Statement on potential Extraordinary General Meeting

Cambridge, UK/ Waltham, MA: Abcam plc (Nasdaq: ABCM), (“Abcam,” “Company,” “Group”) (Nasdaq: ABCM), a global leader in the supply of life science research tools, today notes that its founder and former director Dr. Jonathan Milner has indicated he will take steps to call an extraordinary general meeting (“EGM”) of the Company’s shareholders to elect himself to the Company’s Board of Directors as Executive Chairman.

The Company was surprised that Dr. Milner has decided to make this public statement, given the ongoing discussions with him regarding his appointment to the Board.

Dr. Milner first formally requested to be re-appointed to the Board on 28th April 2023, less than three weeks prior to the Company’s Annual General Meeting (“AGM”) and after the date he could have requisitioned a resolution at the AGM to achieve his aims. The Board moved quickly to consider him returning to the Board including having him meet with all non-executive directors within 10 days.

Dr. Milner’s request was thoroughly considered by the Nomination Committee and the full Board of Directors.  It was determined today that Dr. Milner would be offered the opportunity to be appointed to the Board subject to a customary relationship agreement, the terms of which were to be discussed and agreed upon. After informing Dr. Milner that the Board was inclined to appoint him, he immediately rejected such invitation and then requested to be named Executive Chairman, replacing the current Chairman.

The Company notes that Dr. Milner has issued a press release with respect to this request, even before the Board had time to respond. The Company is disappointed that despite the Board’s clear and consistent efforts to engage constructively with Dr. Milner, he has instead pursued aggressive tactics as he seeks to force the Company to agree to his demands.

Today, the Company’s AGM concluded with shareholders voting overwhelmingly in support of all resolutions, with directors receiving on average 95% support of the shares voted.

 

About Abcam plc

As an innovator in reagents and tools, Abcam’s purpose is to serve life science researchers globally to achieve their mission faster. Providing the research and clinical communities with tools and scientific support, the Company offers highly validated antibodies, assays, and other research tools to address important targets in critical biological pathways.

Already a pioneer in data sharing and ecommerce in the life sciences, Abcam’s ambition is to be the most influential company in life sciences by helping advance global understanding of biology and causes of disease, which, in turn, will drive new treatments and improved health.

Abcam’s worldwide customer base of approximately 750,000 life science researchers’ uses Abcam’s antibodies, reagents, biomarkers, and assays. By actively listening to and collaborating with these researchers, the Company continuously advances its portfolio to address their needs. A transparent program of customer reviews and datasheets, combined with industry-leading validation initiatives, gives researchers increased confidence in their results.

Founded in 1998 and headquartered in Cambridge, UK, the Company has served customers in more than 130 countries. Abcam’s American Depositary Shares (ADSs) trade on the Nasdaq Global Select Market (Nasdaq: ABCM).

For more information, please visit www.abcam.com or www.abcamplc.com

 

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. They are not historical facts, nor are they guarantees of future performance.  Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding Abcam’s portfolio and ambitions, cost refinement and efficiency initiatives, and our future results of operations and financial position such as our outlook for FY2023 and performance goals for FY2024 are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: challenges in implementing our strategies for revenue growth in light of competitive challenges; the development of new products or the enhancement of existing products, and the need to adapt to significant technological changes or respond to the introduction of new products by competitors to remain competitive; our customers discontinuing or spending less on research, development, production or other scientific endeavors; failing to successfully identify or integrate acquired businesses or assets into our operations or fully recognize the anticipated benefits of businesses or assets that we acquire; the ongoing COVID 19 pandemic, including variants, continues to affect our business, including impacts on our operations and supply chains; failing to successfully use, access and maintain information systems and implement new systems to handle our changing needs; cyber security risks and any failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions; failing to successfully manage our current and potential future growth; any significant interruptions in our operations; our products failing to satisfy applicable quality criteria, specifications and performance standards; failing to maintain and enhance our brand and reputation; ability to react to unfavorable geopolitical or economic changes that affect life science funding; failing to deliver on transformational growth projects; our dependence upon management and highly skilled employees and our ability to attract and retain these highly skilled employees; and as a foreign private issuer, we are exempt from a number of rules under the U.S. securities laws and Nasdaq corporate governance rules and are permitted to file less information with the SEC than U.S. companies, which may limit the information available to holders of our American Depositary Shares (“ADS”); and the other important factors discussed under the caption “Risk Factors” in Abcam’s Annual Report on Form 20-F for the year ended December 31, 2022 (“Annual Report”) with the U.S. Securities and Exchange Commission (“SEC”) on March 20, 2023, which is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in Abcam’s subsequent filings with the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Abcam disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

 

Abcam plc

Tommy Thomas, CPA
Vice President, Investor Relations
+1 617-577-4205

152 Grove Street, Building 1100
Waltham, MA 02453

FTI Consulting (media enquiries)

Ben Atwell / Pat Tucker
Abcam@fticonsulting.com

Result of Annual General Meeting

Cambridge, UK/ Waltham, MA: Abcam plc (Nasdaq: ABCM), a global leader in the supply of life science research tools, announces the voting results from the Annual General Meeting (the “AGM”) held today.  A total of 196,862,506 shares representing 85.7% of Abcam’s issued and outstanding voting capital (including withheld) were voted in connection with the meeting.

The votes were as follows:

Resolution In Favour Against Withheld
1. To receive and adopt the Directors’ Report and the financial statements for the period 31 December 2022, together with the Independent Auditor’s Report. 180,306,403

99.94%

99,238

0.06%

16,456,865

8.36%

2. To approve the Annual Report on Remuneration for the for the period 31 December 2022, as set out on pages 49 to 59 of the Annual Report and Accounts. 174,040,019

95.40%

8,387,468

4.60%

14,435,019

7.33%

3. To re-appoint PricewaterhouseCoopers LLP as auditor of the Company to hold office until the conclusion of the next general meeting at which accounts are laid before the Company. 179,459,110

99.19%

1,467,634

0.81%

15,935,762

8.09%

4. To authorise the Audit and Risk Committee to fix the remuneration of the auditor. 180,876,749

99.97%

47,249

0.03%

15,938,508

8.10%

5. To re-elect Peter Allen as a Director. 171,602,332

96.27%

6,657,956

3.73%

18,602,218

9.45%

6. To re-elect Alan Hirzel as a Director. 180,868,452

99.99%

15,522

0.01%

15,978,532

8.12%

7. To re-elect Michael Baldock as a Director. 173,249,012

95.02%

9,075,983

4.98%

14,537,511

7.38%

8. To re-elect Mara Aspinall as a Director. 159,959,959

88.46%

20,861,003

11.54%

16,041,544

8.15%

9. To re-elect Giles Kerr as a Director. 161,230,904

89.17%

19,590,466

10.83%

16,041,136

8.15%

10. To re-elect Mark Capone as a Director. 180,683,452

99.92%

137,918

0.08%

16,041,136

8.15%

11. To re-elect Sally W Crawford as a Director. 179,114,658

99.06%

1,706,304

0.94%

16,041,544

8.15%

12. To re-elect Bessie Lee as a Director. 180,674,287

99.92%

147,533

0.08%

16,040,686

8.15%

13. To elect Luba Greenwood as a Director. 180,796,348

99.99%

25,522

0.01%

16,040,636

8.15%

14. To grant the Directors the authority to issue shares for cash in certain circumstances. 176,033,135

97.33%

4,826,779

2.67%

16,002,592

8.13%

15. To grant the Directors the authority to disapply pre-emption rights in certain circumstances. 176,443,735

97.56%

4,415,332

2.44%

16,003,439

8.13%

16. To grant the Directors the authority to disapply pre-emption rights for additional equity securities for the purposes of financing or refinancing a transaction. 167,774,655

92.77%

13,083,811

7.23%

16,004,040

8.13%

17. To adopt amended articles of association of the Company. 180,863,563

99.99%

18,456

0.01%

15,980,487

8.12%

18. To approve and authorise forms of share repurchase contract and counterparties. 128,391,815

71.52%

51,119,075

28.48%

17,351,616

8.81%

The issued share capital (“ISC”) as of the date of the meeting was 229,723,147 Ordinary Shares.

The percentage of voting shares in favour and against is the percentage of shares voted and exclude shares on which votes were withheld.

For further information, please contact:

Abcam
Marc Perkins, Company Secretary + 44 (0) 1223 696 000

 

About Abcam plc

As an innovator in reagents and tools, Abcam’s purpose is to serve life science researchers globally to achieve their mission, faster. Providing the research and clinical communities with tools and scientific support, the Company offers highly validated antibodies, assays and other research tools to address important targets in critical biological pathways.

Already a pioneer in data sharing and ecommerce in the life sciences, Abcam’s ambition is to be the most influential company in life sciences by helping advance global understanding of biology and causes of disease, which, in turn, will drive new treatments and improved health.

Abcam’s worldwide customer base of approximately 750,000 life science researchers uses Abcam’s antibodies, reagents, biomarkers and assays. By actively listening to and collaborating with these researchers, the Company continuously advances its portfolio to address their needs. A transparent programme of customer reviews and datasheets, combined with an industry-leading validation initiative, gives researchers increased confidence in their results.

Founded in 1998 and headquartered in Cambridge, UK, the Company has served customers in more than 130 countries. Abcam’s American Depositary Shares (ADSs) trade on the Nasdaq Global Market (Nasdaq: ABCM).

For more information, please visit corporate.abcam.com.

Business Update

Cambridge, UK: Abcam plc (“Abcam,” “Company,” “Group”) (Nasdaq: ABCM), a global leader in the supply of life science research tools, today provides the following updates.

As part of the five-year strategy set out in 2019, focusing on generating durable revenue growth, the Company invested to remove scalability constraints through critical investments in its people, processes, facilities and technology.

Abcam has now successfully transitioned from implementation of these growth initiatives to focus on driving operating leverage from these investments, including the recently implemented Oracle Cloud ERP.

Over the past several months, management and the Board have undertaken a broad review of the installed capabilities with an emphasis on delivering excellent customer experience, tightening operational efficiency and positioning the organisation for long term growth.

Today, the Company is announcing incremental cost refinement actions which are expected to result in a reduction in annualised run rate operating expenses in excess of £15 million by 2024.

The Company expects to achieve these savings through consolidating elements of its global footprint by leveraging the investment in the expansion of our Waltham, MA site, streamlining its organization by reducing management structures, including consolidation of sales and marketing functions, and eliminating redundant processes for faster and more effective decision making.

Revenue growth remains a priority, and the Company continues to invest in its people and the strategic enterprise tools that will enhance efficiency and customer experience in FY2023 and beyond.

These changes are already underway. The costs of implementation will be taken as an adjusting item in FY2023.

FY2023 Outlook

Based on the expected phasing of these actions and the impact on this year’s operating expenses, the Company is providing guidance on FY2023 adjusted operating profit margins, which are expected to be between 27% to 28%.

The Company reiterates its reported revenue guidance of approximately £420 million to £440 million, representing 15% to 20% constant exchange rate revenue growth.

FY2024 Goal

The Company is reiterating its 2024 revenue goals of £450 million to £525 million[1] with adjusted operating profit margins of greater than 30%.

 

About Abcam plc

As an innovator in reagents and tools, Abcam’s purpose is to serve life science researchers globally to achieve their mission faster. Providing the research and clinical communities with tools and scientific support, the Company offers highly validated antibodies, assays, and other research tools to address important targets in critical biological pathways.

Already a pioneer in data sharing and ecommerce in the life sciences, Abcam’s ambition is to be the most influential company in life sciences by helping advance global understanding of biology and causes of disease, which, in turn, will drive new treatments and improved health.

Abcam’s worldwide customer base of approximately 750,000 life science researchers’ uses Abcam’s antibodies, reagents, biomarkers, and assays. By actively listening to and collaborating with these researchers, the Company continuously advances its portfolio to address their needs. A transparent program of customer reviews and datasheets, combined with industry-leading validation initiatives, gives researchers increased confidence in their results.

Founded in 1998 and headquartered in Cambridge, UK, the Company has served customers in more than 130 countries. Abcam’s American Depositary Shares (ADSs) trade on the Nasdaq Global Select Market (Nasdaq: ABCM).

For more information, please visit www.abcam.com or www.abcamplc.com

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. They are not historical facts, nor are they guarantees of future performance.  Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding Abcam’s portfolio and ambitions, cost refinement and efficiency initiatives, and our future results of operations and financial position such as our outlook for FY2023 and performance goals for FY2024 are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation:  challenges in implementing our strategies for revenue growth in light of competitive challenges; the development of new products or the enhancement of existing products, and the need to adapt to significant technological changes or respond to the introduction of new products by competitors to remain competitive; our customers discontinuing or spending less on research, development, production or other scientific endeavors; failing to successfully identify or integrate acquired businesses or assets into our operations or fully recognize the anticipated benefits of businesses or assets that we acquire; the ongoing COVID 19 pandemic, including variants, continues to affect our business, including impacts on our operations and supply chains; failing to successfully use, access and maintain information systems and implement new systems to handle our changing needs; cyber security risks and any failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions; failing to successfully manage our current and potential future growth; any significant interruptions in our operations; our products failing to satisfy applicable quality criteria, specifications and performance standards; failing to maintain and enhance our brand and reputation; ability to react to unfavorable geopolitical or economic changes that affect life science funding; failing to deliver on transformational growth projects; our dependence upon management and highly skilled employees and our ability to attract and retain these highly skilled employees; and as a foreign private issuer, we are exempt from a number of rules under the U.S. securities laws and Nasdaq corporate governance rules and are permitted to file less information with the SEC than U.S. companies, which may limit the information available to holders of our American Depositary Shares (“ADS”); and the other important factors discussed under the caption “Risk Factors” in Abcam’s Annual Report on Form 20-F for the year ended December 31, 2022 (“Annual Report”) with the U.S. Securities and Exchange Commission (“SEC”) on March 20, 2023, which is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in Abcam’s subsequent filings with the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Abcam disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

Use of Non-IFRS Financial Measures

To supplement our audited financial results prepared in accordance with International Financial Reporting Standards (“IFRS”) we present Adjusted Operating Profit, Adjusted Operating Profit Margin, Total Constant Exchange Rate Revenue (“CER revenue”), which are financial measures not prepared in accordance with IFRS (“non-IFRS financial measures”). We believe that the presentation of these non-IFRS financial measures provide useful information about our operating results and enhances the overall understanding of our past financial performance and future prospects, allowing for greater transparency with respect to key measures used by management in its financial and operational decision making.  These non-IFRS financial measures are supplemental in nature as they include and/or exclude certain items not included and/or excluded in the most directly comparable IFRS financial measures and should not be considered in isolation, or as a substitute for, financial measures prepared in accordance with IFRS. Further, other companies may calculate these non-IFRS financial measures differently than we do, which may limit the usefulness of those measures for comparative purposes.

Management believes that the presentation of (a) Adjusted Operating Profit, Adjusted Operating Profit Margin, provide useful information to investors and others as management regularly reviews these measures as important indicators of our operating performance and makes decisions based on them, (b) CER revenue provides useful information to investors and others as management regularly reviews this measure to identify period-on-period or year-on-year performance of the business and makes decisions based on it, and (c) Adjusted Selling, General and Administrative expenses and Adjusted Research & Development expenses provide useful information to investors and others as management regularly reviews these measures to identify period-on-period or year-on-year performance of the business and makes decisions based on it, and (d) Free Cash Flow provides useful information to investors and others because management regularly reviews this measure as an important indicator of how much cash is generated by business operations, excluding capital related items, and provides an indication of the amount of cash available for discretionary investing or financing after removing capital related items, and makes decisions based on it.

Please see the following “Non-IFRS Financial Measures” for a qualitative reconciliation of non-IFRS financial measures presented in this Trading Update to their most directly comparable IFRS financial measures. We define:

  • Adjusted Operating Profit as profit for the period / year before taking account of finance income, finance costs, tax, exceptional items, share-based payments, restructuring activities, and amortization of acquisition intangibles. Exceptional items consist of certain cash and non-cash items that we believe are not reflective of the normal course of our business; and we identify and determine items to be exceptional based on their nature and incidence or by or by their significance (“exceptional items”). As a result, the composition of exceptional items may vary from period to period / year to year.
  • Adjusted Operating Profit Margin as adjusted operating profit calculated as a percentage of revenue.
  • CER as our total revenue growth from one fiscal period / year to the next on a constant exchange rate basis.

Management is unable to present quantitative reconciliations of Adjusted Operating Profit, Adjusted Operating Profit Margin, and CER revenue to their respective most directly comparable IFRS financial measures of Operating Profit, Operating Profit Margin and Reported Revenue on a forward-looking basis, because items that impact these IFRS financial measures are not within our control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

Abcam plc

Tommy Thomas, CPA
Vice President, Investor Relations
+1 617-577-4205

152 Grove Street, Building 1100
Waltham, MA 02453

[1] FY24 Revenue goals calculated at the average exchange rates for the 12 months ended June 2021.

Comments on Investor Engagement

Cambridge, UK: Abcam plc (“Abcam,” “Company,” “Group”) (Nasdaq: ABCM), a global leader in the supply of life science research tools, notes the Form 13D filed today by founder and former director Dr Jonathan Milner and related press reports.

The Company meets with Dr Milner with some regularity, including most recently on Friday, April 28, 2023.

The Company appreciates Dr Milner’s contributions and input and looks forward to continuing to engage actively with him, and all our shareholders. The Board of Directors and management team remain committed to creating value for all shareholders and will continue to take actions to achieve that objective.

About Abcam plc

As an innovator in reagents and tools, Abcam’s purpose is to serve life science researchers globally to achieve their mission faster. Providing the research and clinical communities with tools and scientific support, the Company offers highly validated antibodies, assays, and other research tools to address important targets in critical biological pathways.

Already a pioneer in data sharing and ecommerce in the life sciences, Abcam’s ambition is to be the most influential company in life sciences by helping advance global understanding of biology and causes of disease, which, in turn, will drive new treatments and improved health.

Abcam’s worldwide customer base of approximately 750,000 life science researchers’ uses Abcam’s antibodies, reagents, biomarkers, and assays. By actively listening to and collaborating with these researchers, the Company continuously advances its portfolio to address their needs. A transparent program of customer reviews and datasheets, combined with industry-leading validation initiatives, gives researchers increased confidence in their results.

Founded in 1998 and headquartered in Cambridge, UK, the Company has served customers in more than 130 countries. Abcam’s American Depositary Shares (ADSs) trade on the Nasdaq Global Select Market (Nasdaq: ABCM).

For more information, please visit www.abcam.com or www.abcamplc.com

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. They are not historical facts, nor are they guarantees of future performance.  Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding Abcam’s portfolio and ambitions, and our future results of operations and financial position such as our outlook for FY2023 and performance goals for FY2024 are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation:  challenges in implementing our strategies for revenue growth in light of competitive challenges; the development of new products or the enhancement of existing products, and the need to adapt to significant technological changes or respond to the introduction of new products by competitors to remain competitive; our customers discontinuing or spending less on research, development, production or other scientific endeavors; failing to successfully identify or integrate acquired businesses or assets into our operations or fully recognize the anticipated benefits of businesses or assets that we acquire; the ongoing COVID 19 pandemic, including variants, continues to affect our business, including impacts on our operations and supply chains; failing to successfully use, access and maintain information systems and implement new systems to handle our changing needs; cyber security risks and any failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions; failing to successfully manage our current and potential future growth; any significant interruptions in our operations; our products failing to satisfy applicable quality criteria, specifications and performance standards; failing to maintain and enhance our brand and reputation; ability to react to unfavorable geopolitical or economic changes that affect life science funding; failing to deliver on transformational growth projects; our dependence upon management and highly skilled employees and our ability to attract and retain these highly skilled employees; and as a foreign private issuer, we are exempt from a number of rules under the U.S. securities laws and Nasdaq corporate governance rules and are permitted to file less information with the SEC than U.S. companies, which may limit the information available to holders of our American Depositary Shares (“ADS”); and the other important factors discussed under the caption “Risk Factors” in Abcam’s Annual Report on Form 20-F for the year ended December 31, 2022 (“Annual Report”) with the U.S. Securities and Exchange Commission (“SEC”) on March 20, 2023, which is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in Abcam’s subsequent filings with the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Abcam disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

Use of Non-IFRS Financial Measures

To supplement our audited financial results prepared in accordance with International Financial Reporting Standards (“IFRS”) we present Adjusted Operating Profit, Adjusted Operating Profit Margin, Total Constant Exchange Rate Revenue (“CER revenue”), which are financial measures not prepared in accordance with IFRS (“non-IFRS financial measures”). We believe that the presentation of these non-IFRS financial measures provide useful information about our operating results and enhances the overall understanding of our past financial performance and future prospects, allowing for greater transparency with respect to key measures used by management in its financial and operational decision making.  These non-IFRS financial measures are supplemental in nature as they include and/or exclude certain items not included and/or excluded in the most directly comparable IFRS financial measures and should not be considered in isolation, or as a substitute for, financial measures prepared in accordance with IFRS. Further, other companies may calculate these non-IFRS financial measures differently than we do, which may limit the usefulness of those measures for comparative purposes.

Management believes that the presentation of (a) Adjusted Operating Profit, Adjusted Operating Profit Margin, provide useful information to investors and others as management regularly reviews these measures as important indicators of our operating performance and makes decisions based on them, (b) CER revenue provides useful information to investors and others as management regularly reviews this measure to identify period-on-period or year-on-year performance of the business and makes decisions based on it, and (c) Adjusted Selling, General and Administrative expenses and Adjusted Research & Development expenses provide useful information to investors and others as management regularly reviews these measures to identify period-on-period or year-on-year performance of the business and makes decisions based on it, and (d) Free Cash Flow provides useful information to investors and others because management regularly reviews this measure as an important indicator of how much cash is generated by business operations, excluding capital related items, and provides an indication of the amount of cash available for discretionary investing or financing after removing capital related items, and makes decisions based on it.

Please see the following “Non-IFRS Financial Measures” for a qualitative reconciliation of non-IFRS financial measures presented in this Trading Update to their most directly comparable IFRS financial measures. We define:

  • Adjusted Operating Profit as profit for the period / year before taking account of finance income, finance costs, tax, exceptional items, share-based payments, and amortization of acquisition intangibles. Exceptional items consist of certain cash and non-cash items that we believe are not reflective of the normal course of our business; and we identify and determine items to be exceptional based on their nature and incidence or by or by their significance (“exceptional items”). As a result, the composition of exceptional items may vary from period to period / year to year.
  • Adjusted Operating Profit Margin as adjusted operating profit calculated as a percentage of revenue.
  • CER as our total revenue growth from one fiscal period / year to the next on a constant exchange rate basis.

Management is unable to present quantitative reconciliations of Adjusted Operating Profit, Adjusted Operating Profit Margin, and CER revenue to their respective most directly comparable IFRS financial measures of Operating Profit, Operating Profit Margin and Reported Revenue on a forward-looking basis, because items that impact these IFRS financial measures are not within our control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

Abcam plc

Tommy Thomas, CPA
Vice President, Investor Relations
+1 617-577-4205
152 Grove Street, Building 1100
Waltham, MA 02453

Upcoming Abcam Investor Events

Cambridge, UK: Abcam plc (“Abcam,” “Company,” “Group”) (Nasdaq: ABCM), a global leader in the supply of life science research tools, today announces the following investor events.

Michael Baldock, Chief Financial Officer, will present at two upcoming investor conferences

  • Bank of America 2023 Health Care Conference on Tuesday, May 9 at 10:40am PDT
  • William Blair’s 43rd Annual Growth Stock Conference on Tuesday, June 6 at 12:40pm CDT

The live audio webcast will be available in the investor section of Abcam’s corporate website at corporate.abcam.com/investors/reports-presentations.  An archive will be available after the call at that same address.

About Abcam plc
As an innovator in reagents and tools, Abcam’s purpose is to serve life science researchers globally to achieve their mission faster. Providing the research and clinical communities with tools and scientific support, the Company offers highly validated antibodies, assays, and other research tools to address important targets in critical biological pathways.

Already a pioneer in data sharing and ecommerce in the life sciences, Abcam’s ambition is to be the most influential company in life sciences by helping advance global understanding of biology and causes of disease, which, in turn, will drive new treatments and improved health.

Abcam’s worldwide customer base of approximately 750,000 life science researchers’ uses Abcam’s antibodies, reagents, biomarkers, and assays. By actively listening to and collaborating with these researchers, the Company continuously advances its portfolio to address their needs. A transparent program of customer reviews and datasheets, combined with industry-leading validation initiatives, gives researchers increased confidence in their results.

Founded in 1998 and headquartered in Cambridge, UK, the Company has served customers in more than 130 countries. Abcam’s American Depositary Shares (ADSs) trade on the Nasdaq Global Select Market (Nasdaq: ABCM).

For more information, please visit www.abcam.com or www.abcamplc.com

For further information please contact:

Abcam plc
Tommy Thomas, CPA
Vice President, Investor Relations
+1 617-577-4205
152 Grove Street, Building 1100
Waltham, MA 02453

Trading Update

Cambridge, UK: Abcam plc (“Abcam,” “Company,” “Group”) (Nasdaq: ABCM), a global leader in the supply of life science research tools, today provides the following preliminary trading update for the quarter ending 31 March 2023.

First Quarter 2023

Period Estimated Reported Revenue Estimated Adjusted Operating Profit %
First Quarter 2023 >£100 million >25%

On a constant exchange rate basis, estimated revenue was driven by double-digit revenue growth in Americas and EMEA, and China returned to growth with high-single digit growth on a year-over-year basis.  The Company continues to expect approximately 45% of full year 2023 revenue in the first half, and approximately 55% in the second half.  Total revenue is trending in-line with the first half and full year 2023 Board expectations.

Looking at key performance metrics, the Company has experienced year-to-date improvements in transactional Net Promoter Score (tNPS) and consistent employee Net Promoter Score (eNPS) scores.

Note:
This trading update is based upon unaudited management accounts and has been prepared solely to provide additional information on trading to the shareholders of Abcam plc. All figures are provisional and subject to further review. It should not be relied on by any other party for other purposes.

FY23 Outlook
The Company reiterates reported revenue guidance of approximately £420 million to £440 million, representing 15% to 20% constant exchange rate revenue growth.

The Company will provide first half trading results in July and present half-year 2023 results on 31 August 2023 at 4:30pm EDT.

FY2024 Goal 
The Company is reiterating its 2024 reported revenue goals of £450 million to £525 million1 with adjusted operating profit margins of greater than 30%.

 

About Abcam plc
As an innovator in reagents and tools, Abcam’s purpose is to serve life science researchers globally to achieve their mission faster. Providing the research and clinical communities with tools and scientific support, the Company offers highly validated antibodies, assays, and other research tools to address important targets in critical biological pathways.

Already a pioneer in data sharing and ecommerce in the life sciences, Abcam’s ambition is to be the most influential company in life sciences by helping advance global understanding of biology and causes of disease, which, in turn, will drive new treatments and improved health.

Abcam’s worldwide customer base of approximately 750,000 life science researchers’ uses Abcam’s antibodies, reagents, biomarkers, and assays. By actively listening to and collaborating with these researchers, the Company continuously advances its portfolio to address their needs. A transparent program of customer reviews and datasheets, combined with industry-leading validation initiatives, gives researchers increased confidence in their results.

Founded in 1998 and headquartered in Cambridge, UK, the Company has served customers in more than 130 countries. Abcam’s American Depositary Shares (ADSs) trade on the Nasdaq Global Select Market (Nasdaq: ABCM).

For more information, please visit www.abcam.com or www.abcamplc.com

Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. They are not historical facts, nor are they guarantees of future performance.  Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding Abcam’s portfolio and ambitions, and our future results of operations and financial position such as our outlook for FY2023 and performance goals for FY2024 are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation:  challenges in implementing our strategies for revenue growth in light of competitive challenges; the development of new products or the enhancement of existing products, and the need to adapt to significant technological changes or respond to the introduction of new products by competitors to remain competitive; our customers discontinuing or spending less on research, development, production or other scientific endeavors; failing to successfully identify or integrate acquired businesses or assets into our operations or fully recognize the anticipated benefits of businesses or assets that we acquire; the ongoing COVID 19 pandemic, including variants, continues to affect our business, including impacts on our operations and supply chains; failing to successfully use, access and maintain information systems and implement new systems to handle our changing needs; cyber security risks and any failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions; failing to successfully manage our current and potential future growth; any significant interruptions in our operations; our products failing to satisfy applicable quality criteria, specifications and performance standards; failing to maintain and enhance our brand and reputation; ability to react to unfavorable geopolitical or economic changes that affect life science funding; failing to deliver on transformational growth projects; our dependence upon management and highly skilled employees and our ability to attract and retain these highly skilled employees; and as a foreign private issuer, we are exempt from a number of rules under the U.S. securities laws and Nasdaq corporate governance rules and are permitted to file less information with the SEC than U.S. companies, which may limit the information available to holders of our American Depositary Shares (“ADS”); and the other important factors discussed under the caption “Risk Factors” in Abcam’s Annual Report on Form 20-F for the year ended December 31, 2022 (“Annual Report”) with the U.S. Securities and Exchange Commission (“SEC”) on March 20, 2023, which is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in Abcam’s subsequent filings with the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Abcam disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

Use of Non-IFRS Financial Measures
To supplement our audited financial results prepared in accordance with International Financial Reporting Standards (“IFRS”) we present Adjusted Operating Profit, Adjusted Operating Profit Margin, Total Constant Exchange Rate Revenue (“CER revenue”), which are financial measures not prepared in accordance with IFRS (“non-IFRS financial measures”). We believe that the presentation of these non-IFRS financial measures provide useful information about our operating results and enhances the overall understanding of our past financial performance and future prospects, allowing for greater transparency with respect to key measures used by management in its financial and operational decision making.  These non-IFRS financial measures are supplemental in nature as they include and/or exclude certain items not included and/or excluded in the most directly comparable IFRS financial measures and should not be considered in isolation, or as a substitute for, financial measures prepared in accordance with IFRS. Further, other companies may calculate these non-IFRS financial measures differently than we do, which may limit the usefulness of those measures for comparative purposes.

Management believes that the presentation of (a) Adjusted Operating Profit, Adjusted Operating Profit Margin, provide useful information to investors and others as management regularly reviews these measures as important indicators of our operating performance and makes decisions based on them, (b) CER revenue provides useful information to investors and others as management regularly reviews this measure to identify period-on-period or year-on-year performance of the business and makes decisions based on it, and (c) Adjusted Selling, General and Administrative expenses and Adjusted Research & Development expenses provide useful information to investors and others as management regularly reviews these measures to identify period-on-period or year-on-year performance of the business and makes decisions based on it, and (d) Free Cash Flow provides useful information to investors and others because management regularly reviews this measure as an important indicator of how much cash is generated by business operations, excluding capital related items, and provides an indication of the amount of cash available for discretionary investing or financing after removing capital related items, and makes decisions based on it.

Please see the following “Non-IFRS Financial Measures” for a qualitative reconciliation of non-IFRS financial measures presented in this Trading Update to their most directly comparable IFRS financial measures. We define:

  • Adjusted Operating Profit as profit for the period / year before taking account of finance income, finance costs, tax, exceptional items, share-based payments, and amortization of acquisition intangibles. Exceptional items consist of certain cash and non-cash items that we believe are not reflective of the normal course of our business; and we identify and determine items to be exceptional based on their nature and incidence or by or by their significance (“exceptional items”). As a result, the composition of exceptional items may vary from period to period / year to year.
  • Adjusted Operating Profit Margin as adjusted operating profit calculated as a percentage of revenue.
  • CER as our total revenue growth from one fiscal period / year to the next on a constant exchange rate basis.

Management is unable to present quantitative reconciliations of Adjusted Operating Profit, Adjusted Operating Profit Margin, and CER revenue to their respective most directly comparable IFRS financial measures of Operating Profit, Operating Profit Margin and Reported Revenue on a forward-looking basis, because items that impact these IFRS financial measures are not within our control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

Abcam plc
Tommy Thomas, CPA
Vice President, Investor Relations
+1 617-577-4205
152 Grove Street, Building 1100
Waltham, MA 02453

1 FY24 Revenue goals calculated at the average exchange rates for the 12 months ended June 2021

Lunaphore and abcam announce agreement for primary antibody validation for use on COMET™, combining power of trusted antibody provider with superior multiplex capabilities

 

LAUSANNE, Switzerland and CAMBRIDGE, UK – April 06, 2023 – 5:00 pm (CEST) – Lunaphore, a Swiss life sciences company developing technology to enable spatial biology in every laboratory, and abcam (NASDAQ: ABCM), a global life science company working together with researchers to advance science and enable faster breakthroughs, today announced an agreement to co-market abcam primary antibodies specifically validated for use on Lunaphore’s COMET™ platform.

The agreement will enable researchers to use abcam’s antibodies without conjugation directly on the COMET platform, with unparalleled scalability and reproducibility. By using validated primary antibodies, researchers can accelerate assay development processes and achieve more reliable results. The partnership also aims to address the reproducibility crisis in life sciences by providing trusted tools for multiplex immunofluorescence analysis.

Lunaphore recently expanded its offerings to become the first universal, end-to-end solution for spatial biology research. Lunaphore’s COMET™ is the only high-throughput, hyperplex platform ensuring scalability and reproducibility without the need to conjugate primary antibodies. It has a wide range of research applications across multiple disciplines and drug development stages, provides walk-away automation, and allows for the generation of highly robust and reproducible hyperplex data with full tissue preservation that answers the growing needs of translational research.

“This collaboration underscores the importance we place on using antibodies from trusted and proven vendors like abcam. We understand how important it is to the research community to use antibodies that they already know and rely on and be able to directly transfer and use them for multiplexing,” said Déborah Heintze, Chief Marketing Officer of Lunaphore. “We are very proud to see how customers can already optimize and run new panels in days. Proposing validated abcam antibodies on COMET will help streamline and scale the researchers’ multiplexing capabilities even more.”

“We’re excited to be partnering with Lunaphore to offer the life science community a library of primary antibodies validated for use with Lunaphore’s automated platform for hyperplex immunofluorescence analysis,” said Courtney Nicholson, Vice President Business Development, abcam. “Spatial biology is truly revolutionizing our understanding of human health and disease and we are pleased to be working together with Lunaphore to support researchers with the tools they need to further advance this promising new field.”

Lunaphore and abcam will present novel data together in a poster at the upcoming American Association for Cancer Research (AACR) Annual Meeting 2023, taking place April 14-19, highlighting shared research:

Automated multiplex immunofluorescence enables single cell analysis of tumor stroma
Poster #: 4616, Section 4
Date and time: April 18, 1:30 pm – 5:00 pm EST
Speaker: Dr. François Rivest, Application Development Team Leader, Lunaphore

About COMET™

COMET™ is the only fully automated, high-throughput, hyperplex platform ensuring scalability and reproducibility without the need to conjugate primary antibodies. COMET™ provides walk-away automation, integrating staining, imaging, and image preprocessing steps to obtain standard hyperplex images. COMET™ generates highly robust and reproducible data with full tissue preservation, allowing researchers to perform downstream modalities such as H&E or transcriptomics using the same slide. Its superior tissue profiling capabilities facilitate the analysis of 40 different spatial markers in each automated run on a tissue slide. In contrast to other spatial biology solutions, COMET™ works with off-the-shelf, label-free primary antibodies, making panel design much more flexible and faster than any other hyperplex solution. COMET™ works with regular glass slides from standard histology workflows; it is validated for human and mouse samples and is compatible with any other animal sample. The platform can be used for a wide range of research applications, allowing for a dramatic improvement in the understanding of disease pathology. Orders of the new COMET™ version can be placed and will be available for shipment in the upcoming months. To learn more about the COMET™ platform, please visit: https://lunaphore.com/products/comet/.

About Lunaphore

Lunaphore Technologies S.A. is a Swiss company born in 2014 with the vision of enabling spatial biology in every laboratory. Lunaphore provides solutions based on a game-changing chip technology that can extract spatial proteomic and transcriptomic data from tumors and other tissues, transforming any assay into multiplex spatial biology through a streamlined and easily integrated process. Lunaphore empowers researchers in immunology, immuno-oncology, and neuroscience to push the boundaries of scientific discovery and drug development. Lunaphore’s technology enables the identification of biomarker “signatures” with clinical relevance to support the development of diagnostic tools and streamline clinical trials, to ultimately improve patient outcomes. For further information on Lunaphore and its products, please visit https://lunaphore.com.

About abcam

At abcam, we believe that the scientific community goes further, faster, when we go there together. And to keep on making ground-breaking discoveries, we need to work together in new ways. That’s why we’re constantly innovating to help scientists drive their research forward by providing products and solutions that play an essential role in fundamental research, drug discovery, diagnostic and therapeutic applications.
We started with a simple mission: to provide the best biological reagents to life scientists worldwide. Today, we help 750,000 researchers in over 130 countries deliver faster breakthroughs in areas like cancer, neurological disorders, infectious diseases, and metabolic disorders.
To find out more, visit us at www.abcam.com and corporate.abcam.com.

For further information contact:

Irene Tamayo
Lunaphore Corporate Communications
Email: communications@lunaphore.com

Pierre Peotta and Alex Bannister
abcam Corporate Communications
Email: external.comms@abcam.com

abcam named ‘Antibody Supplier of the Year’ by CiteAb

Trading Update

Cambridge, UK: Abcam plc (“Abcam,” “Company,” “Group”) (Nasdaq: ABCM), a global leader in the supply of life science research tools, today provides the following preliminary trading update for the year ending 31 December 2022.

Abcam concluded the third year of its five-year growth plan by further building capabilities to drive long term and profitable growth. Investment in innovation brought thousands of new products to the market during the period. New and existing partnerships can enable Abcam’s reach into potential clinical applications, thereby accelerating the impact of discovery tools on society. The Company completed major business transformation projects including opening a Singapore business hub, full integration of BioVision, installing a new order to cash ERP system and completing the transition of all the trading of its shares from AIM to Nasdaq.

The overall demand environment in the second half supported double digit revenue growth over prior year; however, two factors impacted revenue growth[1]. First, the implementation of the new ERP system disrupted revenue in September and October. Financial performance improved as the Company exited FY22. Second, China revenues were impacted by COVID-19 controls and outbreaks.

Revenue                                                                      FY2022

Total reported revenues                                            ~£360 million

In-house product sales mix and moderating operating expense enabled adjusted operating profit margin expansion as compared to FY21.

The Company will release full results for the second half and full year 2022 on 20 March 2023.

FY2023 GUIDANCE

The Company anticipates 15% to 20% constant exchange rate revenue growth from FY22’s total reported revenues of approximately £360 million. In addition, the Company expects continued expansion of adjusted operating profit margin.

 FY2024 GOAL

The Company is reiterating its 2024 revenue goals of £450m-£525m with adjusted operating profit margins of greater than 30%.

Alan Hirzel, CEO of Abcam commented:

“2022 was a pivotal year in the Company’s evolution. We accelerated our innovation rates, strengthened our clinical partnerships, implemented new once in a generation ERP technology, and transitioned the company’s shares entirely to Nasdaq. We expect to serve our customers as normal in 2023 and continue to be well positioned to achieve our 2024 goals.”

Abcam plc

+1 617-577-4205
Tommy Thomas, CPA – Vice President, Investor Relations 

Note:

This trading update is based upon unaudited management accounts and has been prepared solely to provide additional information on trading to the shareholders of Abcam plc. All figures are provisional and subject to further review. It should not be relied on by any other party for other purposes.

About Abcam plc

As an innovator in reagents and tools, Abcam’s purpose is to serve life science researchers globally to achieve their mission faster. Providing the research and clinical communities with tools and scientific support, the Company offers highly validated antibodies, assays, and other research tools to address important targets in critical biological pathways.

Already a pioneer in data sharing and ecommerce in the life sciences, Abcam’s ambition is to be the most influential company in life sciences by helping advance global understanding of biology and causes of disease, which, in turn, will drive new treatments and improved health.

Abcam’s worldwide customer base of approximately 750,000 life science researchers’ uses Abcam’s antibodies, reagents, biomarkers, and assays. By actively listening to and collaborating with these researchers, the Company continuously advances its portfolio to address their needs. A transparent program of customer reviews and datasheets, combined with industry-leading validation initiatives, gives researchers increased confidence in their results.

Founded in 1998 and headquartered in Cambridge, UK, the Company has served customers in more than 130 countries. Abcam’s American Depositary Shares (ADSs) trade on the Nasdaq Global Select Market (Nasdaq: ABCM).

For more information, please visit www.abcam.com or www.abcamplc.com

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding Abcam’s portfolio and ambitions, and our future results of operations and financial position such as our guidance for FY2023 and performance goals for FY2024 are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation:  potential changes from unaudited management accounts, which are provisional and subject to review, to our audited financial statements; regional or global health pandemic, including the novel coronavirus (“COVID-19”), which has adversely affected elements of our business, and could severely affect our business, including due to impacts on our operations and supply chains; challenges in implementing our strategies for revenue growth in light of competitive challenges; developing new or enhancing existing products, adapting to significant technological change and responding to the introduction of new products by competitors to remain competitive; failing to successfully identify or integrate acquired businesses or assets into our operations or fully recognize the anticipated benefits of such businesses or assets; risks that our customers discontinue or spend less on research, development, production or other scientific endeavors with us; failing to successfully use, access and maintain information systems and implement new systems to handle our changing needs; cyber security risks and any failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions; failing to successfully manage our current and potential future growth; failing to successfully increase access to the U.S. capital markets, which we anticipated would provide greater liquidity potential than AIM; any significant interruptions in our operations; risks that our products fail to satisfy applicable quality criteria, specifications and performance standards; failing to maintain our brand and reputation; our dependence upon management and highly skilled employees and risks that we are unable to attract and retain these highly skilled employees; and the other important factors discussed under the caption “Risk Factors” in Abcam’s Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) on 14 March 2022, as amended, which is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in Abcam’s subsequent filings with the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Abcam disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

Use of Non-IFRS Financial Measures

To supplement our unaudited financial results prepared in accordance with International Financial Reporting Standards (“IFRS”) we present adjusted operating profit, adjusted operating profit margin, and constant exchange rate revenue, which are financial measures not prepared in accordance with IFRS. We believe that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key measures used by management in its financial and operational decision making. These non-IFRS financial measures are supplemental in nature as they include and/or exclude certain items not included and/or excluded in the most directly comparable IFRS financial measures and should not be considered in isolation, or as a substitute for, financial measures prepared in accordance with IFRS. Further, other companies may calculate these non-IFRS financial measures differently than we do, which may limit the usefulness of those measures for comparative purposes.

Management believes that the presentation of (a) adjusted operating profit and adjusted operating profit margin provide useful information to investors and others as management regularly reviews these measures as important indicators of our operating performance and makes decisions based on them, and (b) constant exchange rate revenue provides useful information to investors and others as management regularly reviews this measure to identify period-on-period or year-on-year performance of the business and makes decisions based on it.

We define adjusted operating profit as profit for the period / year before taking account of finance income, finance costs, tax, exceptional items, share-based payments, and amortization of acquisition intangibles. Exceptional items consist of certain cash and non-cash items that we believe are not reflective of the normal course of our business. We identify and determine items to be exceptional based on their nature and incidence or by their significance. As a result, the composition of exceptional items may vary from period to period / year to year.

We define adjusted operating profit margin as adjusted operating profit calculated as a percentage of revenue.

We define constant exchange rate revenue growth as our total revenue growth from one fiscal period / year to the next on a constant exchange rate basis.

Management is unable to present quantitative reconciliations of adjusted operating profit, adjusted operating profit margin, and constant exchange rate revenue to their respective most directly comparable IFRS financial measures of operating profit, operating profit margin and reported revenues on a forward-looking basis, because items that impact these IFRS financial measures are not within our control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

[1] Estimated revenue impacts: ERP (ex. China) £15-£20M & China £10-£12M

Abcam Unveils New Plaques to Honour Team Behind Breast Cancer Gene Discovery

Members of the team that identified the BRCA2 gene came to unveil the plaque at the Institute of Cancer Research’s Chelsea site

Cambridge, UK, 25 January 2023 – Ahead of World Cancer Day – Saturday 4th February – the team of 41 scientists behind the landmark discovery of the BRCA2 breast cancer gene have been celebrated through the installation of two commemorative plaques, unveiled today in London.

The plaques, installed by global life science company abcam, have been placed at The Institute of Cancer Research (ICR), London, on the two sites of discovery, in Chelsea and Sutton, to pay homage to the incredible team involved in making this huge scientific breakthrough.

This statement of recognition comes as research commissioned by abcam finds that 61% of UK adults surveyed thought that all scientific breakthroughs happened as a result of one or two geniuses – when in fact, it more often than not takes a large team of exceptional individuals to collectively reach such a milestone.

Encouragingly, 74% of respondents agreed that more should be done to celebrate teams behind these breakthroughs and, in light of this, it’s hoped that these commemorative plaques will do just that, with passers-by able to scan a QR code located next to each plaque to donate to fund vital cancer research at The Institute of Cancer Research.

The same research found that a staggering 70% of UK adults don’t know what the BRCA2 gene is – despite it being a discovery which transformed the field of cancer research, leading to genetic testing in breast, ovarian and prostate cancer and saving thousands of lives as a result.

Alan Hirzel, CEO of abcam, comments“In British culture, there’s one visual marker that has celebrated the exceptional work of individuals and their contributions to wider society: the blue plaque. But we all know that often, scientific progress is an iterative process that happens when we work together, so we wanted to create these striking new plaques to really champion the success of the collective. “The BRCA2 gene discovery has paved the way for a huge amount of progress within the field of cancer research, and we hope that this spurs on a movement where teams of scientists are widely recognised and celebrated for their contribution to both science and society as a whole.”

Professor Sir Mike Stratton is today Director of the Wellcome Sanger Institute and was the lead researcher in the BRCA2 discovery team at The Institute of Cancer Research, London. He said: “The discovery would not have been possible without the extraordinary commitment and endless support of the families with high rates of breast cancer who participated in the project. Back in 1995, we sequenced the DNA of people with and without cancer from many such families and so identified the mutations which led us to discover BRCA2. As our team is today honoured with this fantastic plaque, we must too honour and acknowledge the families with breast cancer who played such a critical role in scientific history.”

Professor Andrew Tutt, Professor of Breast Oncology at The Institute of Cancer Research, London, said: “We’re delighted to have the scientists who achieved such a remarkable discovery here in 1995 honoured in this way. The discovery of BRCA2 was an incredibly important moment, and its impact continue to be felt decades later. In the shorter term, it allowed families with a history of breast cancer to receive genetic testing and be assessed for future risk. But it also spurred decades of research at the ICR into identifying cancer’s weaknesses which culminated in the development of PARP inhibitors – cutting-edge, targeted drugs for patients with cancers caused by faults in this gene. In recognition of the achievements of this incredible team, we hope that many passers-by will donate using the QR code to help scientists at the ICR continue to make more discoveries like this that defeat cancer.”

To find out more about the BRCA2 breast cancer gene discovery and see where the plaques are located, visit go.myabcam.com/setinstone.

abcam’s Alejandra Solache, Senior Vice President R&D, together with Professor Sir Mike Stratton

Notes to Editors

Survey of 2,061 UK adults conducted by Censuswide between 30.09.22-3.10.22.

About abcam
At abcam, we believe that the scientific community goes further, faster, when we go there together. And to keep on making ground-breaking discoveries, we need to work together in new ways. That’s why we’re constantly innovating to help scientists drive their research forward by providing products and solutions that play an essential role in fundamental research, drug discovery, diagnostic and therapeutic applications.

We started with a simple mission: to provide the best biological reagents to life scientists worldwide. Today, we help 750,000 researchers in over 130 countries deliver faster breakthroughs in areas like cancer, neurological disorders, infectious diseases, and metabolic disorders.

To find out more, visit us at www.abcam.com and corporate.abcam.com.

About the Institute of Cancer Research
The Institute of Cancer Research, London, is one of the world’s most influential cancer research organisations. Scientists and clinicians at The Institute of Cancer Research (ICR) are working every day to make a real impact on cancer patients’ lives. Through its unique partnership with The Royal Marsden NHS Foundation Trust and ‘bench-to-bedside’ approach, the ICR is able to create and deliver results in a way that other institutions cannot. Together the two organisations are rated in the top four centres for cancer research and treatment globally.

The ICR has an outstanding record of achievement dating back more than 100 years. It provided the first convincing evidence that DNA damage is the basic cause of cancer, laying the foundation for the now universally accepted idea that cancer is a genetic disease. Today it is a world leader at identifying cancer-related genes and discovering new targeted drugs for personalised cancer treatment.

The ICR is a charity and relies on support from partner organisations, funders and the general public. A member institution of the University of London, it is one of the UK’s leading higher education institutions, placing first for biological sciences and second overall in the definitive ‘REF2021’ rankings of UK university research quality, impact and environment, and provides postgraduate higher education of international distinction.

The ICR’s mission is to make the discoveries that defeat cancer.

For more information visit ICR.ac.uk

For media inquiries, please contact:

Alex Bannister
external.comms@abcam.com