Oxford Biomedica reiterates full-year guidance, flags first-half loss

(Sharecast News) - Oxford Biomedica posted a surge in annual revenues on Thursday, but warned it was on track to swing to an interim loss this year before returning to growth in the second half. The gene therapy specialist saw reported revenues climb 31% in the year to December end,to £168.7m, at the upper end of guidance, while the group operating loss narrowed to £22.5m from £39.4m.

Operating earnings before interest, tax, depreciation and amortisation were £8.1m on a constant currency basis, compared to a £15.3m loss a year previously.

Frank Mathias, chief executive, said it had been a year of "outstanding execution".

He continued: "We made targeted investments across our global network to expand capacity and increase efficiency, including the acquisition [of a] manufacturing facility in Durham, North Carolina. This has enhanced our late-stage and commercial capabilities, while strengthening our world class offering to clients."

Looking to the current year, and Oxford Biomedica said it had a revenue backlog of around £204m as at the year-end. It is forecasting annual revenues of between £220m and £240m for 2026 and an operating EBITDA margin of around 10%.

However, it also flagged that both sales and earnings before interest, tax, depreciation and amortisation were set to be second-half weighted in 2026. As a result, the first half was expected to be loss-making on an EBITDA level "due to the phasing of revenues, planned shutdowns and non-recurring costs".

That weighed on the shares and by 1000 GMT, the stock was off 4% at 582.79p.

Mathias said: "With an established and growing position as a leader in viral vector development and manufacturing, an integrated global network and a strong balance sheet, Oxford Biomedica enters 2026 well positioned to deliver on our near and medium-term guidance and continue our trajectory of sustainable profitable growth."

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