Core Insights - Oxford Biomedica achieved significant revenue growth and returned to operating EBITDA profitability in 2025, reflecting strong commercial momentum and disciplined execution in the viral vector CDMO market [5][8] Financial Performance - The company reported a 33% increase in revenue at constant currency to GBP 170.9 million in 2025, up from approximately GBP 90 million in 2023, with operating EBITDA of GBP 8.1 million compared to a loss of GBP 15.3 million in 2024 [4][3][8] - Year-end cash stood at GBP 96.9 million, with a backlog of GBP 204 million and contracted client orders rising to GBP 224 million, indicating strong revenue visibility into 2026 and early 2027 [4][8] Strategic Developments - A major strategic milestone was the acquisition of an FDA-approved commercial-scale viral vector manufacturing facility in Durham, North Carolina, which is expected to enhance U.S. manufacturing capabilities and local supply chain resilience [1][7] - The company is integrating technology from its Bedford site to prepare Durham for commercial AAV batch manufacturing, with plans for further expansion of capacity [9][7] Market Outlook - Management reiterated revenue guidance for 2026 of GBP 220–240 million, with about 60% of this range covered by contracted orders, and expects a shift towards AAV and later-stage programs in its pipeline [6][18] - The viral vector CDMO market is driven by early-stage opportunities, AAV, and a shift towards late-stage and commercial manufacturing, with AAV expected to grow at over 20% year-over-year [10] Operational Insights - Manufacturing revenues increased by 19% to GBP 81.1 million, while development services rose by 27% to GBP 60.1 million, indicating strong demand across various service lines [23] - The company expects H1 2026 to be loss-making at the EBITDA level, with H2 anticipated to support double-digit operating EBITDA margins [19]