Oxford Biomedica (OXB) Trading Update summary

Trading performance and financial outlook

• H1 2024 revenue expected at approximately £50 million, with full-year guidance reiterated at £126–134 million.

• Revenue backlog reached about £113 million as of 31 July 2024, up from £104 million at 31 March 2024.

• Contracted client orders for 2024 totaled around £80 million by end of July, reflecting strong CDMO demand.

• Low double-digit Operating EBITDA loss anticipated for 2024, with profitability expected in 2025.

• Medium-term guidance maintained: revenue CAGR above 35% (2023–2026) and EBITDA margins over 20% by end-2026.

Operational highlights and strategic initiatives

• High GMP suite reservation for 2025 increases revenue visibility and underpins growth confidence.

• Clients are shifting from batch reservation to binding forecast models, enhancing revenue predictability.

• Lentiviral vector capabilities transferred to Bedford, MA, with first US program launched; French sites to follow by end-2024.

• Investment in technical and operational workforce planned to support late-stage client activity.

• Multi-site, multi-vector strategy gaining traction, supporting commercial expansion.

Financial position and recent developments

• Cash position strong at £81 million as of 30 June 2024, including proceeds from a €20 million investment.

• 2024 EBITDA includes a mid to high single digit loss from the recently acquired ABL Europe business.

• Interim results for H1 2024 to be reported on 23 September 2024.

• OXB continues to expand its viral vector manufacturing technologies and global footprint.

• Company remains a FTSE4Good constituent, with facilities in the UK, France, and US.