Bavarian Nordic Income Statement

Financials in millions DKK. Fiscal year is January - December.

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	6,244	5,716	7,062	3,151	1,898
Revenue Growth (YoY)	9.23%	-19.06%	124.14%	66.02%	2.46%
Cost of Revenue	3,172	2,897	2,459	1,450	1,327
Gross Profit	3,072	2,819	4,603	1,701	570.93
Selling, General & Admin	1,257	1,016	808.43	588.96	484.7
Research & Development	780.3	744.04	1,670	1,183	399.16
Other Operating Expenses	-0.09	-	-	-	-
Operating Expenses	2,037	1,761	2,479	1,772	883.86
Operating Income	1,035	1,058	2,124	-70.79	-312.93
Interest Expense	-6.18	-5.19	-3.56	-16.64	-18.49
Interest & Investment Income	51.04	75.68	54.55	19.57	12.78
Currency Exchange Gain (Loss)	-12.36	41.66	-12.83	-7.02	5.26
Other Non Operating Income (Expenses)	-11.96	-81.3	-102.3	-120.83	-101.39
EBT Excluding Unusual Items	1,055	1,089	2,060	-195.7	-414.76
Merger & Restructuring Charges	-18	-80	-64	-	-
Gain (Loss) on Sale of Investments	-6.93	7.83	30.78	-190.3	-39.06
Asset Writedown	-23.16	-38.48	-	-	-0.62
Other Unusual Items	793.55	-7.09	-543.92	54.39	-
Pretax Income	1,801	971.36	1,483	-331.61	-454.43
Income Tax Expense	425.58	-16.62	7.75	15.77	10.35
Net Income	1,375	987.98	1,475	-347.38	-464.78
Net Income to Common	1,375	987.98	1,475	-347.38	-464.78
Net Income Growth	39.21%	-33.03%	-	-	-
Shares Outstanding (Basic)	78	78	77	70	63
Shares Outstanding (Diluted)	78	78	77	70	63
Shares Change (YoY)	-0.10%	1.82%	8.94%	11.59%	16.76%
EPS (Basic)	17.63	12.65	19.23	-4.93	-7.37
EPS (Diluted)	17.60	12.60	19.20	-4.93	-7.40
EPS Growth	39.68%	-34.38%	-	-	-
Free Cash Flow	2,517	1,867	976.68	-141.19	-841.63
Free Cash Flow Per Share	32.25	23.91	12.73	-2.00	-13.34
Gross Margin	49.20%	49.31%	65.18%	54.00%	30.08%
Operating Margin	16.57%	18.51%	30.08%	-2.25%	-16.49%
Profit Margin	22.03%	17.28%	20.89%	-11.03%	-24.49%
Free Cash Flow Margin	40.30%	32.66%	13.83%	-4.48%	-44.35%
EBITDA	1,654	1,597	2,628	290.35	35.8
EBITDA Margin	26.48%	27.94%	37.21%	9.21%	1.89%
D&A For EBITDA	618.64	538.92	504.01	361.14	348.73
EBIT	1,035	1,058	2,124	-70.79	-312.93
EBIT Margin	16.57%	18.51%	30.08%	-2.25%	-16.49%
Effective Tax Rate	23.63%	-	0.52%	-	-

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.