Bavarian Nordic (BAVA) Q2 2025 earnings summary

Executive summary

• Revenue grew 33% year-over-year in H1 2025 to DKK 2,998 million, driven by strong vaccine sales in Travel Health and Public Preparedness, with 5 million vaccine doses sold.

• EBITDA for H1 2025 was DKK 961 million, with a margin of 32%, up from 20% in H1 2024.

• Major product launches included Vimkunya (chikungunya vaccine) in the US, Germany, and France, with further launches planned.

• Sold a Priority Review Voucher, generating DKK 810 million in net income, to be recognized in Q3.

• Recommended takeover offer at DKK 233 per share by Innosera, backed by Nordic Capital and Permira, at a significant premium over recent prices.

Financial highlights

• H1 2025 revenue: DKK 2,998 million (up 33% YoY); Q2 2025 revenue: DKK 1,652 million (up 16% YoY).

• H1 2025 EBITDA: DKK 961 million (margin 32%); Q2 2025 EBITDA: DKK 542 million (margin 33%).

• H1 2025 net profit: DKK 581 million; Q2 2025 net profit: DKK 363 million.

• Gross margin improved to 55% in Q2 and 53% in H1, up from 44% last year.

• Cash and cash equivalents stood at DKK 1,663 million at period end; equity at DKK 12,049 million.

Outlook and guidance

• 2025 revenue guidance refined to DKK 6,000–6,600 million; Travel Health upgraded to DKK 2,750 million.

• Public Preparedness revenue interval narrowed to DKK 3,100–3,700 million, with the low end secured by contracts.

• EBITDA margin guidance (excluding voucher) maintained at 26–30%; including voucher, margin expected at 40–42%.

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

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