Bavarian Nordic Publishes Annual Report 2025

Core Insights - Bavarian Nordic A/S reported its annual results for 2025, confirming strong preliminary results and indicating a strategic transformation towards growth in the Travel Health business [2][4][5] Financial Performance - The company achieved DKK 6,244 million in revenue for 2025, exceeding the latest guidance of approximately DKK 6,000 million [5][7] - Revenue breakdown includes DKK 3,105 million from Public Preparedness, DKK 2,963 million from Travel Health, and DKK 176 million from other revenue [5] - EBITDA excluding other net operating income was DKK 1,732 million, resulting in an EBITDA margin of 28%, surpassing the guidance of approximately 26% [5][9] - Including other net operating income of DKK 810 million, the EBITDA margin increased to 41%, compared to the guidance of approximately 40% [5][9] 2026 Outlook - For 2026, Bavarian Nordic expects revenue between DKK 5,000 million and DKK 5,200 million, with an EBITDA margin of approximately 25% [10][11] - Revenue from Travel Health is projected to be around DKK 3,000 million, while Public Preparedness is expected to generate DKK 1,800 million to DKK 2,000 million [12][11] - The company anticipates a more normalized year in 2026 without the impact of ongoing outbreaks, aligning with mid-term growth ambitions [12] Strategic Developments - In January 2026, Bavarian Nordic initiated a share buy-back program for up to DKK 500 million, with the first tranche of DKK 150 million completed in February [8] - The company entered an agreement with Eurofarma for exclusive rights to sell and distribute its chikungunya vaccine in Brazil [8] - A new order valued at USD 22.5 million was secured from the Public Health Agency of Canada for mpox and smallpox vaccines, increasing secured orders for 2026 to approximately DKK 1,400 million [8] - A strategic partnership with Serum Institute of India was expanded to include a contract manufacturing agreement for the chikungunya vaccine [8] Leadership Changes - Paul Chaplin, the current CEO, will step down later in 2026, marking a change in leadership for the company [2][8]