Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 2
Key highlights
Financial highlights
→ Revenue in the second quarter (Q2) increased by 23% to DKK
2,034 million.
→ Travel Health revenue increased by 45% (56% when adjusting for
discontinued partnerships) to DKK 1,022 million, primarily driven by
continued strong RabAvert/Rabipur sales (DKK 649 million, +55%), as
well as strong Encepur sales (DKK 268 million, +58%) and the
continued launch of Vimkunya (DKK 37 million, +415%).
→ Public Preparedness revenue increased by 6% to DKK 975 million
driven by a stronger-than-expected contract base in 2026, while also
reflecting the normal quarterly phasing of revenue from this business.
→ EBITDA in the second quarter (Q2) was DKK 925 million,
corresponding to an EBITDA margin of 45%. Gross margin reached
61% driven by an advantageous product mix and strong
manufacturing performance.
First half (H1) total revenue was DKK 3,092 million, an increase of 3%,
reflecting the strong growth in Travel Health, offset by lower Public
Preparedness revenue in line with expectations (no material impact
from mpox outbreaks expected in 2026). EBITDA in the first half was
DKK 1,090 million, corresponding to an EBITDA margin of 35%.
Business highlights
→ Additional regulatory approvals were obtained for the Vimkunya
chikungunya vaccine in Switzerland and Canada, and Bavarian Nordic’s
partner, Eurofarma, submitted a marketing authorization application to
the Brazilian Health Regulatory Agency (Anvisa) for the vaccine.
→ Vimkunya was launched in the Netherlands, Belgium and
Switzerland, and is now available in the US and 14 European countries.
Additional launches are planned for the second half of 2026.
→ Regulatory advancements were also made for the mpox and
smallpox vaccine as the European Commission in August approved
the use of MVA-BN for children 2 to less than 12 years of age
following a positive recommendation from the Committee for
Medicinal Products for Human Use (CHMP) under the European
Medicines Agency in June.
→ The Public Preparedness business was strengthened as the US
Government exercised additional options valued at USD 97 million
under the existing contract to supply a freeze-dried formulation of
JYNNEOS
®
smallpox vaccine. Furthermore, another contract valued
over DKK 700 million with an undisclosed government was received
for delivery in 2026 and 2027.
A record half-year for Travel Health
“We delivered a strong first half of 2026, with record
Travel Health revenue, continued robust profitability and
solid execution across our manufacturing network.
Demand for our rabies vaccines remained exceptionally
strong across key markets, while our chikungunya vaccine
continued to gain traction in Europe following multiple
launches during the period. In Public Preparedness,
additional government contracts for our mpox/smallpox
vaccine strengthened our revenue base and enhanced
visibility beyond 2026, while further regulatory progress
broadened the potential use of the vaccine across wider
populations. Based on our first-half performance,
operational momentum and the business secured for the
remainder of the year, we remain confident in delivering
our upgraded financial guidance for 2026.”
Paul Chaplin, President and CEO.
Upgraded full-year guidance
→ The Company has upgraded its full-year guidance for 2026 and
now expects revenue of approximately DKK 5,700 million,
corresponding to the upper end of the previous guidance range (DKK
5,500 – 5,700 million). The EBITDA margin is now expected to reach
approximately 30% (previously approximately 28%).
Share buy-back
→ The planned share buy-back program of DKK 500 million was
completed in July. The Company will initiate another share buy-back
program in 2026 of up to DKK 750 million, reflecting the strength of
the Company’s balance sheet and cash generation while preserving
the ability to pursue value-accretive acquisition opportunities.
Q2 conference call
The management of Bavarian Nordic will host an investor/analyst
call today, August 21, 2026 at 2 pm CEST (8 am EDT) to present the
interim results followed by a Q&A session.
→ Click here for details
Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 3
Performance snapshot
Revenue
Revenue (Q2) Revenue (H1)
2,034 mDKK s23% 3,092 mDKK s3%
EBITDA margin
EBITDA margin (Q2) EBITDA margin (H1)
45% 35%
Travel Health
Revenue (Q2) Revenue (H1)
1,022 mDKK s45% 1,742 mDKK s26%
Travel Health, revenue by quarter
DKK million
Revenue from discontinued partnerships is excluded in the graph.
Public Preparedness
Revenue (Q2) Revenue (H1)
975 mDKK s6% 1,269 mDKK t18%
Public Preparedness, revenue by quarter
DKK million
Contents
→ Key figures and ratios 4
→ Performance 5
→ Product revenue overview 6
→ Financial review 7
→ Outlook 9
→ Product and pipeline update 10
→ Shareholder information 11
→ Financial statements 12
0
500
1,000
Q1
2024
Q2 Q3 Q4 Q1
2025
Q2 Q3 Q4 Q1
2026
Q2
0
500
1,000
1,500
Q1
2024
Q2 Q3 Q4 Q1
2025
Q2 Q3 Q4 Q1
2026
Q2
Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 4
Key figures and ratios
DKK thousands
Q2 2026
Q2 2025
H1 2026
H1 2025
FY 2025
Income statements
Revenue 2,034,403 1,651,503 3,092,248 2,998,093 6,243,956
Production costs 803,149 737,881 1,386,794 1,403,827 3,195,343
Sales and distribution costs 176,147 114,153 321,370 236,487 716,546
Research and development costs 163,428 293,257 338,564 465,369 780,303
Administrative costs 142,907 135,248 303,756 262,560 558,053
Other operating income, net - - - - 810,088
Income before interest and taxes (EBIT) 748,772 370,964 741,764 629,850 1,803,799
Financial items, net 10,857 2,387 41,183 (26,951)
(2,844)
Income before company tax 759,629 373,351 782,947 602,899 1,800,955
Net profit for the period 731,643 362,569 748,596 581,328 1,375,378
Balance sheet
Total non-current assets 8,032,776 8,390,869 8,217,229
Securities, cash and cash equivalents 2,357,585 1,663,093 3,333,502
Other current assets 4,332,401 3,852,535 3,403,806
Total assets 14,722,762 13,906,497 14,954,537
Equity 13,217,319 12,049,400 12,870,078
Non-current liabilities 481,309 208,352 486,935
Current liabilities 1,024,134 1,648,745 1,597,524
Cash flow statements
Cash flow from operating activities (400,718)
882,977 2,721,903
Cash flow from investment activities (73,764)
(1,081,697)
(2,484,867)
Cash flow from financing activities (463,694)
(172,815)
(114,358)
DKK thousands
Q2 2026
Q2 2025
H1 2026
H1 2025
FY 2025
Financial ratios
1
Gross margin 60.5%
55.3%
55.2%
53.2%
48.8%
EBITDA 924,552 541,775 1,090,003 961,323 2,541,925
EBITDA margin 45.4%
32.8%
35.2%
32.1%
40.7%
EBITDA excl. other operating income, net 924,552 541,775 1,090,003 961,323 1,731,837
Earnings (basic) per share 9.1 7.4 17.6
Net asset value per share 166.81 152.8 162.4
Share price at period-end 183 169 190
Share price/Net asset value per share 1.1 1.1 1.2
Number of shares, period-end,‘000 79,237 78,855 79,237
Equity share 90%
87%
86%
Return on invested capital (ROIC)
2
18.2%
13.3%
18.2%
13.3%
16.9%
Number of employees (FTE), period-end 1,906 1,667 1,795
Reconciliation of EBITDA
Income before interest and taxes (EBIT) 748,772 370,964 741,764 629,850 1,803,799
Amortization 96,849 96,884 193,696 183,009 392,200
Depreciation + amortization of developed
product processes
78,931 73,927 154,543 148,464 345,926
EBITDA 924,552 541,775 1,090,003 961,323 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.
2
Return on invested capital (ROIC) is calculated as Earnings Before Interest and Tax (EBIT) divided by average invested capital.
Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 5
Performance
Travel Health
Rabipur/RabAvert
Rabipur/RabAvert revenue grew by 40% in the
first half, driven by a combination of continued
market growth and strong brand performance.
The overall US market grew by 20% in the first
half versus the prior year. RabAvert market share
was 78%, 1pp lower than the prior year level.
The overall German market grew by 22% in the
first half versus the prior year, reflecting
underlying solid demand. Rabipur market share
was 96%, 1pp lower than the prior year level.
Revenue from other European markets contributed
with a 51% revenue growth versus prior year for
the first half and 91% for the second quarter in
isolation.
Encepur
Encepur revenue increased by 17% in the first half
compared to the prior year, following a strong
performance in the second quarter after the first
quarter that was somewhat impacted by supply
constraints that drove wholesaler stock levels
down.
The overall German market grew by 3% in the first
half versus the prior year and Encepur market
share was 31%, 1pp higher than the prior year
level.
During the second quarter, regulatory authorities in
several countries approved an extension of
Encepur shelf-life to 24 months, leading to a
partial reversal of write-down provisions in the
first half as further explained under Production
costs.
Vimkunya
Vimkunya revenue was DKK 78 million in the first
half, driven by strong performance in Germany,
while uptake in the US has been slower as the
CDC’s ACIP recommendation, issued in April 2025,
has not been published in the Morbidity and
Mortality Weekly Report (MMWR) combined with a
conservative interpretation of the
recommendation. This is regarded as a temporary
challenge in the US market, and the long-term
market opportunity remains intact.
During the first half, Vimkunya was launched in the
Netherlands, Belgium and Switzerland, and is now
available in the US and 14 European countries.
Vivotif
Vivotif revenue in the first half grew by 19%
compared to the prior year. The US market for
typhoid vaccines increased by 3% in the first half
and the Vivotif market share was 18%, 2pp below
the prior year level. Revenue for the period was
positively impacted by improved gross-to-net
deductions following reduced return rates.
Vaxchora
Vaxchora revenue decreased by 30% in the first
half, reflecting the niche and order-driven nature
of the cholera market.
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
649
Q1 2025 Q2 Q3 Q4 Q1 2026 Q2
205
169
143
82
171
268
Q1 2025 Q2 Q3 Q4 Q1 2026 Q2
5
7
30
42
41
37
Q1 2025 Q2 Q3 Q4 Q1 2026 Q2
59
58
48
72
62
66
Q1 2025 Q2 Q3 Q4 Q1 2026 Q2
Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 6
Public Preparedness
JYNNEOS/IMVANEX/IMVAMUNE
Revenue from JYNNEOS/IMVANEX/IMVAMUNE was
DKK 1,269 million in the first half, a decrease of
18% compared to prior year. This is in line with
expectations, as 2026 revenue is not expected to
be materially impacted by mpox outbreaks.
For 2026, revenue of approximately DKK 2,500
million is expected from this business, of which
DKK 2,300 million has been secured to-date. This is
an improvement over the original expectations
(DKK 1,800 – 2,000 million) resulting from
additional contracts awarded during the year,
including the US Government’s exercise of
additional options under the contract for freeze-
dried JYNNEOS valued at USD 97 million to be
delivered over 2026 and 2027. Additionally,
approximately DKK 800 million has been secured
in revenue for delivery in 2027. See Outlook for
2026 for additional information.
Other revenue
Other revenue increased by 22% in the first half.
The revenue mainly stems from ongoing contracts
with the US government, including the contract to
develop an MVA-BN-based vaccine against equine
encephalitis viruses.
Product revenue overview
DKK million
Q2 2026
Q2 2025
Growth
H1 2026
H1 2025
Growth
Travel Health
Rabipur/RabAvert 649
419
55% s
1,090
778
40% s
Encepur 268
169
58% s
439
374
17% s
Vimkunya 37
7
415% s
78
13
522% s
Vivotif 58
46
26% s
113
96
19% s
Vaxchora 8
12
-32% t
15
21
-30% t
Third-party products
1
2
52
-96% t
7
105
-93% t
1,022
705
45% s
1,742
1,386
26% s
Public Preparedness
JYNNEOS/IMVANEX/IMVAMUNE
975
917
6% s
1,269
1,546
-18% t
975
917
6% s
1,269
1,546
-18% t
Other revenue 37
29
27% s
81
66
22% s
Total 2,034
1,652
23% s
3,092
2,998
3% s
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
the US, Canada, the 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, 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 · H1 Report 2026 7
Financial review
Financial statements for the period January 1 –
June 30, 2026 are un-audited. Comparison figures
for the same period 2025 are stated in brackets.
Revenue
Revenue for the period was DKK 3,092 million
(DKK 2,998 million). Revenue was composed of
DKK 1,742 million (DKK 1,386 million) from the
Travel Health business, DKK 1,269 million (DKK
1,546 million) from the Public Preparedness
business, and DKK 81 million (DKK 66 million) from
contract work. The growth in Travel Health was
driven by strong Rabipur/RabAvert sales of DKK
1,090 million (DKK 778 million). In the first six
months of 2025, revenue included DKK 105 million
from discontinued partner agreements.
Revenue reported for the three months ended June
30, 2026, amounted to DKK 2,034 million (DKK
1,652 million).
Production costs
Production costs totaled DKK 1,387 million (DKK
1,404 million). Costs related directly to revenue
amounted to DKK 960 million (DKK 950 million), of
which cost of goods sold totaled DKK 905 million
(DKK 903 million). Contract costs totaled DKK 55
million (DKK 47 million). Amortization of product
rights was recognized as part of the cost of goods
sold with a total of DKK 194 million (DKK 183
million). Amortization of product rights relates to
Rabipur/RabAvert and Encepur, DKK 142 million
(DKK 142 million), and Vivotif, Vaxchora and
Vimkunya DKK 51 million (DKK 40 million). Other
production costs totaled DKK 233 million (DKK 271
million). Other production costs were positively
impacted by good production performance with
low scrap rates and a partial reversal of write-
down provisions, DKK 29 million, made in 2025 for
short Encepur shelf-life. The reversal follows the
regulatory approval in May 2026 of a shelf-life
extension to 24 months. During the second quarter
of 2026, a scrap provision of DKK 46 million for a
GSK rabies batch was expensed.
In the second quarter of 2026, production costs
were DKK 803 million (DKK 738 million).
Gross margin for the first half ended at 55%,
supported by a strong second quarter, reaching
61%. The high second quarter gross margin was
driven by an advantageous product mix and strong
manufacturing performance leading to a high level
of cost absorption, while also reflecting the first
year with full impact from the completed tech
transfer for Rabipur/RabAvert.
Sales and distribution costs
Sales and distribution costs totaled DKK 321 million
(DKK 236 million), split between costs for
distribution of products of DKK 35 million (DKK 50
million) and costs for running the commercial
organization and activities of DKK 286 million (DKK
186 million). 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 339
million (DKK 465 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 304 million (DKK
263 million). An accrued amount related to the
severance agreement with the CEO is included.
EBIT/EBITDA
Income before interest and tax (EBIT) amounted to
DKK 742 million (DKK 630 million).
EBITDA was DKK 1,090 million (DKK 961 million).
Amortization of product rights amounted to DKK
194 million (DKK 183 million) whereas
depreciation on other fixed assets amounted to
DKK 155 million (DKK 148 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 41
million (net expense of DKK 27 million) and
consisted of interest income of DKK 10 million
(DKK 13 million), financial net income from
securities of DKK 17 million (net income of DKK 4
million), and net foreign exchange rate gain of
DKK 23 million (net loss of DKK 14 million) due to
an increase in the USD exchange rate during first
half of 2026. This is partly offset by interest
Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 8
expense on debt of DKK 5 million (DKK 3 million)
and financial expenses DKK 3 million (DKK 3
million) related to the revolving credit facility. See
note 6 and 7.
Income before company tax was a gain of DKK 783
million (gain of DKK 603 million).
Tax
Tax on income was DKK 34 million (DKK 22
million). The effective tax rate was 4.4% (3.6%)
for the Group. Tax for the first half year is primarily
related to accrual of 50% of expected corporate
income tax for 2026 in the parent company (DKK
22 million) and taxes in the German and Swiss
subsidiaries.
Net profit
For the first six months of 2026, Bavarian Nordic
reported a net profit of DKK 749 million (net profit
of DKK 581 million).
Securities, cash and cash equivalents
Securities, cash and cash equivalents were DKK
2,358 million as of June 30, 2026 compared to DKK
3,334 million as of December 31, 2025. During the
first six months of 2026, DKK 447 million was
spent on the share buy-back program, which was
completed in July. The final milestone payment to
GSK was paid in first quarter (EUR 70 million).
Cash flow
Cash flow generated by operating activities was
negative by DKK 401 million (positive by DKK 883
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 1,577 million (negative DKK
162 million), primarily following a very high
receivable position as of June 30, 2026 and the
payment of the last milestone payment to GSK of
EUR 70 million. The high level of receivables was
explained by significant Public Preparedness
revenue invoiced late in the second quarter and by
the strong growth in the Travel Health business.
The outstanding milestone payment was
recognized as a trade payable as of December 31,
2025.
Cash flow from investment activities was negative
by DKK 74 million (negative by DKK 1,082 million)
and consisted mainly of investment in IT projects,
developed production processes and tangible
assets. In the first half of 2025, DKK 1,105 million
was recognized as investment in products rights.
Last operational milestone and the completion
milestone to GSK were obtained (EUR 100 million)
and the last milestone to Emergent BioSolutions
(USD 50 million) became payable following the
regulatory approval of Vimkunya.
Cash flow from financing activities was negative
by DKK 464 million (DKK 173 million negative),
following the share buy-back program.
The net cash flow for the first six months of 2026
was negative by DKK 938 million (negative by DKK
372 million) with main drivers being payment of
the completion milestone to GSK (EUR 70 million)
and the share buy-back program (DKK 447 million).
Equity
The Group’s equity as of June 30, 2026, stood at
DKK 13,217 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 · H1 Report 2026 9
Outlook for 2026
Full-year guidance upgraded
The financial guidance for 2026 has been upgraded
reflecting continued strength in the Public
Preparedness business.
Total revenue is now expected at approximately DKK
5,700 million, corresponding to the upper end of the
previous guidance range (DKK 5,500 – 5,700 million).
The upgraded guidance comprises revenue of DKK
3,000 million from Travel Health, approximately DKK
2,500 million (previously DKK 2,300 – 2,500 million)
from Public Preparedness and approximately DKK 200
million from other revenue sources.
Revenue expectations for Vimkunya have been
revised to DKK 200 million (previously 250 million),
following lower than originally expected revenue
from the US market which is explained by the lacking
publication of the ACIP recommendation in the
MMWR. The overall revenue expectations for the
Travel Health business however remain unchanged,
supported by continued strong performance across the
core portfolio.
The upgraded revenue in Public Preparedness reflects
additional contract awards secured during the year
with approximately DKK 2,300 million now secured for
2026.
As a result of the favorable revenue mix and strong
manufacturing performance, the expected EBITDA
margin is increased to approximately 30% (previously
approximately 28%). All other assumptions underlying
the 2026 financial guidance remain unchanged.
2026 revenue and EBITDA margin expectations
DKK million
Current
21 August 2026
Updated
11 May 2026
Original
12 February 2026
Revenue ~5,700
5,500 – 5,700
5,000 – 5,200
Public Preparedness ~2,500
2,300 – 2,500
1,800 – 2,000
Travel Health ~3,000
~3,000
~3,000
Other revenue 200
200
200
EBITDA margin ~30%
~28%
~25%
The full-year guidance was upgraded on August 21, 2026.
Assumptions
The Travel Health revenue guidance includes DKK
200 million from the sale of Vimkunya (previously
DKK 250 million).
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 advancement of the early-stage
pipeline assets (EBV and Lyme).
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 · H1 Report 2026 10
Product and pipeline update
Travel Health
Vimkunya
®
Chikungunya vaccine.
Regulatory approvals and launch status
Territory Approved
Launched
US Feb 2025
Mar 2025
EU Feb 2025
May 2025
UK May 2025
Sep 2025
Switzerland Apr 2026
Jun 2026
Canada Jun 2026
-
Vimkunya has been launched in the US, Germany, Switzerland,
France, UK, Denmark, Sweden, Norway, Finland, Italy, Spain,
Portugal, Austria, Belgium and the Netherlands.
New approvals in 2026
Vimkunya was approved by Swissmedic in April
2026 and was launched in Switzerland in June. In
June, Health Canada approved the vaccine.
Regulatory process initiated in Brazil
Bavarian Nordic’s partner, Eurofarma, has
submitted a marketing authorization application to
the Brazilian Health Regulatory Agency (Anvisa)
for the chikungunya vaccine. Through the
agreement entered with Eurofarma in January
2026, Eurofarma has exclusive rights to sell and
distribute the vaccine in Brazil and 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.
Ongoing clinical development
The long-term immunogenicity of Vimkunya is
currently being evaluated in a follow-up 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
(NCT07467707 →) 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 June, the Committee for Medicinal Products for
Human Use (CHMP) under the European Medicines
Agency recommended approval of MVA-BN for
children aged 2 to less than 12 years. The
recommendation, supported by results from a
phase 2 clinical study (NCT06549530 →), was
referred to the European Commission for final
approval, which was granted in August 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
EBV
An IND for the Epstein-Barr Virus (EBV) vaccine is
expected to be filed in 2026, which, if successful,
could enable initiation of a phase 1 clinical trial
later this year.
Lyme disease
A novel Lyme vaccine candidate has been
developed, and preclinical studies have confirmed
the vaccine’s ability to induce a strong and durable
immune response against Lyme disease. Activities
to support clinical development, including clinical
trial manufacturing, will continue in 2027 and the
phase 1 study is now anticipated to start in 2028,
pending successful IND filing.
Equine encephalitis
The equine encephalitis vaccine program, funded
by the US Department of Defense (DOD), is
currently in phase 2 clinical development and
progressing according to plan.
Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 11
Shareholder information
Share capital
By June 30, 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 half of 2026.
There were 4,707,912 outstanding warrants, which
entitle the holders to subscribe for 4,707,912 new
shares. Thus, the fully diluted share capital
amounted to DKK 839,446,400 by June 30, 2026,
comprising 83,944,640 shares.
Share buy-back program
As planned, a share buy-back program of DKK 500
million has been completed. A total of 2,636,028
shares were repurchased under the program,
which was executed in three tranches, starting in
January and ending in July. The shares will be held
as treasury stock for the purpose of adjusting the
capital structure.
By June 30, 2026, the Company held 3,276,224
treasury shares, corresponding to 4.13 % of the
Company’s share capital.
As of the reporting date, August 21, 2026, the
Company held 3,558,591 shares, corresponding to
4.49% of the Company’s share capital.
Financial calendar 2026 and 2027
The dates for the annual and quarterly reports and
the annual general meeting in 2027 have been
determined as follows:
Nine-month report (Q3) November 13, 2026
Annual Report 2026 March 11, 2027
Annual General Meeting April 13, 2027
1
First quarter report (Q1) May 14, 2027
Half-year report (H1) August 25, 2027
Nine-month report (Q3) November 10, 2027
1
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 1, 2027.
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.
For additional shareholder information, visit our
investor relations website →
Share price development, H1
Indexed
85
95
105
115
Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26
OMX Copenhagen C25
STOXX Europe 600 Healthcare
NASDAQ BIOTECH
Bavarian Nordic
Management’s review Financial statements Notes
Bavarian Nordic · H1 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 15
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 · H1 Report 2026 13
Consolidated Income Statement
DKK thousand Note
Q2 2026
Q2 2025
H1 2026
H1 2025
FY 2025
Revenue 3 2,034,403
Production costs 4 803,149
Gross profit
Sales and distribution costs
Research and development costs 5 163,428
Administrative costs
Total operating costs
Other operating income -
Other operating expenses -
Other operating income, net -
Income before interest and tax (EBIT)
Financial income 6 16,538
Financial expenses 7 5,681
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
Q2 2026
Q2 2025
H1 2026
H1 2025
FY 2025
Net profit for the period 731,643
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 -
Change in fair value of financial instruments
entered into to hedge future cash flows
(655 )
Exchange rate adjustments on translating
foreign operations
(8,630 )
(30,370 )
Items that will be reclassified to the
income statement
(9,285 )
(17,096 )
Tax on other comprehensive income 1,877
(2,124 )
Other comprehensive income after tax (7,408 )
(10,421 )
Total comprehensive income 724,235
Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 14
Consolidated Statement of Cash Flow
DKK thousand
H1 2026
H1 2025
FY 2025
Net profit for the period 748,596
Adjustment for non-cash items:
Financial income (50,385 )
(18,298 )
(51,043 )
Financial expenses 9,202
Tax on income for the period 34,351
Depreciation, amortization and impairment losses 348,239
Share-based payment 55,954
Changes in inventories (167,382 )
(318,675 )
(186,610 )
Changes in receivables (774,608 )
Changes in provisions 872
(707 )
Changes in current liabilities (636,139 )
(50,137 )
Cash flow from operations (operating activities) (431,300 )
Received financial income 135,939
Paid financial expenses (102,065 )
(5,514 )
(16,695 )
Paid company taxes (3,292 )
(20,853 )
(111,723 )
Cash flow from operating activities (400,718 )
DKK thousand
H1 2026
H1 2025
FY 2025
Investments in product rights -
(1,104,536 )
(1,105,244 )
Investments in other intangible assets (56,314 )
(6,719 )
(48,763 )
Investments in property, plant and equipment (53,612 )
(59,453 )
(205,288 )
Change in financial assets -
(18,103 )
(51,174 )
Investments in securities (59,923 )
(300,519 )
(1,796,300 )
Disposal of securities 96,085
Cash flow from investment activities (73,764 )
(1,081,697 )
(2,484,867 )
Payment on loans (1,075 )
(1,037 )
(2,090 )
Repayment of lease liabilities (15,730 )
(21,657 )
(40,813 )
Proceeds from warrant programs exercised -
Purchase of treasury shares (446,889 )
(150,121 )
(150,121 )
Cash flow from financing activities (463,694 )
(172,815 )
(114,358 )
Cash flow of the period (938,176 )
(371,535 )
Cash as of 1 January 1,714,498
Currency adjustments 1 January 362
(31,304 )
(31,670 )
Cash end of period 776,684
Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 15
Consolidated Statement of Financial Position
Assets
DKK thousand Note
H1 2026
H1 2025
FY 2025
Assets
Product rights 5,376,844
Developed production processes 321,912
Software 26,201
Intangible assets in progress 70,517
Intangible assets 5,795,474
Land and buildings 882,527
Leasehold improvements 9,927
Plant and machinery 320,052
Fixtures and fittings, other plant and equipment 562,527
Assets under construction 263,241
Property, plant and equipment 2,038,274
Right-of-use assets 104,205
Other receivables
Prepayments
Financial assets 94,823
Total non-current assets 8,032,776
DKK thousand Note
H1 2026
H1 2025
FY 2025
Inventories
8
Trade receivables 9 1,514,090
Tax receivables 13,406
Other receivables 10 40,606
Prepayments 82,998
Receivables 1,651,100
Securities 1,580,901
Cash and cash equivalents 776,684
Securities, cash and cash equivalents 2,357,585
Total current assets 6,689,986
Total assets 14,722,762
Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 16
Consolidated Statement of Financial Position
Equity and liabilities
DKK thousand Note
H1 2026
H1 2025
FY 2025
Equity and liabilities
Share capital 792,367
Treasury shares (32,763 )
(9,669 )
(9,669 )
Retained earnings 12,151,916
Other reserves 305,799
Equity 13,217,319
Debt to credit institutions 9,807
Retirement benefit obligations 83,838
Deferred tax liabilities 312,063
Lease liabilities 75,601
Non-current liabilities 481,309
DKK thousand Note
H1 2026
H1 2025
FY 2025
Debt to credit institutions
Lease liabilities 43,776
Prepayment from customers 2,516
Trade payables 331,671
Company tax 35,093
Other liabilities 11 608,923
Current liabilities 1,024,134
Total liabilities 1,505,443
Total equity and liabilities 14,722,762
Management’s review Financial statements Notes
Bavarian Nordic · H1 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 -
(23,695 )
(23,695 )
Total comprehensive income for the period
(23,695 )
Transactions with owners
Share-based payment -
Purchase of treasury shares -
(23,537 )
(423,352 )
(446,889 )
Transfer regarding restricted stock units -
(9,718 )
Total transactions with owners
(23,094 )
(414,077 )
(390,934 )
Equity as of June 30, 2026
(32,763 )
(15,559 )
Management’s review Financial statements Notes
Bavarian Nordic · H1 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 -
Change in fair value of financial instruments entered into to hedge future cash flows -
Total comprehensive income for the period
Transactions with owners
Share-based payment -
Purchase of treasury shares -
(7,603 )
(142,518 )
(150,121 )
Transfer regarding restricted stock units -
(12,374 )
Total transactions with owners
(6,826 )
(130,921 )
(101,734 )
Equity as of June 30, 2025
(9,669 )
Management’s review Financial statements Notes
Bavarian Nordic · H1 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
Q2 2026
Q2 2025
H1 2026
H1 2025
FY 2025
Travel health
Rabipur/RabAvert 648,752
418,863
1,089,647
778,069
1,816,707
Encepur 267,967
169,238
439,006
373,711
598,071
Vimkunya 37,112
7,213
78,428
12,599
84,565
Vivotif 57,937
45,889
113,378
95,538
198,361
Vaxchora 8,290
12,105
14,743
21,146
37,880
Other product sale 1,845
52,055
7,234
104,574
227,883
1,021,903
705,363
1,742,436
1,385,637
2,963,467
Public preparedness
JYNNEOS/IMVANEX/IMVAMUNE
975,399
916,884
1,269,052
1,546,065
3,104,974
Sale of goods 1,997,302
1,622,247
3,011,488
2,931,702
6,068,441
Contract work 37,101
29,256
80,760
66,391
175,515
Sale of services 37,101
29,256
80,760
66,391
175,515
Revenue 2,034,403
1,651,503
3,092,248
2,998,093
6,243,956
Total revenue includes:
Fair value adjustment concerning financial
instruments entered into to hedge revenue
3,691
(1,981)
2,893
(5,811)
5,486
Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 20
Note 4
Production costs
DKK thousand
Q2 2026
Q2 2025
H1 2026
H1 2025
FY 2025
Cost of goods sold 522,240
502,493
905,182
902,620
1,869,858
Contract costs 26,969
21,156
54,909
47,143
125,562
Other production costs 157,091
117,384
233,007
271,091
823,255
Amortization product rights 96,849
96,848
193,696
182,973
376,668
Production costs 803,149
737,881
1,386,794
1,403,827
3,195,343
Note 5
Research and development costs
DKK thousand
Q2 2026
Q2 2025
H1 2026
H1 2025
FY 2025
Research and development costs occurred in
the period
190,397
314,413
393,473
512,512
905,865
Of which:
Contract costs recognized as production costs (26,969)
(21,156)
(54,909)
(47,143)
(125,562)
Research and development costs 163,428
293,257
338,564
465,369
780,303
Note 6
Financial income
DKK thousand
Q2 2026
Q2 2025
H1 2026
H1 2025
FY 2025
Financial income from bank and deposit
contracts
1
3,934
5,110
10,075
12,802
36,874
Financial income from securities 9,125
2,305
17,843
5,496
14,169
Net foreign exchange gains 3,479
-
22,467
-
-
Financial income 16,538
7,415
50,385
18,298
51,043
1
Interest income on financial assets measured at amortized cost
Note 7
Financial expenses
DKK thousand
Q2 2026
Q2 2025
H1 2026
H1 2025
FY 2025
Interest expenses on debt
1
3,564
1,570
4,975
2,628
6,181
Fair value adjustments on securities 379
(1,088)
783
1,982
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
-
7,282
-
16,453
16,453
Currency adjustment deferred consideration -
(181)
-
1,617
2,324
Net loss on derivative financial instruments
at fair value through the income statement
-
-
-
-
6,958
Financial expenses, other 1,738
1,725
3,444
3,469
-
Net foreign exchange losses -
(4,280)
-
14,099
10,038
Financial expenses 5,681
5,028
9,202
45,249
53,887
1
Interest expenses on financial liabilities measured at amortized cost
Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 21
Note 8
Inventories
DKK thousand
H1 2026
H1 2025
FY 2025
Raw materials and supply materials 356,200
262,662
262,296
Work in progress 2,109,896
1,750,319
1,990,711
Manufactured goods and commodities 515,662
1,006,250
638,269
Write-down on inventory (300,457)
(373,247)
(377,357)
Inventories 2,681,301
2,645,984
2,513,919
Write-down on inventory 1 January (377,357)
(255,928)
(255,928)
Write-down during the period (78,869)
(184,073)
(325,037)
Use of write-down 80,892
66,754
203,608
Reversal of write-down 74,877
-
-
Write-down end of period (300,457)
(373,247)
(377,357)
Note 9
Trade receivables
DKK thousand
H1 2026
H1 2025
FY 2025
Trade receivables from public preparedness business 669,116
344,034
233,351
Trade receivables from travel health business 844,400
559,362
545,701
Trade receivables from contract work 574
825
1,246
Trade receivables 1,514,090
904,221
780,298
Note 10
Other receivables
DKK thousand
H1 2026
H1 2025
FY 2025
Receivable VAT and duties 30,880
40,527
40,525
Derivative financial instruments at fair value 574
129,315
10,260
Interest receivables 9,028
2,357
8,600
Other receivables 124
425
2,051
Other receivables 40,606
172,624
61,436
Note 11
Other liabilities
DKK thousand
H1 2026
H1 2025
FY 2025
Financial instruments at fair value 20,683
-
-
Payable salaries, holiday accrual etc. 248,771
209,924
279,119
Gross to net deduction accrual 279,750
228,968
246,164
Other accrued costs 59,719
54,242
37,952
Other liabilities 608,923
493,134
563,235
Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 22
Note 12
Financial instruments
Fair value hierarchy for financial instruments measured at fair value
As of June 30, 2026
As of December 31, 2025
DKK thousand
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Securities 1,580,901
-
1,580,901
1,619,004
-
1,619,004
Financial assets measured at fair value through the income statement 1,580,901
-
1,580,901
1,619,004
-
1,619,004
Derivative financial instruments to hedge future cash flow (currency) -
(20,683)
(20,683)
-
9,658
9,658
Derivative financial instruments to hedge future cash flow (interest) -
574
574
-
602
602
Financial assets/liabilities used as hedging instruments -
(20,109)
(20,109)
-
10,260
10,260
Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 23
Note 13
Warrants
Outstanding warrants as of June 30, 2026
Outstanding as of January 1
Additions
Warrants exercised
Annulled
Terminated
Transferred
Outstanding as of June 30
Corporate Management
428,277
-
-
-
-
-
428,277
Other Executive Management
238,909
-
-
-
-
-
238,909
Other employees
3,488,899
-
-
(37,852)
-
(1,118)
3,449,929
Resigned employees
589,679
-
-
-
-
1,118
590,797
Total 4,745,764
-
-
(37,852)
-
-
4,707,912
Weighted average exercise price 235
-
-
140
-
-
235
Weighted average share price at exercise
Numbers of warrants which can be exercised as of June 30, 2026 1,451,039
at a weighted average exercise price of DKK 294
The total recognized cost of the warrant programs was DKK 34 million in the first six months of 2026 (DKK 31 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 · H1 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 July 13, 2026, Bavarian Nordic announced the completion of the third and final tranche of the planned
share buy-back program for 2026.The third tranche of DKK 150 million was initiated in June 2026, and,
combined with the first two tranches, shares of a total aggregate amount of approximately DKK 500 million
have now been repurchased.
On July 13, 2026, Bavarian Nordic announced that its partner, Eurofarma, had submitted a marketing
authorization application to the Brazilian Health Regulatory Agency (Anvisa) for Bavarian Nordic’s chikungunya
vaccine, CHIKV VLP, for the prevention of disease caused by chikungunya virus in individuals 12 years of age
and older.
On August 7, 2026, Bavarian Nordic announced that the European Commission had adopted the recent
Committee for Medicinal Products for Human Use (CHMP) positive opinion recommending the approval of a
type II variation for IMVANEX
®
(MVA-BN) smallpox and mpox vaccine, extending the current marketing
authorization to include children 2 to less than 12 years of age.
On August 21, 2026, Bavarian Nordic announced an upgrade of its financial guidance for the full year 2026.
On August 21, 2026, Bavarian Nordic announced its plans to launch a new share buy-back program of up to
DKK 750 million to be initiated during the third quarter of 2026.
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 August 21, 2026.
Management’s review Financial statements Notes
Bavarian Nordic · H1 Report 2026 25
Corporate Management
Board of Directors
Management’s review Financial statements Notes
Bavarian Nordic · H1 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.