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Investor Relations14 Oct 2025
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Bavarian Nordic (BAVA) investor relations material
Bavarian Nordic Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary26 Aug, 2025
Executive summary
Revenue grew 33% in H1 2025 to DKK 2,998m, driven by Travel Health and Public Preparedness; Q2 revenue up 16%.
EBITDA for H1 2025 reached DKK 961m (margin 32%), up from 20% in H1 2024.
Net profit for H1 2025 was DKK 581m, a significant increase from DKK 147m in H1 2024.
Major product launches included Vimkunya (chikungunya) in the US, Germany, and France.
Recommended takeover offer from Innosera at DKK 233 per share, a significant premium, with Board support.
Financial highlights
Q2 2025 revenue: DKK 1,652m (up 16% YoY); H1 2025 revenue: DKK 2,998m (up 33% YoY).
Travel Health revenue grew 24% to DKK 1,386m, led by Rabipur/RabAvert (+37%) and Encepur (+14%).
Public Preparedness revenue increased 51% to DKK 1,546m, mainly due to order phasing and new contracts.
Gross margin improved to 55% in Q2 and 53% in H1, reflecting higher yields and production success.
Operating cash flow was DKK 883m, but net cash outflow of DKK 372m after investments and milestone payments.
Outlook and guidance
2025 revenue guidance refined to DKK 6,000–6,600m; Travel Health upgraded to DKK 2,750m.
Public Preparedness revenue narrowed to DKK 3,100–3,700m, with the low end secured by contracts.
EBITDA margin before special items 26–30%; including PRV sale, margin expected at 40–42%.
R&D costs expected at DKK 900m; CAPEX at DKK 250m.
All known 2025 USD exposure hedged at DKK 7.00/USD.
Board's recommendation on the takeover offer
When will rabies/TBE COGS reduction take full effect?
What is the purpose of JYNNEOS trials in infants?
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Next Bavarian Nordic earnings date
Q3 202514 Nov, 2025
Next Bavarian Nordic earnings date
Q3 202514 Nov, 2025
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Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
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Frequently asked questions
Bavarian Nordic is a clinical-stage biopharmaceutical company that develops and commercializes life-saving vaccines in the areas of cancer and infectious diseases. Its fast-growing portfolio today includes Aeras, an influenza vaccine that has been approved in the United States, Europe, and Canada, and the company is advancing a pipeline of novel, next generation vaccines designed to complement its portfolio. Bavarian Nordic A/S was incorporated in 1992 and is headquartered in Hellerup, Denmark.
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