ABC.L Regulatory News (ABC)

20 April 2020

ABCAM PLC

("Abcam" or "the Group")

COVID-19 Update

Abcam plc (AIM: ABC), a global leader in the supply of life science research tools, today provides a business update in light of the continued spread of COVID-19.

Since reporting our half year results on 9 March 2020, we have continued to closely monitor and respond to the rapidly changing global situation, including guidance and policy changes implemented by governments around the world.

Above all, our priority remains the health and wellbeing of our colleagues and the continued support of our customers, some of whom are directly engaged in the effort to develop diagnostic tests, vaccines and treatments for COVID-19. While our teams are currently working remotely wherever possible, our efforts to contribute to the critical work of those customers has continued, including:

- boosting our supply chain and manufacturing flexibility to support increased demand for existing products used for SARS-CoV-2/COVID-19 research;

- joining more than 20 collaborations across the UK, US, and China focused on SARS-CoV-2 drug and vaccine development; and

- donating critical supplies (e.g. PCR equipment used for testing).

Abcam has not furloughed any staff, nor has it participated in any of the other COVID-19 related government assistance schemes that have been implemented globally.

The Group has a strong balance sheet and liquidity position, with proforma net cash1 of approximately £80 million. In addition, the Group has a £200 million revolving credit facility providing additional flexibility.

As announced in our half year results, sales for the fiscal year as of 9 March, had been approximately £3 million lower than plan, reflecting the impact of the early stages of the pandemic, predominantly in China. Since then, conditions in China have recovered gradually, however policy actions taken by governments around the world to limit the spread of COVID-19 have begun to have an effect on customers in other markets, including across North America and EMEA. Consequently, the Group estimates that as a result of the impact of COVID-19, revenue for FY2020 as of 17 April 2020, was approximately £14-16 million lower than plan.

Over the last few days we have begun to see the reopening of labs in certain countries within Europe, and a gradual increase in customer activity and revenue as a result. However, it is not feasible to give accurate guidance on future sales until there is greater clarity about the full duration and impact of the pandemic.

We are continuing to monitor developments and will provide further updates as appropriate, including as part of our usual reporting cycle in July and September.

Commenting on the announcement, Alan Hirzel, Chief Executive, said:

"Our priorities are to look after our global team and our customers as the COVID-19 pandemic continues. We are privileged to have an important role in the research and development activity to understand and defeat this virus. Abcam's unique technology and the business's financial health are positioning our company to emerge stronger from this outbreak. I thank all our colleagues at Abcam for their agility in adapting to the evolving situation and their continued dedication to customers' needs."

1 Proforma for proceeds of 9 April 2020 equity issue of £110 million.

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation. The person responsible for arranging the release of this announcement on behalf of Abcam plc is Marc Perkins, Company Secretary.

Abcam plc

+44 (0) 1223 696 000

Alan Hirzel, Chief Executive Officer

Michael Baldock, Chief Financial Officer

James Staveley, VP Investor Relations

J.P.Morgan Cazenove - Nominated Adviser & Corporate Broker

+44 (0) 20 7742 4000

James Mitford / Hemant Kapoor

Numis - Joint Corporate Broker

+44 (0) 20 7260 1000

Garry Levin / Duncan Monteith

FTI Consulting

+44 (0) 20 3727 1000

Ben Atwell / Natalie Garland-Collins

This announcement, including any information included or incorporated by reference in this announcement, may contain forward-looking statements (including words such as "believe", "expect", "estimate", "intend", "anticipate" and words of similar meaning) which are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Abcam group. All statements other than statements of historical facts may be forward-looking statements and should not be treated as guarantees of future performance. These forward-looking statements involve risks and uncertainties, many of which are beyond the control of the Abcam group, and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements speak only as at the date of this announcement and accordingly undue reliance should not be placed on such statements. The Abcam group does not assume any obligation to, and does not intend to, revise or update these forward-looking statements, except as required pursuant to applicable law.

About Abcam plc

As an innovator in reagents and tools, Abcam's purpose is to serve life science researchers globally to achieve their mission, faster. Providing the research and clinical communities with tools and scientific support, the Group offers highly validated biological binders and assays to address important targets in critical biological pathways.

Already a pioneer in data sharing and ecommerce in the life sciences, Abcam's ambition is to be the most influential company in life sciences by helping advance global understanding of biology and causes of disease, which, in turn, will drive new treatments and improved health.

Some two-thirds of the world's 750,000 life science researchers use Abcam's antibodies, reagents, biomarkers and assays. By actively listening to and collaborating with these researchers, the Group continuously advances its portfolio to address their needs. A transparent programme of customer reviews and datasheets, combined with an industry-leading validation initiative, gives researchers increased confidence in their results.

Founded in 1998 and headquartered in Cambridge, UK, the Company sells to more than 140 countries. Abcam was admitted to AIM in 2005 (AIM: ABC).

Please visit www.abcam.com or www.abcamplc.com to find out more.