Hvivo revenue falls as pharma market uncertainty hits
But the company remained on track to reach £47 million in revenue for the year, it said.
In a trading update for the six months ended June 30th 2025, the company said revenue for the period was £24.2 million, down from £35.6 million a year earlier.
Hvivo, which offers contract research to pharmaceutical companies, said in May that a significant contract for a human challenge trial had been cancelled, while another had been postponed. A smaller study had also been cancelled, the company said, blaming the uncertainty in the pharmaceutical sector and depressed financing for the biotech market.
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Its weighted contracted order book was £40 million at the end of the first half, down from £71 million in the prior year.
However, the company said it had a strong sales pipeline, with opportunities that were not yet contracted and the aggregate value of customer proposals submitted in the first half of the year already surpassing the total in 2024. Its acquisitions of CRS and Cryostore, which were completed for £10.5 million net of cash acquired, are also diversifying its offerings. The acquisitions contributed £5.5 million to group revenue in the first half.
The group said it is in advance discussions for a number of major human challenge trial projectsand is also pursuing significant opportunities for its hLAB and clinical services operations.
'Some persistent macro and sector-specific headwinds remain however, including a subdued biotech funding environment partly connected to uncertainties in the US, which have impacted the broader CRO industry, resulting in delayed contract conversion and a number of cancellations and postponements,' Hvivo said in a statement.
It said the issues affecting the sector are likely to the 'transitory rather than fundamental', and predicted its business would return to growth as the market normalises, and biotech funding improves.
'The utility of our services remains strong, as demonstrated by the recent success of our client's Phase II candidate. Our diversification strategy is already delivering results, and we expect continued momentum across all revenue streams,' said chief executive Dr Yamin 'Mo' Khan.
'While macroeconomic and sector-specific headwinds are still affecting contract conversions, we remain confident in the long-term growth trajectory of our services and the overall prospects for HVIVO. I'm encouraged by the strength of our sales pipeline, with several major opportunities that could enhance the growth of our services. We believe that we are well positioned to deliver growth in FY26, and we look forward to keeping shareholders updated on our progress.'
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But the speed and intensity of that was off the charts. 'And I remember him saying that at the start, in his first night with Donegal, they did the drills for whatever, 30 seconds flat out, and they're on their hands and knees, and he's like: 'Now we're going to do that for 70 odd minutes.' 'And just the fact that I saw that video recently just reminded me that that's the only thing that increases: 'Can you do it quicker? Can you do it faster, more and more and more intentionally and then execute the skill at the same time?' And that's exactly what they were doing in that warm-up.' McGuinness even helped Higgins during some of the more difficult periods when he was managing Derry. In 2023, when the Candystripes were on a bad run domestically, Higgins invited McGuinness into camp to present a psychology workshop for the players. 'He had the room in the palm of his hand,' Higgins recalls. 'And I'm not saying it was that alone, but there was an upturn in our form very soon after it. And people would [regularly] reference that meeting. But not only is he brilliant from a psychology point of view, as a coach, he is phenomenal as well, because he can see [the strengths and weakneesses] with every opposition, he comes up with a plan, very methodical, and you would have to say, in Gaelic terms, he is a bit of a genius.' Higgins continues: 'He's so into the collective. If anybody steps outside of the group, then it's all about the group and the team. 'No matter how talented you are as an individual, if you're not going in the direction of everyone else, then forget about it. The team will be successful. 'So, just the togetherness that he tries to create, and the culture and the work ethic are phenomenal.' Celtic coaches Tommy McIntyre (left) and Jim McGuinness pictured in 2016. Alamy Stock Photo Alamy Stock Photo It also says a lot that in one of his most difficult moments as Derry manager, it was McGuinness that Higgins turned to. 'I'll be honest with you. We were bottom of the league [at Derry] when I took over, and we ended up in Europe. But there was a pivotal game that year at home to St Pat's. I'll never forget it. 'I couldn't settle all day. Obviously, I was new to the job and a new manager. It was all new to me, and I was very anxious and worrying about everything. 'And I actually rang Jim, and I said: 'Jim, I'm on edge here. I'm really worried.' And then he started asking me questions: 'Have you covered this? Have you covered this? Have you covered this?' And basically, simplified it for me, just to reassure me that: 'No, you'll be alright. You've covered all the bases, all the angles.' 'And I felt a lot more settled after that conversation. He gave me 15-20 minutes of his time, and I was really settled. And after that, we ended up getting a great 1-0 win at home. He definitely had a part to play.' Despite all his coaching talents, the overriding perception from the outside, at least, is that McGuinness failed in the world of soccer. Was Ryan surprised that he did not make a greater impact? 'Yeah, and no. I'm surprised that he hasn't got a job, but there are so few jobs here in this country. And you know, he has a large family, a few kids, they're growing up. So that would be a factor in him travelling again, I suppose. 'I would think at some point he will go back to it, or he'll have a go. But obviously, he's having a successful time there with the GAA at the moment.' Higgins also wouldn't be surprised to see McGuinness return to the world of soccer eventually. 'I wouldn't rule it out. I know he's very passionate about it. I definitely wouldn't say that he's failed. I don't think he's had the opportunity that he would have liked. 'And there's no doubt, a lot of the stuff, so much of the stuff is transferable. 'I spoke to him one time about potentially helping me out at Derry as well. At one point, I met him, but he had a lot of other stuff going on. But I've absolutely no doubt that he could be a success, that he would make a really good manager. He's just a huge figure in Irish sport. And any sport would love to have him.' Ryan agrees: 'He has everything in the game from doing the [pro licence] course, and you can apply some of the principles to the GAA pitch. I would say he does. And there are certain aspects there — people going into a low block defensively or breaking. That probably originated from football, and it developed into the GAA, and the rules changed, because people went more tactical. So I'd say there are definitely [soccer] aspects he brings into it.'
