Hvivo, previously known as Open Orphan, saw a significant increase in earnings during the first six months of the year, marking a 67.6% rise. Earnings before interest, taxes, depreciation, and amortisation reached £8.7 million (€10.32 million), up from £5.2 million (€6.2 million) during the same period in 2023. The company also experienced a 30.6% growth in revenue, reporting £35.6 million (€42.23 million) for the first half of the year, as outlined in a recent trading update.
The London-based firm specialises in conducting drug trials known as challenge studies, using its clinics in the city. At the end of June, Hvivo’s contracted orderbook was valued at £71 million, a decrease from £78 million at the same time last year. Despite this, the company opened its new facility in Canary Wharf during this period and achieved a record number of volunteer inoculations, carrying out six challenge trials and five challenge agents in the first half of the year.
Hvivo’s ability to use multiple quarantine facilities to complete projects ahead of schedule contributed to its revenue growth. Among the notable contracts signed in the first half was a £6.3 million deal related to Human Rhinovirus, the virus responsible for the common cold, as well as a £2.5 million contract for an Omicron characterisation study. Earlier in the month, the company ceased trading on the Euronext Growth index in Dublin to focus on its primary listing on the AIM market of the London Stock Exchange.
The firm maintained its revenue guidance of £62 million for the year, with Ebitda margins expected to be at the higher end of market forecasts, currently set between 22% and 24%. Additionally, 100% of this year’s revenue guidance has already been secured, and the company expressed confidence in its outlook for 2025. There are also short to medium-term potential opportunities valued at approximately £40 million.
Chief executive Yamin ‘Mo’ Khan highlighted the company’s progress in expanding its service offerings, including human challenge trials, clinical site studies, laboratory services, and volunteer/patient recruitment. He also noted that operational efficiencies are likely to improve further with the growth of these services, increased automation, and the move to the new Canary Wharf facility.
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.
