Hvivo, the pharmaceutical services company formerly known as Open Orphan, said revenue rose last year and raised its medium term targets to £100 million in revenue by 2028.
In a trading update for the year ended December 31st 2023, Hvivo said full year revenue was £56 million, up 15.5 per cent on the prior year. That was attributed to the continued strong delivery of human challenge trials and consulting services, and R & tax credits of £2.6 million.
Earnings before interest, tax, depreciation and amortisation margin also rose, reaching 22 per cent last year compared with 18.7 per cent in 2022. Cash was £37 million at the end of the year, up from £28.4 million at the end of 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.
