Oxford Biomedica


Market Cap£823.8m

Last Close 956p

OXB’s strategy is underpinned by its LentiVector technology. It generates significant revenue from a multitude of partners that use its technology and is manufacturing the COVID-19 vaccine Vaxzevria (AZD1222) for AstraZeneca. OXB is implementing significant capacity upgrades to enable more partnering/out-licensing agreements.

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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), Sio Gene Therapies, 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)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2019A 64.1 (4.6) (16.8) (16.4) N/A 198.6
2020A 87.7 8.3 (2.5) (2.7) N/A 48.4
2021E 159.1 28.6 18.6 20.3 47.1 N/A
2022E 173.4 39.2 28.0 30.6 31.2 245.1
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 20/01/2022
Content on Oxford Biomedica
Oxford Biomedica – executive interview
Healthcare | Edison TV | 23 February 2021
Oxford Biomedica – Edison Open House interview
Healthcare | Edison TV | 3 February 2021
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Share price graph
Balance sheet
Forecast net cash (£m) 16.2
Forecast gearing ratio (%) N/A
Price performance
Actual (15.0) (37.8) 2.7
Relative* (18.6) (40.0) (8.3)
52-week high/low 1634.0p/940.0p
*% relative to local index
Key management
John Dawson CEO
Stuart Paynter CFO