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The Business Magazine July 2024
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Oxford Biomedica shares drop 13 per cent

The Business Magazine article image for: Oxford Biomedica shares drop 13 per cent
SARS-COV-2 COVID-19 Coronavirus Vaccine Mass Production in Laboratory, Bottles with Branded Labels Move on Pharmaceutical Conveyor Belt in Research Lab. Medicine Against SARS-CoV-2.
23 September 2022
SARS-COV-2 COVID-19 Coronavirus Vaccine Mass Production in Laboratory, Bottles with Branded Labels Move on Pharmaceutical Conveyor Belt in Research Lab. Medicine Against SARS-CoV-2.

Shares at gene and cell therapy company Oxford Biomedica have dropped 13 per cent today (23 September) following a drop in revenue and profits published in the firm’s interim reports earlier this week.

The company has said it plans to cut jobs and sell and then lease back its Cowley-based facility in order to cut costs.

The sale and leaseback of its Windrush Court buildings should raise around £55 million, while it will look to ‘right-size’ its number of staff. It employs around 959 people, but recruitment is currently frozen.

Read more - Oxford Biomedica signs licensing agreement with US biotech company

At the start of the week, it was reported that for the six months to June 30 the company reported pretax loss of £27.4 million from a profit of £19.2 million a year ago while revenue declined by 21 per cent to £64 million from £81.4 million.

According to the firm, a wind-down of coronavirus vaccines are a major cause of the drops. Despite a currently cloudy outlook, chief executive Roch Doliveux said new partnership deals meant a 70 per cent rise in the firm’s number of customers.

He said: “Oxford Biomedica is in an excellent position to achieve long-term future profitable growth,” according to Oxford Mail.

Read more - The most innovative life sciences companies in the Thames Valley


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Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset.

A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise.

Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.

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