- Total revenue up 18% year-to-year to £50.8million for six months ended 30 June
Oxford Biomedica maintained its 2024 earnings outlook after reporting strong revenue growth in the first half of the year.
The gene and cell therapy firm, which last week rebranded as OXB, saw total revenue rise 18 per cent year-to-year to £50.8million for the six months ended 30 June.
The London-listed firm also saw an organic revenue growth of 38 per cent, with the group putting this down to ‘higher levels of manufacturing and commercial development activity’.
The gene and therapy company, which last week rebranded as OXB, saw total revenue jump by 18 per cent year-to-year to £50.8million for the six months ended 30 June
This was partly helped by OXB France following the acquisition of ABL Europe in January 2024, with total revenues at £5.7million in the first half.
The business did however see a dip in its operating earnings before earnings before interest, taxes, depreciation, and amortisation (EBITDA) to £20.3million from £33.7million a year earlier.
The firm reaffirmed its forecast for annual total revenue growth to range between £126 million and £134 million.
The group also projected a compound annual growth rate of over 35 percent for revenue between 2023 and 2026.
It also anticipates a low double-digit loss in operating EBITDA in the year.
This is due to the OXB France acquisition and ‘investment in talent to support increased late stage client activity in 2025.’
Pre-Covid the Oxford University spin-out was ticking along on the AIM market, developing drugs to treat Parkinson’s disease.
But when the pandemic struck the firm stepped up, churning out tens of millions of doses of vaccine for AstraZeneca.
The manufacturing was so successful that the now FTSE 250 company raised its 2021 revenue expectations for the drug to £100million from £50million.
It now focuses on developing adeno-associated virus vectors, a method for introducing genetic material into cells to treat certain human diseases.
Neil Shah, executive director of Edison Group, added: ‘Overall, the company’s commercial momentum, strategic acquisitions, and continued client demand underpin a positive outlook for sustained growth in the cell and gene therapy sector.
‘The acquisition of OXB France and cost control efforts are contributing to operational efficiencies, positioning the group for long-term growth despite short-term financial challenges.’
OXB shares were down 0.42 per cent to 355.5p in morning trading on Monday.
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