26th Mar 2026 12:07
(Alliance News) - Oxford BioMedica PLC on Thursday warned the first half of 2026 will be loss-making as the year will be skewed to the second half.
Shares in Oxford BioMedica were down 5.8% to 571.00 pence each on Thursday afternoon in London.
The Oxford, England-based gene and cell therapy developer reported revenue of GBP168.7 million in 2025, up 31% from GBP128.8 million in 2024. It narrowed its pretax loss to GBP31.9 million in 2025 from GBP47.3 million in 2024.
Oxford BioMedica's posted operating earnings before interest, tax, depreciation, and amortisation of GBP2.3 million, swinging from a GBP15.3 million loss, which the company said was driven by higher revenue and an increased focus on operating costs.
The result comes on top of non-recurring gain of GBP9.9 million and GBP1.3 million in costs, both related to the acquisition of a viral vector manufacturing facility in North Carolina.
The company added that it had a revenue backlog of about GBP204 million at December 31, and contracted value of orders up by a fifth year-on-year to GBP224 million from GBP186 million in 2024.
Since the year end, Oxford BioMedica announced a multi-year commercial supply agreement with CMS for the manufacture and supply of lentiviral vectors for the company's CAR-T programmes, and extended its reach through a licensing and option agreement with CDMO Viral Vector Manufacturing Facility in Australia.
It also approved a USD15 million draw down from the existing Oaktree loan facility secured in 2025 from the total USD125 million principal amount.
Oxford BioMedica now sees revenue to grow on a constant currency basis to between GBP220 million and GBP240 million in 2026. This will be followed by a rise between 25% to 30% in each of 2027 and 2028.
Progress in 2026 will be skewed to the second half, as the company said that revenue and Ebitda will benefit from the completion of adeno associated virus and lentivirus vector technology transfers in France, as well as the ramp up of revenue coming from the North Carolina facility.
In the second half of 2026, the company expects double-digit operating Ebitda margin, and a full-year expectation around 10%.
"H1 2026 is expected to be loss-making on an Ebitda level due to the phasing of revenues, planned shutdowns and non-recurring costs," the firm said.
Chair Roch Doliveux said: "With a strengthened balance sheet and the addition of the Durham, North Carolina facility to our global network, Oxford BioMedica expects to continue to expand its market share in the growing cell and gene therapy sector, supported by strong client demand.
"Further targeted capital investment is planned to support sustainable profitable growth and progressive margin improvement in the years ahead."
By Martin Miraglia, Alliance News reporter
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