Intervacc (IVACC) Q2 2026 earnings summary

Executive summary

• Strangvac® vaccine sales grew 54% in Sweden but declined 63% in the rest of Europe year-over-year, highlighting uneven market penetration.

• International demand for Strangvac® increased, with approvals in Iceland and New Zealand and ongoing US regulatory progress.

• Piggivac™ vaccine for pigs showed breakthrough protection against S. suis serotypes 2 and 9, advancing towards clinical studies.

• Management changes included a new CEO and CTO, and a long-term incentive program was introduced.

Financial highlights

• Net sales for H1 2026 were SEK 9.6 million, down from SEK 11.6 million year-over-year.

• Operating loss increased to SEK -42.8 million from SEK -32.1 million year-over-year, mainly due to higher personnel costs and limited Strangvac® sales.

• Cash flow from operating activities was SEK -25.3 million, stable compared to the previous year.

• Equity at period end was SEK 233.1 million, with cash and equivalents at SEK 127.6 million.

Outlook and guidance

• Focus on expanding Strangvac® market penetration in Europe and progressing US regulatory approval.

• Application submitted to EMA to extend Strangvac® immunity duration to 12 months, potentially aligning with routine equine influenza vaccination.

• Continued development and commercialization of Piggivac™ for broad protection in pigs.