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Bavarian Nordic (BAVA) investor relations material
Bavarian Nordic Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Revenue for the first nine months of 2025 rose 32% year-over-year to DKK 4.8 billion, driven by strong growth in both Travel Health and Public Preparedness segments.
Net profit for the period was DKK 1,674 million, significantly boosted by the sale of a Priority Review Voucher and higher gross profit.
Successfully launched the chikungunya vaccine Vimkunya in multiple countries, contributing to Travel Health growth and future potential.
Remained independent after a takeover offer lapsed, with leadership changes and continued focus on growth strategy.
Financial highlights
Q3 2025 revenue was DKK 1,795 million, with 9M revenue at DKK 4,793 million, both up 32% year-over-year.
EBITDA margin for the first nine months was 31%, with Q3 at 29% before special items; full-year EBITDA margin expected at 40% including PRV sale.
Gross margin improved to 50% in Q3 (43% prior year), and 52% for 9M (43% prior year), driven by higher production efficiency.
Net profit for Q3 was DKK 1,093 million, and DKK 1,674 million for 9M, supported by the PRV sale.
Net cash position at DKK 2,964 million as of 9M 2025, with positive free cash flow.
Outlook and guidance
Full-year 2025 revenue guidance is DKK 6,000 million, with EBITDA margin before special items at 26% and 40% including PRV sale.
Public Preparedness revenue for 2025 is fully secured at DKK 3,100 million; Travel Health projected at DKK 2,750 million, including DKK 75 million from Vimkunya.
Order book for 2026 already at DKK 1.1 billion, with major contracts secured.
R&D spend for the year targeted at DKK 900 million, with some costs potentially shifting into next year.
All 2025 USD exposure hedged at DKK 7.00/USD.
Board's plan for shareholder value post-takeover?
HERA contract's long-term impact on Public Preparedness?
Vimkunya's global rollout: future growth drivers?
Vimkunya US launch: How to overcome MMWR delay?
Public Preparedness: Why the DKK 600M delta?
Post-bid M&A: What's the capital allocation plan
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Next Bavarian Nordic earnings date
Q4 202512 Mar, 2026
Next Bavarian Nordic earnings date
Q4 202512 Mar, 2026
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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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