This morning Oxford Biomedica has announced a significant increase in this year’s Astra vaccine contract. By year-end the cumulative expected revenues will be in excess of £100m (previously in excess of £50m). We have added this additional revenue, at an EBITDA margin of around 30%, to our forecasts. At this stage, we have not adjusted forecasts beyond 2021, but a further Astra extension feels increasingly likely. Our target price climbs from £13 to £13.30 on the additional income, and with 33% upside we reiterate our BUY recommendation.
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