Oxford Biomedica is a UK-based company with a leading position in cancer immunotherapy and gene-based products. It is focusing its efforts on two clinical programmes, ProSavin and TroVax, and has an ocular collaboration with Sanofi-Aventis.
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Forecast net debt (£m)
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Forecast gearing ratio (%)
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% | 1M | 3M | 12M |
---|---|---|---|
Actual | 4.4 | 46.0 | (42.4) |
Relative | 1.7 | 35.1 | (43.6) |
52 week high/low | 808.0p/297.0p |
Oxford Biomedica (OXB) announced that it has signed a new three-year Master Services and Development Agreement with AstraZeneca (AZN) for future production of the AZN COVID-19 vaccine. As an expansion of the original agreement signed in September 2020, AZN will now have access to OXB’s world-class Oxbox manufacturing facilities on an as-needed basis from the start of 2023. Management expects revenues of approximately £30m from AZN in FY22 for batches of the vaccine already manufactured in 2022 under the original agreement. In addition, Novartis recently announced encouraging five-year follow-up data from the ELIANA clinical trial investigating the use of Kymriah in the treatment of relapsed or refractory (r/r) B-cell acute lymphoblastic leukaemia (ALL). OXB is the sole global supplier of lentiviral vector for Kymriah. We view both announcements as a positive for OXB’s future revenues. Our valuation and forecasts are currently 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 | 23.2 |
2021A | 142.8 | 33.2 | 19.9 | 22.2 | 20.7 | 13.1 |
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 |