Bavarian Nordic (BAVA) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 rose 32% year-over-year to DKK 4.8 billion, driven by strong growth in both Travel Health and Public Preparedness segments.

• Net profit for the period was DKK 1,674 million, significantly boosted by the sale of a Priority Review Voucher and higher gross profit.

• Successfully launched the chikungunya vaccine Vimkunya in multiple countries, contributing to Travel Health growth and future potential.

• Remained independent after a takeover offer lapsed, with leadership changes and continued focus on growth strategy.

Financial highlights

• Q3 2025 revenue was DKK 1,795 million, with 9M revenue at DKK 4,793 million, both up 32% year-over-year.

• EBITDA margin for the first nine months was 31%, with Q3 at 29% before special items; full-year EBITDA margin expected at 40% including PRV sale.

• Gross margin improved to 50% in Q3 (43% prior year), and 52% for 9M (43% prior year), driven by higher production efficiency.

• Net profit for Q3 was DKK 1,093 million, and DKK 1,674 million for 9M, supported by the PRV sale.

• Net cash position at DKK 2,964 million as of 9M 2025, with positive free cash flow.

Outlook and guidance

• Full-year 2025 revenue guidance is DKK 6,000 million, with EBITDA margin before special items at 26% and 40% including PRV sale.

• Public Preparedness revenue for 2025 is fully secured at DKK 3,100 million; Travel Health projected at DKK 2,750 million, including DKK 75 million from Vimkunya.

• Order book for 2026 already at DKK 1.1 billion, with major contracts secured.

• R&D spend for the year targeted at DKK 900 million, with some costs potentially shifting into next year.

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