Oxford Biomedica

LN: OXB

Market Cap£436m

Last Close 454p

OXB’s LentiVector technology supports internal initiatives and allows OXB to generate significant revenue from a multitude of partners. OXB is implementing significant capacity upgrades to improve efficiency and support more partnering/out-licensing agreements. AAV growth should offset anticipated declines in vaccine revenues.

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Investment summary

Oxford Biomedica (OXB) is a global leader in lentiviral development and manufacturing. It is expanding its manufacturing facilities through Oxbox, a 84,000 sq ft state-of-the-art bioprocessing facility, significantly increasing its production capacity to match increasing demand and to continue growing its platform revenues. In the near term, revenues will continue to be driven by Novartis and AstraZeneca as rollout of Kymriah and the COVID-19 vaccine continues, as well as new partner programmes such as those from Bristol Myers Squibb (BMS). OXB has several established development and manufacturing partnerships including Novartis, Juno Therapeutics (BMS), Orchard Therapeutics, Boehringer Ingelheim, Santen, Beam Therapeutics and PhoreMost. OXB also has a supply agreement with AstraZeneca for the large-scale commercial manufacture of the adenovirus vector-based COVID-19 vaccine Vaxzevria (AZD1222). Our forecasts are under review.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2020A 87.7 8.3 (2.5) (2.7) N/A 23.3
2021A 142.8 33.2 19.9 22.2 20.7 13.1
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

Cell and gene therapy is the focus of much industry attention as it can dramatically alter the outcomes of many diseases. OXB’s proprietary LentiVector platform has demonstrated promise in many indications.

Last updated on 30/06/2022
Content on Oxford Biomedica
Oxford Biomedica: Edison Open House Healthcare 2022
Healthcare | Edison TV | 9 February 2022
Oxford Biomedica – Driving innovation in a thriving CGT industry
Healthcare | research Outlook | 27 May 2021
_GAT0309
Oxford Biomedica – executive interview
Healthcare | Edison TV | 23 February 2021
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (11.2) (32.6) (65.1)
Relative* (5.3) (28.4) (64.4)
52-week high/low 1634.0p/415.0p
*% relative to local index
Key management
Dr. Roch Doliveux Chairman & CEO
Stuart Paynter CFO