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 both Travel Health and Public Preparedness segments.

• EBITDA margin reached 31%, 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.

• Launch of the chikungunya vaccine Vimkunya in the US and Europe, with first sales recorded rapidly post-approval and further launches expected in the UK and Canada.

• Secured a new $144 million order from the US government, strengthening revenue visibility for 2026.

Financial highlights

• Public Preparedness revenue grew 83% year-over-year to DKK 629 million, aided by accelerated deliveries and new contracts.

• Travel Health revenue increased 52% to DKK 680 million, with rabies and TBE vaccines showing 53% and 62% growth, respectively.

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

• EBITDA reached DKK 420 million (31% margin), up from DKK 22 million (3% margin) in Q1 2024.

• Net profit: 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 reaffirmed at DKK 5,700–6,700 million, with expected EBITDA margin of 26–30%.

• Public Preparedness revenue of DKK 2,650 million already secured for 2025; total guidance DKK 3,000–4,000 million.

• Travel Health revenue guidance: approx. DKK 2,500 million, including DKK 50–100 million from Vimkunya.

• R&D costs expected at DKK 900 million; CAPEX at DKK 250 million; revenue and costs expected to be back-end loaded in 2025.

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