Denmark · Delayed Price · Currency is DKK Bavarian Nordic Earnings Call Transcripts
Fiscal Year 2025
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Revenue reached DKK 6.2 billion in 2025, with strong growth in travel health and public preparedness, and a 28% EBITDA margin. 2026 guidance anticipates DKK 5–5.2 billion revenue and 25% EBITDA margin, with continued expansion in travel health and new agreements for chikungunya vaccine.
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Revenue rose 32% year-over-year to DKK 4.8 billion, with strong growth in both travel health and public preparedness. EBITDA margin reached 31%, and full-year guidance is confirmed at DKK 6 billion revenue. Vimkunya launch and market share gains in key vaccines drive future growth.
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Revenue grew 33% year-over-year in H1 2025, driven by strong vaccine sales and portfolio balance. EBITDA margin reached 32%, with improved gross margin and robust cash position. Guidance for 2025 was refined upward, and a recommended takeover offer was announced.
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Strong revenue and margin growth were reported, driven by both travel health and public preparedness. New product launches, especially chikungunya, and ongoing innovation support future growth, while strategic M&A and a potential voucher sale could further boost financials.
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Q1 saw 62% revenue growth and a 31% EBITDA margin, driven by strong travel health and public preparedness segments. New U.S. government orders and the launch of Vimkunya support future growth, with full-year guidance reaffirmed.
Fiscal Year 2024
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Reported DKK 5.7 billion in 2024 revenue and a 28% EBITDA margin, driven by strong travel health and public preparedness growth. Guidance for 2025 anticipates continued robust performance, with new vaccine launches and pipeline progress supporting future growth.
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Manufacturing and supply of Mpox vaccine have scaled rapidly to meet global demand, with expanded capacity and regulatory progress supporting broader access. The travel vaccine portfolio has grown through strategic acquisitions and successful relaunches, while a differentiated Chikungunya vaccine is set for launch next year.
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Q3 and nine-month results were strong, with travel health and public preparedness segments outperforming expectations. Upgraded 2024 guidance reflects robust mpox vaccine demand and a solid 2025 order book, while execution risks remain around Q4 logistics and market recovery for some travel vaccines.
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Strong H1 2024 results with DKK 2.3B revenue, robust travel health growth, and public preparedness guidance fully secured. Mpox vaccine supply capacity could reach 10M doses by end-2025, with regulatory and manufacturing expansion ongoing.