{"id":989362,"date":"2024-09-23T08:32:00","date_gmt":"2024-09-23T14:32:00","guid":{"rendered":"https:\/\/newsic.us\/news\/?p=989362"},"modified":"2024-09-30T03:35:53","modified_gmt":"2024-09-30T09:35:53","slug":"interim-results-for-the-six-months-ended-30-june-2024","status":"publish","type":"post","link":"https:\/\/newsic.us\/news\/interim-results-for-the-six-months-ended-30-june-2024\/","title":{"rendered":"Interim Results for the Six Months Ended 30 June 2024"},"content":{"rendered":"\n<p><strong>OXFORD<\/strong>&nbsp;<strong>BIOMEDICA<\/strong>&nbsp;<strong>PLC<\/strong><br><strong>INTERIM<\/strong>&nbsp;<strong>RESULTS<\/strong>&nbsp;<strong>FOR<\/strong>&nbsp;<strong>THE<\/strong>&nbsp;<strong>SIX<\/strong>&nbsp;<strong>MONTHS<\/strong>&nbsp;<strong>ENDED<\/strong>&nbsp;<strong>30<\/strong>&nbsp;<strong>JUNE<\/strong>&nbsp;<strong>2024<\/strong><\/p>\n\n\n\n<p><strong>Delivering<\/strong>&nbsp;<strong>Pure-Play<\/strong>&nbsp;<strong>CDMO<\/strong>&nbsp;<strong>Growth<\/strong><strong>&nbsp;Strategy<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>Continued<\/em>\u00a0<em>execution<\/em>\u00a0<em>of<\/em>\u00a0<em>&#8220;One<\/em>\u00a0<em>OXB&#8221;<\/em>\u00a0<em>strategy<\/em>\u00a0<em>with<\/em>\u00a0<em>global<\/em>\u00a0<em>integration<\/em>\u00a0<em>progressing<\/em>\u00a0<em>across<\/em>\u00a0<em>UK,<\/em>\u00a0<em>US<\/em>\u00a0<em>and French operations<\/em><br><\/li>\n\n\n\n<li><em>Existing<\/em>\u00a0<em>near-term<\/em>\u00a0<em>and<\/em>\u00a0<em>medium-term<\/em>\u00a0<em>financial<\/em>\u00a0<em>guidance<\/em>\u00a0<em>reiterated,<\/em>\u00a0<em>supported<\/em>\u00a0<em>by<\/em>\u00a0<em>positive<\/em>\u00a0<em>growth<\/em>\u00a0<em>trajectory<\/em>\u00a0<em>of the business<\/em><br><\/li>\n\n\n\n<li><em>Continued<\/em><em>strong<\/em><em>demand<\/em><em>for<\/em><em>OXB&#8217;s<\/em><em>CDMO<\/em><em>services,<\/em><em>with<\/em><em>an<\/em><em>increase<\/em><em>in<\/em><em>number<\/em><em>of<\/em><em>late<\/em><em>stage<\/em><em>\u00a0programmes<\/em><br>\n<ul class=\"wp-block-list\">\n<li><em>Client portfolio is maturing and now includes 37 clients and 48 programmes as of September 2024 (September<\/em>\u00a0<em>2023:<\/em>\u00a0<em>24<\/em>\u00a0<em>clients<\/em>\u00a0<em>and<\/em>\u00a0<em>41<\/em>\u00a0<em>programmes),<\/em>\u00a0<em>representing<\/em>\u00a0<em>a<\/em>\u00a0<em>growth<\/em>\u00a0<em>of<\/em>\u00a0<em>54%<\/em>\u00a0<em>for<\/em>\u00a0<em>clients<\/em>\u00a0<em>and<\/em>\u00a0<em>17%<\/em>\u00a0<em>for programmes year-on-year<\/em><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><em>Successfully<\/em><em>onboarded<\/em><em>multiple<\/em><em>new<\/em><em>clients,<\/em><em>including<\/em><em>signing<\/em><em>7<\/em><em>early-stage<\/em><em>AAV<\/em><em>programmes<\/em><em>in<\/em><em>the<\/em><em>US<\/em>\n<ul class=\"wp-block-list\">\n<li><em>Currently<\/em>\u00a0<em>supporting<\/em>\u00a0<em>late<\/em>\u00a0<em>stage<\/em>\u00a0<em>activities<\/em>\u00a0<em>for<\/em>\u00a0<em>4<\/em>\u00a0<em>clients<\/em>\u00a0<em>preparing<\/em>\u00a0<em>for<\/em>\u00a0<em>commercial<\/em>\u00a0<em>launch<\/em>\u00a0<em>of<\/em>\u00a0<em>CAR-T<\/em>\u00a0<em>products, compared to 1 late stage programme in September 2023<\/em><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>Strong<\/em><em>commercial<\/em><em>KPIs<\/em><em>underpin<\/em><em>expected<\/em><em>momentum<\/em><em>in<\/em><em>second<\/em><em>half<\/em><em>of<\/em><em>2024<\/em><em>and<\/em><em>beyond:<\/em>\n<ul class=\"wp-block-list\">\n<li><em>Contracted value of client orders in the first eight months of the year reflect strong demand for CDMO services<\/em>\u00a0<em>at<\/em>\u00a0<em>approximately<\/em>\u00a0<em>\u00a394<\/em>\u00a0<em>million;<\/em>\u00a0<em>this<\/em>\u00a0<em>is<\/em>\u00a0<em>supported<\/em>\u00a0<em>by<\/em>\u00a0<em>a<\/em>\u00a0<em>high<\/em>\u00a0<em>level<\/em>\u00a0<em>of<\/em>\u00a0<em>GMP<\/em>\u00a0<em>suite<\/em>\u00a0<em>utilisation<\/em>\u00a0<em>for<\/em>\u00a0<em>2025<\/em><\/li>\n\n\n\n<li><em>The<\/em>\u00a0<em>total<\/em>\u00a0<em>potential<\/em>\u00a0<em>revenue<\/em>\u00a0<em>pipeline<\/em>\u00a0<em>grew<\/em>\u00a0<em>by<\/em>\u00a0<em>29%<\/em>\u00a0<em>from<\/em>\u00a0<em>$438<\/em>\u00a0<em>million<\/em>\u00a0<em>to<\/em>\u00a0<em>$565<\/em>\u00a0<em>million,<\/em>\u00a0<em>since<\/em>\u00a0<em>the<\/em>\u00a0<em>start<\/em>\u00a0<em>of<\/em>\u00a0<em>the<\/em>\u00a0<em>year (as of 13 September 2024)<\/em><br><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><em>Post-period<\/em>\u00a0<em>end,<\/em>\u00a0<em>Dr.<\/em>\u00a0<em>Lucinda<\/em>\u00a0<em>Crabtree<\/em>\u00a0<em>joined<\/em>\u00a0<em>as<\/em>\u00a0<em>CFO<\/em>\u00a0<em>on<\/em>\u00a0<em>2<\/em>\u00a0<em>September;<\/em>\u00a0<em>transition<\/em>\u00a0<em>process<\/em>\u00a0<em>well-<\/em><em>progressed<\/em><br><\/li>\n<\/ul>\n\n\n\n<p><strong>Oxford,<\/strong>\u00a0<strong>UK<\/strong> <strong> (NEWSIC)\u00a0&#8211;<\/strong>\u00a0<strong>23<\/strong>\u00a0<strong>September<\/strong>\u00a0<strong>2024:<\/strong>\u00a0OXB (LSE: OXB), a quality and innovation-led cell and gene therapy CDMO, today announces interim results for the six months ended 30 June 2024.<\/p>\n\n\n\n<p><strong>Dr.<\/strong>&nbsp;<strong>Frank<\/strong>&nbsp;<strong>Mathias,<\/strong>&nbsp;<strong>OXB&#8217;s<\/strong>&nbsp;<strong>Chief<\/strong>&nbsp;<strong>Executive<\/strong>&nbsp;<strong>Officer,<\/strong>&nbsp;<strong>said:<\/strong>&nbsp;<em>&#8220;The<\/em>&nbsp;<em>first<\/em>&nbsp;<em>half<\/em>&nbsp;<em>of<\/em>&nbsp;<em>2024<\/em>&nbsp;<em>has<\/em>&nbsp;<em>been<\/em>&nbsp;<em>a<\/em>&nbsp;<em>period<\/em>&nbsp;<em>of<\/em>&nbsp;<em>significant progress for OXB as we continue to execute our multi-vector, multi-site &#8216;One OXB&#8217; strategy.<\/em><\/p>\n\n\n\n<p><em>&#8220;The integration of our global network of sites is progressing well, delivering operational benefits that enhance our ability<\/em>&nbsp;<em>to<\/em>&nbsp;<em>meet<\/em>&nbsp;<em>diverse<\/em>&nbsp;<em>client<\/em>&nbsp;<em>needs<\/em>&nbsp;<em>and<\/em>&nbsp;<em>accelerate<\/em>&nbsp;<em>project<\/em>&nbsp;<em>timelines.<\/em>&nbsp;<em>We&#8217;ve<\/em>&nbsp;<em>experienced<\/em>&nbsp;<em>strong<\/em>&nbsp;<em>demand<\/em>&nbsp;<em>across<\/em>&nbsp;<em>our viral vector services, with particularly robust revenue growth in lentiviral vector manufacturing. Importantly, we&#8217;re also<\/em>&nbsp;<em>seeing<\/em>&nbsp;<em>encouraging<\/em>&nbsp;<em>progress<\/em>&nbsp;<em>in<\/em>&nbsp;<em>AAV,<\/em>&nbsp;<em>including<\/em>&nbsp;<em>the<\/em>&nbsp;<em>signing<\/em>&nbsp;<em>of<\/em>&nbsp;<em>several<\/em>&nbsp;<em>new<\/em>&nbsp;<em>early<\/em>&nbsp;<em>stage<\/em>&nbsp;<em>programmes<\/em>&nbsp;<em>in<\/em>&nbsp;<em>the<\/em>&nbsp;<em>US.<\/em><\/p>\n\n\n\n<p><em>&#8220;Our<\/em>&nbsp;<em>commercial<\/em>&nbsp;<em>momentum<\/em>&nbsp;<em>is<\/em>&nbsp;<em>strong<\/em>&nbsp;<em>across<\/em>&nbsp;<em>all<\/em>&nbsp;<em>our<\/em>&nbsp;<em>key<\/em>&nbsp;<em>regions<\/em>&nbsp;<em>&#8211;<\/em>&nbsp;<em>the<\/em>&nbsp;<em>UK,<\/em>&nbsp;<em>US<\/em>&nbsp;<em>and<\/em>&nbsp;<em>France.<\/em>&nbsp;<em>We&#8217;re<\/em>&nbsp;<em>particularly pleased with the growth in our late-stage programmes, now supporting late stage activities for four clients preparing for commercial launch of CAR-T products.<\/em><\/p>\n\n\n\n<p><em>&#8220;The<\/em>&nbsp;<em>positive<\/em>&nbsp;<em>trajectory<\/em>&nbsp;<em>of<\/em>&nbsp;<em>our<\/em>&nbsp;<em>key<\/em>&nbsp;<em>performance<\/em>&nbsp;<em>indicators,<\/em>&nbsp;<em>including<\/em>&nbsp;<em>our<\/em>&nbsp;<em>growing<\/em>&nbsp;<em>revenue<\/em>&nbsp;<em>backlog<\/em>&nbsp;<em>and<\/em>&nbsp;<em>the<\/em>&nbsp;<em>high level of GMP suite reservations for 2025, gives us confidence in our future performance. These metrics reflect the<\/em>&nbsp;<em>increasing<\/em>&nbsp;<em>maturity<\/em>&nbsp;<em>of<\/em>&nbsp;<em>our<\/em>&nbsp;<em>client<\/em>&nbsp;<em>programmes<\/em>&nbsp;<em>and<\/em>&nbsp;<em>the<\/em>&nbsp;<em>growing<\/em>&nbsp;<em>demand<\/em>&nbsp;<em>for<\/em>&nbsp;<em>our<\/em>&nbsp;<em>services<\/em>&nbsp;<em>in<\/em>&nbsp;<em>the<\/em>&nbsp;<em>cell<\/em>&nbsp;<em>and<\/em>&nbsp;<em>gene therapy sector.<\/em><\/p>\n\n\n\n<p>&#8220;<em>As<\/em>&nbsp;<em>we<\/em>&nbsp;<em>look<\/em>&nbsp;<em>ahead,<\/em>&nbsp;<em>we<\/em>&nbsp;<em>remain<\/em>&nbsp;<em>focused<\/em>&nbsp;<em>on<\/em>&nbsp;<em>further<\/em>&nbsp;<em>integrating<\/em>&nbsp;<em>our<\/em>&nbsp;<em>operations<\/em>&nbsp;<em>and<\/em>&nbsp;<em>growing<\/em>&nbsp;<em>our<\/em>&nbsp;<em>global<\/em>&nbsp;<em>portfolio<\/em>&nbsp;<em>of clients and projects across all stages of clinical development. I&#8217;m proud of the OXB team whose expertise and dedication are driving our achievements, enabling our clients to deliver life-changing therapies to patients and create long-term value for our shareholders.&#8221;<\/em><\/p>\n\n\n\n<p><strong>FINANCIAL HIGHLIGHTS (including post-period&nbsp;<\/strong><strong>events)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Double-digit revenue growth; total revenues increased by 18% to \u00a350.8 million (H1 2023: \u00a343.1 million). Organic revenue growth was 38%. Organic growth excludes the impact of the acquisition of OXB France and the loss of revenues from Homology Medicines, Inc (&#8220;Homology&#8221;).<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue growth was driven by higher levels of manufacturing and commercial development activity, including:\n<ul class=\"wp-block-list\">\n<li>New client acquisition and revenue growth in lentiviral vector manufacturing as a result of an increase in the number of batches manufactured and clients transitioning to Process C, OXB\u2019s best-in-class perfusion bioreactor process for lentiviral vector manufacturing.<\/li>\n\n\n\n<li>New contributions from OXB France following the acquisition of ABL Europe in January 2024, total revenues in France of \u00a35.7 million in H1 2024.<\/li>\n\n\n\n<li>Offset by a decline in US revenues due to Homology ceasing clinical activities, revenues from Homology in H1 2024 were \u00a30.2 million (H1 2023: \u00a312.9 million).<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Lower cost base as a result of the 2023 reorganisation:\n<ul class=\"wp-block-list\">\n<li>Operating EBITDA loss of \u00a3(20.3) million (H1 2023: \u00a3(33.7 million) and operating loss of \u00a3(32.2) million (H1 2023: \u00a3(50.7) million).<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Sufficient capital to achieve current strategic plan:\n<ul class=\"wp-block-list\">\n<li>Cash at 30 June 2024 was \u00a381.4 million (31 Dec 2023: \u00a3103.7 million); Net cash was \u00a341.7 million (31 Dec 2023: \u00a365.2 million).<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Commercial KPIs underpin expected momentum for the second half of 2024 and beyond:\n<ul class=\"wp-block-list\">\n<li>The contracted value of client orders1 signed during the first 8 months of 2024 was approximately \u00a394 million as at 31 August 2024.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Revenue backlog<sup>2<\/sup>\u00a0as at 31 August 2024 stood at approximately \u00a3120 million, compared to \u00a394 million at 31 December 2023. This is the amount of future revenue available to earn from current orders.<\/li>\n<\/ul>\n\n\n\n<p><strong>OUTLOOK<\/strong>&nbsp;<strong>AND<\/strong>&nbsp;<strong>FINANCIAL<\/strong><strong>&nbsp;GUIDANCE<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Group reiterates its existing near-term and medium-term financial guidance communicated to the market:\n<ul class=\"wp-block-list\">\n<li>2024 total Group revenues of between \u00a3126 million and \u00a3134 million, with a three-year revenue CAGR of more than 35% for 2023-2026.<\/li>\n\n\n\n<li>Low double-digit Operating EBITDA loss in 2024, including the impact of the acquisition of OXB France and investment in talent to support increased late stage client activity in 2025.<\/li>\n\n\n\n<li>The Group expects to achieve Operating EBITDA margins in excess of 20% by the end of 2026, and to be profitable on an EBITDA level in 2025.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>1 Contracted value of client orders represent the value of customer orders for which the customer has signed a financial commitment, whereby any changes to agreed values will be subject to either change orders or cancellation fees.<br>2 Revenue backlog represents ordered CDMO revenues available to earn. It is calculated on a cumulative basis by adding new contracted client orders less the value of revenues already recognised or no longer available after project scope adjustments or cancellations.<\/p>\n\n\n\n<p><strong>Analyst&nbsp;<\/strong><strong>briefing<\/strong><\/p>\n\n\n\n<p>OXB&#8217;s management team, led by Dr. Frank Mathias, CEO, Dr. Lucinda Crabtree, CFO and Dr. Sebastien Ribault, CBO will be hosting a briefing and Q&amp;A session for analysts at 13:00 BST \/ 8:00 EST today, 23 September, at Chartered Accountants Hall, One Moorgate Place, London EC2R 6EA, United Kingdom.<\/p>\n\n\n\n<p>A live webcast of the presentation will be available via this&nbsp;<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ujUPVqoESmuac2534bAc5KsaBvBXFYRt4dXhv05MwHer9dcKDV4Y-G0En2tqbNsQumd8OzawTyhRapSX3Zn1JxA1m4Qp-YmXuDRkWKjNSUHu3ZJeepqSdaniPyBwWLqZ\" rel=\"noreferrer noopener\" target=\"_blank\">link<\/a>. The presentation will be available on OXB&#8217;s website at&nbsp;<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=_l0asmYO_2CmOwZDElf1MQ1yxqJ-tZsjpGNNB8q8hj51ywjdJPZi6pMLZGsLMxJW7D32LljsVYKw-z1-kYZOgw==\" rel=\"noreferrer noopener\" target=\"_blank\">www.oxb.com<\/a><\/p>\n\n\n\n<p>If you would like to dial in to the call and ask a question during the live Q&amp;A, please email&nbsp;<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=5Uqkz62xvy6glXKkL7Otadig-uJ72JMi9S6Uqq2rDDnPhbUnLfkz3E_renFjdAz1y3GpdqSVp_r6YltpnU8XIYyQIYzsEdYeuPBFRuDJZ2E=\" rel=\"noreferrer noopener\" target=\"_blank\">OXB@icrhealthcare.com<\/a><\/p>\n\n\n\n<p><strong>Notes<\/strong><\/p>\n\n\n\n<p>Unless otherwise defined, terms used in this announcement shall have the same meaning as those used in the Annual report and accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OXFORD&nbsp;BIOMEDICA&nbsp;PLCINTERIM&nbsp;RESULTS&nbsp;FOR&nbsp;THE&nbsp;SIX&nbsp;MONTHS&nbsp;ENDED&nbsp;30&nbsp;JUNE&nbsp;2024 Delivering&nbsp;Pure-Play&nbsp;CDMO&nbsp;Growth&nbsp;Strategy Oxford,\u00a0UK (NEWSIC)\u00a0&#8211;\u00a023\u00a0September\u00a02024:\u00a0OXB (LSE: OXB), a quality and innovation-led cell and gene therapy CDMO,&#8230;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-989362","post","type-post","status-publish","format-standard","hentry","category-press-release"],"_links":{"self":[{"href":"https:\/\/newsic.us\/news\/wp-json\/wp\/v2\/posts\/989362"}],"collection":[{"href":"https:\/\/newsic.us\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsic.us\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsic.us\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/newsic.us\/news\/wp-json\/wp\/v2\/comments?post=989362"}],"version-history":[{"count":1,"href":"https:\/\/newsic.us\/news\/wp-json\/wp\/v2\/posts\/989362\/revisions"}],"predecessor-version":[{"id":989363,"href":"https:\/\/newsic.us\/news\/wp-json\/wp\/v2\/posts\/989362\/revisions\/989363"}],"wp:attachment":[{"href":"https:\/\/newsic.us\/news\/wp-json\/wp\/v2\/media?parent=989362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsic.us\/news\/wp-json\/wp\/v2\/categories?post=989362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsic.us\/news\/wp-json\/wp\/v2\/tags?post=989362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}