Oxford Biomedica (OXB) H2 2025 earnings summary

Executive summary

• Achieved 33% year-over-year revenue growth at constant currency, reaching GBP 170.9 million in 2025, and nearly doubled revenue since 2023.

• Delivered first full year of operating EBITDA profitability (GBP 8.1 million), compared to a loss of GBP 15.3 million in 2024.

• Strengthened financial position with GBP 96.9 million cash at year-end and secured GBP 60 million in fundraising plus a new loan facility.

• Expanded U.S. presence through acquisition of an FDA-approved commercial-scale viral vector manufacturing facility in Durham, North Carolina.

• Maintained strong commercial momentum, with backlog up 36% to GBP 204 million and contracted client orders up 20% to GBP 224 million.

Financial highlights

• Revenue increased 33% year-over-year to GBP 170.9 million at constant currency; manufacturing revenues up 19% to GBP 81.1 million; development services up 27% to GBP 60.1 million.

• Operating EBITDA profit of GBP 8.1 million; underlying EBITDA GBP 3.3 million, excluding one-off gains from Durham acquisition.

• Cash position at year-end GBP 96.9 million; net cash GBP 55.4 million.

• Net cash from operations GBP 0.5 million, a significant improvement from GBP 50.7 million outflow in 2024.

• Total expenses increased 17%, below the 31% revenue growth, demonstrating operating leverage.

Outlook and guidance

• 2026 revenue guidance reiterated at GBP 220–240 million; 60% covered by contracted orders, over 80% with risk-adjusted pipeline.

• H1 2026 expected to be loss-making at EBITDA due to maintenance and integration costs; H2 to deliver double-digit EBITDA margins.

• Capital expenditure for 2026–2027 expected at GBP 50 million, down from previous GBP 60 million guidance.

• Targeting revenue CAGR above 35% for 2023–2026, and 25–30% annual growth for 2027–2028.

• Operating EBITDA margins expected to reach at least 20% in 2027, with potential to approach 30% longer term.