Bavarian Nordic (BAVA) Q2 2025 earnings summary

Executive summary

• Revenue grew 33% in H1 2025 to DKK 2,998m, driven by Travel Health and Public Preparedness; Q2 revenue up 16%.

• EBITDA for H1 2025 reached DKK 961m (margin 32%), up from 20% in H1 2024.

• Net profit for H1 2025 was DKK 581m, a significant increase from DKK 147m in H1 2024.

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

• Recommended takeover offer from Innosera at DKK 233 per share, a significant premium, with Board support.

Financial highlights

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

• Travel Health revenue grew 24% to DKK 1,386m, led by Rabipur/RabAvert (+37%) and Encepur (+14%).

• Public Preparedness revenue increased 51% to DKK 1,546m, mainly due to order phasing and new contracts.

• Gross margin improved to 55% in Q2 and 53% in H1, reflecting higher yields and production success.

• Operating cash flow was DKK 883m, but net cash outflow of DKK 372m after investments and milestone payments.

Outlook and guidance

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

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

• EBITDA margin before special items 26–30%; including PRV sale, margin expected at 40–42%.

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

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