Bavarian Nordic Reports Preliminary 2025 Financial Results and Provides Guidance for 2026

Core Insights - Bavarian Nordic A/S reported preliminary financial results for 2025, with revenue of DKK 6,244 million, exceeding the latest guidance of approximately DKK 6,000 million [1][2] - The company achieved an EBITDA of DKK 2,542 million, resulting in an EBITDA margin of 41%, surpassing the latest guidance of approximately 40% [2][4] Financial Performance - Revenue breakdown for 2025 includes DKK 3,105 million from Public Preparedness and DKK 2,963 million from Travel Health, with Travel Health showing a 30% year-over-year growth [5][7] - The company’s core vaccines, rabies and TBE, contributed significantly to the revenue growth, with respective increases of 34% and 20% [5] - The chikungunya vaccine generated DKK 85 million in its first year of sales, exceeding guidance by DKK 10 million [5] 2026 Financial Guidance - For 2026, Bavarian Nordic expects revenue between DKK 5,000 million and DKK 5,200 million, with an EBITDA margin of approximately 25% [6][7] - Revenue from Public Preparedness is anticipated to be between DKK 1,800 million and DKK 2,000 million, with DKK 1,300 million already secured through contracts [8] - Travel Health revenue is projected at approximately DKK 3,000 million, reflecting a 10% growth over the prior year [9][10] Research and Development - R&D spending for 2026 is capped at DKK 750 million, focusing on life-cycle management of the commercial portfolio and additional studies for the chikungunya vaccine [11] - Early-stage pipeline assets are expected to enter clinical development in 2027 [11] Capital Expenditure - CAPEX for 2026 is expected to be around DKK 250 million, with inventory levels anticipated to remain relatively unchanged [12]