Financial Data and Key Metrics Changes - Total reported revenues for the year ended December 31, 2022, were GBP361.7 million, up approximately 8% on a constant exchange rate basis and up approximately 15% on a reported basis, with favorable foreign exchange tailwinds accounting for approximately 7% of reported growth [18][19] - Adjusted gross margin expanded by 330 basis points to 75.5%, compared to 72.2% in the previous year, driven by in-house product mix and the inclusion of BioVision products [21] - Adjusted diluted earnings per share increased by 21% to GBP0.249 [21] Business Line Data and Key Metrics Changes - In-house revenue, which includes Abcam produced Catalogue products, grew by 18% on a constant exchange rate basis and now represents 67% of total reported sales [20] - Catalogue revenue from the Americas, which accounts for approximately 43% of Catalogue sales, grew by 16% at constant exchange rates [22] - Catalogue revenue from EMEA, representing 26% of sales, grew by 6% at constant exchange rates, while China, which represents 18% of sales, reported a revenue decline of 2% at constant exchange rates [22] Market Data and Key Metrics Changes - Academic revenues, representing approximately 43% of Catalogue revenue, grew at 4% globally at constant exchange rates, while biopharma revenues, accounting for approximately 27% of Catalogue sales, grew at 10% globally [23] - The market continues to shift towards recombinant antibodies, driving good demand for Abcam's products, with recombinant antibody and in-house assay technology growing over 80% at constant exchange rates [24] Company Strategy and Development Direction - The company aims to sustain and extend its antibody and digital leadership, drive continued expansion into complementary market adjacencies, and build organizational scalability to sustain value creation [9] - Strategic investments have been made to increase innovation capabilities and new product development capacity, with a focus on refining investments made over the last few years to improve customer experience [17][28] Management's Comments on Operating Environment and Future Outlook - Management noted that the implementation of the new cloud ERP system and COVID-19 impacts in China affected revenue growth, estimating a GBP30 million impact on sales [19] - For 2023, the company anticipates a return to historical growth rates in China, with expectations of mid-teens growth for the full year [56][59] - The company reiterated its full-year 2023 revenue growth guidance of 15% to 20% on a constant currency basis, projecting reported revenues of approximately GBP420 million to GBP440 million [29] Other Important Information - The company introduced over 1,200 new antibodies into application partnerships during 2022, with a total of over 2,100 antibodies in the market today [14] - The company is focused on delivering operating leverage consistent with its five-year commitment by 2024, with expectations of continued refinement of prior period investments [27][28] Q&A Session Summary Question: Impact of China reopening trajectory - Management indicated that the market in China is slowly returning to normal levels post-COVID, but it is still hard to predict how the market will swing [33] Question: ERP upgrade impact - The ERP implementation caused a GBP20 million impact in 2022, but business is returning to normal, with expectations of benefits from the rollout in the coming years [34][35] Question: Gross margin contributions - Most gross margin improvements were attributed to product mix and BioVision, with expectations for moderate increases in the future [40][41] Question: Capital deployment priorities - The company is looking for opportunities that fit its strategic plan but is cautious about high valuations in the market [42][44] Question: Assay growth opportunities - Management highlighted the importance of early visibility into relevant biomarkers, driving the development of new antibody pairs and applications [46][47] Question: Operating expenses in 2023 - Operating expenses are expected to moderate, with an increase in depreciation due to the ERP system launch [50] Question: Expectations for China growth in 2023 - Management expects China growth to align with historical rates, but it remains difficult to predict due to the recovery from COVID [54][56] Question: Contribution of BioVision to growth - The underlying growth of the cellular assay business is consistent with the rest of the business at about 4% [75]

Exhibit 99.1 ABCAM PLC Final results for the year ended 31 December 2022 15% Reported Revenue Growth & 8% Constant Exchange Rate Revenue Growth: Demand for Abcam In-house Products Continues 20 March 2023, Cambridge, UK – Abcam plc (Nasdaq: ABCM) (‘Abcam’, the ‘Group’ or the ‘Company’), a global leader in the supply of life science research tools, today announces its results for the year ended 31 December 2022 (the ‘period’). SUMMARY PERFORMANCE Year-End 31 December 2022 2021 £m £m Revenue 361.7 315.4 Gross ...

Currency Translation and Revenue Impact - In the years ended December 31, 2021 and 2022, currency translation had a negative effect of £10.9 million and a positive effect of £19.0 million, respectively, on revenue due to the exchange rate between Pound Sterling and U.S. Dollar[85]. Impairment and Financial Charges - An impairment charge of £18.3 million was incurred for assets classified as held for sale during the year ended December 31, 2022, with £1.6 million and £15.8 million related to goodwill and amortizable intangibles, respectively[95]. Tax Credits and Regulations - The company benefits from the U.K. research and development expenditure credit (RDEC), which provides a tax credit currently equal to 13% of qualifying research and development expenditure, expected to increase to 20% after April 1, 2023[103]. - The U.K.'s "patent box" regime allows certain profits from patented products to be taxed at an effective corporation tax rate of 10%[104]. - Changes in tax law and audits by tax authorities could result in additional tax payments and adversely affect profitability[101]. - The company operates in multiple taxing jurisdictions, facing potential double taxation due to conflicting interpretations of tax laws, which could adversely affect its financial position[107]. - Changes to tax laws, including a 15% corporate minimum tax and a 1% excise tax on stock redemptions, may lead to incorrect estimates of effective tax rates and impact financial statements[108]. - The application of indirect taxes, such as sales and use tax, is complex and evolving, potentially leading to adjustments by tax authorities and increased compliance costs[109]. - Following the U.S. Supreme Court's decision in 2018, states can tax remote sales, which may require the company to incur substantial compliance costs, affecting market attractiveness[110]. Regulatory Compliance and Legal Risks - The company is subject to extensive regulation by various agencies, with most products marketed for research use only, exempting them from certain FDA requirements[111]. - Compliance with the EU IVDR is necessary for in vitro diagnostic medical devices to be sold in the EU, with a grace period for compliance based on risk classification[115]. - Non-compliance with applicable laws could prevent the company from affixing the CE mark to its products, hindering sales in the EU[118]. - The company is involved in various disputes and regulatory matters, which may have material effects on financial condition and results of operations[89]. Intellectual Property and Patent Challenges - The company relies on a combination of patents and trade secrets to protect its intellectual property, which is crucial for competitive positioning[122]. - The patent prosecution process is expensive and complex, potentially hindering the ability to secure necessary patents in a timely manner[123]. - Existing patents may not be broad enough to prevent competitors from developing similar products, impacting market competitiveness[124]. - The company faces potential challenges to its patent rights, which could result in patents being narrowed, invalidated, or held unenforceable, impacting commercialization efforts[125]. - The patent position in the life sciences sector is characterized by uncertainty, with numerous patents and litigation risks affecting the commercial value of patent rights[126]. - The transition to a "first-inventor-to-file" system under the AIA may allow third parties to obtain patents on similar inventions, increasing the urgency for timely patent filings[132]. - The implementation of the E.U. Patent Package and the establishment of the Unified Patent Court may create uncertainties regarding the enforcement of patent rights in Europe[144]. - Compliance with various procedural and fee requirements is crucial for maintaining patent protection, as non-compliance could lead to abandonment or loss of patent rights[139]. - The company may face limitations in protecting intellectual property rights globally, as enforcement can vary significantly across jurisdictions[140]. - Patent terms may not provide adequate protection against competition, as patents generally last for 20 years from the filing date, after which competition may increase[146]. - The Bayh-Dole Act allows the federal government certain rights in inventions developed with its funding, which could affect the company's patent rights[136]. - Changes in patent laws and jurisprudence could increase uncertainties and costs associated with patent prosecution and enforcement[130]. - The company may encounter significant challenges in enforcing intellectual property rights in foreign jurisdictions, particularly in developing countries[145]. - The company may not be able to rely on its patents to prevent third parties from using its technology due to "safe harbor" provisions in the United States, which could diminish the value of its patents[149]. - The company depends on proprietary technology licensed from others, and losing existing licenses could hinder its ability to develop potential products[150]. - The growth of the company may depend on acquiring or in-licensing additional proprietary rights, and failure to do so could adversely impact its business and financial condition[152]. - Disputes may arise regarding the scope of rights granted under license agreements, which could affect the company's ability to enforce its intellectual property rights[154]. - The company may face substantial costs and delays due to third-party claims alleging infringement of their patents, which could hinder the development and commercialization of its products[162]. - Defending against patent infringement claims could result in significant expenses and potential damages, impacting the company's financial resources[166]. - The company may not identify all relevant third-party patents, which could negatively affect its ability to develop and market its technology[160]. - The company’s trade secrets may be misappropriated or disclosed, and confidentiality agreements may not adequately protect proprietary information[168]. - The company may face challenges in maintaining its licensing arrangements on commercially acceptable terms, which could hinder product development[155]. - Competitors may have greater resources to enforce their intellectual property rights, making it difficult for the company to prevent infringement[159]. Shareholder and Market Considerations - The company experienced significant price volatility in its ADSs following the delisting from AIM on December 14, 2022, which aimed to enhance trading liquidity on Nasdaq[185]. - As of December 31, 2022, 213,886,386 ordinary shares were converted into ADSs, impacting the trading volume and potential price volatility of the ADSs[185]. - The company is subject to less stringent reporting obligations as a foreign private issuer, which may affect shareholder protections and trading attractiveness[186]. - The market price of the company's ADSs may fluctuate significantly due to various factors, including operating results and strategic developments[180]. - The company may face claims regarding the wrongful use or disclosure of confidential information, which could lead to litigation and associated costs[172]. - The company has trademark registrations and pending applications, but there is no guarantee of successful protection, which could impact brand recognition[176]. - The company’s competitive position may be adversely affected if trade secrets are disclosed or used by competitors[171]. - The company may not be able to adequately protect its intellectual property rights, which could lead to challenges in maintaining a competitive advantage[178]. - The company’s financial performance may be influenced by the operating results of major end markets it targets[180]. - The company may incur substantial costs and reputational loss due to potential litigation related to intellectual property claims[172]. Internal Control and Compliance Issues - The company disclosed six material weaknesses in its internal control over financial reporting as of December 31, 2021, with three remaining as of December 31, 2022[192]. - The company continues to incur increased costs due to operating as a non-U.S. public company and the loss of its status as an emerging growth company as of December 31, 2021[198]. - The company has not been able to conclude that its internal control over financial reporting is effective as required by Section 404 of the Sarbanes-Oxley Act of 2002[200]. - If the company issues additional shares in future financings, shareholders may experience dilution, potentially leading to a decline in ADS price[202]. - The company plans to implement measures to improve inventory controls and enhance internal controls related to revenue and accounts receivable[194]. - The company may face challenges in fully transitioning to the Oracle Cloud ERP system globally, which could require further remediation efforts[193]. - The company may not pay any cash dividends on its ADSs in the future, making capital appreciation the sole source of gains for ADS holders[204]. - The company may lose its foreign private issuer status, which would increase legal and financial compliance costs significantly[198]. - The company is required to furnish a report by management on the effectiveness of its internal control over financial reporting, including any material weaknesses identified[199]. Shareholder Rights and Legal Considerations - ADS holders do not have preemptive subscription rights related to the ordinary shares, which may lead to dilution of their equity holdings in future issuances[207]. - The depositary will attempt to sell any subscription rights that accrue to the ordinary shares underlying the ADSs and remit the net proceeds to ADS holders pro rata[209]. - Purchasers of ADSs may not receive distributions on ordinary shares if it is illegal or impractical to make them available, potentially adversely affecting the value of their ADSs[210]. - The deposit agreement limits the transferability of ADSs, as the depositary may close its transfer books at any time[211]. - ADS holders waive the right to a jury trial for claims arising under the deposit agreement, which may result in less favorable outcomes for plaintiffs[212]. - The rights of shareholders under English law differ from those typically offered to shareholders of U.S. corporations, potentially affecting shareholder protections[220]. - U.S. civil liabilities may not be enforceable against the company due to its incorporation under English law and the location of its assets and management[221]. - U.S. investors may face challenges in enforcing judgments obtained in U.S. courts against the company or its directors residing outside the U.S.[224]. Tax Implications for U.S. Holders - The company does not expect to be classified as a passive foreign investment company (PFIC) for the taxable year ending December 31, 2022, but cannot guarantee this status in the future[225]. - U.S. Holders may incur adverse tax consequences if the company is classified as a PFIC while they hold ordinary shares or ADSs[226]. - A United States person owning at least 10% of ordinary shares or ADSs may face adverse U.S. federal income tax consequences[227]. - Such holders may be treated as "United States shareholders" with respect to controlled foreign corporations (CFCs) in the group[227]. - U.S. shareholders of CFCs must report their pro rata share of Subpart F income and global intangible low-taxed income annually[227]. - Failure to comply with reporting obligations may result in significant monetary penalties for U.S. shareholders[227]. - The company cannot guarantee assistance to holders of ordinary shares or ADSs regarding CFC status or reporting obligations[229].

Revenue and Profitability - Revenue for the six-month period ended 30 June 2022 was £185.2 million, representing a 23% increase compared to £150.2 million in H1 2021[2] - Adjusted operating profit for H1 2022 was £42.6 million, a significant increase from £26.5 million in H1 2021, resulting in an adjusted operating profit margin of 23%[2] - Adjusted net profit reached £32.2 million, up from £16.2 million in H1 2021, while reported net profit was £5.8 million compared to £2.9 million in H1 2021[23] - Total comprehensive income for the period was £61.5 million, significantly up from a loss of £2.6 million in the same period last year[32] - Adjusted profit attributable to equity shareholders for the six months ended June 30, 2022, is £32.2 million, compared to £16.2 million for the same period in 2021, representing a 99% increase[59] Gross Profit and Margins - Adjusted gross profit margin increased to 75.6%, up from 71.4% in H1 2021, driven by a favorable product mix and the inclusion of BioVision[3] - The gross profit for the six months ended June 30, 2022, was £140.0 million, compared to £107.2 million in the same period of 2021[30] - The Group's gross profit for the six months ended June 30, 2022 was £140.0 million, up from £107.2 million in the prior year, indicating a gross margin improvement[51] Revenue Growth by Region - The Americas region saw a 39% revenue increase, with total revenue from this region reaching £74.6 million[19] - Revenue from the Americas reached £82.2 million, a 34.3% increase compared to £61.2 million in the prior year[49] - The Group's revenue from China increased to £31.6 million, a 22.5% rise from £25.8 million in the previous year[49] Costs and Expenses - Adjusted operating costs increased to £97.4 million, representing a 21% growth compared to H1 2021's £80.7 million[21] - Total reported operating costs rose to £128.0 million, a 32% increase from H1 2021's £96.9 million[21] - Research and development expenses for the six months ended June 30, 2022 totaled £10.1 million, compared to £8.0 million in the same period of 2021[51] - Share-based payment charges for the six months ended June 30, 2022 amounted to £13.0 million, compared to £6.7 million in the same period of 2021[52] Cash Flow and Financial Position - Cash position improved to £109.6 million, an increase of £14.5 million from £95.1 million at the end of 2021[24] - Free cash flow for the period was £8.0 million, slightly down from £9.5 million in the same period last year[37] - The company reported a net cash inflow from operating activities of £29.8 million, down from £38.2 million in the previous year[37] - The company made a net cash outflow from investing activities of £13.9 million, compared to £23.2 million in the same period last year[37] Debt and Liabilities - The net debt position improved to £(9.8) million compared to £219.9 million in H1 2021, reflecting the impact of the BioVision acquisition[2] - Total liabilities increased to £337.1 million, up from £330.0 million at the end of 2021, a rise of 2.1%[34] - The company has outstanding borrowings of £119.4 million due to the acquisition of BioVision, resulting in a net debt of £9.8 million[24] Assets and Equity - Total assets increased to £1,064.7 million as of 30 June 2022, up from £986.1 million at 31 December 2021, representing a growth of 7.9%[34] - Net current assets improved to £54.0 million, compared to £24.3 million at the end of 2021, indicating a significant increase of 121.5%[34] - Retained earnings reached £304.4 million, up from £289.6 million, marking an increase of 5.9%[35] Shareholder Information - The company plans to seek shareholder approval for the cancellation of its AIM listing, focusing solely on its NASDAQ listing[7] - The company aims to generate revenue between £450 million and £525 million for the year ending December 31, 2024[25] Customer Satisfaction and Innovation - Customer satisfaction rates remained high at 99.0% for H1 2022, compared to 98.8% in H1 2021[4] - The company launched over 1,800 new products in H1 2022, supporting its innovation strategy[5] Risks and Uncertainties - The company continues to face principal risks and uncertainties that have not changed over the interim period and are not expected to change in the next six months[77] - The risk of competitors introducing new technologies and strengthening product offerings is significant for the company[78] - The company faces risks related to overvaluation of acquisition targets and integration challenges[78] - There is a risk of failing to recruit and develop personnel to support the company's strategy effectively[78] - The company is undertaking transformational growth projects, including ERP implementation and digital channel reinvention, which carry associated risks[78] - Cybersecurity and IT infrastructure risks could impact the company's operational effectiveness[78] - Unfavorable geopolitical or economic changes may lead to reduced funding for life sciences research in key territories[78] - Disruptive events at key facilities pose a risk to the company's ability to serve customers[78] - Compliance with legislation and regulations in various markets is critical to mitigate legal risks[78] - The company must maintain high standards of quality and ethical business practices to avoid reputational risks[78]

Financial Data and Key Metrics Changes - Revenue in calendar 2021 increased by 22% on a constant currency basis compared to 2020, or 17% reported after a 5% foreign exchange headwind [20][21] - Gross margin improved by over 200 basis points to over 72%, with expectations for continued margin improvement as in-house revenue grows [21][22] - Adjusted operating profit increased by 25% half-on-half to 33.6 million Pounds, with an adjusted operating margin of 15.1% for 2021 [23][28] Business Line Data and Key Metrics Changes - Total sales of in-house product catalogs, including BioVision, increased by over 40% on a constant currency basis, now representing over 60% of total sales [21][22] - Primary antibodies, the largest category, grew in the high teens, driven by a portfolio of in-house recombinant antibodies that grew by over 40% [25] - Single and multiplex products, including ELISA and FirePlex offerings, grew over 35% and now contribute a fifth of total sales [25] Market Data and Key Metrics Changes - China was the fastest-growing region with a growth rate of 34%, while the U.S. delivered over 25% growth [24] - EMEA and the rest of Asia grew solidly at mid-teens rates, with Japan experiencing around 5% growth due to COVID-related disruptions [24] - Biopharma customer segment grew over 30%, indicating a strong long-term opportunity for the company [26] Company Strategy and Development Direction - The company is transitioning from a third-party OEM supply model to a majority in-house product revenue model, which is now over 60% [12][13] - The focus is on driving growth through innovation in product development, particularly in immuno-oncology and proteomics [14][16] - The company aims to achieve its 2024 vision by continuing to invest in its capabilities and refining its operations to drive sustainable growth [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth across all product categories and geographies, with a focus on refining investments made during the pandemic [17][18] - The company anticipates total revenue growth of approximately 20% in 2022, including the impact of BioVision, with mid-teens organic growth expected [35][36] - Management is monitoring the impact of COVID policies in China and supply chain disruptions but remains optimistic about long-term growth prospects [50][51] Other Important Information - The company completed the acquisition of BioVision, which contributed 2.6 million Pounds of revenue in the last two months of 2021 [20][30] - The company ended the period with a modest net debt position of 24 million Pounds, allowing it to self-fund organic investments [33] - The company has launched new employee share plans to align incentives with long-term growth goals [29] Q&A Session Summary Question: Growth expectations for in-house business and operating margin cadence - Management indicated that there is significant demand for antibodies, with a focus on increasing throughput and productivity in product development [40][41] - Overall growth rate for in-house products is expected to align with the company's guidance of mid-teens organic growth [42] Question: Strategy regarding proteomics companies and economic agreements - The company is focused on providing high-quality antibodies for proteomic platforms, with flexible commercial arrangements to support innovation [44][45] Question: Impact of COVID policies in China - Management noted that operations in China have not been materially affected by COVID policies so far, but they are prepared for potential disruptions [50] Question: Supply chain disruptions and pricing strategy - The company has been able to pass on price increases through long-term contracts and is confident in managing inflationary pressures [51][53] Question: Biopharma revenue growth and sustainability - Growth in biopharma is driven by high-quality antibodies and innovative commercialization approaches, with expectations for sustained growth [56] Question: Employee headcount and operating costs - The company anticipates a modest increase in headcount, focusing on R&D and sales, while operating costs are expected to rise in line with strategic goals [62]

abcam 人 Abcam plc Full Year Results [12 and 18 months to 31 December 2021 Y 14 March 2022 Abcam plc | Full Year results for the 12 and 18 month periods ended 31 December 2021 | 14 March 2022 Disclaimer Forward-looking statements Thịs presentation contains forward-looking statements. which are bosed upon current expectations ond cosumption gegarging antigozted deyelopments ond oher nocher nocher (r "anticipate," "intend," "seek," "believe," "estimale," "predict," "potential," "continue," "continue," "possibl ...

Financial Performance - For the fiscal year ended December 31, 2021, the company recorded revenue of £315.4 million, representing a growth of 17.1% compared to the previous year[306]. - The adjusted operating profit for the same period was £60.4 million, with an adjusted operating profit margin of 19.2%[306][315]. - Revenue for the fiscal year ended December 31, 2021, was £315.4 million, an increase of £46.1 million or 17.1% compared to £269.3 million for the 12-months ended December 31, 2020[338]. - Gross profit increased by £36.1 million to £224.6 million, representing a growth of 19.2% from £188.5 million[338]. - Operating profit rose significantly to £7.1 million, an increase of £6.1 million or 610.0% compared to £1.0 million[338]. - The company reported a profit for the period of £4.4 million, a substantial increase of £5.3 million or 588.9% from a loss of £0.9 million[338]. - Free cash flow for the fiscal year ended December 31, 2021, was £6.0 million, up from £5.6 million in the previous year[318]. - The company reported a working capital balance of £51.2 million as of December 31, 2021, an increase of £4.4 million from the previous year[369]. - The company reported a loss of £0.9 million for the year ended December 31, 2020, which improved to a profit of £5.9 million in 2021[397]. Revenue Drivers - New products introduced since 2019 accounted for approximately 7% of total revenue for the fiscal year ended December 31, 2021, with in-house catalogue revenue growing by 41%[303]. - The revenue growth was driven by a recovery in laboratory activity, increased demand for in-house products, and the acquisition of BioVision, which contributed approximately 1.0% to reported revenue growth[341]. - Catalogue revenue increased to £296.4 million, reflecting a 17.9% reported revenue growth, with in-house product revenue growing by 35.2% to £174.1 million[344]. - The company launched over 2,500 high-quality antibody products during the fiscal year ended December 31, 2021, aimed at filling unmet needs in research and improving product quality[304]. Acquisitions and Investments - The acquisition of BioVision, Inc. in October 2021 for $340.0 million contributed £2.6 million to revenue but also resulted in a loss before tax of £2.6 million[310][311]. - Capital expenditures were £59.8 million during the fiscal year ended December 31, 2021, compared to £45.3 million for the previous year, with significant investments in global footprint developments[368]. - The company expects to continue investing in its business and may require additional capital for technological advancements and acquisitions[362]. Operating Expenses - Selling, general and administrative expenses before exceptional items increased by £30.0 million to £150.6 million, a rise of 24.9% from £120.6 million[338]. - Research and development expenses before exceptional items were £16.7 million, a decrease of £0.6 million or 3.5% from £17.3 million[338]. - Exceptional items, share-based payments, and amortization of acquisition intangibles totaled £53.3 million, up from £49.6 million in the previous year[352]. - Finance costs decreased to £2.7 million, a reduction of £0.9 million or 25.0% from £3.6 million[333]. Taxation and Credits - The company benefited from a tax credit of £1.3 million, compared to a tax charge of £0.3 million, resulting in a £1.6 million improvement[338]. - The effective tax rate for the fiscal year was 19.7%, slightly lower than the previous year's 20.4%, with a tax expense of £0.3 million compared to a credit of £1.3 million in the prior year[357]. - The company benefits from the U.K. research and development expenditure credit (RDEC) at a rate of 13% for qualifying expenditures[95]. - The U.K.'s "patent box" regime allows certain profits from patented products to be taxed at an effective corporation tax rate of 10%[96]. Challenges and Risks - The company faced challenges due to the COVID-19 pandemic but saw a benefit to revenues as laboratories reopened during the fiscal year ended December 31, 2021[312]. - The company relies on contractors for key operational roles, which poses risks related to motivation and alignment with commercial objectives[86]. - The company must comply with extensive laws and regulations, particularly regarding the marketing of research use only (RUO) products[104]. - Noncompliance with applicable laws and regulations could lead to significant consequences, including product recalls, monetary sanctions, and restrictions on operations[114]. Intellectual Property - The company relies on a combination of patents, trade secret protection, and confidentiality agreements to protect its intellectual property, which is crucial for competitive positioning[116]. - The patent prosecution process is complex and costly, and the company may not be able to secure necessary patents in a timely manner[117]. - The company may face significant costs and challenges in litigation to protect its intellectual property, which could adversely affect its business operations and financial condition[147]. - The company may not be able to adequately protect its trademarks and trade names, which could impede its ability to build brand recognition and compete effectively in the market[162]. Market and Trading - The price of the company's ADSs may be volatile and fluctuate significantly due to various factors, including operating results that vary from financial guidance[167]. - The company cannot assure that an active trading market for its ADSs will be sustained, which may affect liquidity and pricing[170]. - The dual listing of the company's ordinary shares and ADSs may adversely affect the liquidity and value of both securities[172]. - As a foreign private issuer, the company is exempt from certain U.S. reporting requirements, which may make its ADSs less attractive to some investors[175].

Revenue Performance - Revenue for the 12 months ended 31 December 2021 was £315.4 million, a 22% increase at constant exchange rates compared to £269.3 million in the previous year[2]. - Revenue for CY2021 was £315.4m, representing a 22% CER growth compared to CY2020 (£269.3m), with a £2.6m contribution from BioVision[46]. - Total reported revenue for the 18 months ended 31 December 2021 was £462.9 million, a significant increase from £269.3 million for the 12 months ended 30 June 2020[59]. - Revenue for the 18 months ended December 31, 2021, was £462.9 million, compared to £260.0 million for the year ended June 30, 2020, representing a 78% increase[95]. - The Americas contributed £163.7 million to revenue, representing a 26% increase, while China saw a 34% growth, accounting for 19.4% of total revenue[67]. Profitability Metrics - Adjusted gross profit margin improved to 72.2%, up from 70.0% in the previous year, benefiting from higher margin in-house products[3]. - Adjusted operating profit reached £60.4 million, with an adjusted operating margin of 19.2%, compared to 18.8% in the previous year[3]. - Operating profit for CY2021 increased to £7.1 million, while adjusted operating profit rose to £60.4 million, yielding an adjusted operating profit margin of 19.2%[70]. - Operating profit increased to £95.5 million, significantly up from £54.0 million in the previous year, marking a 77% increase[95]. - The reported gross margin for the 18 months ended 31 December 2021 was 71.1%, with an adjusted gross margin of 72.2%, up from 70.0% in CY2020[69]. Cash Flow and Financial Position - Net cash inflow from operating activities increased to £62.9 million, up from £58.9 million in the previous year[3]. - The company ended CY2021 with a small net debt position of £24.1 million, a significant improvement from a net cash position of £80.9 million in CY2020[51]. - Cash generated from operations for the 18-month period ended 31 December 2021 was £105.3 million, an increase of 61% compared to £65.4 million for the year ended 30 June 2020[104]. - Free cash flow for the period was £12.6 million, down from £19.0 million in the previous year, indicating a decrease of 34%[104]. - Total cash and cash equivalents at the end of the period for the 18 months ended 31 December 2021 were £95.1 million, down from £187.3 million at the beginning of the period[104]. Acquisitions and Strategic Initiatives - The acquisition of BioVision was completed for a cash consideration of $340 million, contributing £2.6 million to revenue in the reporting period[4]. - The BioVision acquisition in October 2021 is expected to enhance innovation opportunities and contributed approximately 1% to revenue growth in CY2021[20][46]. - The acquisition of NKY Biotech US, Inc. was completed for a total cash consideration of $349.9 million (£253.8 million) on October 26, 2021[144]. - The acquisition is expected to enhance Abcam's strategic position in the biochemical and cellular assay market, focusing on oncology and neuroscience[145]. - Goodwill recognized from the acquisition amounted to £177.0 million, reflecting the expertise of the workforce and potential new technologies[149]. Future Outlook - For CY2022, the company expects total revenue growth of approximately 20% at constant exchange rates, including contributions from BioVision[5]. - Long-term revenue target for CY2024 has been increased to a range of £450 million to £525 million, adjusted for BioVision[6]. - The company aims for double-digit revenue growth and improved profit margins as it refines its operations in 2022[39]. - The adjusted gross margin is expected to improve in CY2022 due to higher margin in-house products and the full-year effect of the BioVision transaction[57]. - The company aims to achieve an operating margin of over 30% by CY2024 as it realizes the value of its investments[52]. Customer Satisfaction - The company reported a positive customer transactional Net Promoter Score of +56 in CY2021, indicating high customer satisfaction[4]. - Customer transactional net promoter score (tNPS) was +56 in CY2021, indicating strong customer feedback and satisfaction[18].

Revenue Performance - Revenue for the 12-month period ended June 30, 2021, was £297.7 million, a 14% increase from £260.0 million in 2020[3]. - H2 constant exchange rate (CER) revenue growth was 29% (23% reported) compared to the prior year, with in-house CER revenue growth of 41% (35% reported) in H2[4]. - Total revenues for the six months ended June 30, 2021 increased by 29% CER (23% reported) to £150.2m, driven by recovery in laboratory activity and demand for in-house products[23]. - For the 12-month period, total revenue grew by 18% CER (14% reported) to £297.7m, with adjusted diluted EPS declining to 13.5p[19][25]. - Catalogue revenue, which comprises around 94% of total revenue, grew 31.2% CER in the six months ended June 30, 2021, with in-house products showing a CER growth of 47.7%[24]. - The Americas contributed £119.8 million in revenue for the twelve months ended June 30, 2021, up from £112.4 million in the prior year, representing a growth of 6.1%[80]. - Catalogue revenue reached £280.3 million for the twelve months ended June 30, 2021, compared to £243.1 million for the year ended June 30, 2020, marking a 15.3% increase[81]. Profitability Metrics - Gross profit margin increased to 71.1% for the 12-month period, up from 69.3% in 2020, with H2 gross margin at 71.4%[4]. - Operating profit for H2 was £10.3 million, with adjusted operating profit increasing by 78% to £19.8 million, resulting in an adjusted operating margin of 13.2%[4]. - Adjusted operating profit rose 78% to £19.8m, while adjusted diluted EPS increased by 33% to 4.8p for the same period[19]. - The adjusted operating profit for the twelve months ended June 30, 2021, was £45.8 million, compared to £44.5 million in the previous year, reflecting a growth of 2.9%[59]. - Operating profit for the twelve months ended June 30, 2021, was £28.2 million, significantly higher than £10.5 million for the year ended June 30, 2020[98]. - Profit attributable to equity shareholders for the twelve months ended June 30, 2021, was £16.2 million, up from £12.5 million in the previous year, representing a 29.6% increase[62]. Cash Flow and Financial Position - Net cash position at the end of the period was £219.9 million, significantly up from £80.9 million in 2020, with a net cash inflow from operating activities of £71.9 million[4]. - The Group achieved a 14.1% increase in cash inflows from operating activities, totaling £71.9m for the 12 months ended June 30, 2021, compared to £63.0m in 2020[37]. - Free Cash Flow for the 12 months ended June 30, 2021 was £16.1m, down from £19.0m in 2020[37]. - Cash and cash equivalents at the end of the period increased to £219.9 million from £187.3 million, reflecting a net increase of £35.0 million[67]. - The Group generated £77.0 million in cash from operations for the twelve months ended June 30, 2021, compared to £65.4 million for the previous year, marking an increase of 17.5%[98]. Strategic Initiatives and Acquisitions - The company announced an agreement to acquire BioVision, Inc. for cash consideration of $340 million, expected to close in October 2021[6]. - The acquisition of BioVision for $340m is expected to enhance the company's strategic execution and focus on in-house innovation[21]. - The Group expects to incur approximately £8m of additional acquisition, integration, and reorganization costs related to the BioVision acquisition by the end of 2021[33]. - The Group entered into a definitive agreement to acquire BioVision, Inc. for cash consideration of $340 million, pending approval[111]. Future Outlook and Growth Targets - Long-term revenue target for the year ending December 31, 2024, is set between £425 million and £500 million[8]. - The company aims to generate revenue between £425 million and £500 million for the year ending December 31, 2024[51]. - The company plans to continue investing in innovation and partnerships to sustain long-term growth despite a moderation in the rate of investment[9]. - The company continues to invest in innovation, acquisitions, and partnerships to sustain growth, with a moderated rate of investment expected moving forward[52]. Taxation and Compliance - The effective tax rate for the six-month period was 41.7%, significantly higher than the 19.8% in H2 2020, primarily due to the restatement of deferred tax balances[35]. - The total income tax charge for the twelve months ended June 30, 2021, was £9.2 million, compared to a credit of £4.1 million for the previous year, indicating a significant shift in tax liability[90]. - The effective tax rate on reported profits for the twelve months ending June 30, 2021, was approximately 36.2%, compared to (48.8%) for the twelve months ending June 30, 2020[91]. Operational Performance - The Group executed over 90 outbound commercial agreements in the period, up from 56 in 2020, including approximately 30 new service and commercial supply agreements[45]. - The Group introduced over 4,000 recombinant antibody-based products in the last 12 months, a 50% increase compared to the previous year[43]. - Non-primary antibody products accounted for approximately 20% of total catalogue revenue, with a 30% CER revenue growth in this segment over the last 12 months[44]. - The in-house product revenue as a percentage of total catalogue revenue increased to 54% in 2021, up from 47% in 2020[49]. Risk Management - The Group's principal risks include competition, acquisitions, and cyber security, which have not changed over the interim period[112][113]. - The Group's hedging arrangements are in place to mitigate currency fluctuation risks[104].

Financial Performance - Revenue for the six months ended December 31, 2020, was £147.5 million, an increase of 6.8% compared to £138.2 million for the same period in 2019[174]. - Gross profit for the same period was £104.6 million, up from £96.3 million, reflecting a gross margin improvement[174]. - Operating profit decreased to £17.9 million from £26.6 million, indicating a decline of 32.8% year-over-year[174]. - Profit for the period was £13.3 million, down from £26.1 million, representing a decrease of 49.1%[174]. - Basic earnings per share for the six months ended December 31, 2020, were 6.1p, compared to 12.7p for the same period in 2019[174]. - Total comprehensive expense of £5.6 million for the period, compared to a comprehensive income of £21.1 million in the prior year[177]. - Total reported revenue for the six months ended 31 December 2020 was £147.5 million, an increase of 6.7% from £138.2 million in the same period of 2019[199]. - Catalogue revenue accounted for £139.0 million, up from £130.6 million year-over-year, representing a growth of 2.6%[200]. - Cash generated from operations for the six months ended 31 December 2020 was £33.7 million, a decrease of 26.5% compared to £45.5 million in the prior year[186]. - Net cash inflow from operating activities was £33.9 million, down from £39.6 million in the previous year, reflecting a decline of 17.9%[186]. - Profit for the period decreased to £13.3 million for the six months ended 31 December 2020, down from £26.1 million in the same period of 2019, representing a decline of 49.1%[203]. - Operating profit was £17.9 million, a decrease of 32.8% compared to £26.6 million for the six months ended 31 December 2019[203]. - Basic earnings per share (EPS) fell to 6.1 pence from 12.7 pence, a decline of 52.0% year-over-year[213]. - Diluted EPS also decreased to 6.0 pence from 12.6 pence, reflecting a similar decline of 52.4%[213]. Assets and Liabilities - Total assets as of December 31, 2020, were £821.3 million, an increase from £622.4 million as of December 31, 2019[181]. - Cash and cash equivalents increased to £211.9 million from £189.9 million year-over-year[181]. - Net current assets improved to £254.2 million from £128.7 million as of December 31, 2019[181]. - Goodwill as of December 31, 2020, was £184.3 million, down from £192.8 million as of June 30, 2020[181]. - The Group's total equity as at 31 December 2020 was £631.3 million, an increase from £502.6 million as at 1 July 2020[183]. - The net assets increased to £631.3 million after restatement, compared to £629.7 million previously reported[235]. - Total inventories increased to £40.7 million from £36.0 million year-over-year, with raw materials rising to £8.0 million[361]. - Provision for slow-moving or defective inventory stands at £12.5 million, up from £11.2 million in 2019[361]. Cash Flow and Investments - The Group's cash and cash equivalents at the end of the period stood at £211.9 million, compared to £189.9 million at the end of December 2019, marking an increase of 11.0%[186]. - The Group's net cash outflow from investing activities was £22.8 million, compared to £18.8 million in the previous year, reflecting an increase of 10.6%[186]. - The company raised £126.5 million from the offering of 10,287,000 American Depositary Shares at a price of $17.50 per ADS[214]. - The company reported finance costs of £2.8 million in 2020, compared to £0.3 million in 2019, representing a significant increase of 833.3%[332]. - Investments increased by £4.0 million due to revaluation, with an additional £2.2 million invested in a 13% stake in Brickbio, Inc.[357]. Taxation - Total income tax charge for the period was £2.9 million, compared to a credit of £0.1 million in the prior year[207]. - The effective tax rate on reported profits increased to approximately 17.9% from 9.8% in the prior year[208]. - The total income tax credit for the year was £4.1 million, compared to a charge of £11.4 million in the previous year, indicating a turnaround of £15.5 million[335]. - The company recognized a credit of £6.0 million from the 'patent box' benefit, which applies a lower tax rate to profits on patented income[335]. Research and Development - The company reported an increase in research and development costs to £3.2 million from £2.2 million, reflecting a rise of 45.5%[204]. - Research and Development (R&D) expenditure for the year was £24.9 million, an increase of 47.3% compared to £16.9 million in the previous year[321]. Employee and Staff Costs - Total staff costs increased to £90.4 million in 2020, up from £72.8 million in 2019, reflecting a rise of 24.0%[331]. - The average number of employees rose to 1,454 in 2020, compared to 1,155 in 2019, indicating an increase of 25.9%[330]. Acquisitions and Impairments - On 2 August 2021, the company announced a definitive agreement to acquire BioVision, Inc. for cash consideration of $340 million, pending regulatory approval[227]. - The company incurred an impairment charge of £14.9 million related to the acquisition intangible assets, up from £12.8 million in the previous year, marking an increase of 16.4%[326]. - A full impairment of £12.8 million has been made for the AxioMx acquisition due to challenges in realizing commercial returns from the technology[348]. Accounting Policies - Revenue from sales of goods is recognized upon delivery to the customer, representing the significant majority of the Group's revenue[264]. - Custom product and service revenue is recognized upon completion of contract-defined milestones, with each milestone having a defined transaction price[265]. - Lease liabilities are recognized at the present value of lease payments, with the Group's current leases running from 1 to 18 years[270]. - Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, calculated using enacted tax rates[277]. - Goodwill is subject to an annual impairment review and is carried at cost less accumulated impairment losses[281]. - Acquisition intangibles are capitalized at cost and amortized over their estimated useful lives, with principal expected useful lives ranging from 2 to 15 years[282]. - Property, plant, and equipment are stated at cost less accumulated depreciation, with depreciation charged over estimated useful lives of 2 to 10 years[286]. - Financial assets are recognized when the Group becomes a party to the contractual provisions, including cash and cash equivalents, receivables, and investments[290]. - The Group uses forward contracts to manage exposure to fluctuating foreign exchange rates, with gains or losses recognized in the income statement unless designated as hedging instruments[296]. - Share-based payments are measured at fair value at the date of grant and expensed over the vesting period based on estimated share vesting[300]. Miscellaneous - The company reported a write-down of inventories recognized as an expense, included in the cost of sales[361]. - The company recognized a lease liability of £76.2 million upon initial application of IFRS 16[356]. - The company repaid £107.0 million drawn under its Revolving Credit Facility on 23 November 2020[225].