Oxford BioMedica PLC (LSE:OXB), the cell and gene therapy manufacturer, has cut its revenue guidance for 2026 after clients deferred orders and a US site took longer than expected to come online.
The company now expects full-year revenues of £180 million to £200 million.
It blamed deferrals and delayed timelines on selected programmes, caused by changes in client strategy or clinical data.
A larger client also shifted its procurement strategy and changed its approval pathway.
OXB's site in Durham, North Carolina, was ready later than expected after a six-month delay to the integration plan, although the first manufacturing run is now under way.
Earnings before interest, tax, depreciation and amortisation (EBITDA) margins are now expected to be in the mid-single digits excluding one-off costs, or the low single digits on a reported basis.
OXB is a contract development and manufacturing organisation, meaning it makes therapies on behalf of biotechnology and pharmaceutical clients rather than developing its own products.
Revenues for the first half rose about 9% to roughly £80 million.
The company signed 17 new clients in the period, more than 30% above the total for the whole of 2025.
Its revenue backlog stood at about £193 million, with contracted client orders of about £97 million.
The new business pipeline, which is not adjusted for the risk that projects fail, rose about 30% year on year to about $713 million.
Gross cash fell to £75 million at the end of June from £97 million in December.
OXB left its medium-term targets unchanged, guiding to revenue growth of 25% to 30% in 2027 and EBITDA margins of at least 10%.
It also maintained its ambition to reach revenues of about £500 million by 2030.
Frank Mathias, chief executive, said demand remained strong, pointing to record new client activity and a growing number of late-stage and commercial-stage opportunities.
Interim results are due on 22 September.
