AbCellera Biologics (ABCL) Reports Financial Results for 2020

AbCellera Biologics Inc. (NASDAQ:ABCL) was founded by Carl Hansen and his fellow researchers in 2012. The biotechnology company operates a drug discovery platform, which explores natural immune systems to locate antibodies that can be modified as drugs. AbCellera uses methods like artificial intelligence, data science, and genomics to accelerate the process of identifying drug candidates for a range of diseases.

Vancouver, British Columbia-based AbCellera caught investors’ attention last year following its collaboration with pharma giant Eli Lilly (LLY) for developing antibody treatment for Covid-19. Subsequently, the two companies initiated Phase-1 trial of LY-CoV555 antibody. Meanwhile, investors are betting that AbCellera stock will likely gain value once its antibody products receive regulatory approval.

AbCellera recently announced its financial results for the fiscal year 2020. It reported earnings of $118.9 million, or 45 cents per share for the year ended December 31, as compared to a loss of $2.2 million, or 1 cent per share in the prior year.

Revenue came in at $233.2 million for FY 2020, translating to a surge of 1908 percent from FY 2019. The results were mainly driven by milestone payments associated with the Covid-19 program, as well as a substantial surge in research fees.

Meanwhile, research and development costs in 2020 increased to $29.4 million, significantly higher than $10.1 million in 2019. The surge indicates investment in AbCellera’s technology platform and improved partnership activities.

Commenting on the performance, CEO Carl Hansen said in a statement, “AbCellera had a breakthrough year, demonstrating strong growth across every area of the business and the effectiveness of our technology and business model through our discovery of the first monoclonal antibody therapy for COVID-19.”

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