Bavarian Nordic (BAVA) Q2 2026 earnings summary

Executive summary

• Revenue in Q2 2026 rose 23% year-over-year to DKK 2,034 million, with H1 revenue up 3% to DKK 3,092 million, driven by strong Travel Health sales and offset by expected lower Public Preparedness revenue.

• EBITDA for Q2 reached DKK 925 million (45% margin), and H1 EBITDA was DKK 1,090 million (35% margin), reflecting robust profitability and favorable product mix.

• Upgraded full-year 2026 guidance projects revenue of DKK 5,700 million and an EBITDA margin of 30%.

• Regulatory and commercial milestones included new approvals and launches for the Vimkunya chikungunya vaccine and expanded indications for the mpox/smallpox vaccine.

Financial highlights

• Q2 revenue: DKK 2,034 million (+23% YoY); H1 revenue: DKK 3,092 million (+3% YoY).

• Q2 EBITDA: DKK 925 million (45% margin); H1 EBITDA: DKK 1,090 million (35% margin).

• Net profit for H1: DKK 749 million, up from DKK 581 million in H1 2025.

• Gross margin for H1: 55%, with Q2 gross margin at 61%.

• Cash flow from operations was negative DKK 401 million, mainly due to increased working capital and milestone payments.

Outlook and guidance

• Full-year 2026 revenue guidance upgraded to DKK 5,700 million, with EBITDA margin expected at 30%.

• Travel Health revenue expected at DKK 3,000 million; Public Preparedness at DKK 2,500 million; other revenue at DKK 200 million.

• R&D costs for 2026 projected at DKK 750 million, focusing on lifecycle management and pipeline advancement.