AbCellera Biologics Inc. · NASDAQ:ABCL
AbCellera Biologics — FY2021 Earnings Presentation
21 slides from AbCellera Biologics's earnings presentation, Feb 24, 2022
Slide 1: Full Year 2021 Business Update
FULL YEAR 2021 BUSINESS UPDATE FEB 24, 2022 COPYRIGHT © ABCELLERA
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements, including These statements involve risks, uncertainties and other factors that may FULL YEAR 2021 BUSINESS UPDATE statements made pursuant to the safe harbor provisions of the Private cause actual results, levels of activity, performa
Slide 3: Creating & Capturing Value
53 NEW programs 156 cumulative programs under contract under contract CREATING & 26 78 CAPTURING NEW programs started cumulative programs started VALUE 4 >$720M COPYRIGHT © ABCELLERA FULL YEAR 2021. MOLECULES entered in cash, cash equivalents B U S I N E S S U P D AT E S U M M A R Y. clinical testin
Slide 4: Proven Technology Leader in Antibody Discovery
source from a single source LEADS PROVEN search millions of immune cells FULL YEAR 2021 BUSINESS UPDATE TECHNOLOGY decode hundreds of target-specific antibodies LEADER down- analyze dozens of candidates with IN ANTIBODY selection desired properties DISCOVERY. engineer a few characterized & optimized
Slide 5: Diversified Across Modalities, Partner Size, Deal Type
multi-target multi-target multi-year multi-year multi-target multi-year PORTFOLIO FULL YEAR 2021 BUSINESS UPDATE DIVERSIFIED multi-target multi-year multi-target multi-year ACROSS multi-target multi-year oncology, immunology + additional indications MODALITIES, ophthalmology PARTNER SIZE, multi-targ
Slide 6: Large Diversified Portfolio in Next-Gen Antibody Therapies
LARGE DIVERSIFIED 58% oncology PORTFOLIO 17% neurology FULL YEAR 2021 BUSINESS UPDATE IN NEXT-GEN 6% immunology 6% ophthalmology ANTIBODY 5% infectious disease 3% dermatology THERAPIES. 50% 5% other human health, known Portfolio of 131 programs n = 65 with downstream participation is diversified acr
Slide 7: Illustrative Revenue Profile for One Successful Partnered Program
ILLUSTRATIVE REVENUE PROFILE FOR Key assumptions, hypothetical: $1.7 billion peak sales, no price inflation, no patient population growth, 5% royalty, 6 years to peak ONE SUCCESSFUL PARTNERED PROGRAM. sales, 5 years at peak sales, US approval only AbCellera participation in programs is strongly weig
Slide 8: COVID-19 Antibody Program
COVID-19 ANTIBODY PROGRAM. Similar revenue structure to typical program realized on a compressed timeline. royalties in aggregate of $526 million FULL YEAR 2021 BUSINESS UPDATE $250M (to Dec 31, 2021), over 95% of total program revenue $200M approval & commercial milestones $150M $14 million $100M c
Slide 9: Focused on Key Value Drivers
FOCUSSED ON KEY VALUE DRIVERS. FULL YEAR 2021 BUSINESS UPDATE Probability Speed Portfolio Deal of Success Volume Structures Capture downstream value maximize the likelihood superior returns superior that suitable leads without the volatility and biophysical properties. risks COPYRIGHT © ABCELLERA fa
Slide 10: Strong Growth of Royalty Rates
STRONG GROWTH OF Royalty on Net Sales Includes range of royalty (and equivalent) rates in each contract, ROYALTY RATES. considering sales tiers and step-downs FULL YEAR 2021 BUSINESS UPDATE 9% Deepening stakes evidenced 8% by increasing royalty rates. 7% 6% 5% 5th / 95th percentile * programs under
Slide 11: Flexible Deal Structures to Capture Value
FLEXIBLE DEAL STRUCTURES TO CAPTURE VALUE. Milestone Payments (USD) all Programs Under Contract (not probability adjusted) FULL YEAR 2021 BUSINESS UPDATE preclinical $0.05B In addition to royalties and clinical regulatory commercial milestones, some deal $0.75B $1.08B $2.72B structures include equit
Slide 12: Bebtelovimab Is the Most Potent Antibody Against Omicron
BEBTELOVIMAB IS THE MOST POTENT ANTIBODY IN DEVELOPMENT AGAINST THE OMICRON VARIANT. >10 10+ 5.8495 2.0373 1 >1000x FULL YEAR 2021 BUSINESS UPDATE 0.2814 0.3 less potent* 0.2689 >400x less potent* >50x less potent* [CI] Omicron IC50 µg/mL *against Omicron, relative to bebtelovimab 0.0051 IC50 COPYRI
Slide 13: Advancing GPCRs, Ion Channels, T Cell Engagers & Bispecific Antibodies
ADVANCING GPCRs, ION CHANNELS T CELL ENGAGERS FULL YEAR 2021 BUSINESS UPDATE & BISPECIFIC Enabled by the following acquisitions: CD3-binding ANTIBODIES. antibodies OrthoMab Bispecific Platform Acquired in 2020 GPCRs & ION CHANNELS Recent acquisitions Acquired in 2020 successfully integrated into our
Slide 14: Financials Update
2021 COPYRIGHT © ABCELLERA FINANCIALS UPDATE
Slide 15: Strong Portfolio Growth
FINANCIALS Strong portfolio growth. Cumulative # of Cumulative # of Program Starts Molecules in the Clinic FULL YEAR 2021 BUSINESS UPDATE 80 78 5 5 70 Total # of 4 60 Programs Under Contract 156 50 3 40 2 Total # of 30 20 Discovery Partners 36 1 10 0 0 2015 2016 2017 2018 2019 2020 2021 2015 2016 20
Slide 16: Molecules in the Clinic, Authorized for Emergency Use
FINANCIALS 5 molecules in the clinic, 2 authorized for emergency use. MOLECULE STAGE PARTNER THERAPEUTIC AREA PROGRAM TYPE FULL YEAR 2021 BUSINESS UPDATE bamlanivimab Marketed, Emergency Use • infectious disease – (LY-CoV555) Authorization (EUA) COVID-19 AbCellera Discovery Partnership bebtelovimab
Slide 17: $375.2M Total Revenue
FINANCIALS $375.2M total revenue, driven by royalties & milestone payments for bamlanivimab. Revenue USD $375.2M ROYALTIES FULL YEAR 2021 BUSINESS UPDATE MILESTONES LICENSING $233.2M RESEARCH FEES $327.3M $198.3M $8.0M COPYRIGHT © ABCELLERA $15.0M $20.8M $19.8M $19.1M 2020 2021 17
Slide 18: Operating Expenses Reflect Strengthening of the Platform
FINANCIALS Operating expenses reflect strengthening of the platform. Operating Expenses USD RESEARCH & DEVELOPMENT SALES & MARKETING GENERAL & ADMIN FULL YEAR 2021 BUSINESS UPDATE +$32.7M $62.1M +$29.9M $41.8M $29.4M +$3.0M $11.9M $6.9M COPYRIGHT © ABCELLERA $3.8M 2020 2021 2020 2021 2020 2021 18
Slide 19: Net Earnings of $153.5M
FINANCIALS Net earnings of $153.5M: equivalent to $0.56 (basic) and $0.48 (diluted) per share. Earnings USD NET EARNINGS EARNINGS PER SHARE: BASIC EARNINGS PER SHARE: DILUTED FULL YEAR 2021 BUSINESS UPDATE $153.5M $118.9M $0.53 $0.56 $0.45 $0.48 2020 2021 2020 2021 2020 2021 COPYRIGHT © ABCELLERA 19
Slide 20: Over $720 Million in Total Cash, Equivalents, and Marketable Securities
FINANCIALS Over $720 million in total cash, equivalents, and marketable securities. Cash Flows USD $245M $748M $247M FULL YEAR 2021 BUSINESS UPDATE Marketable Securities $594M $247M Marketable Securities $58M PP&E ($332M) ($4M) ($1M) $476M Cash & Equivalents COPYRIGHT © ABCELLERA $25M Restricted Cas
Slide 21: Thank You
COPYRIGHT © ABCELLERA 21 FULL YEAR 2021 BUSINESS UPDATE YOU THANK