Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from pro...
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector. The HHI fell 17.7% to 398.9, underperforming all its benchmarks – FTSE 100 (+5.7%), FTSE All-Share (5.6%) and the FTSE AIM All-Share Index (-5...
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (...
The 2022 prelims highlighted the encouraging operational progress as the CDMO pipeline continues to expand, and our initial thoughts on the new CEO’s debut were positive. However, we were expecting EBITDA profitability for the first (non-covid) time this year, but guidance is now for a loss in FY23E. We now estimate OXB to achieve profitability in 2024. This may be frustrating for investors, but we think investors need to look through the short-term pain, and see that foundations are being laid ...
With no formal trading update since September last year, next week’s prelims will be an important event for OXB both in terms of news flow and for the new CEO to make an impression. While OXB may look like a proverbial swan on the surface, we suspect there may be a flurry of activity underneath the surface. Given the lack of update, the numbers should not hold any nasty surprises, and we believe that the company is on track to deliver against market expectations. Our focus will also be on 2023 g...
The independent financial analyst theScreener just requalified the general evaluation of OXFORD BIOMEDICA (GB), active in the Biotechnology industry. As regards its fundamental valuation, the title still shows 0 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date December 3, 2021, the...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Edison Investment Research Limited Oxford Biomedica (OXB): Driving innovation in a thriving CGT industry 28-May-2021 / 07:00 GMT/BST London, UK, 28 May 2021 Oxford Biomedica (OXB): Driving innovation in a thriving CGT industry Oxford Biomedica (OXB) is one of few global lentiviral vector manufacturers with capacity in a thriving cell and gene therapy industry, and its FY20 results highlight strong operational progress throughout the business. OXB boasts a diversified revenue base; and FY20 benefited from new deals including Juno/BMS covering multiple CAR-T programmes, as wel...
Oxford Biomedica (OXB) is one of few global lentiviral vector manufacturers with capacity in a thriving cell and gene therapy industry, and its FY20 results highlight strong operational progress throughout the business. OXB boasts a diversified revenue base; and FY20 benefited from new deals including Juno/BMS covering multiple CAR-T programmes, as well as increased bioprocessing and commercial development activities for several customers including Novartis and the AZN COVID-19 vaccine. Post per...
Edison Investment Research Limited Edison Investment Research Limited: Oxford Biomedica (OXB): Vector innovation key to cell and gene evolution 05-Oct-2020 / 10:59 GMT/BST London, UK, 5 October 2020 Oxford Biomedica (OXB): Vector innovation key to cell and gene evolution Oxford Biomedica (OXB) is a pioneer and global leader in the development and manufacture of commercial-scale lentiviral vectors (LVVs), a critical component of cell and gene therapies (CGTs). An investment in OXB gives a broad exposure to this emergent industry. During the past 12 months, OXB has effectively do...
Oxford Biomedica (OXB) is a pioneer and global leader in the development and manufacture of commercial-scale lentiviral vectors (LVVs), a critical component of cell and gene therapies (CGTs). An investment in OXB gives a broad exposure to this emergent industry. During the past 12 months, OXB has effectively doubled its CDMO partner programmes to 20, while broadening its own gene therapy R&D portfolio offering. Partner Axovant expects to report six-month efficacy data on AXO-Lenti-PD (end 2020),...
Oxford Biomedica (OXB) has signed a five-year collaboration agreement with the Vaccines Manufacturing and Innovation Centre (VMIC), a non-profit organisation established as the UK’s response to emerging infectious diseases. The agreement focuses on the scale up and GMP manufacture of the adenovirus-based COVID-19 vaccine candidate AZD1222 (previously ChAdOx1 nCoV-19), which is in a Phase II/III study. Initial data from the precursory Phase I/II study are expected in Q320. AstraZeneca is now re...
Oxford Biomedica’s (OXB) FY19 results highlight strong operational momentum despite capacity constraints. OXB is investing for future growth and its 84,000 sq ft state-of-the-art bioprocessing facility OxBox is on track to produce commercial grade batches in Q220. Deals made include expansion of its commercial supply agreement with Novartis by five years and R&D partnerships with Santen and Microsoft, followed post period with the BMS/Juno licence and supply agreement. We expect further platfo...
Following the 2017 commercial launch of partner Novartis’s Kymriah (a CD19-targeting CAR-T that is approved for pALL and DLBCL), Oxford Biomedica (OXB) is the only FDA-approved lentiviral vector manufacturer worldwide. Validation of its capabilities continues with the recent licence and clinical supply agreement (LSA) with Juno Therapeutics (part of BMS group), a pioneer in cell and gene therapy research. The LSA grants Juno a non-exclusive licence to OXB’s LentiVector platform for its appli...
Oxford Biomedica (OXB) is a pioneer and global leader in the development and manufacture of commercial-scale lentiviral vectors (LVV), a critical component of cell and gene therapies. Ongoing investment in manufacturing capacity and R&D is imperative to reap economic returns in this highly innovative and potentially lucrative therapy area, which has witnessed a step up in investment globally. Multiple deals in 2019 included an expansion of its commercial supply agreement with Novartis by five ye...
Oxford Biomedica (OXB) has announced the expansion of its commercial supply agreement with Novartis by five years. While expected, this removes any uncertainty around the future of the partnership and is a validation of OXB’s investment in new manufacturing facilities. Novartis is now committed to paying OXB a minimum of $75m (for vector batches) in manufacturing revenue over the five-year extension. Additionally, OXB will be paid a mid-single digit £m facility reservation fee. As part of thi...
Oxford Biomedica’s (OXB) interim results highlight strong operational and financial momentum to date. The Novo Holdings equity investment (£53.5m) in May has enabled OXB to fully repay the debt facility, effectively strengthening the balance sheet. It is investing ahead of increasing demand for its lentiviral vector manufacturing capacity with the build-out of OxBox. The new facility will more than double capacity and is expected to be ready for commercial vector production in H120. Top-line ...
Oxford BioMedica’s (OXB’s) interim results were broadly in line with our expectations for 2019. The decrease in H119 revenues to £32.1m (-9%) largely reflects the exceptional performance in the previous period, which was bolstered by strong licence income (H119: £13.3m vs H118: £19.9m) primarily from upfront payments with the Axovant and Bioverativ deals signed (£18.5m combined). Importantly, in H119 bioprocessing revenues grew 23% to £18.8m, which we expect was driven by the continued ...
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