Oxford Biomedica PLC reported a wider-than-expected loss and missed both earnings and revenue forecasts for the first half of 2026, yet its shares rose 2.04% to $474.50 on stronger-than-expected order momentum and management's reaffirmation of full-year and long-term targets.
Adjusted earnings per share came in at -3.04 pence, missing consensus estimates of -2.45 pence by about 24%. Revenue totaled GBP 80.2 million ($79.85 million), roughly 18.6% below the GBP 97 million analysts had expected. On a constant-currency basis, revenue rose 10% year-over-year.
The company said manufacturing revenue grew 20% on higher clinical and commercial launch batch volumes, while development revenue increased 1%. Procurement services revenue was broadly flat at GBP 8.4 million. Licensing and royalties fell to GBP 1.2 million as the Kymriah program matured. An impairment charge of GBP 7.6 million was recorded at the company's France site due to lower near-term revenue expectations.
Operating EBITDA loss narrowed to GBP 7.8 million from GBP 8.3 million a year earlier, and adjusted EBITDA loss improved to GBP 2.5 million from GBP 3.9 million. Gross profit margin came in at 39.1%.
Cash at the end of the period stood at GBP 75.3 million with a net cash position of GBP 21.4 million. The current ratio was 2.2.
Management kept full-year 2026 revenue guidance unchanged at GBP 180 million to GBP 200 million. Contracted revenue rose to GBP 168 million from GBP 97 million at the half-year and GBP 127 million at the end of August. Revenue in the backlog grew from GBP 193 million to GBP 299 million between the half-year and end of August.
Active clients reached 50, up from the prior year, with 17 new clients signed in the first half. Active client programs totalled 59 at OXB in September 2026, up from 44 a year earlier. The commercial pipeline stood at $730 million at the half-year, a 30% increase year-over-year.
Looking ahead, the company expects 2027 revenue growth of 25% to 30% and at least double-digit EBITDA margins. Long-term ambition targets approximately GBP 500 million in revenue with EBITDA margins approaching 30% by 2030. Capital expenditure is expected to total about GBP 50 million across 2026 and 2027, weighted toward next year.
Dr. Frank Mathias, chief executive officer, said the company is "at the right market with the right services at the right time," pointing to the firm's integrated network across the U.K., the U.S. and France. He said OXB has not seen issues related to clinical trial fatalities reported elsewhere in CAR-T autoimmune therapies.
The stock is trading 13% above the midpoint of its 52-week range, 48.1% above its low of $420 and 50.1% below its high of $950.
