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Emergent BioSolutions posts loss

http://www.lsj.com/apps/pbcs.dll/article?AID=/20070806/NEWS03/708060354/1001/NEWS
Jeremy W. Steele
Lansing State Journal

Emergent BioSolutions Inc., which runs its main manufacturing operation in Lansing, posted a $4.96 million loss in the second quarter.

The loss, at 17 cents per share, was more than the $3.05 million, or 14 cents per share, the Rockville, Md.-based company lost a year earlier.

Revenue, however, grew to $23.19 million during the quarter on sales growth of its BioThrax anthrax vaccine, made in Lansing. That was nearly double the $11.45 million in revenue BioSolutions posted a year earlier.

For the first six months of the year, Emergent's loss of $7.65 million was slightly better than the $7.69 million it lost through June 2006.

Officials said earnings remained on target for the year, as more orders of BioThrax are expected from the departments of Defense and Health and Human Services.

"We remain confident that both of the contracts for new supply agreements for BioThrax with our U.S. government customers will be signed and we expect this will be accomplished before the end of the third quarter, which should position us well for strong financial performance in the future," R. Don Elsey, senior vice president and chief financial officer said in a statement.

Copyright 2007 Lansing State Journal

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