Oxford Biomedica

LN: OXB

£603.9m market cap

736p last close

Oxford Biomedica’s (OXB) LentiVector technology underpins the strategy. OXB generates significant revenue from partners that use its technology, notably Novartis, Juno (BMS), Bioverativ and Orchard Therapeutics. It is implementing significant capacity upgrades to enable more partnering/out-licensing agreements.

Investment summary

Oxford Biomedica (OXB) is a global leader in lentiviral development and manufacturing. OXB 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 the Novartis partnership for CAR-T Kymriah as the commercial roll-out continues. OXB has several established development and manufacturing partnerships including Novartis, Juno Therapeutics (BMS), Bioverativ (Sanofi), Orchard Therapeutics, Axovant, Boehringer Ingelheim and Santen.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 66.8 13.5 0.3 4.3 171.2 37.3
2019A 64.1 (4.6) (16.8) (16.4) N/A N/A
2020E 76.5 (0.3) (7.9) (3.7) N/A 143.3
2021E 104.4 8.9 0.9 0.9 817.8 56.5
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 02/07/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (£m) 5.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (6.2) 33.3 4.1
Relative* (6.5) 15.8 24.4
52-week high/low 853.0p/400.0p
*% relative to local index
Key management
Dr. Lorenzo Tallarigo Chairman
John Dawson CEO
Stuart Paynter CFO

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