Oxford Biomedica (OXB) H1 2025 TU earnings summary

Executive summary

• H1 2025 revenues expected at £70-73 million, up 38%-44% year-over-year from £51 million in H1 2024.

• Commercial momentum strong, with £149 million in new orders signed in H1 2025, more than double H1 2024.

• Revenue backlog reached £222 million as of 30 June 2025, supporting long-term visibility.

• Multi-vector, multi-site strategy fully implemented, driving operational and commercial progress.

• Full year 2025 guidance reiterated, with confidence in sustainable growth.

Financial highlights

• H1 2025 revenues of £70-73 million, a 38%-44% increase compared to H1 2024.

• Over £165 million of 2025 revenues already contracted, up from £103 million at H1 2024.

• Gross cash position of £53.9 million as of 30 June 2025.

• Revenue backlog of £222 million at 30 June 2025, up from £150 million at 31 December 2024.

Outlook and guidance

• Full year 2025 revenue guidance maintained at £160-170 million (constant currency).

• Low single digit operating EBITDA profitability expected for FY 2025.

• Revenues expected to be weighted to the second half, reflecting increased manufacturing activity.