- £13.1mn contract win adds to record £76mn order book
- Revenue to be recognised across 2023 and 2024 to de-risk earnings estimates
- 2024 operating profit forecast to rise 15 per cent on nine per cent higher revenue of £59mn
- Valued on eight times 2024 cash profit and 11.5 times 2024 operating profit estimates to enterprise valuation
hVIVO (HVO:16p), a rapidly growing specialist contract research organisation (CRO), has been awarded a £13.1mn contract with an existing top five global pharmaceutical client to develop a bespoke Influenza B human challenge model.
The manufacture of an influenza B challenge virus agent is now in its final stages, and the characterisation study is likely to start in the fourth quarter of 2023. hVIVO will also earn a supplementary fee to ensure sufficient capacity is available to complete the characterisation trial in an expedited manner.