Oxford Biomedica (OXB) H2 2024 earnings summary

Executive summary

• Achieved organic revenue growth of 81% and total revenue increase of GBP 128.8 million for 2024, driven by strong demand in cell and gene therapy CDMO services and execution of a pure-play CDMO strategy.

• Commercial momentum reflected in GBP 186 million in client orders for 2024, with a strong start to 2025 (GBP 72 million in orders by end of February) and a diversified client base.

• EBITDA loss narrowed significantly to GBP 15.3 million in 2024, with a GBP 5 million EBITDA profit in H2 2024.

• Strategic expansion in the U.S. and Europe, including acquisition and integration of new sites, enhancing global reach and operational synergies.

• Rebranded as OXB, unifying all sites under a single identity and strengthening market positioning.

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 from GBP 52.8 million in 2023 to GBP 15.3 million in 2024; achieved GBP 5 million operating EBITDA profit in H2 2024.

• 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.

• Cost base reduced by 24% to GBP 97.6 million, in line with a GBP 30 million annualized cost reduction target.

• Year-end cash position at GBP 60.7 million; net cash GBP 20.6 million.

Outlook and guidance

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

• Targeting low single-digit million operating EBITDA profit for 2025, with both revenue and EBITDA expected to be H2 weighted.

• Reaffirmed three-year revenue CAGR target of over 35% for 2023–2026.

• Aiming for operating EBITDA margins of approximately 20% by end of 2026.

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