Bavarian Nordic A/S

Revenue was DKK 2.034 billion in Q2 and DKK 3.092 billion for the first half year, with H1 revenue described as “just over DKK 3 billion.” Gross margin was 61% in Q2, and EBITDA margin was 45% in Q2 and 35% for H1. Travel Health grew 45% in Q2 and 26% in H1; rabies grew 40% in H1; TBE grew 17% in H1; Vivotif grew 19% in H1; Vimkunya contributed DKK 78 million in H1. Public Preparedness revenue was DKK 975 million in Q2 and nearly DKK 1.3 billion in H1. Guidance was raised to approximately DKK 5.7 billion in full-year revenue and approximately 30% EBITDA margin, with Public Preparedness at approximately DKK 2.5 billion, Travel Health unchanged at approximately DKK 3 billion, and Vimkunya reduced to approximately DKK 200 million.

Paul Chaplin framed the quarter as a strong endorsement of the company’s strategy, employees, and commercial execution. He emphasized broad-based growth across the portfolio, especially rabies, TBE, and the launch of Vimkunya, and said the company is seeing improved access for its vaccines. He was upbeat on the pipeline too, highlighting faster-than-planned progress on EBV and an improved Lyme candidate that he said looked better than competing approaches in preclinical data.

Henrik Juuel stressed the strength of the top line, citing DKK 2.034 billion in Q2 revenue, nearly DKK 3.1 billion in H1 revenue, and a 61% Q2 gross margin. He said operating costs were DKK 482 million in the quarter and explained the DKK 351 million positive Q2 operating cash flow and the roughly DKK 400 million negative H1 operating cash flow mainly by the EUR 70 million milestone payment to GSK. He also pointed to a DKK 2.3 billion cash balance, the completion of prior seller payments, and the launch of a new up-to-DKK 750 million buyback while preserving flexibility for M&A.

Analysts pressed management on whether the unchanged DKK 3 billion Travel Health guide implied a weak second half; management said seasonality can shift materially between quarters and that current trends could exceed DKK 3 billion, but they want to see Q3 and remain mindful of possible TBE returns from wholesalers. Questions on Vimkunya focused on the sales downgrade; management said the cut to about DKK 200 million is mainly due to U.S. headwinds from the delayed ACIP/MMWR publication, while Europe is performing as expected or better. On the buyback and M&A, management said the DKK 750 million program still leaves room for acquisitions and that the timing of a CEO transition should not block strategic action.