OXB

Oxford Biomedica PLC

Health Care First-pass screen £725m

400/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 63

Valuation 25% 30

Downside protection 15% 55

First-pass take

Gene therapy CDMO with positive EBITDA (£7.3m) but GAAP loss (-£5.7m). Operating leverage emerging from bioprocessing (revenue +37%, costs +23%), but profitability yet to arrive. AstraZeneca vaccine revenue is transitory; core LentiVector platform in growth phase. Strong net cash (£46.7m) but no AI exposure and cyclical demand.

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