Bavarian Nordic (BAVA) Q4 2024 earnings summary

Executive summary

• Achieved strong, profitable growth for the fifth consecutive year, with 2024 revenue of DKK 5.7 billion and an EBITDA margin of 28%, driven by travel health and public preparedness segments.

• Travel health vaccine franchise grew 22% year-over-year, with rabies and TBE products showing 16% and 19% growth, respectively; tech transfer for rabies completed and TBE expected in 2025.

• Public preparedness revenue reached DKK 3.2 billion, supported by Mpox outbreaks, new contracts, and JYNNEOS launch in private markets.

• EMA and FDA approvals for chikungunya vaccine, with launches in the US and Europe planned for H1 2025 and a Priority Review Voucher granted.

• Announced two new pipeline assets: vaccine candidates for Lyme disease and Epstein-Barr Virus, with clinical studies planned for 2026.

Financial highlights

• Total revenue for 2024 was DKK 5.7 billion, in line with upgraded guidance.

• Gross profit reached DKK 2.8 billion, with a gross margin of 49%, impacted by site write-downs and ramp-up costs.

• EBITDA was DKK 1.6 billion, resulting in a 28% EBITDA margin.

• Net profit for FY 2024 was DKK 988 million, down from DKK 1,475 million in 2023.

• Cash and equivalents at year-end totaled DKK 2.2 billion, with positive cash flow from operations.

Outlook and guidance

• 2025 revenue guidance is DKK 5.7–6.7 billion, with an EBITDA margin of 26–30%.

• Public preparedness revenue expected at DKK 3–4 billion, with DKK 2.5 billion already secured by contracts.

• Travel health revenue anticipated at approximately DKK 2.5 billion.

• Chikungunya vaccine launch expected to generate DKK 50–100 million in 2025.

• Q1 2025 expected to be light in revenue and EBITDA due to seasonality and timing of public preparedness revenue.