Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Oxford Biomedica confident as it moves away from vaccine era
(Sharecast News) - Cell and gene therapy contract development and manufacturing organisation (CDMO) Oxford Biomedica reported stability in its core business on Monday, with a small increase in full-year core revenue for 2023, despite a 36% decrease in total revenue to £89.5m. The London-listed firm said that was primarily due to the non-recurrence of vaccine manufacturing revenue.
Its operating EBITDA loss came in at £52.8m, reflecting a rebased business with a streamlined cost base.
The operating loss of £184.2m meanwhile included a £99.3m impairment charge to the US business due to the cessation of revenues from Homology.
Despite those challenges, Oxford Biomedica said it maintained a robust balance sheet, with cash totaling £103.7m at year-end, enabling the pursuit of strategic objectives.
Commercial key performance indicators underpinned the board's confidence in future growth, with contracted client orders reaching £131m in 2023 - a notable increase from £85m in the prior year.
Additionally, its revenue backlog stood at £104m as of 31 March.
Looking ahead, Oxford Biomedica reiterated its near-term and medium-term financial guidance, including expectations of total group revenues ranging between £126m and £134m for 2024, with a three-year revenue compound annual growth rate exceeding 35% for 2023 to 2026.
The group said it anticipated achieving broadly breakeven EBITDA in 2024, excluding the impact of the acquisition of ABL Europe, and aimed for operating EBITDA margins in excess of 20% by the end of 2026, with profitability on an EBITDA level projected for 2025.
"2023 was a year of transformation for Oxford Biomedica. We are building our position as a global pure-play cell and gene therapy CDMO and through our 'One OXB' strategy are unifying our operations in the UK, US and the EU, including our newly-acquired sites in France," said chief executive officer Dr Frank Mathias.
"I am delighted with the positive outcomes of our strategy, which have already resulted in a substantial increase in contracted client orders and our business development pipeline.
"Despite challenging market conditions, we continue to see strong demand for our CDMO services, further solidifying our position as a world-leading global CDMO in the rapidly expanding cell and gene therapy market."
Dr Mathias said the firm's focus in 2024 remained on growing its global portfolio of clients and projects across all stages of clinical development, whilst completing the integration of its sites.
"This integration will allow us to better align to the demands of performing as a pure-play CDMO.
"With a highly experienced corporate executive team and a focus on delivering high-quality CDMO services to our clients, our realigned business is well-positioned to help our clients deliver their transformative treatments to patients and drive long-term sustainable growth for the group."
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.