Oxford Biomedica (OXB) Stifel 2025 Healthcare Conference summary

Business overview and strategic positioning

• Operates as a global, independent CDMO specializing in viral vectors for cell and gene therapy, with 30 years of experience and a diversified client base across pharma and biotech sectors.

• Expanded footprint includes sites in the UK, US (Bedford and Durham), and France, offering end-to-end capabilities from process development to GMP manufacturing.

• Recent acquisition of a commercial-ready AAV manufacturing site in Durham, NC, enhances US presence and capacity for late-stage and commercial programs.

• Maintains a balanced portfolio by client type, geography, and vector, with a growing share of clients from the EU and Asia-Pacific.

• Emphasizes agility, innovation, and regulatory expertise as key differentiators in a consolidating market.

Market trends and growth opportunities

• Global gene therapy pipeline is expanding, with over 2,100 live programs as of Q3 2025, and more programs advancing to late-stage and commercial supply.

• Market consolidation favors experienced CDMOs with technical and regulatory capabilities; barriers to entry remain high.

• Strong demand persists for both lentiviral and AAV manufacturing, with the US as a key growth market.

• Portfolio diversification and a mix of early to late-stage programs support resilience and growth.

• No significant pricing pressure observed; focus remains on quality and long-term client relationships.

Financial performance and guidance

• Achieved 44% revenue growth last year and targets 30% growth for the current year.

• 2025 revenue guidance is GBP 160–170 million with a pivot to operating EBITDA profitability; 2026 revenue expected at GBP 220–240 million, representing >35% CAGR from 2023–2026.

• Long-term revenue growth forecasted at 25–30% annually for 2027 and 2028, with operating EBITDA margins targeted at >10% in 2026, at least 20% in 2027, and potential to approach 30% in five to six years.

• Margin expansion driven by revenue growth, increased capacity utilization, operational efficiencies, and platform innovation investments.

• Recent GBP 60 million equity raise and Durham acquisition support network expansion and revenue acceleration.