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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Qualified assays and methods performed in-house
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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 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.
OXB to present at the Leerink Partners Global Healthcare Conference
Oxford, UK – 26 February 2025: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces that Dr. Lucinda Crabtree, Chief Financial Officer, will take part in a fireside chat at the Leerink Partners Global Healthcare Conference in Miami, Florida on Tuesday, 11 March 2025 at 2:20 PM EDT / 6:20 PM GMT. A live webcast of the fireside chat will be available on the ‘Investor Relations’ section of OXB’s website under ‘Results, Reports, Presentations & Webcasts’ at www.oxb.com. A replay will be accessible following the event. 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 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.
OXB’s lentiviral vector manufacturing technology to support Boehringer Ingelheim’s newly initiated Phase I/II trial of first-in-class gene therapy for cystic fibrosis
Oxford, UK – 20 February 2025: OXB (LSE:OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces that its proprietary lentiviral vector manufacturing technology will be used in Boehringer Ingelheim’s newly initiated LENTICLAIR™ 1 trial. The Phase I/II study is evaluating BI 3720931, a novel, first-in-class, inhaled gene therapy for the treatment of cystic fibrosis (CF). With three decades of expertise in viral vector development and manufacturing, OXB will support the development of this potential treatment for CF, a genetic condition caused by mutations in the CFTR gene that affects more than 100,000 people worldwide. While CFTR modulators have provided treatment options for some patients, there remains a significant unmet need for 10-15% of people with CF due to mutation type or modulator intolerance. BI 3720931 is a first-in-class, inhaled lentiviral vector-based gene therapy designed to address this need through a novel approach of inserting a functional copy of the CFTR gene in the DNA of airway epithelial cells. This trial builds on the successful collaboration initiated in August 2018 with Boehringer Ingelheim. OXB’s ongoing role in this programme highlights its reputation as a trusted CDMO and its commitment to advancing pioneering gene therapies that address significant unmet needs. Frank Mathias, Chief Executive Officer of OXB, said: “We are delighted that Boehringer Ingelheim is using OXB’s proprietary lentiviral vector manufacturing technology for the clinical development of their CF gene therapy. This programme has the potential to transform the lives of patients living with CF and exemplifies OXB’s commitment to supporting cutting-edge cell and gene therapies. We look forward to playing a key role in its progression.” 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 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. About Boehringer Ingelheim Boehringer Ingelheim is a biopharmaceutical company active in both human and animal health. As one of the industry’s top investors in Research and Development, the company focuses on developing innovative therapies in areas of high unmet medical need. Independent since its foundation in 1885, Boehringer takes a long-term perspective, embedding sustainability along the entire value chain. More than 53,500 employees serve over 130 markets to build a healthier, more sustainable, and equitable tomorrow. Learn more at https://www.boehringer-ingelheim.com.
Full Year Trading Update and Notice of Preliminary Results
Oxford, UK – 17 February 2025: OXB (LSE:OXB) (“the Company”), a global quality and innovation-led cell and gene therapy CDMO, today provides a trading update for the full year ended 31 December 2024. Dr. Frank Mathias, Chief Executive Officer of OXB, commented: “We are continuing to execute our multi-vector, multi-site “One OXB” strategy, and have successfully transformed our business into a pure-play CDMO. Our competitive advantage is reflected in our strong financial performance, with at least 78% organic revenue growth in the full year and our order book almost doubling since August, demonstrating the increasing demand for our CDMO services. Alongside strong commercial momentum, we have seen a strong improvement in our operating EBITDA as we progress towards profitability in 2025. With our unique positioning and long track record of 30 years, we are well positioned to capture a growing share of the expanding cell and gene therapy market and create significant value for our shareholders.” Strong 2024 performance in line with guidance with further strong progress expected in 2025 For the year ended 31 December 2024, OXB expects to report revenues of between £127 million and £129 million, in line with guidance of £126 million – £134 million and representing an increase of 42% – 44% over 2023 and organic growth of 78% – 81%. Organic growth excludes the impact of the acquisition of OXB France and the loss of revenues from Homology Medicines, Inc. The Company expects an operating EBITDA profit in the second half of 2024. Following the integration of OXB France and investments in technical and operational hires to support increased client activity, the Company expects a mid to high-teens Operating EBITDA loss for the full year 2024. With the UK site becoming profitable at the operating EBITDA level in the second half of 2024 and the France and US sites expected to have narrowing losses, the Company is confident of its ability to deliver sustainable profitability. OXB closed the year with a strong balance sheet, with a gross cash position of £60.7 million and a net cash position of £20.6 million. Revenue backlog1 stood at approximately £150 million as at 31 December 2024 compared to £94 million as at 31 December 2023. Given the strength of demand the Company is seeing, the commercial momentum in the business and the successful execution of the “One OXB” strategy, management is confident of delivering another year of strong progress on revenues and EBITDA profitability in 2025, in line with its existing guidance. Continued commercial momentum with growth in order book The Company continues to experience strong demand for its CDMO services with consistently positive client conversion seen in both new lentivirus and AAV orders as well as other viral vectors, further strengthening the portfolio of client programmes across a diverse customer base. The contracted value of client orders2 signed during 2024 reached approximately £186 million as at 31 December 2024, an increase of more than 30% compared to £138 million in 20233, supporting confidence in delivering further revenue growth in 2025. Growth accelerated meaningfully in September through to December, in which time OXB generated approximately half of the total order value signed during the year with good progress seen for the US site, giving the Company strong momentum to carry into 2025. Orders in the second half of 2024 included additional batches for late-stage programmes with clients preparing for commercialisation of their CAR-T products, as well as an increase in orders for new AAV clients. Additionally, an undisclosed US-based client preparing for a commercial launch has secured dedicated space at Oxbox, the Company’s Oxford-based manufacturing facility, ensuring long-term partnership stability and optimised capacity utilisation. “One OXB” CDMO strategy The Company’s “One OXB” multi-vector, multi-site strategy continues to progress well, with integration across its global network of sites advancing to plan, and a balanced portfolio of early and late stage projects, comprising lentivirus, AAV and other viral vectors. In the second half of 2024, OXB successfully enabled lentiviral vector manufacturing at its sites in France, which is already generating revenues from clients. Notice of Preliminary Results OXB will report its Preliminary Results for the twelve months ended 31 December 2024 on Wednesday 9 April 2025. A briefing for investors and analysts will take place at 13:00 BST / 08:00 ET at RBC Capital Markets, 100 Bishopsgate, London, EC2N 4AA. 1Revenue 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. 2Contracted 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. 3Includes contributions from milestones, licensing and royalties. -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 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.
OXB to host a free webinar on accelerating development of viral vectors through automated manufacturing and analytical development
Oxford, UK – 20 November 2024: OXB (LSE:OXB), a quality and innovation-led cell and gene therapy CDMO, today announces that it will host a free 60-minute webinar exploring how advanced robotics can be used to speed up the development of viral vector drug products. The webinar titled “Accelerating Viral Vector Manufacturing: the Use of Automation from Early Stage to QC Release” will be held on Monday 9 December 2024 at 16:00 GMT / 11:00 EST / 17:00 CET. The webinar will feature presentations by: André Raposo, PhD, Director, Innovation Department at OXB Gareth McCathie, PhD, Group Lead, Innovation Department at OXB Thomas Evans, Principal Scientist, Innovation Department at OXB The speakers will showcase OXB’s automation expertise in viral vector manufacturing, highlighting how automated systems and digital tools are used to optimise production processes and analytical workflows. The presentation will include case studies on transfection optimisation and the implementation of automated analytical methods such as qPCR, ELISA, and cell-based assays. The presentations will be followed by a live Q&A session. To register for the webinar, please click here. Enquiries: OXB: Sebastien Ribault, Chief Business Officer – T: +44 (0) 1865 509 737 / 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 more than 25 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.