Strong 2024 financial performance in line with guidance
Revenue growth of 44% to £128.8 million compared to 2023, organic revenue growth of 81%1
Operating EBITDA2 loss of £(15.3) million for the full year in line with expectations, Operating EBITDA profit of £5.0 million achieved in second half of 2024
Contracted value of client orders3 signed during 2024 reached approximately £186 million at 31 December 2024, an increase of c.35% compared to £138 million in 20234, reflecting strong commercial momentum with client base
Increased demand in all vector segments including momentum in AAV client work, demonstrating successful diversification across viral vector platforms. Lentiviral vector development and manufacturing capabilities now expanded beyond UK into US and France
Financial guidance reaffirmed; Revenue CAGR of more than 35% for 2023-2026 and pivot to profitability in FY 2025
Oxford, UK – 9 April 2025: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces preliminary results for the year ended 31 December 2024.
Dr. Frank Mathias, Chief Executive Officer of OXB, commented:
“2024 was a year of strong commercial progress for OXB as we executed our multi-vector, multi-site strategy as a pure-play CDMO. With revenue growth of 44%, organic revenue growth of 81% and an operating EBITDA profit in the second half of 2024, we have demonstrated effective execution against our objectives.
“The acquisition of ABL Europe (renamed OXB France) has expanded our EU operations, adding specialised expertise and manufacturing capacity. With lentiviral vector development and manufacturing capabilities now available across all our sites, including the US and France, we have created a comprehensive global platform.
“Our client portfolio continues to expand and diversify, now including over 45 programmes with a well-balanced mix across all geographies, development stages and key viral vector platforms. The contracted value of client orders represents an increase of 35% compared to 2023, reflecting growing demand for our services across all key viral vector types.
“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. Through continued focus on efficiency and a disciplined approach to our cost base, we also expect to achieve operating EBITDA profitability for FY 2025.”
SUMMARY FINANCIAL PERFORMANCE
£’m
2024
2023
change
Revenue
128.8
89.5
44%
Manufacturing services
68.4
51.0
34%
Development services
47.3
31.8
49%
Procurement services
5.8
–
n/a
Licences, milestones and royalties
7.3
6.7
9%
Cost of Sales
(75.8)
(49.8)
52%
Gross Margin
53.0
39.7
33%
Operating EBITDA1
(15.3)
(52.8)
71%
FINANCIAL HIGHLIGHTS
Total revenues reached £128.8 million, representing a 44% increase compared with 2023 (£89.5 million) and an 81% organic growth rate. Organic growth excludes the impact of the acquisition of ABL Europe SAS (OXB France) and the loss of revenues from Homology Medicines, Inc.
Revenue growth driven by:
Increase in lentiviral vector manufacturing of GMP batches for clinical clients and for clients in preparation for commercial launch
Clients moving further along their clinical development pathways including an increase in development revenues from process characterisation and validation work
Procurement and Storage services to provide stability of supply of raw materials.
Significant improvement in Operating EBITDA loss to £(15.3) million (2023: £(52.8) million), which narrowed by £37.5 million.
Achieved £5.0 million operating EBITDA profit in the second half of 2024 at Group level.
Operating loss of £(39.4) million also represented a significant narrowing compared with 2023 (£(184.2) million) due to a combination of increased revenues and a positive impact of the 2023 reorganisation lowering the overall cost base and the non repeat of the 2023 impairment.
Acquisition of ABL Europe SAS (OXB France) from Institut Mérieux for a fair value consideration of €6.6 million (£5.7 million).
Cash burn of £68.2 million in 2024 (2023: £39.1 million) arising principally from operating loss and the increased activity in the second half of 2024 resulting in a higher balance of Contract Assets and Trade Receivables which are not yet due as at the year end, offset by the cash inflow of £17.5 million as a result of the investments by Institut Mérieux.
Cash at 31 December 2024 was £60.7 million (31 December 2023: £103.7 million); Net cash was £20.6 million (31 December 2023: £65.2 million).
In 2024 OXB increased its ownership of OXB US LLC by 10%, from 80% to 90%. This followed the conversion of an existing working capital loan and a capital injection into OXB US LLC, on 26 June 2024. On 1 March 2025, OXB US Inc exercised the call option for the purchase of the remaining 10% of OXB US LLC from Q32 Bio, Inc (which had merged with Homology Medicines, Inc). The transfer of Q32’s remaining 10% holding in OXB US LLC to OXB US Inc is in the process of being finalised.
BOARD UPDATE
After nine years of service as an Independent Non-Executive Director, Audit Committee Chair and most recently as Vice Chair, Stuart Henderson has informed the Board that he intends to retire from the Board. As such, Mr. Henderson will not seek re-election at the 2025 Annual General Meeting. Mr. Henderson’s intention to retire is driven by the Corporate Governance Code provision that service of nine years or more may impair independence of a Director. The Board thanks Mr. Henderson for his impeccable service, loyalty and defining contributions to OXB’s strategic progress throughout his tenure.
Colin Bond, who joined the Board as an Independent Non-Executive Director in January 2025, will succeed Mr. Henderson as Audit Committee Chair. Mr. Bond brings substantial financial expertise to this role from his career as Chief Financial Officer of Sandoz and from senior finance positions at multiple global pharmaceutical and life sciences companies. His extensive experience chairing Audit Committees for public companies positions him well for this role.
To ensure a seamless transition and support continuity, Mr. Henderson will remain available to assist Mr. Bond and the Audit Committee.
OUTLOOK AND FINANCIAL GUIDANCE
Medium-term guidance: Continue to target three-year revenue CAGR of more than 35% for 2023-2026 and Operating EBITDA margins of approximately 20% by the end of 2026.
For 2025, revenues are expected to be between £160 million and £170 million, consistent with medium-term revenue guidance. This is expected to be second half-weighted, consistent with prior years.
Operating EBITDA profitability is expected for 2025, with a low single digit £ million Operating EBITDA profit.
Guidance excludes the impact of FX fluctuations.
Analyst briefing
OXB’s management team, led by Dr. Frank Mathias, CEO, Dr. Lucinda Crabtree, CFO and Dr. Sebastien Ribault, CBO will be hosting a briefing and Q&A session for analysts at 13:00 BST / 8:00 EST today, 9 April 2025, at RBC Capital Markets, 100 Bishopsgate, London, EC2N 4AA, United Kingdom.
A live webcast of the presentation will be available via this link. The presentation will be available on OXB’s website at www.oxb.com.
If you would like to dial in to the call and ask a question during the live Q&A, please email OXB@icrhealthcare.com
Organic growth excludes the impact of the acquisition of ABL Europe SAS (OXB France) and the loss of revenues from Homology Medicines, Inc.
Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment, revaluation of investments and assets at fair value through profit and loss, and share based payments). A reconciliation to GAAP measures is provided on page 16
Contracted value of client orders represent the value of customer orders for which the customer has signed a financial commitment, whereby any changes to agreed values will be subject to either change orders, cancellation fees or the triggering of optional/contingent contractual clauses
Includes contributions from milestones, licensing and royalties
Read the OXFORD BIOMEDICA PLC Preliminary results for the year ended 31 December 2024 in full:
Download PDF here
Notes
Unless otherwise defined, terms used in this announcement shall have the same meaning as those used in the Annual report and accounts.
Enquiries:
OXB: Sophia Bolhassan, Head of Investor Relations – T: +44 (0) 1865 509 737 / E: ir@oxb.com
ICR Healthcare: T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com
Mary-Jane Elliott / Angela Gray / Davide Salvi
RBC Capital Markets (Joint Corporate Broker): T: +44 (0)20 7653 4000
Rupert Walford / Kathryn Deegan
Jefferies (Joint Corporate Broker): T: +44 (0)20 7029 8000
Sam Barnett / Gil Bar Nauham
About OXB
OXB (LSE: OXB) is a global quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world.
One of the original pioneers in cell and gene therapy, OXB has 30 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. OXB collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus and other viral vector types. OXB’s world-class capabilities range from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise.
OXB offers a vast number of unique technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetraVecta™ system), a dual-plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines.
OXB, a FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France and Bedford MA, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube.