hVIVO has announced 1H25 results reflecting its broadening operational base as a full-service early-phase contract research organisation (CRO) and the world leader in human challenge clinical trials (HCTs). 1H25 revenue of £24.2m (1H24: £35.6m) is in line with our expectation of £47.0m for the full year.1H25 EBITDA profit (pre-exceptionals) was £3.0m and the reiterated guidance towards a “low single digit” loss for the full year prompts us to improve our FY25E EBITDA estimate from £6.2m loss to ....
