Oxford Biomedica (OXB) Trading Update summary

Financial performance and outlook

• Achieved at least 78% organic revenue growth in 2024, with total revenues expected between £127m and £129m, up 42–44% from 2023.

• Order book nearly doubled since August 2024, with revenue backlog at £150m as of year-end, up from £94m in 2023.

• Operating EBITDA turned profitable in H2 2024; full-year loss expected in mid to high teens, but UK site reached profitability and France/US sites showed narrowing losses.

• Gross cash position at year-end was £60.7m, with net cash at £20.6m, supporting ongoing operations and growth.

• Management confident in delivering further revenue and EBITDA growth in 2025, maintaining existing guidance.

Commercial momentum and client activity

• Contracted value of client orders signed in 2024 reached £186m, up over 30% from £138m in 2023.

• Significant acceleration in order growth from September to December 2024, with half of annual order value signed in this period.

• Orders included late-stage CAR-T programme batches and increased AAV client activity.

• US-based client secured dedicated manufacturing space at Oxbox facility, ensuring long-term partnership and capacity utilisation.

• Consistent positive client conversion across lentivirus, AAV, and other viral vectors, diversifying the client base.

Strategic execution and operational highlights

• Continued progress on "One OXB" multi-vector, multi-site strategy, integrating global sites and balancing early/late-stage projects.

• Enabled lentiviral vector manufacturing at French sites, already generating client revenues.

• Investments in technical and operational hires to support increased client activity and future growth.

• 30 years of experience in viral vectors, with a robust portfolio and strong regulatory expertise.

• Notice of preliminary results set for 9 April 2025, with investor briefing scheduled.