Good morning, everybody. My name is James Vane- Tempest, Jefferies' European Pharma Services Analyst. Delighted to be here with OXB today. We have got the CEO to give a presentation, Frank Mathias. With that, I will hand over to Frank. Thank you.
Thank you so much, James.
Hello everyone. Thank you for your kind introduction, James, and for inviting us to present today. I will start my presentation by giving you an overview of what we stand for: a pure play, quality, and innovation-led CDMO focused exclusively on Cell and Gene Therapy. I will come back to this point. Afterwards, I will outline how we are positioning the company for business, which is scalable and for profitable growth. You all know the disclaimer, as I will give some forward-looking statements. Please have a look at it. Let's start with highlighting what our company is: a pure play CDMO. I said it already, with a unique position within the Cell and Gene Therapy landscape. I'm convinced that this is a big differentiator because just focusing on viral vector is something which gives you a competitive advantage.
We are already a trusted partner with proven delivery and capabilities, positioned for growth. The success of our company is built on a combination of differentiated capabilities, like deep scientific expertise and a long history of successfully delivering in vital vector manufacturing. We have a broad viral vector expertise, obviously. We have state-of-the-art facilities now in three different geographies, with scalable manufacturing capacity to meet growing demand, with proven operational execution, a strong commercial track record underpinned by more than 30 years of innovation. In short, we have led the innovation in vector design, process optimization, and scalable manufacturing for more than 30 years now. Our track record speaks for itself. Look at that.
We have done about 1,000 GMP batches so far, have more than 40 active programs currently, have supported more than 30 IND submissions, and have successfully passed more than 65 audits so far. That is what we are at OXB. I wanted to show a little bit of the story at the beginning of the year. As usual, we have set some objectives for the year 2025, and they are mentioned here. We wanted to secure long-term financing. We wanted to strengthen our operational excellence. We had a plan to expand U.S. commercial capabilities more in AAV. We wanted to increase our multi-vector offering, continue to enhance our commercial pipeline, and also accelerate our innovation. Let's have a look at how we progressed during the year. The first question is, why the U.S.? Why is it so important to us?
Indeed, it's a key priority for our company. Firstly, and this is on the left-hand side of the slide, you can see the market opportunity. I believe that's nothing new to us, but it's probably important to mention it again. The U.S. is currently the home for over more than 1,000 Cell and Gene Therapy programs in development, which is around two and a half times more than in Europe and significantly more also than in APAC. All this is led, by the way, by AAV programs, which have the largest proportion. Secondly, in the middle, proximity to clients is something which is, in my view, a big success factor. Just half of our pipeline would benefit from a strong support out of the U.S. Finally, it's on the right-hand side, and it's not something we're not aware of, are the current geopolitical trends.
Localizing our supply chain in the U.S. will unlock a lot of attractive tax incentives and help us, and this is even more important, to manage geopolitical risks such as tariffs and export controls. That is why we announced recently the acquisition of a new site in Durham in North Carolina. This brings me to the next slide, which is showing you what we acquired. It is fair to say that this acquisition has a strong strategic fit. It is a state-of-the-art, FDA-approved commercial facility with additional Fill and Finish capacity. This will help us to improve our end-to-end services. It also has a proven track record across all vector types and expands so far our capacity to support late-stage and commercial programs. At the same time, it is a capital-efficient way to expand.
By using an existing operational site, you avoid the time, you avoid the cost, you avoid the risk involved in building from scratch. This will enable us to respond more quickly to the needs of our clients or to the needs of the market. It will also accelerate our ability to capture U.S. AAV commercial opportunities in the U.S. As far as the other sites are concerned, U.K. and France will remain an integral part of the network, and Bedford will be our center of excellence for AAV Process Analytical Development. This will remain in Bedford. Having said that, this is what we have now as state-of-the-art facilities in the main key biotech hubs. We have two in the U.S., Bedford, Durham. We have a few in the U.K. around Oxford. We have two now in continental Europe, in Strasbourg, in Lyon, both in France.
This footprint positions us closer to major client clusters, as I said before, an important success factor, and will provide flexibility and resilience by helping us to balance capacity across the regions to manage regulatory, geopolitical, and supply chain considerations. Let's have a look at what I believe is the opportunity to be at the right place at the right time and in the right market. Obviously, we see a lot of growth in the number of programs around the Cell and Gene Therapy landscape, with programs continuing to progress to later clinical stages. This is important to us, as you can imagine, because late-stage progression ultimately will drive manufacturing demand. This is on the left-hand side. We see also on the right-hand side that we still have a strong momentum in regulatory.
In the U.S. and Europe, we have now more than 30 Cell and Gene Therapies already approved, with others to come this year and also in 2026. In a nutshell, the trend is clear. The pipeline is expanding, late-stage activities are increasing, and commercial approvals are accelerating. All this can support the growing demand for our services. Let me come now to our own performance in this market. I believe that the trends of the market are reflected directly in our commercial performance. On the left-hand side, and we are very happy to show such nice figures, as you can imagine, it is the number of signed orders, which increased from about GBP 56 million in the first half year of 2024 to more than GBP 149 million in the first half of this year. This is an increase of more than 160%.
A significant proportion of these orders signed are backed by binding client forecasts. By saying that, it helps us to have a strong visibility into the remainder of 2025, but also into 2026 and at least for the beginning of 2027. What is also interesting to mention is that 80% of the signed contracts are coming from existing clients. I believe this reflects a high level of satisfaction of our clients. The rest is coming from new clients who joined us, and this is mainly, interestingly enough, in AAV. Finally, this is on the right-hand side, sorry, it is the geographical split. Two years ago, the same slide would have shown that we had about 80%-90% of our business coming out of the U.S. Now it is going down, not really going down, but changing to 60%.
At the same time, we see that EMA and APAC are growing, showing also that our company is becoming more international. If we look now at the portfolio of our projects internally, what we can see here is first that it's a very balanced portfolio. We continue to support over 40 client programs. If you compare September 2023 to now September 2025, you see that we have a nice increase in early-stage clinical development projects. We see that we have also a nice increase from one to five in late-stage clinical. These are the programs which are supposed to transition into commercial within the next years, depending on regulatory submissions. In a nutshell, our portfolio is maturing. We see a higher proportion of our work now aligned to late-stage and commercial opportunities, which is important because it's larger in scale and longer in duration.
Now, our company has always been founded on science and on innovation. Indeed, innovation is playing an important part in our development. As you can see here, I do not want to go into too much detail here because it can take a lot of time to go through all this. What I want to say is that our innovation is client-centric, so it is shaped by what our clients are expecting from us. We have five priorities: title, cost, speed, robustness, and quality. If you look at the four different areas here, you can see that we focus first on Vector Cell Engineering. We are developing more or less the next generation of Vectors to allow us to have a higher potency, better capacity, and ability to target specific cells. It is something we are looking seriously at.
In terms of production, we have already introduced several innovations to our biotech processes, again, with the objective to improve the yield and quality of both AAV and Lenti. AI is starting to play an important role also in analysis. We try to automate sample analysis and apply AI and Machine Learning to help us to get a lot of data, data that play an important role for our clients because they can drive yield and quality. The fourth area is about analytical development. Here we more or less continue to invest in automated analytics to allow us to release batches more quickly. The next is now something some of you might have seen.
It's a slide which I took from our half-year results presentation in September 2025, but I believe that it illustrates very well the strength of our execution and the progress we made in the first half of 2025. I have already addressed the fact that we had a very strong order momentum with an increase of signed orders by 160%, which is remarkable. We have also a strong operational progress in manufacturing optimization, aligning our teams across the different regions. We finally had a very nice increase in our revenue of over 40% with a narrowing EBITDA loss to GBP 8.3 million. This reflects what our CFO is doing extremely well: top-line growth and continued cost discipline.
At the same time, and we are proud about that, as you might know, in August, we were able to strengthen our balance sheet by securing a loan of up to $125 million from Oaktree. At the same time, also in August, we were able to raise GBP 60 million this time in Equity. This gives us a lot of financial flexibility to support further investment, as you can imagine. This strong performance over the first part of this year, together with this better balance sheet, gives us real confidence in our guidance for 2025. If we speak about guidance, let me show what is the guidance we have given. Remember that we started at GBP 90 million in 2023. We guided this year for revenues between GBP 160 million-GBP 170 million in this case and a low single-digit million operating EBITDA profitability.
Now, looking into 2026, we anticipate revenues in the range of GBP 220 million-GBP 240 million. This represents, again, a CAGR of 35%-40% from 2023 to 2026. I believe this is remarkable. In the long term, we want to outgrow the market, the CDMO market. We target currently something between 25%-30% on the year-to-year revenue growth for 2027 and 2028. In terms of operating EBITDA margin, we believe that we are able to go over 10% in 2026, over 20% in 2027, and we should be able to achieve something around 30% in the next five to six years. We are very confident in the future of this company because all this is underpinned by contracted backlog. It is underpinned also by our U.S. expansion, and we have a lot of operational leverage which we can use.
I believe in a nutshell, we will certainly be higher than the market growth, CDMO market growth in this field. We will be able to expand profitability and at the same time to reinforce our leadership in Viral Vector. Just a few words about external recognition, which is part of the success of a company. I'm very happy to see that we have achieved a lot of milestones. The first milestone was our inclusion in the FTSE 250, which happened in September, gives a lot more confidence in our strategy and broadens certainly our visibility with investors. We are also very proud to have been recognized with two CDMO leadership awards in Cell and Gene Therapy, both one globally, the other one in Europe.
We are extremely happy to say that we have also been recognized by the Financial Times as one of the U.K.'s best employers and by Fortune as one of Europe's most innovative European companies. Alongside that, the already mentioned capital increase and the acquisition of this site in Durham. Now I come to my last slide, which is a summary of what we have achieved. I show you again the first slide on what has been our objective for 2025. You can see that we were able to tick a lot of the different objectives. Our focus was clear: strengthen our financial foundation and scale up our operation. I believe we did well on this objective. We increased our operational excellence by removing a lot of bottlenecks and increasing capacity. We secured financial flexibility through the loan and the capital increase.
We expanded our U.S. commercial capabilities with acquisition in Durham. We also broadened our multi-vector offering, which is good. Innovation has been a consistent topic running through all these priorities. The last one is the most important one. Probably we believe that we are on track to deliver our financial guidance, but we only know at the end of the year. That is a problem here. I hope that we will be able, Lucy, to tick this one too. All in all, these milestones reflect a business that is executing, that is scaling and building for sustainable growth. I believe we are able to position OXB for the next phase of this growing journey. Thank you. That concludes my presentation for today.
Thank you very much, Frank. We do have a few more minutes if anyone does have a question.
For anyone who's joined on stage as well as Lucy, the CFO, are happy to take any questions from the room. If anyone's got any, please.
Right. Understanding that you've expanded your manufacturing, but if those five programs in late-stage development get to the market in sort of on a three- to five-year basis, and then those things will be in to run, do we have enough capacity?
From what we know by now, yes, we have, because our facility in Oxford has a grey zone which we can develop at any time. The same applies to the facility in Durham, where we have a big part of the building which we can use for additional suites. Yeah. We should be okay.
Any others going once? All right. Given I know how busy the stairs are, happy to close the session a few minutes early.
Thank you very much, Frank and Lucy.
Thank you.