Overview
Oxford BioMedica has released preliminary 2025 results showing revenue of £168.70 million, a 33% increase on the prior year and slightly above the consensus estimate of £166.22 million from eight analysts. The UK cell and gene therapy contract development and manufacturing organisation recorded a positive operating EBITDA of £2.30 million for the period, although it reported an operating loss for the year of £22.50 million.
Drivers of 2025 performance
Management attributed the top-line improvement to increased GMP lentiviral vector manufacturing to support both clinical programmes and commercial launch activities. Development revenues rose as clients advanced through clinical development stages, requiring additional work on process characterisation and validation. The company also experienced expansion in procurement and storage services as customers positioned themselves for commercialisation and sought stability in raw material supply chains.
Expansion of U.S. capacity
In 2025 Oxford BioMedica acquired an FDA-approved viral vector facility in Durham, North Carolina, a move that increases its U.S. manufacturing footprint. The company has signalled that this acquisition will be a factor in next year’s operational profile as the site is integrated and scaled.
Outlook for 2026 and beyond
Oxford BioMedica expects 2026 revenue to fall between £220 million and £240 million, with an operating EBITDA margin of approximately 10%. The company cautioned that both revenue and EBITDA will be second-half weighted in 2026 due to ongoing technology transfers and the ramp-up of the Durham facility. Looking further ahead, management projects medium-term revenue growth of 25% to 30% for 2027-28 and an EBITDA margin of at least 20% in 2027.
Context for markets and sectors
The results and guidance touch several areas of the economy and markets, including contract manufacturing services within the biotech sector, supply chain and procurement services for biologics, and the U.S. biomanufacturing landscape where the Durham facility will operate.
Conclusion
Oxford BioMedica closed 2025 with materially improved revenue and moved to a positive operating EBITDA position despite a full-year operating loss. The company’s purchase of an FDA-approved Durham facility and its guidance for material revenue growth and margin improvement in 2026 and beyond set expectations for a back-loaded 2026 as technology transfers and site ramp-up progress.