hVIVO, an Irish research and clinical trial specialist, saw its revenues increase by over 30% in the first six months of the year, reaching £35.6 million. Previously known as Open Orphan, the company reported a significant rise in earnings before interest, tax, depreciation, and amortisation, which were up by nearly 68%, bringing the figure to £8.7 million. Meanwhile, its basic adjusted earnings per share rose by 30.6%, from 0.62 pence to 0.81 pence compared to the same period last year.
hVIVO focuses on testing vaccines and therapeutics for infectious and respiratory diseases, using human challenge clinical trials as a key method. In recent developments, the company opened a new cutting-edge testing facility in London’s Canary Wharf. Additionally, it secured a £6.3 million deal to conduct a human challenge study with Human Rhinovirus, which is commonly known as the cold virus, in partnership with a biotech firm.
The first half of 2024 saw a record number of volunteers inoculated across six challenge trials and five different challenge agents. The company also highlighted its robust pipeline of opportunities, indicating continued expansion in areas like new challenge models and various revenue streams, which present potential opportunities estimated at around £40 million in the short to medium term.
hVIVO’s CEO, Yamin ‘Mo’ Khan, expressed optimism following the company’s strong first half, which delivered record revenues and profit margins. He pointed out that the company has fully contracted its full-year revenue guidance and enjoys solid visibility for the coming year. Khan emphasised that the company is not only growing its human challenge trials but also exploring new revenue streams, such as clinical site studies, standalone laboratory services, and volunteer and patient recruitment.
Khan also stated that operational efficiencies would continue to improve, aided by the company’s service expansions, enhanced automation, and the move to their new Canary Wharf facility. He reaffirmed the company’s full-year revenue guidance of £62 million and said they expect EBITDA margins to be at the higher end of market expectations.
Looking further ahead, the CEO announced that hVIVO is targeting group revenue of £100 million by 2028. This long-term growth objective will be supported by the expanded capacity of the company’s facilities, a strong cash position, and a sustainable growth model.
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.
