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Oxford BioMedica PLC on Thursday reported a swing to interim loss and a decline in interim revenue.
Oxford BioMedica added that it expects revenue in the second half to be broadly in line with the first.
For the six months that ended on June 30, the Oxford, England-based gene and cell therapy company said it swung to a pretax loss of £27.4 million from a profit of £19.2 million a year ago.
Revenue declined by 21% to £64.0 million from £81.4 million a year earlier due to a decrease in vaccine batches manufactured for AstraZeneca PLC, partly offset by an ‘increase in revenue from lentiviral vector and AAV commercial development and manufacturing activities’.
Administrative expenses surged to £16.5 million from just £6.0 million a year earlier, as research and development jumped by 86% to £27.3 million from £14.7 million.
Chief Executive Officer Roch Doliveux said: ‘In the first half of 2022 we achieved double-digit revenue growth in our core business and since the start of the year have signed numerous new or expanded partnership deals, including a new AAV deal, resulting in an over 70% increase in the number of customers with whom we work.’
Looking ahead, Oxford BioMedica expects similar levels of revenue in the second half of 2022 as what it achieved in the first half. It also anticipates to deliver broadly break-even operating earnings before interest, tax, depreciation and amortisation for the second half of the year.
In the first half, it made an operating Ebitda loss of £5.8 million, swinging from an Ebitda of £27.1 million a year prior.
Shares were down 0.5% at 455.01 pence each on Thursday morning in London.
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