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.
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.
