Lyon-based biotech company genOway announces strong revenue growth for 2020

Lyon-based biotech company genOway continues to grow. Specialized in the design and development of preclinical research models, the company unveiled on Tuesday, January 19th, consolidated revenues of $13.3 million (€11 million) for 2020, an annual organic growth of 16% compared to 2019.

As anticipated at the time of publication of the half-year results, the second half of the year followed the same growth dynamic, still driven by strong development of the “catalog” business, which recorded an increase of 36% in 2020 to $5.98 million (€4.93 million), following growth of 24% in 2019.

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“A real metamorphosis over the last two years”

“After the strategic turning point in 2019 with the development of our new catalog model offering in immuno-oncology, 2020 marks an acceleration of our growth in this segment with revenues now close to those of our historical custom model business,” said Alexandre Fraichard, CEO of genOway.The latter is showing a slight decline for 2020 (-1%) to $6.72 million (€5.54 million). 

“genOway has undergone a real metamorphosis over the past two years with significant investments in our production platform that will enable us to support strong growth in the coming years,” added the CEO.

2020 also enabled the signature of a first CRISPR/Cas9 sub-license for rodent models. Last October, the share price had doubled following the award of the Nobel Prize to the famous DNA scissors. In 2018, genOway acquired the right to use this revolutionary technology to genetically modify rats for the pharmaceutical industry.

Production capacity multiplied by five times by the end of 2021

Benjamin Bruneau, Chief Financial Officer of genOway, is also pleased with these good figures: “Despite the global health context, genOway has successfully met its 2020 challenge: to deliver strong growth in its Catalogue activity while developing new production capacities, which will be multiplied by five by the end of 2021 thanks to our new preclinical model production laboratory, based in Lyon”.

R&D efforts have also enabled the company  to expand the range of models in immuno-oncology. “We started the year 2020 with five validated models available for sale and we are ending it with more than fifteen models,’, illustrated Benjamin Bruneau. genOway’s objective is to create a complete catalog of around thirty research models by the end of 2022.

A distribution network to be developed

According to genOway’s Chief Financial Officer, growth in 2021 will be driven mainly by the development of sales of “catalog” models in Europe and North America, but also in other regions of the world thanks to the gradual establishment of a distribution network.

“This good momentum should continue in 2021 and the following years, in line with our strategic plan to triple our sales to 30 million euros by 2024,” concluded Alexandre Fraichard.

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