Bioventix Share Price (BVXP)

Peter Harrison likes the share price with buys for himself and his wife at just under 20k each, presumably into their ISAs.

This is in addition to November 2025 buys for a similar values.

I think Bioventix looks pretty undervalued at these levels.

This is the most enthusiastic management commentary we’ve seen on Tau/Neuro to date, with language like “clear causes for optimism that our revenues will grow significantly into the future.” That’s notable coming from Bioventix, who are usually very restrained.

Importantly, the enthusiasm is backed by numbers. Tau/Neuro royalties have grown sharply over the last three half‑years: £30k, £45k, and £150k for the six months ending Dec‑24, Jun‑25, and Dec‑25 respectively.

Peter Harrison almost never comments on valuation. He’s previously said words to the effect of “I make antibodies — you’re better placed to judge whether the share price is high or low.” That makes the strength and confidence of this commentary stand out even more.

Even if growth were to flatten from here, it’s hard to argue the shares aren’t undervalued. The business is exceptionally well insulated from inflation, and while some royalties (e.g. troponin) will eventually roll off, the remainder require no incremental investment, no capex, and no maintenance spend.

New antibodies typically take many years to commercialise, but Tau/Neuro seems to be progressing very well already, with around half of the major diagnostic players now using Bioventix antibodies in their assay designs.

For a capital‑light business with strong cash generation, durable royalties, and increasingly credible future growth, the current valuation feels hard to justify.

Having now read the chairmans report, the divi. being unchanged seems sensible. Given the rapid decline in the sp in recent months i was prepared for very gloomy results and a consequent fall in the divident to reflect that. It seems the recent depressing sp came from many sellers who know may probably regret selling at such a low valuation.

Re dividend: what were you expecting — more or less?

It looks sensible to me.

Cash balances at 31 December 2025 were £5.3m, and cash generated from operations over the six months was c. £4.0m.

They pay the interim dividend in mid‑April, which is roughly 75% of the way through the following six‑month period. That implies additional cash generation of around 75% × £4.0m = £3.0m before the dividend is paid.

So, immediately pre‑dividend, cash would be approximately:

£5.3m + £3.0m = £8.3m

The dividend itself is:

70p × 5.22m shares ≈ £3.6m

That gives a post‑dividend cash balance of c. £4.7m.

Management have previously said they like to retain around £5m of cash “just in case”, so they’re not a million miles away from that level. It still leaves a healthy buffer to allow for swings in working capital and any unexpected revenue suprises.

Dividend maintained at 70p. Surprised, not sure it is a wise decision ?