EarningsQ2 2026 Earnings Report
DE:CRO Q2 2026 EPS Results
Actual EPS>-€0.01
Consensus EPS―
Beat/Miss―
One Year Ago EPS<€0.01
DE:CRO Q2 2026 Revenue Results
Actual Revenue€18.97M
Expected Revenue€19.01M
Beat/MissMissed by -€36.15K
YoY Revenue Growth-32.75%
Earnings Announcement Details
QuarterQ2 2026
Date09/15/2026
TimeBefore Open
Conference CallTuesday, September 15, 2026
DE:CRO Upcoming Earnings
Open Orphan Plc's next earnings date is estimated for April 14, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was positive overall despite weak first-half financial results, a GBP 47 million full-year revenue outlook below consensus, contract delays and an expected full-year EBITDA loss. Management emphasized record order-book levels, a recovering human challenge trial pipeline, 110% laboratory revenue growth, diversification into new therapeutic areas and an immediately accretive CRS Berlin acquisition. The deferred contracts were explicitly described as delayed rather than canceled, and management expressed confidence in significant growth and positive EBITDA in 2027.Company Guidance
Record Order Book and Stronger Sales Pipeline
New proposals increased 45% year on year, while the value of proposals increased 26%. The underlying order book reached GBP 65 million at the end of June 2026 and GBP 72 million including CRS Berlin, the highest level in the company's history. Management said the order book provides excellent visibility for the remainder of 2026 and into 2027 and 2028.
Business Diversification and Expanded Addressable Market
hVIVO reorganized into four service lines: consulting, clinical trial units, human challenge trials and standalone laboratories. The company said it can now support customers from pre-clinical development through proof of concept or phase II, increasing its addressable market and enabling engagement with drug developers at earlier stages.
Laboratory Revenue Growth
Laboratory revenue increased 110% year on year, albeit from a slightly lower base. Management said investment in London laboratory space is beginning to gain traction, with standalone laboratory projects and new capabilities including next-generation sequencing and ddPCR already producing revenues.
Expected Second-Half Revenue Recovery
Management is guiding to GBP 31 million of revenue in the second half of 2026, almost double the GBP 16.3 million delivered in the first half. The second-half figure includes GBP 3 million from the CRS Berlin acquisition, and management expects to be EBITDA positive in the second half.
Human Challenge Trial Momentum Returning
The company signed three human challenge trials in 2026, including its largest-ever human challenge trial contract with ILiAD. The wins include a phase III pivotal Bordetella pertussis challenge study, described as one of the first such studies used for phase III efficacy, plus two influenza trials covering a monoclonal antibody and prophylactic flu prevention.
Human Challenge Trial Speed and Differentiation
Customers can receive data within 12 months of signing a clinical trial agreement, which management said is about 3.5 times faster than natural infection studies. hVIVO cited its 50-bed unit, dedicated recruitment team, FluCamp database and infectious-disease expertise as key infrastructure and barriers to entry.
Increasing Antiviral Demand
In 2026, the mix of human challenge trial opportunities shifted toward antiviral studies from vaccine studies. Management said infectious-disease funding remains at the same level as previously, while more funding is being directed toward antivirals, including preventative antivirals for people who may not respond to vaccines.
Growth in Cardiometabolic and Respiratory Services
The company reported significant progress in cardiometabolic work, including multiple obesity-related deals and relationships with mid-sized and large pharmaceutical companies. It has also prepared to run non-human-challenge respiratory studies in COPD and asthma, is recruiting patients for other CROs and has already been awarded several projects.
End-to-End Customer Revenue Opportunities
Management cited Cidara as an example of a customer supported through a human challenge trial, phase II field trial, phase III trial and laboratory services. Only one-third of the total revenue recognized from that program came from human challenge trials, with the remainder coming from non-challenge services.
CRS Berlin Acquisition Is Immediately Accretive
CRS Berlin is expected to contribute GBP 3 million of incremental group revenue and GBP 0.5 million of EBITDA during the four months owned in 2026. Management said the business is already profitable, cash-generative and EBITDA accretive, with just over 60% of its next 12 months of forecast revenue contracted.
Attractive and Self-Funding Acquisition Structure
hVIVO paid EUR 25,000 to complete the CRS Berlin transaction. The earn-out is 18% of qualifying revenue across 2026, 2027 and 2028, with an expected gross earn-out of roughly EUR 6 million and a net cash impact of EUR 4 million after the pension liability. Management said the acquisition is self-funding and that its cash generation will be sufficient to pay the earn-outs.
Broader Therapeutic and Patient Reach Through Berlin
The CRS Berlin acquisition adds dermatology and women's health capabilities, increases total capacity to over 200 beds and provides access to a catchment area of more than 6 million potential patients in Berlin. Management said the existing clinical-trial platform can serve these areas without significant additional CapEx.
Positive Working Capital and Cost Control
A GBP 4.5 million net working-capital movement was positive in the first half, representing a turnaround from negative net working-capital movements in the previous three reporting periods. Management also said it maintains tight cost control and achieved year-on-year savings.
Limited Near-Term Investment Requirement
Management said the business is already well invested, with only maintenance investment required at this stage and that maintenance investment is not very significant. The CRS Berlin acquisition had no impact on the company's cash position to date.
AI Viewed as Supportive to Drug Development
Management said AI is already being used in some internal processes and is not expected to replace the need for human clinical testing in the foreseeable future. The scientific team said AI could enable analysis across multiple pathways, support the discovery of new drug classes and increase drug development activity.
Improving Industry Backdrop
Management said biotech funding is loosening, biopharma M&A activity is increasing and large pharmaceutical companies are seeking to supplement their pipelines ahead of patent expiries. The company also cited continued interest in infectious disease and obesity drug development.
DE:CRO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed