Cholera Vaccine Live Oral(Emergent Travel Health)

Bavarian Nordic posted total revenue for H1 of DKr3bn ($160m), reflecting a 33% compared to the same period last year. Credit: Anne Czichos via Shutterstock.com. Bavarian Nordic has upped the bottom end of its 2025 guidance, buoyed by strong performance in the drugmaker’s travel health and public preparedness businesses. Subject of a takeover offer by a consortium that values the company at around $3bn, the company posted total revenue for H1 of DKr3bn ($160m), reflecting a 33% compared to the same period last year. A 24% growth in its travel health business, which includes a range of vaccines, contributed DKr1.4bn to the company’s books. Growth was fuelled by increased demand for rabies and tick-borne encephalitis (TBE) vaccines. There was weaker revenue for the company’s cholera and typhoid vaccines, namely Vaxchora and Vivotif. Sales for the two products shrank 36% and 2%, respectively, in H1. In an earnings call on 22 August, chief financial officer Henrik Juuel blamed a declining US market for the performance. Sales for Bavarian Nordic’s public preparedness business came in at DKr1.5bn, a 51% rise from H1 2024. Assessing growth in this area is harder due to the timing of vaccine orders – Bavarian Nordic said that quarterly phasing of orders drove the increase. As a result of the strong performance in both the travel health business and clarity from the public preparedness business orders for the remainder of the year, Bavarian Nordic has upped the bottom end of its full-year revenue. The vaccine specialist now expects full-year revenue of DKr6bn to DKr6.6bn, compared to the previous range of DKr5.7-DKr6.7bn. GlobalData Strategic Intelligence US Tariffs are shifting - will you react or anticipate? Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis. By GlobalData Learn more about Strategic Intelligence Bavarian Nordic bolstered its cash reserves with a $160m sale of a priority review voucher in June 2025. The company has now included this in the total EBITDA margin, which is expected to be 40%-42%. The remainder of the year could hold significant change for Bavarian Nordic. The company, currently listed on the Copenhagen stock exchange, is subject to a takeover offer from a consortium led by Nordic Capital and Permira. The consortium is expected to publish an offer letter by 26 August, detailing further terms, though the bid values the vaccine maker at around DKr19bn. The deal, which would take the company private, will only go through if it is approved by shareholders.  The company’s board of directors have maintained that the takeover offer from Nordic Capital and Permira “represents an attractive offer for the shareholders”. Alluding to the deal in the conference call, Juuel said the “comprehensive offer document” will answer a “lot of questions that we are being faced with”. Bavarian Nordic has had a busy 2025 of commercial wins, spearheaded by approval for its chikungunya vaccine Vimkunya in the US, Europe, and the UK. The regulatory approval provides direct competition to Valneva’s Ixchiq, which, for a while, was the only chikungunya vaccine on the market. “We believe chikungunya [vaccine] will be a key asset to our travel health portfolio in the coming years,” CEO Paul Chaplin commented while discussing the company’s 2025 activity on the H1 earnings call. Bavarian Nordic also received a boost to its smallpox and mpox vaccine supply chain, winning FDA approval for a freeze-dried formulation in April. The agency’s decision is expected to provide more flexibility in stockpiling the jab. Pharmaceutical Technology Excellence Awards - The Benefits of Entering Gain the recognition you deserve! The Pharmaceutical Technology Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving pharmaceutical advancements. Don’t miss your chance to stand out—submit your entry today! Nominate Now

Bavarian Nordic said quarterly and annual comparisons are challenging due to the dynamic nature of outbreaks and order size. Image credit: Shutterstock/Sonia Bonet. Bavarian Nordic has already secured a sizeable portion of revenue for 2025 through orders for its mpox/smallpox vaccine, but financial performance for the shot was down in Q3. The Danish infectious disease specialist has $340m (DKK 2.4m) lined up through orders for its MVA-BN vaccine known under the brand names Jynneos, Imvanex, and Imvamune. Bavarian Nordic is one of only a handful of companies manufacturing a mpox vaccine amid an ongoing outbreak of the disease in Africa. Whilst a chunk of future revenue has been secured, sales for the business were still down 26% in Q3 this year compared to last, as per a 15 November financial release. Jynneos, along with its other brand names, generated $74.4m, down from the $100.3m made in the same period last year. Across the first nine months of this year, the difference is even larger – a 46% deficit. The Q3 results were announced before markets opened on 15 November, and shares in the Copenhagen-listed company opened at 12.1% down. Several vaccine company shares have been negatively affected today as US President-elect Donald Trump a nnounced he would appoint Robert F Kennedy Jr as head of the Department of Health and Human Services (HHS). Other vaccine makers, including Pfizer , Sanofi , and BioNTech , also suffered hits to their share prices. In its Q3 results, Bavarian Nordic stated that “sales are impacted by outbreaks and/or larger orders from time to time, which make quarterly or annual comparisons more challenging”. “However, the sales for 2024 are fully aligned with the company’s expectations and the inventory on hand will ensure that the remaining anticipated orders for 2024 can be supplied in the fourth quarter of the year,” the company added. Recent customers include the US government, which has placed multi-year orders valued at more than $220m, according to Bavarian Nordic. The orders from the US Biomedical Advanced Research and Development Authority (BARDA) primarily focus on replenishing inventory used during the previous 2022/2023 mpox outbreak. The European Health Emergency Preparedness and Response Authority (HERA) has bought 175,420 doses to combat the ongoing situation in Africa, along with an order of 1 million doses by UNICEF. Lastly, an unnamed European country ordered 440,000 doses. Bavarian Nordic stated that the majority of these recently contracted orders, along with additional minor supply contracts, are due for delivery in 2024 and 2025. Bavarian previously said it could supply 13 million doses of the vaccine by the end of 2025 by prioritising production along with potentially transferring manufacturing to Africa. As a result, Bavarian Nordic expects its public preparedness business revenue to go above the previously expected base of $210m to $280m in 2025, though it did not provide new guidance. Away from pandemic-reliant products, Bavarian Nordic reported strong gains in its travel health portfolio. Revenue increases for rabies vaccine Rabipur/RabAver, tick-borne encephalitis vaccine Encepur, and cholera vaccine Vaxchora pushed the company’s travel health Q3 business revenue up 21% compared to last year. Bavarian Nordic could be adding a new vaccine to its immunisation rosters next year in the form of a chikungunya vaccine. The company said preparations are underway for a 2025 launch as the vaccine currently undergoes regulatory reviews in both the US and Europe.