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Summary:
- UK's leading cell and gene therapy firm Oxford Biomedica reported a 37 per cent increase in its revenue to £87.7 million for FY20.
- PureTech’s operating losses shrunk from $135.39 million in 2019 to $119.53 million in 2020.
The healthcare industry remained on the forefront and reacted positively towards the COVID-19 pandemic with powerful technology, virtual healthcare, new innovations and lately with vaccines. The healthcare sector is a space, which is anticipated to see a constant growth due to population growth, among many other factors. There are many healthcare companies that have posted a strong financial result based on their acumen to capitalise on the unprecedented situation.
Let’s take a quick look at two FTSE-listed companies that posted a strong result for the financial year ended in December 2020.
Oxford Biomedica plc
UK's leading cell and gene therapy firm Oxford Biomedica plc (LSE:OXB) released its preliminary financial results for the fiscal year ended December 31, 2020.
The company had a 37 per cent increase in its revenue to £87.7 million. Its new customers, AstraZeneca, Beam Therapeutics, and Juno/BMS, contributed to a 45 per cent rise in bioprocessing and commercial production sales to £68.5 million as compared with the last year's £47.3 million, which is a double-digit increase across all operations.
OXB's licences, milestones & royalties’ revenue also increased to £19.2 million from £16.8 million in 2019 for the same period. It was mainly due to the £7.8 million licence fee from Juno/BMS.
The operating expenses also increased by 23 per cent to £51.7 million in the year, helped by the switch to a lower-cost bioreactor manufacturing process. While its operating net loss shrank from £14.5 million to £5.7 million. The company made an operating EBITDA profit of £7.3 million, up from a loss of £5.2 million the previous year.
Commenting on results, John Dawson, Chief Executive Officer of Oxford Biomedica, said:
Oxford BioMedica's scrip, a constituent of FTSE 250, was trading at GBX 1,048.00, up 0.58 per cent on Friday at the time of writing this article (10:29 AM GMT+1).
PureTech Health Plc
Biotechnology company PureTech Health Plc (LSE: PRTC), which makes medicines to cure serious disease, recorded total revenue of $11.768 million for the FY2020 from $9.807 million in FY2019.
Its operating losses also shrunk from $135.39 million in 2019 to $119.53 million in 2020, mainly due to the cut in administrative and general expenses.
Daphne Zohar, Founder and Chief Executive Officer of PureTech, stated:
FTSE 250-listed PureTech also revealed that profit from its other division has fallen from $672.16 million to $178.73 million, bringing overall full-year pre-tax income to $18.96 million, a significant drop from the previous year's figure of $478.47 million.
Shares of PureTech Health Plc were trading at GBX 412.00, down by 0.60 per cent, at the time of writing this article (11:24 AM GMT+1).
