Abcam global revenues soar with near-30 per cent growth in China
Abcam, which supplies life science research tools globally from its Cambridge base, reports massive revenue growth in China and other global territories.
Once known as the ‘Apple of antibodies’, Abcam has long since broadened its product catalogue and CEO Alan Hirzel says the business is reaping rich dividends.
In a trading update, Abcam said it expects first-half revenue growth of 10 per cent on a constant currency basis and 30.4 per cent on a reported basis. It remains on track to deliver against its revenue expectations for the full year.
Catalogue revenue grew by 10.7 per cent in the first half. Growth from primary antibodies continues to outpace market growth rates, largely driven by RabMAb® product revenue, which grew by 26.6 per cent (ahead of the company’s full-year 2016/17 guidance of 18-22 per cent).
Non-primary antibody product revenues grew by 15.7 per cent, which is lower than the full year guidance of 20-25 per cent due to one-time large volume orders that have not been repeated in this half-year.
Abcam’s business in China continues to deliver and the company expects revenue growth of 29.4 per cent, well ahead of the market growth rate in the territory. Abcam says that investment in R & D, organisation, systems and facilities all continue according to plan and underlying gross margins remain in line with expectations.
Hirzel said: “We have maintained revenue momentum delivering more than twice market revenue growth in the period. Our award winning website, unique products and fast service enable Abcam to better serve researchers to achieve their mission faster.
“Overall, we continue to make good progress against our strategic and investment objectives and continue to see growth opportunities for Abcam.”
The company will report its interim results for the six-month period ended December 31, 2016 on March 6.
Hirzel will be evangelising Abcam’s success at the JP Morgan Healthcare Conference in San Francisco this week. The company’s UK share price was up 16.50p (2.14 per cent) to 789p on today’s news.
• PHOTOGRAPH SHOWS: Alan Hirzel