China weakness sees profits fall for Bioventix
By Josh White
Date: Monday 27 Oct 2025
(Sharecast News) - Bioventix reported lower annual profits on Monday, as weakness in its core markets, particularly China, offset gains from growing demand for its neurological diagnostic antibodies.
The AIM-traded company said profit before tax fell 5% to £10.1m for the year ended 30 June, while revenue declined 4% to £13.1m.
Cash at year-end stood at £5.1m, down from £6.0m a year earlier.
The board declared a second interim dividend of 80p per share, taking the total payout for the year to 150p, down from 155p in 2024.
Bioventix put the decline down to headwinds in China, where government cost-reduction policies and a push for local manufacturing continued to squeeze margins.
Sales to Chinese in-vitro diagnostics (IVD) companies fell to £2.4m, representing 18% of total revenue, compared with around 25% the prior year.
The company said that while its long-standing Western customers faced volume and price pressure in China, local diagnostic companies were increasingly seeking cheaper, royalty-free alternatives to its antibodies.
"These pressures are likely to continue in both the short and medium term," the firm said, estimating that around 2% of annual revenue could be at risk in the near term, with a further 3% to 4% potentially exposed over the medium term.
The company's vitamin D antibody, vitD3.5H10, remained its biggest product, with sales rising 12% to £6.6m.
However, revenue from other products declined, including biotins and biotin blockers, down 40% to £0.69m, progesterone, down 16% to £0.53m, and estradiol, down 19% to £0.42m.
Troponin royalties were flat, though Bioventix said it expected growth from 2026 onwards as new cardiac testing applications gained traction.
Despite the pressures, the company reported strong progress in neurology diagnostics, particularly in antibodies used for Alzheimer's disease research.
Sales of Tau and neuro antibodies quadrupled to £605,000, supported by growing use of research-use-only assays developed by specialist firms including Quanterix and Alamar.
"The use of our antibodies in such RuO assays is very encouraging and bodes well for future IVD use," Bioventix said.
The firm said it was continuing to collaborate with the University of Gothenburg on Tau antibodies and prototype assays for Alzheimer's diagnosis.
It said the partnership had been "a key to our growing success in this field" and that it expected blood-testing machines to "soon offer a panel of new neurological tests that would reveal information about patient brain health which will be useful for screening and therapy monitoring purposes."
Bioventix said it was maintaining its focus on expanding into environmental and industrial monitoring, developing lateral flow systems for detecting sewage contamination and pollutants such as pyrene.
The projects required around £0.34m of external expenditure during the year.
Looking ahead, the firm warned that it expected "a modest decline in revenues in 2025-2026 with future growth driven by the substantial opportunities in neurology and greater use of troponin testing outside the historic acute chest pain application."
Chief executive Peter Harrison said the year had been "particularly noteworthy as our historic core business has faced some challenges in downstream markets, particularly in China".
"Meanwhile, our research and commercialisation of antibodies in the field of neurology has experienced significant progress," he added.
The vision of our customers for growth in this exciting field together with the performance of our antibodies at many of our customers points to future success in this area."
At 0958 GMT, Bioventix shares were down 17.53% at 1,917.5p.
Reporting by Josh White for Sharecast.com.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN