Bavarian Nordic (BAVA) Jefferies London Healthcare Conference 2024 summary

Mpox outbreak response and manufacturing strategy

• Shifted manufacturing strategy after WHO declared Mpox a public health emergency, enabling production of 2 million doses in the current year and up to 13 million next year, aligning with UNICEF and Africa CDC demand estimates of 10–15 million doses.

• Achieved DKK 3–3.4 billion in public preparedness revenue guidance, with 2.4 billion kroner already secured for next year and potential for more if shipments are delayed.

• Manufacturing remains at full scale, with expectations of larger future orders due to ongoing demand shortfalls.

• Expanded fill/finish capacity and inventory, with current capacity at 15 million doses and potential to scale up to 50 million doses if needed.

• Willing to move fill/finish operations to Africa and collaborate with additional manufacturers to meet global needs.

Vaccine development, regulatory progress, and market expansion

• Expanded vaccine label to include adolescents (12+), with pediatric studies underway to further broaden access, including children under two and pregnant women.

• Emergency use authorizations allow off-label use in children, with full label expansion expected within 18 months.

• Freeze-dried formulation, offering longer shelf life and easier shipment, has completed clinical development and is pending FDA approval by March next year.

• Anticipates long-term stockpiling demand from a growing number of governments and organizations, with base business in public preparedness likely to increase.

• MVA vaccine is preferred over older alternatives due to superior safety, leading to increased demand and adoption, including by the military.

Commercial and private market strategy

• Launched JYNNEOS as a travel and private market vaccine in the U.S. and Germany, with demand surging after free government doses were exhausted.

• Expanded travel vaccine franchise by acquiring and revitalizing previously stagnant assets like Rabipur (rabies) and TBE, reversing market share declines and completing manufacturing transfers on time and budget.

• Acquired and is relaunching Vivotif (typhoid) and Vaxchora (cholera) vaccines, aiming to restore combined annual sales to $100 million, supported by an underutilized Swiss facility.