Bavarian Nordic A/S

XMUN:BV3

Strong half year: Bavarian Nordic reported just over DKK 3 billion in first-half revenue with a 35% EBITDA margin, calling the results a “tremendous” performance driven by broad strength across the commercial portfolio.

Guidance lifted: Management raised full-year revenue guidance to approximately DKK 5.7 billion and EBITDA margin guidance to approximately 30%, mainly on stronger Public Preparedness and better-than-expected profitability.

Travel Health momentum: Travel Health grew 26% in the first half, led by rabies and TBE, with continued strong demand in the U.S., Germany, and other European markets.

Vimkunya reset: Chikungunya vaccine sales guidance was cut to DKK 200 million from DKK 250 million because U.S. demand is being held back by the delayed ACIP publication, even though Europe is performing well.

Cash returns: The company ended the period with DKK 2.3 billion in cash and announced a new share buyback of up to DKK 750 million while saying it still has room for M&A.

Pipeline progress: Bavarian Nordic brought forward its EBV Phase I study to later this year and said its improved Lyme candidate will move into clinical development in 2028 after further manufacturing and regulatory work.