Oxford Biomedica

LN: OXB

£489.5m market cap

637p last close

Oxford Biomedica’s (OXB) LentiVector technology underpins the company’s strategy. OXB generates significant revenue from partners that utilise its technology, notably Novartis, Bioverativ, Orchard Therapeutics and Immune Design. OXB is in partnering discussions about internally developed assets.

Investment summary

Oxford Biomedica (OXB) is a global leader in lentiviral development and manufacturing. OXB is expanding its manufacturing facilities, more than doubling its current capacity by 2020 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; bioprocessing and commercial development revenues up 23% in H119 to £18.8m. OXB has several established development and manufacturing partnerships including Sanofi, Orchard Therapeutics, Axovant, Boehringer Ingelheim and Santen. As of 30 June, OXB had net cash of £17.9m.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 37.6 (2.6) (13.1) (16.7) N/A 132.4
2018A 66.8 13.5 0.3 4.3 148.1 32.3
2019E 76.9 5.3 (7.9) (7.3) N/A N/A
2020E 89.8 10.9 2.9 7.4 86.1 61.4
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 09/12/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (£m) 8.5
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 13.4 2.7 (11.8)
Relative* 14.3 1.6 (18.6)
52-week high/low 771.0p/496.5p
*% relative to local index
Key management
Dr. Lorenzo Tallarigo Chairman
John Dawson CEO
Stuart Paynter CFO

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