Oxford Biomedica Plc · LSE:OXB
Oxford Biomedica — FY2023 Earnings Presentation
30 slides from Oxford Biomedica's earnings presentation, Apr 29, 2024
Slide 1: One OXB: Building a pure-play cell and gene therapy CDMO
One OXB: Building a pure-play cell and gene therapy CDMO Preliminary results for the year ended 31 December 2023 April 2024
Slide 2: Forward looking statements
Forward looking statements 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
Slide 3: A clear strategy that will help us fulfil our mission
A clear strategy that will help us fulfil our mission Mission: To enable our clients to deliver life-changing therapies to patients 3
Slide 4: Delivering long-term sustainable growth
Delivering long-term sustainable growth 3 pillar plan 3 Pillars 1 2 3 Clear strategy Strong Clear path implementation towards plan profitability 4
Slide 5: Building a pure-play world leading CDMO in cell and gene therapy
Building a pure-play world leading CDMO in cell and gene therapy o Ongoing transformation of OXB into a pure-play CDMO with a multi-vector, multi-site model o Acquired ABL Europe from Institut Mérieux on 29th January 2024, Oxford, UK expanding manufacturing and bioprocessing footprint beyond Bedford
Slide 6: Recent successes provide confidence in medium-term guidance
Recent successes provide confidence in medium-term guidance Growth in business development pipeline and strong KPIs for 2024 YTD First successes of new Medium term guidance Guidance for FY2024 as strategy demonstrated supported by strong KPIs previously communicated during 2023 for 2024 YTD 51% grow
Slide 7: Creating One OXB
Creating One OXB Oxford Biomedica
Slide 8: One OXB strategy
One OXB strategy Transformation and integration of >20 global workstreams to create One OXB Foster a unified One OXB culture and set of global Attract, values develop and retain highly motivated people Innovate to help our clients Invest to Operate a Provide best-in-class bring their treatments to b
Slide 9: Commercial momentum driving growth
Commercial momentum driving growth
Slide 10: OXB's trajectory supported by strong market fundamentals
OXB’s trajectory supported by strong market fundamentals Drivers fuelling the growth, market estimated at $2.8bn with expected 4-year growth of ~20% Viral vector outsourced supply market 3 key market drivers size and growth Market size in $bn 2024-28 5.8 2024-28 CAGR FDA approvals: increasing approv
Slide 11: FY23 showed a significant increase in the volume of contracts
FY23 showed a significant increase in the volume of contracts Healthy mix of client types and programmes covering different vector types, historically a 100% lenti-focused model Volume of contracts Clients Vectors A total of 30 contracts were signed 15 new clients in 2023 increasing diversity AAV /
Slide 12: Significant growth in OXB's business development pipeline
Significant growth in OXB’s business development pipeline Driven by a series of factors highlighting our value proposition to clients Commercial pipeline Technologies Commercial opportunities pipeline1 in $m: Main drivers for growth: Capitalising on existing technologies: Expanded vector types Techn
Slide 13: Number of late stage and commercial programmes are growing
Number of late stage and commercial programmes are growing We’ve moved from 2 to 5 late stage/commercial programmes • Portfolio of 51 programmes with 35 current clients; diverse range of Client programmes by phase: clients and stages of development Early: pre-clinical Late: Commercial Total to phase
Slide 14: Better positioned through recent acquisitions in the US and EU
Better positioned through recent acquisitions in the US and EU We have gained 3 key elements with the integration of multiple global sites New capabilities & capacity Access to new technologies Commercial access & diversification What we gained: Legacy OXB offering Manufacturing: +8 GMP suites Lenti
Slide 15: Pathway to Profitability
Pathway to Profitability Oxford Biomedica:
Slide 16: FY23: A transformational year paving the way for future growth
FY23: A transformational year paving the way for future growth 1. Stable core 2. Rebased business 3. Strong balance 4. Commercial KPIs business revenues with streamlined cost sheet give confidence in base future growth o Small increase in core o Completed ~£30m o Cash of £103.7m at 31 o Contracted v
Slide 17: FY24 guidance reiterated
FY24 guidance reiterated; enabled by recent strategic initiatives and commercial momentum Guidance for FY24 as previously communicated o FY24 revenues expected to be between £126m and £134m (~40%-50% growth over FY23) o Broadly breakeven EBITDA1 in 2024 excluding Oxford Biomedica (France) o Includin
Slide 18: Medium term guidance
Medium term guidance – existing capital infrastructure already in place to achieve strategic plan 1 Doubling revenues by FY26 2 Operating EBITDA margin by FY26 >35% 2024-26 Guidance >20% Revenue (£m) revenues (illustrative) Strong heritage in viral vectors Licence, milestones and grants World class
Slide 19: Taking OXB from Good to Great
Taking OXB from “Good to Great” Attract, develop and retain highly motivated people Invest to better Operate a client serve clients centric organisation Generate increasing Deliver excellent returns client experiences Expand existing partnerships and attract new clients 19
Slide 20: Recent successes provide confidence in medium-term guidance
Recent successes provide confidence in medium-term guidance Growth in business development pipeline and strong KPIs for 2024 YTD First successes of new Medium term guidance Guidance for FY2024 as strategy demonstrated supported by strong KPIs previously communicated during 2023 for 2024 YTD 51% grow
Slide 21: Appendix
Appendix Oxford Biomedica
Slide 22: Group consolidated statement of comprehensive income
Group consolidated statement of comprehensive income Dec-23 Dec-22 £'000 £'000 Continuing operations Revenue 89,539 139,989 Cost of sales (49,812) (70,808) Gross profit 39,727 69,181 Research and development costs (59,353) (60,937) Bioprocessing costs (43,746) (33,886) Administration expenses (25,41
Slide 23: Group balance sheet
Group balance sheet Dec-23 Dec-22 £'000 £'000 Assets Non-current assets Intangible assets & goodwill 30,981 105,886 Property, plant and equipment 75,692 133,780 Trade and other receivables 4,340 5,010 111,013 244,676 Current assets Inventories 12,872 12,625 Trade and other receivables 24,741 61,594
Slide 24: Group statement of cash flows
Group statement of cash flows 2023 2022 £’000 £’000 Cash flows from operating activities Cash (consumed in)/generated from operations (36,027) (13,173) Tax credit received 7,510 558 Net cash (used in)/generated from operating activities (28,517) (12,615) Cash flows from investing activities Acquisit
Slide 25: ESG 2023 achievements
ESG 2023 achievements Oxford Biomedica’s ESG strategy is focused on five pillars: People, Community, Environment, Innovation and Supply Chain People Community Events have been held to celebrate and raise The Group donated £50,000 to the Disasters and Emergencies awareness of Women in work, and LGBTQ
Slide 26: Oxford Biomedica at a glance
Oxford Biomedica at a glance o A quality and innovation-led CDMO with 25+ years of experience o Pure-play focus on cell and gene therapy Oxford, UK Bedford, MA Strasbourg, France o End-to-End capabilities from plasmid design to commercial GMP manufacturing Lyon, France o LVV, AAV & Adeno-related in-
Slide 27: 7 facilities in the UK, US and EU
7 facilities in the UK, US and EU Supporting research, analytics, and GMP manufacturing Yarnton Lyon Windrush Court Oxford France Oxford 1 x GMP suite 3 x GMP suites State of the art laboratories, PD & AD labs QC, AD, R&D FDA, MHRA, & ANVISA approved EMA approved Patriots Park Strasbourg Oxbox Franc
Slide 28: Selected services
OXB’s end-to-end capabilities enable us to be the chosen partner for companies from discovery to commercialisation Illustrative OXB Revenue Streams from CDMO Services Drug development Pre-clinical Phase 1 Phase 2 Phase 3 Commercial phases Our Early: developing robust process and delivering Late: ens
Slide 29: Acquisition of ABL Europe from Institut Mérieux
Acquisition of ABL Europe from Institut Mérieux (“IM”) IM intention to become ~10% shareholder in OXB Timelines Transaction Structure o Transaction completed in January 2024, business €5m o EV of €5m now renamed as Oxford Biomedica (France) Stage 1 o IM to inject €10m of cash into ABL ahead of the a
Slide 30: Contact us
Contact us Oxford Biomedica plc Windrush Court Transport Way Oxford OX4 6LT Stuart Paynter Chief Financial Officer Sophia Bolhassan VP, Corporate Affair & Investor Relations IR@oxb.com www.oxb.com