OXB by the numbers
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Years of viral vector experience
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Commercial supplier of lentiviral vectors for a CAR-T therapy
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GMP batches released
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GMP suites in three countries
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Client programmes
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Qualified assays and methods performed in-house
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Successful audits
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Company to treat patients in-vivo with lentiviral vector gene therapy
We offer end-to-end development and production capabilities for many viral vector types, from plasmid design and optimisation to clinical and commercial GMP manufacturing. These capabilities are supported by robust control systems, advanced analytical methods, and in-depth knowledge of global regulatory requirements.
About OXB
We are deeply committed to producing high-quality viral vectors, recognizing their crucial role in cell and gene therapies that bring hope to patients around the world. At OXB, we embrace this responsibility and understand that your success is our success.
Our platforms
Tech transferred-in
Alongside our own LentiVector™ and inAAVate™ platform technologies, we have the facilities and expertise to fulfil almost any development need. You define the methods and processes, and we leverage our class-leading capabilities as appropriate.
Discover our latest news
OXB completes acquisition of remaining stake in US subsidiary
Oxford, UK – 23 June 2025: OXB (LSE: OXB) (“the Company”), a global quality and innovation-led cell and gene therapy CDMO, today announces that it has acquired the remaining 10% stake in its US subsidiary from Q32 Bio, Inc. (Q32), bringing its ownership, as planned, to 100%. As previously disclosed in the Company’s Preliminary Results on 9 April 2025, OXB US Inc., OXB’s wholly owned US subsidiary, exercised its call option on 1 March 2025 to acquire the final 10% interest in OXB US LLC from Q32. The stake was originally held by Homology Medicines, Inc (Homology), which merged with Q32 in 2024. The transfer of Q32’s 10% holding to OXB US Inc., means that OXB US LLC is now wholly owned by OXB. OXB US LLC was originally established in Bedford, MA, in 2022, as an AAV manufacturing and innovation business. The facility has since been fully integrated into OXB’s global network, successfully completing the tech transfer of its lentiviral platform to the site in 2024. Spanning 96,000 ft², the site offers lentiviral and AAV vector capabilities and has supported the onboarding of multiple new programmes in the US, as part of OXB’s global cell and gene therapy development and manufacturing network. Dr Frank Mathias, Chief Executive Officer of OXB, commented: “The progression to full ownership of our US business marks an important step for OXB. It strengthens our position in a key market and helps meet growing demand for high-quality vector manufacturing – a critical enabler of the expanding cell and gene therapy market. “Our presence in the US, alongside our existing sites in the UK and France, gives clients access to deep expertise across AAV and lentiviral-based therapies. Through OXB’s network, we are able to support clients globally across all key vector types – from early-stage development through to commercialisation.” 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 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.
OXB Named as one of Europe’s Most Innovative Companies by Fortune
Oxford, UK – 16 June 2025: OXB has been ranked 34th out of 300 organisations in Fortune’s list of Europe’s most innovative companies, a recognition that underscores the company’s leadership in cell and gene therapy innovation. The list, compiled based on evaluations by industry experts and employees, highlights businesses delivering meaningful innovation across sectors including life sciences, technology and manufacturing. A leading cell and gene therapy contract development and manufacturing organisation (CDMO) with 30 years of viral vector expertise, OXB currently supports 48 client programmes across the UK, France and US. It is one of just 22 UK-based and one of only four healthcare organisations to earn a place on the prestigious list. OXB’s innovation strategy is committed to helping clients overcome the complex landscape of developing and manufacturing cell and gene therapies. The company continues to advance its proprietary inAAVate™ and LentiVector™ platforms, for AAV and lentiviral vectors respectively, delivering greater scalability, performance and process efficiency. “Being named one of Europe’s most innovative companies is a powerful affirmation of our mission,” said Dr. Frank Mathias, Chief Executive Officer, OXB. “Innovation at OXB is purpose-driven, focused on empowering our clients to bring transformative cell and gene therapies to patients. This recognition reflects the dedication of our teams across the globe who consistently push the boundaries of what’s possible in advanced therapy development and manufacturing.” Read more on Fortune’s website.
AGM Update
Annual General Meeting being held at 3pm BST today at Windrush Court, Oxford, UK The Company remains on track to deliver the outlook set out in the Preliminary Results published on 9 April 2025 Oxford, UK – 11 June 2025: OXB (LSE: OXB) (“the Company”), a global quality and innovation-led cell and gene therapy CDMO, provides an update to coincide with its Annual General Meeting being held at 3pm BST today at Windrush Court, Oxford, UK. OXB has demonstrated strong commercial momentum and made good operational and commercial progress in the year 2025 to date, as it continues to provide viral vector manufacturing services to a diversified portfolio of clients. The Company remains on track to deliver the outlook set out in the Preliminary Results for the year ended 31 December 2024, published on 9 April 2025. Dr. Frank Mathias, Chief Executive Officer of OXB, commented: “We have delivered strong operational performance so far in the first half of the year, reflecting disciplined execution across our global sites and sustained commercial momentum. The Company reiterates its financial guidance today and remains focused on supporting clients across all stages of development. OXB remains confident in its near and medium-term targets as set out earlier this year.” A corporate presentation will be given at the AGM by Dr. Frank Mathias, Chief Executive Officer and Dr. Lucinda Crabtree, Chief Financial Officer of OXB. No new material information will be disclosed. For details of upcoming financial events, please refer to the Company’s investor calendar at https://oxb.com/investor-events/. 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 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.
OXB Highlights the Launch of its Innovation and Technology Excellence Board
Oxford, UK – 03 June 2025: OXB (LSE: OXB) (“the Company”), a global quality and innovation-led cell and gene therapy CDMO, today highlights the launch of its Innovation and Technology Excellence Board (ITEB). The ITEB brings together leading experts in cell and gene therapy, scientific innovation, and advanced manufacturing. It will advise OXB on technology priorities, innovation opportunities and emerging trends that support the Company’s growth as a pure-play CDMO. The newly formed advisory board, which held its inaugural meeting last month, will identify opportunities to enhance scientific capabilities to ensure that OXB remains at the forefront of developing innovative technologies. This strategic insight will allow OXB to further enhance its value proposition to clients, while strengthening its market-leading position in the cell and gene therapy space. Dr. Frank Mathias, Chief Executive Officer of OXB, commented: “The Innovation and Technology Excellence Board marks a key step in OXB’s evolution as a pure-play CDMO focused on delivering best-in-class innovation for our clients. By bringing together some of the most respected voices in cell and gene therapy and biomanufacturing, we are creating a structure that will help us stay ahead of scientific and technological change, improve the way we work, and ultimately help our clients bring transformative therapies to patients.” Professor Dame Kay Davies DPhil FRS, Chair of OXB’s Innovation and Technology Excellence Board, added: “Cell and gene therapy continues to evolve quickly, and staying on top of that progress requires both scientific depth and external perspective. ITEB brings together a range of expertise to help OXB focus its innovation where it matters most: improving the way treatments are developed, manufactured and delivered. Our goal is to ensure that innovation leads to practical advances for OXB’s clients and better outcomes for patients.” Founding members of OXB’s Innovation and Technology Excellence Board are: Prof. Dame Kay Davies DPhil FRS (ITEB Committee Chair and Senior Independent Non-Executive Director of OXB) is among the most respected figures in human genetics, known for her research into the molecular basis of neuromuscular and neurological disease. She is Emeritus Dr. Lee’s Professor of Anatomy and Co-Director of the MDUK Oxford Neuromuscular Centre at the University of Oxford. Prof. Davies sits on the boards of UCB S.A. and Thomas White Oxford Ltd, she co-founded Summit Therapeutics plc and served as Deputy Chair of the Wellcome Trust (2013–2017). Prof. Uwe Buecheler, PhD, is a leading molecular biologist and biopharmaceutical executive with over 30 years of industry experience. He previously served as Head of the Biopharma Business Unit at Boehringer Ingelheim, overseeing global operations and the launch of more than 30 biologics. He is currently a Member of Supervisory Boards of Biotech companies and Non-Executive Director of BioPhorum, a company driving progress and fostering collaboration within the biopharmaceutical industry. He also chairs the Biopharma Cluster South Germany and advises biotech companies on CMC development and biomanufacturing strategy. Prof. Bruce Levine, PhD, is the Barbara and Edward Netter Professor in Cancer Gene Therapy and Founding Director of the Clinical Cell and Vaccine Production Facility at the University of Pennsylvania. He is co-inventor of Kymriah, the first FDA-approved CAR T cell therapy for leukaemia and lymphoma and has led pioneering first-in-human trials in cell and gene therapy. He is a co-founder of Tmunity and Capstan Therapeutics, holds over 30 US patents and has published more than 200 scientific papers. He is a Past President of the International Society for Cell and Gene Therapy and serves on the board of the Alliance for Cancer Gene Therapy. Prof. Axel Schambach, MD, PhD, is Director of the Institute of Experimental Hematology and Professor for Gene Modification of Somatic Cells at Hannover Medical School. His research focuses on the molecular pathophysiology of inborn and acquired diseases, with an emphasis on developing innovative gene therapy strategies, including novel vector systems and genome editing tools. He has received prestigious European grants for his pioneering work on gene therapies for hearing loss and is recognised for advancing precision genome editing and translational gene therapy. Prof. Schambach has contributed to a number of cell and gene therapy clinical trials. Prof. Luk Vandenberghe, PhD, is the Grousbeck Associate Professor in Gene Therapy at Harvard Medical School and Director of the Grousbeck Gene Therapy Center at Mass Eye and Ear and Mass General Brigham. A pioneer in AAV gene therapy, he co-invented AAV9 and has advanced novel vector technologies for treating neurosensory and other disorders. He has co-founded GenSight Biologics, Akouos, Affinia Therapeutics and the non-profit Odylia Therapeutics. Prof. Vandenberghe holds over 30 patents with more than 100 peer-reviewed publications in gene therapy research. Dr. Heather Preston (Observer and Independent Non-Executive Director of OXB) has over 30 years of experience in healthcare as a scientist, physician and management consultant and has been an investor in life sciences and biotechnology for more than 20 years. Over the course of her career, Dr. Preston has also served as a director on the boards of Oxford Science Enterprises plc, Karuna Pharmaceuticals and Akouos Inc. Dr. Preston also sits on the boards of Oxford Nanopore Technologies plc and Aligos Therapeutics, a Nasdaq-listed company. In addition, she is a Senior Advisor to TPG Biotech. Dr. Preston holds a degree in Medicine from the University of Oxford. The following members of OXB’s senior leadership team also sit on the Innovation and Technology Excellence Board: Dr. Frank Mathias (Chief Executive Officer of OXB) brings over 30 years of leadership experience in the biopharmaceutical and CDMO sectors. Prior to joining OXB, Dr. Mathias was previously the CEO of Rentschler Biopharma SE, which he successfully developed into a leading global, full-service CDMO. Prior to Rentschler, Dr. Mathias was CEO of Medigene AG, a publicly listed immuno-oncology company focusing on the development of T-cell-based cancer therapies. He is currently the Chairman of the Board of Directors of ArcticZymes Technologies ASA, a supplier of best-in-class enzyme technologies. Dr. Mathias has also served in senior roles at leading global pharmaceutical companies including Amgen Deutschland GmbH, Servier Deutschland GmbH and Hoechst AG and, in 2019, was awarded the title of “EY Entrepreneur of the Year” in Germany. Dr. Mathias is a pharmacist by training and completed his Doctorate in Pharmacy at Paris VI University. Thierry Cournez (Chief Operating Officer of OXB) has extensive experience in Sales, Marketing and GMP/GLP operations, with broad industry knowledge in the life science, biopharma and CDMO ecosystems. Prior to joining OXB, he served as Vice President of Global Testing Operations Bioreliance® at Merck Life Science, where he successfully managed large capacity expansion projects and held international responsibility for contract testing operations across the US, UK, Singapore and China. Prior to this, in his role as Vice President of End-to-End Bioprocessing Solutions, Mr. Cournez built and developed Merck Life Science’s End-to-End Promise Venture business unit, which involved the delivery and implementation of CDMO solutions for biopharma clients. Mr. Cournez holds an Engineer’s Degree in Biochemistry and Molecular Biology from INSA, Lyon, alongside a Master’s of Science in Molecular Biology from Paris VI University. Dr. Kyriacos Mitrophanous (Chief Innovation Officer of OXB) has over 30 years of lentiviral vector experience covering a range of technical disciplines, including the development of cell and gene therapies, delivery platform technologies, bioprocessing and analytics. Dr. Mitrophanous is a recognised world-class expert in the field, a named inventor on numerous lentiviral vector patents and an author of a number of key papers. In his current role, he is responsible for all aspects regarding client focussed innovation. He holds a PhD in Molecular Biology from University College London and has conducted post-doctoral research at the University of Oxford. Dr. Sébastien Ribault (Chief Business Officer of OXB) has over 25 years of experience across the biotechnology industry and CDMO space. Dr. Ribault was previously at Merck Life Science where he was Vice President & Head of Biologics and Viral Vector CDMO, leading Merck’s CDMO expansion project, establishing the Services business case and helping to establish the Life Science Services business unit. Prior to his 17 years with Merck Life Science, Dr. Ribault was a Gene Therapy Development Scientist at Transgene and Head of the R&D Laboratory at Hemosystem. He has a PhD in Molecular and Cellular Biology from the University of Strasbourg. Enquiries: OXB: Dr. Kyriacos Mitrophanous, Chief Innovation Officer – T: +44 (0) 1865 783 000 / E: partnering@oxb.com ICR Healthcare: T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi 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.
OXB to Present at the 28th Annual Meeting of the American Society of Gene and Cell Therapy (ASGCT)
Oxford, UK – 8 May 2025: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces its participation in the 28th Annual Meeting of the American Society of Gene and Cell Therapy (ASGCT), taking place from 13–17 May 2025 at the Ernest N. Morial Convention Center in New Orleans, Louisiana. The Company will exhibit at Booth #1611, where delegates can meet OXB’s team of viral vector experts and explore its development and manufacturing capabilities across lentiviral, AAV and other viral vector types. OXB will also contribute to the scientific programme through an industry-sponsored symposium, five poster presentations, and two oral presentations. Industry-Sponsored Symposium Accelerate Time to Clinic: A Process and Analytics Platform Approach Speaker: Ify Iwuchukwu, PhD, Vice President, Development Services, Head of Process and Analytical Development Date: Tuesday, 13 May 2025 Time: 14:00–14:30 CDT Location: Room 391–392 Poster Presentations The 3 Rs of Replication-Competent Lentivirus (RCL) Formation Risk: Real, Rare, or Artificial? Presenter: Dan Farley, PhD Date: Wednesday, 14 May 2025 Time: 17:30–19:30 CDT Location: Hall I2 Enhancing Titers of Therapeutic Lentiviral Vectors using PKC Agonists Presenter: André Raposo, PhD Date: Wednesday, 14 May 2025 Time: 17:30–19:30 CDT Location: Hall I2 Optimising the Production of the 4th Generation Lentiviral Vector (LV) TetraVecta™ System: Towards Plug-and-Play LV Manufacturing Presenter: Dan Farley, PhD Date: Wednesday, 14 May 2025 Time: 17:30–19:30 CDT Location: Hall I2 The Impact of Individual Helper Genes on AAV Productivity Presenter: Katrina Costa-Grant Date: Thursday, 15 May 2025 Time: 17:30–19:30 CDT Location: Hall I2 Evaluation of Salt-Tolerant Endonucleases for Lentiviral Vector Purification Presenter: Alice Oliveira Aguiar Date: Thursday, 15 May 2025 Time: 17:30–19:30 CDT Location: Hall I2 Oral Presentations Enhancing Upstream Processes for High-Yield, High-Quality AAV Vector Production Using a Novel In-House Cell Line Presenter: Dicky Gilmore Date: Friday, 16 May 2025 Time: 15:45–16:00 CDT Location: New Orleans Theater C Diving Deeper: Using a SYBR Gold Capsid Ejection Assay as an Orthogonal Method of Measuring Potency and VP1 Deamidation in AAV9 Drug Product Samples Presenter: Michaela Duffy Date: Friday, 16 May 2025 Time: 17:00–17:15 CDT Location: Room 288–290 Further information on OXB’s participation at ASGCT 2025 is available at www.asgct.org. Enquiries: OXB: Sebastien Ribault, Chief Business Officer – T: +44 (0) 1865 783 000 / E: partnering@oxb.com ICR Healthcare: T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi 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.
2025 Annual General Meeting notification
Oxford, UK – 28 April 2025: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, gives notice that the Notice of Annual General Meeting (“AGM”) together with a copy of the 2024 Annual report and accounts are being sent to shareholders today. These documents are available on the “Investors” section of the Group’s website at www.oxb.com. In accordance with UK Listing rule 14.3.6R, a copy of the Notice of AGM has been submitted to the Financial Conduct Authority for publication through the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. The Company intends to hold its AGM on Wednesday 11 June 2025 at its offices at Windrush Court, Transport Way, Oxford OX4 6LT, commencing at 3:00 p.m. Enquiries: OXB: Natalie Walter, Company Secretary – T: +44 (0) 1865 783 000 / E: cosec@oxb.com ICR Healthcare: T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi 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 span 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), 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 bioprocessing and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France and near Boston, MA, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube.
Preliminary results for the year ended 31 December 2024
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.
OXB honoured at 2025 CDMO Leadership Awards in ‘Cell & Gene Therapy – Global’ category
Oxford, UK – 21 March 2025: OXB (LSE: OXB) (the “Company”), a quality and innovation-led cell and gene therapy CDMO, today announces that the Company has been recognised as a winner in the ‘Cell & Gene Therapy – Global’ category at the 2025 CDMO Leadership Awards. The annual CDMO Leadership Awards recognise excellence in contract development and manufacturing based on independent surveys from leading global biopharma and biotechnology companies. The awards use feedback exclusively from experienced industry leaders to evaluate CDMOs across key performance metrics. OXB’s recognition reflects the Company’s excellence in quality, innovation and service capabilities across its integrated global network of facilities, and highlights its growing position as a world-leading cell and gene therapy CDMO. Dr. Sebastien Ribault, Chief Business Officer of OXB, said: “We are honoured to receive this recognition which validates our successful transformation into a pure-play cell and gene therapy CDMO. This award reflects both our 30-year heritage of innovation in viral vectors and the success of our ‘One OXB’ multi-vector, multi-site strategy across the UK, US and France. Most importantly, it acknowledges our team’s commitment to quality and collaboration as we work alongside our clients to enable the delivery of life-changing therapies to patients worldwide.” This industry recognition coincides with a period of strong commercial momentum for OXB, with growing demand for its CDMO services across all key viral vector types and an expanding global client portfolio spanning multiple development stages from early clinical work through to commercialisation. Enquiries: OXB: Sebastien Ribault, Chief Business Officer – T: +44 (0) 1865 783 000 / E: partnering@oxb.com ICR Healthcare: T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi About OXB OXB (LSE: OXB) is a 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 span 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), 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 bioprocessing and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France and near Boston, MA, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube.