Oxford Biomedica PLC (LSE:OXB) has reported approximately 9% revenue growth to around £80 million for the first half of 2026, supported by continued demand for its cell and gene therapy manufacturing services and a record 17 new client contract wins. The company said its customer portfolio continues to mature, with a growing number of programmes progressing into late-stage development and commercial manufacturing. It also highlighted a revenue backlog of approximately £193 million and a broader non-risk-adjusted opportunity pipeline valued at around $713 million, providing visibility for future growth.
Delayed Orders Prompt Lower Full-Year Forecast
Despite strong commercial activity, Oxford Biomedica has reduced its revenue guidance for 2026 to between £180 million and £200 million. The revision reflects changes in customer ordering patterns, delays to client programmes and a six-month postponement to the planned ramp-up of its manufacturing facility in Durham, North Carolina. The company now expects EBITDA margins for the current year to remain in the mid-single digits, excluding one-off items. However, management reaffirmed its expectation of returning to stronger growth in 2027, forecasting revenue growth of between 25% and 30%, double-digit EBITDA margins and maintaining its long-term objective of generating around £500 million in annual revenue by 2030.
Outlook Reflects Strong Commercial Pipeline but Ongoing Profitability Challenges
Oxford Biomedica’s outlook continues to be shaped by a robust pipeline of commercial opportunities and increasing demand for its manufacturing capabilities. However, the business remains loss-making, with negative operating and free cash flow continuing to weigh on the investment case. Technical indicators also remain weak, with the shares trading below key moving averages and negative momentum signals. Valuation offers limited support given the absence of positive earnings and a dividend.
About Oxford Biomedica
Oxford Biomedica PLC is a UK-based contract development and manufacturing organisation (CDMO) specialising in cell and gene therapies. Listed on the FTSE 250, the company develops and manufactures viral vectors using lentiviral, adeno-associated virus (AAV) and adenoviral technologies for pharmaceutical and biotechnology customers worldwide. Its manufacturing network spans facilities in the UK, France and the United States, supporting therapies from early-stage development through to commercial production.
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