Bioventix (BVXP) H1 2026 earnings summary

Executive summary

• Tau-related royalties and neuro antibody revenues rose sharply, expanding presence in neurology diagnostics and Alzheimer's research assays, with increased third-party adoption.

• Vitamin D and core antibody sales, including troponin, remained steady, though some were impacted by commercial challenges in China.

• Troponin revenues were flat, with no growth from new prognostic applications.

• The research pipeline in neurology continues to grow, with new collaborations and product development.

• Interim dividend maintained at 70p/share, consistent with the previous year.

Financial highlights

• Sales for the half-year to December 2025 were £6.16m, down 8.5% year-over-year; full-year 2024/25 sales were £13.12m.

• Profit before tax for the half-year was £4.85m, down 3.9% year-over-year; full-year profit before tax was £10.1m.

• Profit after tax for the half-year was £3.63m, down 3.9% year-over-year.

• Period-end cash was £5.3m, up from £5.1m year-over-year.

• Basic earnings per share were 69.38p, down from 72.27p in the prior year.

Outlook and guidance

• Trading remains in line with expectations for the full year ending June 2026.

• Optimism for future revenue growth as IVD assays for Alzheimer's disease gain regulatory approval.

• Continued confidence in the outlook, with focus on neurology diagnostics.