Company Announcement
Bavarian Nordic Announces Interim Results for the First Nine Months of 2025
COPENHAGEN, Denmark, November 14, 2025 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results for the first
nine months of 2025 and business progress for the third quarter of 2025.
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Revenue for the first nine months increased by 32% to DKK 4,793 million, reflecting a strong performance in both Travel Health and
Public Preparedness.
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Travel Health revenue increased by 23% to DKK 2,327 million compared to the first nine months of 2024, primarily driven
by increased demand for rabies and tick-borne encephalitis (TBE) vaccines, and supported by the gradual launch of the
chikungunya vaccine, Vimkunya®.
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Public Preparedness revenue was DKK 2,334 million, exceeding the expected annual base business (DKK 1,500-2,000
million) within the first nine months of the year.
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Other revenue was DKK 132 million.
Other operating income of DKK 810 million has been recognized (net income) from the sale of the Priority Review
Voucher.
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EBITDA before special items was DKK 1,477 million, corresponding to an EBITDA margin of 31%.
The full year financial guidance is further refined and remains within the previously guided revenue and EBITDA intervals. In Travel
Health, revenue is maintained at approximately DKK 2,750 million, including approximately DKK 75 million from first-year sales of
Vimkunya. For Public Preparedness, revenue is narrowed to reflect the low end of the guidance of approximately DKK 3,100
million, all of which has been secured. Other income is maintained at approximately DKK 150 million. Hence, total revenue of
approximately DKK 6,000 million and an EBITDA margin before special items of approximately 26% are expected for the full year.
This is lower than the margin of 31% realized during the first nine months due to the uneven allocation of revenue across the
quarters and back-end-loaded research and development costs as well as sales and distribution costs. When including the net
income of DKK 810 million from the sale of the Priority Review Voucher, the total EBITDA margin is expected to be approximately
40%.
DKK million
Q3 2025
1,795
29%
Q3 2024
1,363
18%
9M 2025
4,793
31%
9M 2024
3,622
19%
2025 Guidance
~6,000
Revenue
EBITDA margin before special items1
~26%
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Other operating income of DKK 810 million from the sale of the Priority Review Voucher was recognized in Q3 2025, contributing to an expected total EBITDA
margin of approximately 40% for the full year.
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “Our travel health portfolio has showed continued strength,
contributing to our best quarter for this business to date. Driven by higher demand and strong performance by our rabies and TBE vaccines in
key markets, but also by our recent launch of Vimkunya chikungunya vaccine and the commercial expansion across markets, we delivered
23% growth over the first nine months. We are on track to meet our financial expectations for 2025, which we are now refining to reflect
that we now have full clarity of our Public Preparedness business for the remainder of the year. For next year, we have secured additional
orders for this business through our recent framework agreement with HERA, demonstrating a continued and sustainable business. Following
the withdrawal of the offer from the consortium of Nordic Capital and Permira after not reaching the threshold required for completion, we
acknowledge the decision by the shareholders to continue as an independent company in support of our existing strategy, which we remain
fully committed to.”
Highlights from the third quarter
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Following the launch of Vimkunya® chikungunya vaccine in the US, Germany and France during the first half of 2025, the global
launch has continued throughout the third quarter where the vaccine also became available in the United Kingdom and Denmark in
September. Vimkunya has since also been launched in Sweden, Norway and Finland, Italy and Spain during October.
Additional regulatory advances for Vimkunya were made during the third quarter. In July, Health Canada accepted for review the
application for licensure of the vaccine, potentially supporting approval in the first half of 2026, and an application was also
submitted to the Swiss regulatory authority, Swissmedic, potentially supporting approval in mid-2026.
In July, Bavarian Nordic entered a contract valued at over DKK 200 million for the supply of smallpox/mpox vaccines to a European
country.
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The sale of the Priority Review Voucher, granted in connection with the US approval of Vimkunya, was completed in July with net
proceeds amounting to DKK 810 million.
Events after the reporting date
In October, positive topline results were reported from a clinical study of the mpox/smallpox vaccine in a pediatric population.
The study met its primary endpoint, demonstrating a comparable safety profile and a non-inferior immune response for MVA-BN in
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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
