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.

Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “Our travel health portfolio has showed continued strength, contributing to our best quarter for this business to date. Driven by higher demand and strong performance by our rabies and TBE vaccines in key markets, but also by our recent launch of Vimkunya chikungunya vaccine and the commercial expansion across markets, we delivered 23% growth over the first nine months. We are on track to meet our financial expectations for 2025, which we are now refining to reflect that we now have full clarity of our Public Preparedness business for the remainder of the year. For next year, we have secured additional orders for this business through our recent framework agreement with HERA, demonstrating a continued and sustainable business. Following the withdrawal of the offer from the consortium of Nordic Capital and Permira after not reaching the threshold required for completion, we acknowledge the decision by the shareholders to continue as an independent company in support of our existing strategy, which we remain fully committed to.”

Highlights from the third quarter

• Following the launch of Vimkunya^® chikungunya vaccine in the US, Germany and France during the first half of 2025, the global launch has continued throughout the third quarter where the vaccine also became available in the United Kingdom and Denmark in September. Vimkunya has since also been launched in Sweden, Norway and Finland, Italy and Spain during October.
• Additional regulatory advances for Vimkunya were made during the third quarter. In July, Health Canada accepted for review the application for licensure of the vaccine, potentially supporting approval in the first half of 2026, and an application was also submitted to the Swiss regulatory authority, Swissmedic, potentially supporting approval in mid-2026.
• In July, Bavarian Nordic entered a contract valued at over DKK 200 million for the supply of smallpox/mpox vaccines to a European country.
• The sale of the Priority Review Voucher, granted in connection with the US approval of Vimkunya, was completed in July with net proceeds amounting to DKK 810 million.

Events after the reporting date

• In October, positive topline results were reported from a clinical study of the mpox/smallpox vaccine in a pediatric population. The study met its primary endpoint, demonstrating a comparable safety profile and a non-inferior immune response for MVA-BN in children aged 2-11 years compared to adults. The results will support a filing for label extension with the European Medicines Agency in 2026.
• In October, Bavarian Nordic donated 110,000 doses of the mpox vaccine to Africa CDC to support the response to the ongoing mpox outbreak in Africa.
• In October, Bavarian Nordic was awarded a new joint procurement contract by the European Commission through the Health Emergency Preparedness and Response Authority (HERA), enabling the EU, its member states and additional European countries to purchase up to 8 million doses of smallpox/mpox vaccine over the next four years. Initially, approximately 1.1 million doses have been committed, of which supply of the first 750,000 doses are expected to occur in 2026. The agreement was formally signed in November, following a statutory 10-day standstill period.
• After serving nearly 20 years as the Vice President of Investor Relations, Rolf Sass Sørensen has decided to leave Bavarian Nordic to pursue other opportunities. A replacement search will be initiated soon.
• In November, the takeover offer from the consortium consisting of Nordic Capital and Permira was withdrawn following preliminary results of the offer, which confirmed an acceptance rate of 60%, less than the minimum condition of 66 2/3% required for completion. The offer has irrevocably lapsed, and no shares will be acquired under the offer.
• In November, Chair of the Board, Luc Debruyne decided to step down from the Board with immediate effect. Vice Chair Anne Louise Eberhard was appointed new Chair of the Board.

Conference call and webcast
The management of Bavarian Nordic will host an investor/analyst call today at 2 pm CET (8 am EST) 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/bavaQ32025. To join the Q&A session, please register in advance via https://bit.ly/bavaQ32025reg.

Shareholder information meeting in December
As announced following the withdrawal of the takeover offer, Bavarian Nordic is planning an information meeting for its shareholders. The meeting will be held on Thursday, December 11, 2025, in the morning in Copenhagen. The meeting will be streamed live for shareholders not able to attend in person. Further details on time and location will follow soon.

Contact investors:
Europe: Disa Tuominen, IR Manager, detu@bavarian-nordic.com
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. 44 / 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 Results for the First Nine Months of 2025