Oxford Biomedica Report.pdf

Oxford BioMedica (OXB) is a specialist viral-vector biopharmaceutical company that offers vector manufacturing and development services, and develops proprietary drug candidates. In 2018, OXB delivered its first full-year underlying operating profit, driven by significant growth in gross income, primarily through licensing income from new partnership deals. The company's strategy has four objectives: delivering vector development services, bioprocessing and commercial manufacture of vector, out-licensing of proprietary candidates, and investing in R&D and the LentiVector platform. OXB's 2018 results showed strong EBIT of £9.2m, with 'other income' of £28.2m, including upfronts, grants, royalties, and milestones. Bioprocessing sales grew 25.8% to £39.6m, but were £6.6m below forecasts due to slower-than-anticipated demand. Risks include dependence on partners' clinical trials and commercialization of LentiVector-enabled products, as well as investment in infrastructure and personnel.