OXFORD BIOMEDICA
PLCINTERIM RESULTS FOR THE SIX
MONTHS ENDED 30 JUNE 2021
Oxford
Biomedica delivers record first half
results
Oxford, UK –
22 September
2021: Oxford Biomedica
plc (“Oxford Biomedica” or “the Group”) (LSE: OXB), a leading gene
and cell therapy group, today announces interim results for the six
months ended 30 June 2021.
John Dawson, Oxford
Biomedica’s Chief Executive Officer,
said:
“Everyone at Oxford Biomedica can be truly proud
of what they have continued to achieve in 2021. The tireless
commitment of the whole team has helped to save thousands of lives,
in line with our mission, whilst gaining global recognition for our
role in the fight against COVID-19. The exceptional financial
results that we have reported reflect our strong progress across
the business as we continue to demonstrate our world leading
expertise in gene and cell therapy. As we move from strength to
strength, and with rapid growth in the cell and gene therapy
market, we are in a great position to maximise on the opportunities
ahead, both in lentiviral vectors as well as other viral vector
types and look forward to the remainder of 2021 and beyond with
considerable confidence.”
FINANCIAL HIGHLIGHTS
- Revenue increased
by 139% to £81.3 million (H1 2020: £34.0 million)
- Exceptional growth
was seen in bioprocessing and commercial development, where
revenues increased by 223% to £75.6 million (H1 2020: £23.4
million) largely driven by the highly successful COVID-19 vaccine
agreement with AstraZeneca
- Licences,
milestones & royalties were £5.7 million (H1 2020: £10.6
million), the reduction of 47% resulting from no significant
licence fees arising in H1 2021, whilst H1 2020 saw the £6.2
million Juno licence fee
- Operating expenses
decreased by 19% to £23.6 million (H1 2020: £29.1 million) due to
the higher recovery of batch manufacturing costs which is reflected
in increased cost of goods
- Operating EBITDA1
and operating profit were £27.1 million and £19.7 million
respectively (H1 2020 losses of £0.4 million and £5.8 million
respectively)
- Cash generated from
operations was £22.2 million compared to £0.9 million consumed in
H1 2020
- Cash at 30 June
2021 was £61.3 million (31 December 2020: £46.7 million), an
increase of £14.6 million due to operational cash flow
generated
- The Group’s capital
expenditure of £3.5 million (H1 2020: £5.3 million) consisted
mainly of purchases of equipment required for the manufacturing and
laboratory facilities
.
1Operating EBITDA
(Earnings Before Net Finance Costs, Tax, Depreciation,
Amortisation, fair value adjustments of assets at fair value
through profit and loss, and Share Based Payments) is a non-GAAP
measure often used as a surrogate for operational cash flow as it
excludes from operating profit or loss all non-cash items,
including the charge for share options. A reconciliation to GAAP
measures is provided on page 12.
OPERATIONAL HIGHLIGHTS (including post
period-end events)
COVID-19 Vaccine and Agreement with
AstraZeneca
- Oxford Biomedica
continues large-scale commercial manufacture of AstraZeneca’s
adenovirus vector-based COVID-19 vaccine, running three
manufacturing suites at 1000L scale
- In May, the Group
announced that AstraZeneca had committed to an increase in the
number of batches required from Oxford Biomedica in the second half
of the 2021. This resulted in the Group raising its expectation for
cumulative revenues from the contract to be in excess of £100
million by the end of 2021
- In the period, the
Group agreed to purchase equipment provided to Oxford Biomedica by
VMIC (Vaccines Manufacturing and Innovation Centre) for vaccine
manufacture for £3.8 million, to enable longer term use
Boehringer
Ingelheim
- In April, Oxford
Biomedica announced a new three year Development and Supply
agreement with Boehringer Ingelheim for the manufacture and supply
of a range of viral vectors and the Group intends to manufacture
GMP batches for Boehringer Ingelheim to support the development of
viral vectors and viral vector products, further demonstrating
growing expertise beyond lentiviral vectors
Novartis
- The Group continues
its strong relationship with Novartis with global roll out of
Kymriah® continuing to build momentum with more than 330 qualified
treatment centres in 30 countries having coverage for at least one
indication
- Indication
expansion of Kymriah® continues to progress and Novartis plans to
file for use in relapsed or refractory follicular lymphoma in the
second half of 2021 in the US and EU
Other Partnership news and
strategic updates
- The Group continues
to successfully progress its collaborations signed in 2020 with
Juno / Bristol Myers Squibb and Beam Therapeutics with the combined
revenues from these two partnerships meaningfully contributing
toward the total commercial development revenues expected in the
year
- In the period the
Group announced that Sanofi had given notice that they intend to
terminate their collaboration and licence agreement for the process
development and manufacturing of lentiviral vectors to treat
haemophilia. The Group expects the impact on revenues will be
negligible over the coming 24 months period.
- Additionally,
Orchard Therapeutics announced it would be returning the rights to
its OTL-101 programme to the academic originators of that
programme
- Post period end,
the Group decided to extend its scope of work to all types of viral
vectors. In addition, an internal review of the Group's proprietary
pipeline is nearing completion with the focus being on OXB-302, a
2nd generation CAR-T product, and liver gene therapy
Corporate Governance and
Organisational Progress
- Oxford Biomedica
remains committed to best practice corporate governance as it
continues to grow and the evolution of the Board of Directors is a
key part of this
- The Group has
welcomed two new Board members in the year to date. In March,
Professor Dame Kay Davies, a world-renowned geneticist and
Professor Emeritus at Oxford University, was appointed as an
Independent Non-Executive Director. Additionally, post period end,
Dr. Michael Hayden, with decades of industry defining contributions
and achievements, was appointed to the Group's Board as a
Non-Executive Director.
- During the period,
two long standing Board members also stepped down from the board.
Martin Diggle, a Partner at Vulpes Investment Management stepped
down in February after nearly nine years and Dr. Andrew Heath,
retired from the Board at the AGM in May, after more than eleven
years of service to the Group
Analyst briefing
Management will be hosting a briefing for
analysts at 13:00 BST / 8:00 EST on 22 September at 85 Gresham
Street London, EC2R 7HE. There will a simultaneous live conference
call with Q&A and the presentation will be available on the
Group’s website at www.oxb.com
A live webcast of the presentation will be
available via this link.
If you would like to dial-in to the call and ask
a question during the live Q&A, please follow this link to
register and receive dial-in details.
Enquiries: |
|
Oxford Biomedica
plc John Dawson, Chief Executive OfficerStuart
Paynter, Chief Financial OfficerCatherine Isted, Head of Corporate
Development & IRSophia Bolhassan, Director of IRT: +44 (0)1865
783 000/ E: ir@oxb.com |
|
Consilium Strategic
Communications Mary-Jane Elliott/Matthew NealT: +44 (0)20
3709 5700 |
|
Peel Hunt (Joint Corporate
Brokers):
James SteelDr. Christopher Golden
T: +44 (0)20 7418 8900
WG Partners (Joint Corporate
Brokers):
David WilsonClaes Spång
T: +44 (0)20 3705 9321
About Oxford
BiomedicaOxford Biomedica (LSE:OXB) is a leading,
fully integrated, gene and cell therapy group focused on developing
life changing treatments for serious diseases. Oxford Biomedica and
its subsidiaries (the "Group") have built a sector leading
lentiviral vector delivery platform (LentiVector®), which the Group
leverages to develop in vivo and ex vivo products both in-house and
with partners. The Group has created a valuable proprietary
portfolio of gene and cell therapy product candidates in the areas
of oncology, CNS disorders and liver diseases. The Group has also
entered into a number of partnerships, including with Novartis,
Bristol Myers Squibb, Sio Gene Therapies, Orchard Therapeutics,
Santen, Beam Therapeutics and Boehringer Ingelheim, through which
it has long-term economic interests in other potential gene and
cell therapy products. Additionally, the Group has signed a 3-year
master supply and development agreement with AstraZeneca for
large-scale manufacturing of the adenoviral based COVID-19 vaccine
candidate, AZD1222. Oxford Biomedica is based across several
locations in Oxfordshire, UK and employs more than 740 people.
Further information is available at www.oxb.com
OVERVIEW
The first half of 2021 has produced an
exceptional set of financial results with a very strong operating
performance largely driven by the Group’s work with AstraZeneca on
the highly successful manufacture of the COVID-19 vaccine. Outside
of the vaccine work, the Group has further developed its
relationship with Boehringer Ingelheim, signing a new three-year
agreement to manufacture and supply a range of viral vectors,
further highlighting Oxford Biomedica’s growing expertise beyond
lentiviral vectors. Existing partnerships with Novartis, Juno / BMS
and Beam continue to progress well in the period as the various
partner programmes continue through development.
In the period the Group received the news that
Sanofi would no longer be taking forward the development of its
haemophilia programmes, although the Group still believes there is
much merit in a lentivector-based approach to this disease. It was
also announced that Orchard would be handing back the rights for
its ADA SCID programme to the academic originators of the
programme, following its decision to deprioritise that programme in
a prior portfolio review.
Following a strategic review, the Group is
extending its scope to all types of viral vectors, building on its
world leading position in lentiviral vectors and success in the
adenovirus vector-based AstraZeneca COVID-19 vaccine. Additionally
an internal review of the Group’s proprietary pipeline is nearing
completion with the focus being on OXB-302 and liver gene
therapy.
Since the start of the year several Board
changes have occurred, in line with the commitment to best practice
corporate governance, strengthening Oxford Biomedica’s science and
translational expertise. The Group has been pleased to welcome to
the Board Professor Dame Kay Davies, a world-renowned geneticist
and Professor Emeritus at Oxford University and Dr. Michael Hayden
with decades of industry defining contributions and
achievements.
Oxford Biomedica ended the period with £61.3
million in cash on the balance sheet and 744 employees. With the
business development pipeline looking stronger than ever, the Group
looks forward to a busy second half of 2021 and maximising the many
opportunities ahead.
OPERATIONAL REVIEW
COVID-19 Vaccine and Agreement with
AstraZeneca
Oxford Biomedica continues the large-scale
commercial manufacture of AstraZeneca’s adenovirus vector-based
COVID-19 vaccine at the Group’s Oxbox facility. Manufacturing has
continued at full pace in three manufacturing suites running at
1000L scale to maximise production of vaccine. In May 2021, the
Group announced that AstraZeneca had committed to an increase in
the number of batches required from Oxford Biomedica in the second
half of 2021. As a result of this cumulative revenues from
AstraZeneca by the end of 2021 are expected to be in excess of £100
million, with significant growth in Group Operating EBITDA in the
year ending 2021.
Oxford Biomedica has an 18 month supply
agreement under a three-year Master Supply and Development
Agreement with AstraZeneca for large-scale commercial manufacture
of the adenovirus vector-based COVID-19 vaccine, announced in
September 2020. This follows on from an initial one year clinical
and commercial supply agreement with AstraZeneca, announced in May
2020.
The Group also has a five-year collaboration
agreement with VMIC (Vaccines Manufacturing and Innovation Centre),
announced in June 2020, to enable the rapid manufacture of viral
vector based vaccines. As part of the agreement VMIC provided
equipment for 1000L scale production in two GMP manufacturing
suites in Oxbox to further scale up production of AZD1222. The
Group has now purchased this equipment to allow for longer term
use, which consisted of a capital outlay of £3.8 million paid in
the first half of 2021.
Boehringer
Ingelheim
Oxford Biomedica has continued to build on its
partnership with Boehringer Ingelheim, which started in 2018. In
April 2021, the Group announced a new three-year Development &
Supply Agreement with Boehringer Ingelheim for the manufacture and
supply of various types of viral vectors.
Under the terms of the agreement, Oxford
Biomedica intends to manufacture GMP batches for Boehringer
Ingelheim to support the development of viral vectors. The
agreement also allows for the Group to manufacture and supply viral
vector products in the future, demonstrating the Group’s growing
expertise beyond lentiviral vectors.
Novartis Partnership
The Group continues its strong relationship with
Novartis as its sole global supplier of lentiviral vector for
Kymriah® (tisagenlecleucel, formerly CTL019). Global roll out of
Kymriah® in both relapsed or refractory B-cell acute lymphoblastic
leukaemia (r/r ALL) and relapsed or refractory diffuse large B-cell
lymphoma (r/r DLBCL) indications continued to build momentum with
more than 330 qualified treatment centres in 30 countries having
coverage for at least one indication. Kymriah® continued to see
double-digit growth showing 41% growth in the first half of 2021,
over the first half of 2020, reporting sales in H1 2021 of $298
million.
Indication expansion of Kymriah® in relapsed or
refractory follicular lymphoma continues to progress well and in
June at ASCO, Novartis presented robust data from the Phase II
ELARA trial of Kymriah® in this indication with the filing
anticipated in the US and EU in the second half of 2021.
The Group continues to progress other partner
programmes with Novartis and will update the market when further
data is available.
Other existing partner
updates
The Group continues to actively progress its
exciting collaborations signed in 2020 with Juno Therapeutics Inc.
(a wholly owned subsidiary of Bristol Myers Squibb Inc.) and Beam
Therapeutics with the combined revenues from these two partnerships
meaningfully contributing toward the total commercial development
revenues expected in the year. The Group will look to update the
market with further data / progress when able to do so.
Sanofi Partnership
In March 2021, the Group announced that Sanofi
had given notice that they intend to terminate the 2018
collaboration and licence agreement for the process development and
manufacturing of lentiviral vectors to treat haemophilia. The Group
expects the impact on revenue will be negligible over the coming
24-month period. The Group continues to believe that a
lentivector-based approach to haemophilia is a very attractive
opportunity.
Orchard Therapeutics
In May 2021, Orchard Therapeutics (Orchard)
announced it would be returning the rights to their OTL-101
programme for ADA-SCID to the academic originators of the
programme, University of California at Los Angeles (UCLA) and
University College London (UCL). This follows on from Orchard’s May
2020 announcement on their new strategic plan with an emphasis on
neurometabolic disorders, such as their MPS-IIIA (OLT-201)
programme, with a reduction in investment on other programmes such
as ADA-SCID (OTL-101). While this news means that Oxford Biomedica
will no longer be working with Orchard on the OTL-101 programme,
the Group awaits further information on whether it can be of
assistance to the academic partners at UCLA and UCL.
The MPS-IIIA (OLT-201) partner programme with
Orchard is currently being evaluated in an ongoing proof-of-concept
clinical trial, with interim data from this study expected to be
released in the second half of 2021 and 2022.
Innovation and
Platform
Development
Innovation and the development of the platform
are core to the Group's goal of industrialising viral vector
manufacturing not just with lentivectors but across all viral
vector classes. By industrialising viral vector production and
reducing the cost through innovation, the Group will open up
therapeutic indications that are currently inaccessible in the
field of cell and gene therapy due to the amount (and therefore
cost) of the vector needed to address these targets. In addition,
the reduction in cost will help drive adoption by payors into
indications where there are far larger numbers of patients, by
potentially bringing down the overall cost per patient treated.
Multiple elements of IP and innovation are
relevant across all viral vector classes. Development of
technologies such as TRiPSystem™, SecNuc™, LentiStable™ and U1 and
U2, along with the corresponding IP, continue to move ahead. In
addition, the Group is utilising automation and the use of
robotics, artificial intelligence and machine learning to further
drive productivity improvements.
Process C, which incorporates U1, U2 and
perfusion in to the manufacturing process is developing well with
general roll out expected in the first half of 2022, with process D
utilising LentiStable™ expected to come on stream a year later.
The Group has additionally started development
work in the area of in vivo CAR-T, which the Group believe would
offer great patient access and superior efficacy to existing
treatment options.
Proprietary Gene Therapeutics
Development
Sio Gene
Therapies
The Group continues to progress work on its
clinical supply agreement with Sio Gene Therapies (Sio) for the
manufacture and supply of Parkinson's disease gene therapy
programme AXO-Lenti-PD. Following prior third-party fill/finish
issues, two batches have been manufactured using the updated
suspension-based process and have now completed fill/finish.
Certification of at least one batch of clinical trial material is
expected in the fourth quarter of 2021 with enrolment of patients
into the AXO-Lenti-PD clinical programme expected to resume in
2022.
Unencumbered proprietary pipeline
programmes
A review of the in-house proprietary pipeline is
currently ongoing with the review expected to be finalised in the
fourth quarter of 2021.
The lead programme is OXB-302 which targets 5T4,
this is currently being investigated in Acute Myeloid Leukaemia
with clinical trial expected to be initiated in 2023. 5T4 is an
oncofoetal antigen specifically expressed of the cell surface of
most cancers including AML. The restricted expression profile of
5T4 on normal tissues combined with its broad expression on tumour
cells (including cancer stem cells) makes 5T4 an attractive
target.
OXB-302 is a 2nd generation CAR-T product
generated via an optimised lentiviral vector transduction protocol
and expression process to generate more potent cells. OXB-302 has
demonstrated potent in vitro and in vivo activity against a panel
of human solid and liquid tumour cell line and the Group believes
it has high commercial potential for the treatment of multiple
liquid and solid tumours.
Separately, the potential of lentiviral vectors
in liver gene therapy is seen as a highly promising area due to the
potential of one-off therapies giving long term benefits. The Group
intends to provide further information about this work post
completion of the internal review.
The Group has chosen to deprioritise OXB-203,
OXB-204 and OXB-103 at this time.
Sanofi – Ocular assets
As previously announced in June 2020, the Group
had been informed by Sanofi that it intended to return the rights
to ophthalmology programmes SAR422459 for Stargardt's disease and
SAR421869 for Usher Syndrome type 1b. This process and review of
the programmes has now been completed with the decision that the
Group will not commit further resources into these programmes
internally at this time.
Expansion of capacity
In January 2021, the Group was delighted to host
the Prime Minister, the Rt. Hon Boris Johnson MP, to formally open
the Oxbox manufacturing facility following MHRA approval of four
manufacturing suites during 2020, three of which are running at
1000L scale for AstraZeneca COVID-19 vaccine production with the
fourth suite dedicated to 200L lentiviral vector manufacturing.
The final step of this first phase of
development within Oxbox is the completion of the first fill/finish
suite. The instalment of the equipment for this suite is
progressing well and is expected to be completed during 2021, with
approval for use expected in the first half of 2022. This first
phase of development fits out approximately 45,000 sq. ft. with the
remaining fallow area (39,000 sq. ft) available for flexible
expansion in the future.
In June 2021, the Group was granted planning
permission for redevelopment of the Windrush Innovation Centre
(WIC) site. The scope of the re-development of the site has
increased from that originally communicated at the time of the
capital raise in June 2020, with now a new dedicated building being
built, rather than a refurbishment of the existing building. This
new dedicated building will be the key hub of both innovation for
the platform as well as proprietary product development and has
been specifically designed with these goals in mind. Work will
start during 2021 and will continue into the first half of 2023,
with an increase in Capex spend of approximately £15 million over
the original c.£15 million set aside at the time of the capital
raise.
Building work continues at Windrush Court to
convert office space into GMP laboratories to meet the expected
near-term demand in commercial development and analytics, with a
further area within Windrush Court expected to be converted during
the course of 2021.
Corporate and organisational
development
A number of Board changes occurred during the
period, which further augment the Group’s science and translational
expertise and strengthen Oxford Biomedica's position as a leading
gene and cell therapy company.
On 1st March, Professor Dame Kay Davies, a
world-renowned geneticist and Professor Emeritus at Oxford
University, was appointed to the Board as an Independent
Non-Executive Director. Additionally, post period end, in July, Dr.
Michael Hayden was appointed to the Group's Board as a
Non-Executive Director. Dr. Hayden has decades of industry defining
scientific contributions and achievements, including developing the
world’s first approved gene therapy treatment.
During the period two long standing Board
members also stepped down from the board after many years of
service. Martin Diggle, a Partner at Vulpes Investment Management
stepped down from the Board as a Non-Executive Director in February
after nearly nine years of service and Dr. Andrew Heath,
Non-Executive Director, retired from the Board at the AGM in May,
after more than eleven years of service to the Group.
The Board intends to continue to strengthen and
diversify the Board having initiated a search for an additional
independent Non-Executive Director, targeting the selection of
female and ethnically diverse candidates.
Post period end, on 1st August, Matthew Treagus,
Chief Information Officer (CIO) joined the Senior Executive team as
a permanent member, having worked with Oxford Biomedica on the
development and implementation of its digital strategy since 2019.
This announcement reflects the Group’s commitment to driving its
digitalisation agenda.
The wider Oxford Biomedica team has continued to
grow, reflecting the expansion of the business and the extra
employees recruited as part of the scale of vaccine manufacture for
AstraZeneca. Headcount increased by 27% reaching 744 at the end H1
2021, compared with 584 at the end of H1 2020.
Environmental, Social and
Governance
The Group remains committed to its role as a
responsible business and continued work on implementing its
Environmental, Social and Governance (ESG) strategy, which is
focused on five pillars: People; Community; Environment; Innovation
and Supply Chain.
The People pillar continued to be an area of
particular focus. A Diversity and Inclusion project has commenced
and a working group established, in line with the Group’s 2021 ESG
People objective to create an action plan for Equality, Inclusion
and Diversity. Wellbeing initiatives for employees also continued
throughout the period, focusing on topics of mental health and
resilience with a variety of events delivered, alongside the
introduction of two new wellbeing benefits.
On the Community pillar, including the Group’s
commitment to provide support to a local charity, fundraising
efforts for charity SeeSaw continued during the year. In addition,
a Payroll giving scheme was introduced for regular salary charity
donations.
The Group’s Windrush Court facility moved to
renewable energy, showing good progress in achieving its 2021 ESG
Environmental objective to reduce greenhouse gas emissions by
optimising the Group’s energy usage.
On the Innovation pillar, the Group continued to
provide further support for In2Science, an organisation that helps
children from disadvantaged backgrounds enter STEM subjects in
higher education. Work also continues to progress in achieving the
Group’s 2021 ESG Supply Chain objectives, which include the launch
of a code of conduct for suppliers. Full details on our ESG pillars
can be found on our newly created ESG webpage at www.oxb.com.
The Group’s commitment to responsible business
practices was recognised with Prime status by ISS ESG on 25 June
2021. ISS ESG is the responsible investment arm of ISS and one of
the world’s leading rating agencies for sustainable investments.
Prime status is awarded to companies with an ESG performance above
the sector-specific Prime threshold, which means that they fulfil
ambitious absolute performance requirements.
Outlook
Traditionally the Group has seen higher revenues
in the second half of the year due to the annual clean and
recalibration of all the manufacturing suites that occurs at the
start of the year. However, with vaccine production in three suites
continuing at pace, not only through Christmas and New Year but
also through the full first half of the year, clean down and
recalibration will now occur in these suites in the second half of
the year. The Group is therefore targeting revenue for the second
half to be similar to the first half.
For the second half of the year, outside of
revenue growth expected from AstraZeneca, other new customer
partnerships such as with Juno/ BMS and Beam are expected to drive
growth in bioprocessing and commercial development versus the same
period in 2020. The Group is confident of further announcements
with new/existing partnerships during the course of the second half
leading to additional revenue streams.
Group Operating EBITDA for the second half,
while anticipated to be above the level achieved in H2 2020, is
expected to be below the first half figure as a result of an
increase in research and development, administrative and
bioprocessing costs.
Capex will also accelerate in the second half of
the year with the commencement of work relating to the
redevelopment of the Windrush Innovation Center (WIC) as well as
continued laboratory expansion work being undertaken at Windrush
Court. Capex for the full year is expected to be similar to 2020
levels.
The pipeline of opportunities for the Group has
never looked stronger with the business development team increasing
in size and includes the Group’s first permanent US based employee,
with more additions to the US team expected during the coming
months. The Group expects to be able to announce further updates on
partnering progress and new partnerships during the remainder of
2021.
Financial Review
The first half of 2021 has been a period of
exceptional revenue growth but especially an outstanding
operational performance in terms of vaccine manufacture. Although
the impact of the COVID-19 pandemic continued to be felt in terms
of the Group’s operating methods, the Group was able to
continuously manufacture vaccine in three of its manufacturing
suites for the whole period in order to meet its customer
obligations. Bioprocessing and commercial development activities
continued as normal, albeit with some continued adjustments in
terms of social distancing, mask wearing and employees working from
home where possible.
In April 2021 the Group also signed a new
three-year Development & Supply Agreement with Boehringer
Ingelheim for the manufacture and supply of various types of viral
vectors to support Boehringer Ingelheim’s ongoing development
programmes, including potential future programmes.
In March 2021 the Group was disappointed to note
that Sanofi had terminated the Collaboration and License Agreement
originally signed in 2018 for the process development and
manufacturing of lentiviral vectors to treat haemophilia. The
collaboration ended on good terms and certainly does not preclude
working together in the future if an opportunity arose.
Other commercial highlights include that, as
part of its 18-month supply agreement with AstraZeneca, the Group
received a commitment from AstraZeneca for the Group to manufacture
additional vaccine batches during the second half of 2021 and into
the first quarter of 2022.
Building on from the very strong results of
2020, the Group has had an exceptionally good half year in terms of
both a strong increase in commercial activities, as well as
revenues. Bioprocessing and commercial development revenue
increased by 223%, and the Group achieved an Operating EBITDA
profit of £27.1 million, with growth driven largely by the
bioprocessing activities undertaken for AstraZeneca.
The ongoing vaccine manufacture, together with
recent commercial agreements entered into, but also expected in the
second half of 2021, should see the Group continue to deliver the
increased revenues and operational success in the second half of
2021 which has been seen during the period under review.
The Group continued to strengthen its balance
sheet position, generating a cash inflow of £18.7 million in
additional cash since the 2020 year-end. The Group intends to start
work on refurbishing its Windrush Innovation Centre in the second
half of 2021 which is expected to negatively impact cash generated
over the period of the refurbishment.
The key financial indicators used by the Board
are set out in the table below and the highlights are:
- Revenue (£81.3million) increased by
139% over H1 2020 (£34.0 million) as a result of the 223%
exceptional growth in bioprocessing and commercial development
revenues as a result of the volume of vaccine batches manufactured
for AstraZeneca
- Operational results (Operating
EBITDA1and Operating profit) of £27.1 million and £19.7 million
respectively, were very significantly improved compared to prior
year due to the higher bioprocessing revenues generated
- Operational activities generated
cash of £22.2 million compared to consuming £0.9 million in H1 2020
as the significant revenue growth was successfully converted into
operational cash flows
- Capital expenditure decreased from
£5.3 million in H1 2020 to £3.5 million with H1 2021 capital
expenditure consisting mainly of purchases of equipment required
for the manufacturing and laboratory facilities
- Cash inflow2 was £18.7 million in
H1 2021 (H1 2020 Cash Burn of £3.7 million) due mainly to the
operational cash generation from high volume vaccine
manufacture
- Cash at 30 June 2021 was £61.3
million compared to £50.6 million at 30 June 2020
KEY FINANCIAL INDICATORS (£ m) |
H1 2021 |
H1 2020 |
|
|
|
|
Revenues |
Bioprocessing/commercial development |
75.6 |
23.4 |
|
Licence fees, milestones & royalties |
5.7 |
10.6 |
|
Total |
81.3 |
34.0 |
|
|
|
|
Operating profit/(loss) |
|
19.7 |
(5.8) |
Operating EBITDA1 |
|
27.1 |
(0.4) |
Cash generated from/(consumed by) operating activities |
22.2 |
(0.9) |
Capital expenditure |
(3.5) |
(5.3) |
Cash inflow/(burn)2 |
18.7 |
(3.7) |
|
|
|
|
Period end cash |
Cash |
61.3 |
50.6 |
|
|
|
|
Headcount |
Period end |
744 |
584 |
|
Average |
716 |
575 |
- Operating EBITDA (Earnings Before
Net Finance Costs, Tax, Depreciation, Amortisation, fair value
adjustments of assets at fair value through profit and loss, and
Share Based Payments) is a non-GAAP measure often used as a
surrogate for operational cash flow as it excludes from operating
profit or loss all non-cash items, including the charge for share
options. A reconciliation to GAAP measures is provided on page
12.
- Cash inflow/(burn) is net cash
generated from operating activities less net finance costs paid and
capital expenditure. A reconciliation to GAAP measures is provided
on page 13.
The Group evaluates its performance by making
use of alternative performance measures as part of its Key
Financial Performance Indicators (refer table above). The Group
believes that these Non-GAAP measures, together with the relevant
GAAP measures, provide an accurate reflection of the Group’s
performance over time. The Board has taken the decision that the
Key Financial Performance Indicators against which the business
will be assessed, are Revenue, Operating EBITDA and Operating
profit/(loss).
Revenue
Revenues were £81.3 million in H1 2021, 139%
above the £34.0 million achieved in H1 2020.
£m |
H1 2021 |
H1 2020 |
Bioprocessing/commercial development |
75.6 |
23.4 |
Licence fees, milestones & royalties |
5.7 |
10.6 |
Revenue |
81.3 |
34.0 |
Revenues from bioprocessing/commercial
development were 223% higher in H1 2021 as compared to H1 2020, due
largely to the volume of vaccine batches manufactured for
AstraZeneca. Bioprocessing and commercial development activities
performed on behalf of the Group’s other customers have overall
decreased mainly due to the cessation of the Sanofi and Orchard ADA
SCID programmes, as well as the natural cycle of certain
development programmes. The Group does expect an increase in
commercial activity from existing customers in the second half of
the year which is expected to continue into 2022.
Revenues from licence fees, milestones and
royalties decreased by 47% when compared to the prior year as there
were no significant license fees achieved in H1 2021 when compared
to H1 2020 (£6.2 million ($8 million) Juno license fee
recognised).
Operating EBITDA
£m |
H1 2021 |
H1 2020 |
Revenue |
81.3 |
34.0 |
Other operating income |
0.4 |
0.3 |
Total expenses1 |
(54.6) |
(34.7) |
Operating EBITDA2 |
27.1 |
(0.4) |
Depreciation, amortisation, share option charge and fair value
adjustments of available-for-sale assets |
(7.4) |
(5.4) |
Operating profit/(loss) |
19.7 |
(5.8) |
1 Cost of goods plus research, development,
bioprocessing and administrative expenses excluding depreciation,
amortisation and share option charge. A reconciliation to GAAP
measures is provided on page 11.2 Operating EBITDA (Earnings Before
Net Finance Costs, Tax, Depreciation, Amortisation, fair value
adjustments of assets at fair value through profit and loss, and
Share Based Payments) is a non-GAAP measure often used as a
surrogate for operational cash flow as it excludes from operating
profit or loss all non-cash items, including the charge for share
options. A reconciliation to GAAP measures is provided on page
12.
Total expenses in H1 2021 were £54.6 million,
compared with £34.7 million in H1 2020, a 57% increase on the H1
2020. The increase was driven by increased raw material costs on
batches of vaccine produced as well as increased headcount compared
to the comparative period.
As a result of the increased revenues which more
than offset the increase in expenses, the Operating EBITDA in H1
2021 was £27.1 million (H1 2020 Operating EBITDA loss of £0.4
million).
Total expenses
In order to provide the users of the accounts
with a more detailed explanation of the reasons for the
year-on-year movements of the Group’s operational expenses included
within Operating EBITDA, the Group has added together cost of
goods, research and development, bioprocessing and administrative
costs and has removed depreciation, amortisation and the share
option charge as these are non-cash items which do not form part of
the Operating EBITDA alternative performance measure. As Operating
profit/(loss) is assessed separately as a key financial performance
measure, the year-on-year movement in these non-cash items is then
individually analysed and explained specifically in the Operating
and Net profit/(loss) section. Expense items included within Total
Expenses are then categorised according to their relevant nature
with the year-on-year movement explained in the second table
below:
£m |
H1 2021 |
H1 2020 |
Research and development costs |
14.7 |
15.2 |
Bioprocessing costs1 |
2.9 |
9.2 |
Administrative expenses |
6.0 |
4.7 |
Operating expenses |
23.6 |
29.1 |
Depreciation, amortisation & share option charge |
(7.4) |
(4.7) |
Adjusted operating expenses |
16.2 |
24.4 |
Cost of Sales |
38.4 |
10.3 |
Total expenses |
54.6 |
34.7 |
|
|
|
1 Bioprocessing costs have decreased from the
prior period due to the higher recovery of batch manufacturing
costs which is reflected in increased cost of goods in H1 2021.
The table below shows total expenses by type of
expenditure (excluding depreciation, amortisation and other
non-cash items):
£m |
H1 2021 |
H1 2020 |
Raw materials, consumables and other external bioprocessing
costs |
18.8 |
6.4 |
Personnel-related |
27.2 |
21.2 |
External R&D expenditure |
2.0 |
3.1 |
Other costs |
6.6 |
4.0 |
Total expenses |
54.6 |
34.7 |
Raw materials, consumables and other external
bioprocessing costs have increased substantially as a result of the
much higher number of batches manufactured in H1 2021 as compared
to H1 2020. Personnel related costs are higher due to average
employee numbers increasing from 575 in H1 2020 to 716 in H1 2021.
External R&D expenditure was lower due to due to the cessation
of certain customer programmes, as well as the natural cycle of
other customer development programmes. Other costs had increased
compared to prior year due to increased facility costs and foreign
exchange losses on dollar balances, offset by an insurance payment
received with regards to a previous customer claim.
Operating
profit/(loss)
and net
profit/(loss)
£m |
H1 2021 |
H1 2020 |
Operating EBITDA1 |
27.1 |
(0.4) |
Depreciation, amortisation and share option charge |
(7.4) |
(4.7) |
Change in fair value of assets held at fair value through profit
& loss |
- |
(0.7) |
Operating
profit/(loss) |
19.7 |
(5.8) |
Interest |
(0.5) |
(0.4) |
Taxation |
(1.1) |
(0.5) |
Net
profit/(loss) |
18.1 |
(6.7) |
1 Operating EBITDA (Earnings Before Net Finance
Costs, Tax, Depreciation, Amortisation, fair value adjustments of
assets at fair value through profit and loss, and Share Based
Payments) is a non-GAAP measure often used as a surrogate for
operational cash flow as it excludes from operating profit or loss
all non-cash items, including the charge for share options. A
reconciliation to GAAP measures is provided on page 12.
In arriving at the Operating profit, the
Operating EBITDA of £27.1 million was further impacted by
depreciation and the share option charge.
Depreciation increased by £2.4 million mainly
due to an increased asset base including the Oxbox manufacturing
facility, conversion of one of the Windrush facility floors into
laboratories; and then also due to additional bioprocessing
equipment obtained to allow vaccine manufacturing. The share option
charge increased by £0.1 million due to the increased employee
headcount.
There was no change in the fair value recognised
on the Orchard Therapeutics asset held at fair value through profit
and loss (2020: £0.7 million loss).
The impact of these charges resulted in an
operating profit of £19.7 million in the first half of 2021
compared to a loss of £5.8 million in the prior year corresponding
period.
The interest charge increased slightly by £0.1
million due to IFRS 16 interest on a lease liability related to
bioprocessing equipment obtained for vaccine manufacture.
The corporation tax expense in H1 2021 increased
slightly due to a corporation tax charge expected on the taxable
profits made by the Group during the period.
As a consequence of the above, the net profit
for H1 2021 was £18.1 million, as compared to a loss of £6.7
million in H1 2020.
Segmental analysis
Reflecting the way the business is being managed
by the Senior Executive Team, the Group reports its results within
two segments, namely the “Platform” segment which includes the
revenue generating bioprocessing and process development activities
for third parties, and internal technology projects to develop new
potentially saleable technology, improve the Group’s current
processes and bring development and manufacturing costs down. The
other segment, “Product”, includes the costs of researching and
developing new product candidates.
H1 2021
£m |
Platform |
Product |
Total |
Revenues |
81.2 |
0.1 |
81.3 |
Operating EBITDA1 |
31.2 |
(4.1) |
27.1 |
Operating profit/(loss) |
24.5 |
(4.8) |
19.7 |
H1 2020
£m |
Platform |
Product |
Total |
Revenues |
33.7 |
0.3 |
34.0 |
Operating EBITDA1 |
1.8 |
(2.2) |
(0.4) |
Operating loss |
(3.1) |
(2.7) |
(5.8) |
1 Operating EBITDA (Earnings Before Net Finance
Costs, Tax, Depreciation, Amortisation, fair value adjustments of
assets at fair value through profit and loss, and Share Based
Payments) is a non-GAAP measure often used as a surrogate for
operational cash flow as it excludes from operating profit or loss
all non-cash items, including the charge for share options. A
reconciliation to GAAP measures is provided on page 12.
Revenues from the platform segment more than
doubled from H1 2020 due to the volume of vaccine batches
manufactured for AstraZeneca as part of the Covid-19 pandemic
efforts. Operating results were improved due to the revenue
increase of £47.3 million.
Revenues from the product segment were lower due
to a lower level of clinical development activities for customers.
Operating expenses were higher due to increased clinical and
pre-clinical product expenditure, and also manpower costs.
Cash flow
£m |
H1 2021 |
H1 2020 |
Operating profit/ (loss) |
19.7 |
(5.8) |
Depreciation, amortisation and share option charge |
7.4 |
4.7 |
Revaluation of equity investments |
- |
0.7 |
Operating EBITDA |
27.1 |
(0.4) |
Working capital |
(5.9) |
(0.5) |
R&D tax credit received |
1.0 |
- |
Cash generated from/(consumed in)
operations |
22.2 |
(0.9) |
Capital expenditure |
(3.5) |
(5.3) |
Sale of available-for-sale assets |
- |
2.5 |
Cash
inflow/(burn) |
18.7 |
(3.7) |
|
|
|
Operating profit for the first six months of
2021 was £25.5 million higher than the £5.8 million loss achieved
in H1 2020. The negative inflow from working capital was mainly as
a result of the decrease in contract liabilities and deferred
income as income received in advance was recognised as the goods
and services were provided by the Group. An SME R&D tax credit
was received in H1 2021 related to a prior period claim. Capital
expenditure decreased by £1,8 million in H1 2020 as the
construction of phase 1 of the Oxbox bioprocessing facility came to
an end in H1 2020, with mainly equipment being purchased in H1
2021.
Statement of financial
position
Non-current assets – Property, plant and
equipment decreased from £72.3 million to £70.1 million due to £3.5
million of capital expenditure incurred not quite offsetting
depreciation of £6.0 million.
Current assets – Inventories increased to £8.5
million from £6.9 million at 31 December 2020 due to increased raw
material balances required in order to ensure sustained supply of
materials for forecasted bioprocessing activities COVID-19
shortages have created some uncertainty around the ability to
obtain key raw material items within the normal lead times. Trade
and other receivables and Contract assets remained consistent at
£53.9 million due to the 2020 research and development tax credit
not being received at the end of in H1 2020, offset by a lower
level of Trade debtors and Contract assets receivable as compared
to the year end. Current tax assets of £0.1 million at year end
have converted to being a tax liability of £2.0 million due the
taxable profits generated by the Group in 2021 and receipt of the
SME R&D tax credit related to prior years.
Current liabilities – Trade and other payables
have increased from £19.7 million at the start of the year to £23.3
million due to increased employee headcount and operational
activities. Contract liabilities have decreased by £7.0 million to
£20.2 million due to the recognition of income received in advance
as the goods and services were provided by the Group. Lease
liabilities decreased by £3.7 million to £0.8 million due to lease
payments made with regards to bioprocessing equipment leased for
purposes of vaccine manufacturing. Deferred income decreased due to
the recognition of Innovate grant income.
Non-current liabilities – Provisions increased
by £0.3m as a result of the recognition of an increased liability
for the costs of restoring leased properties to their original
state at the end of the lease term. Contract liabilities, lease
liabilities and deferred income decreased from their year end
balances as those portions of the liability became current.
The Group’s cash resources at 1 January 2021
were £46.7 million. Cash generated from operations was £22.2
million. Other significant cash flows were £3.5 million of capex
and £4.6 million of lease liability payments. The cash balance at
30 June 2021 was £61.3 million.
Financial outlook
After the more than doubling of revenues in the
first half of 2021, the Group will target to maintain similar
levels of total revenues in the second half of 2021 as has been
achieved in the first half. More specifically, the Group is also
targeting new customer relationships and the broadening out of
existing customer relationships over the next 12 months.
Existing customer relations with AstraZeneca,
Juno Therapeutics/Bristol Myers Squibb, and Beam Therapeutics are
expected to continue to drive growth in bioprocessing and
commercial development activities, and the resultant revenues in
2021, assisted by an expanded Oxbox facility being in use
throughout the year. Additive bioprocessing and commercial
development revenues are also expected from new future partnerships
with the Group focusing on continuing to expand its commercial
customer base.
Maintaining our position as a key strategic
partner to our customers remains core to our beliefs and
motivations, and drives our philosophy in terms cultivating new
partnerships and maintaining strong existing customer
relationships. One of our core values is to bring about better
solutions for patients and we look to partner with customers who we
can assist in making this happen.
Group Operating EBITDA for the second half of
the year, whilst anticipated to be above the level achieved in H2
2020, is expected to be below the first half figure as a result of
an increase in operating expenditure levels. The level of research
and development spend for the full year is expected to be above
that in 2020 as the Group looks to accelerate investment into not
only its platform research but also its own proprietary product
development. Bioprocessing costs are also likely to be higher in
the second half due to the planned staggered maintenance shutdowns
of all three vaccine manufacturing suites in the period. Manpower
costs across research and development, bioprocessing and
administrative costs are expected to increase, although the growth
in headcount is anticipated to be at lower levels than that seen in
2020.
Capex for 2021 is expected to be at similar
levels to 2020 due to the laboratory expansions being undertaken at
both Windrush Court and the Windrush Innovation Centre. The Group
continues to look to make selective strategic investments in its
products and enabling technologies where the opportunity exists to
improve patient outcomes and increase shareholder value.
Principal risks and
uncertainties
The principal risks and uncertainties facing the
Group are unchanged from those set out in pages 70 to 77 of the
2020 Annual Report & Accounts which is available on the Group’s
website at www.oxb.com.
Going concern
The Group made a profit for the period ended 30
June 2021 of £18.1 million, and generated net cash flows from
operating activities for the year of £22.2 million. The Group ended
the period with cash and cash equivalents of£61.3 million.
In considering the basis of preparation of these
interim financial statements, the Directors have prepared cash flow
forecasts for a period of at least 12 months from the date of
approval of these interim financial statements, based in the first
instance on the Group’s most recent forecasts for 2021 and 2022.
These cash flow forecasts also take into consideration severe but
plausible downside scenarios including:
- A substantial revenue downside
affecting the core viral vector platform business,
- Vaccine batches brought down by a
third to volumes for which there is some form of minimum financial
commitment from AstraZeneca,
- Very limited revenues from new
customers,
- Significant decreases in forecasted
existing customer milestone and royalty revenues,
- The continued impact of COVID-19 on
the Group and its customers including expected revenues from
existing customers under long term contracts.
The Board has confidence in the Group’s ability
to continue as a going concern for the following reasons:
- As noted above the Group has cash
balances of £61.3 million at the end of June 2021 and £55.9 million
at the end of August 2021,
- The Group has the ability to
control capital expenditure costs and lower other operational
spend, as necessary,
- A reasonable proportion of the
forecasted revenues are covered by binding customer commitments
which give additional certainty to cash flows over the next 12
months,
- The Group has key worker status
which allows continuity of providing services to the Group’s
financially stable customer base throughout any further lockdown
period,
- The Group’s history of being able
to access capital markets.
Taking account of the matters described above,
the Directors are confident that the Group will have sufficient
funds to continue to meet its liabilities as they fall due for at
least 12 months from the date of approval of the financial
statements and therefore have prepared the interim financial
statements on a going concern basis.
Consolidated Statement
of Comprehensive Incomefor
the six months ended 30 June
2021
|
|
Six months ended 30 June
2021Unaudited |
Six months ended 30 June 2020Unaudited |
|
Notes |
£’000 |
£’000 |
Revenue |
|
81,252 |
33,979 |
Cost of sales |
|
(38,372) |
(10,314) |
Gross profit |
|
42,880 |
23,665 |
Bioprocessing costs |
|
(2,947) |
(9,195) |
Research and development costs |
|
(14,708) |
(15,168) |
Administrative expenses |
|
(6,009) |
(4,692) |
Other operating income |
|
441 |
327 |
Change in fair value of available-for-sale asset |
8 |
1 |
(703) |
Operating
profit/(loss) |
|
19,658 |
(5,766) |
|
|
|
|
Finance income |
|
31 |
13 |
Finance costs |
6 |
(472) |
(373) |
Profit/(loss)
before tax |
|
19,217 |
(6,126) |
Taxation |
|
(1,148) |
(553) |
Profit/(loss)
and total comprehensive
income/(expense)
for the period |
|
18,069 |
(6,679) |
Basic profit/(loss) per
share |
5 |
21.92p |
(8.69p) |
Diluted profit/(loss) per share |
5 |
21.36p |
n/a |
The notes on pages 20 to 28 form part of this
financial information.
Consolidated
statement of financial position
as at 30 June 2021
|
Notes |
30
June2021Unaudited£’000 |
31 December2020Audited£’000 |
Assets |
|
|
|
Non-current assets |
|
|
|
Intangible assets |
|
63 |
73 |
Property, plant and equipment |
7 |
70,127 |
72,304 |
Trade and other receivables |
10 |
3,585 |
3,605 |
|
|
73,775 |
75,982 |
Current assets |
|
|
|
Inventory |
9 |
8,466 |
6,912 |
Assets held for sale |
8 |
240 |
239 |
Trade and other receivables |
10 |
31,184 |
37,418 |
Contract assets |
11 |
22,746 |
16,508 |
Current tax assets |
|
- |
126 |
Cash and cash equivalents |
12 |
61,275 |
46,743 |
|
|
123,911 |
107,946 |
Current liabilities |
|
|
|
Trade and other payables |
13 |
23,290 |
19,716 |
Current tax liabilities |
|
2,016 |
- |
Contract liabilities |
|
20,237 |
27,258 |
Deferred income |
|
894 |
1,006 |
Lease liabilities |
14 |
818 |
4,475 |
|
|
47,255 |
52,455 |
Net current assets |
|
76,656 |
55,491 |
|
|
|
|
Non-current liabilities |
|
|
|
Lease liabilities |
14 |
8,915 |
9,370 |
Provisions |
15 |
6,127 |
5,839 |
Contract liabilities |
|
599 |
1,003 |
Deferred income |
|
2,186 |
2,515 |
|
|
17,827 |
18,727 |
Net assets |
|
132,604 |
112,746 |
|
|
|
|
Shareholders’ equity |
|
|
|
Share capital |
16 |
41,307 |
41,161 |
Share premium |
16 |
258,474 |
258,017 |
Other reserves |
|
2,291 |
2,291 |
Accumulated losses |
|
(169,468) |
(188,723) |
Total equity |
|
132,604 |
112,746 |
The notes on pages 20 to 28 form part of this
financial information.Consolidated Statement of Cash
Flowsfor the six
months ended 30 June 2021
|
|
|
|
|
Notes |
Six months ended30 June
2021Unaudited£’000 |
Six months ended30 June 2020Unaudited£’000 |
Cash flows from operating activities |
|
|
|
Cash generated from/(consumed in) operations |
17 |
21,205 |
(938) |
Tax credit received |
|
994 |
- |
Net cash generated from/(used in) operating activities |
|
22,199 |
(938) |
|
|
|
|
Cash flows from investing activities |
|
|
|
Purchases of property, plant and equipment |
7 |
(3,548) |
(5,350) |
Proceeds on disposal of property, plant and equipment |
|
9 |
- |
Proceeds on disposal of investments |
8 |
- |
2,523 |
Interest received |
|
- |
13 |
Net cash used in investing activities |
|
(3,539) |
(2,814) |
|
|
|
|
Cash flows from financing activities |
|
|
|
Proceeds from issue of ordinary share capital |
|
483 |
40,167 |
Costs of share issues |
|
- |
(1,533) |
Payment of lease liabilities |
|
(4,611) |
(506) |
Net cash (used in)/generated from financing activities |
|
(4,128) |
38,128 |
Net increase in cash and cash equivalents |
|
14,532 |
34,376 |
Cash and cash equivalents at 1 January 2021 |
|
46,743 |
16,243 |
Cash and cash equivalents at 30 June 2021 |
12 |
61,275 |
50,619 |
The notes on pages 20 to 28 form part of this
financial information.
Statement of Changes in Equity
Attributable to Owners of the Parent for
the six months ended 30 June 2021
(Unaudited)
|
|
|
|
|
|
Share capital£’000 |
Share premium£’000 |
Merger reserve£’000 |
Warrant reserve £’000 |
Accumulated Losses£’000 |
Total£’000 |
|
At 1 January 2020 |
38,416 |
222,618 |
2,291 |
- |
(187,695) |
75,630 |
|
|
|
|
|
|
|
|
|
Six months ended 30 June 2020: |
|
|
|
|
|
|
|
Loss for the period |
- |
- |
- |
- |
(6,679) |
(6,679) |
|
Total comprehensive expense for the period |
- |
- |
- |
- |
(6,679) |
(6,679) |
|
Transactions with owners: |
|
|
|
|
|
|
|
Share options |
|
|
|
|
|
|
|
Proceeds from shares issued |
51 |
116 |
- |
- |
- |
167 |
|
Value of employee services |
- |
- |
- |
- |
1,258 |
1,258 |
|
Issue of shares excluding options |
2,500 |
37,500 |
- |
- |
- |
40,000 |
|
Costs of share issues |
- |
(1,533) |
- |
- |
- |
(1,533) |
|
At 30 June 2020 |
40,967 |
258,701 |
2,291 |
- |
(193,116) |
108,843 |
|
|
|
|
|
|
|
|
|
Six months ended 31 December 2020: |
|
|
|
|
|
|
|
Profit for the period |
- |
- |
- |
- |
434 |
434 |
|
Total comprehensive income for the period |
- |
- |
- |
- |
434 |
434 |
|
Transactions with owners: |
|
|
|
|
|
|
|
Share options |
|
|
|
|
|
|
|
Proceeds from shares issued |
194 |
725 |
- |
- |
(26) |
893 |
|
Value of employee services |
- |
- |
- |
- |
2,494 |
2,494 |
|
Deferred tax on share options |
- |
- |
- |
- |
273 |
273 |
|
Costs of share issues |
- |
(191) |
- |
- |
- |
(191) |
|
Transfer of share premium related to warrants |
- |
(1,218) |
- |
- |
1,218 |
- |
|
At 31 December 2020 |
41,161 |
258,017 |
2,291 |
- |
(188,723) |
112,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended 30 June 2020: |
|
|
|
|
|
|
|
Profit for the period |
- |
- |
- |
- |
18,069 |
18,069 |
|
Total comprehensive income for the period |
- |
- |
- |
- |
18,069 |
18,069 |
|
Transactions with owners: |
|
|
|
|
|
|
|
Share options |
|
|
|
|
|
|
|
Proceeds from shares issued |
146 |
457 |
- |
- |
(120) |
483 |
|
Value of employee services |
- |
- |
- |
- |
1,306 |
1,306 |
|
At 30 June 2021 |
41,307 |
258,474 |
2,291 |
- |
(169,468) |
132,604 |
|
The notes on pages 20 to 28 form part of this
financial information. Notes to the Financial
Information
1. General information
and basis of preparationThese condensed consolidated
interim financial statements for the six months ended 30 June 2021
have been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Conduct Authority and with IAS
34 Interim Financial Reporting as adopted by the European Union.
They do not include all of the information required for full annual
financial statements and should be read in conjunction with the
consolidated financial statements of the Group for the year ended
31 December 2020.
The financial information set out above does not
constitute the Company’s Statutory Accounts. Statutory accounts for
the year ended 31 December 2020 were approved by the Board of
Directors and have been delivered to the Registrar of companies.
The report of the auditor (i) was unqualified, (ii) included no
references to any matters to which the auditor drew attention by
way of emphasis without qualifying their report, and (iii) did not
contain a statement under section 498 (2) or (3) of the Companies
Act 2006
These interim financial statements have been
prepared applying consistent accounting policies to those applied
by the Group in the 2020 Annual Report.
These condensed consolidated interim financial
statements were approved by the Board of Directors on 22 September
2021. They have not been audited.
Oxford Biomedica plc, the parent company in the
Group, is a public limited company incorporated and domiciled in
the UK and is listed on the London Stock Exchange.
There have been no material related party
transactions in the first six months of 2021 and no material change
in related parties from those described in the last annual
report.
2. Going
concernThe Group made a profit for the period ended 30
June 2021 of £18.1 million, and generated net cash flows from
operating activities for the year of £22.2 million. The Group ended
the period with cash and cash equivalents of£61.3 million.
In considering the basis of preparation of these
interim financial statements, the Directors have prepared cash flow
forecasts for a period of at least 12 months from the date of
approval of these interim financial statements, based in the first
instance on the Group’s most recent forecasts for 2021 and 2022.
These cash flow forecasts also take into consideration severe but
plausible downside scenarios including:
- A substantial revenue downside
affecting the core viral vector platform business,
- Vaccine batches brought down by a
third to volumes for which there is some form of minimum financial
commitment from AstraZeneca,
- Very limited revenues from new
customers,
- Significant decreases in forecasted
existing customer milestone and royalty revenues,
- The continued impact of COVID-19 on
the Group and its customers including expected revenues from
existing customers under long term contracts.
The Board has confidence in the Group’s ability
to continue as a going concern for the following reasons:
- As noted above the Group has cash
balances of £61.3 million at the end of June 2021 and £55.9 million
at the end of August 2021,
- The Group has the ability to
control capital expenditure costs and lower other operational
spend, as necessary,
- A reasonable proportion of the
forecasted revenues are covered by binding customer commitments
which give additional certainty to cash flows over the next 12
months,
- The Group has key worker status
which allows continuity of providing services to the Group’s
financially stable customer base throughout any further lockdown
period,
- The Group’s history of being able
to access capital markets.
Taking account of the matters described above,
the Directors are confident that the Group will have sufficient
funds to continue to meet its liabilities as they fall due for at
least 12 months from the date of approval of the interim financial
statements and therefore have prepared the financial statements on
a going concern basis.
3. Accounting
policies The accounting policies, including the
classification of financial instruments, applied in these interim
financial statements are consistent with those of the annual
financial statements for the year ended 31 December 2020, as
described in those financial statements:
Judgements
Customer contract with varying
bioprocessing batch prices
During 2020 the Group entered into a supply
agreement with a customer for the supply of bioprocessing batches
where the batch price will vary across the period of the contract.
The Group has deemed that the series guidance within IFRS 15
applies and has therefore recognised revenue based on averaging the
batch price over the period of the contract where the series
guidance applies. If the revenue had been recognised based on an
actual batch price, cumulative revenues would have been £2.4
million higher (2020: £2.4 million higher) with a corresponding
increase in revenues of £2.4 million in the second half of
2021.
Estimations
The key assumptions concerning the future, and
other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next
financial year, are discussed below. The nature of estimation means
that actual outcomes could differ from those estimates
Percentage of completion of
bioprocessing batch revenues
Bioprocessing of clinical/commercial product for
partners is recognised on a percentage of completion basis over
time as the processes are carried out. Progress is determined based
on the achievement of verifiable stages of the bioprocessing
process. Revenues are recognised on a percentage of completion
basis and as such require judgement in terms of the assessment of
the correct stage of completion including the expected costs of
completion for that specific bioprocessing batch. The value of the
revenue recognised and the related contract asset raised with
regards to the bioprocessing batches which remain in progress at
period end is £20,144,000. If the assessed percentage of completion
was 10 percentage points higher or lower, revenue recognised in the
period would have been £2,014,400 higher or lower.
Percentage of completion of fixed price
process development revenues
As it satisfies its performance obligations the
Group recognises revenue and the related contract asset with
regards to fixed price process development work packages. Revenues
are recognised on a percentage of completion basis and as such
require judgement in terms of the assessment of the correct
percentage of completion for that specific process development work
package. The value of the revenue recognised and the related
contract asset raised with regards to the work packages which
remain in progress at period end is £4,423,000. If the assessed
percentage of completion was 10 percentage points higher or lower,
revenue recognised in the period would have been £405,000 higher or
lower.
Provision for out of specification
bioprocessing batches
Bioprocessing of clinical/commercial product for
partners is recognised on a percentage of completion basis over
time as the processes are carried out. Progress is determined based
on the achievement of verifiable stages of the process.
As the Group has now been bioprocessing product
across a number of years, and also in a commercial capacity, the
Group has assessed the need to include an estimate of bioprocessed
product for which revenue has previously been recognised and which
may be reversed should the product go out of specification during
the remaining period over which the product is bioprocessed. In
calculating this estimate the Group has looked at historical rates
of out of specification batches across the last five years and has
applied the percentage of out of specification batches to total
batches produced across the assessed period to the revenue
recognised on batches which have not yet completed the
bioprocessing process at period end. The Group makes specific
provisions for product batches where it is considered that the
average overall historical failure rate does not adequately cover
the perceived risk of revenue recognised on those specific batches
having to be subsequently reversed.
This estimate, based on the historical average
percentage as well as certain specific provisions, may be
significantly higher or lower depending on the number of
bioprocessing batches actually going out of specification in
future. If the historical average percentage had been 10% higher or
lower, the estimate would be £41,000 higher or lower. The estimate
will increase or decrease based on the number of bioprocessing
batches undertaken, the percentage of completion of those
bioprocessing batches, and the number of batches which go out of
specification over the assessment period.
Consequently, bioprocessing revenue of £3.1
million (31 December 2020: £1.4 million) has not been recognised
during the six months ended 30 June 2021 with the corresponding
credit to contract liabilities. This revenue will be recognised as
the batches complete bioprocessing.
Stock and equipment received in lieu of
cash payment for bioprocessing and development
services
During 2020, as part of its supply and
development agreements with customers, the Group received certain
stock items and fixed assets in partial lieu of cash payments from
customers. As required by IFRS 15, the Group has valued the
commercial development services and bioprocessing batches it has
provided at their market value for revenue recognition purposes,
with a corresponding entry being passed within cost of goods and
operating lease payments to account for the cost of these items.
The value of revenue recognised during 2021 related to these items
amounts to £1.0 million (H1 2020: nil).
4. Segmental
analysisThe chief operating decision-makers have been
identified as the Senior Executive Team (SET), comprising the
Executive Directors, Chief Technical Officer, Chief Scientific
Officer, Chief Business Officer, Chief Operations Officer, General
Counsel, Chief People Officer and Chief Information Officer. The
SET monitors the performance of the Group in two business
segments:
(i) Platform
- this segment consists of the revenue generating bioprocessing and
process development activities undertaken for third parties. It
also includes internal technology developments and the costs
involved in developing platform related intellectual
property;(ii) Product - this
segment consists of the clinical and preclinical development of in
vivo and ex-vivo gene and cell therapy products which are owned by
the Group.
Revenues, other operating income and
operating profit/(loss)
by segmentOperating EBITDA and Operating
profit/(loss) represent the Group’s measures of segment profit
& loss as they are a primary measure used for the purpose of
making decisions about allocating resources and assessing
performance of segments.
|
Platform |
Product |
Total |
H1 2021 |
£’000 |
£’000 |
£’000 |
Revenue |
81,202 |
50 |
81,252 |
Other operating income |
441 |
- |
441 |
Operating EBITDA¹ |
31,216 |
(4,124) |
27,092 |
Depreciation, amortisation and share based payment |
(6,777) |
(658) |
(7,435) |
Change in fair value of available-for-sale asset |
1 |
- |
1 |
Operating profit/(loss) |
24,440 |
(4,782) |
19,658 |
Net finance cost |
|
|
(441) |
Profit before tax |
|
|
19,217 |
|
Platform |
Product |
Total |
H1 2020 |
£’000 |
£’000 |
£’000 |
Revenue |
33,724 |
255 |
33,979 |
Other operating income |
327 |
- |
327 |
Operating EBITDA¹ |
1,807 |
(2,205) |
(398) |
Depreciation, amortisation and share based payment |
(4,221) |
(444) |
(4,665) |
Change in fair value of available-for-sale asset |
(703) |
- |
(703) |
Operating loss |
(3,117) |
(2,649) |
(5,766) |
Net finance cost |
|
|
(360) |
Loss before tax |
|
|
(6,126) |
1 Operating EBITDA (Earnings Before Net Finance
Costs, Tax, Depreciation, Amortisation, fair value adjustments of
assets at fair value through profit and loss, and Share Based
Payments) is a non-GAAP measure often used as a surrogate for
operational cash flow as it excludes from operating profit or loss
all non-cash items, including the charge for share options. A
reconciliation to GAAP measures is provided on page 12.
Other operating income of £0.4 million (2020:
£0.3 million) includes grant income of £0.4 million (2020: £0.3
million) which is used to develop the Group’s supply chain
capabilities and is included within the Platform segment. No grant
income to fund clinical and preclinical development is included
within the Product segment.
Costs are allocated to the segments on a
specific basis as far as is possible. Costs which cannot readily be
allocated specifically are apportioned between the segments using
relevant metrics such as headcount or direct costs.
A geographical split of operating profit/(loss)
is not provided because this information is not received or
reviewed by the chief operating decision-maker and the origin of
all revenues is the United Kingdom.
A segmental or geographical split of assets and
liabilities is not provided because this information is not
received or reviewed by the chief operating decision-maker. All
assets are located within the United Kingdom.
Disaggregation of
revenueRevenue is disaggregated by the type of revenue
which is generated by the commercial arrangement. Revenue shown in
the table below is denominated in sterling and is generated in the
UK.
For the six months ended 30 June
|
Platform |
Product |
Total |
2021 |
£’000 |
£’000 |
£’000 |
Bioprocessing/Commercial development |
75,559 |
50 |
75,609 |
Licence fees, Milestones & Royalties |
5,643 |
- |
5,643 |
Total |
81,202 |
50 |
81,252 |
|
Platform |
Product |
Total |
2020 |
£’000 |
£’000 |
£’000 |
Bioprocessing/Commercial development |
23,083 |
255 |
23,338 |
Licence fees, Milestones & Royalties |
10,641 |
- |
10,641 |
Total |
33,724 |
255 |
33,979 |
Revenue by geographical
location
Revenue by customer location |
30
June2021£’000 |
30 June2020£’000 |
Europe |
70,252 |
18,972 |
Rest of world |
11,000 |
15,007 |
Total |
81,252 |
33,979 |
In the first half of 2021 AstraZeneca generated
more than 10% of the Group’s revenue.
5. Basic
earnings and diluted
earnings per ordinary share
The basic profit per share of 21.92p (2020:
8.69p loss) has been calculated by dividing the profit for the
period by the weighted average number of shares in issue during the
six months ended 30 June 2021, being 82,430,408 (2020:
76,859,131).
The diluted earnings per share of 21.36p has
been calculated by dividing the earnings for the period bythe
weighted average number of shares in issue during the period after
adjusting for the dilutive effectof the share options outstanding
at 30 June 2021 (84,599,862).
The Group made a loss in the prior period. There
were no potentially dilutive options in the prior period. There is
therefore no difference between the basic loss per ordinary share
and the diluted loss per ordinary share in the prior period.
6. Finance
costsFinance costs of £0.5 million (2020: £0.4 million)
consists of lease liability interest recognised as part of the
implementation of IFRS 16 (Leases).
7. Property, plant &
equipment
|
Freehold property |
Leaseholdimprovements |
Office equipment and
computers |
Bioprocessing and Laboratory
equipment |
Right-of-use assets |
Total |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000s |
£’000 |
Cost |
|
|
|
|
|
|
At 1 January 2021 |
23,331 |
27,219 |
9,106 |
24,606 |
18,012 |
102,274 |
Additions at cost |
352 |
530 |
650 |
2,016 |
37 |
3,585 |
Change of Estimate |
- |
- |
- |
- |
275 |
275 |
At 30 June 2021 |
23,683 |
27,749 |
9,756 |
26,622 |
18,324 |
106,134 |
Depreciation |
|
|
|
|
|
|
At 1 January 2020 |
10,444 |
3,519 |
4,610 |
9,177 |
2,220 |
29,970 |
Charge for the period |
1,112 |
1,355 |
1,081 |
1,584 |
905 |
6,037 |
At 30 June 2021 |
11,556 |
4,874 |
5,691 |
10,761 |
3,125 |
36,007 |
Net book amount at 30 June
2021 |
12,127 |
22,875 |
4,065 |
15,861 |
15,199 |
70,127 |
Net book amount at 31 December 2020 |
12,887 |
23,700 |
4,496 |
15,429 |
15,792 |
72,304 |
8. Assets held at fair
value through profit and loss
Reconciliation of opening and closing
balances:
|
30
June2021£’000 |
31 December2020£’000 |
At 1 January |
239 |
2,719 |
Additions |
- |
874 |
Change in fair value of available-for-sale asset |
1 |
(831) |
Sale of shares |
- |
(2,523) |
At 30 June/31 December |
240 |
239 |
The Asset at fair value through profit &
loss under IFRS 5 is represented by the equity held in Orchard
Therapeutics Plc, a company listed on the Nasdaq stock exchange.
The financial asset is classified as level 1 in the hierarchy.
Additions in 2020 relate to a contract milestone
which was met in 2019 with the shares received in 2020 as part of a
non-cash consideration.
9. Inventory
|
30
June2021£’000 |
31 December2020£’000 |
Raw materials |
8,466 |
6,912 |
Inventory |
8,466 |
6,912 |
Inventories constitute raw materials held for
bioprocessing, research and development purposes.
During 2021, the Group wrote down £290,000
(2020: £134,000) of inventory which is not expected to be used in
production or sold onwards.
10. Trade and other
receivables
Current |
30
June2021£’000 |
31 December2020£’000 |
|
|
Trade receivables |
20,577 |
27,214 |
|
Other receivables |
927 |
4,163 |
|
Other tax receivable |
6,793 |
3,412 |
|
Prepayments |
2,887 |
2,629 |
|
Total trade and other receivables |
31,184 |
37,418
|
Non-current |
30
June2021£’000 |
31 December2020£’000 |
Other receivables |
3,585 |
3,605 |
11. Contract
Assets
|
30
June2021£’000 |
31 December2020£’000 |
Contract assets |
22,746 |
16,508 |
12.
Cash and cash equivalents
|
30 June |
31 December |
|
2021 |
2020 |
|
£’000 |
£’000 |
Cash at bank and in hand |
61,275 |
46,743 |
13.
Trade and other payables
|
30
June2021£’000 |
31 December2020£’000 |
Trade payables |
10,254 |
7,777 |
Other taxation and social security |
2,598 |
1,585 |
Accruals |
10,438 |
10,354 |
Total trade and other payables |
23,290 |
19,716 |
14. Leases
The Group leases many assets including land and
buildings, equipment and IT equipment. Information about leases for
which the Group is a lessee is presented below:
Right-of-use assets
|
Property£‘000 |
Equipment£‘000 |
IT Equipment£‘000 |
Total£’000 |
Balance at 1 January 2021 |
12,261 |
3,442 |
89 |
15,792 |
Additions |
- |
37 |
- |
37 |
Depreciation charge for the period |
( 569 ) |
( 310 ) |
( 26 ) |
( 905 ) |
Change in Estimate |
275 |
- |
- |
275 |
Balance at 30 June 2021 |
11,967 |
3,169 |
63 |
15,199 |
The additions in the period related to
manufacturing equipment assets (2020: £2,461,000 on inception of
the Corporate office lease).
Lease liabilities
|
30 June 2021£’000 |
|
Maturity analysis – contractual undiscounted cash
flows |
|
Less than one year |
1,590 |
One to five years |
5,947 |
More than five years |
6,696 |
Total undiscounted cash flows at 30 June
2021 |
14,233 |
|
30 June 2021£’000 |
|
|
Lease liabilities included in the Statement of Financial
Position |
|
|
Current |
818 |
Non-current |
8,915 |
Total lease liabilities at 30 June
2021 |
9,733 |
Amounts recognised in the
statement of comprehensive income
|
30 June 2021£’000 |
Interest on lease liabilities |
467 |
Expense relating to short-term leases |
251 |
Amounts recognised in the statement of
cash flows
|
30 June 2021£’000 |
Total cash outflow for leases |
4,611 |
15.
Provisions
The dilapidations provisions relate to the
anticipated costs of restoring the leasehold Oxbox, Yarnton,
Corporate office and Windrush Innovation Centre properties in
Oxford, UK, to their original condition at the end of the lease
terms in 2024 and 2028 respectively, discounted using the rate per
the Bank of England nominal yield curve. The equivalent rate was
used in 2020. The provisions will be utilised at the end of the
leases if they are not renewedIn 2020 the Group signed a lease on a
new corporate office in Oxford, UK that is near its other sites.
The new facility is 11,000 sq. ft. (1,027 sqm). This new facility
has estimated restoration costs of £105,000.
16.
Share capital and Share premium
At 31 December 2020 and 30 June 2021 Oxford
Biomedica had an issued share capital of 82,320,585 and 82,591,804
ordinary 50 pence shares respectively.
271,219 shares were created as a result of the
exercise of options by employees during the period.
On 19 June 2020, the Group announced a placement
of 5,000,000 new ordinary shares at a price of £8.00 per share.
Gross proceeds from the placing were £40.0 million; net proceeds
were £38.6 million.
17. Cash
flows from operating activities
Reconciliation of operating
profit/(loss) to net cash
generated
from/(used
in) operations
|
Six months ended |
Six months ended |
|
30 June 2021 |
30 June 2020 |
|
£’000 |
£’000 |
Continuing operations |
|
|
Operating profit/(loss) |
19,658 |
(5,766) |
Adjustment for: |
|
|
Depreciation |
6,037 |
3,649 |
Amortisation of intangible assets |
11 |
11 |
Gain on disposal of property, plant and equipment |
(10) |
- |
Charge in relation to employee share scheme |
1,343 |
1,257 |
Change in fair value of available-for-sale asset |
(1) |
703 |
Changes in working capital: |
|
|
Increase in contract assets and trade and other receivables |
11 |
(2,216) |
Increase in trade and other payables |
3,581 |
2,094 |
Decrease in contract liabilities and deferred income |
(7,871) |
(690) |
Increase in provisions |
- |
615 |
(Increase)/ decrease in inventories |
(1,554) |
(595) |
Net cash generated from/ (used in) operations |
21,205 |
(938) |
18.
Statement of Directors’ responsibilities
The Directors of Oxford Biomedica plc are set
out on page 30 of this report. We confirm that to the
best of our knowledge:
-
the condensed set of financial statements has been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted for
use in the UK.
-
the interim management report includes a fair review of the
information required by:
-
DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being
an indication of important events that have occurred during the
first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
-
DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
By order of the Board
John DawsonChief Executive
Officer22 September 2021
INDEPENDENT REVIEW REPORT TO OXFORD
BIOMEDICA PLC
Conclusion We have been engaged
by the company to review the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2021 which comprises the Consolidated Statement of
Comprehensive Income, Consolidated Statement of Financial Position,
Consolidated Statement of Cash Flows, Statement of Changes in
Equity Attributable to Owners of the Parent and the related
explanatory notes
Based on our review, nothing has come to our
attention that causes us to believe that the condensed set of
financial statements in the half-yearly financial report for the
six months ended 30 June 2020 is not prepared, in all material
respects, in accordance with IAS 34 Interim Financial Reporting as
adopted by the EU and the Disclosure Guidance and Transparency
Rules (“the DTR”) of the UK’s Financial Conduct Authority (“the UK
FCA”).
Scope of review We conducted
our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410 Review of Interim Financial
Information Performed by the Independent Auditor of the Entity
issued by the Auditing Practices Board for use in the UK. A review
of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. We
read the other information contained in the half-yearly financial
report and consider whether it contains any apparent misstatements
or material inconsistencies with the information in the condensed
set of financial statements.
A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Directors’ responsibilities The
half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for
preparing the half-yearly financial report in accordance with the
DTR of the UK FCA.
As disclosed in note 18, the annual financial
statements of the Group are prepared in accordance with
International Financial Reporting Standards as adopted by the EU.
The directors are responsible for preparing the condensed set of
financial statements included in the half-yearly financial report
in accordance with IAS 34 as adopted by the EU.
Our responsibility Our
responsibility is to express to the company a conclusion on the
condensed set of financial statements in the half-yearly financial
report based on our review.
The purpose of our review work and to
whom we owe our responsibilitiesThis report is made solely
to the company in accordance with the terms of our engagement to
assist the company in meeting the requirements of the DTR of the UK
FCA. Our review has been undertaken so that we might state to the
company those matters we are required to state to it in this report
and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the
company for our review work, for this report, or for the
conclusions we have reached.
William Smithfor and on
behalf of KPMG LLP Chartered Accountants
2 Forbury
Place33 Forbury
RoadReadingRG1
3AD22 September
2021
Shareholder Information
DirectorsRoch Doliveux(Non-executive Chairman)John
Dawson(Chief Executive Officer)Stuart Paynter(Chief Financial
Officer)Stuart Henderson(Deputy Chairman and Senior Independent
Director)Michael Hayden(Non-executive Director)Siyamak
Rasty(Independent Non-executive Director)Heather
Preston(Independent Non-executive Director)Robert
Ghenchev(Non-executive Director)Kay Davies(Independent
Non-executive Director) |
Financial adviser and joint brokerPeel Hunt7th
Floor100 Liverpool StreetLondon EC2M 2ATFinancial adviser
and joint brokerWG Partners85 Gresham StreetLondon EC2V
7NQFinancial and Corporate CommunicationsConsilium
Strategic Communications41 LothburyLondon EC2R
7HGRegistered AuditorKPMG LLP2 Forbury place33
Forbury RoadReadingRG1 3ADSolicitorCovington &
Burling LLP265 StrandLondon WC2R 1BHRegistrarsLink
Group10th FloorCentral Square29 Wellington StreetLeeds LS1
4DLCompany Secretary and Registered OfficeNatalie
WalterWindrush CourtTransport WayOxford OX4 6LTTel: +44 (0) 1865
783 000Fax: +44 (0) 1865 783 001enquiries@oxb.comwww.oxb.com |
Oxford Biomedica (LSE:OXB)
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Oxford Biomedica (LSE:OXB)
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