Oxford Biomedica annual loss narrows; hails 'commercial momentum'

Oxford BioMedica PLC on Wednesday said its client portfolio continued to expand and diversify, noting it was on track to achieve ‘significant’ revenue growth consistent with medium-term guidance.

The Oxford, England-based cell and gene therapy contract development and manufacturing company said its pretax loss narrowed to £47.3 million in 2024 from £188.5 million in 2023.

Revenue grew 44% to £128.8 million from £89.5 million, while cost of sales increased 52% to £75.8 million from £49.8 million.

However, operating costs were reduced by 34% to £57.3 million from £86.2 million, and Oxford BioMedica reported no cost from the impairment of assets compared to £99.3 million in 2023.

Loss before interest, tax, depreciation and amortisation narrowed to £15.3 million from £52.8 million.

‘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,’ said Chief Executive Officer Frank Mathias.

He added: ‘Through continued focus on efficiency and a disciplined approach to our cost base, we also expect to achieve operating Ebitda profitability for FY 2025.’

The company expects annual revenue in 2025 to be second half-weighted and to grow by at least 24% to between £160 million and £170 million.

Oxford BioMedica forecasts revenue growth at a compound annual growth rate of more than 35% from 2023 to 2026.

Oxford BioMedica shares fell 5.1% to 243.00 pence each on Wednesday morning in London.

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