Bioventix (LSE:BVXP) held its Interim Dividend at 70p per share even as first-half Revenue slipped, and it highlighted a fivefold rise in royalties linked to Alzheimer's laboratory assays. The antibody specialist published unaudited interim results for the six months to 31 December 2025 on 30 March 2026.

What the company does

Bioventix plc, based in Farnham, develops and supplies high-affinity monoclonal antibodies generated in sheep. They are used mainly in clinical diagnostic tests. The Business earns money through direct sales and royalties from customers that incorporate its antibodies into diagnostic assays, with vitamin D and troponin among its established product areas. Its shares trade on AIM under the ticker BVXP.

The interim results

Revenue for the half was £6.16m, down from £6.73m a year earlier, or £6.4m on a constant-currency basis. Profit before tax was £4.85m (2024: £5.05m) and profit after tax was £3.63m (2024: £3.77m). Basic Earnings Per Share were 69.38p against 72.27p. Closing cash was £5.3m, compared with £5.1m a year before.

Dividend

The interim dividend is 70p per share, unchanged from the prior year. The ex-dividend date was 9 April 2026, the Record Date 10 April and payment was due on 24 April. Dividends paid during the period totalled £4.18m. LSE:BVXP has a long record of distributing most of its earnings, which is central to how it is viewed by income-focused investors.

The Alzheimer's angle

The announcement drew attention to tau-related royalties, which rose fivefold to £150,000 from £30,000. They come only from laboratory use-only Alzheimer's assays, because no in-vitro diagnostic Alzheimer's assay is yet approved for routine clinical use. Three laboratory use brain-derived phospho-Tau217 assays from major diagnostics companies, and three from high-sensitivity platform companies, include at least one Bioventix antibody. The company cautioned that future growth depends on the timing of regulatory approvals, which it describes as hard to predict.

Elsewhere, vitamin D and other core antibody sales were broadly flat. Troponin sales were steady, but management said it has not yet seen a Royalty uplift from a revised label claim by Siemens.

Outlook

Bioventix said trading remains in line with expectations for the year ending 30 June 2026 and expressed confidence in the outlook.

Sector and index context

Bioventix is a niche diagnostics supplier within the FTSE AIM All Share Index, a market with several life-science and healthcare names that depend on customer adoption cycles rather than direct sales to patients. LSE:BVXP's model is unusual in being highly profitable relative to its size, with a small workforce and a heavy reliance on royalties from a handful of large partners. That concentration works both ways: a single partner's product decision can lift or dent results.

Key risks

Royalty income depends on partner companies' commercial decisions and regulatory approvals, none of which Bioventix controls. The Alzheimer's opportunity is real but unproven in clinical diagnostics, and approvals are uncertain in timing. Currency moves affect results, as the gap between reported and constant-currency revenue shows. The dividend is only as secure as earnings, which fell slightly in the half.

What to watch next

The full-year results for the year to 30 June 2026 are the next scheduled milestone, alongside any news of regulatory approvals for Alzheimer's blood tests that use Bioventix (LSE:BVXP) antibodies, and evidence of a royalty uplift from the Siemens troponin claim. Investors will also watch whether the 70p interim payout is matched at the final dividend stage.