Bavarian Nordic (BAVA) Deutsche Bank ADR Virtual Investor Conference summary

Financial performance and business segments

• Achieved over 60% revenue growth and a 31% EBITDA margin in Q1, surpassing expectations.

• Travel health segment grew more than 50%, public preparedness over 80%.

• Revenue trend has been consistently upward in recent years, driven by both segments.

• Outlook for 2024: revenue guidance of DKK 5.7–6.7 billion, EBITDA margin of 26%–30%.

• Guaranteed contracts in public preparedness already close to lower end of guidance.

Product portfolio and innovation

• Two main divisions: travel health (rabies, TBE, cholera, typhoid, chikungunya) and public preparedness (smallpox, mpox).

• Chikungunya vaccine recently launched in US and Europe, with high market expectations.

• Pipeline includes new cell line technology for smallpox/mpox and additional studies for chikungunya.

• Equine encephalitis study in phase II, fully funded by US government.

• Early-stage Lyme and EBV studies to begin next year.

Market trends and growth drivers

• Vaccine demand supported by climate change, increased disease spread, and post-COVID awareness.

• Mpox outbreaks in Africa and travel-related cases in Europe drive demand for vaccines.

• Travel health market expected to grow 10–12% annually through 2027; overall vaccine market projected 6% CAGR to 2030.

• Travel health segment outpaces other vaccine segments, with 20% projected growth.

• Stockpiling by governments due to geopolitical tensions increases public preparedness sales.