Bavarian Nordic Income Statement

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024
Revenue	5,955	6,244	5,716
Revenue Growth (YoY)	-4.43%	9.23%	-
Cost of Revenue	3,113	3,195	2,897
Gross Profit	2,842	3,049	2,819
Selling, General & Admin	1,331	1,275	1,016
Research & Development	783.33	780.3	862.51
Other Operating Expenses	-	-810.09	-
Total Operating Expenses	2,114	1,245	1,879
Operating Income	1,538	1,804	939.77
Interest Income	74.01	51.04	150.07
Interest Expense	-17.19	-53.89	-118.48
Total Non-Operating Income (Expense)	56.82	-2.84	31.59
Pretax Income	1,595	1,801	971.36
Provision for Income Taxes	421.15	425.58	-16.62
Net Income	1,174	1,375	987.98
Net Income to Common	1,174	1,375	987.98
Net Income Growth	-11.17%	39.21%	-
Shares Outstanding (Basic)	78	78	78
Shares Outstanding (Diluted)	78	78	78
Shares Change (YoY)	-1.76%	-0.10%	-
EPS (Basic)	15.10	17.60	12.60
EPS (Diluted)	15.10	17.60	12.60
EPS Growth	-9.58%	39.68%	-
Free Cash Flow	2,123	2,517	1,867
Free Cash Flow Growth	-15.66%	34.78%	-
Free Cash Flow Per Share	27.31	32.25	23.91
Gross Margin	47.73%	48.83%	49.31%
Operating Margin	25.82%	28.89%	16.44%
Profit Margin	19.71%	22.03%	17.28%
FCF Margin	35.64%	40.30%	32.66%
EBITDA	2,288	2,542	1,603
EBITDA Margin	38.42%	40.71%	28.05%
EBIT	1,538	1,804	939.77
EBIT Margin	25.82%	28.89%	16.44%
Effective Tax Rate	26.41%	23.63%	-1.71%