Bioventix plc (LSE:BVXP) reported revenue of £13.0 million for the financial year ended 30 June 2026, a decline of 0.8% from £13.1 million in the previous year, while profit before tax increased 1% to £10.2 million.
The UK-based developer and supplier of monoclonal antibodies for clinical diagnostics reported profit after tax of £7.6 million, unchanged from FY2025, with both revenue and after-tax profit slightly ahead of market expectations, according to the company.
Revenue from Tau and neurology-related antibody royalties increased from £75,000 to £257,000, reflecting increased use of the company’s products in research assays associated with Alzheimer’s disease diagnostics.
Bioventix maintained its total annual dividend at 150 pence per share and ended the financial year with cash balances of £5.3 million, compared with £5.1 million a year earlier.
Revenue Declines 0.8% as Currency Movements Affect Reported Results
Bioventix reported annual revenue of £13.0 million, compared with £13.1 million in FY2025, while profit before tax rose to £10.2 million from £10.1 million.
On a constant currency basis, using average exchange rates from the previous financial year, revenue would have reached £13.3 million and profit before tax £10.5 million.
The company estimated that exchange rate movements reduced reported revenue by approximately £300,000 during the year.
Around 50% to 60% of Bioventix’s sales are directly or indirectly linked to the US dollar, with the remainder primarily exposed to the euro and Asian currencies.
The company also recorded an exchange gain of approximately £62,000 arising from currency movements between invoicing and settlement.
Bioventix said it does not currently consider currency hedging beneficial to its longer-term operations, meaning future exchange rate movements may continue to affect sterling-denominated results.
The business generated approximately £8 million in cash during the year, with almost all of that amount distributed to shareholders through dividends.
Vitamin D Antibody Revenue Falls 4% Amid Changes in Chinese Market
Bioventix reported a 4% decline in revenue from its vitD3.5H10 vitamin D antibody to £6.35 million.
The company attributed the reduction partly to conditions in downstream diagnostic markets, particularly China.
Bioventix identified changes in Chinese government procurement policies, the country’s emphasis on domestic suppliers and increased competition from local antibody manufacturers as factors affecting its business.
Sales to Chinese customers declined slightly during FY2026, and management expects further reductions in revenue from the market, although China is anticipated to remain a significant contributor to future sales.
Troponin antibody revenue was approximately £1.4 million, broadly unchanged from the previous financial year.
The company reiterated that revenue associated with its Siemens troponin contract is scheduled to end in June 2032 under existing contractual arrangements.
Separately, a progesterone antibody contract terminated during FY2026, removing approximately £400,000 in annual revenue from future reporting periods.
Bioventix said its established antibody portfolio continues to face changes in customer demand and contractual arrangements, while newer neurology-related products are contributing an increasing share of revenue.
Tau and Neurology Royalties Increase to £257,000
Revenue from Tau and other neurology-related antibody royalties increased to £257,000 in FY2026, compared with £75,000 in FY2025.
The increase was primarily associated with greater use of Bioventix antibodies in research-use-only diagnostic assays developed by three high-sensitivity testing platform companies working in Alzheimer’s disease diagnostics.
Bioventix currently manufactures five Tau-related sheep monoclonal antibodies at scale, with two additional eMTBR antibodies moving towards large-scale production during the fourth quarter of calendar 2026.
The company expects further royalty opportunities as established diagnostic manufacturers develop and introduce p-Tau217 assays for research and potentially routine clinical applications.
Bioventix identified Roche Diagnostics, Siemens Healthineers, Beckman Coulter, Abbott Diagnostics, Mindray and Fujirebio among the established diagnostic companies active in this market.
Management believes some future assays from these manufacturers will incorporate Bioventix antibodies, although the timing and commercial contribution of potential product launches remain uncertain.
Alzheimer’s Diagnostic Research Expands Into Additional Biomarkers
Bioventix continues to develop antibodies for neurological diagnostic applications through its research collaboration with the University of Gothenburg, which began in 2020.
The programme includes antibodies targeting Tau proteins associated with Alzheimer’s disease, alongside work on newer biomarkers such as eMTBR-Tau.
According to the company, eMTBR-Tau assays are being developed to help assess later-stage disease associated with Tau protein accumulation, potentially complementing existing p-Tau217 tests.
Bioventix said these assays could have applications in clinical assessment, patient selection for trials and monitoring of neurological conditions, subject to further development and validation.
The company’s research programme also covers vascular dementia, less common forms of dementia and peripheral neuropathies.
Separately, Oslo-based Pre-Diagnostics and its clinical collaborators have developed two research-use amyloid beta assays incorporating Bioventix antibodies.
These assays are being investigated for potential applications relating to amyloid-related imaging abnormalities, a recognised side effect associated with certain Alzheimer’s disease treatments.
Bioventix said its neurological diagnostic research remains a central part of its longer-term product development strategy.
Bioventix Maintains Annual Dividend at 150 Pence Per Share
Bioventix declared a second interim dividend of 80 pence per share, unchanged from the corresponding distribution in FY2025.
Combined with the first interim dividend of 70 pence per share, the total dividend for FY2026 is 150 pence per share, matching the previous financial year.
The company reported year-end cash balances of £5.3 million, compared with £5.1 million at 30 June 2025.
Bioventix also noted that royalty payments relating to the second half of FY2026, received between July and September 2026, had increased its cash position following the financial year-end.
The shares will trade ex-dividend from 5 November 2026, with the record date set for 6 November. The second interim dividend is scheduled for payment on 20 November 2026.
Additional Research Includes Environmental Monitoring Applications
Outside clinical diagnostics, Bioventix continued work on environmental monitoring products during FY2026.
The company is developing a lateral flow assay designed to detect paracetamol as a potential indicator of sewage contamination in rivers and lakes.
Bioventix aims to develop a test capable of identifying contamination equivalent to 0.1% to 1.0% of raw sewage in freshwater.
The company intends to undertake field trials with volunteer groups to investigate relationships between paracetamol concentrations and the presence of E. coli.
It is also progressing a pyrene-based lateral flow testing system for industrial pollution monitoring, with further trials involving firefighters planned for 2027.
Bioventix Expects Neurology Revenue to Offset Pressure on Established Products
Bioventix expects the financial year ending 30 June 2027 to follow a broadly similar pattern to FY2026, with its established antibody business facing continued changes in downstream markets.
Management anticipates that revenue from Tau and other neurology-related antibodies will increasingly contribute to the group’s sales as new diagnostic products are developed and commercialised.
The company cautioned that the timing of revenue growth from neurological diagnostics remains difficult to forecast.
Bioventix also continues to develop antibody products using new testing formats, including work on cortisol and vitamin D assays.
The company ended FY2026 with 14 employees, representing 12 full-time equivalents, following one retirement and the recruitment of a graduate during the year.
Bioventix said its future development activities will focus on maintaining its established diagnostic antibody business while expanding its portfolio of products for neurological testing.
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