Ireland-listed pharmaceutical company hVIVO reports record earnings and promises a return for shareholders

Investors in Irish financier Cathal Friel’s drug discovery firm hVIVO are poised to recoup after posting double-digit sales growth last year.

r Friel is the founder of Raglan Capital, which specializes in starting its own pharmaceutical companies, which it quickly takes public.

Dublin and London-listed hVIVO, formerly Open Orphan, expects full-year sales of £50.6m (€57.3m) for 2022, up 30 per cent year-on-year.

In a Wednesday trading update, hVIVO said its board intends to declare a shareholder payout once it releases its full audited 2022 financial statements, which reflect “extraordinary cash generation” and a “robust balance sheet.”

As at 31 December, the group’s liquidity stood at £28.4m, up from £15.7m in 2021.

Larger deals with biopharma customers pushed hVIVO’s order book up to £76 million by the end of last year, up 65 percent from 2021 and six times higher than 2020.

The group expects earnings before interest, taxes, depreciation and amortization (EBITDA) of as much as 17 percent, more than double last year’s result and above the previous forecast of 13-15 percent.

The increase in EBITDA is being driven by “strong trading” in the second half of last year, the group said, as well as “operational efficiencies” in conducting its human challenge studies at its London laboratory.

Postponement and cancellation fees of more than £1m also had a one-off positive impact on EBITDA, hVIVO said.

“We now have excellent profitable momentum, with full-year 2022 EBITDA margin and cash well ahead of market expectations, while revenue shows significant year-over-year growth,” said Chief Executive Yamin ‘Mo’ Khan.

The Company specializes in testing products for infectious and respiratory diseases through human clinical trials.

It was formed in 2019 through the reverse acquisition of Venn Life Sciences, a London-listed clinical trials group, with Open Orphan acquiring London-based hVIVO, an on-site commercial quarantine clinic and virology laboratory, in January 2020.

Mr Friel is seeking a New York listing for his other company, Poolbeg Pharma, he recently told the Irish Independent.

It comes just weeks after Amryt Pharma – another New York-listed company co-founded by Mr. Friel – was sold to Italian company Chiesi for $1.48 billion (€1.4 billion), in which investors tripled their money.

https://www.independent.ie/business/irish/irish-listed-pharma-firm-hvivo-reports-record-revenues-and-pledges-a-return-for-shareholders-42312480.html Ireland-listed pharmaceutical company hVIVO reports record earnings and promises a return for shareholders

Fry Electronics Team

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