gentlemen you of future. version webcast the today and today's your call. conclude Thank thanks with the call Again later we website. and look

Operator

this concludes gentlemen, program. today's and Ladies

day. great Everyone disconnect. all a may have You

Emergent BioSolutions (EBS) 21 Feb 192018 Q4 Earnings call transcript