**Summary**
Oxford Biomedica PLC (OXB) reported strong preliminary results for the year ended 31 December 2025, highlighting strategic execution, robust revenue growth, and positive Operating EBITDA. Key financial highlights include
**Revenue Growth** 33% increase to ยฃ170.9 million (constant currency), driven by growth in lentiviral vector GMP manufacturing, increased client progression, and expansion in procurement and storage services.
**Operating EBITDA** Achieved a profit of ยฃ8.1 million (constant currency), up from a ยฃ15.3 million loss in 2024, reflecting revenue growth and cost management.
**Revenue Backlog** Increased by 36% to ยฃ204 million, indicating strong future revenue potential.
**Strategic Expansion** Acquired an FDA-approved commercial-scale viral vector manufacturing facility in Durham, NC, enhancing global CDMO capabilities.
**New Commercial Agreement** Signed a multi-year agreement with Bristol Myers Squibb (BMS) for lentiviral vector manufacturing post-period.
**Financial Guidance** Projected 2026 revenues of ยฃ220-240 million with a 10% Operating EBITDA margin, and medium-term revenue growth of 25-30% with margins rising to at least 20% by 2027.
Operationally, OXB expanded its global CDMO network, improved efficiency, and strengthened its balance sheet through equity raises and loan facilities. The company also advanced its innovation efforts, particularly in AAV and lentiviral vector technologies, and enhanced its ESG commitments. The acquisition of the Durham facility and strategic partnerships underscore OXBs position as a global leader in cell and gene therapy CDMO services, poised for sustained growth and profitability.
### Key Observations:
1. **Revenue Growth**: Revenue increased by 33% year-on-year, driven by growth in lentiviral vector GMP manufacturing, increased client progression through clinical development, and growth in procurement and storage services.
2. **EBITDA Improvement**: Operating EBITDA turned positive, achieving ยฃ8.1 million (CC) compared to a loss of ยฃ15.3 million in 2024, reflecting strong revenue growth and cost control.
3. **Debt Increase**: Debt increased slightly by 4.3%, primarily due to new loans drawn down and interest accruals.
4. **Cash Position**: Net cash position significantly improved, increasing by 169% to ยฃ55.4 million, supported by equity raises and improved operating performance.
5. **Order Book Strength**: Revenue backlog and contracted value of orders both increased substantially, indicating strong future revenue visibility and continued growth.