Emergent BioSolutions, Inc. (NYSE:EBS) Q3 2018 Earnings Conference Call Transcript

Nov 01, 2018 • 05:00 pm ET


Emergent BioSolutions, Inc. (NYSE:EBS) Q3 2018 Earnings Conference Call Transcript


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Good day, ladies and gentlemen and welcome to Emergent BioSolutions, Inc. Third Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions)

I would now like to turn the conference over to your host, Bob Burrows, VP, IR. You may begin, sir.

Bob Burrows

Thank you, Nicole and good afternoon, everyone. Thank you for joining us today as we discuss the operational and financial results for the third quarter and nine months of 2018. As is customary, today's call is open to all participants, and 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, CEO; Bob Kramer, President and COO; and Rich Lindahl, CFO. Other members of the senior team are present and available during the Q&A session that will follow our prepared comments.

(Forward-Looking Cautionary Statements)

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 our 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 a replay of the webcast, this call was held and recorded on November 1, 2018. Since then, Emergent may have made announcements related to topics discussed during today's call. You're once again encouraged to refer to our most recent press releases and the SEC filings, all of which may be found on the Investors' home page of our website.

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

Dan Abdun-Nabi

Thank you, Bob. Good afternoon, everyone and thank you for joining us. During today's call, I will focus on recent trends in the public health threats market, and Bob will provide updates on our global operations. Rich will then summarize our financial performance of the third quarter and first nine months of the year and discuss the revisions to our financial guidance for the full year of 2018.

As you saw from the press release this afternoon, our performance during the third quarter and year-to-date is solidly in line with expectations, and we are confident in the strong finish to the year, driven primarily by growth in our organic business as well as the incremental impact of the PaxVax and Adapt acquisitions. The public health threats market is greatly influenced by federal, state and local legislation, policy and funding, both in the United States and internationally. And recently, we have seen significant progress across all of these fronts.

In the United States, on September 28th, the President signed into law the Labor, HHS and Education Appropriations Bill for fiscal year 2019.