Oxford Biomedica Reiterates Medium-Term Financial Guidance Amid Strong Demand for CDMO Services

Strategic Insights -

Oxford Biomedica has seen continued strong momentum in 2024, with revenues for the first half expected to be approximately £50 million. The company reiterates revenue guidance for the full year within the £126 million to £134 million range, driven by strong demand for its cell and gene therapy contract development and manufacturing organization (CDMO) services. With a revenue backlog of approximately £113 million as of 31 July 2024, Oxford Biomedica is confident in its growth trajectory and ability to capitalize on the growing opportunities in the cell and gene therapy market.

Key Takeaways:

  • Oxford Biomedica's revenue backlog stood at approximately £113 million as of 31 July 2024, with a high level of GMP suite reservation for 2025.
  • Contracted client orders in the first seven months of 2024 totaled approximately £80 million, reflective of strong demand for CDMO services.
  • The company reiterates medium-term financial guidance of a three-year revenue CAGR exceeding 35% for 2023-2026.
  • Oxford Biomedica expects to report its Interim Results for the six months ended 30 June 2024 on Monday 23 September 2024.
  • The company will invest in talent to support future growth, resulting in a low double-digit Operating EBITDA loss expected in 2024; 2025 EBITDA profitability outlook maintained due to continued cost discipline and a measured approach to operational spend.
  • Oxford Biomedica's cash position remains strong with £81 million cash as of 30 June 2024.
  • The company has successfully transferred its lentiviral vector capabilities to its Bedford, Massachusetts site and commenced its first lentiviral vector program in the US.

Statistics:

  • Revenue backlog: approximately £113 million
  • Contracted client orders in the first seven months of 2024: approximately £80 million
  • Expected revenue for the first half of 2024: approximately £50 million
  • Full-year revenue guidance: £126 million to £134 million
  • Expected Operating EBITDA loss in 2024: low double-digit
  • Cash position as of 30 June 2024: £81 million
  • GMP suite reservation for 2025: high level

Sources:

  • Oxford, United Kingdom, Aug. 8 — Oxford Biomedica issued the following news release.
  • Oxford Biomedica plc (LSE:OXB) ("Oxford Biomedica", "OXB" or "the Company"), a quality and innovation-led cell and gene therapy CDMO, today provides a trading update for the first half of 2024.
  • Source: Oxford Biomedica, "Oxford Biomedica Reports Strong Trading in H1 2024"