The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector. The HHI fell 17.7% to 398.9, underperforming all its benchmarks – FTSE 100 (+5.7%), FTSE All-Share (5.6%) and the FTSE AIM All-Share Index (-5.7%). Only 11 companies in our index saw share prices rise in 2024. Despite challenges in raising new capital from the market, 37 UK-listed companies raised £557m last year. Having raised this working capital, we highlight a number of companies looking to generate sales traction from commercial activities in 2025.

09 Jan 2025
Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences
Venture Life Group Plc (VLG:LON), 36.8 | ValiRx PLC (VAL:LON), 0.6 | Tristel Plc (TSTL:LON), 350 | Tissue Regenix Group plc (TRX:LON), 57.5 | Syncona Ltd GBP (SYNC:LON), 90.8 | Synairgen plc (SNG:LON), 2.2 | Surgical Innovations Group plc (SUN:LON), 0.6 | Spire Healthcare Group PLC (SPI:LON), 229 | Smith & Nephew plc (SN:LON), 1,025 | SkinBioTherapeutics Plc (SBTX:LON), 18.1 | Silence Therapeutics PLC Sponsored ADR (SLN:NAS), 0 | Shield Therapeutics Plc (STX:LON), 4.0 | SDI Group plc (SDI:LON), 59.5 | Scancell Holdings Plc (SCLP:LON), 9.0 | Sareum Holdings plc (SAR:LON), 19.5 | Proteome Sciences plc (PRM:LON), 4.4 | Primary Health Properties PLC (PHP:LON), 90.1 | Polarean Imaging Plc (POLX:LON), 1.4 | Oxford Nanopore Technologies Plc (ONT:LON), 130 | Oxford Metrics PLC (OMG:LON), 57.0 | 029 Group SE (Z29:ETR), 0 | 10X Genomics Inc (TXG:NYSE), 0 | 10x Genomics Inc Class A (TXG:NAS), 0 | 4basebio PLC (4BB:LON), 1,120 | Abingdon Health PLC (ABDX:LON), 7.5 | Advanced Medical Solutions Group plc (AMS:LON), 227 | Arecor Therapeutics PLC (AREC:LON), 54.5 | BenevolentAI S.A. (BAI:AMS), 0 | Cambridge Nutritional Sciences PLC (CNSL:LON), 3.4 | ConvaTec Group Plc (CTEC:LON), 244 | Creo Medical Group Plc (CREO:LON), 19.2 | Eco Animal Health Group PLC (EAH:LON), 58.5 | EKF Diagnostics Holdings plc (EKF:LON), 23.8 | Faron Pharmaceuticals Oy (FARN:LON), 164 | Fusion Antibodies Plc (FAB:LON), 7.8 | hVIVO plc (HVO:LON), 18.1 | Immunocore Holdings Plc Shs Sponsored American Depositary Shares Repr 1 Sh (IMCR:NAS), 0 | Indivior PLC (INDV:LON), 790 | IP Group plc (IPO:LON), 49.3 | IXICO Plc (IXI:LON), 12.0

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Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences
Venture Life Group Plc (VLG:LON), 36.8 | ValiRx PLC (VAL:LON), 0.6 | Tristel Plc (TSTL:LON), 350 | Tissue Regenix Group plc (TRX:LON), 57.5 | Syncona Ltd GBP (SYNC:LON), 90.8 | Synairgen plc (SNG:LON), 2.2 | Surgical Innovations Group plc (SUN:LON), 0.6 | Spire Healthcare Group PLC (SPI:LON), 229 | Smith & Nephew plc (SN:LON), 1,025 | SkinBioTherapeutics Plc (SBTX:LON), 18.1 | Silence Therapeutics PLC Sponsored ADR (SLN:NAS), 0 | Shield Therapeutics Plc (STX:LON), 4.0 | SDI Group plc (SDI:LON), 59.5 | Scancell Holdings Plc (SCLP:LON), 9.0 | Sareum Holdings plc (SAR:LON), 19.5 | Proteome Sciences plc (PRM:LON), 4.4 | Primary Health Properties PLC (PHP:LON), 90.1 | Polarean Imaging Plc (POLX:LON), 1.4 | Oxford Nanopore Technologies Plc (ONT:LON), 130 | Oxford Metrics PLC (OMG:LON), 57.0 | 029 Group SE (Z29:ETR), 0 | 10X Genomics Inc (TXG:NYSE), 0 | 10x Genomics Inc Class A (TXG:NAS), 0 | 4basebio PLC (4BB:LON), 1,120 | Abingdon Health PLC (ABDX:LON), 7.5 | Advanced Medical Solutions Group plc (AMS:LON), 227 | Arecor Therapeutics PLC (AREC:LON), 54.5 | BenevolentAI S.A. (BAI:AMS), 0 | Cambridge Nutritional Sciences PLC (CNSL:LON), 3.4 | ConvaTec Group Plc (CTEC:LON), 244 | Creo Medical Group Plc (CREO:LON), 19.2 | Eco Animal Health Group PLC (EAH:LON), 58.5 | EKF Diagnostics Holdings plc (EKF:LON), 23.8 | Faron Pharmaceuticals Oy (FARN:LON), 164 | Fusion Antibodies Plc (FAB:LON), 7.8 | hVIVO plc (HVO:LON), 18.1 | Immunocore Holdings Plc Shs Sponsored American Depositary Shares Repr 1 Sh (IMCR:NAS), 0 | Indivior PLC (INDV:LON), 790 | IP Group plc (IPO:LON), 49.3 | IXICO Plc (IXI:LON), 12.0
- Published:
09 Jan 2025 -
Author:
Martin Hall -
Pages:
18 -
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector. The HHI fell 17.7% to 398.9, underperforming all its benchmarks – FTSE 100 (+5.7%), FTSE All-Share (5.6%) and the FTSE AIM All-Share Index (-5.7%). Only 11 companies in our index saw share prices rise in 2024. Despite challenges in raising new capital from the market, 37 UK-listed companies raised £557m last year. Having raised this working capital, we highlight a number of companies looking to generate sales traction from commercial activities in 2025.