Healthcare company hVIVO, formerly Open Orphan, said today it expects to report full year revenues of £56m for 2023, a 15.5% increase on the £48.5m reported in 2022.
The company said the figure is slightly ahead of previous market expectations and was driven by the continued strong delivery of human challenge trials and consulting services.
In a trading update for the 12 months to the end of December, the company said its growing operational team delivered its highest number of inoculations to date, driving increased revenues and improved margins. In addition to the revenue generated, the company said it also recognised Other Income relating to R&D tax credits of £2.6m, up from £2.2m 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.