Bavarian Nordic A/s · OMXCOP:BAVA
Bavarian Nordic A/s — Bavarian Nordic A S — Q4 2025 Earnings Presentation
15 slides from Bavarian Nordic A/s's earnings presentation, Mar 12, 2026
Slide 1: Bavarian Nordic Q4/FY 2025 Results Conference Call
Bavarian Nordic Q4/FY 2025 Results Conference Call March 12, 2026
Slide 2: Forward-looking statements
Forward-looking statements This presentation includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-lo
Slide 3: Agenda
Agenda • Key highlights • Travel Health Paul Chaplin President and CEO • Chikungunya • Public Preparedness • Pipeline • Commercial performance Henrik Juuel CFO • Financials • Outlook 2026 • Q&A 3
Slide 4: 2025: another strong year
2025: another strong Key highlights 2025 • Strong growth (+30%) in Travel Health driven by core products rabies and year TBE vaccines, supported by chikungunya launch • Vimkunya approved in the US, EU and UK, and launched in the US, Germany, France, UK, Nordic countries, Italy, Spain, Portugal and A
Slide 5: Exceeding expectations in Travel Health
Exceeding expectations in Travel Health, Q4/FY 2025 revenue +30% Travel Health 2,963 2,287 +61% Rabies TBE 637 mDKK 395 • Strong growth in Q4 and FY 2025 driven by • Q4 and FY 2025 growth driven by market market growth and increased market shares growth and increased market share Q4 2024 Q4 2025 FY
Slide 6: Rabies in the US: Greater public health threat from wildlife
Rabies in the US: Greater public health threat from wildlife 6 human deaths 1,4m Americans in 12mth (as of Sep 2025), evaluated for rabies exposure, and while human rabies is rare ~100k vaccinated after potential (1-3 cases/yr). exposure annually. Oregon Maine Vermont Rabies outbreaks in the US Mass
Slide 7: First-year sales of Vimkunya exceeding latest guidance
First-year sales of Vimkunya exceeding latest guidance Chikungunya, Regulatory and launch status Public recommendations annual revenue • Vimkunya launched in the US, Germany, • US CDC’s ACIP: Vimkunya recommended for 250 France, UK, Nordic countries, Italy, Spain, individuals ≥12 years traveling to
Slide 8: Exceeding normal annual base business in Public Preparedness
Exceeding normal annual base Public Preparedness, Q4/FY 2025 revenue -3% 3,206 3,105 business in Public Preparedness -53% 1,657 Public Preparedness orders Ongoing studies 771 mDKK • Performance driven by contracts with • Phase 4: Post-exposure vaccination with the US, EU, and other governments & MVA
Slide 9: Continued transmission of mpox
Continued transmission of mpox While African region still reports the highest number of confirmed mpox cases, European region has reported an increase in confirmed mpox cases in early 2026 compared to December 2025. Clade 1b mpox cases reported in Jan 26-Mar 6, 2026 Global highlights: • 1,334 total
Slide 10: Pipeline progress
Pipeline progress Pipeline Post-approval Phase 1 Phase 2 Phase 3 commitments MVA-BN cell line being developed to significantly expand Chikungunya capacity; phase 2 comparability study required for approval ongoing (expected to finalize in 2026) MVA-BN cell line Ongoing Increased regulatory obligatio
Slide 11: Commercial performance
Commercial performance • • Total growth of 9% in FY 2025 FY 2025 Travel Health performance driven by increased demand for Q4 and FY 2025 rabies and TBE vaccines, supported by chikungunya launch mDKK Q4 2025 Q4 2024 Growth FY 2025 FY 2024 Growth • Strong market growth and increased Public preparednes
Slide 12: Financials
• FY 2025 revenue growth of 9% Financials • FY 2025 Gross margin of 49% impacted by low Q4 2025 gross margin of 39% caused by provisions for potential mDKK Q4 2025 Q4 2024 FY 2025 FY 2024 write-offs (TBE + MVA) partly offset by Revenue 1,451 2,094 6,244 5,716 continued successful manufacturing Produ
Slide 13: Cash flow and balance sheet
Cash flow and balance sheet Cash flow Balance sheet FY FY FY FY mDKK mDKK 2025 2024 2025 2024 Cash flow from operating activities 2,722 1,950 Intangible assets 5,960 6,331 Cash flow from investment activities (2,485) (1,871) Total assets 14,955 14,406 Free cash flow 237 79 Equity 12,870 11,409 Cash
Slide 14: Outlook 2026
Outlook 2026 Key assumptions • DKK 250m from sale of Vimkunya included in Travel Health revenue guidance Revenue of DKK 5,000 - 5,200m and EBITDA margin of • Revenue of DKK ~1,400m already secured by contracts for 2026 in Public approximately 25% expected. Preparedness Guidance • Seasonality of Trav
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