Abcam plc, 2018/19 Interim Results Presentation, 4 March 2019 Disclaimer Important information Third party data General The information provided in this presentation is for Some information contained herein has been obtained The distribution of this presentation may be restricted the sole use of those attending the presentation; it shall from other third party sources and has not been by law and persons into whose possession this not and does not constitute an offer or solicitation of an independently verified by Abcam. presentation comes should inform themselves offer to make an investment in Abcam ordinary shares. about and observe any relevant restrictions. Abcam makes no representations as to the accuracy or The information in this presentation is confidential and the completeness of any of the information herein. This presentation does not constitute an invitation or proprietary to Abcam and is being submitted to you Neither Abcam nor any other party involved in or inducement to engage in investment activity. Similarly, solely for your confidential use and with the explicit related to compiling, computing or creating the data this presentation does not constitute or form part of any understanding that, without the prior written permission makes any express or implied warranties or offer or invitation to sell or issue or any solicitation of any of Abcam, you will not release or discuss this representations with respect to such data (or the results offer to purchase or subscribe for any securities of presentation, its existence or any of the information to be obtained by the use thereof) and all such parties Abcam in any jurisdiction, nor shall it (nor any part of it) contained herein, or make any reproduction of or use hereby expressly disclaim, to the maximum extent or the fact of its distribution form the basis of, or be this presentation for any purpose. By accepting delivery permitted by law and regulation, any and all relied upon in connection with, or act as any of and continuing to review this presentation, you agree responsibility or liability as to the accuracy, inducement to enter into, any contract or investment to promptly return it and any other documents or completeness or reasonableness of the information decision in relation thereto. Recipients of this information furnished to you by Abcam upon request of provided. presentation who intend to purchase or subscribe Abcam. for shares in Abcam are reminded that any such Forward-looking statements purchase or subscription must only be made solely on Statements/opinions/views the basis of information contained in a formal offer This presentation may contain forward-looking document or circular relating to Abcam in its final form. All opinions and estimates in this presentation constitute statements, which are based upon current the reasonable belief of Abcam as of the date hereof expectations and assumptions regarding anticipated Abcam ordinary shares have not been registered under but are subject to change without notice. Abcam is not developments and other factors affecting the Abcam the US Securities Act of 1933, as amended (the rendering legal or accounting advice through this Group. They are not historical facts, nor are they Securities Act), or any state securities laws and may not material; readers should contact their legal and guarantees of future performance. Because these be offered or sold in the United States absent a accounting professionals for such information. forward-looking statements involve risks and registration statement or an applicable exemption from uncertainties, there are important factors that could the registration requirements of the Securities Act and Information subject to change cause actual results to differ materially from those any applicable state securities laws. expressed or implied by these forward-looking The information contained herein is subject to change, By attending the presentation you agree to be bound statements. These forward-looking statements speak without notice, at the discretion of Abcam and Abcam by the limitations above. only as of the date of this presentation and accordingly does not undertake to revise or update this information you should not place undue reliance on such in any way. statements. 2
Abcam plc, 2018/19 Interim Results Presentation, 4 March 2019 Becoming the most influential company for life scientists supporting research, diagnostic and therapeutic discovery “ “ “ QIAGEN (Suzhou) and Abcam Abcam acquires Calico Abcam and the LouLou sign strategic MoU to co-develop Biolabs, expanding our Foundation partner to companion diagnostic (CDx) expertise in recombinant develop key research and in vitro diagnostic (IVD) rabbit monoclonal antibody tools for CDKL5 reagents and kits for the Chinese development and custom deficiency disorder.” market.” solutions capabilities.” January 2019 December 2018 January 2019 “ “ “ Abcam launches new Leica Biosystems announce Roche announces the global launch PBS-only antibodies, the global launch of a new of the VENTANA pan-TRK (EPR17341) enabling more flexible PD ‐ L1 antibody (clone 73 ‐ 10) Assay, the first automated in vitro research.” for use on their fully diagnostic (IVD) IHC assay to detect automated BOND IHC and tropomyosin receptor kinase (TRK) October 2018 ISH staining platform.” proteins in cancer.” November 2018 November 2018 3
Abcam plc, 2018/19 Interim Results Presentation, 4 March 2019 Serving life scientists to achieve their mission faster Abcam and the Michael J. Fox Foundation for Parkinson’s Research Accelerating Parkinson's research through the development and provision of critical reagents to key targets 4
H12019 Financial Results
Abcam plc, 2018/19 Interim Results Presentation, 4 March 2019 Solid financial performance delivered in H1 2019 Total Revenue Catalogue growth 1 Revenue growth 1 Gross margin +10.0% +10.5% +40bpts Gross margin: Reported revenue Reported revenue 70.2% £124.7m, +10.8% £117.0m, +11.2% (H1 2018: 69.8%) (H1 2018: £112.5m) (H1 2018: £105.2m) Adjusted Adjusted diluted EBITDA 2 growth EPS 3 growth Dividend growth +4.0% +5.2% +3.8% Adjusted Adjusted diluted Interim dividend per share: 3.55p EBITDA £44.4m EPS 16.3p (H1 2018: 3.42p) (H1 2018: £42.7m) (H1 2018: 15.5p) 1. At constant exchange rates (applying prior period’s actual exchange rates to this period’s results) 2. Excludes system and process improvement costs, one-off costs associated with the new Group headquarters 3. Excludes system and process improvement costs, one-off costs associated with the new Group headquarters, amortisation of acquisition related intangible assets and the tax effect of these adjusting items 6
Abcam plc, 2018/19 Interim Results Presentation, 4 March 2019 Product revenue analysis: Recombinant antibody and Immunoassay growth support double-digit catalogue growth Constant H1 2019 H1 2018 Currency £m £m growth* Catalogue revenue – product split: Primary and Secondary Antibodies 93.5 85.2 9.3% of which Recombinant antibodies 27.2 22.4 21.1% Other products 1 23.5 20.0 15.6% of which Immunoassay products 8.8 7.0 25.8% Catalogue revenue sub-total 117.0 105.2 10.5% Custom Products and Licensing (CP&L) revenue 2 7.7 7.3 2.3% Total revenue 124.7 112.5 10.0% 1 Includes kits and assays, proteins, peptides, lysates and AAAI products sold for research use 2 Includes royalty income, custom services, IVD/IHC, and licensing revenue * At constant exchange rates (applying prior period’s exchange rates to this period’s results) 7
Abcam plc, 2018/19 Interim Results Presentation, 4 March 2019 Regional revenue analysis: China remains fastest growing major region H1 2019 Catalogue CER revenue growth rate, % 1 Impacted by local market dynamics / volatility in academic funding environment Americas EMEA China Japan Region Rest of Asia Pacific 1 Catalogue revenue growth at constant exchange rates (applying prior period’s exchange rates to this period’s results) Figures in parenthesis indicate percentage of total reported catalogue revenue in H1 2019 8
Abcam plc, 2018/19 Interim Results Presentation, 4 March 2019 Adjusted EBITDA 1 bridge: Investing for long-term growth 55.0 £'m 0.8 3.1 53.0 ~2/3 rds scaling and - 51.0 growth investment 8.7 ~1/3 rd volume related 49.0 and inflationary 9.1 47.0 45.0 1.0 43.0 41.0 44.5 39.0 42.7 37.0 35.0 H1 FY2018 Incremental gross R&D RDEC / Underlying R&D Scaling and volume New employee H1 FY2019 Adj. EBITDA profit capitalisation increase related costs share schemes Adj. EBITDA benefit (SG&A) 1. Excludes system and process improvement costs and costs associated with the Group’s new headquarters 9
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