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]

Core Insights - Bavarian Nordic A/S reported strong interim financial results for the first nine months of 2025, with a revenue increase of 32% year-over-year, reaching DKK 4,793 million [2][5] - The company is on track to meet its refined financial guidance for 2025, expecting total revenue of approximately DKK 6,000 million and an EBITDA margin before special items of around 26% [3][5] Financial Performance - Q3 2025 revenue was DKK 1,795 million, compared to DKK 1,363 million in Q3 2024, marking a significant increase [2] - EBITDA before special items for the first nine months was DKK 1,477 million, resulting in an EBITDA margin of 31% [5] - Other operating income included DKK 810 million from the sale of the Priority Review Voucher, contributing to an expected total EBITDA margin of approximately 40% for the full year [2][5] Business Segments - Travel Health revenue increased by 23% to DKK 2,327 million, driven by higher demand for rabies and TBE vaccines, along with the launch of the Vimkunya chikungunya vaccine [3][5] - Public Preparedness revenue reached DKK 2,334 million, exceeding the expected annual base business within the first nine months [5] Product Developments - The Vimkunya chikungunya vaccine has been launched in multiple countries, including the UK, Denmark, Sweden, Norway, Finland, Italy, and Spain [6] - Regulatory progress for Vimkunya includes a review application submitted to Health Canada and Swissmedic, potentially leading to approvals in 2026 [6] Corporate Developments - Following the withdrawal of a takeover offer, Bavarian Nordic will continue as an independent company, reaffirming its commitment to its existing strategy [3][12] - A shareholder information meeting is scheduled for December 11, 2025, to discuss recent developments [9]