Bavarian Nordic A/s · OMXCOP:BAVA
Bavarian Nordic A/s — Bavarian Nordic A S — Q2 2025 Earnings Presentation
16 slides from Bavarian Nordic A/s's earnings presentation, Aug 22, 2025
Slide 1: Bavarian Nordic Q2 2025 Results Conference Call
Bavarian Nordic Q2 2025 Results Conference Call August 22, 2025
Slide 2: Agenda
Agenda • Key highlights • Travel Health Paul Chaplin President and CEO • Chikungunya progress • Public Preparedness • Pipeline update • Commercial performance Henrik Juuel CFO • Financials • Outlook 2025 • Takeover offer announcement • Q&A 2
Slide 3: Strong first half of the year
Strong first half of the Key highlights H1 year • • Strong Travel Health mainly driven by rabies and TBE vaccines Vimkunya approved in the US, EU and UK, and launched in the US, Germany and France; on track to meet 2025 guidance • Public Preparedness revenues on track to exceed the normal base Reven
Slide 4: Travel Health driven by strong rabies and TBE
Travel Health driven by strong Travel Health, quarterly/H1 revenue rabies and TBE +24% +5% 1,386 1,119 Rabies TBE 672 705 mDKK • Strong growth in Q2 (26%) driven by • While decrease in Q2 (-16%), delivering in continued market growth, market share line with expectations in H1 (14%); Q2 2024 Q2 2025
Slide 5: Chikungunya progress
Chikungunya progress Regulatory and launch status Public recommendations Expected news Chikungunya, YTD revenue ✓ Vimkunya launched in ✓ Vimkunya recommended by • Post-approval Germany and France with US CDC’s ACIP when efficacy study 50-100 first sales outside the US traveling to planned Q2 revenue
Slide 6: Locally-acquired chikungunya cases worldwide
Locally-acquired chikungunya cases worldwide CHIKV is widely underreported, and the true global health burden is likely underestimated. Countries with current outbreaks (CDC)1a Evidence of transmission of CHIKV in US travelers in the last 5 years (CDC)1a Additional countries with reported cases of C
Slide 7: Chikungunya virus disease in Europe in 2025
Chikungunya virus disease in Europe in 2025 Locally-acquired cases identified as of August 18 Locations of locally-acquired chikungunya cases1,2 Country Cases Clusters Dijon (n=2) Italy1 7 5 Lipsheim (n=1) France2 115 23 Montoison (n=3) Eybens (n=1), Claix (n=5) Affi (n=1), Negrar di High number of
Slide 8: Public Preparedness mainly driven by order phasing
Public Preparedness mainly Public Preparedness, quarterly/H1 revenue driven by order phasing +51% +35% 1,546 917 1,024 Public Preparedness orders Clinical trials 680 mDKK • Strong performance driven by sales to • Initiation of multi-partner clinical trial in numerous governments and Q2 of mpox/small
Slide 9: Creating value through R&D
Creating value through R&D Pipeline Phase 1 Phase 2 Phase 3 Post-approval commitments • MVA-BN cell line being developed to significantly MVA-BN Planned 2025 Cell line expand capacity. Phase 2 comparability study required for approval. CHIKV-VLP Chikungunya • Expanded commercial portfolio with incre
Slide 10: Commercial performance
Commercial performance • Overall growth of 16% in Q2 and 33% in H1 • Public Preparedness performance Q2 and H1 2025 versus LY driven by order timing • H1 Travel Health growth driven by mDKK Q2 2025 Q2 2024 Growth H1 2025 H1 2024 Growth rabies and TBE Public preparedness • Continued market growth, ma
Slide 11: Financials
Financials • Revenue growth of 16% in Q2 (33% in H1) driven by both Public Preparedness and Travel Health • Gross margin positively impacted mDKK Q2 2025 Q2 2024 H1 2025 H1 2024 by lower Other production costs, due to higher yield and higher Revenue 1,652 1,427 2,998 2,259 output success rate in bul
Slide 12: Cash flow and balance sheet
Cash flow and balance sheet Cash flow Balance sheet H1 H1 H1 H1 mDKK mDKK 2025 2024 2025 2024 Cash flow from operating activities 883 1,066 Intangible assets 6,129 6,507 Cash flow from investment activities (1,082) (1,696) Total assets 13,906 14,274 Free cash flow (199) (629) Equity 12,049 10,437 Ca
Slide 13: Outlook 2025
Outlook 2025 Key assumptions • Public Preparedness revenue narrowed to DKK 3,100-3,700m (previously DKK 3,000-4,000m); Outlook 2025 refined to revenue of DKK 6,000-6,600m, while approx. DKK 3,100m already secured for 2025 EBITDA margin before special items of 26-30% unchanged. • Travel Health revenu
Slide 14: Announcement of takeover offer
Announcement of takeover offer Recommended public takeover offer Process following publication of offer document Announcement July • Innosera to make an all-cash recommended agreement with voluntary offer to acquire all issued and • Offer document by Innosera expected to Innosera 28 outstanding shar
Slide 15: Q&A
Q&A
Slide 16: 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