(Alliance News) - Oxford Biomedica PLC on Tuesday raised its revenue and profit guidance after AstraZeneca PLC committed to buy more Covid-19 vaccines than previously agreed in the second half of 2021.
Shares in Oxford Biomedica were up 12% to 1,120.00 pence in London, the top performer in the FTSE 250 index on Tuesday. AstraZeneca was up 0.5% to 7,930.55p.
The two companies signed an 18-month supply deal in September under a three-year master supply and development agreement, in which Oxford Biomedica manufactures the vaccine developed by AstraZeneca and the University of Oxford.
Oxford Biomedica now expects cumulative revenue from AstraZeneca by the end of this year of more than GBP100 million, up from the previous guidance of more than GBP50 million.
As a result, there should be "significant growth" in operating earnings before interest, tax, depreciation and amortisation this year, the gene and cell therapy company said.
By Ivan Edwards; ivanedwards@alliancenews.com
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