Oxford BioMedica tanks 24% after earnings alert; brokers take stock

Oxford BioMedica PLC ( LSE:OXB ) View Price & Profile

Oxford BioMedica tanks 24% after earnings alert; brokers take stock

Published: 09:03 07 Aug 2026 BST

Shares in Oxford BioMedica PLC (LSE:OXB) fell 19% to 479p after the cell and gene therapy manufacturer cut its 2026 guidance, a reaction that reflects the scale of the earnings hit rather than the revenue shortfall alone.

Peel Hunt and Stifel, the two brokers to publish on the update, both put the revenue downgrade at about 17% against consensus.

The cut to earnings is roughly three times that.

New guidance points to earnings before interest, tax, depreciation and amortisation (EBITDA) of about £9.5 million, against consensus of about £21.9 million, a reduction of around 50% on Peel Hunt's numbers.

The gap reflects operational gearing at a contract manufacturer carrying a fixed cost base.

Revenue that does not arrive still leaves the facilities, staff and overheads behind it.

OXB had guided to revenues of £220 million to £240 million, with consensus at £228 million.

That range has been reset to £180 million to £200 million, implying growth of about 12% this year at the midpoint.

Stifel notes that the second half now needs to deliver £110 million to £120 million, still around 20% growth on the same period last year.

The company attributes the shortfall to client ordering behaviour, including deferred programmes and a larger client changing both its procurement strategy and its regulatory approval pathway.

Those are decisions taken outside OXB's control.

Less easily explained away is the six-month delay to integrating the Durham, North Carolina site, which pushed back operational readiness.

The company says that plan is now back on track, with the first manufacturing run underway.

The awkward part of the update is the framing.

OXB led with strong commercial momentum and left...