Oxford Biomedica (LSE:OXB) reported revenue of £80.2 million for the first half of 2026, representing a 10% increase on a constant-currency basis, supported by demand for its development and manufacturing services.
The cell and gene therapy contract development and manufacturing organisation (CDMO) secured a record 17 new clients during the period and reported a revenue backlog of approximately £193 million.
Gross margin declined to 37%, while the company recorded a small operating EBITDA loss. Adjusted EBITDA nevertheless improved compared with the corresponding period last year.
Oxford Biomedica reiterated its full-year revenue guidance of £180 million to £200 million and confirmed that GMP manufacturing operations at its Durham facility in North Carolina are now operational.
Revenue Increases 10% on a Constant-Currency Basis
Oxford Biomedica generated revenue of £80.2 million during the first six months of 2026, an increase of 10% at constant currency.
Growth was supported by demand for the company’s development and manufacturing services, which are used by customers developing cell and gene therapies.
The company provides viral vector development and manufacturing services across several technologies, including lentiviral, adeno-associated viral and adenoviral vectors.
Its services cover multiple stages of development, from early research and clinical programmes through to commercial manufacturing.
The supplied announcement does not provide the reported-currency revenue growth rate or a breakdown of revenue by service category.
Record 17 New Clients Secured
Oxford Biomedica reported 17 new client wins during the first half, a record for the company.
The additions form part of its strategy to expand and diversify its customer base.
The company provides outsourced development and manufacturing services to organisations working on cell and gene therapies.
New client relationships may involve development work, manufacturing services or programmes that progress through different stages of clinical and commercial development.
The supplied announcement does not disclose the value of the new contracts or specify their expected contribution to revenue.
Gross Margin Declines to 37%
Oxford Biomedica reported a gross margin of 37% for the first half of 2026, reflecting a reduction compared with the previous period.
The company also recorded a small operating EBITDA loss.
Adjusted EBITDA improved year on year, supported by continued cost discipline.
The supplied announcement does not provide the precise operating EBITDA loss, adjusted EBITDA figure or comparative gross margin.
The difference between operating EBITDA and adjusted EBITDA should be considered when assessing the company’s underlying profitability.
Oxford Biomedica continues to manage its cost base while expanding its manufacturing capacity and customer relationships.
Durham Manufacturing Facility Begins GMP Operations
Oxford Biomedica confirmed that good manufacturing practice (GMP) manufacturing operations at its Durham facility in North Carolina are now operational.
The site expands the company’s manufacturing presence in the United States and complements its existing facilities in the UK, France and Bedford, Massachusetts.
The additional capacity forms part of Oxford Biomedica’s international manufacturing network.
The company is developing its global operations to serve customers across different stages of cell and gene therapy development and manufacturing.
The supplied announcement does not specify the Durham facility’s production capacity or expected revenue contribution.
Revenue Backlog Reaches Approximately £193 Million
Oxford Biomedica reported a revenue backlog of approximately £193 million at the end of the first half.
The company also indicated that a substantial proportion of its expected 2026 revenue is covered by existing contracts.
The backlog provides visibility over future contracted work, although the timing of revenue recognition will depend on project delivery and contractual arrangements.
The company has not disclosed the precise percentage of full-year revenue covered by contracts or the expected conversion schedule for the backlog.
The combination of existing contracted work and new client wins supports management’s decision to maintain its full-year revenue expectations.
FY2026 Revenue Guidance Maintained at £180 Million to £200 Million
Oxford Biomedica reiterated its guidance for full-year 2026 revenue of between £180 million and £200 million.
The company cited its contracted revenue coverage and existing backlog alongside continued demand for development and manufacturing services.
The guidance remains unchanged following first-half revenue of £80.2 million.
Oxford Biomedica continues to focus on customer acquisition, delivery of contracted programmes and the expansion of its manufacturing network.
Actual full-year performance will depend on the timing and execution of customer projects and the recognition of associated revenue.
Long-Term Revenue Ambition of Approximately £500 Million
Oxford Biomedica continues to target annual revenue of approximately £500 million by 2030.
The ambition is supported by its plans to expand its customer base, develop its manufacturing capabilities and increase the scale of its global operations.
The company operates facilities in the UK, France and the United States, with the Durham site now providing additional GMP manufacturing capacity.
The £500 million figure is a longer-term management objective rather than a confirmed revenue outcome.
Progress towards that target will depend on customer demand, contract execution and the company’s ability to expand its services and operations.
Outlook
Oxford Biomedica enters the second half of 2026 with revenue of £80.2 million, a backlog of approximately £193 million and a record 17 new client wins during the first half.
The company has maintained its full-year revenue guidance of £180 million to £200 million, supported by existing contracted work.
Its priorities include delivering customer programmes, developing its international manufacturing operations and expanding its client base.
Management continues to pursue its longer-term objective of approximately £500 million in annual revenue by 2030, while maintaining cost discipline following the first-half decline in gross margin.
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