Lansing biotechnology company, Emergent Biosolutions, brought
in $182.9 million in revenue in 2007, a 20 percent increase from 2006. The firm attributed much of its growth to increased sales
of its Anthrax vaccination, BioThrax.
According to excerpts from the article:
Total
revenues for 2007 grew 20 percent to $182.9 million from $152.7 million
in 2006 primarily from growth in sales of BioThrax® (Anthrax Vaccine
Adsorbed). The company also announced net income for 2007 of $22.9
million, or $0.79 per share, versus $22.8 million, or $0.99 per share,
for 2006.
“We are very pleased with our
financial results for 2007, having registered a fourth consecutive year
of revenue growth and a sixth consecutive year of profitability,” said
R. Don Elsey, Emergent BioSolutions’ chief financial officer.
“The
strength of our product sales to our U.S. and foreign government
customers during 2007 allowed us to continue to reinvest internally
generated cash flows into our product development pipeline. Going
forward, the set schedule of delivery of doses to HHS under the current
contract over the next two years and the resulting annual revenues
generated from these deliveries position us well to continue investing
in our advanced and follow-on product pipeline, pursue additional
markets for BioThrax and make additional investments in our
manufacturing and development infrastructure.
"We will also continue to
pursue our strategy of growth through opportunistic acquisition, as we
look to build out our product pipeline opportunities.”
Read the entire article here.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.