28 January 2023
By Maynard Paton
I have recorded a podcast with my good friend Roland Head. This time we talked about Bioventix, the antibody specialist that at the start of 2023 represented my largest shareholding. We discussed the wonderful economics of antibodies, information gleaned from the AGM and the research into testing for Alzheimer’s Disease:
- My 2016 purchase of Bioventix at £11 and the shares now representing 12% of my portfolio.
- Roland buying Bioventix at £36 during 2021.
- What antibodies are, how they work within blood tests and Bioventix’s range of diagnostic antibodies.
- Bioventix’s financial track record and how antibody royalties support incredible margins.
- Bioventix’s laboratory, customers and industry competition.
- How successful diagnostic antibodies can earn royalties for more than 20 years.
- An example of a new diagnostic antibody dislodging an established diagnostic antibody.
- Bioventix’s lack of visibility on what hospitals pay for blood tests, the volumes of antibodies being used and what customers use antibodies for.
- Bioventix’s superb dividend record.
- AGM protest votes and boardroom diversity.
- Industrial pollution R&D, barbecued sausages and a low spreadsheet value.
- Alzheimer’s R&D and a new treatment for the disease.
- The academic publication covering antibody test results at the University of Gothenburg.
- The potential income from Alzheimer’s testing being a “2030s thing“.
- Bioventix’s investments, further Alzheimer’s research and future growth rates.
- The dependence on vitamin D testing and other shareholder risks.
- How the £40 shares appear on a dividend basis and possible future returns.
- Reasons to sell Bioventix and concluding thoughts.
PS: The AGM was held on 8th December 2022 and the podcast was recorded on 26th January 2023.
Disclosure: Maynard owns shares in Bioventix.