Oxford BioMedica Turns To Profit In H1 With Strong Revenues; Sees H2 Revenues Same As H1

Oxford Biomedica plc (OXB.L), a gene and cell therapy group, reported Wednesday that its first-half net profit was 18.1 million pounds, compared to last year’s loss of 6.7 million pounds. The basic profit per share was 21.92 pence, compared to last year’s loss of 8.69 pence.

The company continues large-scale commercial manufacture of AstraZeneca’s adenovirus vector-based COVID-19 vaccine, running three manufacturing suites at 1000L scale.

Operating EBITDA was 27.1 million pounds, compared to losses of 0.4 million pounds a year ago. Operating profit was 19.7 million pounds, significantly higher than 5.8 million pounds.

Revenue increased 139% to 81.3 million pounds from 34.0 million pounds last year.

Looking ahead, Oxford BioMedica is targeting revenue for the second half to be similar to the first half.

The company noted that traditionally it records higher revenues in the second half of the year due to the annual clean and recalibration of all the manufacturing suites that occurs at the start of the year. However, with vaccine production in three suites continuing at pace, through Christmas and New Year as well as the full first half of the year, clean down and recalibration will now occur in these suites in the second half of the year.

Group Operating EBITDA for the second half is expected to be above the level achieved in last year, but below the first half.

Cumulative revenues from AstraZeneca by the end of 2021 are expected to be in excess of 100 million pounds, with significant growth in Group Operating EBITDA in the year ending 2021.

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