OXB by the numbers
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Years of viral vector experience
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Commercial supplier of lentiviral vectors for a CAR-T therapy
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GMP batches released
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GMP suites in three countries
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Client programmes
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Qualified assays and methods performed in-house
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Company to treat patients in-vivo with lentiviral vector gene therapy
We offer end-to-end development and production capabilities for many viral vector types, from plasmid design and optimisation to clinical and commercial GMP manufacturing. These capabilities are supported by robust control systems, advanced analytical methods, and in-depth knowledge of global regulatory requirements.
About OXB
We are deeply committed to producing high-quality viral vectors, recognizing their crucial role in cell and gene therapies that bring hope to patients around the world. At OXB, we embrace this responsibility and understand that your success is our success.
Our platforms
Tech transferred-in
Alongside our own LentiVector™ and inAAVate™ platform technologies, we have the facilities and expertise to fulfil almost any development need. You define the methods and processes, and we leverage our class-leading capabilities as appropriate.
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Full year Trading Update and Notice of Results
Revenues expected to increase c.30% as OXB continues to execute its strategy, FY 2025 revenues expected to be £166-169 million (£168 – 171 million CC1), at the upper end of guidance of £160-170 million (CC) (FY 2024: £128.8 million) FY 2025 Operating EBITDA2profitability expected to be mid-to-high single-digit £ million (CC) including a larger than expected non-recurring gain from the Durham, NC acquisition; excluding the impact of the acquisition, underlying Operating EBITDA profit expected to be low single-digit £ million (CC) for FY 2025 (FY 2024: £(15.3) million loss) in line with guidance FY 2025 contracted value of client orders3 increased 20% to £224 million (FY 2024: £186 million); reflecting increased demand from both existing and new clients Oxford, UK – 24 February 2026: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, provides a trading update for the full year ended 31 December 2025. Dr. Frank Mathias, Chief Executive Officer of OXB, commented: “2025 has been a milestone year for OXB, in which we continued to successfully execute our pure-play CDMO strategy and expect to deliver an outstanding full-year performance with continued strong revenue growth and EBITDA-level profitability. “Expected FY 2025 revenues represent a nearly 90% growth since FY 2023, further demonstrating the scale and momentum we have built over the past two years. These results reflect sustained demand for our viral vector services, and improved operational efficiency throughout our global network.” Strong 2025 performance expected to deliver EBITDA profitability For the year ended 31 December 2025, OXB (the “Company”) expects to report revenues of £166-169 million (£168 – 171 million CC), at the upper end of guidance of £160 – £170 million (CC). This performance represents an increase of c.30% over FY 2024 revenues of £128.8 million and an almost 90% revenue growth since FY 2023, reflecting the strong execution of the Company’s pure‑play CDMO strategy and sustained demand as client programmes progress. For FY 2025 the Company expects to report mid-to-high single-digit £ million Operating EBITDA profitability (CC), which includes a larger than expected non-recurring gain associated with the acquisition of a viral vector manufacturing facility in Durham, North Carolina (NC) from National Resilience, Inc. in October 2025. On an underlying basis, excluding the impact of this acquisition and the associated costs, Operating EBITDA is expected to be in line with guidance of low single-digit £ million profitability (CC), driven by increased revenue growth, operational efficiency and disciplined cost control. OXB closed the year with a strong balance sheet, including a gross cash position of £96.9 million and a net cash position of £55.4 million. The balance sheet was strengthened by a c.£60 million equity raise in August 2025 and entry into a new four-year loan facility of up to $125 million with Oaktree, of which $60 million has been drawn to date, of which $50 million was used to repay the existing loan facility. Together, these provide additional liquidity and support for planned capacity expansion to meet growing client demand and the pursuit of OXB’s medium-term ambitions. Commercial momentum supporting growth in 2026 and beyond Reflecting increasing demand for OXB’s services, the contracted value of client orders reached £224 million for the year ended 31 December 2025, an increase of 20% compared to £186 million for the year ended 31 December 2024. Revenue backlog4 stood at approximately £204 million as at 31 December 2025 compared to approximately £150 million as at 31 December 2024. As a result of this commercial momentum, the Company expects to continue to deliver above-market revenue growth, and an expansion of EBITDA margins following positive Operating EBITDA in 2025. The Company therefore reiterates its short- and medium-term financial guidance. FY 2026 revenues are expected to be between £220-240 million (CC). The Company expects 25-30% year-on-year revenue growth in 2027 and 2028, ahead of the broader market. Operating EBITDA margin is expected to exceed 10% in FY 2026 and be at least 20% for FY 2027, with long-term potential to approach c.30% (within a five-to-six year time period) as expanded capacity is utilised. Notice of Preliminary Results OXB will report its preliminary results for the twelve months ended 31 December 2025 on 26 March 2026. OXB’s management team, led by Dr. Frank Mathias, CEO, Dr. Lucinda Crabtree, CFO and Dr. Sebastien Ribault, CBO will host a virtual analyst briefing at 13:00 GMT / 08:00 ET. To register, please contact oxb@icrhealthcare.com. 1 CC refers to constant currency, the equivalent values based on the prior year exchange rates. 2 Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, revaluation of investments and assets at fair value through profit and loss, and share based payments) is a non-GAAP measure often used as a surrogate for operational cash flow as it excludes from operating profit or loss all non-cash items, including the charge for share based payments. 3 Contracted value of client orders represents the gross value of customer orders for which the customer has signed a financial commitment, whereby any changes to agreed values will be subject to either change orders, cancellation fees or the triggering of optional/contingent contractual clauses. 4 Revenue backlog represents the ordered gross value of CDMO revenues available to earn. The value of customer orders included in revenue backlog only includes the value of work for which the customer has signed a financial commitment for OXB to undertake, whereby any changes to agreed values will be subject to change orders, cancellation fees or the triggering of optional/contingent contractual clauses. -Ends- Enquiries: OXB: Sophia Bolhassan, Head of Investor Relations – T: +44 (0) 1865 509 737 / E: ir@oxb.com ICR Healthcare: T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi About OXB OXB (LSE: OXB) is a global quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, OXB has 30 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. OXB collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus and other viral vector types. OXB’s world-class capabilities range from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. OXB offers a vast number of technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetraVecta™ system), a dual-plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines. OXB, a FTSE 250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA, and Durham NC, US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube. APPENDIX: RULE 28 OF THE TAKEOVER CODE FY25 Profit Estimate The following statements included in this announcement constitute an ordinary course profit forecast for the purposes of Rule 28.1(a) and Note 2(b) on Rule 28.1 of the Takeover Code (the “FY25 Profit Estimate”): “FY 2025 Operating EBITDA2 profitability expected to be mid-to-high single-digit £ million (CC) including a larger than expected non-recurring gain from the Durham, NC acquisition; excluding the impact of the acquisition, underlying Operating EBITDA profit expected to be low single-digit £ million (CC) for FY 2025 (FY 2024: £(15.3) million loss) in line with guidance.” “For FY 2025 the Company expects to report mid-to-high single-digit £ million Operating EBITDA profitability (CC), which includes a larger than expected non-recurring gain associated with the acquisition of a viral vector manufacturing facility in Durham, North Carolina (NC) from National Resilience, Inc. in October 2025. On an underlying basis, excluding the impact of this acquisition and the associated costs, Operating EBITDA is expected to be in line with guidance of low single-digit £ million profitability (CC), driven by increased revenue growth, operational efficiency and disciplined cost control.” FY26 Profit Forecast In addition, the following statements included in this announcement constitute an ordinary course profit forecast for the purposes of Rule 28.1(a) and Note 2(b) on Rule 28.1 of the Code (the “FY26 Profit Forecast”): “FY 2026 revenues are expected to be between £220-240 million (CC). The Company expects 25-30% year-on-year revenue growth in 2027 and 2028, ahead of the broader market. Operating EBITDA margin is expected to exceed 10% in FY 2026 and be at least 20% for FY 2027, with long-term potential to approach c.30% (within a five-to-six year time period) as expanded capacity is utilised.” “Expectations for 2026 unchanged and guidance reiterated” “The Company therefore reiterates its short- and medium-term financial guidance.” FY27 Profit Forecast In addition, the following statements included in this announcement constitutes a profit forecast for a financial period ending more than 15 months from the date in which it is published for the purposes of Rule 28.2(a) of the Code (the “FY27 Profit Forecast”): “FY 2026 revenues are expected to be between £220-240 million (CC). The Company expects 25-30% year-on-year revenue growth in 2027 and 2028, ahead of the broader market. Operating EBITDA margin is expected to exceed 10% in FY 2026 and be at least 20% for FY 2027, with long-term potential to approach c.30% (within a five-to-six year time period) as expanded capacity is utilised.” “Expectations for 2026 unchanged and guidance reiterated” “The Company therefore reiterates its short- and medium-term financial guidance.” Directors’ confirmation Pursuant to Note 2(a) to Rule 28.1 and Rule 28.2(a) of the Code, the Panel granted a dispensation from the Code requirement for the Company’s reporting accountants and financial advisers to prepare reports in relation to the FY25 Profit Estimate, FY26 Profit Forecast, and FY27 Profit Forecast. In accordance with Rule 28.1(c)(i) of the Code, the OXB Directors confirm that the FY25 Profit Estimate, FY26 Profit Forecast, and FY27 Profit Forecast remain valid as at the date of this announcement and each has been properly compiled on the basis of the assumptions stated below, and that the basis of accounting used is consistent with OXB’s accounting policies. Basis of preparation The FY25 Profit Estimate is based on OXB’s current internal unaudited consolidated accounts for the year ended 31 December 2025. The basis of the accounting policies used in the FY25 Profit Estimate is consistent with the existing accounting policies of the Company. These policies are consistent with those applied in the preparation of OXB’s annual results for the year ended 31 December 2024. The FY26 and FY27 Profit Forecasts are based on internal OXB forecasts on a constant currency basis. The basis of the accounting policies used in the FY26 Forecast and FY27 Profit Forecast is consistent with the existing accounting policies of the Company. Assumptions The FY25 Profit Estimate is not based on any assumptions. The FY26 Profit Forecast and the FY27 Profit Forecast are based on the following assumptions: Factors outside the influence or control of the OXB Directors There will be no material changes to existing prevailing macroeconomic or political conditions in the markets and regions in which the Company operates. There will be no material changes to the general market conditions or the behaviour of competitors in the markets and regions in which the Company operates. There will be no material adverse change to the Company’s commercial relationships or customer demand. Interest rates, inflation, foreign exchange rates and tax rates in the markets and regions in which the Company operates will remain materially unchanged from prevailing levels. There will be no material adverse events that have a significant impact on the Company’s financial performance, including business disruptions affecting the Company or its key customers. There will be no material changes in legislation, regulatory requirements or accounting policies that materially impact the Company’s operations or reported results. There will be no material litigation in relation to any of the Company’s operations. Factors within the influence and control of the OXB Directors There will be no material change to the present management of the Company. There will be no material change in the operational strategy of the Company. There will be no material adverse change in the Company’s ability to maintain customer and partner relationships. There will be no material acquisitions or disposals. There will be no material strategic investments over and above those currently planned. There will be no material change in the dividend or capital policies of the Company.
OXB Signs New Multi-Year Commercial Supply Agreement with Bristol Myers Squibb
OXB to become commercial manufacturer of lentiviral vectors for Bristol Myers Squibb (BMS) CAR-T programmes Multi-year agreement with five-year initial term and option to extend Oxford, UK – 4 February 2026: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces it has expanded its strategic partnership with Bristol Myers Squibb (“BMS”) (NYSE: BMY), signing a new Commercial Supply Agreement (CSA) for the manufacture and supply of lentiviral vectors for BMS’ CAR-T programmes. This expanded partnership builds on the existing relationship with Bristol Myers Squibb, originally announced in March 2020. Under the new agreement, OXB is expected to commence commercial manufacturing in 2026, subject to regulatory approval of the relevant CAR-T products. Manufacturing will take place at OXB’s facilities in Oxford, UK, and Durham NC, US. The CSA is expected to generate meaningful multi-year revenue and supports the Company’s existing medium-term financial guidance, demonstrating further successful execution of OXB’s focused cell and gene therapy CDMO strategy. Dr Sebastien Ribault, Chief Business Officer of OXB, commented: “The transition from clinical to commercial manufacturing with BMS marks an important milestone for both companies. Having supported these potentially life-saving CAR-T programmes through development, we are confident in their commercial success and look forward to continuing our partnership with BMS. This long-term commitment underlines our excellent revenue visibility, reflects our strong track record, and demonstrates continued successful execution of our strategy as a leading cell and gene therapy CDMO.” Chris Holt, Vice President, Cell Therapy Vector and External Manufacturing Operations, Bristol Myers Squibb, added: “OXB has been an excellent manufacturing partner supporting our CAR-T cell therapy programmes through clinical development. This expanded agreement reflects our confidence in their world-class capabilities and proven expertise in delivering high-quality, commercial-grade viral vectors. As we advance our innovative CAR-T therapies toward patients, this strategic partnership ensures reliable, scalable manufacturing capacity to meet commercial demand.” -Ends- Enquiries: OXB: Sophia Bolhassan, Head of Investor Relations – T: +44 (0) 1865 509 737 / E: ir@oxb.com ICR Healthcare: T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi About OXB OXB (LSE: OXB) is a global quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, OXB has 30 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. OXB collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus and other viral vector types. OXB’s world-class capabilities range from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. OXB offers a vast number of technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetraVecta™ system), a dual-plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines. OXB, a FTSE250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA and Durham NC, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube.
OXB honoured at 2025 CDMO Leadership Awards Europe in ‘Cell & Gene Therapy’ category
Oxford, UK – 29 October 2025: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces it has been recognised as a Champion in the ‘Cell & Gene Therapy’ category at the 2025 CDMO Leadership Awards Europe in Frankfurt. The prestigious Champion title is awarded to the highest-scoring CDMO in each category, based on direct feedback from biopharmaceutical professionals who have recently partnered with CDMOs. This recognition demonstrates OXB’s excellence in quality, innovation and service across its global network. It comes at a time of strong commercial momentum for OXB, driven by increased demand for its end-to-end CDMO services across key vector types and a growing portfolio of clients spanning all stages of development. Dr. Sebastien Ribault, Chief Business Officer of OXB, said: “We are honoured to receive this recognition from the CDMO Leadership Awards Europe. It reflects the trust and satisfaction of our clients and the dedication of our teams across the UK, US and France. As demand continues to grow, we remain committed to supporting our clients in delivering the next generation of transformative therapies to patients around the world.” Enquiries: OXB: T: +44 (0) 1865 783 000 / E: partnering@oxb.com Sebastien Ribault, Chief Business Officer ICR Healthcare: T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi About OXB OXB (LSE: OXB) is a global quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, OXB has 30 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. OXB collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus and other viral vector types. OXB’s world-class capabilities range from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. OXB offers a vast number of technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetraVecta™ system), a dual-plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines. OXB, a FTSE250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA, and Durham NC, US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube. About the CDMO Leadership Awards The CDMO Leadership Awards are presented by Outsourced Pharma and Life Science Connect. Winners are selected based on primary research conducted by Orientation Marketing, reflecting direct feedback from biopharmaceutical professionals who have recently partnered with CDMOs. The awards recognize contract development and manufacturing organizations that deliver excellence in quality, capabilities, expertise, reliability, compatibility, and service. Learn more at www.cmoleadershipawards.com.
OXB to participate in upcoming investor conferences and events
Oxford, UK – 27 October 2025:OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces that members of its senior management team, including Dr. Frank Mathias, Chief Executive Officer, and Dr. Lucy Crabtree, Chief Financial Officer, will participate in the following upcoming investor conferences and events. Details are provided below. Conferences Stifel Healthcare Conference (New York) Date: 11 November 2025 Fireside chat: 13:20 ET / 18:20 GMT Jefferies Global Healthcare Conference (London) Date: 18 November 2025 Presentation: 11:30 GMT / 06:30 ET Events Jefferies C-Suite “Back to School” Fireside Chat (Virtual) Date: 4 November 2025 Live webcasts and recordings of presentations, where available, will be accessible under ‘Results, Reports, Presentations & Webcasts’ in the Investor Relations section of OXB’s website at www.oxb.com. For details of other upcoming financial events, please refer to the Company’s investor calendar at https://oxb.com/investor-events/. -Ends- Enquiries: OXB: T: +44 (0) 1865 509 737 / E: ir@oxb.com Sophia Bolhassan, Head of Investor Relations ICR Healthcare: T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi About OXB OXB (LSE: OXB) is a global quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, OXB has 30 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. OXB collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus and other viral vector types. OXB’s world-class capabilities range from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. OXB offers a vast number of technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetraVecta™ system), a dual-plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines. OXB, a FTSE250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA, and Durham NC, US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube.
OXB expands US footprint with acquisition of commercial-scale viral vector facility in North Carolina
OXB acquires Resilience’s site in North Carolina, an FDA-approved, commercial-scale viral vector manufacturing facility In line with OXB’s previously announced strategy to add US GMP capacity across drug substance and fill-finish to meet growing client demand Strengthens OXB’s global CDMO network and enhances service offering for existing and prospective clients Supports existing near and medium-term financial guidance Oxford, UK – 7 October 2025: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces that it has signed and closed an asset purchase transaction to acquire a custom-built, state-of-the-art cell and gene therapy viral vector manufacturing facility in North Carolina from RTP Operating, LLC, a subsidiary of National Resilience Holdco, Inc. (Resilience). Commercial-scale GMP capacity in the US to meet demand from existing and new clients The acquisition expands OXB’s viral vector manufacturing capabilities in the US up to commercial-scale, increasing GMP capacity and enhancing services to clients across North America. The FDA approved facility in Durham, North Carolina adds scalable vector manufacturing capabilities and end-to-end services across drug substance and fill-finish. This acquisition enables OXB to support late-stage programmes and commercial launches from the US for new and existing clients worldwide, particularly in the adeno-associated virus (AAV) field. By leveraging an established, commercial-ready facility, the acquisition will expedite OXB’s ability to meet growing demand from existing clients while supporting new business opportunities. Located in North Carolina’s biopharma hub at Research Triangle Park (RTP), the site brings a skilled workforce and access to established industry networks. Unified global network for multi-vector, multi-site manufacturing The Durham, North Carolina site, complements OXB’s global network across Oxford, Lyon, Strasbourg and Bedford, MA, by adding US commercial-scale capabilities. The site includes two operational GMP drug substance suites, a dedicated fill-finish suite, a further GMP suite which is expansion-ready, as well as on-site QC labs and warehousing. Following the acquisition, OXB’s Bedford, MA site will remain an AAV centre of excellence for process and analytical development, focusing on early-stage development activities, with the new site in North Carolina set to become a hub for clinical and commercial activities. This acquisition is in line with the Company’s previously disclosed strategic initiatives to expand its US commercial capabilities. In August 2025, the Company raised c.£60 million gross proceeds through an equity placing in order to support investment to strengthen its CDMO network, including expansion of OXB’s US commercial-scale GMP capacity and advance process quality, productivity and yields. Transaction details and expansion plans Under the terms of the asset purchase agreement, OXB has paid $4.5 million (£3.4 million) in consideration for the assets, funded by existing cash. Integration planning has commenced, with key functions expected to be operational by Q1 2026. The Company expects to realise a single-digit gain in 2025 as a result of the transaction which is anticipated to broadly offset any acquisition-related and operational costs for the new site in 2025. The Company intends to invest in the new facility in North Carolina including hiring additional operational staff, in order to bring the site to full commercial readiness, with increased US fill-finish capacity and faster client onboarding. The Company will also continue to build on its previously disclosed plans to make strategic investments in its existing sites to meet growing client demand. Accordingly, its investment plans and capital expenditure expectations remain largely consistent with those announced in August 2025. Transaction supports top-line growth; existing financial guidance unchanged The Company’s existing financial guidance remains unchanged, with the acquisition supporting OXB’s long-term top-line growth outlook and existing near and medium-term financial guidance. The Company expects to deliver above-market growth, achieve EBITDA profitability from FY 2025 (on a constant currency basis), and strengthen its competitive position in the global viral vector market. Dr. Frank Mathias, Chief Executive Officer of OXB, commented: “This acquisition is a major milestone in OXB’s evolution as a global, innovation-led CDMO partner of choice. The FDA approved facility in North Carolina adds commercial-scale US manufacturing capabilities, accelerating OXB’s ability to meet growing demand from existing clients while supporting new business opportunities. It significantly expands our footprint in the world’s largest cell and gene therapy market and enhances our ability to support clients globally across all major viral vector types and stages of development, particularly those in the AAV field. By expanding our capabilities in the US, we’re executing on our growth strategy and unlocking long-term value for both clients and shareholders.” -Ends- Enquiries: OXB: T: +44 (0) 1865 509 737 / E: ir@oxb.com Sophia Bolhassan, Head of Investor Relations ICR Healthcare: T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi About OXB OXB (LSE: OXB) is a global quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, OXB has 30 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. OXB collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus and other viral vector types. OXB’s world-class capabilities range from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. OXB offers a vast number of technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetraVecta™ system), a dual-plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines. OXB, a FTSE250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA, and Durham NC, US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube.
Oxford Biomedica PLC Interim results for the six months ended 30 June 2025
Strong H1 2025 financial results, confirming confidence in the near and medium-term outlook Total revenues in H1 2025 increased by 44% to £73.2 million (£73.4 million constant currency) (H1 2024: £50.8 million), demonstrating continued momentum £149 million contracted value of client orders1 signed during H1 2025 (+166% y-o-y, H1 2024: £56 million) reflecting the strong demand for CDMO services and improving long-term revenue visibility Significant improvement in profitability, with Operating EBITDA loss of £(8.3) million (£(3.9) million constant currency) (H1 2024: £(20.3) million loss) Full year 2025 guidance confirmed: £160-170 million in revenues and low single digit £ million operating EBITDA profitability on a constant currency basis Post-period end, re-entered FTSE 250 index in September 2025 Oxford, UK – 23 September 2025: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces interim results for the six months ended 30 June 2025. Dr. Frank Mathias, OXB’s Chief Executive Officer, said: “The first half of 2025 has been a period of strong delivery for OXB, driven by sustained high demand for our CDMO services across all vector types. Our multi-site, multi-vector model continues to be endorsed by our clients, with our performance reflecting improved operational efficiency and a high level of demand for late-stage and commercial programme activity – validating our market-leading position in cell and gene therapy manufacturing. “With our order book more than doubling year-on-year and a strong revenue pipeline, we have good visibility on our growth trajectory and confidence in delivering our near and medium-term financial guidance. Since the period end, we have strengthened our balance sheet through the new Oaktree loan facility of up to $125 million and a c.£60 million placing of new shares. This provides the financial flexibility to expand our global manufacturing capabilities in response to the demand we are seeing from clients, including US commercial-scale GMP capacity with a complete end-to-end offering, and supports the acceleration of revenue and margin growth. “I’m proud of the OXB team’s execution in advancing our “One OXB” strategy, driving operational excellence and maintaining disciplined capacity management. We are well-positioned for sustainable growth through 2025 and beyond, enabling our clients to deliver life-changing therapies to patients.” FINANCIAL HIGHLIGHTS £’m H1 2025 H1 2025 CC1 H1 2024 H125 vs H1 24 Manufacturing services 34.4 34.6 27.6 25% Development services 28.5 28.6 19.3 48% Procurement services 8.6 8.4 – 100% Licences, milestones and royalties 1.7 1.8 3.9 -57% Revenue 73.2 73.4 50.8 44% Cost of sales 41.6 41.8 32.8 -27% Gross Margin 43% 43% 35% 23% Operating EBITDA2 (8.3) (3.9) (20.3) 59% CC refers to constant currency which refers to the equivalent values based on the prior year exchange 1 Contracted value of client orders represent the value of customer orders for which the customer has signed a financial commitment, whereby any changes to agreed values will be subject to either change orders, cancellation fees or the triggering of optional/contingent contractual clauses. Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, revaluation of investments and assets at fair value through profit and loss, and share based payments) is a non-GAAP measure often used as a surrogate for operational cash flow as it excludes from operating profit or loss all non-cash items, including the charge for share based However, deferred bonus share option charges are not added back to operating profits in the determination of Operating EBITDA as they may be paid in cash upon the instruction of the Remuneration Committee. A reconciliation to GAAP measures is provided on page 12. Total revenues in H1 2025 increased by 44% to £73.2 million (£73.4 million constant currency1) (H1 2024: £50.8 million), demonstrating continued momentum following the revenue growth in 2024. The strong revenue growth was driven by: Continued strong lentiviral vector manufacturing of GMP batches for clients both in the clinical and commercial launch phases Clients progressing their clinical development, including an increase in development revenues from process characterisation and validation work Procurement and Storage services, which is a new revenue stream since H2 2024, to provide stability of supply of raw materials for clients undergoing commercial preparation activities. Significant improvement in profitability, with Operating EBITDA loss of £(8.3) million (£(3.9) million constant currency) (H12024: £(20.3) million loss) driven by the stronger revenues building on the growing momentum seen in H2 2024. Operating loss of £(23.6) million also represented a significant decrease compared with H1 2024 (£(32.2) million) due to a combination of increased revenues and focus on managing the overall cost base to drive the Group towards profitability. Reduced cash outflow to £(4.8) million (H1 2024: £(48.6) million) arising principally from operating loss improvement, disciplined cash control and enhanced working capital management via receipt of deposits and upfront payments from clients. Cash at 30 June 2025 was £53.9 million (31 December 2024: £60.7 million); net cash at 30 June 2025 was £17.1 million (31 December 2024: £20.6 million). Post-period end, cash at 31 August 2025 was £113.7 million. Following the exercise of the Call Option in March 2025, OXB completed the acquisition of the remaining 10% stake in its US subsidiary, OXB US LLC, from Q32 Bio, Inc., in June 2025, bringing its ownership to 100% as planned. Post-period, in August 2025 the Group entered into a new four-year term loan facility of up to $125 million with Oaktree Capital Management, L.P. (“Oaktree”), drawing $60 million (£45.3 million) on completion to refinance the existing $50 million (£37.8 million) facility. In August 2025, the Group completed a placing of new shares, raising c.£60 million gross proceeds to strengthen OXB’s global CDMO network, including expansion of US commercial-scale GMP capacity and to advance process quality, productivity and yields in response to increased client demand. OUTLOOK AND FINANCIAL GUIDANCE All guidance as disclosed with the August 2025 share placing reiterated in FY 2025 guidance confirmed: Revenues of £160-170 million and low single-digit £ million operating EBITDA on a constant currency basis Medium-term guidance: FY 2026 revenues expected to reach between £220-240 million 2027 and 2028 expected revenue growth of 25-30% year-on-year Revenue backlog2 of £222 million at 30 June 2025; reinforces confidence in both full year 2025 and medium- term revenue growth. £171 million of FY 2025 revenues contracted £106 million at the same time last year Long-term potential to approach operating EBITDA margins of 30% over a five-to-six-year period. All guidance excludes the impact of FX 1 Constant currency refers to the equivalent values based on the prior year exchange rates 2 Revenue backlog represents the ordered gross value of CDMO revenues available to earn. The value of customer orders included in revenue backlog only includes the value of work for which the customer has signed a financial commitment for OXB to undertake, whereby any changes to agreed values will be subject to change orders, cancellation fees or the triggering of optional/contingent contractual clauses Analyst briefing OXB’s management team, led by Dr. Frank Mathias, CEO, Dr. Lucinda Crabtree, CFO and Dr. Sebastien Ribault, CBO will host a virtual analyst briefing and Q&A today, 23 September, at 13:00 BST / 08:00 ET. A live webcast of the presentation will be available via this link: https://brrmedia.news/OXB_HY25. The presentation will be available on OXB’s website at www.oxb.com. If you would like to dial in to the call and ask a question during the live Q&A, please email OXB@icrhealthcare.com Download PDF here Capital Markets Day update Following the Group’s recent equity placing (August 2025) to support investment to strengthen its CDMO network, including expansion of OXB’s US commercial-scale GMP capacity, the Company’s Capital Markets Day will now take place in the first half of 2026, to provide an update on initial deployment of proceeds and operational progress. The revised date will be confirmed in due course. Notes Unless otherwise defined, terms used in this announcement shall have the same meaning as those used in the Annual report and accounts. Enquiries Oxford Biomedica plc T: +44 (0)1865 509 737/ E: ir@oxb.com Sophia Bolhassan, Head of Investor Relations ICR Healthcare T: +44 (0)20 3709 5700 / E: OXB@icrhealthcare.com Mary-Jane Elliott Angela Gray Davide Salvi RBC Capital Markets (Joint Corporate Brokers): T: +44 (0)20 7653 4000 Matthew Coakes Kathryn Deegan Jefferies (Joint Corporate Brokers): T: +44 (0)20 7029 8000 Sam Barnett Gil Bar-Nahum About OXB OXB (LSE: OXB) is a global quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, OXB has 30 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. OXB collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus(AAV), adenovirus and other viral vector types. OXB’s world-class capabilities range from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. OXB offers a vast number of technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetraVecta™ system), a dual-plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines. OXB, a FTSE 250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France and Bedford MA, US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube.
OXB Secures New Four-Year Term Loan Facility with Oaktree
Up to $125 million Oaktree loan facility to support OXB’s global CDMO operations and growth strategy $60 million upfront to repay existing $50 million loan facility and for general corporate purposes Facility provides flexibility to draw down additional funds to support future business needs, if required Oxford, UK – 1 August 2025: OXB (LSE: OXB) (“the Company”), a global quality and innovation-led cell and gene therapy CDMO, today announces that it has secured a new four-year loan facility of up to $125 million (the “New Oaktree Loan”), provided by funds managed by Oaktree Capital Management, L.P. (“Oaktree”), a long-term capital partner to OXB. The new facility will strengthen the Company’s financial foundation by refinancing its existing $50 million loan facility and providing financial flexibility to support OXB’s global CDMO operations and the delivery of its growth strategy. The New Oaktree Loan facility includes $60 million upfront funding available at close, which will be used to repay the existing $50 million four-year term loan facility with Oaktree (previously announced in October 2022) and for general corporate purposes. The facility also includes the option to draw down a further $25 million, subject to customary conditions, and an additional $40 million, subject to achieving certain revenue milestones – providing financial flexibility to support future business needs, if required. Terms of the New Oaktree Loan are broadly similar to the prior four-year loan facility and include standard and customary provisions relating to mandatory and voluntary prepayments, covenants, representations and warranties. The New Oaktree Loan will not amortise, with the full aggregate principal and outstanding amount being repayable on the final maturity date in 2029. Consistent with the terms of the existing facility, the New Oaktree Loan will be secured by substantially all of the assets of the Company and its wholly-owned subsidiaries and be guaranteed by the Company’s wholly-owned subsidiaries, with customary exceptions. Dr. Lucinda Crabtree, Chief Financial Officer of OXB, commented: “Refinancing this facility marks an important step in strengthening our financial agility as we continue to execute our growth strategy. Oaktree’s continued support reflects their long-standing confidence in OXB’s leading position in the CDMO viral vector market and enables us to remain focused on enhancing our capabilities, delivering on our strategic objectives and creating value for our clients and stakeholders.” Aman Kumar, Co-Portfolio Manager for Oaktree’s Life Sciences Lending platform, commented“We are delighted to extend our relationship with OXB through this debt refinancing. Over the course of our three previous investments, we have had an opportunity to witness first-hand the progress that the Company has made to establish itself as a global leader in the cell and gene therapy CDMO industry. We look forward to continuing to support the Company as it executes on its multi-vector, multi-site strategy.” Jefferies International Limited was the debt advisor to the Company, with King & Spalding LLP serving as legal counsel to OXB in connection with the refinancing. McDermott Will & Emery LLP served as legal counsel to Oaktree. -Ends- Enquiries: OXB: Sophia Bolhassan, Head of Investor Relations – T: +44 (0) 1865 509 737 / E: ir@oxb.com ICR Healthcare: T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi About OXB OXB (LSE: OXB) is a global quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, OXB has 30 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. OXB collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus and other viral vector types. OXB’s world-class capabilities range from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. OXB offers a vast number of unique technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetraVecta™ system), a dual-plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines. OXB, a FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France and Bedford MA, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube. About Oaktree Oaktree is a leader among global investment managers specializing in alternative investments, with $209 billion in assets under management as of June 30, 2025. The firm emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in credit, equity, and real estate. The firm has more than 1,200 employees and offices in 26 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
Half Year Trading Update; strong start to FY 2025 with full year guidance reiterated
Continued commercial, financial and operational momentum as OXB executes on its multi-vector, multi-site strategy H1 2025 revenues of £70-73 million, an increase of 38%-44% vs. £51 million at H1 2024 Commercial momentum accelerating, with £149 million new orders1 signed during H1 2025, more than double the £56 million orders signed during H1 2024 Full year 2025 guidance (CC2) reiterated: £160-170 million in revenues and low single digit operating EBITDA3 profitability Over £165 million of 2025 revenues contracted vs. £103 million at H1 2024 Strong order book reinforcing confidence in both full year 2025 and medium-term revenue growth Revenue backlog4 of £222 million at 30 June 2025 The Company will announce its H1 2025 interim results on 23 September 2025 with a Capital Markets Day scheduled for 15 October 2025 Oxford, UK – 28 July 2025: OXB (LSE: OXB) (“the Company”), a global quality and innovation-led cell and gene therapy CDMO, today provides a trading update for the six months ended 30 June 2025. Dr. Frank Mathias, Chief Executive Officer of OXB, commented: “With our multi-vector, multi-site model now fully in place, our strong operational and commercial progress continued in the first half of the year, reflecting both our execution capabilities and the growing trust in OXB as a leading cell and gene CDMO partner. Our order book has more than doubled year-on-year, including notable growth in late-stage programme activity, demonstrating strong demand for our services and providing long-term revenue visibility. As we expand capacity to meet this growing demand, we remain focused on operational excellence and cost discipline. With robust fundamentals in place and clear visibility into the second half of the year, we remain confident in our ability to deliver our full year guidance and achieve sustainable growth in 2025 and beyond.” Strong first half performance; full year guidance reiterated For the six months ended 30 June 2025, OXB expects to report revenues of approximately £70-73 million, representing an increase of 38%-44% over H1 2024 revenues of £51 million. The Company reiterates full year 2025 revenue guidance of £160-170 million (on a constant currency basis). Over £165 million of 2025 revenues are covered by contracted client orders, compared to £103 million for the same period last year. This provides clear visibility for the remainder of the year (subject to revenue performance obligations), with revenues weighted to the second half, in line with prior years. Second half revenue phasing includes an increase in manufacturing activity for clients preparing for commercial launch. With a continued focus on efficiency and a disciplined approach to cost management, the Company continues to expect low single digit Operating EBITDA profitability (on a constant currency basis) for the full year 2025. OXB’s cash position remains strong with gross cash of £53.9 million as of 30 June 2025. Late-stage lentiviral programme demand driving strong commercial momentum The contracted value of client orders signed during the first half of 2025 totalled approximately £149 million, compared to £56 million for the six months ended 30 June 2024. This includes signed orders from clients preparing for late-stage and commercial activities, providing strong visibility for the remainder of 2025 and 2026. Revenue backlog stood at approximately £222 million as at 30 June 2025, compared to approximately £150 million as at 31 December 2024. Demand for OXB’s CDMO services remains strong, with consistent conversion across all key vector types. The alignment of operations across the UK, the US and France is increasing efficiency and agility, allowing OXB to support clients across geographies and development stage. OXB is seeing increased client demand from existing and new clients, particularly among clients looking to accelerate execution of late-stage lentiviral programmes. AAV client activity has also continued to grow in line with expectations. Multi-vector, multi-site strategy delivering on plan OXB’s multi-vector, multi-site strategy continues to progress well, with lentiviral vector manufacturing capabilities now available across its UK, US and French sites. In June 2025, OXB completed the acquisition of the remaining 10% stake in its US subsidiary, OXB US LLC, from Q32 Bio, Inc. The site is fully integrated into OXB’s global network and together with its UK and France operations, the Company is well positioned to provide global client support across all major vector types and development stages. Reflecting continued strong client demand for OXB’s services, the Company is proceeding with planned capacity management initiatives to accommodate current and expected growth. This comprises: i) an increase in GMP manufacturing capacity at OXB’s UK sites, to be achieved by refitting existing suites and modifying shift cadence, to be completed by H1 2026; and ii) expanding UK lab capacity for development services to support late-stage client programme activities, including increasing the use of automation. In addition, the Company has commenced transferring its AAV vector platform to its sites in France, providing a unified global operation focused on client-centric excellence. Process development and pilot manufacturing capabilities for AAV are now available for clients in France, with transfer of GMP capabilities targeted to be completed by the first half of 2026. Notice of Results and Capital Markets Day OXB will report its Interim Results for the six months ended 30 June 2025 on 23 September 2025. A briefing for investors and analysts will take place at 13:00 BST / 08:00 ET at RBC Capital Markets, 100 Bishopsgate, London, EC2N 4AA. The Company also announces it will host a Capital Markets Day on 15 October 2025. Further details, including the agenda and how to register, will be disclosed in due course. For details of other upcoming financial events, please refer to the Company’s investor calendar at https://oxb.com/investor-events/. 1 Contracted value of client orders represent the value of customer orders for which the customer has signed a financial commitment, whereby any changes to agreed values will be subject to either change orders, cancellation fees or the triggering of optional/contingent contractual clauses. 2 CC refers to Constant Currency, which refers to the equivalent growth based on the prior year exchange rates. 3 Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment, revaluation of investments and assets at fair value through profit and loss and share based payments). 4 Revenue backlog represents the ordered gross value of CDMO revenues available to earn. The value of customer orders included in revenue backlog only includes the value of work for which the customer has signed a financial commitment for OXB to undertake, whereby any changes to agreed values will be subject to change orders, cancellation fees or the triggering of optional/contingent contractual clauses. Enquiries: OXB: Sophia Bolhassan, Head of Investor Relations – T: +44 (0) 1865 509 737 / E: ir@oxb.com ICR Healthcare: T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi About OXB OXB (LSE: OXB) is a global quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, OXB has 30 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. OXB collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus and other viral vector types. OXB’s world-class capabilities range from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. OXB offers a vast number of unique technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetraVecta™ system), a dual-plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines. OXB, a FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France and Bedford MA, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube.