Bavarian Nordic AS

Latest Results (16.01.2026):

Bavarian Nordic AS — first quarter (Q1) 2025: revenue rose 62% year‑over‑year to DKK 1,347 million driven by strong Travel Health (DKK 680m, +52%) and Public Preparedness (DKK 629m, +83%). EBITDA was DKK 420 million (31% margin), EBIT DKK 259 million and net profit DKK 219 million (EPS DKK 2.7). The company maintained full‑year guidance of DKK 5,700–6,700m revenue and a 26–30% EBITDA margin.

Financial snapshot (Q1 2025)

Revenue: DKK 1,346.6m (Q1 2024: DKK 831.5m). EBITDA: DKK 419.5m (31% margin; Q1 2024: DKK 21.8m). EBIT: DKK 258.9m. Net profit: DKK 218.8m (vs. net loss DKK 114.5m in Q1 2024). EPS: DKK 2.7. Product rights on balance sheet increased (DKK 5,861m) following recognition of Vimkunya.

Revenue drivers

Travel Health DKK 680m (including Rabipur/RabAvert DKK 359m and Encepur DKK 204m). Public Preparedness DKK 629m, boosted by earlier-than-planned deliveries on several large government orders (including ongoing JYNNEOS/IMVANEX contracts).

Cash, liquidity and working capital

Cash & securities (end Q1): DKK 1,235.9m (cash DKK 691.5m; securities DKK 544.4m). Operating cash flow was negative DKK 387.0m in Q1 2025; total net cash flow for the quarter negative DKK 921.2m (milestone payments and buy‑back effects).

Guidance and outlook

Full‑year 2025 guidance maintained: revenue DKK 5,700–6,700m and EBITDA margin 26–30%. Management notes DKK 2,650m of secured Public Preparedness revenue under contract and expects Travel Health ~DKK 2,500m for the year (including DKK 50–100m from initial Vimkunya sales).

Product & regulatory milestones

Vimkunya (chikungunya): FDA and EU approvals in Feb/Mar 2025; US commercial launch in March; ACIP recommendation in April; UK authorization in May; priority review voucher awarded. JYNNEOS freeze‑dried: FDA approval in March; U.S. government exercised additional options worth USD 143.6m in May for 2026 delivery.

Commercial progress

First US sales of Vimkunya recorded in Q1 (DKK 5m). Travel Health market share gains cited (RabAvert/Rabipur and Encepur). Public Preparedness sales benefited from phased shipments and strong manufacturing capacity to meet demand.

One‑time / balance‑sheet items

Completed a DKK 150m share buy‑back in January (treasury shares held for incentive programs). Deferred consideration related to prior GSK acquisition remains but last chikungunya milestones were completed and invoices processed in Q1; remaining deferred consideration relates mainly to GSK milestones expected later in 2025.

Risks & near‑term catalysts

Key risks: typical biotech/pharma operational, regulatory and commercial uncertainties. Near‑term catalysts include further Vimkunya market roll‑outs, ACIP/market uptake, additional JYNNEOS deliveries under U.S. contracts, and potential monetization of the Priority Review Voucher (subject to NIH royalty obligations).