Oxford Biomedica (OXB) H1 2025 earnings summary

Executive summary

• Achieved strong commercial and operational progress in H1 2025, with significant order growth and increased revenue visibility driven by high demand for CDMO services and expansion across all vector types.

• Inclusion in the FTSE 250 index reflects strengthened market position and resilience.

• Expanded global footprint and capabilities in the U.K., U.S., and France, with strategic investments and manufacturing optimization initiatives to support growth.

• Positioned for growth with enhanced financial flexibility from a £60 million equity placing and $125 million loan facility.

Financial highlights

• Revenues grew 44% year-over-year to £73.2 million in H1 2025, driven by robust demand for CDMO services.

• Contracted client orders increased 166% to £149 million, providing strong revenue visibility.

• Operating EBITDA loss narrowed to £8.3 million from £20.3 million in H1 2024, reflecting improved revenues and cost control.

• Cash position at period end was £53.9 million, rising to £113.7 million post-period after equity placing and new loan facility.

• Revenue backlog reached £222 million at June 30, 2024, increasing to £241 million by end of August.

Outlook and guidance

• Reiterated full-year 2025 revenue guidance of £160–170 million and low single-digit million pounds operating EBITDA profitability.

• 2026 revenue expected at £220–240 million, representing 35–39% CAGR from 2023 to 2026.

• Long-term revenue growth targeted at 25–30% year-over-year for 2027 and 2028, with EBITDA margins approaching 30%.

• Over £171 million of 2025 revenue already covered by contracted orders.

• Funding in place to expand global manufacturing capabilities, including US GMP capacity, to meet rising client demand.