The pharmaceutical services firm, Hvivo, which used to go by the name of Open Orphan, has announced that it continues on a trajectory to meet its anticipated growth objectives, having enjoyed another record-breaking year in 2023. The company is preparing to initiate annual divvies to its shareholders, subject to authorisation during the forthcoming annual general meeting, with an estimated £1.4 million (equivalent to €1.63) to be divided amongst shareholders at 0.20 pence per standard share. In 2023, Hvivo paid a singular exceptional dividend of £3.1 million.
Hvivo, a business specialised in diagnostics of infectious and respiratory diseases, reported a revenue increase of 16 percent, reaching £56 million and it anticipates achieving around £64 million this year. This growth is fuelled by its human challenge trials operation which it stated was showing organic development. The human challenge trials are a kind of clinical trial for a vaccine or pharmaceuticals where the subject under study is deliberately exposed to the condition being tested.
Earnings prior to interest, tax, depreciation, and amortisation witnessed a rise of 44 percent to £13 million. Hvivo revealed it concluded last year with a weighted sales order of £80 million, with contracts for 90 percent of its 2024 revenue now sealed. The company is targeting £100 million in revenue for 2028, primarily through sustained organic growth of its human challenge division, expansion of services, and targeted acquisitions.
Dr Yamin “Mo” Khan, Hvivo’s Chief Executive Officer, addressed the firm’s growth throughout 2023 by stating, “Our exceptional financial performance, marked by record revenues, margins and profitability, coupled with the significant number of volunteers inoculated, underscores not only the expansion of the market but also our ability and capacity to meet the increasing demand.”
Hvivo plans to inaugurate its newly-expanded facility housed in London’s Canary Wharf during the first half of this year. The state-of-the-art establishment will include quarantine bedrooms, hi-tech laboratories, an outpatient unit and corporate offices, paving the way for further business growth.
Hvivo, chaired by Cathal Friel, expressed that they are planning to initiate their inaugural challenge trial in the division this current month. The foundation of the company took place when Friel amalgamated his pharma services venture previously identified as Open Orphan, with Venn Life Sciences, a Dublin-based medication clinical trials management company. In the year 2022, the company underwent a rebranding process and adopted the name Hvivo.