HealthPharma & Biotech

Abcam raises revenue guidance after Roche deal

For the full year, sales guidance has been raised by 11%

Sales guidance has been raised by 11%

Antibodies supplier Abcam PLC (LON:ABC) has raised its revenue forecasts this year to reflect the benefits a recent deal with Roche

For the full year, sales guidance has been raised by 11% to include the impact of January's Spring Bioscience (Roche) agreement.

READ: Abcam lifts interim dividend as first half revenue is boosted by rabbit antibody

Through that deal, Abcam obtained exclusive rights to approximately 760 unique products.

Interim sales were 10% higher at £112.5mln, profits rose by 30% while the half-year dividend goes up by 21%.

A software upgrade to its warehouse that is taking longer than expected to implement was the only note of caution in an otherwise upbeat statement.

Catalogue sales remain the core of the business and revenues grew by 10% on a reported basis to £105.2mln, with recombinant antibody sales 21% higher at £22.4m.

Immunoassay product revenues grew by 20.7% to £7.0mln.

Profit before tax was £32.8mln (25.1mln), with a 3.42p interim dividend.

Alan Hirzel, chief executive, said: "It has been another good half, delivering double-digit revenue growth while meeting all of our financial and strategic targets.

“We remain on track to meet our strategic goals for the year and we have increased our revenue guidance for the full year.”

Quick facts: Abcam

Price: 1150 GBX

Market: AIM
Market Cap: £2.37 billion

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