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.
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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