hVIVO raises 2023 revenue view on demand for respiratory therapy testings

(Reuters) – hVIVO plc on Tuesday raised its 2023 earnings forecast after the healthcare company reported a 52% jump in sales in the first half due to demand for disease testing infections and diseases increase.

Drugmakers are racing to develop vaccines and drugs to treat respiratory infections caused by respiratory syncytial virus and COVID-19, causing an increase in required for clinical trials of products.

The contract research organization now expects its annual revenue to be 55 million pounds ($68.8 million), compared to 53 million pounds previously expected.

hVIVO’s heavy contract book rose 11% year-on-year to 78 million pounds as of June 30.

Core profits more than doubled to 5.2 million pounds in the first half of the year, compared to 2.3 million pounds a year earlier.

Shares of hVIVO rose more than 4% to 19 pounds.

($1 = 0.7996 pounds)

(Reporting by Khushi Mandowara in Bengaluru; Editing by Dhanya Ann Thoppil and Mrigank Dhaniwala)

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