Wednesday 22 September 2021 5:10 pm

Covid-19 vaccine maker Oxford Biomedica posts "record" revenue surge

Gene and cell therapy group Oxford Biomedica has recorded “record” results in the past six months, boosted by its Covid-19 vaccine manufacturing with AstraZeneca.  

Revenue surged 139 per cent to £81.3m in the six months to 30 June, from £34m in the same period last year – mainly due to its bioprocessing and commercial revenue.

“Exceptional growth was seen in bioprocessing and commercial development,” the biotech group said in a statement this morning, which had revenue swell 223 per cent to £75.6m.

The news sent shares jumping 10.5 per cent to a total share price of 1,634.00 by late afternoon.

Operational costs also shrank 19 per cent to £23.6m in the period, which Oxford Biomedica put down to the higher recovery of batch manufacturing costs which had been reflected in the increased cost of goods.

Chief executive John Dawson said: “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.”

The biotech boss added that, as the group moves “from strength to strength”, it is in a “great position to maximise on the opportunities ahead”.