Bioventix H1 FY2026: Alzheimer’s royalties surge while the core engine hums
Bioventix’s interim numbers for the six months to 31 December 2025 tell a clear story: the legacy antibody portfolio remains steady, and the emerging neurology franchise – especially Alzheimer’s – is starting to bite. Reported revenue dipped to £6.16 million (2024: £6.73 million) and profit before tax edged down to £4.85 million (2024: £5.05 million), but the company points to a stronger constant currency picture, with revenue of £6.4 million and PBT of £5.1 million at 2024 exchange rates.
The standout line is Alzheimer’s: Tau/neuro royalties jumped five-fold to £150k (2024: £30k). It is still small in the context of group sales, but the direction of travel – and where Bioventix antibodies are being designed in – matters a lot.
Key figures from the interim results
| Measure | H1 2025/26 | H1 2024/25 |
|---|---|---|
| Revenue | £6.16 million | £6.73 million |
| Profit before tax | £4.85 million | £5.05 million |
| Profit after tax | £3.63 million | £3.77 million |
| Basic EPS | 69.38p | 72.27p |
| Diluted EPS | 68.45p | 71.22p |
| Cash at period end | £5.3 million | £5.1 million |
| Interim dividend | 70p per share | 70p per share |
| Constant currency (2024 FX) revenue / PBT | £6.4m / £5.1m | Not disclosed |
| Tau/neuro royalties | £150k | £30k |
Dividend dates: shares go ex-dividend on 9 April 2026, record date 10 April 2026, and payment on 24 April 2026.
Alzheimer’s antibodies: why a five-fold royalty rise matters
Bioventix specialises in SMAs – sheep monoclonal antibodies, which are often used when targets are at very low concentration. In Alzheimer’s, the hot targets are blood-based biomarkers, notably brain-derived phospho-Tau217 (B‑D pT217). Today’s royalty gains come solely from research use only (RUO) assays; there are no in vitro diagnostic (IVD) assays approved yet for routine clinical use. RUO means used in research settings, not for patient diagnosis.
Crucially, Bioventix antibodies are already embedded in multiple assay designs. Among the leading IVD companies (Roche, Siemens, Abbott, Beckman, Quidel‑Ortho, Mindray etc.), three RUO B‑D pT217 assays use at least one Bioventix SMA. Among high-sensitivity platform players (Quanterix, Alamar, Spear, Bio‑Techne/Ella, Merck/SCM & Singulex, Stata etc.), three have also included at least one Bioventix SMA in their RUO pT217 assay design. For total brain-derived Tau (a different neurodegeneration marker), four leading global IVD companies and four high-sensitivity RUO companies have at least one Bioventix SMA in their assays.
That design-in footprint is the big strategic signal. If and when the first blood-based Alzheimer’s biomarker IVD gets approved, adoption across peers can accelerate. Timing is uncertain, but the building blocks are in place – and rising RUO royalties suggest rising assay usage in the background.
Next wave: Tau tangle pathology and the Gothenburg partnership
Bioventix flags ongoing work with the University of Gothenburg on a blood test reflecting Tau tangle pathology, which is currently assessed via PET brain scans. If successful, that could extend the company’s leverage across multiple facets of Alzheimer’s diagnosis. Additional neuro projects cover peripheral neuropathies and vascular dementia linked to amyloid in brain vessels.
Core portfolio: steady performance, with China still tricky
Sales of the vitamin D antibody and other core products were broadly in line with last year, reflecting mature end-markets. China remains challenging and has led to the loss of some limited revenue streams. Troponin-related sales were steady; Siemens gained FDA approval in November 2024 for a revised prognostic label on its troponin assay, but Bioventix has not yet seen a royalty uplift from that change.
Dividend held, cash solid, and operating discipline intact
The Board has kept the interim dividend at 70p per share, supported by resilient cash generation and a lean operating base. Closing cash stood at £5.3 million, up from £5.1 million, with net cash from operating activities of £4.37 million (2024: £3.60 million). Dividends paid in the period totalled £4.18 million.
Administrative expenses were stable at £1.04 million, and the FX line swung to a £65,724 gain (2024: £75,976 loss). The company also highlights a stronger constant-currency view, signalling that exchange rates were a headwind to reported results.
R&D model shifting to partnered, success-based spend
Management is increasingly tying R&D outlay to commercial success by partnering with academic groups. A growing slice of R&D costs will be incurred as a small percentage of future revenue generated by SMAs used in neurological assays. In plain English: less fixed cash burn today, more revenue-sharing tomorrow, and tighter alignment with commercial outcomes.
Left-field but interesting: rapid water quality testing
Outside clinical diagnostics, Bioventix’s water quality project is progressing. The concept is to use caffeine and paracetamol levels as markers of human-derived by‑products in fresh water, potentially as a quick surrogate for E. coli levels. Lab tests are underway to validate the correlation; lateral flow devices for riverside field trials are expected to be available during Q2 2026. It is early-stage, but the application plays to Bioventix’s strengths in sensitive detection.
Outlook: steady near-term, with meaningful optionality in neurology
Trading remains in line with expectations for the year to 30 June 2026. The near-term growth hinge is clear: regulatory approvals for blood-based Alzheimer’s IVD assays. The company is well placed across leading designs in both pT217 and total Tau, but timing is hard to call. The positive read-through is that RUO royalties are already moving, suggesting broader assay usage across labs.
My take: what to watch next
- First IVD approval for blood-based Alzheimer’s biomarkers – often the catalyst for faster follow-on approvals.
- Trajectory of Tau/neuro royalties – do they continue to climb from the £150k base as RUO usage expands.
- Any royalty uplift from Siemens’ troponin label change – not seen yet.
- China end-market conditions – scope for stabilisation or further drag on smaller revenue streams.
- Water quality field trials in Q2 2026 – proof of concept for a new application lane.
- Currency effects – constant-currency disclosures hint that FX is masking some underlying resilience.
Bottom line: cautious optimism, underpinned by design-ins and dividends
This is a tidy set of interims: revenue and PBT are modestly lower, but cash is firm, costs are well controlled, and the dividend is maintained. The real excitement sits in neurology, where Bioventix SMAs are embedded across multiple RUO assay designs with blue-chip IVD players and high-sensitivity platforms. That five-fold royalty jump to £150k is small in pounds, but big in signal.
Risks remain – chiefly regulatory timing and end-market softness in China – but the strategic positioning in Alzheimer’s looks better each quarter. If approvals land, the royalty model can scale quickly. Until then, investors are being paid to wait with a 70p interim and a business that continues to execute.
