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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
AbCellera Biologics reported revenue of $75M in the fiscal year ended Dec 2025, up 160.6% from the year before. Operating income was −$217M, an operating margin of −289.0%, and net income was −$146M. Operating cash flow of −$131M less capital expenditure of $43M left free cash flow of −$174M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 375 | 485 | 38.0 | 28.8 | 75.1 |
| Research & development | 62.1 | 108 | 176 | 167 | 187 |
| Selling, general & admin | 48.8 | 66.8 | 89.4 | 98.3 | – |
| Operating income | 204 | 217 | −237 | −315 | −217 |
| Pre-tax income | 219 | 239 | −174 | −200 | −178 |
| Income tax | 65.7 | 80.6 | −27.6 | −37.5 | −31.2 |
| Net income | 153 | 159 | −146 | −163 | −146 |
| Diluted EPS | 0.48 | 0.50 | −0.51 | −0.55 | −0.49 |
| Diluted shares | 318 | 315 | 289 | 294 | 299 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 476 | 387 | 133 | 156 | 129 |
| Receivables | – | – | 0.0 | 32.0 | 39.4 |
| Inventory | – | – | – | 0.0 | 6.3 |
| Current assets | 930 | 1,025 | 872 | 751 | 728 |
| Net PP&E | 112 | 217 | – | – | – |
| Goodwill | 47.8 | 47.8 | 47.8 | 47.8 | 47.8 |
| Total assets | 1,319 | 1,541 | 1,488 | 1,361 | 1,357 |
| Payables | 14.9 | 14.8 | 28.6 | 34.4 | 25.2 |
| Deferred revenue | 7.5 | 21.6 | 19.0 | 13.5 | 13.5 |
| Current liabilities | 121 | 118 | 119 | 76.6 | 64.3 |
| Total liabilities | 293 | 308 | 336 | 304 | 390 |
| Shareholders' equity | 1,026 | 1,233 | 1,152 | 1,056 | 967 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 245 | 277 | −43.9 | −109 | −131 |
| Capital expenditure | 58.5 | 70.7 | 76.9 | 78.4 | 42.8 |
| Free cash flow | 186 | 207 | −121 | −187 | −174 |
| Depreciation & amortisation | 14.5 | 27.8 | 24.4 | 12.5 | 18.4 |
| Stock-based compensation | 30.6 | 49.5 | 64.2 | 67.6 | 55.8 |
| Acquisitions | 11.5 | 0.0 | 0.0 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 29.4% | −92.2% | −24.2% | 160.6% |
| Operating income growth (YoY) | – | 5.9% | −209.6% | – | – |
| EPS growth (YoY) | – | 4.2% | −202.0% | – | – |
| Operating margin | 54.5% | 44.6% | −623.8% | −1091.7% | −289.0% |
| Net margin | 40.9% | 32.7% | −385.0% | −564.8% | −194.9% |
| Return on equityBlank when equity is negative | 15.0% | 12.9% | −12.7% | −15.4% | −15.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.1% | 15.2% | −17.3% | −24.5% | −16.8% |
| Free cash flow margin | 49.6% | 42.6% | −317.7% | −648.4% | −231.7% |
| Cash conversion (CFO ÷ net income) | 1.59x | 1.75x | 0.30x | 0.67x | 0.90x |
| Receivable days | – | – | 0 | 405 | 191 |
| Current ratio | 7.70x | 8.67x | 7.33x | 9.81x | 11.3x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.