Oxford BioMedica (OXB)

Business description

Oxford BioMedica’s (OXB) LentiVector technology underpins the company’s strategy. OXB generates significant revenue from partners that utilise its technology, notably Novartis, Bioverativ, Orchard Therapeutics and Immune Design. OXB is in partnering discussions about internally developed assets.

Stock data

Market cap.£488.7m
Last close14.88p
High / Low (52 weeks)15.0p / 4.9p
Stock market listingLN
Forecast net debt (£m)15.9
Forecast gearing ratio (%)78
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual31.726.1203.7
Relative *24.218.4189.0

* % Relative to local index

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Company news

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 27.8 (7.6) (20.0) (0.59) N/A N/A
2017A 37.6 (1.3) (11.5) (0.28) N/A N/A
2018E 54.6 2.5 (6.9) (0.15) N/A 167.9
2019E 59.6 2.1 (9.1) (0.22) N/A 399.6

Last updated on 10/05/2018

Investment summary

Following the commercial launch in 2017 of partner Novartis’s CAR-T Kymriah (in r/r paediatric ALL), Oxford BioMedica (OXB) has become one of a handful of regulatory approved gene and cell therapy manufacturers worldwide. This validation of its capabilities was most recently demonstrated in signing the £100m+ collaboration with Bioverativ to develop haemophilia gene therapies. We expect OXB to rapidly expand its manufacturing capacity to enable top-line growth. We have reassessed many of our valuation assumptions and now include the partnerships with Immune Design, Orchard and Bioverativ. Moreover, internal asset, OXB-102, will start a Phase II trial shortly. We value OXB at £513m (15.6p/share).

Last updated on 10/05/2018

Industry outlook

Cell- and gene-therapy is the focus of much industry attention as it can dramatically alter the outcomes of many diseases. The proprietary lentivector platform has demonstrated promise in many indications.

Last updated on 27/04/2018

Key management

Dr. Lorenzo Tallarigo, Chairman
John Dawson, CEO
Stuart Paynter, Chief Financial Officer

Company address

Medawar Centre
Robert Robinson Avenue
The Oxford Science Park
Oxford
OX4 4GA
United Kingdom
+44 (0) 1865 783 000
View website