OXB has cut its full-year revenue guidance, blaming a short-term shift in client ordering, even as the cell and gene therapy manufacturer reported solid first-half growth and record new business.
The Oxford-based group said H1 revenue rose about 9% to roughly £80m, and that it signed 17 new clients in the period, more than 30% above its total for the whole of 2025.
But it now expects full-year revenue of £180m to £200m, below its previous guidance, citing deferrals and delayed timelines on some programmes, a change in one larger client’s procurement approach, and a six-month delay to readying its Durham, North Carolina site, which it said is now back on track.
Should these expectations be met, revenue would still be higher than last year’s £170m, but the pace of growth is likely to disappoint investors.
Full-year EBITDA margin is expected in the mid-single digits excluding one-off costs.
OXB left its longer-term ambitions unchanged, still guiding to 25-30% revenue growth in 2027, at least double-digit EBITDA margins, and around £500m of revenue by 2030.
Interim results are due on 22 September.
Dr. Frank Mathias, Chief Executive Officer of OXB, commented: “We continue to see strong demand for OXB’s services, demonstrated by record new client activity in the first half, an expanding new business pipeline and a growing number of late-stage and commercial-stage opportunities.”
“While we are updating our FY 2026 guidance to reflect the short-term impact of changes in client ordering behaviour and the phased ramp-up of our Durham, NC site, we remain confident about OXB’s future as we continue to expand our market position in the growing cell and gene therapy sector and support our clients in delivering life-changing therapies to patients.”