olivLaw · European equity research
Oxford Biomedica PLC OXB.L
United Kingdom · London Stock Exchange · ISIN GB00BDFBVT43 · Vertical: Listed companies from United Kingdom
Oxford Biomedica (OXB) is a pure-play CDMO that manufactures viral vectors for cell and gene therapy clients from sites in the UK, the US and France. In 2025 the company grew revenue by over 30% and reached positive operating EBITDA, at a time when demand for commercial-scale manufacturing is rising. The acquisition of a facility in Durham, North Carolina extended US manufacturing capacity. Reported revenue for 2025 was £168.7 million, and operating EBITDA was £2.3 million.
At the close of 05 Nov 2026, Oxford Biomedica PLC (OXB.L) stock was 5.50 GBP (−0.36% on the day), with market capitalisation 615.5 m GBP, beta 1.01, 52-week range 4.24–9.13 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 61.5
- strong (55–70)
- Bollinger (20, 2)
- 5.01 – 5.53
- in the upper half of the band · %B 0.95 · band width 9.9%
- SMA 50 / 200
- 5.00 / 5.98
- mixed trend
- MACD (12, 26, 9)
- 0.11 / 0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.6% | −0.6% | +4.2 pp | — |
| 3 months | −6.9% | −4.2% | −2.8 pp | — |
| 6 months | −16.5% | +4.3% | −20.9 pp | — |
| Year to date | −10.9% | +7.5% | −18.4 pp | — |
| 1 year | −16.7% | +9.9% | −26.6 pp | +5.8% |
| 3 years | +147.7% | +49.8% | +97.9 pp | +26.3% |
| 5 years | −64.1% | +42.8% | −106.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 89.5 m | 128.8 m | 168.7 m |
| Revenue YoY | unavailable | +43.8% | +31.0% |
| Net income | -157.5 m | -43.2 m | -30.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.63 | -0.42 | -0.27 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -175.9% | -33.5% | -17.9% |
| Free cash flow | -38.3 m | -58.2 m | -4.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 96.9 m GBP
- Financial debt
- 41.5 m GBP
- Net debt
- -55.4 m GBP
- Equity
- 91.3 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- 0.45x
- Current ratio
- 2.20x
- ROE
- -39.7%
- ROA
- unavailable
- FCF margin
- -2.5%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 89.5 m | 128.8 m | 168.7 m | esef· 07 Apr 2026verified |
| Cost of revenue | 49.8 m | 75.8 m | 102.8 m | esef· 07 Apr 2026verified |
| Gross profit | 39.7 m | 53.0 m | 66.0 m | esef· 07 Apr 2026verified |
| Research & development | 11.5 m | 4.5 m | 5.1 m | esef· 07 Apr 2026verified |
| Operating income | -184.2 m | -39.4 m | -22.5 m | esef· 07 Apr 2026verified |
| Interest expense | 9.3 m | 11.1 m | 14.6 m | esef· 07 Apr 2026verified |
| Pre-tax income | -188.5 m | -47.3 m | -31.9 m | esef· 07 Apr 2026verified |
| Income tax | -4.4 m | 1.3 m | -1.3 m | esef· 07 Apr 2026verified |
| Net income | -157.5 m | -43.2 m | -30.1 m | esef· 07 Apr 2026verified |
| Diluted EPS | -1.63 | -0.42 | -0.27 | esef· 07 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 103.7 m | 60.7 m | 96.9 m | esef· 07 Apr 2026verified |
| Receivables | 24.7 m | 59.0 m | 71.3 m | esef· 07 Apr 2026verified |
| Inventories | 12.9 m | 13.6 m | 17.3 m | esef· 07 Apr 2026verified |
| Current assets | 141.3 m | 133.2 m | 185.6 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 75.7 m | 64.3 m | — | esef· 29 Apr 2025verified |
| Accounts payable | 17.8 m | 26.2 m | 35.4 m | esef· 07 Apr 2026verified |
| Long-term debt | 38.5 m | 39.8 m | 41.5 m | esef· 07 Apr 2026verified |
| Current liabilities | 44.3 m | 58.3 m | 84.2 m | esef· 07 Apr 2026verified |
| Equity | 77.8 m | 60.5 m | 91.3 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 96.6 m | 103.4 m | 111.9 m | esef· 07 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -28.5 m | -50.7 m | 507.0 k | esef· 07 Apr 2026verified |
| Capex | 9.8 m | 7.5 m | 4.8 m | esef· 07 Apr 2026verified |
| Free cash flow | -38.3 m ≈ | -58.2 m ≈ | -4.3 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | 2.8 m | 5.6 m | -5.7 m | esef· 07 Apr 2026verified |
| Financing cash flow | -12.7 m | 2.9 m | 42.3 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 615.5 m GBP
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -50.0% | 0 (vs peers) | 29% |
| Net margin · Quality | -17.9% | 20 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.5x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.7% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality8/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
OXFORD BIOMEDICA PLC (OXB.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 168.7 m GBP in 2025; YoY growth 31.0%; net margin -17.9%; ROE -40.6%.
The estimated value range is 1.41–1.73 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.54 GBP, the price of 5.50 GBP leaves a potential of -71.9% (value / price − 1) and a margin of safety of -256.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.2x
What contradicts it
- ROIC: -50.0%
- Net margin: -17.9%
- Interest coverage: -1.5x
- FCF yield: -0.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| OXB.LOxford Biomedica PLC | 615.5 m | — | -40.6% | -17.9% | +31.0% | −13% / +230% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for OXB.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Oxford Biomedica (OXB) is a pure-play CDMO that manufactures viral vectors for cell and gene therapy clients from sites in the UK, the US and France. In 2025 the company grew revenue by over 30% and reached positive operating EBITDA, at a time when demand for commercial-scale manufacturing is rising. The acquisition of a facility in Durham, North Carolina extended US manufacturing capacity. Reported revenue for 2025 was £168.7 million 1, and operating EBITDA was £2.3 million 1.
SWOT
Strengths
- The integrated global network, with sites in three countries, lets teams work together on client projects 1.
- The FDA-approved GMP capacity in Durham strengthens its position in the North American market 1.
- The company reached positive operating EBITDA in 2025 after a loss-making prior year, and operating cash flow turned positive 1.
Weaknesses
Opportunities
- Commercial contracts with large clients, such as the one announced with BMS, could strengthen long-term revenue 1.
- Extending the platform through licensing and partnerships may open new markets without direct investment 1.
- Demand for lower-emission processes could attract clients who value sustainability performance 1.
Risks
- Dependence on client contractshigh
Revenue depends on client programmes, and delays or the loss of a key client could reduce volumes 1.
- Financing and liquiditymedium
The company used a loan and an equity placing to fund its expansion, and repayment terms can restrict flexibility 1.
- Regulatory and GMP riskshigh
Compliance with GMP requirements is essential, and any inspection observation could affect client confidence 1.
- Physical climate risksmedium
Flooding, extreme heat and water stress can affect infrastructure and productivity, although risks are assessed as low in most scenarios 1.
- Integration of acquisitionsmedium
Integrating the Durham facility and other sites could delay benefits and create unforeseen costs 1.
Investment thesis
What would need to be true (bull case)
- Revenue growth in 2025 and the move to positive operating EBITDA show the CDMO model can become profitable at scale 1.
- The FDA-approved Durham capacity and new contracts, such as the one with BMS, could support growth in the coming years 1.
- A net cash position and access to expanded financing give the company a framework for capacity investment 1.
What would break the thesis
- The 2025 operating result included a non-recurring gain, so underlying profitability remains limited 1.
- The company carries debt and relies on further financing, which could limit flexibility if demand falls 1.
- Dependence on a few large clients and on clinical programmes could make revenue volatile from year to year 1.
What to watch
- Trajectory of revenue and operating EBITDA excluding the acquisition gain2026
- Pace of integration of the Durham facility and progress toward planned capacity2026
- Use of the loan facility and its repayment conditionsNext annual report 2026
- GMP inspection outcomes and site compliance2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
OXB provides development and manufacturing services to clients creating cell and gene therapies, which the company describes as a 'pure-play CDMO'. It no longer initiates its own clinical trials and focuses on manufacturing lentiviral and AAV vectors for clients 1. Activity is organised in an integrated global network, 'One OXB', with sites in the UK, the US and France 1. Revenue in 2025 rose to £168.7 million from £128.8 million in 2024 1.
The group's mission, updated in 2025, is 'let's deliver life-changing therapies together', with clients bringing therapies to patients while OXB supplies the manufacturing capacity 1. The company also strengthened its procurement and storage services for clients preparing for commercialisation, ensuring raw-material supply stability 1. Revenue comes from several lines: manufacturing, development services, procurement, and licences, milestones and royalties 1.
The FDA-approved Durham, NC facility, acquired in October 2025, adds US GMP capacity across drug substance and fill-finish 1. The company also transferred the AAV platform from the US and the lentiviral platform from the UK to France, where development and pilot manufacturing capabilities are now available to clients 1.
Segments
Lentiviral and AAV vector manufacturing
GMP manufacturing of lentiviral vectors was the main driver of revenue growth in 2025, supporting clinical and commercial launch programmes 1. The company extended AAV and lentiviral capabilities across its sites to offer clients commercial scale 1.
Development and process services
Development revenue rose as clients progressed through clinical development, especially from process characterisation and validation work 1. A multi-year commercial supply agreement with BMS for lentiviral vectors used in CAR-T programmes was announced in February 2026, after the period end 1.
Market context
OXB operates in the market for CDMOs serving cell and gene therapy, where clients outsource vector and therapeutic production 1. The company describes client demand for GMP capacity as growing, which is why it added US capacity 1. Revenue in 2025 rose 31% on a reported basis and 33% at constant currency 1.
According to the company, revenue growth is supported by clients moving into clinical and commercial phases, which increases the need for scalable manufacturing capacity 1. Progress, however, depends on sustaining this pace and converting demand into long-term contracts 1.
Trends
- Rising demand for commercial manufacturingtailwind
Clients moving from clinical studies to commercial launch need GMP capacity at large scale, which favours providers with approved sites 1. If this trend continues, it could support OXB's revenue growth 1.
- Production located closer to the markettailwind
For North American clients, proximity to a GMP facility in Durham reduces logistical costs and supply-chain risk 1. The company believes localised production can lower therapy costs over time 1.
- Decarbonisation requirements and costsmixed
Requirements to decarbonise buildings and manufacturing practices can raise capital and operating costs, although the company rates these risks as low in the scenarios it assessed 1. At the same time, the shift to lower-emission processes could become a competitive advantage 1.
- Climate risk to infrastructureheadwind
Rising temperatures, water stress and flood risk at certain locations could affect productivity, water costs and distribution routes 1. The company says effects are managed at site level, but adaptation costs may rise 1.
Competitive position
The supplied sources do not name competitors, so specific competitive positions cannot be described. The company presents its advantage as its integrated global network, scalability and GMP quality 1.
The company argues that its pure-play CDMO position and its presence in the US, UK and France give it an edge in attracting clients seeking fast scale-up 1. If other providers expand capacity more quickly, that edge could narrow 1.
- Gene therapy CDMO providers
The sources do not name competitors; the group only indicates it operates in a market with several providers of GMP capacity.
- Regional viral vector providers
The sources do not identify individual providers; the company uses a licensing deal with an Australian partner as an example of extending its platform.
- Clients' in-house manufacturing
Clients may choose in-house production, but the sources give no details on this alternative.
- Other US GMP CDMO capacity providers
The sources name no companies; the Durham acquisition shows that access to FDA-approved capacity is a priority for the group.
News & filings
In the press
- Oxford Biomedica H1 Earnings Call HighlightsYahoo Finance — News · 22 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Oxford Biomedica PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.