Oxford Biomedica Shares Fall Despite Record Client Wins
Oxford Biomedica shares fell after the gene and cell therapy manufacturer posted interim results showing revenue growth and record new client wins alongside a widened operating loss and shrinking margins.
Oxford Biomedica (LON: OXB), a contract manufacturer of gene and cell therapies, saw its shares fall after H1 2026 results showed revenue growth overshadowed by margin pressure and a wider loss. The stock traded at 455p, down 2.15% from Monday’s close of 465p, having ranged between 455p and 473p in the session.
Reported revenue rose 9% to £79.8m, with a record 17 new client signings in the half plus four more since, taking total programmes to 59 and the backlog to roughly £193m. The Durham, NC manufacturing site is now online after a previously disclosed six-month delay, with its first GMP run complete, a milestone management sees as key to a second-half ramp-up.
Oxford Biomedica: H1 2026 vs H1 2025 revenue, operating EBITDA, adjusted operating EBITDA and operating loss (£m). Source: company interim results, RNS, 22 September 2026.
Gross margin, the share of revenue left after production costs, fell to 37% from 43%. The operating loss widened to £29.1m from £23.6m, including a £7.6m impairment on French assets, while net cash outflow from operations worsened to £34.3m from £4.8m, leaving net cash of £21.4m, down from £55.4m at December’s close. Guidance for £180-200m FY2026 revenue and 25-30% FY2027 growth was reiterated.
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OXB delivered a strong first half commercially, with record new client wins, an increase in programmes to 59 and continued revenue growth. Importantly, our Durham, NC site is now operationally ready and serving clients, with GMP manufacturing capabilities online and the first GMP run completed.
Dr. Frank Mathias, Chief Executive Officer, Oxford Biomedica
The reiterated guidance signals confidence in the growth trajectory, but the day’s share fall shows markets weighing margin compression and cash burn against the top-line story as Durham’s ramp-up becomes the next test.
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