Oxford Biomedica reports 9% revenue growth as new client wins accelerate

Oxford Biomedica plc (LON:OXB), a global quality and innovation-led cell and gene therapy CDMO, has announced interim results for the six months ended 30 June 2026.

Strong commercial momentum and expanding global CDMO capacity continues to support long-term revenue and profitability ambitions; Guidance reiterated

•     OXB delivers continued revenue growth and progress towards improving EBITDA profitability

•     Strong commercial momentum, including record number of new client wins, continuing into H2 with Durham, NC GMP manufacturing now online

•     All FY 2026 and medium-term guidance reiterated following August trading update

H1 2026 at a glance

•     Revenue growth: constant currency revenue increased 10% to £80.2 million; reported revenue increased 9% to

£79.8 million reflecting continued demand across manufacturing and development services

•     Record commercial momentum: 17 new clients signed in H1 2026, more than 30% above the total number signed during FY 2025. Post period-end, a further 4 new clients signed, broadening future potential revenue base and bringing the total client portfolio to 59 client programmes and 50 clients

•     Revenue visibility: revenue backlog1 of c.£193 million at 30 June 2026, with approximately £168 million of forecast FY 2026 revenue covered by contracted client orders2 (as at September 2026), supporting confidence in H2 2026 delivery and future growth.

•     Pipeline expansion: non-risk-adjusted new business pipeline3 increased by c.30% year-on-year to c.

$713 million (c.£539 million), with reduced dependence on large clients and significant repeat business supporting a more resilient pipeline

•     Operational execution: Durham, NC GMP manufacturing capabilities are now online, the first GMP run has been completed and client activity is expected to ramp up in H2 2026 following completion of remedial actions related to the previously disclosed delay

•     Profitability progress: adjusted Operating EBITDA improved to £(2.5)4 million from £(3.9) million in H1 2025, driven by stronger revenues and continued cost discipline

•     Gross margin: reduction in gross margin to 37% (H1 2025: 43%) reflects product and client mix and one off comparatives

•     Guidance reiterated: FY 2026 constant currency revenue expected to be £180–200 million; FY 2026 EBITDA margin expected to be mid-single-digit % excluding one off costs and low-single-digit % on a reported basis; FY 2027 revenue growth expected to be 25-30% year-on-year

•     Medium and long-term ambitions unchanged: Expanding client base, increasing visibility and maturing programmes underpin OXB’s confidence in its ambition to reach revenues of c.£500 million by 2030, with long-term EBITDA margins approaching c.30%

1 Revenue 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.

2 Contracted 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.

3 Pipeline of potential gross value of future revenues (multi-year).

4 Adjusted Operating EBITDA refers to EBITDA removing one off items and foreign exchange gains and losses with revenue under constant currency.

Dr. Frank Mathias, OXB’s Chief Executive Officer, said: “OXB delivered a strong first half commercially, with record new client wins, an increase in programmes to 59 and continued revenue growth. Importantly, our Durham, NC site is now operationally ready and serving clients, with GMP manufacturing capabilities online and the first GMP run completed. Alongside continued progress across our UK, France and Bedford, MA sites, this materially strengthens our global, multi-vector CDMO network and supports confidence in our revenue outlook.

There is a clear demand for OXB’s differentiated capabilities and we believe we are increasingly well positioned to benefit from the maturation of the cell and gene therapy market. Our operational focus remains on disciplined execution and cost control as we drive utilisation and progress towards our 2030 revenue and sustainable profitability ambitions.”

FINANCIAL HIGHLIGHTS

1.     Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment 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. 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.
2.     CC refers to Constant Currency, which refers to the equivalent growth based on prior year exchange rates.
3.   EBITDA ADJ refers to EBITDA removing one off items and foreign exchange gains and losses with revenue under constant currency.