Oxford Biomedica reports full year financial loss
Gene and cell therapy group Oxford Biomedica has reported losses of £46 million before tax during 2022 compared to profit before tax of £20 million pounds in the previous year.
The Oxford-based firm, which welcomed new CEO Dr Frank Mathias last month, told shareholders yesterday (Tuesday) that revenues decreased by two per cent to £140 million from last year's £142.8 million.
The company said performance had been strong despite a decrease in Covid-19 vaccine batches manufactured for AstraZeneca.
The company said it was targeting double-digit growth in 2023 after entering the fast-growing AAV - adeno-associated virus - market.
Dr Frank Mathias said: "In 2022, we have successfully grown our core business by expanding our global reach, establishing Oxford Biomedica Solutions in the US and broadening our expertise in key viral vector types, including AAV.
"The expansion of our development and manufacturing capabilities has enabled us to drive innovation whilst both attracting new international biopharma clients and expanding existing collaborations.
