Revenue up at Oxford Biomedica

Revenue up at Oxford Biomedica

Oxford Biomedica's (OXB) shares moved up slightly on the release of these preliminary results, after the drug developer beat broker Peel Hunt’s operating and cash profit forecasts. Gross income rose 72 per cent on increased licensing income and higher bioprocessing activity, which helped to deliver revenues – in line with market expectations. Even better, the group swung into a positive operating profit position of £13.9m thanks to lower research and development (R&D) costs, while cash profits of £13.4m also beat Peel Hunt’s £12.7m forecast.

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