Cash Rich. Fully Diversified. Contracts landing. hVIVO is building real momentum.
“…we have indicted that this is the largest Human Challenge trial that we have ever signed to date…”
One stop shop is a phrase that has become a crude convenience store type cliché announcing that a customer can get everything they need under one roof.
In the case of hVIVO, the sophisticated corporate ‘end-to-end’ is more appropriate as it diversifies from its contract research organisation base and go-to human challenge clinical trials partner to becoming a drug development partner of choice.
2025 was a year of restructuring for the business and it’s now time to consolidate. “Our key strategy going forward has been to diversify,” says chief executive Yamin ‘Mo’ Khan. “We are now across four different service lines. The consulting arm, which is the formerly the Venn services arm. We also have the human challenge trial arm, a clinical trials arm which includes the CRS services, the company we acquired earlier last year in Germany and then the fourth line is laboratory. We now have contracts signed with each different service line as a standalone provider, as well as multi-service contracts.”
Investors aren’t briefed about all the contract wins and due to commercial confidentiality when updates are released they don’t articulate precise numbers. Publishing exact numbers could jeopardise future deals in a multi-billion dollar sector.
The deals that are announced are the of the material kind such as April’s announcement that hVIVO is to conduct world’s first pivotal Phase III human challenge whooping cough vaccine trial for ILiAD Biotechnologies. It’s a multi-year contract which will make a strong contribution to near- and mid‑term revenues.
Analysts have calculated that hVIVO will achieve around £50 mln in revenue in 2026. “At the end of last year, our order book, so that’s our signed contract, was around 30 million’” says Khan who confirms the majority of that will be recognised in 2026.
hVIVO has cash. “Remember, every time we sign a human challenge trial we have a 15 to 20 percent upfront non-refundable fee that we charge our clients. That remains in place. So from our point of view, we look to not just keep the lights on, but we want to continue to grow. So we are investing in organic growth.”
In this video interview with Sarah Lowther, Mo describes the company’s growth trajectory which is modestly described as ‘good’ for 2027. With a 16p price target pinned by investment bank Cavendish and a current share price of 7.5p, Khan is working hard to achieve that broker anticipated upside in the stock.
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Read the company’s Annual Results 2025
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Follow the company on X @hVIVO_UK
The author was remunerated but does not hold shares in the company
