Q2 2025 Bavarian Nordic A/S Earnings Call Transcript
Key Points
- Bavarian Nordic AS (BVNKF) reported a 33% improvement in revenues for the first half of 2025, resulting in an EBITDA margin of 32%.
- The company sold 5 million doses of vaccines, contributing to a 24% growth in the Travel Health sector, driven by rabies and TBE vaccines.
- Vinconia has been approved and launched in the US, Germany, and France, with plans to meet the year's guidance.
- Public preparedness contracts secured NOK3.1 billion, exceeding the base business expectations.
- The sale of a priority review voucher resulted in a net income of DKK810 million, potentially improving the year-end EBITDA margin to 42%.
- The company anticipates a lower EBITDA margin in the second half of the year, between 26% and 30%, due to increased sales and marketing costs.
- There is uncertainty in maintaining the high gross margin achieved in the first half, as it depends on continued manufacturing success.
- The Travel Health business saw a 16% decline in TBE vaccine sales in Q2, attributed to inventory buildup in Q1.
- The company is phasing out partnerships with Laneve and Dynavax, which will impact the portfolio by the end of 2025 and early 2026.
- There is a risk of not receiving further public preparedness orders for Africa, despite having secured NOK3.1 billion in contracts.
Good day, and thank you for standing by. Welcome to the Bavarian Nordic half year report Q2 for the six months period ended June 30, 2025, conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Rolf Sorensen, Head of Investor Relations. Please go ahead.
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Thank you, operator, and welcome, everyone, and to this -- our Q2 update from Brioni. Yes, my name is Rolf Sorensen from Investor Relations. And in today's conference call, we have, as usual, our CEO, Paul Chaplin; and our CFO, Henrik Yu, will give the presentation and comments. And after that, we have the Q&A session. And at the end, we will also provide a brief walk-through of the offer and the process we are looking into.
Before we start the presentation, please note that this announcement includes forward-looking statements that involve risks and uncertainties and
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