Core Insights - Bavarian Nordic A/S has expanded its strategic partnership with Serum Institute of India Pvt. Ltd. to include a contract manufacturing agreement for the chikungunya vaccine, allowing for a full tech transfer of the manufacturing process to scale capacity for future supply to low- and middle-income countries [1][8] Company Overview - Bavarian Nordic is a global vaccine company focused on improving health through innovative vaccines, with a strong portfolio in mpox and smallpox vaccines, as well as travel vaccines [6] - Serum Institute of India is the world's largest vaccine manufacturer, producing vaccines for various diseases and operating with an annual capacity of 4 billion doses [7] Vaccine Details - The chikungunya vaccine (CHIKV VLP) is a single-dose, prefilled, adjuvanted recombinant protein vaccine designed for individuals aged 12 and older, with protective immunity developing as early as one week post-vaccination [3] - The vaccine is non-infectious, containing no viral genetic material, making it safe for a broad range of individuals [4] Disease Context - Chikungunya is a mosquito-borne disease that has emerged in over 110 countries, causing significant outbreaks, particularly in Brazil, which reported nearly 500,000 cases and over 200 deaths in 2025 [5]

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]