Bavarian Nordic A/s Stock Earnings Reports

Bavarian Nordic reported Q1 2026 revenues of DKK 1.058 billion with a 16% EBITDA margin and reiterated a strong start to the year. Travel Health grew (14% core growth) led by rabies, continued rollout of Vimkunya (chikungunya) across multiple markets, and early signs of recovery for Vivotif (typhoid). Public Preparedness had lower Q1 revenue versus a pandemic-impacted prior-year quarter but the company announced a new BARDA order (USD 97m) to complete an 11.5 million-dose freeze-dried program; this drove an upgraded 2026 guidance to DKK 5.5–5.7 billion revenue and an increased EBITDA margin target of ~28% (from 25%). Operational notes: Encepur/TBE experienced distributor stocking effects but underlying market share and demand are healthy (24-month shelf-life extension expected to normalize inventories); R&D spends focused on lifecycle management (primarily chikungunya), a Phase II readout later in the year for cell-line transition, and DoD-funded equine encephalitis work. Cash: ~DKK 2.2bn post-share buyback; ~DKK 350m of ~DKK 500m buyback executed. Management expects further Public Preparedness orders of ~DKK 300–500m during the year and remains confident in full-year Vimkunya and overall guidance despite US timing/CDC publication headwinds.