Oxford Biomedica reiterates sales outlook but half-year loss widens

Oxford Biomedica PLC on Tuesday said a growing client base supports confidence in meeting recently lowered full-year revenue targets.

The Oxford, England-based cell and gene therapy manufacturer said its pretax loss stretched to £36.2 million in the six months ended June 30 from £26.0 million a year prior.

Revenue grew 9.2% to £79.9 million from £73.2 million, or by 10% at constant currency, but cost of sales jumped 22% to £50.7 million from £41.6 million.

Also hurting the bottom line, a £7.6 million impairment of assets compared to none a year before. Finance income dropped to £1.8 million from £4.4 million, and finance costs mounted to £9.0 million from £6.9 million.

Diluted losses per share were 30.39 pence compared to 25.35p the year before.

Oxford Biomedica said 17 new clients signed in half-year, more than 30% above the total number signed during all of 2025. Post period-end, a further four new clients signed, bringing the total client portfolio to 59 client programmes and 50 clients.

Revenue backlog at June 30 was around £193 million, with £168 million of forecast 2026 revenue covered by contracted client orders, supporting confidence in second half delivery and future growth.

The company reiterated lowered full-year constant currency revenue guidance of £180 million to £200 million. This was cut in August from £220 million to £240 million. In 2025, the firm reported revenue of £170.9 million.

Oxford Biomedica expects a 2026 mid-single-digit percentage earnings before interest, tax, depreciation, and amortisation margin, excluding one off costs, and low-single-digit percentage on a reported basis.

It continues to forecast 2027 revenue growth to be 25% to 30%.

Looking further ahead, Oxford Biomedica said an "expanding client base, increasing visibility and maturing programmes" underpin confidence in its ambition to reach revenues of £500 million by 2030, with long-term Ebitda margins approaching 30%.

"There is a clear demand for [Oxford Biomedica's] differentiated capabilities and we believe we are increasingly well positioned to benefit from the maturation of the cell and gene therapy market," said Chief Executive Frank Mathias.

Shares in the company were up 0.4% at 466.91p each in London on Tuesday morning.

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