Emergent BioSolutions, Inc. (NYSE:EBS) Q4 2015 Earnings Conference Call - Final Transcript

Feb 25, 2016 • 05:00 pm ET


Emergent BioSolutions, Inc. (NYSE:EBS) Q4 2015 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2015 Emergent BioSolutions Inc. Earnings Conference Call. [Operator Instructions]

I would now like to introduce your host for today's program, Mr. Bob Burrows. Please go ahead.

Robert Burrows

Thank you, Jonathan, and good afternoon, everyone. Again, my name is Bob Burrows, Vice President of Investor Relations for Emergent. Thank you for joining us today as we discuss our financial and operational results for the fourth quarter and 12 months of 2015 as well as our 2016 forecast.

As is customary, our call today is open to all participants. In addition, the call is being recorded and is copyrighted by Emergent BioSolutions. Participating on the call with prepared comments will be Dan Abdun-Nabi, President and Chief Executive Officer; and Bob Kramer, Executive Vice President and Chief Financial Officer. There will be a Q&A session at the conclusion of our prepared comments. Other members of senior management will be available to participate.

Before we begin, I will remind everyone that during today's call, either on our prepared comments or the Q&A session, management may make projections and other forward-looking statements related to our business, future events, our prospects, or future performance. These forward-looking statements reflect Emergent's current perspective on existing trends and information. Any such forward-looking statements are not guarantees of future performance and involve substantial risks and uncertainties. Actual results may differ materially from those projected in any forward-looking statements. Please review our filings with the SEC on Forms 10-K, 10-Q and 8-K for more information on the risks and uncertainties that could cause actual results to differ.

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

For the benefit of those who may be listening to the replay of the webcast, this call was held and recorded on February 25, 2016. Since then, Emergent may have made announcements related to topics discussed during today's call, so again, please reference our most recent press releases and SEC filings. Emergent BioSolutions assumes no obligation to update the information in today's press release or as presented on this call, except as may be required by applicable laws or regulations. Today's press release may be found on the Investors home page of our website.

With that introduction, I would now like to turn the call over to Dan Abdun-Nabi, Emergent BioSolutions' President and CEO. Dan?

Dan Abdun-Nabi

Thank you, Bob, and good afternoon, everyone, and thank you for joining us. During the call today, I'll provide a brief business update and Bob Kramer will discuss our recent financial performance in greater detail. Let we start with a summary of our 2015 financial performance.

Overall, 2015 was a