OXB Swings to Profit, Signals Robust Growth in Gene Therapy Sector

OXFORD, UK – February 24, 2026 – Oxford-based OXB, a critical manufacturing partner for the cell and gene therapy industry, has announced a significant financial turnaround, pivoting from losses to profitability in a move that underscores both its strategic execution and the surging demand for advanced medicines.

In a full-year trading update for 2025, the company revealed it expects revenues to hit the upper end of its guidance at £166-169 million, a roughly 30% increase from the £128.8 million reported in 2024. More significantly, OXB is forecasting a swing to Operating EBITDA profitability, expecting to post a mid-to-high single-digit million-pound profit. This marks a stark reversal from the £15.3 million loss recorded in the previous fiscal year.

This performance signals the successful execution of what the company calls its 'pure-play CDMO' strategy, focusing exclusively on being a contract development and manufacturing organization for the burgeoning gene therapy market. The results reflect a nearly 90% revenue growth since 2023, a period in which the company has aggressively retooled its operations and expanded its global footprint.

“2025 has been a milestone year for OXB, in which we continued to successfully execute our pure-play CDMO strategy and expect to deliver an outstanding full-year performance with continued strong revenue growth and EBITDA-level profitability,” commented Dr. Frank Mathias, Chief Executive Officer of OXB, in the company’s statement. “These results reflect sustained demand for our viral vector services, and improved operational efficiency throughout our global network.”

A Landmark Turnaround

The pivot to profitability is the culmination of a multi-year effort to stabilize and grow the business. The company's journey has been closely watched by investors after it posted a significant Operating EBITDA loss of £52.8 million in 2023, a figure exacerbated by impairment charges. The loss narrowed dramatically to £15.3 million in 2024, with the company actually achieving profitability in the second half of that year, setting the stage for 2025’s full-year success.

While the 2025 profit includes a larger-than-expected non-recurring gain from the recent acquisition of a manufacturing facility in Durham, North Carolina, the company was keen to highlight the strength of its core business. Excluding the impact of the acquisition, OXB still expects to report an underlying Operating EBITDA profit in the low single-digit millions, confirming that increased revenues and disciplined cost controls are driving sustainable financial health.

This turnaround is built on the growing demand for viral vectors—engineered viruses that act as delivery vehicles for gene therapies. As more of these revolutionary treatments advance through clinical trials and toward commercialization, the need for reliable, high-quality manufacturing partners like OXB has intensified. The company reported that the contracted value of new client orders signed in 2025 grew by 20% to £224 million, a clear indicator of a robust commercial pipeline.

Fueling Growth with Strategic Expansion

OXB's recent performance is not just a story of market tailwinds but also one of strategic expansion. A key element was the acquisition of the Durham, NC, facility from National Resilience, Inc. in October 2025. This move significantly expands OXB's manufacturing capacity and, crucially, provides a substantial foothold in the United States, the world's largest market for cell and gene therapies. By establishing a presence alongside its facilities in the UK and France, the company has created a global network to better serve its international client base.

The company's focus on specializing in viral vectors—including lentivirus, adeno-associated virus (AAV), and adenovirus—positions it as an expert in a highly complex and technical field. This contrasts with the strategy of some larger competitors who offer a more diversified range of services. By doubling down on its three decades of experience in viral vectors, OXB is betting that specialization will be its key competitive advantage in a market that demands deep expertise.

This growth strategy is being funded by a newly fortified balance sheet. The company reported a gross cash position of £96.9 million at the end of 2025. This financial strength was bolstered by a successful equity raise of approximately £60 million in August 2025 and the establishment of a new four-year loan facility of up to $125 million with Oaktree. This combination of equity and debt provides significant liquidity to fund further capacity expansions and pursue its ambitious growth targets.

Charting an Ambitious Course for the Future

With a strong 2025 in the books, OXB has reiterated its ambitious guidance for the coming years, signaling strong confidence in its market position and continued industry growth. For the fiscal year 2026, the company projects revenues will climb to between £220-240 million, with its Operating EBITDA margin expected to expand to over 10%.

The long-term outlook is even more aggressive. OXB anticipates 25-30% year-on-year revenue growth in 2027 and 2028, projecting that its Operating EBITDA margin will reach at least 20% in 2027 with the potential to approach 30% within five to six years as its newly expanded capacity is more fully utilized.

As is standard for UK-listed companies issuing such forward-looking statements, the announcement included disclosures under the UK's Takeover Code, confirming the profit forecasts have been properly compiled. This is a routine regulatory measure and not an indication of any specific corporate action.

Ultimately, OXB's strong performance and confident outlook serve as a positive barometer for the entire cell and gene therapy sector. The sustained demand for its specialized manufacturing services reflects a field that is rapidly maturing from a research-focused endeavor to a commercially viable pillar of modern medicine. As one of the key enablers of this revolution, OXB's trajectory suggests the infrastructure supporting these life-changing therapies is scaling up to meet the challenge.