Bavarian Nordic Announces First Half 2025 Results

COPENHAGEN, Denmark, August 22, 2025 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results and business progress for the first half of 2025 and released its financial calendar for 2026.

• Revenue for the first half increased by 33% to DKK 2,998 million, reflecting a strong performance in both Travel Health and Public Preparedness.
  • Travel Health revenue increased by 24% to DKK 1,386 million compared to the first half of 2024, primarily driven by increased demand for rabies and tick-borne encephalitis (TBE) vaccines.
  • Public Preparedness revenue increased by 51% to DKK 1,546 million compared to the first half of 2024, primarily driven by quarterly phasing of orders.
  • Other revenue was DKK 66 million.
• EBITDA was DKK 961 million, corresponding to an EBITDA margin of 32%.
• Based on a strong performance in the Travel Health business as well as further clarity on the Public Preparedness business for the remainder of the year, Bavarian Nordic has refined its financial guidance for 2025, which overall remains within the previously announced revenue and EBITDA margin intervals. Full year revenue expectations are narrowed to DKK 6,000-6,600 million, reflecting an upgrade of Travel Health to DKK 2,750 million, which still includes DKK 50-100 million from sale of Vimkunya, and narrowing the Public Preparedness interval to DKK 3,100-3,700 million, with the low end of the interval now secured by contracts. EBITDA margin before special items guidance remains unchanged at 26-30%. When including the net income of DKK 810 million from the recent sale of the Priority Review Voucher, the total EBITDA margin is expected to be 40-42%.