Business
AbCellera Reports Full Year 2020 Business Results
Total revenue of $233 million1 in 2020, up 1,908% year-over-year Total revenue from research fees of $20 million, up 71% year-over-year Total programs under
About this update from Abcellera Biologics Inc.
[{"type":"text","content":"\n\nTotal revenue of $233 million1 in 2020, up 1,908% year-over-year\n\n\nTotal revenue from research fees of $20 million, up 71% year-over-year\n\n\nTotal programs under contract of 103, up 72% year-over-year\n\n\nEPS of $0.53 (basic) and $0.45 (diluted) compared to $0.01 loss per share in 2019\n\n\n VANCOUVER, British Columbia--(BUSINESS WIRE)--\nAbCellera (NASDAQ: ABCL), a technology company with a centralized operating system for next-generation antibody discovery, today announced financial results for the full year 2020 with the following highlights.\n\n“AbCellera had a breakthrough year, demonstrating strong growth across every area of the business and the effectiveness of our technology and business model through our discovery of the first monoclonal antibody therapy for COVID-19,” said Carl Hansen, Ph.D., President and CEO of AbCellera. “Each program improves our platform, and we continue to invest in new technologies that enhance and expand our capabilities to discover high-quality, potent antibodies for our partners. With our strong cash position, profitability, and cash generation, we are aggressively executing on building our centralized operating system to help bring new antibody therapies to patients faster and more efficiently.”\n\n2020 Business Highlights\n\n\nStrong financial performance led by $233 million in total revenue, including $213 million in milestones and royalties.\n\n\nGenerated $119 million in net earnings, up from a $2 million loss in 2019.\n\n\nExpanded partnership business to 103 cumulative programs under contract with 27 partners generating $20 million in research fees (71% growth over $12 million in 2019).\n\n\nEstablished strong liquidity position with approximately $720 million raised from gross equity financings ($75 million series A2, $90 million convertible note, and $555 million IPO proceeds), and $23 million in positive cash flow from operations to end the year with $594 million in cash and cash equivalents, and $212 million in accrued accounts receivable. AbCellera’s strong cash position will be used to build capacity, expand platform capabilities, and pursue business development initiatives.\n\n\nSecured $126 million from the Government of Canada for future infrastructure investments, including CMC and GMP manufacturing capabilities.\n\n\nAcquired Trianni for $90 million to add new cap...