Half Year Trading Update and
Notice of Interim Results
-
Full year 2024
revenue and medium-term financial guidance reiterated; underpinned
by OXB's growing market share in the expanding cell and gene
therapy market
-
Contracted value
of client orders in the first seven months of the year reflective
of strong demand for CDMO services at approximately £80
million
-
Revenue backlog
stood at approximately £113 million at 31 July 2024; high level of
GMP suite reservation for 2025 gives increased visibility and
underpins confidence in forecasts
-
With increasing
demand for services, OXB to invest in talent to support future
growth, therefore 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, UK - 8 August 2024: 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.
Additionally, the
Company announces that it will report its Interim Results for the six
months ended 30 June 2024 on Monday 23 September 2024.
Strong trading for H1 2024 and reconfirmed financial
guidance
OXB has continued to see strong
momentum in 2024 with revenues for the first half expected to be
approximately £50 million. As previously communicated, revenues are
expected to be second-half weighted, with contracted client orders
providing a high degree of visibility. The Company reiterates
revenue guidance for the full year within the £126 million to £134
million range.
The first half of 2024 is expected
to result in a negative Operating EBITDA with a positive Operating
EBITDA expected in the second half, due to the effectiveness of the
Company's strategic initiatives, including streamlining of
operations and expected strong revenue growth in the second half.
With an increase in late-stage client activity expected in 2025,
OXB will invest in building its technical and operational workforce
to support this demand.
With this investment in talent to
support revenue growth, the Company
expects a low double-digit Operating EBITDA loss
for the full year 2024. As communicated at the full year results,
2024 Operating EBITDA includes a mid
to high single digit loss from the recently acquired ABL Europe
business (renamed "Oxford Biomedica (France)"), which was fully
funded by cash received from Institut Mérieux prior to completion
of the
acquisition.
OXB reiterates its medium-term
financial guidance of a three-year revenue CAGR in excess of 35%
for 2023-2026, to be profitable on an Operating EBITDA level in
2025, with Operating EBITDA margins in excess of 20% by the end of
2026.
OXB's cash position remains strong
with £81 million cash as of 30 June 2024. This includes the
proceeds from a EUR 20 million (£16.9 million) investment by TSGH
SAS, a subsidiary of Institut Mérieux SA, following the acquisition
of Oxford Biomedica (France).
Strong demand for CDMO services
Demand for OXB's CDMO services has
remained strong across all key viral vector types.
The contracted value of client orders signed
during 2024 was approximately £80 million as at 31 July 2024, in
line with the Company's expectations. Based
on current business development activities and OXB's growing market
share, the cadence of signing orders is expected to increase in the
second half of the year. Revenue
backlog[1] (including France) stood at
approximately £113 million at 31 July 2024, compared to £104
million at 31 March 2024.
GMP suite reservation for 2025 has
been high, further bolstering confidence in future revenue
delivery. Clients transitioning from early stage manufacturing to
late stage and commercial activities have moved from a batch
reservation model to a binding forecast model, providing increased
revenue visibility.
Oxford Biomedica has made
significant progress with its new commercial, multi-site,
multi-vector strategy. The Company has successfully transferred its
lentiviral vector capabilities to its Bedford, Massachusetts site
and commenced its first lentiviral vector programme in the US.
Plans are underway to enable the Company's French sites to provide
similar lentiviral vector services by the end of 2024.
Dr.
Frank Mathias, Chief Executive Officer of Oxford Biomedica,
commented: "Oxford Biomedica has seen
continued strong momentum in 2024, reinforcing our position as a
world-leading cell and gene therapy CDMO. Our multi-site,
multi-vector strategy is gaining traction, demonstrated by our
strong revenue backlog and growing order book. These strong KPIs
and high GMP suite reservation for 2025 provide us with confidence
in our growth trajectory and our ability to capitalise on the
growing opportunities in the cell and gene therapy
market."
Notice of Interim Results
OXB expects to report its Interim
Results for the six months ended 30 June 2024 on Monday 23
September 2024. A briefing for investors and analysts will take
place at 13:00 BST / 08:00 ET at One Moorgate Place, London, EC2R
6EA.
-Ends-
Enquiries:
Oxford Biomedica plc:
Sophia Bolhassan, Head of Investor
Relations - T: +44 (0) 1865 509 737 / E: ir@oxb.com
ICR
Consilium:
T: +44 (0)20 3709 5700 /
E: oxfordbiomedica@icrhealthcare.com
Mary-Jane Elliott / Angela Gray /
Davide Salvi
About Oxford Biomedica
Oxford Biomedica (LSE: OXB) is a
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 more than 25 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. Oxford Biomedica's
world-class capabilities span 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
TetravectaTM
system), dual plasmid system for AAV production,
suspension and perfusion process using process enhancers and stable
producer and packaging cell lines.
Oxford Biomedica, a FTSE4Good
constituent, is headquartered in Oxford, UK. It has
bioprocessing and manufacturing facilities across Oxfordshire, UK,
Lyon and Strasbourg, France, and near Boston, MA, US. Learn more
at www.oxb.com, and follow us
on LinkedIn and YouTube.
