Q2 2026 Bavarian Nordic A/S Earnings Call Transcript
Key Points
- Strong revenue growth of 26% in Travel Health for H1 2026, with rabies up 40% and TBE up 17%.
- Public preparedness business exceeded expectations, securing $2.3 billion in contracts and upgrading full-year guidance to $2.5 billion.
- EBITDA margin improved to 35% for H1, driven by strong gross margins and operational efficiency.
- Successful launch of Chikungunya vaccine (Vincunya) in 15 countries, with additional approvals in Switzerland and Canada.
- Promising preclinical data for new Lyme vaccine candidate, showing superior immune response and protection compared to competitors.
- Vincunya sales guidance reduced to $200 million due to headwinds in the US from delayed ACIP recommendation.
- TBE product faced shelf-life challenges, though improved to 24 months, still below the desired 36 months.
- Cash flow from operations was negative in H1 due to final GSK milestone payment, though Q2 was positive.
- Travel health guidance for full year remains at $3 billion, with potential for seasonal fluctuations and wholesaler stock adjustments.
- Uncertainty in public preparedness base business, with reliance on recurring government contracts and timing of orders.
Good day and thank you for standing by. Welcome to the Bavarian Nordic Q2 and a half year report for the six month period ended 30th of June 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 *11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press *11 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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Thank you and welcome everyone to our half-year conference call.
Today we've announced our Q2 results. And before I go into them and then hand over the call to Henrik Yaw, the CFO, obviously we've announced tremendous results today, driven by very strong growth across the
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