The Vancouver-based drug-discovery company lost US$47.2 million in the final quarter of its fiscal year. AbCellera made huge royalties from 2020 to 2022 out of a partnership with Eli Lilly to sell antibody treatments for COVID-19, but those payments ended when the drugs appeared ineffective against newer virus variants. (The Logic)
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The Vancouver-based drug-discovery company lost US$47.2 million in the final quarter of its fiscal year. AbCellera made huge royalties from 2020 to 2022 out of a partnership with Eli Lilly to sell antibody treatments for COVID-19, but those payments ended when the drugs appeared ineffective against newer virus variants. (The Logic)
Talking point: Despite its revenue plunge to $38 million in 2023 from $485 million the previous year (and layoffs in November), AbCellera said it had more partners, more research contracts and more drug candidates in clinical trials at the end of 2023. CEO Carl Hansen said in the earnings release that the company is executing on its plan to add manufacturing to its research capabilities, and turning from building capacity to using it. Although a new headquarters and a separate new factory are behind their initial schedules, AbCellera said they’re now due to open in 2024 and 2025.
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