hVIVO (HVO) has reported its audited results for the year ended 31 December 2025, highlighting a year of strategic transformation as the group established a fully integrated clinical development platform to support future growth.
Revenue declined to £46.8 million from £62.7 million, reflecting the transitional nature of the period. Meanwhile, adjusted EBITDA fell to £1.4 million from £16.4 million, with margins reducing to 3.0% from 26.2%. The group reported a basic adjusted loss per share of 0.41p, compared to earnings of 1.69p in the prior year, while cash stood at £14.3 million at year-end.
In addition, the weighted contracted orderbook was £30 million, down from £43.5 million on a rebased basis, although this has been strengthened post-period with the signing of a contract with Traws Pharma.
Operationally, hVIVO completed two acquisitions during the year, including Clinical Research Units from CRS for €10.0 million and Cryostore for £3.2 million. As a result, the group expanded into early-phase trials and enhanced its laboratory capabilities, while also diversifying into cardiometabolic, immunology and renal indications.
Furthermore, the group established four integrated service lines spanning Consulting, Clinical Trials, Human Challenge Trials and Laboratories. Integration of the CRS assets was completed on schedule and generated cash in the final quarter, with expectations for earnings accretion in 2026.
hVIVO also advanced its infrastructure with the development of a bacterial laboratory at Canary Wharf and validated a contemporary-strain human metapneumovirus (hMPV) challenge model. The group reported growing cross-selling momentum, securing its first multi-site contracts across its expanded UK and German footprint, alongside record Phase III activity in Germany.
Post-period, the company signed an influenza human challenge trial contract with Traws Pharma and unveiled a unified brand identity, bringing Venn Life Sciences, CRS and Cryostore under the hVIVO brand.
Looking ahead, hVIVO expects high single-digit revenue growth in 2026, weighted towards the second half, supported by a strong pipeline across all service lines. The group also confirmed ongoing discussions with ILiAD Biotechnologies regarding a potential human challenge trial agreement.
hVIVO’s Chief Executive Officer Yamin ‘Mo’ Khan said: “2025 was a year of significant strategic progress for hVIVO. While the financial performance reflected the anticipated transitional nature of the period, against a backdrop of macroeconomic and sector headwinds, we have entered 2026 with a significantly stronger integrated and diversified offering.
“Following the acquisitions of two Clinical Research Units from CRS and Cryostore, we have expanded into new stages of clinical development and therapeutic areas, reducing our reliance on infectious disease and human challenge trials. This evolved strategy is already delivering results, with our first multi-site contracts signed and growing cross-selling opportunities across the group
“Combining international scale, proprietary infrastructure, owned clinical research sites and in-house consulting expertise under one roof, hVIVO is more than a CRO. We have repositioned ourselves as a purpose-built, full-service early clinical development partner, focused on delivering high-quality data and accelerating our client's path to clinical proof-of-concept.”
View from Vox
hVIVO’s 2025 results reflect a deliberate reset, with lower earnings masking significant strategic repositioning. However, the shift towards a broader, integrated clinical model, alongside growing cross-selling traction and new contract wins, suggests a more resilient and diversified platform heading into 2026.