Hvivo, a Dublin and London-listed pharmaceutical services company, reported a record revenue for the first half of the year, continuing its momentum in the market. Specialising in testing infectious and respiratory disease products, Hvivo announced that revenue for the six months ending on June 20th was expected to reach £35.6 million. This marks a 30 per cent increase from the £27.3 million recorded during the same period last year.
The company’s revenue surge was driven by several projects being completed ahead of schedule. Hvivo’s weighted contracted order book stood at £71 million at the end of the six months, compared to £78 million in 2023. Earnings before interest, tax, depreciation, and amortisation (EBITDA) improved to 24 per cent, up from 19.1 per cent in the first half of 2023. Additionally, the company reported a cash reserve of £37.1 million and paid an annual dividend of £1.4 million to shareholders in May.
Hvivo’s quarantine facility in Canary Wharf is now fully operational, featuring advanced laboratories, an outpatient unit, and corporate offices. This development provides the company with increased quarantine capacity, supporting future growth. The expanded facilities and containment level three capability will enable Hvivo to extend its core human challenge trial to include new pathogen models. From July onwards, the company will operate solely from its Canary Wharf quarantine site.
The company remains on track to meet its full-year revenue guidance of £62 million, with EBITDA margins expected to be at the higher end of market expectations. Chief Executive Yamin “Mo” Khan credited the team’s hard work, flexibility, and commitment for the successful results of the first half of 2024. Despite the significant activity involved in the buildout and move to the new facility, Hvivo not only increased its revenue significantly but also improved its margins. Operating three different facilities concurrently boosted revenues for H1 2024, creating a strong first half weighting.
Khan expressed optimism for Hvivo’s future as the company welcomed its first volunteers into the new Canary Wharf facility, the world’s largest human challenge trial unit. He believes the foundation has been laid for strong performance in the coming months and years.
Hvivo was formed when Chairman Cathal Friel merged his pharma services business, formerly known as Open Orphan, with Dublin-listed drug clinical trials manager Venn Life Sciences. The company rebranded as Hvivo in 2022.
hVIVO plc (formerly Open Orphan plc), led by Cathal Friel, is a rapidly growing specialist contract research organisation (CRO) and the world leader in testing infectious and respiratory disease vaccines and antivirals using human challenge clinical trials, providing end-to-end early clinical development services for its broad and long-standing client base of biopharma companies.
