Yesterday, Oxford Biomedica reported on an excellent 2020 and set the scene for continued progress in 2021 and beyond. The benefits of OXB’s involvement in the Astra COVID vaccine programme are shining through. The company expects revenues from Astra to total over £50m by the end of 2021 and is in early conversations regarding next steps beyond 2021. More importantly, this project has proven OXB’s capability in adenoviral vectors and this opens up a new CDMO customer opportunity at least as significant as the lentiviral field. We expect deal momentum to continue. Our combined DCF / peer value target price increases to £13.00 (from £12.80) and we reiterate our BUY.