The AIM-listed antibody supplier said it expects revenue for the full year to grow by 10.7% in constant currency, with catalogue growth of “over” 10% underpinning the rise after all product categories continued to grow ahead of its market.
The firm added that revenue from custom products and licensing, which accounted for around 7% of total revenue, also grew by 18% during the year.
Abcam also said it expected margins to be in line with the previous year's figure of 70.1%, while margins for adjusted earnings before interest, taxes, depreciation and amortisation were forecast to be in line with expectations.
In a note to clients, analysts at City broker Numis upped their target price for the firm to 1,380p from 1,316p, citing that the strong growth forecasts could “indicate the emergence of a new fourth double-digit growth engine in the business”.
In lunchtime trading Thursday, Abcam shares were down 4.8% at 1,322p.