Oxford Biomedica (OXB.L), a British biotechnology company focused on the development of gene-based medicines, on Wednesday posted a wider loss for the first-half of 2023, amidst a decline in revenue. <\/p>\n
For the six-month period to June 30, the London-based firm posted a pre-tax loss of 52.344 million pounds, compared with a loss of 27.384 million pounds, registered for the same period of previous year.<\/p>\n
After tax, loss stood at 52.661million pounds or 49.74 pence per share as against last year’s loss of 27.634 million pounds or 27.29 pence per share.<\/p>\n
Operating EBITDA loss moved up to 33.7 million pounds from last year’s 5.8 million pounds. This is driven by the non-recurrence of Covid-19 vaccine revenue as well the full six-monthly impact of operating expenditure from the acquisition of Oxford Biomedica Solutions in March 2022.<\/p>\n
Operating loss was at 50.748 million pounds, compared with a loss of 19.157 million pounds a year ago. <\/p>\n
Revenue was 43.061 million pounds, down from last year’s 64.027 million pounds. This is mainly due to a fall in revenue from bioprocessing and commercial development at 40.6 million pounds, compared with 57.3 million pounds a year ago.<\/p>\n
Looking ahead, the drug maker expects its second-half operating EBITDA loss to be at around 10 million pounds, which is better than the first half. <\/p>\n
Oxford Biomedica is reorganizing its business<\/span> as it finalizes its transformation towards a pure-play cell and gene therapy CDMO. As part of this transformation the Group is expected to incur a one-off restructuring cost of circa 10 million pounds in the second half.<\/p>\n The company expects its 2023 revenues to be at around 90 million, below current market expectations due to lower milestone and license payments than previously expected and reduced or delayed bioprocessing orders from clients. However, the company anticipates a significant revenue growth in 2024 over 2023, driven by high levels of business development activity. <\/p>\n The drug maker aims to achieve three-year revenue CAGR in excess of 30 percent, and at least doubling of revenues by the end of 2026 from around 90 million pounds being indicated for 2023, with the growth being maintainable into the longer term. This will be supported by the strength of the revenue backlog, growing pipeline of potential new business opportunities, and others. <\/p>\n