Oxford Biomedica (OXB) H1 2026 TU earnings summary

Executive summary

• H1 2026 revenues grew approximately 9% year-over-year to about £80 million, reflecting strong underlying demand and a second-half revenue weighting.

• Record new client activity with 17 new clients signed in H1 2026, over 30% more than in FY 2025, strengthening market position.

• Revenue backlog stands at around £193 million, providing visibility into future contracted revenues.

• Client portfolio is maturing and diversifying, with more late-stage and commercial-stage programs.

• Commercial Supply Agreement signed with Bristol Myers Squibb for lentiviral vectors, validating commercial-scale capabilities.

Financial highlights

• H1 2026 revenues reached approximately £80 million, up 9% year-over-year.

• Gross cash at 30 June 2026 was £75 million, down from £97 million at 31 December 2025; net cash was £21 million, down from £55 million.

• Contracted client orders totaled about £97 million, with a record number of new client wins.

• Non-risk-adjusted new business pipeline increased 30% year-over-year to about $713 million.

Outlook and guidance

• FY 2026 revenues now expected to be £180-200 million, revised due to short-term changes in client ordering behavior and delayed program timelines.

• FY 2026 EBITDA margin expected to be mid-single-digit percent excluding one-off costs (low-single-digit percent reported), reflecting lower revenues and cost absorption.

• FY 2027 revenue growth guidance remains at 25-30% year-over-year, with significant profitability improvement and at least double-digit EBITDA margins expected.

• Long-term ambition to achieve approximately £500 million in revenues by 2030, with EBITDA margins approaching 30% as scale and cost discipline improve.