Oxford Biomedica (OXB) H1 2026 earnings summary

Executive summary

• Achieved 10% constant currency revenue growth to £80.2m and 9% reported growth to £79.8m year-over-year, driven by strong demand in manufacturing and development services.

• Signed a record 17 new clients in H1 2026, with 4 more post-period, expanding the client base to 50 and programmes to 59, up 34% year-over-year.

• Commercial pipeline reached $730 million at half year, up 30% year-over-year, with revenue backlog at £193m and £168m of FY 2026 revenue already contracted.

• Global footprint expanded, with nine facilities across the UK, US, and France, supporting end-to-end service and operational excellence.

• Market conditions are favorable, with regulatory approvals, positive clinical data, and renewed investor funding in cell and gene therapy.

Financial highlights

• H1 2026 revenue grew 10% year-over-year to £80.2m (9% reported to £79.8m), driven by 20% growth in manufacturing revenues.

• Adjusted EBITDA loss improved to £(2.5)m from £(3.9)m, with reported EBITDA loss at £(7.8)m; operating loss increased to £(29.1)m due to one-off costs and £7.6m France impairment.

• Gross margin declined to 37% from 43% due to client/product mix and one-off factors.

• Cash at period end was £75.3m, with net cash of £21.4m; net cash outflow from operations was £(34.3)m.

• Administration costs at 18% of revenue, down from 18.6% a year ago, targeting low double digits by 2030.

Outlook and guidance

• FY 2026 revenue guidance maintained at £180–200m, with £168m already contracted and revenue expected to be weighted towards H2.

• FY 2027 targets: 25–30% year-on-year revenue growth and at least double-digit EBITDA margins.

• Long-term ambition to reach £500m revenue and ~30% EBITDA margin by 2030.

• Medium- and long-term growth ambitions remain unchanged despite timing-related deferrals and operational delays.