Bavarian Nordic A/s Stock Earnings Reports

Bavarian Nordic reported a solid start to 2026 with Q1 revenue of DKK 1.058 billion and an EBITDA margin of 16%. Travel Health grew ~14% (adjusted) driven by strong rabies demand, continued rollout of chikungunya vaccine Vimkunya (launched in 14 countries so far), and recovery in Vivotif sales. Public Preparedness was seasonally light in Q1 but management announced a post-quarter BARDA order (~USD 97m) that completes the 11.5m‑dose freeze‑dried program and prompted an upgraded 2026 outlook: revenue guidance raised to DKK 5.5–5.7 billion and EBITDA margin guidance to ~28%. They have secured ~DKK 2.0 billion of Public Preparedness contracts and expect an additional DKK 300–500 million during the year. Cash was ~DKK 2.2 billion after share buybacks (ongoing program, ~DKK 150m remaining). R&D focus remains lifecycle management for chikungunya (pediatric/booster/efficacy studies and a Phase II supporting a new cell line with interim data later this year), plus DoD‑funded equine encephalitis work and early Lyme/EBV programs. Key risks/near‑term catalysts: timing of MMWR publication and CDC outbreak updates affecting U.S. Vimkunya uptake; seasonality and wholesaler inventory phasing (notably Encepur/TBE); and timing/phasing of government orders under Public Preparedness contracts.