Oxford Biomedica Plc · LSE:OXB
Oxford Biomedica — H1 2025 Earnings Presentation
32 slides from Oxford Biomedica's earnings presentation, Sep 23, 2025
Slide 1: Strong commercial momentum driving path to sustained profitability
Strong commercial momentum driving path to sustained profitability Interim results for the six months ended 30 June 2025 September 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: Strong H1 2025 execution builds further momentum
Strong H1 2025 execution builds further momentum First half progress and enhanced financial flexibility position OXB for growth Strong order Manufacturing Financial momentum optimisation flexibility Increasing revenue visibility Boosting efficiency and enabling To expand global capacity to seamless
Slide 5: Differentiated capabilities, proven delivery
30yrs Differentiated capabilities, proven delivery Manufacturing • Broad viral vector expertise – best-in-class capabilities across AAV, lentivirus & other vector types c.1000 • State-of-the-art facilities & scalable production capabilities to meet the growing demand for CGTs GMP batches • Track rec
Slide 6: Global reach, client-centric delivery
Global reach, client-centric delivery State-of-the-art facilities strategically located to capture market growth c.£60m placing supports investment to strengthen global CDMO network including US GMP capacity, to meet growing demand US UK France Total development and 8,920m2 Total development and 17,
Slide 7: Commercial update
Commercial update 7
Slide 8: Robust CGT pipeline fuels CDMO market opportunity
Robust CGT pipeline fuels CDMO market opportunity Consistent industry pipeline expansion across all development stages & momentum in approvals Gene therapy pipeline quarterly comparison Strong momentum in number of CGT approvals Total number of molecules in development: Number of US and EU approvals
Slide 9: Strong pipeline & order growth underpins future revenue potential
Strong pipeline & order growth underpins future revenue potential Increasing opportunity volume and advancing late-stage AAV programmes Orders value (£m) Pipeline value with order value added back ($m) Variations in pipeline +14% value driven by high value of signed £186 $732 opportunities $642 £149
Slide 10: Strong impact of One OXB strategy on contracts signed
Strong impact of One OXB strategy on contracts signed £149m signed orders with significant increase in AAV and European contribution H1 2025 client contracts H1 2025 geographical split Total opportunities won by client type Diversification of geographical distribution by new client location 4% 4% 4%
Slide 11: A diversified portfolio of 40+ client programmes
A diversified portfolio of 40+ client programmes Larger number of programmes initiating late phase and commercial activities OXB ranked in the top 10 CDMOs for advanced therapies by market share by Cell and Gene in September 20251 Contract stage Contract size range per project (£) Sept 2025 Preclini
Slide 12: Equity raise proceeds will strengthen global CDMO network
Equity raise proceeds will strengthen global CDMO network c. £60 million placing to support strategic investments to meet client demand Investment drivers: Strong CGT market Client demand and pipeline US leads VV manufacturing, fundamentals growth AAV fuelling growth Investment priorities: Accelerat
Slide 13: Financial update
Financial update 13
Slide 14: Strong H1 2025 performance
Strong H1 2025 Confirmation performance of our on allfor mid-term guidance fronts both top- and bottom-line 1 Strong double-digit revenue growth 2 Robust commercial KPIs 44% growth in total revenue to £73.2m (H124: Contracted client order value £149m1 (H124: £56m) £50.8m) c.£190m as at 31 Aug 2
Slide 15: Cash position reinforced post period: £113.7m
Cash position reinforced post period: £113.7m Cash Flow (£m) 70 60.7 60 5.1 o Reduced operating cash outflow of 6.8 -1.3 53.9 £(4.8)m (H124: £(48.6)m) due to -8.3 -2 operating loss improvement, 50 -5.6 disciplined cash control and -1.5 40 enhanced working capital management 30 o Enhanced working cap
Slide 16: Financial guidance reaffirmed with accelerating revenue growth
Financial guidance reaffirmed with accelerating revenue growth Targeting 25-30% revenue growth in 2027-28; long term EBITDA margins approaching c.30% Financial Metric Timeframe Guidance1 2025 £160 million - £170 million 2026 £220 million - £240 million Revenue 2027 25%-30% y-o-y growth 2028 25%-30%
Slide 17: Wrap-up
Wrap-up 17
Slide 18: 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 19: Scaling global capacity to meet rising CGT demand
Scaling global capacity to meet rising CGT demand Guidance reiterated and outlook supported by commercial momentum Continued strong growth with increasing demand for OXB’s global, multi-vector service offering Set to grow global client portfolio across all stages of clinical development in CGT Fundi
Slide 20: Appendix
20 ‘ H I t a es a “ ? i§ {0 a? i i | BP ity b At ap i a : Appendix
Slide 21: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income Six months Six months Six months Six months ended Jun 2025 ended Jun 2024 ended Jun ended Jun £'000 £'000 2025 2024 Continuing operations £'000 £'000 Revenue 73,223 50,806 Other comprehensive expense Cost of sales (41,566) (32,851) Foreign currency tran
Slide 22: Consolidated balance sheet
Consolidated balance sheet 30 Jun 2025 31 Dec 2024 £'000 £'000 30 Jun 2025 31 Dec 2024 Assets £'000 £'000 Non-current assets Non-current liabilities Intangible assets & goodwill 24,318 29,219 Provisions 7,420 7,424 Property, plant and equipment 55,326 64,296 Contract liabilities 5,481 50 Trade and o
Slide 23: Consolidated statement of cash flows
Consolidated statement of cash flows Six months ended Six months ended Jun 2025 Jun 2024 £’000 £’000 Cash flows from operating activities Cash used in operations (1,498) (39,199) Tax credit received 5,128 - Net cash generated from /(used in) operating activities 3,630 (39,199) Cash flows from invest
Slide 24: Revenue growth of 44% driven by increased client activity
Revenue growth of 44% driven by increased client activity Consistent revenue growth across GMP and process development work Total Group Revenue 25% growth in manufacturing £73.2m o Increase in the number of batches manufactured for 1.7 clinical clients and for clients in preparation for 8.6 commerci
Slide 25: Cost base controlled, driving positive operating leverage
Cost base controlled, driving positive operating leverage Revenue growth of 44% achieved without significant cost increase Total Expenses by line item Total Expenses by type £97.4m £97.4m £86.3m £86.3m Cost of Sales Raw Material & £24.1m £41.6m external costs £20.4m (1) £32.9m Operating costs Man Po
Slide 26: 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 H1 2025 Manufacturing Services & Commercial Development Licences, incentives, r
Slide 27: ESG H1 2025 highlights
ESG H1 2025 highlights ESG focused on three pillars: Environment, Social and Governance Environment Social Governance • Lyon and Strasbourg now integrated • Completed several charitable • Regular ESGRC and site-level with the Group GHG baseline and initiatives including 30,000 km meetings strengthen
Slide 28: An unmatched 30-year track record in viral vector manufacturing
An unmatched 30-year track record in viral vector manufacturing 1995 DEVELOPMENT 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 29: 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 30: 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 31: 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 32: 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 down by relevan