9th Apr 2025 09:30
(Alliance News) - Oxford BioMedica PLC on Wednesday said its client portfolio continued to expand and diversify, noting it was on track to achieve "significant" revenue growth consistent with medium-term guidance.
The Oxford, England-based cell and gene therapy contract development and manufacturing company said its pretax loss narrowed to GBP47.3 million in 2024 from GBP188.5 million in 2023.
Revenue grew 44% to GBP128.8 million from GBP89.5 million, while cost of sales increased 52% to GBP75.8 million from GBP49.8 million.
However, operating costs were reduced by 34% to GBP57.3 million from GBP86.2 million, and Oxford BioMedica reported no cost from the impairment of assets compared to GBP99.3 million in 2023.
Loss before interest, tax, depreciation and amortisation narrowed to GBP15.3 million from GBP52.8 million.
"With our strong commercial momentum and the successful execution of our strategy, we are on track to achieve significant revenue growth consistent with our medium-term guidance and well above industry levels," said Chief Executive Officer Frank Mathias.
He added: "Through continued focus on efficiency and a disciplined approach to our cost base, we also expect to achieve operating Ebitda profitability for FY 2025."
The company expects annual revenue in 2025 to be second half-weighted and to grow by at least 24% to between GBP160 million and GBP170 million.
Oxford BioMedica forecasts revenue growth at a compound annual growth rate of more than 35% from 2023 to 2026.
Oxford BioMedica shares fell 5.1% to 243.00 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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