Exhibit 12
Year Ended December 31, | ||||||||||||||||||||
(in thousands, except share and per share data) | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Statements of operations data: | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Product sales | $ | 202,409 | $ | 251,381 | $ | 217,172 | $ | 169,124 | $ | 169,799 | ||||||||||
Contracts and grants | 70,975 | 34,790 | 17,614 | 9,430 | 13,116 | |||||||||||||||
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Total revenues | 273,384 | 286,171 | 234,786 | 178,554 | 182,915 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Cost of product sales | 42,171 | 47,114 | 46,262 | 34,081 | 40,309 | |||||||||||||||
Research and development | 124,832 | 89,295 | 74,588 | 59,470 | 53,958 | |||||||||||||||
Selling, general & administrative | 74,282 | 76,205 | 73,786 | 55,076 | 55,555 | |||||||||||||||
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Total operating expenses | 241,285 | 212,614 | 194,636 | 148,627 | 149,822 | |||||||||||||||
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Income from operations | 32,099 | 73,557 | 40,150 | 29,927 | 33,093 | |||||||||||||||
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Other income (expense): | ||||||||||||||||||||
Interest income | 105 | 832 | 1,418 | 1,999 | 2,809 | |||||||||||||||
Interest expense | — | — | (7 | ) | (47 | ) | (71 | ) | ||||||||||||
Other income (expense), net | (261 | ) | (1,023 | ) | (50 | ) | 134 | 156 | ||||||||||||
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Total other income (expense) | (156 | ) | (191 | ) | 1,361 | 2,086 | 2,894 | |||||||||||||
Income before provision for income taxes | 31,943 | 73,366 | 41,511 | 32,013 | 35,987 | |||||||||||||||
Provision for income taxes | 15,830 | 26,182 | 14,966 | 12,055 | 13,051 | |||||||||||||||
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Net income | $ | 16,113 | $ | 47,184 | $ | 26,545 | $ | 19,958 | $ | 22,936 | ||||||||||
Net loss attributable to noncontrolling interest | 6,906 | 4,514 | 4,599 | 724 | — | |||||||||||||||
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Net income attributable to Emergent BioSolutions Inc. | $ | 23,019 | $ | 51,698 | $ | 31,144 | $ | 20,682 | $ | 22,936 | ||||||||||
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Pretax income from continuing operations | 38,849 | 77,880 | 46,110 | 32,737 | 35,987 | |||||||||||||||
Interest Capitalized | 1,713 | 1,796 | 1,790 | 3,023 | 3,108 | |||||||||||||||
Interest on Debt | 1,713 | 1,796 | 1,790 | 3,023 | 3,108 | |||||||||||||||
Debt issuance cost | 83 | 98 | 132 | 54 | 39 | |||||||||||||||
Noncontrolling interest in pretax income | 6,906 | 4,514 | 4,599 | 724 | — | |||||||||||||||
Earnings | 32,026 | 73,464 | 41,643 | 32,067 | 36,026 | |||||||||||||||
Fixed charges | 1,796 | 1,894 | 1,922 | 3,077 | 3,147 | |||||||||||||||
Ratio of earnings to fixed charges | 17.8 | 38.8 | 21.7 | 10.4 | 11.4 |