Motivation:There are now over 500 ontologies in the life sciences. Over the past years, significant resources have been invested into formalizing these biomedical ontologies. Formal axioms in ontologies have been developed and used to detect and ensure ontology consistency, find unsatisfiable classes, improve interoperability, guide ontology extension through the application of axiom-based design patterns, and encode domain background knowledge. At the same time, ontologies have extended their amount of human-readable information such as labels and definitions as well as other meta-data. As a consequence, biomedical ontologies now form large formalized domain knowledge bases and have a potential to improve ontology-based data analysis by providing background knowledge and relations between biological entities that are not otherwise connected. Results: We evaluate the contribution of formal axioms and ontology meta-data to the ontology-based prediction of protein-protein interactions and gene-disease associations. We find that the formal axioms that have been created for the Gene Ontology and several other ontologies significantly improve ontologybased prediction models through provision of domain-specific background knowledge. Furthermore, we find that the labels, synonyms and definitions in ontologies can also provide background knowledge that may be exploited for prediction. The axioms and meta-data of different ontologies contribute in varying degrees to improving data analysis. Our results have major implications on the further development of formal knowledge bases and ontologies in the life sciences, in particular as machine learning methods are more frequently being applied. Our findings clearly motivate the need for further development, and the systematic, application-driven evaluation and improvement, of formal axioms in ontologies. Availability: https://