Oxford Biomedica Delivers Strong H1 2025 Performance, Reiterates Full Year Guidance
Why we think this is very good
Oxford Biomedica has delivered a strong first half performance, with revenues up 38-44% year-over-year and the company reiterating its full year 2025 guidance. The company has seen a significant increase in new orders, more than doubling year-over-year, and has a robust order book providing long-term revenue visibility. With a focus on operational excellence and cost discipline, the company expects to achieve low single digit operating EBITDA profitability for the full year. Overall, the trading update paints a very positive picture of the company's performance and outlook.
Key Points
- Revenues expected to be £70-73 million in H1 2025, up 38-44% year-over-year
- Full year 2025 revenue guidance reiterated at £160-170 million
- Over £165 million of 2025 revenues already contracted, up from £103 million at H1 2024
- New orders signed in H1 2025 totaled £149 million, more than double the £56 million in H1 2024
- Revenue backlog stood at £222 million as of 30 June 2025
- Company expects low single digit operating EBITDA profitability for full year 2025
- Capacity expansion underway in UK and France to meet growing demand
Summary
Oxford Biomedica (OXB) has reported a strong start to fiscal year 2025, with revenues in the first half expected to be £70-73 million, up 38-44% compared to the same period last year. The company has also seen a significant increase in new orders, with £149 million in new contracts signed during H1 2025, more than double the £56 million in H1 2024.
This strong commercial momentum has allowed OXB to reiterate its full year 2025 guidance, with revenues expected to be £160-170 million and the company anticipating low single digit operating EBITDA profitability. Over £165 million of 2025 revenues are already contracted, providing good visibility.
The company's multi-vector, multi-site strategy continues to progress well, with lentiviral vector manufacturing capabilities now available across its UK, US and French sites. OXB is also expanding capacity to meet growing demand, including increasing GMP manufacturing capacity in the UK and transferring its AAV vector platform to its sites in France.
Broker targets have been mixed, with JP Morgan Cazenove reiterating a Neutral rating but increasing its price target to 400p, while Deutsche maintained a Hold rating and increased its target to 380p.