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Prices & Quotes - UK Markets - Oxford Biomedica (OXB)

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Share Price:
Down 909.00p
Change Today:
-47.00p
Market Cap:
783.33m
Sector:
Pharmaceuticals & Biotechnology

Oxford Biomedica swings to loss as licensing revenue falls

By Josh White

Date: Wednesday 06 May 2020

LONDON (ShareCast) - (Sharecast News) - Gene and cell therapy company Oxford Biomedica reported an improvement in bioprocessing and commercial development revenues to ?47.3m in its preliminary results on Wednesday, from ?40.5m.
The London-listed firm said that despite capacity constraints within the business, growth in full-year revenues of 17% was achieved for the 12 months ended 31 December, driven by double-digit growth across both of its activities.

It said licences, milestones and royalties revenues fell to ?16.8m from ?26.3m, with an ?11.5m contribution from the Axovant milestone, and "strongly growing" royalties.

Those revenues were still 36% lower than the prior year, however, as that year saw "significant" licence income received on signing the Sanofi (Bioverativ) and Axovant agreements in 2018.

Total revenues decreased 4% to ?64.1m, Oxford said, due to lower milestone and licensing revenue.

Operating expenses rose 57% to ?41.8m, which the board said reflected its investment in bioprocessing operations and people, in preparation for the 'Oxbox' bioprocessing facility coming online in 2020.

It swung to an operating EBITDA loss of ?5.2m, from a ?13.4m profit, while its operating loss was ?14.5m, compared to a ?13.9m profit in 2018.

Capital expenditure totalled ?25.8m, up from ?10.1m year-on-year, reflecting the continued capital expenditure on the new Oxbox bioprocessing facility.

Cash at year-end stood at ?16.2m, down from ?32.2m.

Oxford said cash outflow before financing activities increased by ?25.7m to ?22.9m, compared to a ?2.8m inflow in 2018.

A total of ?53.5m of equity was raised from a new investor, Novo Holdings, which was used to fully repay the ?43.6m Oaktree loan facility.

"Oxford Biomedica made good progress during 2019, extending our commercial supply agreement with Novartis for another five years, establishing a new partnership with Santen and delivering our new facilities expansion on target," said chief executive officer John Dawson.

"Beyond the period end we also signed a new major new agreement with Juno Therapeutics [and] Bristol Myers Squibb.

"The cell and gene therapy sector continues to grow rapidly and we remain at the forefront of its innovation."

Dawson said the company's new collaboration with Microsoft was "harnessing the power" of artificial intelligence to boost the efficiency of its 'LentiVector' delivery platform, as it continued the process to industrialise lentiviral vector development and manufacture.

"We are building an exciting business, and with the significant investment by Novo Holdings in 2019, our simplified statement of financial position places us in a stronger position to realise the potential of our world-leading technology."

At 1247 BST, shares in Oxford Biomedica were down 7.66% at 671.28p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

OXB Market Data

Currency UK Pounds
Price 909.00p
Change Today -47.00p
52 Week High 1,634.00p
52 Week Low 905.00p
Volume 166,710
Shares Issued 86.18m
Market Cap 783.33m
Beta 0.03

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What The Brokers Say

Strong Buy 5
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 6
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

OXB Dividends

No dividends found

Trades for 21-Jan-2022

Time Volume / Share Price
16:37 15,000 @ 911.95p
16:35 30,499 @ 909.00p
16:29 91 @ 916.00p
16:29 8 @ 916.00p
16:29 8 @ 913.00p

OXB Key Personnel

CEO John Dawson
CFO Stuart Paynter