Oxford Biomedica

LSE: OXB

Market Cap£365m

Last Close 379.5p

Oxford Biomedica’s LentiVector technology supports its internal initiatives and allows it to generate significant revenue from a multitude of partners. It is implementing significant capacity upgrades to improve efficiency and support more partnering/out-licensing agreements.

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Investment summary

Oxford Biomedica (OXB) is a global leader in lentiviral development and manufacturing. With the formation of Oxford Biomedica Solutions in the US, OXB will offer a vector-agnostic platform to customers to continue growing its platform revenues. In the near term, revenues will continue to be driven by Novartis and AstraZeneca (AZN) as the 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 and Beam Therapeutics. OXB also has a supply agreement with AZN 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 19.2
2021A 142.8 33.2 19.9 22.2 17.1 10.8
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. Through OXB solutions, the company is expanding into the AAV market and announced a new partnership on 14 September 2022 with a US biotech.

Last updated on 30/11/2022
Content on Oxford Biomedica
Oxford Biomedica – COVID vaccine and Kymriah news encouraging
Healthcare | research Flash note | 5 July 2022
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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
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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 17.3 (17.0) (71.2)
Relative* 9.9 (19.6) (72.0)
52-week high/low 1320.0p/297.0p
*% relative to local index
Key management
Dr. Roch Doliveux Chairman & CEO
Stuart Paynter CFO