The Oxford BioMedica plc (LON: OXB) share price inched 3.29% higher after unveiling its preliminary results for the year ended 31 December 2022. The company’s revenues were £140.0 million, marking a slight drop from the £142.8 million in sales recorded by the firm in 2021.
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The company also revealed that most of its revenues came from its Oxford Biomedica Solutions core business despite the decline in COVID-19 vaccine bioprocessing volumes compared to 2021. The firm also noted that its core business registered double-digit growth during the twelve months.
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Oxford Biomedica’s bioprocessing and commercial development revenues remained stable at £128.1 million versus the £128.4 million recorded in 2021. The revenues included over £40.0 million generated from vaccine sales.
The company attributed the launch of its Oxford Biomedica Solutions as the primary factor behind its entry into the fast-growing AAV market. It also allowed the firm to establish a critical strategic presence in the US.
Furthermore, the launch of Oxford Biomedica Solutions also saw Oxford Biomedica incur higher operating costs, which surged to £123.0 million from £62.5 million in 2021. However, the higher expenses also included a one-time acquisition cost.
The company, which describes itself as a quality and innovation-led viral vector contract development and manufacturing organisation (CDMO), also revealed that its operating and pretax profits had benefitted from the sale and leaseback of its Windrush Court facility for £21.4 million.
Still, Oxford Biomedica generated a pretax profit of £1.6 million and an operating loss of £30.2 million.
Dr Frank Mathias, Oxford Biomedica’s CEO, said: “In 2022, we have successfully grown our core business by expanding our global reach, establishing Oxford Biomedica Solutions in the US and broadening our expertise in key viral vector types, including AAV. The expansion of our development and manufacturing capabilities has enabled us to drive innovation whilst both attracting new international biopharma clients and expanding existing collaborations. We have also successfully right-sized our business, and we are now in a robust financial situation to strengthen our position as a global quality and innovation-led viral vector CDMO.”
*This is not investment advice.
Oxford Biomedica (OXB) share price.
The Oxford Biomedica (OXB) share price edged 3.29% higher to trade at 462.75p, from Monday’s closing price of 448.00p.
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