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

• Revenue for the first three months increased by 62% to DKK 1,347 million, reflecting a strong performance in both Travel Health and Public Preparedness.
  • Travel Health revenue increased by 52% to DKK 680 million compared to the first quarter of 2024, primarily driven by increased demand for rabies and tick-borne encephalitis (TBE) vaccines.
  • Public Preparedness revenue increased by 83% to DKK 629 million compared to the first quarter of 2024. This exceeded initial expectations due to successful efforts to advance the deliveries of a few, but larger, existing orders into the first quarter.
  • Other revenue was DKK 37 million.
• The operating profit (EBITDA) was DKK 420 million, corresponding to an EBITDA margin of 31%.
• Financial guidance for the full year is maintained at a revenue of DKK 5,700-6,700 million and an EBITDA margin of 26-30%.

Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “A very strong first quarter for our Travel Health business, demonstrating a 52% growth year-over-year and puts us ahead of our strategic goal of an average annual growth rate of 10-12% for this part of the business until 2027. We also recorded our first US sales of the chikungunya vaccine after its approval in February and ahead of the April recommendation from ACIP. Our phased launch plan for the vaccine is progressing as planned with the first European markets coming online over the next couple of months while we also continue our efforts to expand the regulatory approvals to other territories. Chikungunya represents an increasing public health threat across the globe, and we are proud to have entered our first partnership to improve access to the vaccine for low- and middle-income countries. In Public Preparedness, we also delivered above expectations. While this was largely due to a number of deliveries occurring ahead of plans, it goes to show the strength and scale of our manufacturing setup to meet the increased demand for our mpox/smallpox vaccine.”

Highlights from the first quarter

Travel Health

• Vimkunya was approved in the US and EU in February as the first virus-like particle (VLP)-based chikungunya vaccine and the first chikungunya vaccine for persons aged 12 years and older. Additionally, regulatory submissions were filed in the UK and Canada.
• Vimkunya was launched commercially in the US in March and will be launched in the first European markets later during the first half of 2025.
• Concurrently with the US approval of Vimkunya, Bavarian Nordic was granted a Priority Review Voucher, which the Company intends to monetize when appropriate.
• A strategic partnership was entered with Biological E. Limited in February, initially comprising a contract manufacturing agreement with the aim to provide capacity for the future supply of chikungunya vaccines to endemic low- and middle-income countries.

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.

Other business

• In January, Bavarian Nordic launched and completed a share buy-back program of DKK 150 million, with the purpose of adjusting the capital structure.

Events after the reporting date

• In April, 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.
• In May, the UK Medicines and Healthcare products Regulatory Agency granted marketing authorization in the United Kingdom for Vimkunya^® for active immunization for the prevention of disease caused by chikungunya virus in individuals 12 years and older.
• In May, the US government exercised additional options valued at USD 143.6 million under the existing contract to supply a freeze-dried formulation of JYNNEOS^® smallpox vaccine, with planned delivery in 2026.

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://edge.media-server.com/mmc/p/798tzbob/. To join the Q&A session, please register in advance via https://register-conf.media-server.com/register/BI2a5d49d1c9d64ee99d6d03297d3d4323.

Contact investors:
Europe: Rolf Sass Sørensen, Vice President Investor Relations, rss@bavarian-nordic.com, Tel: +45 61 77 47 43
US: Graham Morrell, Paddock Circle Advisors, graham@paddockcircle.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. 16 / 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 Q1 2025