Bavarian Nordic Reports Preliminary 2025 Financial Results and Provides Guidance for 2026


Bavarian Nordic A/S

  • Exceeding latest 2025 guidance following a strong performance from both commercial arms of the business in Travel Health and Public Preparedness.

  • 2026 guidance reflects continued growth in Travel Health (10% from own products, 14% at constant exchange rates) and a normalized year in Public Preparedness, both in line with the communicated mid-term growth ambitions.

COPENHAGEN, Denmark, February 12, 2026 – Bavarian Nordic A/S (OMX: BAVA) today announced preliminary, unaudited financial results for 2025 and provided its financial guidance for 2026.

Revenue in 2025 was DKK 6,244 million, compared to the latest guidance of approximately DKK 6,000 million, and included the following:

  • DKK 3,105 million from Public Preparedness, exceeding the normal annual base business by more than DKK 1,000 million as the surge in demand for mpox vaccines continued during 2025.

  • DKK 2,963 million from Travel Health, exceeding the latest guidance by nearly DKK 200 million and demonstrating an increase of 30% over 2024. Strong demand for rabies and TBE vaccines continued with 34% and 20% growth respectively, while the first-year of sales for the chikungunya vaccine reached DKK 85 million, exceeding the latest guidance by DKK 10 million. Revenue from the sale of partnered products, which will discontinue from 2026, totaled DKK 228 million.

  • DKK 176 million in other revenue.

EBITDA excluding other net operating income was a profit of DKK 1,732 million, corresponding to an EBITDA margin of 28% compared to the latest guidance of approximately 26%.

Other net operating income was DKK 810 million, stemming from the sale of the Priority Review Voucher.

EBITDA including other net operating income was a profit of DKK 2,542 million, corresponding to an EBITDA margin of 41% compared to the latest guidance of approximately 40%.

All numbers above are preliminary and unaudited. The consolidated, audited financial results for 2025 will be published in the Company’s annual report on March 12, 2026.

“2025 was another strong year for Bavarian Nordic as we continued to scale our Travel Health business globally, which demonstrated a 30% growth year-over-year. These results are primarily driven by our core vaccines, rabies and TBE, but also supported by the successful launch of our chikungunya vaccine,” said Paul Chaplin, President and CEO of Bavarian Nordic. “We are encouraged by these extraordinary results, stemming from our bold and ambitious strategy to transform Bavarian Nordic, which was made possible through acquisitions and the loyal support from our shareholders. With the commercial infrastructure in place and a proven track record of success in implementing and driving further value of acquired assets, we wish to further expand our portfolio to maximize our efforts globally. This will also strengthen our resilience towards the more unpredictable nature of our Public Preparedness business, which represents half our revenue. As outbreaks wane, we expect revenues from Public Preparedness to normalize in 2026. We remain however the leading provider to governments of mpox and smallpox vaccines to support their public health responses, whether during outbreaks or for long-term stockpiling, and we continue to build strong partnerships with an aim to expand the base business.”



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