Bavarian Nordic (BAVA) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 62% year-over-year to DKK 1,347 million, driven by strong growth in Travel Health (rabies, TBE) and Public Preparedness segments.

• EBITDA margin reached 31%, with EBITDA of DKK 420 million, reflecting robust profitability and improved manufacturing yields.

• Net profit for Q1 2025 was DKK 219 million, compared to a net loss of DKK 114 million in Q1 2024.

• Chikungunya vaccine Vimkunya approved in US, EU, UK, and launched in US; first sales recorded, with further launches expected in Europe and UK.

• Public Preparedness revenue exceeded expectations due to accelerated deliveries and new BARDA contract, securing future revenues for 2025 and 2026.

Financial highlights

• Travel Health revenue increased 52% to DKK 680 million, led by rabies (+53%) and TBE (+62%).

• Public Preparedness revenue grew 83% to DKK 629 million, mainly due to accelerated deliveries and new contracts.

• Gross margin improved to 51%, up from 32% last year, due to better manufacturing performance.

• Net profit for Q1 2025 was DKK 219 million.

• Negative free cash flow of DKK 760 million, mainly due to milestone and working capital payments.

Outlook and guidance

• Full-year 2025 revenue guidance maintained at DKK 5,700–6,700 million, with EBITDA margin expected between 26%–30%.

• Public Preparedness revenue of DKK 2,650 million already secured for 2025, supporting 2025 and 2026 revenues.

• Travel Health revenue guidance includes DKK 50–100 million from Vimkunya sales.

• R&D costs expected at DKK 900 million; CAPEX at DKK 250 million.

• All known 2025 USD exposure hedged at DKK 7.00 per USD.