Oxford Biomedica (OXB) H2 2024 earnings summary

Executive summary

• Achieved organic revenue growth of 81% and total revenue increase of GBP 128.8 million, up 44% year-over-year for 2024, driven by strong commercial momentum and execution of a pure-play CDMO strategy.

• Commercial momentum continued into 2025, with GBP 186 million in client orders in 2024 and GBP 72 million in the first two months of 2025, reflecting a diversified client base and global operations.

• EBITDA turned positive in H2 2024, with a GBP 5 million profit, and full-year operating EBITDA loss narrowed to GBP 15.3 million from GBP 52.8 million in 2023.

• Positioned as a leading viral vector CDMO with best-in-class capabilities and a 30-year track record.

Financial highlights

• Full-year 2024 revenues reached GBP 128.8 million, up 44% year-over-year, with organic revenue growth of 81%.

• Operating EBITDA loss reduced to GBP 15.3 million from GBP 52.8 million in 2023; H2 2024 saw a GBP 5 million EBITDA profit.

• Contracted client orders increased 35% to GBP 186 million; revenue backlog at year-end 2024 was GBP 150 million, rising to GBP 198 million by February 2025.

• Cash at year-end was GBP 60.7 million, with a net cash position of GBP 20.6 million.

• Gross profit improved to GBP 53.0 million (FY23: GBP 39.7 million); operating loss reduced to GBP 39.4 million (FY23: GBP 184.2 million).

Outlook and guidance

• 2025 revenue guidance set at GBP 160–170 million, with over 80% already covered by existing orders.

• Expecting low single-digit million operating EBITDA profit for 2025, with both revenue and EBITDA second-half weighted.

• Targeting a three-year revenue CAGR of over 35% for 2023–2026 and EBITDA margins of ~20% by end of 2026.

• Manufacturing revenues expected to rise from 50% of total in 2024 to 70% by 2029.

• Capex guidance: low double-digit millions, focused on maintenance and key projects.