Oxford Biomedica Plc · LSE:OXB
Oxford Biomedica — FY2024 Earnings Presentation
39 slides from Oxford Biomedica's earnings presentation, Apr 9, 2025
Slide 1: Strong commercial momentum underpins transformative financial performance
Strong commercial momentum underpins transformative financial performance Preliminary results for the year ended 31 December 2024 April 2025
Slide 2: Legal disclaimer
Legal disclaimer This presentation does not constitute an offer to sell or a solicitation of offers to buy Ordinary Shares (the “Securities”). Although reasonable care has been taken to ensure that the facts stated in this presentation are accurate and that the opinions expressed are fair and reason
Slide 3: Agenda
Agenda Business update 1 CEO - Dr. Frank Mathias Commercial update 2 CBO - Dr. Sébastien Ribault Financial update 3 CFO - Dr. Lucy Crabtree Wrap-up 4 CEO - Dr. Frank Mathias A global quality and innovation led CDMO in cell and gene therapy 5 Q&A 3
Slide 4: Excellent 2024 financial performance
Excellent 2024 financial performance Strong financial KPIs underpinned by multi-vector, multi-site strategy & commercial success +44% +81% £128.8m FY23: £89.5m Achieved operating EBITDA profit in H2 2024 Organic Revenue Growth FY24 Revenue Growth On track to deliver sustainable operating EBITDA prof
Slide 5: Successful execution of pure-play CDMO strategy
Successful execution of pure-play CDMO strategy Differentiated viral vector focus driving strong growth Commercial momentum “One OXB” delivering Financial guidance met sustained Global operations with lentiviral Increased demand for OXB's Strong financials, total revenues manufacturing capabilities
Slide 6: A global quality and innovation-led CDMO in cell and gene therapy
A gng--bal quality and innovation-led CDMO in cell and gene therapy 30-years of expertise and best-in-class capabilities across AAV, lentivirus and other vector types Unique competitive positioning 30 960+ 45+ 30+ 65+ • Best-in-class capabilities across AAV, lentivirus & other vector types Years of
Slide 7: Commercial update
Commercial update CBO - Dr. Sébastien Ribault 7
Slide 8: OXB well positioned in CGT hotspots to capture market growth
OXB well positioned in CGT hotspots to capture market growth Biggest concentration of CGT programmes addressable by OXB in NA, EU and ASPAC North America Europe ASPAC Total # of CGT % of CGT molecules Total # of CGT % of CGT molecules Total # of CGT % of CGT molecules developers by phase: developers
Slide 9: Continued growth in CGT pipeline and CDMO end market
Continued growth in CGT pipeline and CDMO end market OXB’s growth trajectory is supported by strong market fundamentals Expected market size and pipeline growth for CDMOs: 2025-30 CAGR CGT market for CDMOs ($m) Market growth remains strong: 8,080 14% Pipeline growth: clinical pipeline continues to g
Slide 10: CGTs are transforming modern medicine
CGTs are transforming modern medicine Large total addressable market across a broad range of indications Pipeline of CGT molecules (preclinical to commercial) by therapeutic area 2,117 programmes as of Q4 2024 1 Total addressable patient population for CGT 37% 1,657,500 # of patients 12% 736,000 9%
Slide 11: Pipeline growth supports confidence in future revenue growth
Pipeline growth supports confidence in future revenue growth Late-stage pipeline value YE 2024 strong at c.$600m reflecting late-stage momentum Pipeline by negotiation stage Pipeline by clinical stage % contracts by negotiation stage Potential revenue by clinical stage 4% 9% 21% 29% 32% 31% 62% 16%
Slide 12: Pipeline growth supports confidence in future revenue growth
Pipeline growth supports confidence in future revenue growth Significant YoY risk-adjusted pipeline value increase with a balanced client and vector base Risk adjusted pipeline value Risk adjusted pipeline early vs late Pipeline by vector type Total opportunities weighted by the % of opportunities c
Slide 13: Strong impact of One OXB strategy on contracts signed
Strong impact of One OXB strategy on contracts signed £186m signed orders with significant increase in AAV, other vectors and European contribution 2024 Clients contracts 2024 New client contracts 2024 Geographical split Total opportunities won by client type New clients won by vector type Diversifi
Slide 14: A diversified client portfolio from feasibility to commercial
A diversified client portfolio from feasibility to commercial OXB’s portfolio shows a relatively high proportion of late phase activities vs market distribution OXB’s portfolio of 48 Contract stage Contract size range per programmes by indication project (£) (as of April 2025) Feasibility 14 50-100k
Slide 15: Financial update
Financial update CFO - Dr. Lucy Crabtree 15
Slide 16: Strong financial performance underpins future growth
Strong financial Confirmation of ourperformance underpins mid-term guidance for bothfuture growth top- and bottom-line 1 Double-digit revenue growth 2 Robust commercial KPIs ✓ Contracted client order value c.£186m 3 ✓ 81%1 organic revenue growth (FY23:£138m) reflecting demand across all ✓ Driven by
Slide 17: Organic revenue growth of 81% driven by increased client activity
Organic revenue growth of 81% driven by increased client activity Balanced revenues across GMP and process development work Total Group Revenues 34% growth in GMP manufacturing £128.8m £128.8m o Increase in lentiviral vector manufacturing of £7.3m GMP batches for clinical clients and for clients £11
Slide 18: Strong revenue growth on stable cost base
Strong revenue growth on stable cost base Revenue growth of 44% without significant cost increase; manpower costs reduced in 2024 Total Operating Expenses1 Total Expenses included within Operating EBITDA2 (excluding RDEC credit) £156.7m £152.3m £128.4m £32.4m £26.9m £47.0m 3 Raw materials Operating
Slide 19: Company ends 2024 with a strong cash position
Company ends 2024 with a strong cash position Cash Flow (£m) 120 o FY 2024 cash burn of 103.7 £42.1 million 100 o Working capital movements -15.3 80 driven by higher levels of revenue generating activity in 17.1 60.7 Q4 2024 vs 2023, resulting in 60 -0.9 higher contract assets and -35.4 9 trade rece
Slide 20: FY25 guidance supports medium term growth expectations
FY25 guidance supports medium term growth expectations Pivot to profitability in 2025 o £141m of FY 2025 forecasted revenues1 covered by contracted client orders → high degree of visibility Revenues £160m - £170m o Strong BD pipeline gives confidence in securing new client programmes throughout 2025
Slide 21: Reconfirmed guidance supported by strong fundamentals
Reconfirmed Confirmation offinancial guidance our mid-term supported guidance byand for both top- strong fundamentals bottom-line Three-year revenue CAGR >35% 2023 to 2026 Mid-term guidance…. …underpinned by robust operational and commercial drivers Past Current Future o Continued commercial momentu
Slide 22: Long-term growth trajectory outperforming broader market
Long-term growth trajectory outperforming broader market Targeting a market leading position leveraging OXB’s track record and competitive positioning Total Revenues o Beyond 2026, targeting revenue growth in excess of the broader market o Growing market share with OXB leveraging its track record an
Slide 23: Wrap-up
Wrap-up Dr. Frank Mathias 23
Slide 24: Strategy supported by a clear mission and vision
Our values Strategy supported by a clear mission and vision We are proud to deliver life-changing therapies together To transform lives through cell Vision and gene therapy To enable our clients to deliver Mission life-changing therapies to patients To lead the cell and gene therapy CDMO field as a
Slide 25: OXB well positioned to capitalise on growth opportunity ahead
OXB well positioned to capitalise on growth opportunity ahead Reiterating financial guidance and confidence in future performance High energy team delivering “One OXB” and successful business transformation Strong market demand for OXB’s services and multi-vector expertise across global network Set
Slide 26: Q&A
Q&A 26
Slide 27: Appendix
Appendix 27
Slide 28: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income Dec 2024 Dec 2023 Dec 2024 Dec 2023 £'000 £'000 £'000 £'000 Continuing operations Other comprehensive (expense) Revenue 128,797 89,539 Foreign currency translation differences (737) (5,307) Cost of sales (75,776) (49,812) Other comprehensive (expense) (
Slide 29: Consolidated balance sheet
Consolidated balance sheet Dec 2024 Dec 2023 Dec 2024 Dec 2023 £'000 £'000 £'000 £'000 Assets Non-current liabilities Non-current assets Provisions 7,424 7,710 Intangible assets & goodwill 29,219 30,981 Contract liabilities 50 4,494 Property, plant and equipment 64,296 75,692 Trade and other receiva
Slide 30: Consolidated statement of cash flows
Consolidated statement of cash flows 2024 2023 £’000 £’000 Cash flows from operating activities Cash (consumed in) operations (50,666) (36,027) Tax credit received - 7,510 Net cash used in operating activities (50,666) (28,517) Cash flows from investing activities Acquisition of subsidiary, net of c
Slide 31: Re-presentation of expenditure to align with pure-play CDMO model
Re-presentation of expenditure to align with pure-play CDMO model Enhanced transparency with new reporting lines o A new cost line Operating Costs, to replace costs previously disclosed as 2023 2024 Bioprocessing and the element of Research and Development which related to Revenue 89.5 128.8 Develop
Slide 32: An unmatched 30-year track record in viral vector manufacturing
An unmatched 30-year track record in viral vector manufacturing DEVELOPMENT 1995 OXB spins-out from Oxford University COMPANY PRODUCT World’s first patient treated in vivo 2008 with OXB lentiviral vectors Deal signed with Novartis for LV 2014 manufacturing of first CAR-T COMPANY HYBRID treatment app
Slide 33: Management team with strong CDMO and value creation expertise
Management team with strong CDMO and value creation expertise Dr. Frank Mathias Dr. Lucy Crabtree Chief Executive Officer Chief Financial Officer (experience: >35 yrs) (experience: >20 yrs) Dr. Kyriacos Mitrophanous Dr. Sébastien Ribault Chief Innovation Officer Chief Business Officer (experience: >
Slide 34: Cell and gene therapy basics
Cell and gene therapy basics C> aims to treat, prevent, or cure diseases by targeting their root causes Cells are collected Autologous A viral vector (typically a The modified T cells are from patient T-cells are How cell lentiviral vector) is used reintroduced back into the isolated patient's bod
Slide 35: Flexible development and manufacturing services
Flexible development and manufacturing services For all vector types at any clinical phase Drug development phases Preclinical Phase I Phase II Phase III Commercial Developing robust processes and delivering clinical materials Ensuring scalability and Large scale commercial supply Our solutions enab
Slide 36: Seamless integration of client molecules at any stage
Seamless integration of client molecules at any stage Providing tailored solutions from preclinical to commercial supply Preclinical Phase 1 Phase 2 Phase 3 Commercial Complexity in switching L L M M H manufacturing sites Client can align IND Requires an IND Proof that the new Lock down Changes to C
Slide 37: Revenue and Operating EBITDA
Revenue and Operating EBITDA1 Revenue (£m) 100 80 60 40 20 0 H1 2015 H2 2015 H1 2016 H2 2016 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 Manufacturing Services & Commercial Development Licences, incentives, royalties
Slide 38: ESG 2024 highlights
ESG 2024 highlights ESG focused on three pillars: Environment, Social, and Governance Environment Social Governance • Inclusion of Lyon and Strasbourg • Mandatory online Equality, Diversity • New Environment, Social, facilities within Group Greenhouse & Inclusion training launched for all Governance
Slide 39: Definitions
Definitions BLA/MA submission Biologics License Application submission and Marketing Authorisation submission respectively. E2E End-to-end. GxP, GMP, GCP, GLP GxP is a general term for Good (Anything) Practice. GMP, GCP and GLP are the practices required to conform to guidelines laid dow n by releva