Refile: UPDATE 1-UK's Oxford Biomedica tumbles after annual revenue forecast cut
REFILE-UPDATE 1-UK's Oxford Biomedica tumbles after annual revenue forecast cut Corrects to remove extraneous words from dateline
Aug 7 (Reuters) - Britain's Oxford Biomedica OXB.L fell more than 24% on Friday after the cell and gene therapy manufacturer cut its 2026 revenue forecast, citing operational delays at a U.S. site and deferred client orders.
Here are some more details:
The company had previously warned of first-half core loss due to planned maintenance shutdowns and costs associated with the integration of its newly acquired facility in Durham, North Carolina.
Oxford Biomedica, which was spun off from the University of Oxford, said it now expected sales of £180 million to £200 million ($242.06 million to $268.96 million) in 2026, below previous guidance of £220 million to £240 million.
The company said "changes in client ordering behaviour", including delayed programme timelines and altered procurement pathways of a large client, impacted revenue.
Operational readiness of the Durham facility was also delayed by six months, it said.
The stock fell to its lowest in nearly a year and was on track for its worst day since June 2013 as of 0741 GMT.
2026 core profit margin, excluding one-off costs, is expected to be in the mid-single-digit percentage, the firm said.
Oxford Biomedica held its medium-term goals, targeting 25-30% revenue growth and about £500 million of revenue by 2030.
($1 = 0.7436 pounds)
(Reporting by Simone Lobo in Bengaluru; Editing by Mrigank Dhaniwala)
((Simone.Lobo@thomsonreuters.com, +919920570373))