HVIVO: Beating the Odds in 2025 - and Why 2026 Looks Better Still

Why It Matters

The diversification and new contracts give hVIVO a more resilient revenue base, positioning it for sustainable growth and making it a more attractive target for investors in the CRO market.

Key Takeaways

• hVIVO posted £47m revenue, positive £1m EBITDA in 2025.
• Acquired CRS sites in Germany and CryoStore UK, expanding services.
• Rebranded under single hVIVO name with four service lines.
• Human challenge trial proposals up 50% YoY despite 2025 cancellations.
• Targets high‑single‑digit revenue growth in 2026 through diversification.

Summary

hVIVO PLC released its full‑year 2025 results, highlighting £47 million of revenue and a modest £1 million positive EBITDA—both in line with the guidance issued earlier in the year. The company closed the year with just over £40 million in cash, positioning it to weather the lingering macro‑economic headwinds that have pressured the infectious‑disease and vaccine sectors.

Strategic diversification underpinned the performance. hVIVO acquired two clinical‑trial sites from CRS in Germany, adding cardiometabolic, immunology and renal capabilities, and bought UK‑based CryoStore, a profitable long‑term biobanking business. Both assets have been integrated and will be folded into a single hVIVO brand that now offers four service lines: human challenge trials, broader clinical trials, laboratory services and consulting.

The human‑challenge division, hVIVO’s legacy franchise, saw a 50 % year‑on‑year rise in proposal submissions despite a 2025 dip caused by US vaccine policy shifts and contract cancellations. A new partnership with US biotech Traws Pharma to run an influenza challenge trial is expected to generate most of its revenue this year, echoing the successful Cidara‑Merck collaboration.

Management projects a high‑single‑digit revenue increase in 2026, driven by the expanded service portfolio and broader addressable market—from pre‑clinical to phase‑III programs. The diversification reduces reliance on a single modality, improves resilience, and should appeal to investors seeking growth in the contract‑research space.

Original Description

hVIVO PLC (AIM:HVO) CEO Yamin 'Mo' Khan joined Proactive's Stephen Gunnion to discuss the company's full-year 2025 results, which showed financial resilience despite a tough macro environment.

Revenue came in at just under £47 million, in line with expectations, while EBITDA of just over £1 million beat earlier guidance of a small loss, driven by strong cost discipline, cancellation fees, and a solid Q4. The company closed the year with over £14 million in cash.

Strategically, hVIVO made meaningful progress on diversification. Acquisitions, including clinical trial units in Germany and UK-based CryoStore, have broadened its capabilities, and the business is now consolidating under a single brand across four integrated service lines: human challenge trials, clinical trials, laboratory services, and consulting. Khan described the platform as giving access to "many more clients."

Although the human challenge trial segment faced headwinds from vaccine market volatility in 2025, proposal activity has picked up sharply in early 2026. The company is guiding for high single-digit revenue growth this year, underpinned by a growing pipeline and a new partnership with Traws Pharma.

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