Full Year Trading Update and Notice of 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.