Oxford Biomedica
OXB · Main Market · Health Care · mcap £622m · 514.0p 2 open situations →
Open · 2
Durham site ramp-up
OXB acquired the Durham, NC viral vector site in October 2025 and added an AAV client programme there in July 2026. The H1 2026 results say a previously disclosed six-month GMP delay has been remedied. GMP capabilities are online, the first GMP run is complete and client activity is expected to ramp in H2 2026.
- Status
- GMP manufacturing online; first GMP run completed (22 Sep 2026 results) 22 Sep 2026 ↗
- Delay
- Previously disclosed six-month delay to GMP implementation; remedial actions completed 22 Sep 2026 ↗
- Next milestone
- Client activity expected to ramp up in H2 2026 22 Sep 2026 ↗
Next: client activity ramp-up at Durham in H2 2026
- 22 Sep 2026 GMP online, first run done; ramp expected H2
FY26 guidance trend
In March 2026 OXB guided FY26 revenue of £220–240m and a c.10% EBITDA margin. The 22 Sep 2026 H1 results reiterate guidance given after the August trading update: £180–200m revenue and a mid-single-digit margin ex one-offs (low-single-digit reported). About £168m of FY26 revenue is covered by contracted orders as at September 2026.
- FY26 revenue
- £180–200m constant currency (was £220–240m in March 2026) 22 Sep 2026 ↗
- FY26 EBITDA margin
- Mid-single-digit % ex one-offs; low-single-digit % reported (was c.10%) 22 Sep 2026 ↗
- FY27 growth
- Revenue growth of 25-30% year-on-year expected 22 Sep 2026 ↗
- Order cover
- c.£168m of forecast FY26 revenue under contracted client orders (September 2026) 22 Sep 2026 ↗
Next: H2-weighted delivery against £180–200m revenue guidance
- 22 Sep 2026 Guidance at lower level, reiterated at H1
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