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Oxford Biomedica sees revenue boost following Covid-19 vaccine response
StockMarketWire.com
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Cell and gene therapy group, Oxford Biomedica, has seen total revenues increase by 37% to £87.7 million in the year ending 31 December 2020.
Bioprocessing and commercial development revenues increased by 45% to £68.5 million (2019: £47.3 million) with double digit growth across both activities, driven by new customers AstraZeneca, Beam Therapeutics and Juno/BMS.
Revenues from licences, milestones & royalties increased to £19.2 million due to the recognition of a £7.8 million ($10 million) licence fee from Juno/BMS as well as other licence fees, milestones and royalties from customers.
The company's operating expenses increased by less than revenues for the period, growing by 23% in the year to £51.7 million aided by the move to the lower cost bioreactor manufacturing process.
Capital expenditure decreased to £13.4 million, mainly reflecting the Windrush Court laboratory conversion and equipment purchases and leasehold improvements at Oxbox. As at 31 March 2021, the company had cash of £65.9 million.
John Dawson, CEO of Oxford Biomedica, said: 'We not only secured major new partnerships, brought the Oxbox manufacturing facility online in record time and responded to the challenges of the pandemic, but the team has also been able to rapidly work with AstraZeneca to provide a vaccine solution for COVID-19. This is a true testament to the world-class calibre and dedication of our staff in the year that the group also gained entry to the FTSE250.
'Looking to the future, with the continued tide of growth in cell and gene therapy, coupled with the group's leadership position in the lentiviral vector field, we are well positioned to advance both our own proprietary pipeline and that of our current and future partners' programmes.'
Story provided by StockMarketWire.com
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