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Oxford BioMedica PLC on Tuesday reported a drop in annual revenue and swung to a loss, as a result of lower volumes and higher costs.
The Oxfordshire, England-based gene and cell therapy group posted revenue of £140.0 million in 2022, down from £142.8 million a year ago. It swung to a pretax loss of £46.0 million from a profit of £19.9 million.
The company explained that it had a strong performance by Oxford Biomedica Solutions, despite lower Covid-19 vaccine bioprocessing volumes.
In 2023, the company saw rising expenses: Research & Development costs rose to £60.9 million from £40.2 million; Bioprocessing costs jumped to £33.9 million from £7.2 million; and administration costs surged to £28.2 million from £15.1 million.
Looking ahead, in 2023, Oxford BioMedica is targeting double-digit growth in lentiviral vector and AAV manufacturing and commercial development revenues through existing client relationships and new agreements.
Chief Executive Officer Frank Mathias said: ‘In 2022, we have successfully grown our core business by expanding our global reach, establishing Oxford Biomedica Solutions in the US and broadening our expertise in key viral vector types, including AAV. The expansion of our development and manufacturing capabilities has enabled us to drive innovation whilst both attracting new international biopharma clients and expanding existing collaborations.’
Shares in Oxford BioMedica were up 2.9% to 459.75 pence each in London on Tuesday morning.
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