Half Year Trading Update and Notice of Results
Summary by AI BETAClose X
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018). Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
Half Year Trading Update and Notice of Results
Strong commercial momentum continues to support long-term revenue ambitions and profitability trajectory
Updated FY 2026 guidance reflects impact of short-term shift in client ordering behaviour; cadence of new client acquisition supports long-term revenue growth
Oxford, UK - 7 August 2026: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today provides a trading update for the six months ended 30 June 2026.
Highlights
· H1 2026 revenues grew +c.9% to approximately £80 million, reflecting previously communicated second half weighting, and demonstrated continuing good underlying demand
· Record new client activity in H1 2026, with 17 new clients signed - more than 30% above the total number signed in FY 2025 - underscoring OXB's strengthening market position
· Revenue backlog1 of c.£193 million, providing meaningful visibility into future contracted revenues
· Contracted client orders2 of c.£97 million, reflecting continued demand across a global client base, with order intake supported by a record number of new client wins, albeit in some cases clients are taking a staged approach to ordering work packages, therefore taking more time to realise the full value of contracts; mirroring commentary from other industry peers
· Approximately £165 million of forecasted 2026 revenues covered by contracted client orders (subject to revenue performance obligations)
· Non-risk-adjusted new business pipeline3 increased c.30% year-on-year to c.$713 million, reflecting broadening demand
· Client portfolio continues to mature and diversify, with an increasing number of late-stage and commercial-stage programmes
· As previously announced, OXB signed a Commercial Supply Agreement with Bristol Myers Squibb for lentiviral vectors supporting BMS's CAR-T portfolio, further validating OXB's commercial-scale capabilities
· Gross cash of £75 million at 30 June 2026 (31 December 2025: £97 million) and net cash of £21 million (31 December 2025: £55 million) supporting continued investment in growth and operational execution
· Near term financial guidance updated:
o FY 2026 revenues now expected to be £180-200 million as a result of:
· Short-term impact of changes in client ordering behaviour, including:
o Deferrals and delayed timelines of selected programmes in 2026 due to changes in client strategy or clinical data
o A shift in the procurement strategy and change in approval pathway for a larger client
· Later-than-expected operational readiness of OXB's Durham, NC site after a 6 month delay of integration plan; now back on track with execution of first GMP run taking place
o FY 2026 EBITDA margin is expected to be mid-single-digit % excluding one off costs (low-single-digit % on a reported basis), reflecting lower than expected revenues and therefore absorption of operating costs, while still representing continued progress in profitability
· Unchanged medium and long-term ambitions remain supported by strong commercial momentum, expanding pipeline quality and continued cost discipline:
o Guidance for FY 2027 revenue growth remains 25-30% year-on-year
o Significant improvement in profitability expected for FY 2027 with at least double digit % EBITDA margins. Management will continue to explore additional profitability measures to further enhance EBITDA margins
o Continued ambition to achieve revenues of c.£500m in 2030
o As revenues scale, operational leverage and continued cost discipline are expected to support the path to long-term EBITDA margins approaching c.30%
· The Company will report further details at its Interim Results for the six months ended 30 June 2026 on 22 September 2026.
Dr. Frank Mathias, Chief Executive Officer of OXB, commented: "We continue to see strong demand for OXB's services, demonstrated by record new client activity in the first half, an expanding new business pipeline and a growing number of late-stage and commercial-stage opportunities. While we are updating our FY 2026 guidance to reflect the short-term impact of changes in client ordering behaviour and the phased ramp-up of our Durham, NC site, we remain confident about OXB's future as we continue to expand our market position in the growing cell and gene therapy sector and support our clients in delivering life-changing therapies to patients."
Notice of Results
OXB will report its Interim Results for the six months ended 30 June 2026 on 22 September 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 BST / 08:00 EDT. To register, please contact oxb@icrhealthcare.com.
For details of other upcoming financial events, please refer to the Company's investor calendar at https://oxb.com/investor-events/.
1Revenue backlog represents the ordered gross value of CDMO revenues available to earn. The value of client orders included in revenue backlog only includes the value of work for which the client 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.
2Contracted value of client orders represents the gross value of client orders for which the client 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.
3Pipeline of potential gross value of future revenues (multi-year).
-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 / Sarah Elton-Farr / Angela Gray
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.
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