HealthPharma & Biotech

Abcam on track to meet its full-year target after posting top line growth of 11% in the first half

The company specialises in supplying antibodies and immunoassays to the life sciences research sector

researcher filling vials
The company continued to gain market share

Abcam PLC (LON:ABC), which supplies antibodies for research, said it is on track to meet its full-year 2019 financial targets after posting double-digit first-half growth.

In an update, it said revenues grew by 11% on a reported basis or 10% at constant at currencies.

READ: Abcam shares tumble as outlook misses expectations despite double-digit earnings growth in full year

Abcam said it continued to gain market share in the global research market, particularly in the areas of recombinant antibodies and immunoassays. Expansion in China has also helped underpin its success.

"Global demand is strong for precision life science tools and Abcam has once again gained market share in these growing markets.  Our business is on track to achieve double-digit growth for the year,” said chief executive Alan Hirzel.

"During the half, we have continued to focus on improving our service for customers.

“We have further developed our product portfolio and we have continued to enhance our organisational capabilities to support our ambition of becoming the most influential company for life scientists, supporting research, diagnostic and therapeutic discovery."

Quick facts: Abcam

Price: £11.50

Market: AIM
Market Cap: £2.37 billion

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