Company Announcement
Bavarian Nordic Announces Interim Results for the First Nine Months of 2024
COPENHAGEN, Denmark, November 15, 2024 –
(OMX: BAVA) announced today its interim financial results for the first
nine months of 2024 and business progress for the third quarter of 2024.
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Revenue for the first nine months was DKK 3,622 million, and the operating profit (EBITDA) was DKK 692 million.
Revenue from Travel Health increased by 18% to DKK 1,892 million compared to the first nine months of 2023 and revenue from
Public Preparedness was DKK 1,549 million, which is in line with the Company’s expectations. Other revenue was DKK 181 million.
The financial guidance for the full year, which was upgraded on September 26 as a result of additional mpox vaccine orders and
improved performance in the Travel Health business, is maintained at a revenue between DKK 5,400 million and DKK 5,800 million
and EBITDA between DKK 1,450 million and DKK 1,700 million. The intervals represent uncertainty related to logistics and supply
timing of deliveries of mpox vaccines dictated by among others the level of preparedness to receive and handle the vaccines in the
receiving countries.
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For 2025, the Company has so far secured revenue from mpox/smallpox vaccine orders of approximately DKK 2,400 million,
including previously announced deferred revenue.
DKK million
Revenue
EBITDA
Q3 2024
1,363
250
Q3 2023
1,376
380
9m 2024
3,622
692
9m 2023
4,615
2024 Guidance
5,400 - 5,800
1,450 - 1,700
1,552
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “We have had a busy, but highly purposeful and rewarding third
quarter, where we have worked intensively to support the efforts to curb the ongoing mpox outbreak in Africa. Only a few weeks after the
declaration of mpox as a public health emergency, the first vaccines arrived early September in the Democratic Republic of Congo, the
epicenter of the outbreak. With speed and flexibility, we have once again demonstrated our ability to step up in support of a global health
crisis. We have acted with global stakeholders to ensure the availability of nearly 3 million doses of our mpox vaccine to Africa through
donations and agreements. In parallel, we have continued to work with nations globally to strengthen their mpox/smallpox preparedness,
helping to build resilience beyond the current outbreak, and enabling countries to make donations from their existing stockpiles. To ensure
the continued equitable access to our vaccine we are exploring options to expand our capacity for increased demand, including transferring
the process to a manufacturer in Africa and we applaud the support provided by the Africa CDC and other stakeholders in this endeavor. The
committed orders for next year, combined with improved performance in our Travel Health business, and the launch of our chikungunya
vaccine in Europe and the U.S. have set us up for another exciting and eventful year in 2025 in line with our vision to expand our reach and
impact through life-changing solutions.”
Highlights from the third quarter
Public Preparedness
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In response to the public health emergency declarations by the Africa CDC and WHO in August, Bavarian Nordic has intensified its
collaboration with global stakeholders in efforts to curb the ongoing mpox outbreak in Africa. Importantly, the Company has been
working towards maximizing the manufacturing capacity for the MVA-BN mpox vaccine to meet the short- to medium-term
demand.
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The Company’s donation of vaccines, together with donations from the European Commission and the U.S. government were the
first to arrive in the Democratic Republic of Congo (DRC) in September, ahead of their vaccination campaign. Nearly 3 million
doses of MVA-BN have been pledged to Africa by governments and organizations to-date.
Several new orders, including multi-year orders, were announced during the third quarter, and included among other orders from
UNICEF, the U.S. government, the European Health Emergency Preparedness and Response Authority (HERA), as well as from
several undisclosed countries. Bavarian Nordic retains sufficient capacity to fulfil the requirement as stated by Africa CDC for at
least 10 million doses by the end of 2025 and could even further scale up capacity for future demand if needed.
Several regulatory approvals were obtained for MVA-BN during the third quarter. Most importantly, the vaccine received
prequalification from the WHO, representing an important step in making the vaccine available for African countries. Furthermore,
the vaccine received a full approval in Singapore and Mexico and a provisional approval in New Zealand. In Europe, real-world
effectiveness data from the global 2022 mpox outbreak was included in the marketing authorization, which also was extended to
include adolescents 12 to 17 years of age – a decision also adopted in the WHO prequalification. Several clinical studies are now
ongoing to generate clinical data in a pediatric population (2-11 years), aiming to further expand the approval for this group.
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Travel Health
The Travel Health business has continued its strong performance, demonstrating an overall growth of 18% in the first nine months
compared to 2023, primarily driven by higher sales of Rabipur/RabAvert and Encepur. The combined revenues from both products
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Bavarian Nordic A/S
Philip Heymans Alle 3
DK-2900 Hellerup
Tel. +45 33 26 83 83
www.bavarian-nordic.com
CVR-no. 16 27 11 87
LEI Code: 2138006JCDVYIN6INP51
