Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 2
Performance highlights
Revenue
1,058 mDKK t21%
EBITDA margin
16%
Travel Health
Revenue
721 mDKK s14%
Strong performance primarily driven by increased demand for rabies
vaccines and the continued launch of the chikungunya vaccine.
14% growth when adjusting for discontinued partnership revenue.
Travel Health, revenue by quarter
DKK million
Revenue from discontinued partnerships is excluded in the graph.
Public Preparedness
Revenue
294 mDKK t53%
Revenue in line with expectations due to phasing of supply and
invoicing, and that no material impact from mpox outbreaks is
expected.
Public Preparedness, revenue by quarter
DKK million
A strong first quarter for Travel Health
Our first quarter of 2026 showed continued
strong performance in Travel Health, delivering
a 14% growth year-over-year, when adjusting
for the discontinued partnerships. This
underlines our solid focus on organic growth in
existing markets, in particular driven by our
rabies vaccine, but also by the continued launch
of the chikungunya vaccine across new
markets.
Full-year guidance maintained
The financial guidance for the full year, which
was upgraded on May 11, is maintained at a
revenue of DKK 5,500 - 5,700 million and an
EBITDA margin of approximately 28%.
0
500
1,000
Q1
2024
Q2 Q3 Q4 Q1
2025
Q2 Q3 Q4 Q1
2026
0
500
1,000
1,500
2,000
Q1
2024
Q2 Q3 Q4 Q1
2025
Q2 Q3 Q4 Q1
2026
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 3
Key figures and ratios
DKK thousands
Q1 2026
Q1 2025
FY 2025
Income statements
Revenue 1,057,845
1,346,590
6,243,956
Production costs 583,645
665,946
3,195,343
Sales and distribution costs 145,223
122,334
716,546
Research and development costs 175,136
172,112
780,303
Administrative costs 160,849
127,312
558,053
Other operating income, net -
-
810,088
Income before interest and taxes (EBIT) (7,008)
258,886
1,803,799
Financial items, net 30,326
(29,338)
(2,844)
Income before company tax 23,318
229,548
1,800,955
Net profit for the period 16,953
218,759
1,375,378
Balance sheet
Total non-current assets 8,134,823
8,474,898
8,217,229
Securities, cash and cash equivalents 2,292,297
1,235,861
3,333,502
Other current assets 3,675,069
3,842,223
3,403,806
Total assets 14,102,189
13,552,982
14,954,537
Equity 12,688,276
11,556,393
12,870,078
Non-current liabilities 491,539
189,195
486,935
Current liabilities 922,374
1,807,394
1,597,524
Cash flow statements
Cash flow from operating activities (751,787)
(387,049)
2,721,903
Cash flow from investment activities (39,321)
(373,176)
(2,484,867)
Cash flow from financing activities (230,794)
(160,986)
(114,358)
DKK thousands
Q1 2026
Q1 2025
FY 2025
Financial ratios
1
EBITDA 165,451
419,548
2,541,925
EBITDA excluding other operating income, net 165,451
419,548
1,731,837
Earnings (basic) per share 0.2
2.7
17.6
Net asset value per share 160.1
146.6
162.4
Share price at period-end 193
150
190
Share price/Net asset value per share 1.2
1.0
1.2
Number of shares, period-end, thousands 79,237
78,855
79,237
Equity share 90%
85%
86%
Number of employees (FTE). period-end 1,861
Reconciliation of EBITDA
Income before interest and tax (EBIT) (7,008)
258,886
1,803,799
Amortization 96,847
86,125
392,200
Depreciation + amortization of developed product processes 75,612
74,537
345,926
EBITDA 165,451
419,548
2,541,925
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.
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 4
Performance
Travel Health
Revenue from Travel Health in the first three
months grew by 6% versus prior year. Adjusted for
revenue from discontinued partnerships, the
growth was 14%.
Rabipur/RabAvert
Rabipur/RabAvert revenue grew by 23% in the
first three months, driven by a combination of
continued market growth and strong brand
performance.
The overall US market grew by 23% in the first
three months versus the prior year. RabAvert
market share was 77%, 1pp lower than the prior
year level.
The overall German market grew by 29% in the
first three months versus the prior year, reflecting
underlying solid demand. Rabipur market share
was 97%, in line with the prior year level.
Encepur
Encepur revenue decreased by 16% in the first
three months compared to the prior year, where
sales were positively impacted by early seasonal
wholesaler stocking. In the first quarter of 2026,
sales were to some extent impacted by supply
constraints driving wholesaler stock levels down.
The overall German market grew by 12% in the
first three months versus the prior year and
Encepur market share was 29%, 1pp higher than
the prior year level.
After the quarter, regulatory authorities in several
countries approved an extension of Encepur shelf-
life to 24 months. Based on this, the Company
expects to do a partial reversal of write-down
provisions with a value similar to first quarter of
2026, as further explained under Production costs.
Vimkunya
Vimkunya revenue was DKK 41 million in the first
three months, driven by strong performance in
Germany, while uptake in the US has been slower
as the US CDC’s ACIP recommendation, issued in
April 2025, has still not been published in the
Morbidity and Mortality Weekly Report (MMWR).
To date, Vimkunya has been approved in the US,
EU, UK (all in 2025) and Switzerland (April 2026).
The vaccine is available in the US and 12 European
countries.
Vivotif
Vivotif revenue in the first three months grew by
12% compared to the prior year. The US market for
typhoid vaccines increased by 11% in the first
three months and the Vivotif market share was
16%, 2pp below the prior year level.
Vaxchora
Vaxchora revenue decreased by 29% in the first
three months.
Third-party products
Revenue from sales of third-party products
decreased by 90% in the first three months,
compared to the prior year, reflecting the
marketing and distribution agreement with
Valneva that expired at year-end 2025 and the
agreement with Dynavax that expired in April
2026.
Rabipur/RabAvert, revenue by quarter
DKK million
Encepur, revenue by quarter
DKK million
Vimkunya, revenue by quarter
DKK million
Vivotif/Vaxchora, revenue by quarter
DKK million
359
419
646
393
441
Q1 2025 Q2 Q3 Q4 Q1 2026
205
169
143
82
171
Q1 2025 Q2 Q3 Q4 Q1 2026
5
7
30
42
41
Q1 2025 Q2 Q3 Q4 Q1 2026
59
58
48
72
62
Q1 2025 Q2 Q3 Q4 Q1 2026
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 5
Public Preparedness
JYNNEOS/IMVANEX/IMVAMUNE
Revenue from JYNNEOS/IMVANEX/IMVAMUNE
decreased by 53%, primarily driven by phasing of
supply and invoicing plus the situation that 2026
revenue is not expected to be materially impacted
by mpox outbreaks. For the full year, revenue of
DKK 2,300 – 2,500 million is expected from
JYNNEOS/IMVANEX/IMVAMUNE, of which
approximately DKK 2,000 million has so far been
secured.
Other revenue
Other revenue increased by 18% in the first three
months. 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.
Product revenue overview
DKK million
Q1 2026
Q1 2025
Growth
Travel Health
Rabipur/RabAvert 441
359
23% s
Encepur 171
204
-16% t
Vimkunya 41
5
667% s
Vivotif 55
50
12% s
Vaxchora 6
9
-29% t
Third-party products
1
5
53
-90% t
721
680
6% s
Public Preparedness
JYNNEOS/IMVANEX/IMVAMUNE
294
629
-53% t
294
629
-53% t
Other revenue
44
37
18% s
Total
1,058
1,347
-21% t
1
Third-party revenue in 2025 included revenue from marketing and distribution agreements with Valneva and Dynavax. The
agreement with Valneva expired by year-end 2025 and the agreement with Dynavax expired by end of April 2026.
Our products
Travel Health
Rabipur/RabAvert is indicated for both pre- and
post-exposure vaccination against rabies. The
vaccine is market-leading in Western markets.
Encepur is a vaccine against tick-borne-
encephalitis (TBE), a virus prevalent in Central,
Eastern and Northern Europe.
Vimkunya is a chikungunya vaccine approved in
US, EU, Switzerland and the UK for persons aged
12 years and older.
Vivotif is an oral vaccine for immunization against
typhoid fever, a potentially life-threatening
disease, commonly found in Southeast Asia,
Africa, the Caribbean, and Central and South
America.
Vaxchora is an oral vaccine for immunization
against cholera, a potentially life-threatening
disease caused, regularly found in South
and Southeast Asia and Africa.
Public Preparedness
JYNNEOS/IMVANEX/IMVAMUNE is a vaccine
against both mpox and smallpox.
The vaccine is primarily sold to governments and
organizations but has also been launched in the
private market in the US and Germany.
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 6
Financial review
Financial statements for the period January 1 –
March 31, 2026 are un-audited. Comparison
figures for the same period 2025 are stated in
brackets.
Revenue
Revenue for the period was DKK 1,058 million
(DKK 1,347 million). Revenue was composed of
DKK 721 million (DKK 680 million) from the Travel
Health business, DKK 294 million (DKK 629 million)
from the Public Preparedness business, and DKK 44
million (DKK 37 million) from contract work. The
growth in Travel Health was driven by strong
Rabipur/RabAvert sales of DKK 441 million (DKK
359 million). In the first quarter of 2025, revenue
included DKK 50 million from discontinued partner
agreements.
Production costs
Production costs totaled DKK 584 million (DKK 666
million). Costs related directly to revenue
amounted to DKK 411 million (DKK 426 million), of
which cost of goods sold totaled DKK 383 million
(DKK 400 million). Contract costs totaled DKK 28
million (DKK 26 million). Amortization of product
rights was recognized as part of the cost of goods
sold with a total of DKK 97 million (DKK 86
million). Amortization of product rights relates to
Rabipur/RabAvert and Encepur, DKK 71 million
(DKK 71 million), and Vivotif, Vaxchora and
Vimkunya DKK 26 million (DKK 15 million). Other
production costs totaled DKK 76 million (DKK 154
million). Other production costs were positively
impacted by good production performance with
low scrap rates and a partial reversal of write-
down provisions made in 2025 for short Encepur
shelf-life amounting to DKK 29 million and
explained by increased likelihood of getting the
shelf-life extended. A reversal with a similar amount is
expected in the second quarter, as regulatory
authorities in several countries in May approved
an extension of Encepur shelf-life to 24 months.
Sales and distribution costs
Sales and distribution costs totaled DKK 145
million (DKK 122 million), split between costs for
distribution of products of DKK 14 million (DKK 27
million) and costs for running the commercial
organization and activities of DKK 131 million (DKK
95 million). The decrease in distribution costs
follows the lower level of public preparedness
revenue, whereas the increase in running costs is
related to the launch of Vimkunya in more
countries and organizational expansion into new
markets.
Research and development costs
Research and development costs totaled DKK 175
million (DKK 172 million) with the main drivers
being the Vimkunya post-marketing studies and
the comparability study related to the cell line
project for MVA-BN.
Administrative costs
Administrative costs totaled DKK 161 million (DKK
127 million). An accrued amount related to the
severance agreement with the CEO is included.
EBIT/EBITDA
Income before interest and tax (EBIT) was negative
by DKK 7 million (DKK 259 million), explained by
the seasonality of both the Travel Health and the
Public Preparedness businesses. In the first quarter
of 2025, EBIT was positive following the high level
of Public Preparedness revenue.
EBITDA was an income of DKK 165 million (income
of DKK 420 million). Amortization of product rights
amounted to DKK 97 million (DKK 86 million)
whereas depreciation on other fixed assets
amounted to DKK 76 million (DKK 75 million). The
increase in amortization follows the launch of the
Vimkunya vaccine in March 2025.
Financial items
Financial items totaled a net income of DKK 30
million (net expense of DKK 29 million) and
consisted of interest income of DKK 6 million (DKK
8 million), financial net income from securities of
DKK 9 million (net income of DKK 0 million), and
net foreign exchange rate gain of DKK 19 million
(net loss of DKK 18 million) due to an increase in
the USD exchange rate during first quarter. This is
partly offset by interest expense on debt of DKK 1
million (DKK 1 million) and financial expenses DKK
2 million (DKK 2 million) related to the revolving
credit facility. See note 6 and 7.
Income before company tax was a gain of DKK 23
million (gain of DKK 230 million).
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 7
Tax
Tax on income was DKK 6 million (DKK 11 million).
The effective tax rate was 27.3% (4.7%) for the
Group. Tax for first quarter is primarily related to
corporate income tax in the German and Swiss
subsidiary. No payable tax is expected for the
Parent Company in 2026 due to tax losses carried
forward.
Net profit
For the first three months of 2026, Bavarian Nordic
reported a net gain of DKK 17 million (net gain of
DKK 219 million).
Securities, cash and cash equivalents
Securities, cash and cash equivalents were DKK
2,292 million as of March 31, 2026 compared to
DKK 3,334 million as of December 31, 2025.
During first quarter of 2026, the final milestone
payment was paid to GSK (EUR 70 million) and DKK
224 million was spent on the ongoing share buy-
back program.
Cash flow
Cash flow generated by operating activities was
negative by DKK 752 million (negative by DKK 387
million) as positive net profit for the period was
more than offset by an increase in net working
capital. Cash flow from changes in working capital
was negative by DKK 960 million (negative DKK
858 million), primarily following the payment of
the last milestone payment to GSK of EUR 70
million. The outstanding milestone payment was
recognized as a trade payable as of December 31,
2025.
Cash flow from investment activities was negative
by DKK 39 million (negative by DKK 373 million)
and consisted mainly of investment in IT projects
and tangible assets. In first quarter of 2025, the
last milestone payments to Emergent BioSolutions
were paid (USD 50 million) following the
regulatory approval of Vimkunya.
Cash flow from financing activities was negative
by DKK 231 million (DKK 161 million negative),
following the ongoing share buy-back program.
The net cash flow for the first quarter of 2026 was
negative by DKK 1,022 million (negative by DKK
921 million) with main drivers being payment of
the last milestone payment to GSK (EUR 70
million) and the share buy-back program (DKK 224
million).
Equity
The Group’s equity as of March 31, 2026, stood at
DKK 12,688 million (DKK 12,870 million as of
December 31, 2025).
Significant risks and uncertainties
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 31-33 “Risk Management” in
the 2025 Annual Report →.
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 8
Outlook for 2026
Full-year guidance maintained
Bavarian Nordic’s financial guidance for 2026 was
upgraded on May 11, 2026, and remains
unchanged.
Total revenue of DKK 5,500 – 5,700 million and an
EBITDA margin of approximately 28% are expected.
The expected revenue is comprised of DKK 2,300 –
2,500 million from Public Preparedness, of which
approximately DKK 2,000 million have been secured
by contracts to-date. The current outlook indicates
that revenue from this business in 2026 will not be
materially impacted by ongoing mpox outbreaks,
however still above the communicated annual base
level of DKK 1,500 – 2,000 million as outlined in the
Company’s mid-term growth ambitions.
Furthermore, revenue of approximately DKK 3,000
million is expected from Travel Health, and
approximately DKK 200 million from contract work.
As previously communicated, the partnership with
Valneva ended on December 31, 2025, and the
partnership with Dynavax ended in April 2026. This
means no material partnership revenue will be
recognized in Travel Health in 2026.
Excluding revenue from discontinuing partnerships,
the Travel Health revenue guidance corresponds to
10% growth over prior year and approximately 14%
growth when using constant exchange rates.
2026 revenue and EBITDA margin expectations
DKK million
Current
Original
Revenue 5,500 – 5,700
5,000 – 5,200
Public Preparedness 2,300 – 2,500
1,800 – 2,000
Travel Health ~3,000
~3,000
Other Income 200
200
EBITDA margin ~28%
~25%
The full-year guidance was upgraded on May 11, 2026.
Assumptions
The Travel Health revenue guidance includes DKK
250 million from the sale of Vimkunya
(chikungunya vaccine).
The normal seasonality of the Travel Health
business and the timing of revenue recognition of
orders from Public Preparedness will cause
variability in revenue and EBITDA throughout the
year.
R&D cost is expected to reach DKK 750 million for
2026 and will prioritize life-cycle management of
the commercial portfolio, including required
additional studies for the chikungunya vaccine, as
well as continued—though slower—advancement
of the early-stage pipeline assets (EBV and Lyme),
which are now expected to enter clinical
development in 2027.
CAPEX is expected at approximately DKK 250
million whereas inventory levels are anticipated to
be relatively unchanged. Approximately DKK 100
million related to process improvement initiatives
will be capitalized.
The outlook is based on currency exchange rates of
DKK 6.30 per 1 USD and DKK 7.45 per 1 EUR.
For additional key assumptions, see the 2025
Annual Report →.
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 9
Product and pipeline update
Travel Health
Vimkunya
®
Chikungunya vaccine.
Regulatory approvals and launch status
Territory Approved
Launched
US Feb 2025
Mar 2025
EU
1
Feb 2025
May 2025
2
UK May 2025
Sep 2025
Switzerland Apr 2026
-
Canada
3
-
-
1
The approval is valid in all EU member states, in addition to
Iceland, Liechtenstein, and Norway.
2
Vimkunya was launched in Germany in May 2025 and
subsequently in 10 other EU countries during 2025. In 2026
to-date, the vaccine has furthermore been launched in
Belgium and the Netherlands.
3
Application for licensure has been submitted to Health
Canada, potentially supporting approval in the first half of
2026
Expanding access through partnerships
During the first quarter Bavarian Nordic entered
into new agreements and partnerships aimed at
expanding availability of Vimkunya worldwide,
including low- and middle-income countries.
In January, an agreement was entered with
Eurofarma, granting them exclusive rights to sell
and distribute the chikungunya vaccine in Brazil.
Eurofarma was also granted the right of first
refusal for any future opportunity to register and
commercialize the chikungunya vaccine in the rest
of Latin America.
In March, the strategic partnership with Serum
Institute of India was expanded to include a
contract manufacturing agreement covering a full
tech transfer of the manufacturing process for the
chikungunya vaccine to SII to allow for scaling of
capacity to enable future supply to endemic low-
and middle-income countries.
Ongoing clinical development
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.
A pediatric study (NCT07003984 →) is ongoing to
evaluate the safety and immunogenicity of the
vaccine in 720 children 2 to 11 years of age for
two years.
Additionally, in agreement with competent
regulatory agencies, an efficacy study with more
than 6,000 individuals is planned in a future
outbreak area.
Public Preparedness
JYNNEOS
®
/IMVANEX
®
/IMVAMUNE
®
(MVA-BN
®
)
Mpox and smallpox vaccine
In March, clinical data was submitted to the
European Medicines Agency (EMA) to support the
extension of the indication for MVA-BN to include
children aged 2 to 11 years.
The submission is based on positive topline results
from a Phase 2 clinical study (NCT06549530 →) in
227 children aged 2-11 years and 224 adults
demonstrating non-inferiority of the immune
responses as well as a similar safety profile,
between both age groups after vaccination with
two standard doses of the MVA-BN vaccine. The
study was co-funded by the Coalition for Epidemic
Preparedness Innovations (CEPI) and was
conducted at sites in the Democratic Republic of
Congo (DRC) and Uganda.
Following review of the data by EMA, the
Marketing Authorisation for MVA-BN could be
extended to include use of the vaccine for
individuals from 2 years of age later in 2026.
Ongoing clinical development
A phase 2b study (NCT07199569 →) comparing the
safety, immunogenicity and reactogenicity of MVA-
BN manufactured using different processes was
initiated in 2025. The study is part of the
Company’s efforts to scale manufacturing capacity
to meet future demand by introducing a
proprietary cell line, designed to significantly
increase manufacturing efficiency compared to the
current egg-based production
Other ongoing studies of MVA-BN, all co-funded by
CEPI, include two studies in the DRC, both led by
the University of Antwerp and the University of
Kinshasa: The first study (NCT06844487 →) is
evaluating the safety and immunogenicity of MVA-
BN in 344 infants aged 4-24 months and the
second study (NCT06844500 →) is evaluating the
safety and immunogenicity of MVA-BN in 359
women (pregnant or breastfeeding). A third
clinical study (NCT05745987 →) in the DRC, Uganda
and Nigeria, led by McMaster University in Canada,
is evaluating post-exposure vaccination with MVA-
BN in more than 3,000 participants including
children over 2 years of age.
Other pipeline updates
In 2026, our R&D investments have been
prioritized for life-cycle management of the
commercial portfolio as well as continued—though
slower—advancement of the early-stage pipeline
assets (EBV and Lyme). Both programs are
expected to enter clinical development in 2027.
We continue the development of the equine
encephalitis vaccine program, funded by the U.S.
Department of Defense’s (DOD) Joint Program
Executive Office for Chemical, Biological,
Radiological and Nuclear Defense (JPEO-CBRND).
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 10
Governance
New members in the Board of Directors
At the annual general meeting on April 21, Montse
Montaner, member of the Board of Directors since
2024, stepped down. Anne Louise Eberhard, Heidi
Hunter, Johan van Hoof and Frank Verwiel were re-
elected. Furthermore, Svend Andersen, Hans
Martin Smith and Charl van Zyl were elected new
members of the board.
The Board of Directors constituted itself with Anne
Louise Eberhard as chair and Heidi Hunter as
deputy chair.
Following the increase of shareholder-elected
members in the board to seven, the number of
employee representatives were increased to four,
in accordance with the rules for employee
representation on the boards of Danish listed
companies, and in agreement with the employee
voting committee. Consequently, Sylwia
Sokolowska joined the Board of Directors as
employee representative, serving along Anja Gjøl,
Mette Schwartzlose and Christina Teichert, who
were appointed in 2025.
After the constitution of the Board and its subcommittees,
the board composition is as follows:
Member
FRAC
NC ST
Anne Louise Eberhard, chair M C
Heidi Hunter, deputy chair M M
Svend Andersen M
Frank Verwiel M M
Hans Martin Smith C
Johan van Hoof
M C
Charl van Zyl M M
Anja Gjøl
1
Mette Boas Schwartzlose
1
Sylwia Sokolowska
1
Christina Teichert
1
1
Employee-elected board member.
FRAC: Finance, Risk and Audit Committee;
NC: Nomination and Compensation Committee;
ST: Science and Technology Committee;
M: Member,
C: Chair
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 11
Shareholder information
Share capital
By March 31, 2026, Bavarian Nordic’s share capital
was DKK 792,367,280, comprising 79,236,728
shares of a nominal value of DKK 10 each. There
were no changes in the share capital during the
first quarter of 2026.
There were 4,716,128 outstanding warrants, which
entitle warrant holders to subscribe for 4,716,128
shares of DKK 10 each. Thus, the fully diluted share
capital amounted to DKK 839,528,560 by March
31, 2026, comprising 83,952,856 shares.
Share buy-back program
As planned, Bavarian Nordic has initiated a share
buy-back program of up to DKK 500 million in
2026.
The first tranche of the program was launched in
January and completed in February and comprised
buy-back of 764,558 shares for an aggregate value
of approximately DKK 150 million. The second
tranche was initiated in March and completed in
May and comprised buy-back of 1,050,863 shares
for an aggregate value of approximately DKK 200
million.
The shares will be held as treasury stock for the
purpose of adjusting the capital structure.
By March 31, 2026, the Company held 2,092,674
treasury shares, corresponding to 2.64% of the
Company’s share capital.
As of the reporting date, May 13, 2026, the
Company held 2,748,624 shares, corresponding to
3.47% of the Company’s share capital.
Financial calendar 2026
First quarter report (Q1) May 13, 2026
Half-year report (H1) August 21, 2026
Nine-month report (Q3) November 13, 2026
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.
Conference call and presentation
The first quarter 2026 results will be presented
during a conference call with the management of
Bavarian Nordic on May 13, 2026 at 2:00 pm CEST.
A live and recorded version of the presentation
can be accessed through the Company’s website.
Visit our investor relations website →
Share price development, Q1
Indexed
85
90
95
100
105
110
115
Jan-26 Feb-26 Mar-26
OMX Copenhagen C25
STOXX Europe 600 Healthcare
NASDAQ BIOTECH
Bavarian Nordic
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 12
Consolidated
Condensed
Financial
Statements
Statements Notes
Income statement 13
Statement of comprehensive income 13
Cash flow statement 14
Balance sheet 15
Equity statement 17
Note 1 Material accounting policies 19
Note 2 Key accounting estimates, assumptions and uncertainties 19
Note 3 Revenue 19
Note 4 Production costs 20
Note 5 Research and development costs 20
Note 6 Financial income 20
Note 7 Financial expenses 20
Note 8 Inventories 21
Note 9 Trade receivables 21
Note 10 Other receivables 21
Note 11 Other liabilities 21
Note 12 Financial instruments 22
Note 13 Warrants 23
Note 14 Significant changes in contingent liabilities and other contractual obligations 24
Note 15 Significant events after the balance sheet date 24
Note 16 Approval of the unaudited condensed consolidated interim financial statements 24
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 13
Consolidated Income Statement
DKK thousand Note
Q1 2026
Q1 2025
FY 2025
Revenue 3 1,057,845
Production costs 4 583,645
Gross profit
Sales and distribution costs
Research and development costs 5 175,136
Administrative costs
Total operating costs
Other operating income -
Other operating expenses -
Other operating income, net -
Income before interest and tax (EBIT)
(7,008 )
Financial income 6 33,847
Financial expenses 7 3,521
Income before company tax
Tax on income for the period
Net profit for the period
Earnings per share (EPS) - DKK
Basic earnings per share of DKK 10
Diluted earnings per share of DKK 10
Consolidated Statement of Comprehensive Income
DKK thousand
Q1 2026
Q1 2025
FY 2025
Net profit for the period 16,953
Other comprehensive income
Remeasurements of defined benefit plans -
Income tax -
(6,191 )
Items that will not be reclassified to the income statement
Recycled to financial items -
Exchange rate adjustments on translating foreign operations 13,929
(9,959 )
Change in fair value of financial instruments entered into to
hedge future cash flows
(21,740 )
Items that will be reclassified to the income statement (7,811 )
Tax on other comprehensive income 4,798
(2,124 )
Other comprehensive income after tax (3,013 )
Total comprehensive income 13,940
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 14
Consolidated Statement of Cash Flow
DKK thousand
Q1 2026
Q1 2025
FY 2025
Net profit for the period 16,953
Adjustment for non-cash items:
Financial income (33,847 )
(10,883 )
(51,043 )
Financial expenses 3,521
Tax on income for the period 6,365
Depreciation, amortization and impairment losses 172,459
Share-based payment 27,797
Changes in inventories (148,841 )
(142,098 )
(186,610 )
Changes in receivables (119,316 )
(51,053 )
Changes in provisions 1,129
(1,364 )
(707 )
Changes in current liabilities (693,937 )
(663,927 )
Cash flow from operations (operating activities) (767,717 )
(410,157 )
Received financial income 15,061
Paid financial expenses 2,142
(3,578 )
(16,695 )
Paid company taxes (1,273 )
(8,920 )
(111,723 )
Cash flow from operating activities (751,787 )
(387,049 )
DKK thousand
Q1 2026
Q1 2025
FY 2025
Investments in products rights -
(358,666 )
(1,105,244 )
Investments in other intangible assets (26,340 )
(6,225 )
(48,763 )
Investments in property, plant and equipment (32,134 )
(2,808 )
(205,288 )
Investments in/disposal of financial assets -
(10,563 )
(51,174 )
Investments in securities (133,247 )
(1,796,300 )
Disposal of securities 152,400
Cash flow from investment activities (39,321 )
(373,176 )
(2,484,867 )
Payment on loans (539 )
(522 )
(2,090 )
Repayment of lease liabilities (6,716 )
(10,343 )
(40,813 )
Proceeds from warrant programs exercised -
Purchase of treasury shares (223,539 )
(150,121 )
(150,121 )
Cash flow from financing activities (230,794 )
(160,986 )
(114,358 )
Cash flow of the period (1,021,902 )
(921,211 )
Cash as of 1 January 1,714,498
Currency adjustments 1 January 254
(10,770 )
(31,670 )
Cash end of period 692,850
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 15
Consolidated Statement of Financial Position
Assets
DKK thousand Note
Q1 2026
Q1 2025
FY 2025
Assets
Product rights
Developed production processes
Software
Intangible assets in progress
Intangible assets 5,876,641
Land and buildings 897,206
Leasehold improvements 11,061
Plant and machinery 331,197
Fixtures and fittings, other plant and equipment 566,133
Assets under construction 251,867
Property, plant and equipment 2,057,464
Right-of-use assets 109,274
Other receivables
Prepayments
Financial assets 91,444
Total non-current assets 8,134,823
DKK thousand Note
Q1 2026
Q1 2025
FY 2025
Inventories
8
Trade receivables 9 881,542
Tax receivables 13,406
Other receivables 10 41,465
Prepayments 75,896
Receivables 1,012,309
Securities 1,599,447
Cash and cash equivalents 692,850
Securities, cash and cash equivalents 2,292,297
Total current assets 5,967,366
Total assets 14,102,189
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 16
Consolidated Statement of Financial Position
Equity and liabilities
DKK thousand Note
Q1 2026
Q1 2025
FY 2025
Equity and liabilities
Share capital 792,367
Treasury shares (20,928 )
(10,107 )
(9,669 )
Retained earnings 11,629,717
Other reserves 287,120
Equity 12,688,276
Debt to credit institutions 10,339
Retirement benefit obligations 84,095
Deferred tax liabilities 313,976
Lease liabilities 83,129
Non-current liabilities 491,539
DKK thousand Note
Q1 2026
Q1 2025
FY 2025
Deferred consideration for product rights
Debt to credit institutions
Lease liabilities 43,656
Prepayment from customers 2,830
Trade payables 349,406
Company tax 10,517
Other liabilities 11 513,806
Current liabilities 922,374
Total liabilities 1,413,913
Total equity and liabilities 14,102,189
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 17
Consolidated Statement of Changes in Equity
DKK thousand
Share capital
Treasury
shares
Retained
earnings
Reserves for
currency
adjustment
Reserves for
fair value of
financial
instruments
Share-based
payment
Equity
Equity as of January 1, 2026
(9,669 )
Comprehensive income for the period
Net profit -
Other comprehensive income
Exchange rate adjustments on translating foreign operations -
Change in fair value of financial instruments entered into to hedge future cash flows -
(16,942 )
(16,942 )
Total comprehensive income for the period
(16,942 )
Transactions with owners
Share-based payment -
Purchase of treasury shares -
(11,595 )
(211,944 )
(223,539 )
Transfer regarding restricted stock units -
(7,647 )
Total transactions with owners
(11,259 )
(204,633 )
(195,742 )
Equity as of March 31, 2026
(20,928 )
(8,806 )
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 18
Consolidated Statement of Changes in Equity
DKK thousand
Share capital
Treasury
shares
Retained
earnings
Reserves for
currency
adjustment
Reserves for
fair value of
financial
instruments
Share-based
payment
Equity
Equity as of January 1, 2025
(2,843 )
(29,203 )
Comprehensive income for the period
Net profit -
Other comprehensive income
Exchange rate adjustments on translating foreign operations -
(9,959 )
(9,959 )
Change in fair value of financial instruments entered into to hedge future cash flows -
Total comprehensive income for the period
(9,959 )
Transactions with owners
Share-based payment -
Purchase of treasury shares -
(7,603 )
(142,518 )
(150,121 )
Transfer regarding restricted stock units -
(5,522 )
Total transactions with owners
(7,264 )
(137,335 )
(121,383 )
Equity as of March 31, 2025
(10,107 )
(7,954 )
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 19
Notes
Note 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 2025 and in accordance with the recognition and measurement policies
in the International Financial Reporting Standards (IFRS) as adopted by EU.
As of March 31, 2026, 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.
Note 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 2025, the
Management has not changed key estimates and judgments regarding recognition and measurement.
Note 3
Revenue
DKK thousand
Q1 2026
Q1 2025
FY 2025
Travel health
Rabipur/RabAvert 440,895
359,206
1,816,707
Encepur 171,039
204,473
598,071
Vimkunya 41,316
5,386
84,565
Vivotif 55,441
49,649
198,361
Vaxchora 6,453
9,041
37,880
Other product sale 5,389
52,519
227,883
720,533
680,274
2,963,467
Public preparedness
JYNNEOS/IMVANEX/IMVAMUNE
293,653
629,181
3,104,974
Sale of goods 1,014,186
1,309,455
6,068,441
Contract work 43,659
37,135
175,515
Sale of services 43,659
37,135
175,515
Revenue 1,057,845
1,346,590
6,243,956
Total revenue includes:
Fair value adjustment concerning financial instruments entered
into to hedge revenue
(798)
(3,830)
5,486
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 20
Note 4
Production costs
DKK thousand
Q1 2026
Q1 2025
FY 2025
Cost of goods sold 382,942
400,127
1,869,858
Contract costs 27,940
25,987
125,562
Other production costs 75,916
153,707
823,255
Amortization product rights 96,847
86,125
376,668
Production costs 583,645
665,946
3,195,343
Note 5
Research and development costs
DKK thousand
Q1 2026
Q1 2025
FY 2025
Research and development costs occurred in the period 203,076
198,099
905,865
Of which:
Contract costs recognized as production costs (27,940)
(25,987)
(125,562)
Research and development costs 175,136
172,112
780,303
Note 6
Financial income
DKK thousand
Q1 2026
Q1 2025
FY 2025
Financial income from bank and deposit contracts
1
6,141
7,692
36,874
Financial income from securities 8,718
3,191
14,169
Net foreign exchange gains 18,988
-
-
Financial income 33,847
10,883
51,043
1
Interest income on financial assets measured at amortized cost
Note 7
Financial expenses
DKK thousand
Q1 2026
Q1 2025
FY 2025
Interest expenses on debt
1
1,411
1,058
6,181
Fair value adjustments on securities 404
3,070
6,932
Unwinding of the discounting effect related to deferred
consideration
-
5,001
5,001
Adjustment of deferred consideration due to change in
estimated timing of payments
-
9,171
16,453
Currency adjustment deferred consideration -
1,798
2,324
Net loss on derivative financial instruments at fair value
through the income statement
-
-
6,958
Financial expenses, other 1,706
1,744
-
Net foreign exchange losses -
18,379
10,038
Financial expenses 3,521
40,221
53,887
1
Interest expenses on financial liabilities measured at amortized cost
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 21
Note 8
Inventories
DKK thousand
Q1 2026
Q1 2025
FY 2025
Raw materials and supply materials 326,232
222,024
262,296
Work in progress 2,067,254
1,693,174
1,990,711
Manufactured goods and commodities 544,395
841,095
638,269
Write-down on inventory (275,121)
(286,886)
(377,357)
Inventories 2,662,760
2,469,407
2,513,919
Write-down on inventory 1 January (373,887)
(255,928)
(255,928)
Write-down during the period (41,428)
(78,715)
(325,037)
Use of write-down 65,317
42,350
203,608
Reversal of write-down 74,877
5,407
-
Write-down end of period (275,121)
(286,886)
(377,357)
Note 9
Trade receivables
DKK thousand
Q1 2026
Q1 2025
FY 2025
Trade receivables from public preparedness business 277,820
611,028
233,351
Trade receivables from travel health business 603,722
558,254
545,701
Trade receivables from contract work -
263
1,246
Trade receivables 881,542
1,169,545
780,298
Note 10
Other receivables
DKK thousand
Q1 2026
Q1 2025
FY 2025
Receivable VAT and duties 31,658
28,274
40,525
Derivative financial instruments at fair value 671
31,212
10,260
Interest receivables 8,703
3,201
8,600
Other receivables 433
441
2,051
Other receivables 41,465
63,128
61,436
Note 11
Other liabilities
DKK thousand
Q1 2026
Q1 2025
FY 2025
Financial instruments at fair value 12,150
971
-
Payable salaries, holiday accrual etc. 217,600
173,480
279,119
Gross to net deduction accrual 231,220
210,781
246,164
Other accrued costs 52,836
46,690
37,952
Other liabilities 513,806
431,922
563,235
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 22
Note 12
Financial instruments
Fair value hierarchy for financial instruments measured at fair value
As of March 31, 2026
As of December 31, 2025
DKK thousand
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Derivative financial instruments at fair value through the income statement (currency) 1,599,447
-
1,599,447
1,619,004
-
1,619,004
Financial assets measured at fair value through the income statement 1,599,447
-
1,599,447
1,619,004
-
1,619,004
Derivative financial instruments to hedge future cash flow (currency) -
(12,150)
(12,150)
-
9,658
9,658
Derivative financial instruments to hedge future cash flow (interest) -
671
671
-
602
602
Financial assets/liabilities used as hedging instruments -
(11,479)
(11,479)
-
10,260
10,260
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 23
Note 13
Warrants
Outstanding warrants as of March 31, 2026
Outstanding as of January 1
Additions
Warrants exercised
Annulled
Terminated
Transferred
Outstanding as of March 31
Corporate Management
428,277
-
-
-
-
-
428,277
Other Executive Management
238,909
-
-
-
-
-
238,909
Other employees
3,488,899
-
-
(29,636)
-
(474)
3,458,789
Resigned employees
589,679
-
-
-
-
474
590,153
Total 4,745,764
-
-
(29,636)
-
-
4,716,128
Weighted average exercise price 235
-
-
131
-
-
235
Weighted average share price at exercise
-
Numbers of warrants which can be exercised as of March 31, 2026 1,451,039
at a weighted average exercise price of DKK 294
The total recognized cost of the warrant programs was DKK 16.7 million in the first three months of 2026 (DKK 16.0 million).
Specification of parameters for Black-Scholes model
Nov 2021
Apr 2022
Dec 2022
3
Dec 2023
3
Dec 2024
3
Dec 2025
Average share price, DKK
307.20
171.35
224.70
172.40
198.90
188.00
Average exercise price at grant, DKK
353.06
190.11
270.91
191.58
223.33
216.50
Average exercise price at grant - Executive Management, DKK
-
-
224.70
172.40
198.90
-
Applied volatility rate
2
41.8%
42.3%
46.6%
53.3%
57.7%
57.1%
Expected life (years)
3.0
3.0
3.0
3.0
3.0
3.0
Expected dividend per share
-
-
-
-
-
-
Risk-free interest rate p.a.
-0.53%
0.39%
2.04%
2.55%
1.65%
2.00%
Fair value at grant
1
76
47
64
62
75
70
Fair value at grant - Executive Management
1
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 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 future shares at an exercise price of DKK 224.70, DKK 172.40 or DKK 198.90 respectively 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 future shares at an exercise price of DKK 270.91, DKK 191.58 or DKK 223.33 respectively 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%.
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 24
Note 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, 2025.
Note 15
Significant events after the balance sheet date
On April 16, 2026, Bavarian Nordic announced that the Swiss Agency for Therapeutic Products, Swissmedic,
had approved VIMKUNYA® for the prevention of disease caused by chikungunya virus in individuals aged 12
years and above.
On May 11, 2026, Bavarian Nordic announced the completion of the second tranche of the planned share
buy-back program for up to DKK 500 million during 2026.The second tranche of DKK 200 million was initiated
in March 2026, and, combined with the first tranche, shares of a total aggregate amount of approximately
DKK 350 million have now been repurchased.
On May 11, 2026, Bavarian Nordic announced that the Center for the Biomedical Advanced Research and
Development Authority (BARDA), part of the Administration for Strategic Preparedness and Response (ASPR)
in the U.S. Department of Health and Human Services (HHS), had exercised additional options valued at USD
97 million under the existing contract to supply a freeze-dried formulation of JYNNEOS
®
smallpox vaccine.
Note 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 May 13, 2026.
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 25
Corporate Management
Board of Directors
Management’s review Financial statements Notes
Bavarian Nordic · Q1 Report 2026 26
CVR no: 1 6 2 7 11 87
Phone +45 33 26 83 83
Website: www.bavarian-nordic.com
E-mail: info@bavarian-nordic.com
Trademarks
Encepur
®
, IMVAMUNE
®
, IMVANEX
®
, JYNNEOS
®
, MVA-BN
®
, RabAvert
®
, Rabipur
®
, Typhoral
®
, Vivotif
®
, Vaxchora
®
and Vimkunya
®
are registered trademarks owned by Bavarian Nordic.
Forward-looking statement
This interim report contains forward-looking statements. The words “believe”, “expect”, “anticipate”, “intend”
and “plan” and similar expressions identify forward looking statements. Actual results or performance may
differ materially from any future results or performance expressed or implied by such statements. The
important factors that could cause our actual results or performance to differ materially include, among
others, risks associated with product discovery and development, uncertainties related to the outcome and
conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing,
the lack of market acceptance of our products, our inability to manage growth, the competitive environment
in relation to our business area and markets, our inability to attract and retain suitably qualified personnel,
the unenforceability or lack of protection of our patents and proprietary rights, our relationships with
affiliated entities, changes and developments in technology which may render our products obsolete, and
other factors. For a further discussion of these risks, please refer to the section “Risk Management” in the
2025 Annual Report. Bavarian Nordic does not undertake any obligation to update or revise forward-looking
statements in this interim report nor to confirm such statements in relation to actual results, unless required
by law.
About us
The company employs more than 1,900 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.