Company Announcement  
Bavarian Nordic Announces First Half 2025 Results  
COPENHAGEN, Denmark, August 22, 2025 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results and business
progress for the first half of 2025 and released its financial calendar for 2026.  
•
Revenue for the first half increased by 33% to DKK 2,998 million, reflecting a strong performance in both Travel Health and Public  
Preparedness.  
o
o
o
Travel Health revenue increased by 24% to DKK 1,386 million compared to the first half of 2024, primarily driven by  
increased demand for rabies and tick-borne encephalitis (TBE) vaccines.  
Public Preparedness revenue increased by 51% to DKK 1,546 million compared to the first half of 2024, primarily driven  
by quarterly phasing of orders.  
Other revenue was DKK 66 million.  
•
•
EBITDA was DKK 961 million, corresponding to an EBITDA margin of 32%.  
Based on a strong performance in the Travel Health business as well as further clarity on the Public Preparedness business for the  
remainder of the year, Bavarian Nordic has refined its financial guidance for 2025, which overall remains within the previously  
announced revenue and EBITDA margin intervals. Full year revenue expectations are narrowed to DKK 6,000-6,600 million,  
reflecting an upgrade of Travel Health to DKK 2,750 million, which still includes DKK 50-100 million from sale of Vimkunya, and  
narrowing the Public Preparedness interval to DKK 3,100-3,700 million, with the low end of the interval now secured by contracts.  
EBITDA margin before special items guidance remains unchanged at 26-30%. When including the net income of DKK 810 million  
from the recent sale of the Priority Review Voucher, the total EBITDA margin is expected to be 40-42%.  
DKK million  
Q2 2025  
1,652  
33%  
Q2 2024  
1,427  
29%  
H1 2025  
2,998  
32%  
H1 2024  
2,259  
20%  
2025 Guidance  
6,000 – 6,600  
26-30%  
Revenue  
EBITDA margin before special items1  
1 Other operating income of DKK 810 million from the sale of the Priority Review Voucher will be recognized in Q3 2025, contributing to an expected total EBITDA margin of 40-42% for the  
full year.  
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “We are pleased to report a strong first half of 2025, which  
fully captures our successful commercial transformation over the past years, in line with our growth strategy. Our Travel Health business  
continues to outperform, delivering 24% revenue growth year-over-year, primarily driven by rabies and TBE vaccines. A major highlight for  
the period was the launch of our chikungunya vaccine for travelers, which is being introduced in more countries as we continue to expand  
our commercial footprint across new geographies. With the strong performance combined with recent additional orders for our  
mpox/smallpox vaccine, we refine our full year guidance to reflect higher revenue from Travel Health and a narrower revenue interval for  
the Public Preparedness business as we have now secured the lower end of our guidance for this business. Overall, we remain within our  
guided revenue interval and maintain our expectations to an EBITDA margin before special items of 26-30% in 2025. The recent sale of our  
Priority Review Voucher has generated a one-off income, strengthening our financial position and contributing to an improved result. Hence,  
the EBITDA margin including special items is expected to be 40-42% for the full year.”  
Highlights from the period  
Travel Health  
•
Vimkunya was approved in the US, EU and in the UK for active immunization for the prevention of disease caused by chikungunya  
virus in individuals 12 years and older. The vaccine was launched commercially in the US in March, in Germany in May, and in  
France in June.  
•
•
Concurrently with the US approval of Vimkunya, Bavarian Nordic was granted a Priority Review Voucher, which was sold for USD  
160 million. Upon completion of the sale in July, the Company earned net proceeds of DKK 810 million.  
Following the approval of Vimkunya in the US in February, 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 regions with an outbreak or elevated risk of chikungunya, as well as for  
laboratory workers with potential for exposure to chikungunya virus. Recommendations on the use of the vaccine have since been  
issued by relevant authorities in France, Germany and in the UK.  
•
In June, a Phase 3 clinical trial of Vimkunya in children 2 to 11 years of age was initiated, seeking to expand the target population  
for the chikungunya vaccine.  
Public Preparedness  
The freeze-dried version of JYNNEOS was approved by the U.S. Food and Drug Administration (FDA) in March for prevention of  
smallpox and mpox disease in adults 18 years of age and older. The approval supports the ongoing contract with the US  
•
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  
 
Bavarian Nordic | Interim Report H1 2025  
Page 2  
government for stockpiling of the vaccine. In May, the US government exercised additional options valued at USD 143.6 million  
under the contract, with the majority planned for delivery in 2026.  
•
In June, investigator-sponsored clinical trials were initiated to support approval of the mpox/smallpox vaccine in vulnerable  
populations: infants under 2 years of age and pregnant and breastfeeding women.  
Events after the reporting date  
•
In July, Bavarian Nordic entered a contract valued at over DKK 200 million for the supply of smallpox/mpox vaccines to a European  
country. Combined with other recent orders from non-European countries, the Company has now secured approximately DKK 3,100  
million in contracts in the Public Preparedness business in 2025, thus within the targeted guidance interval for this business.  
In July, Health Canada accepted for review the Company’s application for licensure of the chikungunya vaccine, potentially  
supporting approval in the first half of 2026.  
•
•
•
In July, the sale of the Priority Review Voucher was completed, generating net proceeds of DKK 810 million.  
In July, Bavarian Nordic announced that it had entered into an announcement agreement with Innosera ApS, a newly formed  
company controlled by Nordic Capital Fund XI1 and funds managed and advised by Permira Beteiligungsberatung GmbH, pursuant  
to which Innosera ApS will make an all-cash recommended voluntary public takeover offer to acquire all issued and outstanding  
shares (excluding treasury shares) in Bavarian Nordic. Innosera ApS is expected to publish its offer document on August 26, 2025, at  
the latest.  
Conference call and webcast  
The management of Bavarian Nordic will host an investor/analyst call today at 2 pm CEST (8 am EDT) to present the interim results followed  
by a Q&A session. A listen-only version of the call and presentation slides can be accessed via https://bit.ly/bavaQ22025. To join the Q&A  
session, please register in advance via https://bit.ly/bavaQ22025reg.  
Contact investors:  
Europe: Rolf Sass Sørensen, Vice President Investor Relations, rss@bavarian-nordic.com, Tel: +45 61 77 47 43  
US: Graham Morrell, Gilmartin Group, graham@gilmartinir.com, Tel: +1 781 686 9600  
Contact media:  
Nicole Seroff, Vice President Corporate Communications, nise@bavarian-nordic.com, Tel: +45 53 88 06 03  
Company Announcement no. 23 / 2025  
About Bavarian Nordic  
Bavarian Nordic is a global vaccine company with a mission to improve health and save lives through innovative vaccines. We are a preferred  
supplier of mpox and smallpox vaccines to governments to enhance public health preparedness and have a leading portfolio of travel vaccines.  
For more information, visit www.bavarian-nordic.com  
Forward-looking statements  
This announcement includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of our  
control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking  
statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not  
historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary  
statements which may accompany the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking  
statements to reflect subsequent events or circumstances after the date made, except as required by law.  
 
Bavarian Nordic | Interim Report H1 2025  
Page 3  
CONSOLIDATED KEY FIGURES (UNAUDITED)  
DKK thousand  
Q2 2025  
Q2 2024  
H1 2025  
H1 2024  
FY 2024  
Income statements  
Revenue  
1,651,503  
737,881  
114,153  
293,257  
135,248  
370,964  
2,387  
1,427,497  
707,547  
120,395  
209,587  
124,075  
265,893  
97  
2,998,093  
1,403,827  
236,487  
465,369  
262,560  
629,850  
(26,951)  
602,899  
581,328  
2,258,969  
1,273,784  
209,088  
394,694  
244,405  
136,998  
14,851  
5,716,206  
2,897,448  
500,336  
862,510  
516,142  
939,770  
31,587  
Production costs  
Sales and distribution costs  
Research and development costs  
Administrative costs  
Income before interest and taxes (EBIT)  
Financial items, net  
Income before company tax  
Net profit for the period  
373,351  
362,569  
265,990  
261,128  
151,849  
146,677  
971,357  
987,977  
Balance sheet  
Total non-current assets  
Securities, cash and cash equivalents  
Other current assets  
Total assets  
8,390,869  
1,663,093  
3,852,535  
13,906,497  
12,049,400  
208,352  
8,883,912  
2,237,184  
3,153,349  
14,274,445  
10,436,717  
188,328  
8,618,866  
2,175,028  
3,611,970  
14,405,864  
11,408,561  
200,295  
Equity  
Non-current liabilities  
Current liabilities  
1,648,745  
3,649,400  
2,797,008  
Cash flow statements  
Cash flow from operating activities  
Cash flow from investment activities  
Cash flow from financing activities  
882,977  
(1,081,697)  
(172,815)  
1,066,095  
(1,695,588)  
(37,221)  
1,949,832  
(1,870,863)  
55,775  
Financial Ratios1)  
EBITDA  
541,775  
419,540  
961,323  
7.4  
441,378  
1.9  
1,603,145  
12.6  
Earnings (basic) per share of DKK 10  
Net asset value per share  
152.80  
169  
133.6  
173  
144.7  
190  
Share price at period-end  
Share price/Net asset value per share  
Number of outstanding shares at period-end (thousand)  
Equity share  
1.1  
1.3  
1.3  
78,855  
87%  
78,117  
73%  
78,855  
79%  
Number of employees, converted to full-time, at period-end  
1,667  
1,381  
1,611  
1) Earnings per share (EPS) is calculated in accordance with IAS 33 "Earning per share". Other financial ratios have been calculated in accordance with  
the guidelines from the Danish Society of Financial Analysts.  
Reconciliation of EBITDA  
Income before interest and tax (EBIT)  
370,964  
96,884  
265,893  
77,757  
629,850  
183,009  
148,464  
961,323  
136,998  
155,924  
148,456  
441,378  
939,770  
317,449  
Amortization  
Depreciation + amortisation of developed product processes  
73,927  
75,890  
345,926  
EBITDA  
541,775  
419,540  
1,603,145  
 
Bavarian Nordic | Interim Report H1 2025  
COMMERCIAL PERFORMANCE  
Q2 sales  
Page 4  
H1 sales  
mDKK  
Q2 2025 Q2 2024 Growth  
mDKK  
H1 2025 H1 2024 Growth  
Travel health  
Rabipur/RabAvert  
Encepur  
Travel health  
Rabipur/RabAvert  
Encepur  
419  
169  
46  
333  
202  
55  
26%  
-16%  
-16%  
-43%  
N/A  
-13%  
5%  
778  
374  
96  
568  
327  
98  
37%  
14%  
-2%  
Vivotif  
Vivotif  
Vaxchora  
12  
21  
Vaxchora  
21  
33  
-36%  
N/A  
12%  
24%  
Vimkunya  
7
N/A  
60  
Vimkunya  
13  
N/A  
93  
Third-party products  
52  
Third-party products  
104  
1,386  
705  
672  
1,119  
Public preparedness  
JYNNEOS/IMVANEX/IMVAMUNE  
Other revenue  
Public preparedness  
JYNNEOS/IMVANEX/IMVAMUNE  
Other revenue  
917  
30  
680  
76  
35%  
-61%  
16%  
1,546  
66  
1,024  
116  
51%  
-43%  
33%  
Total  
1,652  
1,427  
Total  
2,998  
2,259  
Comparative figures for 2024 are shown in brackets. Where market  
shares are mentioned, these are measured by value.  
Vaxchora revenue decreased by 36% in the first half, primarily  
driven by lower US sales.  
Travel health  
Vimkunya  
Rabipur/RabAvert  
Vimkunya was launched in the US in March, and in Germany and  
France in May and June respectively. Revenue of DKK 13 million  
was recorded in the first half.  
Rabipur/RabAvert revenue grew by 37% in the first half. The  
strong performance was driven by a combination of continued  
underlying market growth, strong brand performance and  
unconstrained supply.  
Third-party products  
Revenue from sales of third-party products grew by 13% in the  
first half, compared to the prior year, despite a decrease during  
the second quarter. Most of the revenue stems from sale of  
Valneva’s products under the mutual marketing and distribution  
agreement which is set to expire by year-end 2025.  
The US market grew by 5% in the first half versus the prior year.  
RabAvert market share was 78%, 7pp higher than prior year level.  
The German market grew by 93% in the first half versus the prior  
year where sales were impacted by supply constraints for both  
Bavarian Nordic and competition. Rabipur market share was 97%,  
in line with the level prior to the temporary stock-out in 2024.  
Revenue also includes limited sales of HEPLISAV-B under the  
marketing and distribution agreement with Dynavax. This  
agreement has not been renewed and will expire in April 2026.  
Encepur  
Encepur revenue grew by 14% in the first half compared to the  
prior year, despite a decrease during the second quarter. Strong  
sales were recorded in the first quarter, driven by strong market  
growth, increased market shares and to some extent increased  
stocking by German wholesalers.  
Public preparedness  
Revenue from JYNNEOS/IMVANEX/IMVAMUNE increased by 51%,  
primarily driven by phasing, and also positively impacted by  
supplemental payments for the freeze-dried vaccines delivered  
to the U.S. government, triggered under options that were  
exercised in May 2025.  
The German market grew by 15% in the first half versus the prior  
year and Encepur market share was 30%, 2 pp higher than prior  
year level.  
Other revenue  
Other revenue decreased by 43% in the first half. The revenue  
mainly stems from ongoing contracts with the U.S. government,  
including the contract to develop an MVA-BN-based vaccine  
against equine encephalitis viruses.  
Vivotif and Vaxchora  
Vivotif revenue in the first half was largely unchanged (-2%)  
compared to the previous year. The US market for typhoid  
vaccines declined by 9% in the first half and the effect was partly  
off-set by increased Vivotif market share that reached 19%.  
 
Bavarian Nordic | Interim Report H1 2025  
Page 5  
FINANCIAL REVIEW  
Financial statements for the period January 1 – June 30, 2025 are un-audited. Comparison figures for the same period 2024 are stated in  
brackets.  
Revenue  
instruments of DKK 0 million (net gain of DKK 1 million), financial  
net income from securities of DKK 4 million (net income of DKK  
22 million), and net foreign exchange rate loss of DKK 14 million  
(gain of DKK 37 million) due to a decrease in USD exchange rate.  
Interest expense on debt amounted to DKK 3 million (DKK 3  
million) and net value adjustment of deferred consideration from  
the acquisition of product rights from GSK and Emergent  
BioSolutions amounted to DKK 23 million (DKK 66 million). See  
note 6 and 7.  
Revenue for the period was DKK 2,998 million (DKK 2,259  
million). Revenue was composed of DKK 1,386 million (DKK 1,119  
million) from the travel health business, DKK 1,546 million (DKK  
1,024 million) from the public preparedness business, and DKK 66  
million (DKK 116 million) from contract work. The growth in the  
travel health portfolio was mainly driven by strong  
Rabipur/RabAvert sales of DKK 778 million (DKK 568 million) and  
Encepur sales of 374 million (327 million). Revenue reported for  
the three months ended June 30, 2025, was DKK 1,652 million  
(DKK 1,427 million).  
Income before company tax was a gain of DKK 603 million (DKK  
152 million).  
Production costs  
Production costs totaled DKK 1,404 million (DKK 1,274 million).  
Costs related directly to revenue amounted to DKK 950 million  
(DKK 780 million), of which the cost of goods sold totaled DKK  
903 million (DKK 694 million). Contract costs totaled DKK 47  
million (DKK 86 million). Amortization of product rights was  
recognized as part of the cost of goods sold with a total of DKK  
183 million (DKK 156 million). Amortization of product rights  
relates to Rabipur/RabAvert and Encepur, DKK 142 million (DKK  
136 million), and Vivotif, Vaxchora and Vimkunya DKK 40 million  
(DKK 20 million). Other production costs totaled DKK 271 million  
(DKK 338 million). The decrease in other production costs is  
driven by an improved yield and a higher output success rate in  
bulk production leading to a higher absorption of indirect  
production costs. In the second quarter of 2025, production costs  
were DKK 738 million (DKK 708 million).  
Tax  
Tax on income was DKK 22 million (DKK 5 million). The effective  
tax rate is 3.6% for the Group. Tax has been recognized for the  
Parent Company based on the full year expected payable tax,  
taking possible usage of the non-recognized tax assets into  
account.  
Net profit  
For the first six months of 2025, Bavarian Nordic reported a net  
gain of DKK 581 million (DKK 147 million).  
Product rights  
Product rights recognized in the balance sheet totaled DKK 5,755  
million compared to DKK 4,660 million as of December 31, 2024.  
The increase relates to Vimkunya previously recognized as a  
development asset, see further below. Product rights consist of  
the following assets: Rabipur/RabAvert, Encepur, Vaxchora,  
Vivotif and Vimkunya.  
Sales and distribution costs  
Sales and distribution costs totaled DKK 236 million (DKK 209  
million), split between costs for distribution of products of DKK  
50 million (DKK 30 million) and costs for running the commercial  
organization and activities of DKK 186 million (DKK 179 million).  
The increase in distribution costs follows the increase in sales,  
whereas the increase in running costs is primarily related to the  
launch of Vimkunya incl. added marketing costs and the  
establishment of sales entities in new countries.  
Acquired rights and development in progress  
Acquired rights and development in progress previously consisted  
of the chikungunya phase 3 study and stood at DKK 1,287 million  
as of December 31, 2024. Following the launch of Vimkunya in  
March 2025, the development asset has now been recognized as  
product rights.  
Research and development costs  
Securities, cash and cash equivalents  
Research and development costs totaled DKK 465 million (DKK  
395 million). The increase mainly reflects development costs for  
Lyme disease, Epstein-Barr Virus, and Vimkunya life cycle  
management.  
Securities, cash and cash equivalents were DKK 1,663 million as  
of June 30, 2025 (DKK 2,175 million as of December 31, 2024).  
The reduction in the cash position is mainly driven by payment of  
milestones to GSK (EUR 80 million) and Emergent BioSolutions  
(USD 30 million) and share buy-back program of DKK 150 million.  
Administrative costs  
Administrative costs totaled DKK 263 million (DKK 244 million).  
The increase relates partly to the establishment of new sales  
entities in new countries and general business growth as well as  
inflation since 2024.  
Cash flow  
Cash flow generated by operating activities was positive by DKK  
883 million (positive by DKK 1,066 million) with a positive net  
profit for the period only partly offset by a negative development  
in working capital by DKK 162 million (positive by DKK 519  
million) compared to the December 31, 2024 position, primarily  
following an increase in inventory.  
EBIT/EBITDA  
Income before interest and tax (EBIT) was an income of DKK 630  
million, compared to an income of DKK 137 million in the first six  
months of 2024, following the higher revenue and gross profit for  
the first six months of 2025.  
Cash flow from investment activities was negative by DKK 1,082  
million (negative by DKK 1,696 million) and mainly consist of  
milestone payments to Emergent BioSolutions (USD 50 million)  
and achievement of the last operational milestone related to the  
tech transfer from GSK and thereby also the completion  
milestone, in total EUR 100 million of which the completion  
milestone amounts to EUR 70 million. The completion milestone  
is not expected to become payable until January 2026, whereas  
the EUR 30 million operational milestone will be payable in July.  
As per June 30, 2025, EUR 100 million is recognized as accounts  
payable. For further description see “Deferred consideration”  
section.  
EBITDA was an income of DKK 961 million (income of DKK 441  
million). Amortization of product rights amounted to DKK 183  
million (DKK 149 million) whereas depreciation on other fixed  
assets amounted to DKK 148 million (DKK 155 million). The  
increase in amortization follows the US launch of the Vimkunya  
vaccine in March.  
Financial items  
Financial items totaled a net expense of DKK 27 million (net  
income of DKK 15 million) and consisted of interest income of  
DKK 13 million (DKK 26 million), net loss on derivative financial  
 
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Page 6  
Cash flow from financing activities was negative by DKK 173  
million (DKK 37 million negative), following completion of a share  
buy-back program of DKK 150 million in January. The shares are  
going to be held as treasury shares, for the purpose of adjusting  
the capital structure and meeting the long-term obligations  
relating to the Company’s share-based incentive programs for the  
Board of Directors and Executive Management.  
OUTLOOK FOR 2025  
Based on a strong performance in the Travel Health business as  
well as further clarity on the Public Preparedness business for the  
remainder of the year, Bavarian Nordic has refined its financial  
guidance for 2025, which overall remains within the previously  
announced revenue and EBITDA margin intervals.  
The net cash flow for the first six months of 2025 was negative by  
DKK 372 million following payments of milestones to GSK  
(received in December 2024) and Emergent BioSolutions,  
compared to a negative cash flow of DKK 667 million in the first  
six months of 2024 including DKK 1 billion in net investments in  
securities.  
In Travel Health, revenue is upgraded to DKK 2,750 million for  
the full year. In Public Preparedness, approximately DKK 3,100  
million has been secured in revenue to-date, and a potential  
upside of up to DKK 600 million is pending potential new  
contracts as well as timing thereof. Hence, the revenue interval  
for this business is narrowed to DKK 3,100-3,700 million. Other  
revenue is lowered to DKK 150 million, reflecting phasing of  
contract work.  
Equity  
The Group’s equity as of June 30, 2025, stood at DKK 12,049  
million (DKK 11,409 million as of December 31, 2024).  
Based on the above, the total expected revenue is narrowed to  
DKK 6,000-6,600 million and the EBITDA margin before special  
items is maintained at 26-30%.  
Deferred consideration  
During the first half of 2025, the last two milestones for the  
chikungunya development program were completed with the  
approvals of Vimkunya by the FDA and EMA in March and USD 50  
million was paid to Emergent BioSolutions. As of June 30, 2025,  
the Company has no outstanding balance towards Emergent  
BioSolutions.  
Furthermore, the net proceeds of DKK 810 million from the sale  
of the Priority Review Voucher will be recognized as other  
operating income in Q3 and will therefore not impact the  
revenue expectations for 2025 but will contribute to a higher  
EBITDA margin including special items of 40-42%, as previously  
guided.  
The last operational milestone (EUR 30 million) and the completion  
milestone (EUR 70 million) to GSK have both been achieved in the  
second quarter of 2025. As of June 30, 2025, the outstanding  
amount was recognized as accounts payable. Hereafter the  
Company has no deferred consideration recognized on the  
balance sheet.  
Previous  
FY 2025  
guidance  
Updated  
FY 2025  
guidance  
DKK million  
Revenue  
5,700 – 6,700  
3,000 – 4,000  
2,500  
6,000 – 6,600  
3,100 – 3,700  
2,750  
Public Preparedness  
Travel Health  
Prepayments from customers  
Prepayment from customers stood at DKK 131 million as of  
December 31, 2024, and mostly related to prepayments from  
BARDA. During the second quarter of 2025 the main part of the  
prepayments have been recognized as revenue. As of June 30,  
2025, the prepayments amount to DKK 10 million.  
Other Income  
200  
150  
EBITDA margin before special items  
Other net operating income  
EBITDA margin including special items  
26% -30%  
810  
26% -30%  
810  
Significant risks and uncertainties  
40-42%  
40-42%  
Bavarian Nordic faces a number of risks and uncertainties,  
common for the biotech/pharma industry. These relate to  
operations, research and development, manufacturing,  
commercial, and financial activities. For further information  
about risks and uncertainties which Bavarian Nordic faces, refer  
to page 28-31 “Risk Management” in the 2024 Annual Report.  
Travel Health revenue includes DKK 50-100 million expected from  
the sale of Vimkunya.  
The outlook is based on currency exchange rates of DKK 7.00 per  
1 USD and DKK 7.45 per 1 EUR. All known 2025 USD exposure has  
been hedged at DKK 7.00 per 1 USD.  
For additional key assumptions, see the 2024 Annual Report.  
2024-2027 financial ambitions  
For each of its business areas, Bavarian Nordic has previously  
outlined its mid-term financial ambitions (2024-2027) as follows:  
Travel Health  
In Travel Health, an average annual growth (CAGR) of 10-12% is  
expected between 2023-2027.  
Following the recent completion of the technology transfer for  
the rabies and TBE vaccines, cost of goods sold (COGS) for these  
products is expected to decrease by up to 30%, contributing to  
higher margins, starting in 2026 with full effect from 2027.  
Public Preparedness  
In Public Preparedness, an annual base business of DKK 1,500 –  
2,000 million is expected, excluding revenue from private markets  
(US + Germany) and impact from outbreaks. Outbreaks in 2022 and  
2024 have caused a surge in demand which still exists.  
 
Bavarian Nordic | Interim Report H1 2025  
Page 7  
PRODUCT AND PIPELINE UPDATE  
Travel Health  
Public Preparedness  
Vimkunya®  
JYNNEOS®/IMVANEX®/IMVAMUNE® (MVA-BN®)  
Chikungunya vaccine.  
Mpox and smallpox vaccine  
Regulatory approvals and launch status  
Regulatory updates  
In March 2025, following a standard review period of 10 months,  
the FDA approved the freeze-dried version of JYNNEOS for  
prevention of smallpox and mpox disease in adults 18 years of  
age and older, providing additional flexibility for stockpiling  
against a smallpox event or mpox outbreak.  
Territory  
Approved  
February 2025  
February 2025  
May 2025  
Launched  
March 2025  
US  
EU  
UK  
May 2025*  
Planned H2 2025  
Clinical development updates  
In response to the mpox outbreak in Africa, Bavarian Nordic has  
partnered with the Coalition for Epidemic Preparedness  
Innovations (CEPI) to advance the development of MVA-BN in  
children and other vulnerable populations.  
* Vimkunya was launched in Germany in May 2025, and in France  
in June 2025. Additional EU markets will launch during the second  
half of 2025. The approval is valid in all EU member states, in  
addition to Iceland, Liechtenstein, and Norway.  
CEPI has supported a Phase 2 clinical study (NCT06549530)  
evaluating the immunogenicity and safety of MVA-BN in children  
from 2 years to less than 12 years of age compared to adults aged  
18-50 years of age for the prevention of smallpox, mpox and  
related orthopoxvirus infections.  
Bavarian Nordic has also submitted an application to Health  
Canada, which was accepted for review in July 2025. Following a  
standard review procedure, the chikungunya vaccine could obtain  
approval in the first half of 2026.  
An application was also submitted to the Swiss regulatory  
authority, Swissmedic in July, potentially supporting approval in  
mid-2026.  
Results from this study could provide assurance of the use of this  
vaccine in children and thus support an extension of the current  
regulatory approvals for use of the vaccine in adults to also  
include children 2-11 years of age. Importantly, the study will  
also generate evidence on the vaccine in endemic African  
populations and could potentially support regulatory approval of  
MVA-BN in endemic countries.  
Public recommendations  
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 regions with an outbreak or elevated risk of  
chikungunya, as well as for laboratory workers with potential for  
exposure to chikungunya virus.  
Topline results from the study are anticipated in the third  
quarter of 2025.  
CEPI has also co-funded studies of MVA-BN in infants and  
pregnant women, led by the University of Antwerp and the  
University of Kinshasa. In June, the first participants were  
vaccinated in a study (NCT06844487), evaluating the safety and  
immunogenicity of MVA-BN in 344 infants aged 4-24 months.  
Recruitment has also started in a second study (NCT06844500),  
which is planned to enroll 359 women (pregnant or  
Recommendations for travelers have also been issued by relevant  
authorities in France, Germany and in the UK.  
Clinical development updates  
The long-term immunogenicity of Vimkunya is currently being  
evaluated in a follow-up phase 3 study (NCT06007183) in healthy  
adults and adolescents enrolled in two previous phase 3 studies  
(NCT05072080 and NCT05349617). The study will evaluate both  
the safety and long-term immunogenicity of a single dose of  
Vimkunya in up to 5 years after vaccination and antibody  
responses after a booster vaccination administered 3, 4, or 5  
years post-initial vaccination.  
breastfeeding), also to be evaluated for safety and  
immunogenicity of MVA-BN. Both studies are conducted in the  
Democratic Republic of Congo (DRC), the epicenter of the  
ongoing mpox outbreak, where infants and pregnant women  
remain highly vulnerable to mpox.  
CEPI has also co-funded a clinical study (NCT05745987), led by  
McMaster University in Canada, to assess post-exposure  
vaccination with MVA-BN, i.e. if the vaccine helps reduce the risk  
of secondary mpox cases, or, in case of mpox infection, can  
reduce the severity of illness. The study will include over 3,000  
participants including children over 2 years of age in households  
with a laboratory-confirmed mpox infection at sites in the DRC,  
Uganda and Nigeria. Results of the study could provide important  
findings to inform vaccination strategies in areas impacted by the  
mpox outbreak.  
A study of Vimkunya in children was initiated in June 2025. The  
global, randomized, double-blind, placebo-controlled study  
(NCT07003984) will evaluate the safety and immunogenicity of  
CHIK VLP vaccine in 720 children 2 to 11 years of age for two  
years. Primary results from the study are anticipated in the first  
half of 2028.  
Additionally, in agreement with competent regulatory agencies,  
an efficacy study with more than 6,000 individuals is planned in a  
future outbreak area.  
Pipeline  
Partnerships  
In February 2025, Bavarian Nordic entered a strategic partnership  
with Biological E. Limited, initially signing a contract  
manufacturing agreement with the aim to provide capacity for  
the future supply of chikungunya vaccines to endemic low- and  
middle-income countries.  
Equine encephalitis  
A Phase 2 clinical trial MVA-BN® WEV, a prophylactic vaccine  
candidate against Western (WEEV), Eastern (EEEV) and  
Venezuelan equine encephalitis (VEEV) virus is ongoing.  
Funded under an agreement entered with the U.S. Department of  
Defense’s (DOD) Joint Program Executive Office for Chemical,  
Biological, Radiological and Nuclear Defense (JPEO-CBRND) in  
2022, this staged, dose-finding study started enrollment of 400  
 
Bavarian Nordic | Interim Report H1 2025  
Page 8  
further planning to submit an application for an Orphan Drug  
Designation, which could further incentivize the development of  
this program.  
healthy adult participants 18 to 50 years of age in March 2025.  
The study will provide important data on safety as well as  
humoral and cellular immune responses specific to EEEV, WEEV  
and VEEV. The study will also assess booster responses one year  
after completion of the primary vaccination as well as the  
durability of the responses. Results from the study are  
anticipated in 2026.  
Lyme disease  
A new vaccine candidate against Lyme, a tick-borne disease, was  
introduced into the pipeline in the first quarter. Preparations are  
ongoing to support the first clinical trial in 2026.  
During first half, Bavarian Nordic applied for Fast Track  
Designation for MVA—BN WEV with the FDA. The designation,  
which is designed to facilitate the development or expedite  
review of medicines that either target an unmet medical need or  
may demonstrate substantial improvement over available  
therapy, was granted by the FDA in August. Bavarian Nordic is  
Epstein-Barr Virus (EBV)  
A second new program introduced into the pipeline during the  
first quarter is a vaccine candidate against Epstein-Barr Virus  
(EBV), which is also being prepared for the first clinical trial in  
2026.  
SHAREHOLDER INFORMATION  
Share capital and ownership  
Takeover offer  
By June 30, 2025, Bavarian Nordic’s share capital was DKK  
788,548,570, comprising 78,854,857 shares of a nominal value of  
DKK 10 each. There were no changes in the share capital during  
the first half of 2025.  
On July 28, following an unsolicited approach, Bavarian Nordic  
entered into an announcement agreement with Innosera ApS, a  
newly formed company controlled by Nordic Capital Fund XI1 and  
funds managed and advised by Permira Beteiligungsberatung  
GmbH, pursuant to which Innosera Aps will make an all-cash  
recommended voluntary public takeover offer to acquire all  
issued and outstanding shares (excluding treasury shares) in  
Bavarian Nordic.  
By June 30, 2025, the Company held 996,845 treasury shares,  
corresponding to 1.23% of the Company’s share capital.  
Financial calendar 2025 and 2026  
The offer price is DKK 233 in cash for each share in Bavarian  
Nordic.  
Half-year report (H1)  
Nine-month report (Q3)  
Annual Report 2025  
August 22, 2025  
November 14, 2025  
March 12, 2026  
The Board of Directors has unanimously decided that it intends to  
recommend the shareholders of Bavarian Nordic to accept the  
offer, when made in the form of an offer document approved by  
the Danish Financial Supervisory Authority. This is expected to be  
published no later than four weeks from the date of the entering  
of the announcement agreement.  
Annual General Meeting  
First quarter report (Q1)  
Half-year report (H1)  
Nine-month report (Q3)  
April 21, 2026*  
May 13, 2026  
The Board’s decision is, among others, supported by Fairness  
Opinions, issued by Citi and Nordea.  
August 21, 2026  
November 13, 2026  
The agreement announcement and Fairness Opinions are  
available on the Company’s investor relations website, along with  
questions and answers about the offer:  
* Pursuant to Article 12 of the Articles of Association,  
shareholders who wish to submit a request for proposals for  
consideration at the annual general meeting must lodge this with  
the Company no later than Monday, March 9, 2026.  
Visit the website →  
Silent periods  
During a period of four weeks before the planned release of its  
full year or interim financial reports, Bavarian Nordic does not  
comment on matters related to the Group's general financial  
performance or expectations.  
 
Bavarian Nordic | Interim Report H1 2025  
Page 9  
FINANCIAL STATEMENTS  
Unaudited Condensed Consolidated Income Statements  
DKK thousand  
Note  
Q2 2025  
Q2 2024  
H1 2025  
H1 2024  
FY 2024  
Revenue  
3
4
1,651,503
737,881
1,427,497
707,547
2,998,093
1,403,827
2,258,969
1,273,784
5,716,206
2,897,448
Production costs  
Gross profit  
913,622
719,950
1,594,266
985,185
2,818,758
Sales and distribution costs  
Research and development costs  
Administrative costs  
114,153
293,257
135,248
120,395
209,587
124,075
236,487
465,369
262,560
209,088
394,694
244,405
500,336
862,510
516,142
5
Total operating costs  
542,658
370,964
454,057
265,893
964,416
629,850
848,187
136,998
1,878,988
939,770
Income before interest and tax (EBIT)  
Financial income  
6
7
7,415
5,028
26,894
26,797
18,298
45,249
78,842
63,991
150,065
118,478
Financial expenses  
Income before company tax  
373,351
265,990
602,899
151,849
971,357
Tax on income for the period  
10,782
4,862
21,571
5,172
(16,620)
Net profit for the period  
362,569
261,128
581,328
146,677
987,977
Earnings per share (EPS) - DKK  
Basic earnings per share of DKK 10  
Diluted earnings per share of DKK 10  
4.5
4.5
3.3
3.3
7.3
7.3
1.9
1.9
12.6
12.6
Unaudited Condensed Consolidated Statements of Comprehensive Income  
DKK thousand  
Q2 2025  
362,569
Q2 2024  
261,128
H1 2025  
581,328
H1 2024  
146,677
FY 2024  
987,977
Net profit for the period  
Other comprehensive income  
Remeasurements of defined benefit plans  
Income tax  
-
-
-
-
-
-
-
-
(17,390)
4,171
Items that will not be reclassified to the income statement  
-
-
-
-
(13,219)
Recycled to financial items  
-
-
-
-
(45,887)
Change in fair value of financial instruments entered into to  
hedge future cash flows  
12,686
98,103
8,924
2,727
(27,429)
(44,645)
(29,203)
(8,927)
Exchange rate adjustments on translating foreign operations  
(6,146)
158,518
Items that will be reclassified to the income statement  
Other comprehensive income after tax  
Total comprehensive income  
110,789
110,789
473,358
2,778
2,778
161,245
161,245
742,573
(72,074)
(72,074)
74,603
(84,017)
(97,236)
890,741
263,906
 
Bavarian Nordic | Interim Report H1 2025  
Page 10  
Unaudited Condensed Consolidated Statements of Cash Flow  
DKK thousand  
H1 2025  
581,328
H1 2024  
146,677
FY 2024  
987,977
Net profit for the period  
Adjustment for non-cash items:  
Financial income  
(18,298)
45,249
21,571
(78,842)
63,991
5,172
(150,065)
118,478
(16,620)
Financial expenses  
Tax on income for the period  
Depreciation, amortization and impairment losses  
Share-based payment  
331,473
48,387
304,380
46,936
663,375
78,672
Changes in inventories  
(318,675)
206,008
837
(348,979)
706,301
(3,087)
(683,573)
617,864
19,636
Changes in receivables  
Changes in provisions  
Changes in current liabilities  
(50,137)
164,831
222,987
Cash flow from operations (operating activities)  
847,743
1,007,380
1,858,731
Received financial income  
Paid financial expenses  
Paid company taxes  
61,601
(5,514)
74,448
(10,016)
(5,717)
141,146
(32,188)
(17,857)
(20,853)
Cash flow from operating activities  
882,977
1,066,095
1,949,832
Investments in products rights  
(1,104,536)
(6,719)
(596,454)
(11,601)
(49,887)
(7,019)
(1,586,633)
(18,343)
Investments in other intangible assets  
Investments in property, plant and equipment  
Investments in/disposal of financial assets  
Investments in securities  
(59,453)
(18,103)
(300,519)
407,633
(82,661)
(29,766)
(1,047,586)
16,959
(1,448,447)
1,294,987
Disposal of securities  
Cash flow from investment activities  
(1,081,697)
(1,695,588)
(1,870,863)
Payment on loans  
(1,037)
(21,657)
-
(947)
(11,556)
2,741
(1,921)
(41,639)
126,794
(27,459)
Repayment of lease liabilities  
Proceeds from warrant programs exercised  
Purchase of treasury shares  
(150,121)
(27,459)
Cash flow from financing activities  
Cash flow of the period  
(172,815)
(371,535)
(37,221)
55,775
(666,714)
134,744
Cash as of 1 January  
1,623,490
(31,304)
1,477,234
5,882
1,477,234
11,512
Currency adjustments 1 January  
Cash end of period  
1,220,651
816,402
1,623,490
 
Bavarian Nordic | Interim Report H1 2025  
Page 11  
Unaudited Condensed Consolidated Statements of Financial Position  
Assets  
DKK thousand  
Assets  
Note  
H1 2025  
H1 2024  
FY 2024  
Product rights  
5,754,865
-
4,821,957
1,286,749
362,362
8,205
4,660,426
1,286,782
343,619
21,371
Acquired rights and development in progress  
Developed production processes  
Software  
334,247
23,283
16,999
Intangible assets in progress  
27,706
18,694
Intangible assets  
6,129,394
6,506,979
6,330,892
Land and buildings  
922,467
15,017
955,111
21,431
939,006
18,316
Leasehold improvements  
Plant and machinery  
381,883
589,567
190,778
388,968
659,822
224,223
417,210
626,376
159,660
Fixtures and fittings, other plant and equipment  
Assets under construction  
Property, plant and equipment  
Right-of-use assets  
Other receivables  
2,099,712
98,153
14,161
2,249,555
104,618
9,445
2,160,568
81,899
9,086
Prepayments  
49,449
13,315
36,421
Financial assets  
63,610
22,760
45,507
Total non-current assets  
Inventories  
8,390,869
2,645,984
8,883,912
1,992,715
8,618,866
2,327,309
8
9
Trade receivables  
Tax receivables  
Other receivables  
Prepayments  
904,221
1,316
1,059,820
84
1,175,744
928
10  
172,624
128,390
46,074
54,656
43,665
64,324
Receivables  
1,206,551
1,160,634
1,284,661
Securities  
442,442
1,420,782
816,402
551,538
Cash and cash equivalents  
1,220,651
1,623,490
Securities, cash and cash equivalents  
Total current assets  
1,663,093
5,515,628
2,237,184
5,390,533
2,175,028
5,786,998
Total assets  
13,906,497
14,274,445
14,405,864
 
Bavarian Nordic | Interim Report H1 2025  
Page 12  
Unaudited Condensed Consolidated Statements of Financial Position  
Equity and Liabilities  
DKK thousand  
Note  
H1 2025  
H1 2024  
FY 2024  
Equity and liabilities  
Share capital  
788,548
(9,669)
781,165
(2,843)
788,548
(2,843)
Treasury shares  
Retained earnings  
Other reserves  
10,884,604
385,917
9,461,138
197,257
10,434,197
188,659
Equity  
12,049,400
12,018
114,424
-
10,436,717
14,188
11,408,561
13,053
113,589
-
Debt to credit institutions  
Retirement benefit obligations  
Deferred tax liabilities  
Lease liabilities  
77,645
27,957
81,910
68,538
73,653
Non-current liabilities  
208,352
188,328
200,295
Deferred consideration for product rights  
Debt to credit institutions  
Lease liabilities  
-
2,074
2,033,052
1,913
1,081,465
2,074
40,050
10,128
1,103,359
-
39,973
35
39,470
131,408
1,045,134
-
Prepayment from customers  
Trade payables  
1,124,787
6,929
Company tax  
Other liabilities  
11  
493,134
442,711
497,457
Current liabilities  
1,648,745
1,857,097
13,906,497
3,649,400
3,837,728
14,274,445
2,797,008
2,997,303
14,405,864
Total liabilities  
Total equity and liabilities  
 
Bavarian Nordic | Interim Report H1 2025  
Page 13  
Unaudited Condensed Consolidated Statements of Changes in Equity  
Reserves for  
fair value of  
financial Share-based  
instruments  
Reserves for  
currency  
earnings adjustment  
Share  
capital  
Treasury  
shares  
Retained  
DKK thousand  
payment  
Equity  
Equity as of January 1, 2025  
788,548
(2,843)
10,434,197
2,005
(29,203)
215,857
11,408,561
Comprehensive income for the period  
Net profit  
-
-
-
581,328
-
-
-
-
-
581,328
2,727
Other comprehensive income  
Exchange rate adjustments on translating foreign  
operations  
-
-
2,727
Change in fair value of financial instruments  
entered into to hedge future cash flows  
-
-
-
-
158,518
-
158,518
Total comprehensive income for the period  
-
-
581,328
2,727
158,518
-
742,573
Transactions with owners  
Share-based payment  
-
-
-
-
-
(7,603)
777
-
(142,518)
11,597
-
-
-
-
-
-
-
-
48,387
-
48,387
(150,121)
-
Purchase of treasury shares  
Transfer regarding restricted stock units  
Total transactions with owners  
(12,374)
36,013
(6,826)
(130,921)
(101,734)
Equity as of June 30, 2025  
788,548
(9,669)
10,884,604
4,732
129,315
251,870
12,049,400
Reserves for  
fair value of  
financial  
Reserves  
Retained for currency  
earnings adjustment  
Share-  
based  
payment  
Share  
capital  
Treasury  
shares  
DKK thousand  
instruments  
Equity  
Equity as of January 1, 2024  
780,978
(1,537)
9,330,002
10,932
45,887
173,670
10,339,932
Comprehensive income for the period  
Net profit  
-
-
146,677
-
-
-
146,677
(27,429)
Other comprehensive income  
Exchange rate adjustments on translating foreign  
operations  
-
-
-
(27,429)
-
-
Change in fair value of financial instruments  
entered into to hedge future cash flows  
-
-
-
-
(44,645)
-
(44,645)
Total comprehensive income for the period  
-
-
146,677
(27,429)
(44,645)
-
74,603
Transactions with owners  
Share-based payment  
-
187
-
-
-
3,227
-
-
-
-
-
-
-
-
-
-
-
-
46,937
(673)
-
46,937
2,741
(37)
Warrant program exercised  
-
-
Cost related to issue of new shares  
Purchase of treasury shares  
Transfer regarding restricted stock units  
Total transactions with owners  
(37)
-
(1,623)
317
(25,836)
7,105
-
(27,459)
-
-
(7,422)
38,842
187
(1,306)
(15,541)
22,182
Equity as of June 30, 2024  
781,165
(2,843)
9,461,138
(16,497)
1,242
212,512
10,436,717
 
Bavarian Nordic | Interim Report H1 2025  
Page 14  
NOTES  
1. Material accounting policies  
2. Key accounting estimates, assumptions and  
uncertainties  
3. Revenue  
4. Production costs  
9. Trade receivables  
10. Other receivables  
11. Other liabilities  
12. Financial instruments  
13. Warrants  
5. Research and development costs  
6. Financial income  
14. Significant changes in contingent liabilities and other  
contractual obligations  
7. Financial expenses  
8. Inventories  
15. Significant events after the balance sheet date  
16. Approval of the unaudited condensed consolidated  
interim financial statements  
1. Material accounting policies  
The interim financial statements are prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by EU and the additional  
Danish requirements for submission of interim reports for companies listed on Nasdaq Copenhagen. The interim report has not been audited  
or reviewed by the Company’s auditors.  
The interim financial statements are presented in Danish Kroner (DKK), which is considered the primary currency of the Group’s activities  
and the functional currency of the parent company.  
The accounting policies used in the interim financial statements are consistent with those used in the consolidated financial statements for  
2024 and in accordance with the recognition and measurement policies in the International Financial Reporting Standards (IFRS) as adopted  
by EU.  
As of June 30, 2025, the Company has implemented all new or amended accounting standards and interpretations as adopted by the EU and  
applicable for the 2025 financial year. None of the new or amended standards or interpretations are assessed to have significant impact on  
the consolidated financial statements.  
2. Key accounting estimates, assumptions and uncertainties  
In the preparation of the interim financial statements according to IAS 34, Interim Financial Reporting, as adopted by the EU, Management is  
required to make certain estimates as many financial statement items cannot be reliably measured but must be estimated. Such estimates  
comprise judgments made on the basis of the most recent information available at the reporting date. It may be necessary to change  
previous estimates as a result of changes to the assumptions on which the estimates were based or due to supplementary information,  
additional experience or subsequent events.  
Similarly, the value of assets and liabilities often depends on future events that are somewhat uncertain. In that connection, it is necessary  
to set out e.g. a course of events that reflects Management’s assessment of the most probable course of events.  
Further to the key accounting estimates, assumptions and uncertainties, which are stated in the Annual Report 2024, the Management has  
not changed key estimates and judgments regarding recognition and measurement.  
 
Bavarian Nordic | Interim Report H1 2025  
Page 15  
DKK thousand  
Q2 2025  
Q2 2024  
H1 2025  
H1 2024  
FY 2024  
3. Revenue  
Travel health  
Rabipur/RabAvert  
Encepur  
418,863  
169,238  
45,889  
12,105  
7,213  
333,476  
201,745  
54,935  
21,321  
-
778,069  
373,711  
95,538  
568,439  
327,253  
97,925  
32,809  
-
1,352,461  
497,130  
179,212  
64,153  
-
Vivotif  
Vaxchora  
21,146  
Vimkunya  
12,599  
Other product sale  
52,055  
705,363  
60,473  
671,950  
104,574  
1,385,637  
92,795  
1,119,221  
193,629  
2,286,585  
Public preparedness  
Mpox/smallpox vaccine sale  
Sale of goods  
916,884  
679,652  
1,546,065  
1,023,500  
3,206,186  
1,622,247  
1,351,602  
2,931,702  
2,142,721  
5,492,771  
Contract work  
Sale of services  
Revenue  
29,256  
29,256  
75,895  
75,895  
66,391  
66,391  
116,248  
116,248  
223,435  
223,435  
1,651,503  
1,427,497  
2,998,093  
2,258,969  
5,716,206  
Total revenue includes:  
Fair value adjustment concerning financial instruments  
entered into to hedge revenue  
(1,981)  
1,493  
(5,811)  
15,561  
5,486  
4. Production costs  
Cost of goods sold  
502,493  
21,156  
117,384  
96,848  
444,377  
56,272  
129,142  
77,756  
902,620  
47,143  
693,511  
86,336  
1,580,276  
152,267  
847,456  
317,449  
Contract costs  
Other production costs  
Amortization product rights  
271,091  
182,973  
338,014  
155,923  
Production costs  
737,881  
707,547  
1,403,827  
1,273,784  
2,897,448  
5. Research and development costs  
Research and development costs occurred in the period  
Of which:  
314,413  
265,859  
512,512  
481,030  
1,014,777  
Contract costs recognized as production costs  
(21,156)  
(56,272)  
(47,143)  
(86,336)  
(152,267)  
Research and development costs  
293,257  
209,587  
465,369  
394,694  
862,510  
6. Financial income  
Financial income from bank and deposit contracts1  
5,110  
2,305  
-
9,549  
12,652  
2,994  
12,802  
5,496  
-
26,361  
19,226  
2,994  
48,307  
27,369  
7,831  
Financial income from securities  
Fair value adjustments on securities  
Adjustment of deferred consideration due to change in  
estimated timing of payments  
-
(2,004)  
-
(8,160)  
-
Net gains on derivative financial instruments at fair value  
through the income statement (held for trading)  
-
-
-
-
-
907  
-
Net foreign exchange gains  
3,703  
37,514  
66,558  
Financial income  
7,415  
26,894  
18,298  
78,842  
150,065  
7. Financial expenses  
Interest expenses on debt2  
1,570  
1,250  
2,628  
1,982  
2,866  
-
5,190  
-
Fair value adjustments on securities  
Unwinding of the discounting effect related to deferred  
consideration  
(1,088)  
(1,121)  
-
20,142  
5,001  
40,285  
72,682  
Adjustment of deferred consideration due to change in  
estimated timing of payments  
7,282  
(181)  
-
5,339  
1,187  
-
16,453  
1,617  
-
17,884  
2,956  
-
7,090  
24,899  
8,617  
-
Currency adjustment deferred consideration  
Financial expenses, other  
1,725  
3,469  
Net foreign exchange losses  
(4,280)  
14,099  
Financial expenses  
5,028  
26,797  
45,249  
63,991  
118,478  
1 Interest income on financial assets measured at amortized cost  
2 Interest expenses on financial liabilities measured at amortized cost  
 
Bavarian Nordic | Interim Report H1 2025  
Page 16  
DKK thousand  
H1 2025  
H1 2024  
FY 2024  
8. Inventories  
Raw materials and supply materials  
Work in progress  
262,662  
1,750,319  
1,006,250  
(373,247)  
309,891  
1,168,140  
718,253  
313,878  
1,557,074  
712,285  
Manufactured goods and commodities  
Write-down on inventory  
(203,569)  
(255,928)  
Inventories  
2,645,984  
1,992,715  
2,327,309  
Write-down on inventory 1 January  
Write-down during the period  
Use of write-down  
(255,928)  
(184,073)  
66,754  
-
(224,615)  
(49,938)  
50,984  
(224,615)  
(187,183)  
126,322  
29,548  
Reversal of write-down  
20,000  
Write-down end of period  
(373,247)  
(203,569)  
(255,928)  
9. Trade receivables  
Trade receivables from public preparedness business  
Trade receivables from travel health business  
Trade receivables from contract work  
344,034  
559,362  
825  
377,915  
681,082  
823  
877,588  
297,975  
181  
Trade receivables  
904,221  
1,059,820  
1,175,744  
10. Other receivables  
Receivable VAT and duties  
Derivative financial instruments at fair value  
Interest receivables  
40,527  
129,315  
2,357  
29,522  
4,328  
12,224  
-
38,910  
698  
3,687  
370  
Other receivables  
425  
Other receivables  
172,624  
46,074  
43,665  
11. Other liabilities  
Financial instruments at fair value  
Payable salaries, holiday accrual etc.  
Gross to net deduction accrual  
Other accrued costs  
-
209,924  
228,968  
54,242  
-
-
175,470  
221,838  
45,403  
-
29,902  
242,736  
186,576  
38,243  
-
Payable VAT and duties  
Other liabilities  
493,134  
442,711  
497,457  
 
Bavarian Nordic | Interim Report H1 2025  
Page 17  
12. Financial instruments  
Fair value hierarchy for financial instruments measured at fair value  
As of June 30, 2025  
DKK thousand  
Level 1  
Level 2  
Total  
Securities  
442,442  
-
-
-
442,442  
-
Derivative financial instruments at fair value through the income statement (currency)  
Financial assets/liabilities measured at fair value through the income statement  
442,442  
-
442,442  
Derivative financial instruments to hedge future cash flow (currency)  
Derivative financial instruments to hedge future cash flow (interest)  
-
-
128,737  
578  
128,737  
578  
Financial assets/liabilities used as hedging instruments  
-
129,315  
129,315  
As of December 31, 2024  
DKK thousand  
Level 1  
Level 2  
Total  
Securities  
551,538  
-
551,538  
Financial assets measured at fair value through the income statement  
Derivative financial instruments to hedge future cash flow (currency)  
Derivative financial instruments to hedge future cash flow (interest)  
551,538  
-
(29,902)  
698  
551,538  
(29,902)  
698  
-
-
Financial assets/liabilities used as hedging instruments  
-
(29,204)  
(29,204)  
13. Warrants  
Outstanding  
as of January 1  
Warrants  
Additions exercised Annulled Terminated  
Trans-  
ferred as of June 30  
Outstanding  
Corporate Management  
Other Executive Management  
Other employees  
608,132  
385,387  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(98,508)  
(31,122)  
129,630  
608,132  
286,879  
-
(136,705)  
-
3,098,689  
543,697  
2,930,862  
673,327  
Resigned employees  
Total  
4,635,905  
234  
-
-
- (136,705)  
-
-
-
-
4,499,200  
235  
Weighted average exercise price  
Weighted average share price at exercise  
-
-
211  
Number of warrants which can be exercised as of June 30, 2025  
at a weighted average exercise price of DKK  
1,499,859  
265  
The total recognized cost of the warrant programs was DKK 31.5 million in the first six months of 2025 (DKK 30.1 million).  
Specification of parameters for Black-Scholes model  
DKK  
Nov 2020  
Nov 2021  
Apr 2022  
Dec 20223 Dec 20233 Dec 20243  
Average share price  
179.84  
206.82  
-
307.20  
353.06  
-
171.35  
190.11  
-
224.70  
270.91  
224.70  
46.6%  
3.0  
172.40  
191.58  
172.40  
53.3%  
3.0  
198.90  
223.33  
198.90  
57.7%  
3.0  
Average exercise price at grant  
Average exercise price at grant - Executive Management  
Applied volatility rate2  
39.8%  
3.0  
41.8%  
3.0  
42.3%  
3.0  
Expected life (years)  
Expected dividend per share  
-
-
-
-
-
-
Risk-free interest rate p.a.  
Fair value at grant1  
-0.66%  
41  
-0.53%  
76  
0.39%  
47  
2.04%  
64  
2.55%  
62  
1.65%  
75  
Fair value at grant - Executive Management1  
78  
68  
82  
1 Fair value of each warrant applying the Black-Scholes model  
2 The applied volatility is based on the historical volatility of the Bavarian Nordic share, except for November 2020, November 2021 and April 2022 programs  
where the volatility is based on the volatility for a peer group.  
3 The December 2022, December 2023 and December 2024 programs have two sets of exercise conditions. Executive Management can subscribe for future shares  
at an exercise price of DKK 224.70/DKK 172.40 per share equivalent to the market price of Bavarian Nordic's shares at the time of grant. Vesting of the warrants  
is subject to prior fulfilment of KPI's as determined by the Board of Directors. Other employees can subscribe for future shares at an exercise price of DKK  
270.91/DKK 191.58 per share, determined as the average market price (closing price) of the Company's shares on Nasdaq Copenhagen over a period of 15  
business days prior to grant plus 15%.  
 
Bavarian Nordic | Interim Report H1 2025  
Page 18  
14. Significant changes in contingent liabilities and other contractual obligations  
No significant changes in contingent liabilities and other contractual obligations have occurred since December 31, 2024.  
15. Significant events after the balance sheet date  
On July 9, 2025, Bavarian Nordic announced a new supply contract for its smallpox/mpox vaccine with an undisclosed European country.  
On July 22, 2025, Bavarian Nordic announced that Health Canada had accepted for review the Company’s application for licensure of the  
chikungunya vaccine.  
On July 24, 2025, Bavarian Nordic issued an announcement confirming discussions with Nordic Capital and Permira regarding a potential  
takeover offer for Bavarian Nordic A/S by Nordic Capital and Permira. This was issued in response to market rumors.  
On July 28, 2025, following an unsolicited approach, Bavarian Nordic announced that it had entered into an announcement agreement with  
Innosera ApS, a newly formed company controlled by Nordic Capital Fund XI1 and funds managed and advised by Permira Beteiligungsberatung  
GmbH, pursuant to which Innosera Aps will make an all-cash recommended voluntary public takeover offer to acquire all issued and outstanding  
shares (excluding treasury shares) in Bavarian Nordic.  
On July 31, 2025, Bavarian Nordic announced the closing of the sale of the Priority Review Voucher and upgrades its 2025 financial guidance  
16. Approval of the unaudited condensed consolidated interim financial statements  
The unaudited condensed consolidated interim financial statements were approved by the Board of Directors and Corporate Management and  
authorized for issue on August 22, 2025.  
 
Bavarian Nordic | Interim Report H1 2025  
Page 19  
STATEMENT FROM THE BOARD OF DIRECTORS AND CORPORATE MANAGEMENT  
The Board of Directors and Corporate Management have today reviewed and approved the Bavarian Nordic A/S interim report for the period  
January 1 to June 30, 2025.  
The interim report has been prepared in accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU and additional Danish  
disclosure requirements for interim reports of listed companies, including those of Nasdaq Copenhagen.  
In our opinion, the interim report gives a true and fair view of the group’s assets and liabilities and financial position as of June 30, 2025,  
and the results of the group’s activities and cash flows for the period January 1 to June 30, 2025.  
In our opinion, the management’s review provides a true and fair description of the development in the group’s activities and financial  
affairs, the results for the period and the group’s financial position as a whole as well as a description of the most important risks and  
uncertainty factors faced by the group.  
Hellerup, August 22, 2025
Corporate Management:  
Paul John Chaplin
Henrik Juuel
President & CEO
Executive Vice President & CFO
Board of Directors:  
Luc Debruyne
Anne Louise Eberhard
Frank A.G.M. Verwiel
Chair of the Board
Deputy Chair
Johan van Hoof
Heidi Hunter
Montse Montaner
Anja Gjøl
Mette Boas Schwartzlose
Christina Teichert
Employee-elected
Employee-elected
Employee-elected
 
Bavarian Nordic | Interim Report H1 2025  
Page 20  
About Bavarian Nordic  
Bavarian Nordic is a leading global provider of travel vaccines and a preferred partner with governments and international organizations on  
delivering vaccines for improving public preparedness, such as mpox/smallpox vaccines.  
The company employs more than 1,600 people across its research and development facilities in Germany and the USA, manufacturing sites in  
Denmark and Switzerland and with a global commercial organization present in strategic markets across Europe and the USA.  
Bavarian Nordic is listed on the Nasdaq Copenhagen exchange under the ticker symbol BAVA.  
Trademarks  
Encepur®, IMVAMUNE®, IMVANEX®, JYNNEOS®, MVA-BN®, RabAvert®, Rabipur®, Typhoral®, Vivotif®, Vaxchora® and Vimkunya® are registered  
trademarks owned by Bavarian Nordic.  
Forward-looking statements  
This interim report includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of our  
control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking  
statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not  
historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary  
statements which may accompany the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking  
statements to reflect subsequent events or circumstances after the date made, except as required by law.