Shares of Oxford Biomedica (LON: OXB) are climbing on Tuesday after the company said it is raising revenue guidance.
The announcement results from the company updating the 18 month supply agreement it signed with AstraZeneca (LON: AZN) in September 2020.
“Following successful manufacture of large-scale batches of AstraZeneca’s COVID-19 Vaccine, AstraZeneca has today committed to an increase in the number of batches required from Oxford Biomedica in the second half of 2021,” stated Oxford Biomedica.
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The news has seen the company raise its revenue guidance for expected cumulative revenues from AstraZeneca by the end of 2021 from over £50 million to more than £100 million.
The gene and cell therapy company now expects “significant” growth in its group operating EBITDA for the year ending 2021.
Oxford Biomedica’s share price has jumped over 6.2% on the news to 1,064p per share.
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