Bavarian Nordic Announces Interim Results for the First Three Months of 2025
COPENHAGEN, Denmark, May 9, 2025 –
(OMX: BAVA) announced today its interim financial results and business
progress for the first three months of 2025.
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Revenue for the first three months increased by 62% to DKK 1,347 million, reflecting a strong performance in both Travel Health
and Public Preparedness.
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Travel Health revenue increased by 52% to DKK 680 million compared to the first quarter of 2024, primarily driven by
increased demand for rabies and tick-borne encephalitis (TBE) vaccines.
Public Preparedness revenue increased by 83% to DKK 629 million compared to the first quarter of 2024. This exceeded
initial expectations due to successful efforts to advance the deliveries of a few, but larger, existing orders into the first
quarter.
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Other revenue was DKK 37 million.
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The operating profit (EBITDA) was DKK 420 million, corresponding to an EBITDA margin of 31%.
Financial guidance for the full year is maintained at a revenue of DKK 5,700-6,700 million and an EBITDA margin of 26-30%.
DKK million
Revenue
3m 2025
1,347
3m 2024
831
2025 Guidance
5,700 – 6,700
26-30%
EBITDA margin
31%
3%
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “A very strong first quarter for our Travel Health business,
demonstrating a 52% growth year-over-year and puts us ahead of our strategic goal of an average annual growth rate of 10-12% for this part
of the business until 2027. We also recorded our first US sales of the chikungunya vaccine after its approval in February and ahead of the
April recommendation from ACIP. Our phased launch plan for the vaccine is progressing as planned with the first European markets coming
online over the next couple of months while we also continue our efforts to expand the regulatory approvals to other territories.
Chikungunya represents an increasing public health threat across the globe, and we are proud to have entered our first partnership to
improve access to the vaccine for low- and middle-income countries. In Public Preparedness, we also delivered above expectations. While
this was largely due to a number of deliveries occurring ahead of plans, it goes to show the strength and scale of our manufacturing setup to
meet the increased demand for our mpox/smallpox vaccine.”
Highlights from the first quarter
Travel Health
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Vimkunya was approved in the US and EU in February as the first virus-like particle (VLP)-based chikungunya vaccine and the first
chikungunya vaccine for persons aged 12 years and older. Additionally, regulatory submissions were filed in the UK and Canada.
Vimkunya was launched commercially in the US in March and will be launched in the first European markets later during the first
half of 2025.
Concurrently with the US approval of Vimkunya, Bavarian Nordic was granted a Priority Review Voucher, which the Company
intends to monetize when appropriate.
A strategic partnership was entered with Biological E. Limited in February, initially comprising a contract manufacturing
agreement with the aim to provide capacity for the future supply of chikungunya vaccines to endemic low- and middle-income
countries.
Public Preparedness
The freeze-dried version of JYNNEOS was approved by the U.S. Food and Drug Administration (FDA) in March for prevention of
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smallpox and mpox disease in adults 18 years of age and older. The approval supports the ongoing contract with the US
government for stockpiling of the vaccine.
Other business
In January, Bavarian Nordic launched and completed a share buy-back program of DKK 150 million, with the purpose of adjusting
the capital structure.
Events after the reporting date
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In April, the U.S. Centers for Disease Control and Prevention’s (CDC) Advisory Committee on Immunization Practices (ACIP) voted
to recommend Vimkunya™ for the prevention of disease caused by chikungunya virus for US persons aged 12 and older traveling to
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
