Q1 2026 Bavarian Nordic A/S Earnings Call Transcript

May 13, 2026 / 12:00 PM GMT

Release Date Price: $9.82 (-4.65%)

Transcript

Key Points

Positve

Bavarian Nordic AS (BVNKF) reported a strong start to 2026 with revenues exceeding a billion kroner and a 16% EBITDA margin.
The company experienced a 14% growth in its travel health business, driven by strong demand for rabies vaccines in the U.S. and Germany.
The rollout of the Vinconia vaccine for Chikungunya and TBE continues successfully, with recent approvals in Switzerland and launches in Belgium and the Netherlands.
A new order from the U.S. Government increased the 2026 guidance for public preparedness, potentially reaching $2.5 billion, and raised the EBITDA margin to 28%.
Bavarian Nordic AS (BVNKF) has secured contracts worth $2 billion, representing the upper range of a normalized year, with expectations for additional orders between $300 million to $500 million.

Negative

The U.S. market for the Vinconia vaccine is facing headwinds due to delays in CDC publication and lack of updates on current outbreaks, affecting demand.
The typhoid vaccine market has not rebounded post-COVID, impacting the growth of the Vivotif vaccine.
Public preparedness revenue was lower this quarter compared to last year due to the phasing of government contracts and the absence of an ongoing outbreak.
The company faces challenges in progressing its pipeline for Lyme disease and EBV vaccines due to the time and costs associated with moving programs into the clinic.
Cash flow from operating activities was negative, impacted by the final milestone payment to GSK and ongoing share buyback programs.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BAVA.CO - Bavarian Nordic A/S
Q1 2026 Bavarian Nordic A/S Earnings Call
May 13, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and thank you for standing by. Welcome to the Bavarian Nordic First Quarterly Report Q1 for the three-month period ended 31st of March 2026 conference call.

At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, CEO Paul Chaplin. Please go ahead.

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