Oxford Biomedica


£848.8m market cap

1030p last close

Oxford Biomedica’s (OXB) LentiVector technology underpins the company’s strategy. OXB generates significant revenue from 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.

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 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, Sio Gene Therapies, 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 AZD1222.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 66.8 13.5 0.3 4.3 239.5 52.2
2019A 64.1 (4.6) (16.8) (16.4) N/A N/A
2020E 84.2 2.2 (5.6) (0.6) N/A 643.5
2021E 112.4 19.9 11.7 11.6 88.8 40.6
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 13/04/2021
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Share price graph
Balance sheet
Forecast net cash (£m) 41.4
Forecast gearing ratio (%) N/A
Price performance
Actual (0.2) 10.5 53.7
Relative* (2.4) 6.8 26.2
52-week high/low 1050.0p/689.0p
*% relative to local index
Key management
John Dawson CEO
Stuart Paynter CFO

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