Biotech firm AbCellera (NASDAQ:ABCL) announced its full-year 2020 business results, which were dramatically higher than the previous year. The company pulled in $233 million in total revenue last year compared with $11.6 million in 2019.
Net earnings for 2020 were $119 million compared to a $2 million loss in 2019.
“AbCellera had a breakthrough year, demonstrating strong growth across every area of the business and the effectiveness of our technology and business model through our discovery of the first monoclonal antibody therapy for COVID-19,” said Carl Hansen, AbCellera president and CEO, in a statement.
AbCellera was instrumental in developing bamlanivimab (LY-CoV555), an investigational monoclonal antibody that Eli Lilly eventually co-developed and manufactured. Bamlanivimab was the first antibody from AbCellera to be commercialized.
The company now has 103 discovery programs under contract with 27 partners.
AbCellera has also won support from notable individuals and institutions such as Bill Gates, Peter Thiel and DARPA.
The company closed an initial public offering on the NASDAQ in December.