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
Preliminary results for the year ended 31 December 2025
Strong 2025 financial performance; revenues at upper end of guidance, with full year Operating EBITDA profitability achieved: Revenue growth of 33% to £170.9 million (CC) (FY 2024: £128.8 million) Operating EBITDA profit of £8.1 million (CC) (FY2024: £(15.3) million), driven by revenue growth and increasing focus on operating costs, and including one-off gain from the acquisition of the Durham, North Carolina (NC) facility. Underlying Operating EBITDA CC of £3.3 million, excluding the impact of the Durham, NC facility (the gain, acquisition, integration and site costs). Revenue backlog up c.36% to c.£204 million, a strong indicator of future revenues and continued growth through 2026 and beyond. Contracted value of orders up c.20% YoY to £224 million reflecting strong commercial momentum. Strategic expansion of global CDMO network with acquisition of FDA-approved commercial-scale viral vector manufacturing facility in Durham, NC. New multi-year Commercial Supply Agreement with Bristol Myers Squibb (BMS) for the manufacture and supply of lentiviral vectors for BMS’ CAR-T programmes (signed post-period). Financial guidance: FY 2026 revenues of £220 – 240 million with Operating EBITDA margin c.10%; medium‑term revenue growth of 25 – 30% in FY27 – 28 and EBITDA margins rising to at least 20% in FY 2027, with longer‑term potential approaching c.30% over a five-to-six-year period. Oxford, UK – 26 March 2026: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces preliminary results for the year ended 31 December 2025. Dr. Frank Mathias, Chief Executive Officer of OXB, commented: “2025 was a year of outstanding execution for OXB as we delivered on our pure-play CDMO strategy. Strong commercial and operational execution resulted in 33% (CC) revenue growth and Operating EBITDA profitability. “During the year, we made targeted investments across our global network to expand capacity and increase efficiency, including the acquisition of an FDA-approved, commercial scale viral vector manufacturing facility in Durham, North Carolina. This has enhanced our late-stage and commercial capabilities, particularly in AAV, whilst strengthening our world-class offering to clients. Innovation remained central to this, with enhancements to our platforms and analytical capabilities to enable faster, more scalable, high-quality and cost-effective manufacturing. “Alongside this, demand increased across all vector types, as more client programmes progressed into later-stage development, driving a significant increase in orders and strengthening revenue visibility into 2026 and early 2027. “With an established and growing position as a global leader in viral vector development and manufacturing, an integrated global network and a strong balance sheet, OXB enters 2026 well positioned to deliver on our near and medium-term guidance and continue our trajectory of sustainable profitable growth.” SUMMARY FINANCIAL PERFORMANCE £’m 2025 2024 % change Revenue* 168.7 128.8 31.0% Manufacturing services 81.1 68.4 18.6% Development services 60.1 47.3 27.1% Procurement services 22.3 5.8 284.5% Licences, milestones and royalties 5.2 7.3 (27.4)% Cost of Sales (102.8) (75.8) 36.0% Gross Profit 66.0 53.0 23.8% Operating EBITDA** 2.3 (15.3) 115.0% * Revenue was £170.9 million in constant currency ** Operating EBITDA was £8.1 million in constant currency *** Underlying EBITDA was £3.3 million in constant currency excluding the gain (£9.9 million), acquisition (£1.3 million), integration and site (£3.8 million) costs for the Durham, NC facility. FINANCIAL AND OPERATIONAL HIGHLIGHTS Revenues increased by 33% on a constant currency basis (CC)1 to £170.9 million CC; reported revenues increased 31% to £168.7 million (2024: £128.8 million), demonstrating continued momentum Revenue growth was driven by: Growth in lentiviral vector GMP manufacturing, supporting clinical and commercial launch programmes. Increased client progression through clinical development, reflected in higher development revenues from process characterisation and validation work. Growth in Procurement and Storage services, supporting clients preparing for commercialisation by ensuring stability of raw material supply. Significant improvement in profitability, with Operating EBITDA profit of £2.3 million (£8.1 million (CC)), driven by stronger revenues and increasing focus on operating costs (2024 loss: £(15.3) million). Includes a non-recurring gain of £9.9 million and costs of £1.3 million related to the acquisition of the Durham, NC facility. Underlying Operating EBITDA CC of £3.3 million; excludes the benefit of the one-off non-recurring gain related to the acquisition of the Durham, NC facility of £9.9 million and the costs associated with the site, its integration and purchase. Operating loss substantially lower at £(22.5) million (2024 loss: £(39.4) million) reflecting strong revenue growth and disciplined cost control. Acquisition of an FDA approved commercial-scale viral vector manufacturing facility in Durham, NC for $4.5 million (£3.3 million). The transaction comprised a purchase of key assets with a fair value of $17.9 million (£13.3 million), resulting in a favourable gain of $13.4 million (£9.9 million). Improved net cash from operations of £0.5 million (2024 loss: £(50.7) million) reflecting improved operating performance, disciplined cash control and increased client deposits and upfront payments. Cash at 31 December 2025 was £96.9 million (2024: £60.7 million); net cash at 31 December 2025 was £55.4 million (2024: £20.6 million). Completed several key financial transactions in 2025 including: Increased ownership of Oxford Biomedica (US) LLC (“OXB US”) by purchasing the remaining 10% interest for $2.5 million (£2.0 million), extinguishing the put/call option held on the balance sheet. New four-year term loan facility of up to $125 million with Oaktree Capital Management, L.P. (“Oaktree”). Equity placing raising additional c.£60 million to invest in and scale OXB’s global network. In February 2026, post-period end, OXB announced a new multi-year Commercial Supply Agreement with BMS, for the manufacture and supply of lentiviral vectors for BMS’ CAR-T programmes. In March, post-period end, OXB extended global reach of its platforms through a licensing and option agreement with Australian CDMO Viral Vector Manufacturing Facility (VVMF). In March, post-period end, the Board approved, a further $15 million draw down under the existing Oaktree loan facility, from the total principal amount of $125 million. 1CC refers to Constant Currency, which refers to the equivalent growth based on the prior year exchange rates. 2Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment, revaluation of investments and assets at fair value through profit and loss and share based payments) is a non-GAAP measure often used as a surrogate for operational cash flow as it excludes from operating profit or loss all non-cash items, including the charge for share based payments. However, deferred bonus share option charges are not added back to operating profits in the determination of Operating EBITDA as they may be paid in cash upon the instruction of the Remuneration Committee. A reconciliation to GAAP measures is provided on page 17. OUTLOOK AND FINANCIAL GUIDANCE On a constant currency basis, FY 2026 revenues are expected to be between £220-240 million, representing >35% CAGR for 2023-2026 and Operating EBITDA margin is expected to be approximately 10% In FY 2026, revenues and EBITDA are expected to be second half weighted with H2 set to benefit from the completion of the AAV and lentiviral vector technology transfers in France and the ramp up of Durham revenues H1 2026 is expected to be loss-making on an EBITDA level due to the phasing of revenues, planned shutdowns and non-recurring costs, with H2 delivering a double-digit Operating EBITDA margin Contracted client orders of £224 million in FY 2025 and revenue backlog of c. £204 million at 31 December 2025 reinforces confidence in continued growth through 2026 and beyond 60% of forecasted 2026 revenues are covered by contracted client orders (subject to revenue performance obligations), with over 80% coverage including the risk adjusted pipeline, providing good visibility for the year (as at February 2026) Analyst briefing OXB’s management team, led by Dr. Frank Mathias, CEO, Dr. Lucinda Crabtree, CFO and Dr. Sebastien Ribault, CBO will host a virtual analyst briefing and Q&A session today at 13:00 GMT / 08:00 ET. 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 Capital Markets Day As previously announced, the Company will hold its Capital Markets Day at the London Stock Exchange Group (LSEG) headquarters on 2 June 2026. The event will provide investors and analysts with an overview of OXB’s strategy, positioning within the growing cell and gene therapy (CGT) market, and progress in strengthening its global capabilities and client partnerships. Presentations from senior leadership will outline OXB’s strategic priorities, innovation and technology platforms, and approach to supporting clients across the CGT value chain. The event will also include external industry perspectives on sector trends and the evolving market opportunity. Further details, including the agenda and registration information, will be provided in due course. Enquiries OXB T: +44 (0) 1865 509 737 / E: ir@oxb.com Sophia Bolhassan, Head of Investor Relations ICR Healthcare T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com Mary-Jane Elliott / Sarah Elton-Farr / Angela Gray RBC Capital Markets (Joint Corporate Broker) T: +44 (0)20 7653 4000 Matthew Coakes / Kathryn Deegan Jefferies (Joint Corporate Broker) T: +44 (0)20 7029 8000 Sam Barnett / Gil Bar-Nahum 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 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 FTSE250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA, and Durham NC, US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube. Read the OXFORD BIOMEDICA PLC Preliminary results for the year ended 31 December 2025 in full: Download PDF here
OXB enters into licensing agreement with Viral Vector Manufacturing Facility (VVMF), providing access to its AAV and LV viral vector platforms
Oxford, UK – 18 March 2026: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces that it has entered into a licensing and option agreement with Viral Vector Manufacturing Facility (VVMF), an Australian CDMO and the country’s first commercial manufacturing facility of its kind. Further to the non-binding terms sheet signed in October 2025, this agreement provides VVMF with a worldwide, non-exclusive licence to OXB’s proprietary inAAVate™ platform know-how and intellectual property, with an option to extend the licence to its proprietary LentiVector™ platform. In return, OXB will receive a low single-digit million licence fee and is eligible for future payments related to the use of its platforms. This five-year licence underpins the strategic collaboration between OXB and VVMF, enabling VVMF to accelerate its operational and commercial readiness to provide advanced viral vector technologies to customers, capturing global demand with a particular focus on the fast-growing APAC region, and positioning Australia as a regional hub for high‑quality cell and gene therapy manufacturing. By collaborating with VVMF, OXB is extending the global reach of its platforms, reinforcing its position as a trusted provider of viral vector development and manufacturing services. The agreement highlights the scalability and reliability of OXB’s platforms and technologies and reflects growing international recognition of its expertise. Dr Sébastien Ribault, Chief Business Officer of OXB, said: “This agreement is a strong endorsement of OXB’s position as a world-leading viral vector CDMO. It demonstrates the robustness and adaptability of our platforms, technologies, and quality systems, enabling other organisations to benefit from the high standards we’ve established in viral vector manufacturing. Partnering with VVMF not only gives us a strategic foothold in Australia but also creates a launchpad to serve clients across the APAC region, further strengthening the global foundation for reliable AAV and lentiviral vector production”. Stephen Thompson, Chief Executive Officer of VVMF, added: “Access to the OXB platforms gives us a strong foundation as we continue to build our capabilities, leveraging OXB’s expertise and global brand recognition to establish a leadership position in the APAC region. The collaboration will help us accelerate operational readiness and ensure our processes are aligned with recognised industry standards. We look forward to working closely with the OXB team as we establish reliable and scalable manufacturing capabilities.” -Ends- Enquiries: OXB: Sebastien Ribault, Chief Business Officer – T: +44 (0) 1865 783 000 / E: partnering@oxb.com VVMF: E: media@vvmf.com.au 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 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 FTSE250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA, and Durham NC, US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube. About VVMF – Unlocking the Future of Medicine Viral Vector Manufacturing Facility Pty. Ltd. (VVMF) is Australia’s only Contract Development and Manufacturing Organisation (CDMO) dedicated to providing services in the research, design, development, and manufacture of viral vectors for advanced therapeutic applications. VVMF partners with researchers, clinicians, and bio-pharma companies to accelerate the path to market for cell and gene therapies to local and global patients. Viral vectors play a crucial role in delivering genetic material into cells and are central to innovative treatments in areas of medicine including cancers and rare diseases.
OXB announces date for Capital Markets Day and participation in upcoming investor conferences
Oxford, UK – 3 March 2026: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces the date of its Capital Markets Day and participation at upcoming investor conferences. Capital Markets Day OXB will hold its Capital Markets Day at the London Stock Exchange Group (LSEG) headquarters on 2 June 2026. Further details, including the agenda and registration information, will be provided in due course. Upcoming Investor Conferences UBS European Healthcare Conference Date: 3 – 4 March 2026 Location: London, UK Berenberg UK Corporate Conference Date: 17- 19 March 2026 Location: Watford, UK 25th Annual Needham Virtual Healthcare Conference Date: 13 – 16 April 2026 Location: Virtual Berenberg Midsummer Midcaps Conference Date: 4 – 5 June 2026 Location: Ascot, UK Investors attending any of the above conferences who would like to meet with OXB are welcome to contact the Company’s IR team via ir@oxb.com. Live webcasts and recordings of presentations, where available, will be accessible under ‘Results, Reports, Presentations & Webcasts’ in the Investor Relations section of OXB’s website at www.oxb.com. FY 2025 Preliminary Results As previously announced, OXB will report its preliminary results for the twelve months ended 31 December 2025 on 26 March 2026. OXB’s management team, led by Dr. Frank Mathias, Chief Executive Officer, Dr. Lucy Crabtree, Chief Financial Officer, and Dr. Sébastien Ribault, Chief Business Officer, will host a virtual analyst briefing at 13:00 GMT / 08:00 ET. To register, please contact oxb@icrhealthcare.com. For details of other upcoming financial events, please refer to the Company’s investor calendar at https://oxb.com/investor-events/. -Ends- Enquiries: OXB: T: +44 (0) 1865 509 737 / E: ir@oxb.com Sophia Bolhassan, Head of Investor Relations ICR Healthcare: T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com Mary-Jane Elliott / Sarah Elton-Farr / 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 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 FTSE 250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA, and Durham NC, US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube.
Full year Trading Update and Notice of Results
Revenues expected to increase c.30% as OXB continues to execute its strategy, FY 2025 revenues expected to be £166-169 million (£168 – 171 million CC1), at the upper end of guidance of £160-170 million (CC) (FY 2024: £128.8 million) FY 2025 Operating EBITDA2profitability expected to be mid-to-high single-digit £ million (CC) including a larger than expected non-recurring gain from the Durham, NC acquisition; excluding the impact of the acquisition, underlying Operating EBITDA profit expected to be low single-digit £ million (CC) for FY 2025 (FY 2024: £(15.3) million loss) in line with guidance FY 2025 contracted value of client orders3 increased 20% to £224 million (FY 2024: £186 million); reflecting increased demand from both existing and new clients Oxford, UK – 24 February 2026: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, provides a trading update for the full year ended 31 December 2025. Dr. Frank Mathias, Chief Executive Officer of OXB, commented: “2025 has been a milestone year for OXB, in which we continued to successfully execute our pure-play CDMO strategy and expect to deliver an outstanding full-year performance with continued strong revenue growth and EBITDA-level profitability. “Expected FY 2025 revenues represent a nearly 90% growth since FY 2023, further demonstrating the scale and momentum we have built over the past two years. These results reflect sustained demand for our viral vector services, and improved operational efficiency throughout our global network.” Strong 2025 performance expected to deliver EBITDA profitability For the year ended 31 December 2025, OXB (the “Company”) expects to report revenues of £166-169 million (£168 – 171 million CC), at the upper end of guidance of £160 – £170 million (CC). This performance represents an increase of c.30% over FY 2024 revenues of £128.8 million and an almost 90% revenue growth since FY 2023, reflecting the strong execution of the Company’s pure‑play CDMO strategy and sustained demand as client programmes progress. For FY 2025 the Company expects to report mid-to-high single-digit £ million Operating EBITDA profitability (CC), which includes a larger than expected non-recurring gain associated with the acquisition of a viral vector manufacturing facility in Durham, North Carolina (NC) from National Resilience, Inc. in October 2025. On an underlying basis, excluding the impact of this acquisition and the associated costs, Operating EBITDA is expected to be in line with guidance of low single-digit £ million profitability (CC), driven by increased revenue growth, operational efficiency and disciplined cost control. OXB closed the year with a strong balance sheet, including a gross cash position of £96.9 million and a net cash position of £55.4 million. The balance sheet was strengthened by a c.£60 million equity raise in August 2025 and entry into a new four-year loan facility of up to $125 million with Oaktree, of which $60 million has been drawn to date, of which $50 million was used to repay the existing loan facility. Together, these provide additional liquidity and support for planned capacity expansion to meet growing client demand and the pursuit of OXB’s medium-term ambitions. Commercial momentum supporting growth in 2026 and beyond Reflecting increasing demand for OXB’s services, the contracted value of client orders reached £224 million for the year ended 31 December 2025, an increase of 20% compared to £186 million for the year ended 31 December 2024. Revenue backlog4 stood at approximately £204 million as at 31 December 2025 compared to approximately £150 million as at 31 December 2024. As a result of this commercial momentum, the Company expects to continue to deliver above-market revenue growth, and an expansion of EBITDA margins following positive Operating EBITDA in 2025. The Company therefore reiterates its short- and medium-term financial guidance. FY 2026 revenues are expected to be between £220-240 million (CC). The Company expects 25-30% year-on-year revenue growth in 2027 and 2028, ahead of the broader market. Operating EBITDA margin is expected to exceed 10% in FY 2026 and be at least 20% for FY 2027, with long-term potential to approach c.30% (within a five-to-six year time period) as expanded capacity is utilised. Notice of Preliminary Results OXB will report its preliminary results for the twelve months ended 31 December 2025 on 26 March 2026. OXB’s management team, led by Dr. Frank Mathias, CEO, Dr. Lucinda Crabtree, CFO and Dr. Sebastien Ribault, CBO will host a virtual analyst briefing at 13:00 GMT / 08:00 ET. To register, please contact oxb@icrhealthcare.com. 1 CC refers to constant currency, the equivalent values based on the prior year exchange rates. 2 Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, revaluation of investments and assets at fair value through profit and loss, and share based payments) is a non-GAAP measure often used as a surrogate for operational cash flow as it excludes from operating profit or loss all non-cash items, including the charge for share based payments. 3 Contracted value of client orders represents the gross 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. 4 Revenue backlog represents the ordered gross value of CDMO revenues available to earn. The value of customer orders included in revenue backlog only includes the value of work for which the customer has signed a financial commitment for OXB to undertake, whereby any changes to agreed values will be subject to change orders, cancellation fees or the triggering of optional/contingent contractual clauses. -Ends- 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 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 FTSE 250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA, and Durham NC, US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube. APPENDIX: RULE 28 OF THE TAKEOVER CODE FY25 Profit Estimate The following statements included in this announcement constitute an ordinary course profit forecast for the purposes of Rule 28.1(a) and Note 2(b) on Rule 28.1 of the Takeover Code (the “FY25 Profit Estimate”): “FY 2025 Operating EBITDA2 profitability expected to be mid-to-high single-digit £ million (CC) including a larger than expected non-recurring gain from the Durham, NC acquisition; excluding the impact of the acquisition, underlying Operating EBITDA profit expected to be low single-digit £ million (CC) for FY 2025 (FY 2024: £(15.3) million loss) in line with guidance.” “For FY 2025 the Company expects to report mid-to-high single-digit £ million Operating EBITDA profitability (CC), which includes a larger than expected non-recurring gain associated with the acquisition of a viral vector manufacturing facility in Durham, North Carolina (NC) from National Resilience, Inc. in October 2025. On an underlying basis, excluding the impact of this acquisition and the associated costs, Operating EBITDA is expected to be in line with guidance of low single-digit £ million profitability (CC), driven by increased revenue growth, operational efficiency and disciplined cost control.” FY26 Profit Forecast In addition, the following statements included in this announcement constitute an ordinary course profit forecast for the purposes of Rule 28.1(a) and Note 2(b) on Rule 28.1 of the Code (the “FY26 Profit Forecast”): “FY 2026 revenues are expected to be between £220-240 million (CC). The Company expects 25-30% year-on-year revenue growth in 2027 and 2028, ahead of the broader market. Operating EBITDA margin is expected to exceed 10% in FY 2026 and be at least 20% for FY 2027, with long-term potential to approach c.30% (within a five-to-six year time period) as expanded capacity is utilised.” “Expectations for 2026 unchanged and guidance reiterated” “The Company therefore reiterates its short- and medium-term financial guidance.” FY27 Profit Forecast In addition, the following statements included in this announcement constitutes a profit forecast for a financial period ending more than 15 months from the date in which it is published for the purposes of Rule 28.2(a) of the Code (the “FY27 Profit Forecast”): “FY 2026 revenues are expected to be between £220-240 million (CC). The Company expects 25-30% year-on-year revenue growth in 2027 and 2028, ahead of the broader market. Operating EBITDA margin is expected to exceed 10% in FY 2026 and be at least 20% for FY 2027, with long-term potential to approach c.30% (within a five-to-six year time period) as expanded capacity is utilised.” “Expectations for 2026 unchanged and guidance reiterated” “The Company therefore reiterates its short- and medium-term financial guidance.” Directors’ confirmation Pursuant to Note 2(a) to Rule 28.1 and Rule 28.2(a) of the Code, the Panel granted a dispensation from the Code requirement for the Company’s reporting accountants and financial advisers to prepare reports in relation to the FY25 Profit Estimate, FY26 Profit Forecast, and FY27 Profit Forecast. In accordance with Rule 28.1(c)(i) of the Code, the OXB Directors confirm that the FY25 Profit Estimate, FY26 Profit Forecast, and FY27 Profit Forecast remain valid as at the date of this announcement and each has been properly compiled on the basis of the assumptions stated below, and that the basis of accounting used is consistent with OXB’s accounting policies. Basis of preparation The FY25 Profit Estimate is based on OXB’s current internal unaudited consolidated accounts for the year ended 31 December 2025. The basis of the accounting policies used in the FY25 Profit Estimate is consistent with the existing accounting policies of the Company. These policies are consistent with those applied in the preparation of OXB’s annual results for the year ended 31 December 2024. The FY26 and FY27 Profit Forecasts are based on internal OXB forecasts on a constant currency basis. The basis of the accounting policies used in the FY26 Forecast and FY27 Profit Forecast is consistent with the existing accounting policies of the Company. Assumptions The FY25 Profit Estimate is not based on any assumptions. The FY26 Profit Forecast and the FY27 Profit Forecast are based on the following assumptions: Factors outside the influence or control of the OXB Directors There will be no material changes to existing prevailing macroeconomic or political conditions in the markets and regions in which the Company operates. There will be no material changes to the general market conditions or the behaviour of competitors in the markets and regions in which the Company operates. There will be no material adverse change to the Company’s commercial relationships or customer demand. Interest rates, inflation, foreign exchange rates and tax rates in the markets and regions in which the Company operates will remain materially unchanged from prevailing levels. There will be no material adverse events that have a significant impact on the Company’s financial performance, including business disruptions affecting the Company or its key customers. There will be no material changes in legislation, regulatory requirements or accounting policies that materially impact the Company’s operations or reported results. There will be no material litigation in relation to any of the Company’s operations. Factors within the influence and control of the OXB Directors There will be no material change to the present management of the Company. There will be no material change in the operational strategy of the Company. There will be no material adverse change in the Company’s ability to maintain customer and partner relationships. There will be no material acquisitions or disposals. There will be no material strategic investments over and above those currently planned. There will be no material change in the dividend or capital policies of the Company.
OXB Signs New Multi-Year Commercial Supply Agreement with Bristol Myers Squibb
OXB to become commercial manufacturer of lentiviral vectors for Bristol Myers Squibb (BMS) CAR-T programmes Multi-year agreement with five-year initial term and option to extend Oxford, UK – 4 February 2026: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces it has expanded its strategic partnership with Bristol Myers Squibb (“BMS”) (NYSE: BMY), signing a new Commercial Supply Agreement (CSA) for the manufacture and supply of lentiviral vectors for BMS’ CAR-T programmes. This expanded partnership builds on the existing relationship with Bristol Myers Squibb, originally announced in March 2020. Under the new agreement, OXB is expected to commence commercial manufacturing in 2026, subject to regulatory approval of the relevant CAR-T products. Manufacturing will take place at OXB’s facilities in Oxford, UK, and Durham NC, US. The CSA is expected to generate meaningful multi-year revenue and supports the Company’s existing medium-term financial guidance, demonstrating further successful execution of OXB’s focused cell and gene therapy CDMO strategy. Dr Sebastien Ribault, Chief Business Officer of OXB, commented: “The transition from clinical to commercial manufacturing with BMS marks an important milestone for both companies. Having supported these potentially life-saving CAR-T programmes through development, we are confident in their commercial success and look forward to continuing our partnership with BMS. This long-term commitment underlines our excellent revenue visibility, reflects our strong track record, and demonstrates continued successful execution of our strategy as a leading cell and gene therapy CDMO.” Chris Holt, Vice President, Cell Therapy Vector and External Manufacturing Operations, Bristol Myers Squibb, added: “OXB has been an excellent manufacturing partner supporting our CAR-T cell therapy programmes through clinical development. This expanded agreement reflects our confidence in their world-class capabilities and proven expertise in delivering high-quality, commercial-grade viral vectors. As we advance our innovative CAR-T therapies toward patients, this strategic partnership ensures reliable, scalable manufacturing capacity to meet commercial demand.” -Ends- 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 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 FTSE250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA and Durham NC, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube.
OXB honoured at 2025 CDMO Leadership Awards Europe in ‘Cell & Gene Therapy’ category
Oxford, UK – 29 October 2025: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces it has been recognised as a Champion in the ‘Cell & Gene Therapy’ category at the 2025 CDMO Leadership Awards Europe in Frankfurt. The prestigious Champion title is awarded to the highest-scoring CDMO in each category, based on direct feedback from biopharmaceutical professionals who have recently partnered with CDMOs. This recognition demonstrates OXB’s excellence in quality, innovation and service across its global network. It comes at a time of strong commercial momentum for OXB, driven by increased demand for its end-to-end CDMO services across key vector types and a growing portfolio of clients spanning all stages of development. Dr. Sebastien Ribault, Chief Business Officer of OXB, said: “We are honoured to receive this recognition from the CDMO Leadership Awards Europe. It reflects the trust and satisfaction of our clients and the dedication of our teams across the UK, US and France. As demand continues to grow, we remain committed to supporting our clients in delivering the next generation of transformative therapies to patients around the world.” Enquiries: OXB: T: +44 (0) 1865 783 000 / E: partnering@oxb.com Sebastien Ribault, Chief Business Officer 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 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 FTSE250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA, and Durham NC, US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube. About the CDMO Leadership Awards The CDMO Leadership Awards are presented by Outsourced Pharma and Life Science Connect. Winners are selected based on primary research conducted by Orientation Marketing, reflecting direct feedback from biopharmaceutical professionals who have recently partnered with CDMOs. The awards recognize contract development and manufacturing organizations that deliver excellence in quality, capabilities, expertise, reliability, compatibility, and service. Learn more at www.cmoleadershipawards.com.
OXB to participate in upcoming investor conferences and events
Oxford, UK – 27 October 2025:OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces that members of its senior management team, including Dr. Frank Mathias, Chief Executive Officer, and Dr. Lucy Crabtree, Chief Financial Officer, will participate in the following upcoming investor conferences and events. Details are provided below. Conferences Stifel Healthcare Conference (New York) Date: 11 November 2025 Fireside chat: 13:20 ET / 18:20 GMT Jefferies Global Healthcare Conference (London) Date: 18 November 2025 Presentation: 11:30 GMT / 06:30 ET Events Jefferies C-Suite “Back to School” Fireside Chat (Virtual) Date: 4 November 2025 Live webcasts and recordings of presentations, where available, will be accessible under ‘Results, Reports, Presentations & Webcasts’ in the Investor Relations section of OXB’s website at www.oxb.com. For details of other upcoming financial events, please refer to the Company’s investor calendar at https://oxb.com/investor-events/. -Ends- Enquiries: OXB: T: +44 (0) 1865 509 737 / E: ir@oxb.com Sophia Bolhassan, Head of Investor Relations 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 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 FTSE250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA, and Durham NC, US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube.
OXB expands US footprint with acquisition of commercial-scale viral vector facility in North Carolina
OXB acquires Resilience’s site in North Carolina, an FDA-approved, commercial-scale viral vector manufacturing facility In line with OXB’s previously announced strategy to add US GMP capacity across drug substance and fill-finish to meet growing client demand Strengthens OXB’s global CDMO network and enhances service offering for existing and prospective clients Supports existing near and medium-term financial guidance Oxford, UK – 7 October 2025: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces that it has signed and closed an asset purchase transaction to acquire a custom-built, state-of-the-art cell and gene therapy viral vector manufacturing facility in North Carolina from RTP Operating, LLC, a subsidiary of National Resilience Holdco, Inc. (Resilience). Commercial-scale GMP capacity in the US to meet demand from existing and new clients The acquisition expands OXB’s viral vector manufacturing capabilities in the US up to commercial-scale, increasing GMP capacity and enhancing services to clients across North America. The FDA approved facility in Durham, North Carolina adds scalable vector manufacturing capabilities and end-to-end services across drug substance and fill-finish. This acquisition enables OXB to support late-stage programmes and commercial launches from the US for new and existing clients worldwide, particularly in the adeno-associated virus (AAV) field. By leveraging an established, commercial-ready facility, the acquisition will expedite OXB’s ability to meet growing demand from existing clients while supporting new business opportunities. Located in North Carolina’s biopharma hub at Research Triangle Park (RTP), the site brings a skilled workforce and access to established industry networks. Unified global network for multi-vector, multi-site manufacturing The Durham, North Carolina site, complements OXB’s global network across Oxford, Lyon, Strasbourg and Bedford, MA, by adding US commercial-scale capabilities. The site includes two operational GMP drug substance suites, a dedicated fill-finish suite, a further GMP suite which is expansion-ready, as well as on-site QC labs and warehousing. Following the acquisition, OXB’s Bedford, MA site will remain an AAV centre of excellence for process and analytical development, focusing on early-stage development activities, with the new site in North Carolina set to become a hub for clinical and commercial activities. This acquisition is in line with the Company’s previously disclosed strategic initiatives to expand its US commercial capabilities. In August 2025, the Company raised c.£60 million gross proceeds through an equity placing in order to support investment to strengthen its CDMO network, including expansion of OXB’s US commercial-scale GMP capacity and advance process quality, productivity and yields. Transaction details and expansion plans Under the terms of the asset purchase agreement, OXB has paid $4.5 million (£3.4 million) in consideration for the assets, funded by existing cash. Integration planning has commenced, with key functions expected to be operational by Q1 2026. The Company expects to realise a single-digit gain in 2025 as a result of the transaction which is anticipated to broadly offset any acquisition-related and operational costs for the new site in 2025. The Company intends to invest in the new facility in North Carolina including hiring additional operational staff, in order to bring the site to full commercial readiness, with increased US fill-finish capacity and faster client onboarding. The Company will also continue to build on its previously disclosed plans to make strategic investments in its existing sites to meet growing client demand. Accordingly, its investment plans and capital expenditure expectations remain largely consistent with those announced in August 2025. Transaction supports top-line growth; existing financial guidance unchanged The Company’s existing financial guidance remains unchanged, with the acquisition supporting OXB’s long-term top-line growth outlook and existing near and medium-term financial guidance. The Company expects to deliver above-market growth, achieve EBITDA profitability from FY 2025 (on a constant currency basis), and strengthen its competitive position in the global viral vector market. Dr. Frank Mathias, Chief Executive Officer of OXB, commented: “This acquisition is a major milestone in OXB’s evolution as a global, innovation-led CDMO partner of choice. The FDA approved facility in North Carolina adds commercial-scale US manufacturing capabilities, accelerating OXB’s ability to meet growing demand from existing clients while supporting new business opportunities. It significantly expands our footprint in the world’s largest cell and gene therapy market and enhances our ability to support clients globally across all major viral vector types and stages of development, particularly those in the AAV field. By expanding our capabilities in the US, we’re executing on our growth strategy and unlocking long-term value for both clients and shareholders.” -Ends- Enquiries: OXB: T: +44 (0) 1865 509 737 / E: ir@oxb.com Sophia Bolhassan, Head of Investor Relations 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 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 FTSE250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA, and Durham NC, US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube.