Total Revenues of €174.7 million in line with guidance, including €157.9 million in product sales Strong year-end cash position of €109.7 million, with enhanced financial flexibility following successful debt refinancing 2026 to be a potentially transformational year with Phase 3 Lyme disease data expected in the first half of the yearChief Executive Officer’s contract renewed for a further three-year term, ensuring continuity in leadership Lyon (France), February 19, 2026 – Valneva SE (Nasdaq: VALN; Eurone ...

Core Insights - Bavarian Nordic A/S has secured a new order worth USD 22.5 million from the Public Health Agency of Canada for its mpox and smallpox vaccine, MVA-BN, under a 10-year contract established in 2022 [1][6] - The company has achieved approximately DKK 1,400 million in orders for its Public Preparedness business in 2026, reflecting an increase of DKK 100 million compared to previous communications, with full-year guidance remaining at DKK 1,800-2,000 million [2] - The CEO of Bavarian Nordic emphasized the importance of public preparedness in Canada and the company's commitment to supporting government efforts against health threats like mpox and smallpox, highlighting collaborations with the US and EU [3] Company Overview - Bavarian Nordic is a global vaccine company focused on improving health through innovative vaccines, serving as a preferred supplier of mpox and smallpox vaccines to governments [5] - The MVA-BN vaccine is the only non-replicating mpox vaccine approved in multiple regions, including the U.S., Canada, and the EU, originally developed to ensure smallpox vaccination for the entire population, including immunocompromised individuals [4]

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]

Industry Overview - The overall number of vaccine batch approvals in 2025 is projected to be 3,793, representing a year-on-year decline of 11.3%, primarily due to significant decreases in approvals for polio, meningitis, encephalitis, and measles-mumps-rubella vaccines [2][4] - Key vaccines expected to be approved in 2025 include Consonance's PCV13 and Wantai's 9-valent HPV vaccine, with several others in the review stage [1][4] Vaccine Development Pipeline - The RSV vaccine development is competitive among domestic companies, focusing on mRNA and recombinant protein technologies [1] - The shingles vaccine has four products in the application stage, indicating a rich pipeline [1] - Consonance's PCV13 has been approved, enhancing its product pipeline [1] - Wantai's 9-valent HPV vaccine is the first domestically produced vaccine to be approved [1] - Two human diploid rabies vaccines have been approved, with multiple products submitted for approval [1] - The meningitis vaccine pipeline is concentrated on MCV4, with a five-valent meningococcal vaccine from Sinovac entering clinical phase I [1] - The flu vaccine market has several products approved, with many in clinical stages [1] - Multi-valent vaccines have fewer products on the market, but several companies are pursuing differentiated strategies [1] Company-Specific Insights - Zhifei Biological's vaccine batch approvals are expected to decline, with a significant drop in agency products, while several self-developed products are nearing market launch [4] - Kangtai Biological anticipates a slight decrease in batch approvals, with the varicella vaccine contributing to new growth, and multiple vaccines in the application stage [4] - Watson Biological expects a 16% year-on-year decline in batch approvals, with RSV and shingles mRNA vaccines approved for clinical trials [4] - Wantai Biological has seen a significant increase in 2-valent HPV batch approvals, with the 9-valent HPV vaccine approved for market [4] - Kangxino Biological's MCV4 batch approvals are expected to continue growing, with PCV13 approved for market [4] - Kanghua Biological's human diploid rabies vaccine batch approvals are projected to decline, while the acquisition of Namixin aims to expand its mRNA technology platform [4] - Olin Biological anticipates significant growth in tetanus batch approvals, with data from its pneumococcal vaccine expected in the first half of 2026 [4] - Baike Biological expects a 42% year-on-year decline in vaccine batch approvals, with a liquid nasal spray flu vaccine approved [4] Investment Recommendations - Companies with strong self-research capabilities and innovative vaccine pipelines, such as Kangtai Biological, Kanghua Biological, Kangxino Biological, and Olin Biological, are recommended for investment focus, especially those with products nearing market launch [4]

Core Insights - Vaxcyte is advancing its VAX-31 vaccine candidate through a comprehensive Phase 3 clinical program, with the aim of submitting a Biologics License Application (BLA) [3][4][12] - The OPUS-3 trial is designed to evaluate the safety, tolerability, and immunogenicity of VAX-31 in adults who have previously received pneumococcal vaccination, with topline data expected in the first half of 2027 [1][5] - VAX-31 is designed to cover approximately 95% of invasive pneumococcal disease (IPD) and 88% of pneumococcal pneumonia in U.S. adults aged 50 and older, offering significant incremental coverage over current standard-of-care vaccines [2][12] Company Overview - Vaxcyte, Inc. is a clinical-stage vaccine innovation company focused on developing high-fidelity vaccines to combat bacterial diseases [14] - The company is engineering vaccines using its proprietary XpressCF platform, which allows for the production of complex proteins and antigens [15] - VAX-31 is the broadest-spectrum pneumococcal conjugate vaccine (PCV) candidate currently in clinical trials, with potential applications in both adult and pediatric populations [12][14] Clinical Trials - The OPUS-1 trial is a pivotal noninferiority trial evaluating VAX-31 for the prevention of IPD and pneumonia in adults, while OPUS-2 evaluates its concomitant administration with a seasonal influenza vaccine [3][5] - Approximately 6,000 adults are expected to be enrolled across the three Phase 3 studies, with about 3,400 receiving VAX-31 [3] - The OPUS-3 trial will involve around 720 participants aged 50 and older, randomized to receive either VAX-31 or an active comparator [5][6] Immunogenicity and Safety - The primary immunogenicity objective of the OPUS-3 trial is to assess serotype-specific immune responses elicited by VAX-31 [9] - Safety and tolerability will be monitored for six months following vaccination, ensuring a comprehensive evaluation of the vaccine's profile [7] Market Potential - The potential for VAX-31 to provide an incremental 14-34% broader coverage for IPD and 19-31% for pneumonia compared to existing vaccines highlights its market significance [2][4][12] - Pneumococcal disease remains a significant health threat, with approximately 225,000 adult hospitalizations annually in the U.S., underscoring the need for improved vaccine options [11]

Core Insights - The Travel Vaccines Market is projected to grow from USD 5.22 billion in 2025 to USD 10.69 billion by 2033, with a CAGR of 9.37% from 2026 to 2033, driven by international tourism, business travel, and increased awareness of vaccine-preventable diseases [1][6]. Market Size and Forecast - The U.S. Travel Vaccines Market is expected to grow from USD 1.42 billion in 2025 to USD 2.49 billion by 2033, at a CAGR of 7.32%, supported by outbound travel to emerging economies and increased vaccination services [4]. - The overall Travel Vaccines Market is anticipated to expand significantly, with a base year of 2025 and a forecast period from 2026 to 2033 [6]. Government Initiatives and Immunization Programs - Public health agencies globally are promoting vaccination to prevent diseases like yellow fever and hepatitis among travelers, enhancing vaccine uptake through national immunization policies and partnerships with travel agencies [5]. Market Segmentation Analysis - By Disease Type: Influenza dominates the market with a 38.50% share in 2025, expected to rise to 41.50% by 2033, while the "others" category is the fastest-growing segment, increasing from 10.38% to 12.63% [9]. - By Booking Channel: Online booking leads with a 59.75% market share in 2025, projected to grow to 70.25% by 2033, reflecting the trend towards digital healthcare solutions [10]. - By Tourist Type: Domestic travelers hold 61.13% of the market in 2025, but their share is expected to decrease to 55.88% by 2033, while international travelers will grow from 38.88% to 44.13% [11]. Regional Insights - North America holds the largest share of the Travel Vaccines Market at 41.13% in 2025, driven by strong healthcare systems and vaccination programs [15]. - The Asia Pacific region is the fastest-growing market, with a CAGR of 2.57%, fueled by increased travel and improved healthcare infrastructure [16]. Competitive Landscape - Major companies in the Travel Vaccines Market include GlaxoSmithKline, Merck & Co., Sanofi, and Pfizer, among others, indicating a competitive environment with significant R&D investments [13].

Core Insights - Valneva SE and Instituto Butantan have initiated a Pilot Vaccination Strategy (PVS) in Brazil for Valneva's chikungunya vaccine, IXCHIQ®, aimed at generating real-world evidence on its effectiveness and safety [1][2] Group 1: Pilot Vaccination Strategy - The PVS will be implemented in ten Brazilian municipalities selected based on epidemiological and operational criteria, targeting adults aged 18 to 59 years with a goal of achieving 20% to 40% vaccine coverage [2] - Valneva will donate up to 500,000 doses of IXCHIQ® to the Brazilian Ministry of Health for the program [2] - IXCHIQ® received marketing approval in Brazil in April 2025, marking the first approval of a chikungunya vaccine in an endemic country [2] Group 2: Public Health Context - Brazil has reported over one million chikungunya cases from January 2019 to July 2024, including 263,502 cases in 2024, resulting in 246 deaths [3] - The World Health Organization has called for urgent action to prevent a potential major chikungunya epidemic globally [3] Group 3: Collaboration and Support - Valneva and Instituto Butantan signed an agreement in January 2021 for the technology transfer of the chikungunya vaccine, which will be developed and commercialized in Latin America [4] - This collaboration is supported by the Coalition for Epidemic Preparedness Innovations (CEPI) and the European Union [4]

Core Insights - Novavax, Inc. is recognized as a high growth small-cap stock, ranking second on a recent list of profitable high growth stocks [1] - Bank of America (BofA) raised its price target for Novavax to $7 from $6 while maintaining an Underperform rating, following a licensing deal with Pfizer for its Matrix-M adjuvant [2] - Despite the positive interest indicated by the licensing agreement, BofA remains cautious about the timing of development for the licensed assets [2] - Unusually strong bullish options activity was observed for Novavax, with call trading at three times normal levels and implied volatility increasing to above 71% [3] - Novavax is focused on developing vaccines for serious infectious diseases, including COVID-19 and influenza, utilizing its recombinant protein platform and Matrix-M adjuvant [4]

Core Viewpoint - Vaxcyte, Inc. has announced a public offering of common stock, aiming to raise $550 million through the sale of 11 million shares at a price of $50.00 per share, with an option for underwriters to purchase an additional 1.65 million shares [1][2]. Group 1: Offering Details - The public offering is expected to close on February 2, 2026, pending customary closing conditions [2]. - The offering is managed by several financial institutions, including BofA Securities, Jefferies, and Guggenheim Securities, among others [2]. Group 2: Company Overview - Vaxcyte is focused on developing high-fidelity vaccines to combat bacterial diseases, with notable candidates including VAX-31 and VAX-24, which are designed to prevent invasive pneumococcal disease [5][6]. - The company utilizes a proprietary cell-free protein synthesis platform, XpressCF®, to enhance the development of complex vaccines [6]. Group 3: Pipeline and Innovation - Vaxcyte's pipeline includes VAX-A1, aimed at preventing Group A Strep infections, and VAX-GI, designed to prevent Shigella [6]. - The company is innovating vaccine production methods to improve immunological benefits and expand coverage against various serotypes [5][6].

Core Viewpoint - Watson Bio (300142.SZ) has officially launched 8 self-developed vaccine products (14 specifications) for sale, indicating a strong position in the vaccine market [1] Group 1: Product Offerings - The company has launched the following vaccines: - 13-valent pneumococcal conjugate vaccine (both vial and pre-filled syringe types) - Bivalent HPV vaccine (both vial and pre-filled syringe types) - 23-valent pneumococcal polysaccharide vaccine (both vial and pre-filled syringe types) - Haemophilus influenzae type b conjugate vaccine (both vial and pre-filled syringe types) - Group A and C meningococcal polysaccharide conjugate vaccine (both vial and pre-filled syringe types) - ACYW135 group meningococcal polysaccharide vaccine (both vial and pre-filled syringe types) - Group A and C meningococcal polysaccharide vaccine (vial type) - Adsorbed acellular DTP combined vaccine (vial type) [1] Group 2: Market Position - The company does not currently offer any influenza vaccines among its listed products, which may indicate a focused strategy on other vaccine types [1]