Half year results: Integrated service offering driving revenue growth - Abzena

Half year results: Integrated service offering driving revenue growth

29 November 2016

Cambridge, UK, 30 November 2016 – Abzena plc (AIM: ABZA, ‘Abzena’ or the ‘Group’), a life sciences group providing services and technologies enabling the development and manufacture of biopharmaceutical products, publishes its half year results for the six months to 30 September 2016.

Highlights

  • Group revenue up 157% to £9.0 million (H1 2016: £3.5 million) driven by the acquisitions, significant repeat business and multiple projects utilising a broader range of services
  • Underlying revenue growth of 46% (Proforma revenue H1 2016: £6.1 million)
  • Gross profit up 133% to £3.8 million (H1 2016: £1.6 million), with underlying gross profit increasing 31%
  • Positive response from biopharmaceutical customer base including 11 (H1 2016: 7) of the top 25 biopharmaceutical companies to the Group’s enlarged service offering
  • Successful integration of two US businesses acquired in late 2015 leading to expansion of several customer relationships and further repeat work from major customers
  • 11 “Abzena inside” portfolio products in clinical development (H1 2016: 11 products)
  • New manufacturing agreements secured for “Abzena inside” product, Faron Pharmaceuticals’ Clevegen, and a further multi-product repeat customer programme
  • Adjusted EBITDA loss of £3.0m (H1 2016: £2.9m) down £0.4 million on H2 2016
  • Reported loss of £4.0 million (H1 2016: £3.5 million) reflecting increased share-based payment charges, depreciation & amortisation and reduced provision for R&D tax credit income
  • Cash and cash equivalents at 30 September 2016 of £9.4 million (31 March 2016: £13.7 million)

Post period end

Appointed Sven Lee as Chief Business Officer and John Manzello as President, Abzena US – experienced industry leaders driving Abzena’s integrated service offering and delivery in the US, respectively
Dr John Burt, CEO of Abzena, commented:

“This half has seen strong revenue growth driven by our expanded capabilities, providing services across the broader spectrum of biopharmaceutical development, as well as the positive uptake and cross buying of services from new and existing customers.

“We intend to capitalise on the opportunities that exist in the fast-growing biopharmaceutical outsourcing space where there is increasing demand from our partners for seamless services. We will continue our strategy of investing in service innovation and technology development, and are confident in the prospects for the Group.”

The full results are available here.

Enquiries:

Abzena plc
John Burt, Chief Executive Officer
Julian Smith, Chief Financial Officer +44 1223 903498
Numis (Nominated Adviser and Broker)
Clare Terlouw / James Black / Paul Gillam
+44 20 7260 1000

N+1 Singer (Joint Broker)
Aubrey Powell / Liz Yong
+44 20 7496 3000

Instinctif Partners
Melanie-Toyne Sewell / Rozi Morris
+44 20 7457 2020
abzena@instinctif.com

About Abzena

Abzena (AIM: ABZA) provides proprietary technologies and complementary services to enable the development and manufacture of biopharmaceutical products.

The term “Abzena inside” is used by Abzena to describe products that have been created using its proprietary technologies and are being developed by its partners, and include Composite Human Antibodies™ and ThioBridge™ Antibody Drug Conjugates (ADCs). Abzena has the potential to earn future licence fees, milestone payments and/or royalties on “Abzena inside” products.

Abzena offers the following services and technologies across its principal sites in Cambridge (UK), San Diego, California (US) and Bristol, Pennsylvania (US).

  • Immunogenicity assessment, protein engineering to create humanized antibodies and deimmunised therapeutic proteins, and cell line development for manufacture.
  • Contract process development and manufacture of biopharmaceuticals, including monoclonal antibodies, recombinant proteins, vaccines, and gene therapy and cell therapy products, for preclinical and clinical studies.
  • Proprietary site-specific conjugation technologies for antibody drug conjugate development and solutions for optimizing the therapeutic properties of biopharmaceuticals.
  • Custom synthetic chemistry and bioconjugation business focused on ADCs.

The full results are available here.

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