Bavarian Nordic Announces Interim Results for the First Nine Months of 2025

COPENHAGEN, Denmark, November 14, 2025 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results for the first nine months of 2025 and business progress for the third quarter of 2025.

• Revenue for the first nine months increased by 32% to DKK 4,793 million, reflecting a strong performance in both Travel Health and Public Preparedness.
  • Travel Health revenue increased by 23% to DKK 2,327 million compared to the first nine months of 2024, primarily driven by increased demand for rabies and tick-borne encephalitis (TBE) vaccines, and supported by the gradual launch of the chikungunya vaccine, Vimkunya.
  • Public Preparedness revenue was DKK 2,334 million, exceeding the expected annual base business (DKK 1,500-2,000 million) within the first nine months of the year.
  • Other revenue was DKK 132 million.
  • Other operating income of DKK 810 million has been recognized (net income) from the sale of the Priority Review Voucher.
• EBITDA before special items was DKK 1,477 million, corresponding to an EBITDA margin of 31%.

• The full year financial guidance is further refined and remains within the previously guided revenue and EBITDA intervals. In Travel Health, revenue is maintained at approximately DKK 2,750 million, including approximately DKK 75 million from first-year sales of Vimkunya. For Public Preparedness, revenue is narrowed to reflect the low end of the guidance of approximately DKK 3,100 million, all of which has been secured. Other income is maintained at approximately DKK 150 million. Hence, total revenue of approximately DKK 6,000 million and an EBITDA margin before special items of approximately 26% are expected for the full year. This is lower than the margin of 31% realized during the first nine months due to the uneven allocation of revenue across the quarters and back-end-loaded research and development costs as well as sales and distribution costs. When including the net income of DKK 810 million from the sale of the Priority Review Voucher, the total EBITDA margin is expected to be approximately 40%.  

DKK million	Q3 2025	Q3 2024	9M 2025	9M 2024	2025 Guidance
Revenue	1,795	1,363	4,793	3,622	~6,000
EBITDA margin before special items1	29%	18%	31%	19%	~26%

¹ Other operating income of DKK 810 million from the sale of the Priority Review Voucher was recognized in Q3 2025, contributing to an expected total EBITDA margin of approximately 40% for the full year.