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• Revenue: 1.4 billion Danish Krona, representing a 62% growth compared to the previous year.

• EBITDA Margin: 31%.

• Public Preparedness Revenue Growth: 83% increase compared to the prior year.

• Travel Health Revenue Growth: 52% increase over the prior year.

• Rabies Vaccine Growth: 53% increase.

• TBE Vaccine Growth: 62% increase.

• Gross Margin: 51%, a 2% point improvement from the previous year.

• R&D Costs: Slightly lower than last year, with a full-year guidance of approximately 900 million Danish Krona.

• SG&A Costs: Increased from 209 million to 250 million Danish Krona.

• Cash and Cash Equivalents: Approximately 1.2 billion Danish Krona.

• Full-Year Revenue Guidance: Between 5.7 and 6.7 billion Danish Krona.

• Full-Year EBITDA Margin Guidance: Between 26% and 30%.

Release Date: May 09, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Bavarian Nordic AS (BVNKF) reported a strong start to the year with a 62% growth in revenue, reaching almost 1.4 billion krona.

• The company achieved an EBITDA margin of 31%, indicating strong profitability.

• Successful launch and approval of the chikungunya vaccine, Bunya, in the US, Europe, and the UK.

• Strong performance in the travel health segment, with significant market share gains in rabies and tick-borne encephalitis (TBE) vaccines.

• Secured a new order from the US government worth $144 million, enhancing revenue stability for 2026.

Negative Points

• The company is slightly short of the bottom end of the guidance for public preparedness, despite strong performance.

• Concerns about potential negative impacts from wholesaler stocking in Germany, which could affect future sales.

• The company faces uncertainties related to potential tariffs and changes in US regulatory policies.

• There is a cautious approach to travel health growth projections, despite strong Q1 performance, due to seasonality and market dynamics.

• The company has not yet sold its priority review voucher, indicating potential delays in realizing cash from this asset.

Q & A Highlights

Q: Can you explain the factors contributing to the strong EBITDA margin of 31% this quarter, and how does it align with your full-year guidance of 26% to 30%? A: Henrik Juuel, Executive Vice President and CFO, explained that the strong EBITDA margin was due to a smooth quarter in manufacturing, with better yields and higher success rates. The R&D costs are back-end loaded, which also contributed to the margin. The company remains cautious and maintains its full-year guidance of 26% to 30%, acknowledging that the first quarter's performance is close to the upper end of this range.