OXB sees continued momentum in the second half
Oxford Biomedica, which recently rebranded to OXB, told investors that it expected continued growth in the second half of the year as the gene therapy group reported "significant progress" in its first half to end-June.
The company said it was seeing continued strong demand for its contract development and manufacturing (CDMO) services.
READ MORE: Oxford Biomedica rebrands as OXB amid business transformation
As of this month, it has 37 clients and 48 programmes compared to 24 clients and 41 programmes in September, 2023, it noted.
Meanwhile, the contracted value of client orders in the first eight months of the year standing at around £94m reflected strong demand for CDMO services, it added.
The company's total potential revenue pipeline has grown by 29% from US$438 million to US$565 million since the start of the year (as of September 13), it added.
Total revenue for the first half came in at £50.8 million, up from £43.1 million in the first half of 2023, while the net loss narrowed to £36.4 million, from a loss of £52.7 million in H1, 2023.
Dr Frank Mathias, OXB's CEO, said: "The first half of 2024 has been a period of significant progress for OXB as we continue to execute our multi-vector, multi-site 'One OXB' strategy.
"The integration of our global network of sites is progressing well, delivering operational benefits that enhance our ability to meet diverse client needs and accelerate project timelines," he added.
"We've experienced strong demand across our viral vector services, with particularly robust revenue growth in lentiviral vector manufacturing. Importantly, we're also seeing encouraging progress in AAV, including the signing of several new early stage programmes in the US."
"Our commercial momentum is strong across all our key regions - the UK, US and France. We're particularly pleased with the growth in our late-stage programmes, now supporting late stage activities for four clients preparing for commercial launch of CAR-T products."
Looking ahead, the group repeated its existing near-term and medium-term financial guidance - including total group revenues for 2024 of between £126 million and £134 million, and a low double-digit operating EBITDA loss.
It also expects to achieve operating EBITDA margins in excess of 20% by the end of 2026, and to be profitable on an EBITDA level in 2025.
