Full Year Trading Update and
Notice of Preliminary Results
Full year guidance
reiterated, with strong demand and accelerated commercial
momentum supporting confidence in
further strong progress for FY25
Oxford, UK - 17 February 2025: OXB (LSE: OXB) ("the Company"), a global quality and
innovation-led cell and gene therapy CDMO, today
provides a trading update for the full year ended
31 December 2024.
Dr.
Frank Mathias, Chief Executive Officer of OXB,
commented: "We are continuing to
execute our multi-vector, multi-site "One OXB" strategy, and have
successfully transformed our business into a pure-play CDMO.
Our competitive
advantage is reflected in our strong financial performance, with at
least 78% organic revenue growth in the full year and our order
book almost doubling since August, demonstrating the increasing
demand for our CDMO services. Alongside strong commercial momentum,
we have seen a strong improvement in our operating EBITDA as we
progress towards profitability in 2025. With our unique positioning
and long track record of 30 years, we are well positioned to
capture a growing share of the expanding cell and gene therapy
market and create significant value for our
shareholders."
Strong 2024 performance in line with guidance with further
strong progress expected in 2025
For the year ended 31 December 2024,
OXB expects to report revenues of between £127 million and £129
million, in line with guidance of £126 million - £134 million and
representing an increase of 42% - 44% over 2023 and organic growth
of 78% - 81%. Organic growth excludes the impact of the acquisition
of OXB France and the loss of revenues from Homology Medicines,
Inc.
The Company expects an operating
EBITDA profit in the second half of 2024. Following the integration
of OXB France and investments in technical and operational hires to
support increased client activity, the Company expects a mid to
high-teens Operating EBITDA loss for the full year 2024. With the
UK site becoming profitable at the operating EBITDA level in the
second half of 2024 and the France and US sites expected to have
narrowing losses, the Company is confident of its ability to
deliver sustainable profitability.
OXB closed the year with a strong
balance sheet, with a gross cash position of £60.7 million and a
net cash position of £20.6 million. Revenue backlog1
stood at approximately £150 million as at 31 December 2024 compared
to £94 million as at 31 December 2023.
Given the strength of demand the
Company is seeing, the commercial momentum in the business and the
successful execution of the "One OXB" strategy, management is
confident of delivering another year of strong progress on revenues
and EBITDA profitability in 2025, in line with its existing
guidance.
Continued commercial momentum with growth in
order
book
The Company continues to experience
strong demand for its CDMO services with consistently positive
client conversion seen in both new lentivirus and AAV orders as
well as other viral vectors, further strengthening the portfolio of
client programmes across a diverse customer base.
The contracted value of client orders2
signed during 2024 reached approximately £186 million as at 31
December 2024, an increase of more than 30% compared to £138
million in 20233, supporting confidence in delivering
further revenue growth in 2025. Growth accelerated meaningfully in
September through to December, in which time OXB generated
approximately half of the total order value signed during the year
with good progress seen for the US site, giving the Company strong
momentum to carry into 2025.
Orders in the second half of 2024
included additional batches for late-stage programmes with clients
preparing for commercialisation of their CAR-T products, as well as
an increase in orders for new AAV clients. Additionally, an
undisclosed US-based client preparing for a commercial launch has
secured dedicated space at Oxbox, the Company's Oxford-based
manufacturing facility, ensuring long-term partnership stability
and optimised capacity utilisation.
"One OXB" CDMO strategy
The Company's "One OXB"
multi-vector, multi-site strategy continues to progress well, with
integration across its global network of sites advancing to plan,
and a balanced portfolio of early and late stage projects,
comprising lentivirus, AAV and other viral vectors. In the second
half of 2024, OXB successfully enabled lentiviral vector
manufacturing at its sites in France, which is already generating
revenues from clients.
Notice of Preliminary Results
OXB will report its Preliminary
Results for the twelve months ended 31 December 2024 on Wednesday 9
April 2025. A briefing for investors and analysts will take place
at 13:00 BST / 08:00 ET at RBC Capital Markets, 100 Bishopsgate, London, EC2N 4AA.
1Revenue backlog represents the ordered gross value of CDMO
revenues available to earn. The value of customer orders included
in revenue backlog only includes the value of work for which the
customer has signed a financial commitment for OXB to undertake,
whereby any changes to agreed values will be subject to change
orders, cancellation fees or the triggering of optional/contingent
contractual clauses.
2Contracted value of client orders represent the value of
customer orders for which the customer has signed a financial
commitment, whereby any changes to agreed values will be subject to
either change orders, cancellation fees or the triggering of
optional/contingent contractual clauses.
3Includes contributions from milestones, licensing and
royalties.
-Ends-
Enquiries:
OXB:
Sophia Bolhassan, Head of Investor
Relations - T: +44 (0) 1865 509 737 / E: ir@oxb.com
ICR
Healthcare:
T: +44 (0)20 3709 5700 /
E: oxb@icrhealthcare.com
Mary-Jane Elliott / Angela Gray /
Davide Salvi
About OXB
OXB (LSE: OXB) is a
global quality and
innovation-led contract development and manufacturing organisation
(CDMO) in cell and gene therapy with a mission to enable its
clients to deliver life changing therapies to patients around the
world.
One of the original pioneers in cell
and gene therapy, OXB has
30 years of experience in
viral vectors; the driving force behind the majority of cell and
gene therapies. OXB collaborates with some of the world's most
innovative pharmaceutical and biotechnology companies, providing
viral vector development and manufacturing
expertise in lentivirus, adeno-associated virus (AAV), adenovirus
and other viral vector types. OXB's world-class capabilities span
from early stage development to commercialisation. These
capabilities are supported by robust quality-assurance systems, analytical methods and depth of
regulatory expertise.
OXB offers a vast number of unique
technologies for viral vector manufacturing, including a 4th
generation lentiviral vector system (the TetraVecta™ system), dual plasmid system
for AAV production, suspension and perfusion
process using process enhancers and stable producer and packaging
cell lines.
OXB, a FTSE4Good constituent, is
headquartered in Oxford, UK. It has bioprocessing and manufacturing
facilities across Oxfordshire, UK, Lyon and
Strasbourg, France and near Boston, MA, US. Learn more
at www.oxb.com, and follow us on LinkedIn
and YouTube.
