Bavarian Nordic

Earnings Release • Aug 22, 2025

Bavarian Nordic Announces First Half 2025 Results

Bavarian Nordic Announces First Half 2025 Results

COPENHAGEN, Denmark, August 22, 2025 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results and business progress for the first half of 2025 and released its financial calendar for 2026.

• Revenue for the first half increased by 33% to DKK 2,998 million, reflecting a strong performance in both Travel Health and Public Preparedness.
  • Travel Health revenue increased by 24% to DKK 1,386 million compared to the first half of 2024, primarily driven by increased demand for rabies and tick-borne encephalitis (TBE) vaccines.
  • Public Preparedness revenue increased by 51% to DKK 1,546 million compared to the first half of 2024, primarily driven by quarterly phasing of orders.
  • Other revenue was DKK 66 million.
• EBITDA was DKK 961 million, corresponding to an EBITDA margin of 32%.
• Based on a strong performance in the Travel Health business as well as further clarity on the Public Preparedness business for the remainder of the year, Bavarian Nordic has refined its financial guidance for 2025, which overall remains within the previously announced revenue and EBITDA margin intervals. Full year revenue expectations are narrowed to DKK 6,000-6,600 million, reflecting an upgrade of Travel Health to DKK 2,750 million, which still includes DKK 50-100 million from sale of Vimkunya, and narrowing the Public Preparedness interval to DKK 3,100-3,700 million, with the low end of the interval now secured by contracts. EBITDA margin before special items guidance remains unchanged at 26-30%. When including the net income of DKK 810 million from the recent sale of the Priority Review Voucher, the total EBITDA margin is expected to be 40-42%.

DKK million	Q2 2025	Q2 2024	H1 2025	H1 2024	2025 Guidance
Revenue	1,652	1,427	2,998	2,259	6,000 – 6,600
EBITDA margin before special items1	33%	29%	32%	20%	26-30%

1 Other operating income of DKK 810 million from the sale of the Priority Review Voucher will be recognized in Q3 2025, contributing to an expected total EBITDA margin of 40-42% for the full year.

Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “We are pleased to report a strong first half of 2025, which fully captures our successful commercial transformation over the past years, in line with our growth strategy. Our Travel Health business continues to outperform, delivering 24% revenue growth year-over-year, primarily driven by rabies and TBE vaccines. A major highlight for the period was the launch of our chikungunya vaccine for travelers, which is being introduced in more countries as we continue to expand our commercial footprint across new geographies. With the strong performance combined with recent additional orders for our mpox/smallpox vaccine, we refine our full year guidance to reflect higher revenue from Travel Health and a narrower revenue interval for the Public Preparedness business as we have now secured the lower end of our guidance for this business. Overall, we remain within our guided revenue interval and maintain our expectations to an EBITDA margin before special items of 26-30% in 2025. The recent sale of our Priority Review Voucher has generated a one-off income, strengthening our financial position and contributing to an improved result. Hence, the EBITDA margin including special items is expected to be 40-42% for the full year.”

Highlights from the period

Travel Health

• Vimkunya was approved in the US, EU and in the UK for active immunization for the prevention of disease caused by chikungunya virus in individuals 12 years and older. The vaccine was launched commercially in the US in March, in Germany in May, and in France in June.
• Concurrently with the US approval of Vimkunya, Bavarian Nordic was granted a Priority Review Voucher, which was sold for USD 160 million. Upon completion of the sale in July, the Company earned net proceeds of DKK 810 million.

• Following the approval of Vimkunya in the US in February, the U.S. Centers for Disease Control and Prevention’s (CDC) Advisory Committee on Immunization Practices (ACIP) voted to recommend Vimkunya for the prevention of disease caused by chikungunya virus for US persons aged 12 and older traveling to regions with an outbreak or elevated risk of chikungunya, as well as for laboratory workers with potential for exposure to chikungunya virus. Recommendations on the use of the vaccine have since been issued by relevant authorities in France, Germany and in the UK.

• In June, a Phase 3 clinical trial of Vimkunya in children 2 to 11 years of age was initiated, seeking to expand the target population for the chikungunya vaccine.

Public Preparedness

• The freeze-dried version of JYNNEOS was approved by the U.S. Food and Drug Administration (FDA) in March for prevention of smallpox and mpox disease in adults 18 years of age and older. The approval supports the ongoing contract with the US government for stockpiling of the vaccine. In May, the US government exercised additional options valued at USD 143.6 million under the contract, with the majority planned for delivery in 2026.
• In June, investigator-sponsored clinical trials were initiated to support approval of the mpox/smallpox vaccine in vulnerable populations: infants under 2 years of age and pregnant and breastfeeding women.

Events after the reporting date

• In July, Bavarian Nordic entered a contract valued at over DKK 200 million for the supply of smallpox/mpox vaccines to a European country. Combined with other recent orders from non-European countries, the Company has now secured approximately DKK 3,100 million in contracts in the Public Preparedness business in 2025, thus within the targeted guidance interval for this business.
• In July, Health Canada accepted for review the Company’s application for licensure of the chikungunya vaccine, potentially supporting approval in the first half of 2026.
• In July, the sale of the Priority Review Voucher was completed, generating net proceeds of DKK 810 million.
• In July, Bavarian Nordic announced that it had entered into an announcement agreement with Innosera ApS, a newly formed company controlled by Nordic Capital Fund XI1 and funds managed and advised by Permira Beteiligungsberatung GmbH, pursuant to which Innosera ApS will make an all-cash recommended voluntary public takeover offer to acquire all issued and outstanding shares (excluding treasury shares) in Bavarian Nordic. Innosera ApS is expected to publish its offer document on August 26, 2025, at the latest.

Conference call and webcast

The management of Bavarian Nordic will host an investor/analyst call today at 2 pm CEST (8 am EDT) to present the interim results followed by a Q&A session. A listen-only version of the call and presentation slides can be accessed via https://bit.ly/bavaQ22025. To join the Q&A session, please register in advance via https://bit.ly/bavaQ22025reg.

Contact investors:

Europe: Rolf Sass Sørensen, Vice President Investor Relations, rss@bavarian-nordic.com, Tel: +45 61 77 47 43

US: Graham Morrell, Gilmartin Group, graham@gilmartinir.com, Tel: +1 781 686 9600

Contact media:

Nicole Seroff, Vice President Corporate Communications, nise@bavarian-nordic.com, Tel: +45 53 88 06 03

Company Announcement no. 23 / 2025

About Bavarian Nordic

Bavarian Nordic is a global vaccine company with a mission to improve health and save lives through innovative vaccines. We are a preferred supplier of mpox and smallpox vaccines to governments to enhance public health preparedness and have a leading portfolio of travel vaccines. For more information, visit www.bavarian-nordic.com

Forward-looking statements

This announcement includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.

Attachment

• Interim Report H1 2025