ABCL - AbCellera Biologics climbs as partnership business boosts 2020 revenue

AbCellera Biologics (ABCL) has added more than a tenth in the post-market after its 2020 revenue came ahead of expectations thanks to the boost in royalty revenue.Total revenue for the year reached $233.2M up ~1,907.9% as research fees increased ~70.9% YoY with royalty revenue making up ~85.1% of the top-line. The royalty revenue and milestone payments from bamlanivimab stood at $198.3M and ~$15.0M, respectively.The company has expanded the partnership business to 103 cumulative programs with 27 partners generating research fees compared to 60 cumulative programs and 22 partners in 2019.R&D expenses have increased ~191.1% YoY to $29.4M from $10.1M in the previous year, and the company reported net earnings of $118.9M contrasting the net loss of ~$2.2M in 2019.The cash and equivalents have jumped 77.2x from 2019 to stand at $594.1M.A few days ago, AbCellera announced that its human antibody bamlanivimab developed in partnership with Eli Lilly reduced COVID-19-related hospitalizations and deaths

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AbCellera Biologics climbs as partnership business boosts 2020 revenue