Financial Data and Key Metrics Changes - Total revenues exceeded EUR 170 million, slightly above 2024 levels, with almost EUR 160 million in product sales [4] - Operating cash burn reduced by over 20%, driven by disciplined cash management [5] - Loss for the period reached EUR 115.2 million, with an adjusted EBITDA reported at -EUR 51.4 million [20] Business Line Data and Key Metrics Changes - Total product sales reached EUR 157.9 million, decreasing by 3.3% over 2024, primarily due to planned reduction in third-party sales [15] - IXIARO sales grew to EUR 98.4 million, representing a growth of 4.6% [15] - IXCHIQ sales increased to EUR 8.4 million from EUR 3.7 million in the prior year [16] Market Data and Key Metrics Changes - Proprietary product sales, excluding currency effects, grew by 9% year-over-year [15] - Third-party sales decreased significantly from EUR 33.2 million to EUR 19.2 million due to the termination of distribution contracts [16] Company Strategy and Development Direction - The company aims to become a leading vaccine biotech company by growing its commercial business and optimizing cash generation [6] - Plans to enhance the R&D pipeline with a focus on vector-borne diseases and expanding beyond this area [23] - Strategic in-licensing to augment the pipeline and create a risk-balanced portfolio of innovative vaccine assets [23] Management's Comments on Operating Environment and Future Outlook - Management highlighted resilience in a year marked by geopolitical uncertainty and rising vaccine hesitancy [4] - Positive phase 3 results for the Lyme disease vaccine candidate could be transformational, delivering substantial revenue [22] - The company expects total product sales in 2026 to be between EUR 145 million and EUR 160 million, with a focus on reducing operating cash burn [20] Other Important Information - The company closed the year with a cash position of nearly EUR 110 million and enhanced financial flexibility through successful debt refinancing [4] - The Lyme disease vaccine candidate, VLA15, is currently in a pivotal phase 3 study with results expected in the first half of 2026 [6][9] Q&A Session Summary Question: What is the expected timeline for the Lyme data readout? - Management indicated that Pfizer controls the study execution and expects data around mid of H1 2026 [27] Question: What gives confidence in VLA15's efficacy across different serotypes? - Management noted preclinical models showed promising results, but human data is still needed to confirm efficacy across serotypes [30] Question: How will capital allocation change if Lyme is successful? - Management stated that positive phase 3 data would not yield immediate milestones, with commercial sales milestones expected later [34] Question: What is the status of the DoD contract for IXIARO? - Management confirmed that a new contract is expected this year, and current shipments continue under the existing contract [46][58] Question: What are the next steps for the chikungunya vaccine VLA1553? - Management expects approval from Anvisa soon and is evaluating commercialization strategies in Asia [62][64]

Core Viewpoint - Bavarian Nordic has entered into an exclusive agreement with Eurofarma to sell and distribute its chikungunya vaccine, CHIKV VLP, in Brazil, with potential expansion to the rest of Latin America [1][8] Group 1: Agreement Details - The agreement is based on transfer pricing and royalties, with no upfront or milestone payments involved [2] - Eurofarma will be responsible for seeking and maintaining regulatory approval for the vaccine in the exclusive territories, as well as covering sales and distribution costs [2] - Bavarian Nordic will continue to manufacture the vaccine, which will be provided to Eurofarma under a transfer pricing agreement [2] Group 2: Regulatory and Market Launch - The regulatory submission is expected to occur in the first half of 2026, depending on discussions with the Brazilian health authority, Anvisa, potentially supporting the vaccine's launch in Brazil in the second half of 2027 [3] - The partnership aims to improve access to chikungunya vaccines in Brazil, which accounts for half of all reported cases and related deaths globally [4][7] Group 3: Vaccine Information - CHIKV VLP is a single-dose, recombinant vaccine designed to provide active preventive immunization against chikungunya virus disease for individuals aged 12 and older [5] - The vaccine is non-infectious as it contains no viral genetic material, allowing a broad group of individuals to benefit from vaccination [6] - It was approved by the U.S. FDA and the European Commission in February 2025, and in the UK in May 2025 under the name VIMKUNYA [6] Group 4: Company Background - Bavarian Nordic is a global vaccine company focused on improving health and saving lives through innovative vaccines [8] - Eurofarma, founded in 1972, is a leading pharmaceutical company in Brazil, operating in 24 countries and producing 600 million units in 2024, with a net revenue of over USD 1.78 billion [10]

Core Insights - Valneva SE has received marketing authorization from Health Canada for its single-dose chikungunya vaccine, IXCHIQ, for individuals aged 12 years and older, complementing previous authorizations in Canada and Europe [1][3][10] - The vaccine demonstrates a sustained immune response for 24 months in 97% of participants, indicating its long-term efficacy [2][5] - The approval is significant as chikungunya outbreaks are increasing globally, particularly in endemic regions, highlighting the need for accessible vaccination [3][4][5] Company Overview - Valneva is a specialty vaccine company focused on developing, manufacturing, and commercializing vaccines for infectious diseases, with a strong track record in advancing vaccines from R&D to market [7] - The company currently markets three proprietary travel vaccines and is advancing multiple vaccine candidates, including those for Lyme disease and Zika virus [7] Industry Context - Chikungunya virus is a mosquito-borne disease causing severe joint pain and other debilitating symptoms, with over 3.7 million cases reported in the Americas from 2013 to 2023 [6] - The World Health Organization has identified chikungunya as a major public health issue, exacerbated by climate change and the geographical spread of mosquito vectors [6] - Valneva's partnership with CEPI aims to enhance access to IXCHIQ in low- and middle-income countries, addressing the growing public health threat posed by chikungunya [4][5]

Core Viewpoint - Bavarian Nordic A/S has received acceptance from Health Canada for the review of its chikungunya vaccine candidate, CHIKV VLP, which aims to prevent chikungunya virus infection in individuals aged 12 and older, with potential approval expected in the first half of 2026 [1][3]. Group 1: Vaccine Development and Approval - The New Drug Submission for CHIKV VLP is based on data supporting recent approvals in the US, EU, and UK, including results from two phase 3 clinical trials involving over 3,500 participants aged 12 and older [2][4]. - The vaccine demonstrated a neutralizing antibody response in up to 97.8% of vaccinated individuals 21 days post-vaccination, with a seroresponse rate of 96.8% at day 15 for the 12-64 age group and 82.3% for those over 65 [2]. - CHIKV VLP is designed to be non-infectious, containing no viral genetic material, making it suitable for a broad population [4]. Group 2: Market Context and Disease Impact - Chikungunya is a mosquito-borne disease that has emerged in over 110 countries, causing significant outbreaks, particularly in popular travel destinations [5]. - In 2024, there were 620,000 reported cases of chikungunya globally, with over 200 deaths, indicating a substantial public health concern [5]. - The disease often presents with severe symptoms, including incapacitating joint pain, and a significant percentage of patients may develop chronic arthritis [5]. Group 3: Company Overview - Bavarian Nordic is a global vaccine company focused on improving health through innovative vaccines, with a strong portfolio in travel vaccines and public health preparedness [6].