# Who are AbCellera Biologics's customers? Who does AbCellera Biologics earn revenue from?
Canonical: https://valuechain.wiki/abcellera · Facet: customers · Updated: 2026-10-09T16:08:10.423123+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: AbCellera Biologics's confirmed revenue counterparties include 일라이 릴리, 애브비 plus 4 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 6 revenue edges, backed by 14 dated sources, 6 of them primary filings (as of 2026-10-09).

### 캐나다·BC 주정부 (비희석 출연금) (high)
- metric: funding $347.9 · 2020~2025 · 10-K cumulative non-dilutive government financing (CAD $475.6M)
- note: CAD $475.6M ($347.9M) of non-dilutive government funding since 2020: CAD $175.6M from the federal SRF (formerly SIF) in 2020 and CAD $300M from Canada and British Columbia in 2023. Covenants require consent if anyone acquires 20%+ and restrict dividends.
- [confirms] SEC EDGAR (AbCellera 10-K) (EN, filing, published 2026-02-24) https://www.sec.gov/Archives/edgar/data/1703057/000170305726000012/abcl-20251231.htm: ""we have received CAD $475.6 million ($347.9 million) in non-dilutive government financing to build our platform and internal pipeline: May 2020 - CAD $175.6 million ($125.6 million) from the Government of Canada ... May 2023 - CAD $300 million ($222.3 million) from the Governments of Canada a[nd British Columbia]""

### 제약 (릴리·재즈·로열티) (high)
- metric: Revenue $75.1 · FY2025 · AbCellera FY2025 revenue (research fees $27.2M + milestones $1.0M + licensing/royalties $46.9M)
- note: Aggregate partner revenue. FY2025 total $75.1M (research fees $27.2M, milestones $1.0M, licensing and royalties $46.9M including the $36.0M patent settlement). H1 2026 $12.4M. Lilly, AbbVie and Jazz are split out as separate edges.
- [mentions] Analyst consensus (via MarketBeat) (EN, research, published 2026-09-29) https://www.marketbeat.com/stocks/NASDAQ/ABCL/forecast/: "Consensus "Moderate Buy" across 9 analysts, average target $13.38. JPMorgan initiated Overweight $17 (9/29/2026), Goldman Sachs initiated Neutral $13 (9/24/2026), Truist raised to $30 from $12 after Phase 2 data (8/11/2026)."
- [confirms] SEC EDGAR (AbCellera 10-Q) (EN, filing, published 2026-08-05) https://www.sec.gov/Archives/edgar/data/1703057/000170305726000046/abcl-20260630.htm: ""Total revenue 17,084 4,050 21,320 12,362" (Q2 2025, Q2 2026, H1 2025, H1 2026; $ thousands)"
- [confirms] TheBio (KO, news, published 2026-06-18) https://www.thebionews.net/news/articleView.html?idxno=25611: "재즈, 加 앱셀레라와 차세대 TCE 다중항체 개발"
- [confirms] AbCellera IR (EN, filing, published 2026-02-26) https://investors.abcellera.com/news/news-releases/2026/AbCellera-Reports-Full-Year-2025-Business-Results/default.aspx: "FY2025 revenue $75.1M ($27M partnered + $48M licensing/royalties), net loss $146.4M, ~$700M liquidity. 104 cumulative partner-initiated programs (up from 96), 19 molecules in clinic. Lilly collaboration expanded (immunology, cardiovascular, neuroscience)."
- [confirms] SEC EDGAR (AbCellera 10-K) (EN, filing, published 2026-02-24) https://www.sec.gov/Archives/edgar/data/1703057/000170305726000012/abcl-20251231.htm: ""Research fees $ 26,284 $ 27,208 Milestone payments 1,500 1,000 Licensing and royalty revenue 1,049 46,920 Total revenue 28,833 75,128" (2024 vs 2025, $ thousands)"
- [confirms] SEC/StockTitan (EN, filing, published 2026-02-01) https://www.stocktitan.net/sec-filings/ABCL/10-k-ab-cellera-biologics-inc-files-annual-report-a6d1b7c6684c.html: "Partnerships with Eli Lilly, Jazz and others, with upfronts, milestones and royalties (Jazz $56M upfront)."
- [confirms] SEC EDGAR (AbCellera 10-K) (EN, filing, published 2025-02-27) https://www.sec.gov/Archives/edgar/data/1703057/000162828025008689/abcl-20241231.htm: "AbCellera Biologics Inc. Form 10-K FY2024"
- [confirms] Investing.com (EN, news, published 2025-01-01) https://www.investing.com/news/company-news/jazz-pharmaceuticals-abcellera-partner-on-cancer-antibodies-93CH-4746964: "Partnerships with Eli Lilly, Jazz and others, with upfronts, milestones and royalties (Jazz $56M upfront)."
- [confirms] AbCellera IR (EN, news, published 2024-07-31) https://investors.abcellera.com/news/news-releases/2024/AbCellera-and-Lilly-Expand-Collaboration-to-Develop-Antibody-Medicines/default.aspx: "AbCellera and Lilly Expand Collaboration to Develop Antibody Medicines"

### Jazz Pharmaceuticals (high)
- metric: upfront $56 · 2026 Q2 · 10-Q non-refundable upfront (two programs), $28.0M more contingent
- note: A June 2026 research, option and license deal for next-generation T-cell-engaging multispecifics. $56.0M non-refundable upfront received in Q2, with $28.0M more due when a third program starts. Recognized as research is performed (Q2 revenue was $4.1M).
- [confirms] SEC EDGAR (AbCellera 10-Q) (EN, filing, published 2026-08-05) https://www.sec.gov/Archives/edgar/data/1703057/000170305726000046/abcl-20260630.htm: ""we received a $56.0 million non-refundable upfront payment in the quarter to perform discovery and early-stage research activities for two initial programs, with an additional $28.0 million due upon the initiation of a third program within 12 months.""
- [confirms] TheBio (KO, news, published 2026-06-18) https://www.thebionews.net/news/articleView.html?idxno=25611: "Jazz partners with Canada's AbCellera to develop next-generation TCE multispecific antibodies."

### Bruker Cellular Analysis (특허 합의) (high)
- metric: Revenue $36 · FY2025 · 10-K patent settlement upfront (within $46.9M licensing and royalty revenue)
- note: Settled the patent-infringement suit filed in 2020 in December 2025: a $36.0M upfront (recognized in 2025 revenue) plus royalties on Beacon optofluidic platform sales for the life of the patents.
- [confirms] SEC EDGAR (AbCellera 10-K) (EN, filing, published 2026-02-24) https://www.sec.gov/Archives/edgar/data/1703057/000170305726000012/abcl-20251231.htm: ""The increase in revenue in 2025 was primarily attributable to $10.8 million in licensing revenue recognized and a $36.0 million payment as part of our settlement of patent litigation." "Bruker Cellular Analysis will pay AbCellera an upfront payment as well as future royalty payments on sales of Bruker Cellular Analysis' Beacon Optofluidic platform products worldwide through the life of the licensed patents.""

### 일라이 릴리 (high)  → /lilly-eli.md
- note: Began with COVID-19 antibodies (bamlanivimab and bebtelovimab under EUA) in 2020 and expanded in July 2024 into a multi-target pact across immunology, cardiovascular and neuroscience. AbCellera receives upfront and research payments with rights to milestones and royalties on net sales; amounts undisclosed.
- [confirms] SEC EDGAR (AbCellera 10-K) (EN, filing, published 2026-02-24) https://www.sec.gov/Archives/edgar/data/1703057/000170305726000012/abcl-20251231.htm: "10-K partnership table: "Eli Lilly and Company Multi-target, multi-year Immunology, cardiovascular disease, and neuroscience July 31, 2024" and "Eli Lilly and Company Up to 9 targets, multi-year COVID-19 program and additional indications May 22, 2020"; bebtelovimab listed as marketed (EUA)."
- [confirms] AbCellera IR (EN, news, published 2024-07-31) https://investors.abcellera.com/news/news-releases/2024/AbCellera-and-Lilly-Expand-Collaboration-to-Develop-Antibody-Medicines/default.aspx: "AbCellera and Lilly expand collaboration to discover therapeutic antibodies in immunology, cardiovascular disease and neuroscience; Lilly holds development and commercialization rights, AbCellera receives an upfront and research payments and is eligible for milestones and royalties."
- [mentions] BioSpectator (KO, news, published 2024-03-12) https://www.biospectator.com/news/view/21323: "AbCellera has partnerships with Moderna, Eli Lilly and Gilead, among others, developing antibody candidates."
- [confirms] Medical Times (KO, news, published 2020-03-18) https://medicaltimes.com/Users/News/NewsView.html?ID=1132640: ""Eli Lilly and AbCellera signed a co-development agreement for antibody medicines to treat and prevent COVID-19 on the 12th." Early costs split equally; Lilly then handles development, manufacturing and distribution."

### 애브비 (high)  → /abbvie.md
- note: A multi-year pact for up to five targets in December 2022, expanded in January 2025 to oncology T-cell engagers (TCE). Upfront and research payments plus milestones and tiered royalties; amounts undisclosed. No Korean-language coverage found yet.
- [confirms] SEC EDGAR (AbCellera 10-K) (EN, filing, published 2026-02-24) https://www.sec.gov/Archives/edgar/data/1703057/000170305726000012/abcl-20251231.htm: "10-K partnership table: "AbbVie Inc. Multi-target, multi-year Oncology January 13, 2025" and "AbbVie Inc. Up to 5 targets, multi-year Undisclosed December 15, 2022"."
- [confirms] Business Wire (EN, news, published 2025-01-13) https://www.businesswire.com/news/home/20250113347375/en/AbCellera-Expands-Collaboration-with-AbbVie-to-Develop-Novel-T-Cell-Engagers-for-Oncology: "AbCellera "has expanded its existing collaboration with AbbVie Inc. (NYSE: ABBV) to include the discovery of T-cell engagers (TCE) in oncology"; it receives upfront and research payments and is eligible for milestones and tiered royalties."
- [confirms] Business Wire (EN, news, published 2022-12-15) https://www.businesswire.com/news/home/20221215005196/en/AbCellera-and-AbbVie-Partner-to-Advance-New-Antibody-Therapies/: ""The partnership will leverage AbCellera's antibody discovery and development engine to deliver optimized development candidates for up to five targets selected by AbbVie." AbCellera "will receive research payments and is eligible to receive downstream clinical and commercial milestone payments and royalties on net sales of products.""

### 마일스톤·로열티 (104개 프로그램) (mid)
- note: Downstream milestones and royalties from 104 cumulative partner programs. At end-June 2026, 35 partner-led programs with downstreams and 12 molecules in the clinic (down from 44 and 14 at end-2025).
- [mentions] SEC EDGAR (AbCellera 8-K) (EN, filing, published 2026-08-10) https://www.sec.gov/Archives/edgar/data/1703057/000170305726000053/abcl-20260810.htm: ""issued a press release announcing positive top-line results from the Phase 2 portion of its Phase 1/2 clinical trial evaluating ABCL635, an investigational neurokinin 3 receptor (NK3R) antagonist antibody""
- [confirms] SEC EDGAR (AbCellera 10-Q) (EN, filing, published 2026-08-05) https://www.sec.gov/Archives/edgar/data/1703057/000170305726000046/abcl-20260630.htm: ""Partner-led programs with downstreams 44 35 In the clinic 5 3 In discovery or preclinical development 39 32 Molecules in the clinic with downstreams 14 12" (Dec 31, 2025 vs Jun 30, 2026)"
- [confirms] SEC/StockTitan (EN, filing, published 2026-02-01) https://www.stocktitan.net/sec-filings/ABCL/10-k-ab-cellera-biologics-inc-files-annual-report-a6d1b7c6684c.html: "Downstream milestones and royalties from 104 partner programs."
- [confirms] SEC EDGAR (AbCellera 10-K) (EN, filing, published 2025-02-27) https://www.sec.gov/Archives/edgar/data/1703057/000162828025008689/abcl-20241231.htm: "AbCellera Biologics Inc. Form 10-K FY2024"

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