Highlights

  • hVIVO shares are down 69.1% year on year, trading at 5.90 GBX on 2 February 2026.
  • Stifel Europe and Panmure Liberum rate the stock hold with a 10 GBX target, while Investec rates it buy with a 23 GBX target.
  • The company reiterates guidance for high single-digit revenue growth in 2026 following FY25 updates.

Shares in hVIVO PLC (LON:HVO) have fallen more than 69% over the past year, bringing renewed focus on analyst views and the company’s latest trading update. Despite the decline, broker opinions remain divided, with hold ratings from Stifel Europe and Panmure Liberum alongside a buy rating from Investec Bank (UK) PLC.

Brokers Offer Differing Views on Valuation

Stifel Europe and Panmure Liberum have both issued hold ratings on hVIVO, assigning price targets of GBX 10. Their assessments might follow the company’s FY25 trading update, released on 29 Januray 2026, which showed lower revenue year on year alongside changes in market conditions affecting the contract research sector.

In contrast, Investec Bank (UK) PLC has issued a buy rating with a higher target price of 23 GBX. The differing views highlight varied expectations around execution, pipeline conversion, and the impact of recent acquisitions on future financial performance.

FY25 Revenue Declines Amid Sector Headwinds

hVIVO reported expected FY25 revenue of approximately GBP 46.7 million, compared with GBP 62.7 million in 2024, in line with market expectations. The company cited programme deferrals and cancellations, particularly within human challenge trials, as macroeconomic and sector-specific pressures affected vaccine and CRO markets during the year.

Adjusted EBITDA margin is expected to be a low positive single-digit figure, compared with 26.2% in the prior year, exceeding earlier guidance that anticipated a loss. This outcome was supported by improved fourth-quarter trading, cost controls, and cancellation fees recognised without associated variable costs.

Cash Position and Strategic Acquisitions

As at 31 December 2025, hVIVO reported cash of approximately GBP 14.3 million, down from GBP 44.2 million a year earlier. The reduction reflects acquisitions completed during the year, including CRS Mannheim & Kiel and Cryostore. The company remains debt free.

These acquisitions have been fully integrated, enabling hVIVO to provide end-to-end early clinical development services from pre-clinical stages through to Phase III. The business now operates across four service lines: Consulting, Clinical Trials, Human Challenge Trials, and Laboratories.

Pipeline Development and 2026 Outlook

The company said that FY25 proposal values exceeded those submitted in FY24, indicating increased activity across all service lines. hVIVO enters 2026 with opportunities across infectious disease studies and other therapeutic areas, including cardiometabolic, respiratory, and immunology.

hVIVO reiterated guidance for high single-digit revenue growth in 2026 and said future updates will include greater visibility on order book progression at interim and full-year results.