Emergent BioSolutions ($EBS) announced receiving approval from German Federal Ministry of Health for the construction of Building 55. The building will be used for manufacturing BioThrax. The approval will also allow the company to market the drug in Germany. Currently, BioThrax is the only anthrax vaccine licensed by the Paul-Ehrlich-Institut (PEI), the regulatory agency under the German Federal Ministry of Health, for pre-exposure prophylaxis of anthrax disease.
BioThrax is already approved by the FDA for both pre-exposure prophylaxis and post-exposure prophylaxis of anthrax disease. Building 55 has the capacity to manufacture approximately 20 million to 25 million doses of BioThrax annually.
Emergent BioSolutions stock has not been performing up to the mark recently. It lost over 17 percent of its value in the past 12 months while its year to date loss stands at a little over 8%.
The company had recently reported preliminary financial results for 2016. It expects the full year revenue to be in the range of $500 to $505 million. Its net income is expected to be in the range of $44 million to $48 million. The midpoint for both the metrics are below 2015 levels.
Emergent BioSolutions stock is expected to get boost as the current year goes underway as the company expects to generate $120 million to $135 million in revenue for the first quarter of 2017.