Bavarian Nordic is successfully navigating a sentiment-changing vaccine landscape, posting Q1 revenues significantly up from the same period in 2024.
The Danish vaccine specialist reported quarterly revenue of DKr1.3bn ($200m), a 62% year-over-year increase. Bavarian Nordic maintained its full year guidance of DKr5.7-DKr6.7bn.
Shares in the company opened 7% higher at a price of DKr167.15 at market open, following the announcement made early on 9 May.
Bavarian Nordic faced a challenging close to 2024, with Q3 revenue falling 26% compared to the same interval in 2023. Across the first nine months of the fiscal year 2024, the company experienced a 46% deficit. After some key approvals and contract signings, Bavarian Nordic has turned a corner, and its 2025 start makes for some strong financial reading.
Revenue for Bavarian Nordic’s travel health business, which includes chikungunya vaccine Vimkunya and rabies shot Rabipur amongst others, increased 52% to Dkr680m. The company stated it was Rabipur and tick-borne encephalitis (TBE) vaccine Encepur that drove the higher sales compared to 2024.
Vimkunya was approved in the US and UK in February, becoming the second commercially available jab alongside Valneva’s Ixchiq. Bavarian Nordic could be set for a market advantage as the vaccine is approved for people aged 12 years and older while Ixchiq is only licensed for adults. As of 8 May, Ixchiq is also under review by the European Medicines Agency (EMA) amid reports of serious side effects.
Vimkunya will likely contribute to revenue from Q2 onwards, having been launched in the US in March and set for European markets in H1 2025. Bavarian Nordic received a priority review voucher, which it expects to monetise, as part of Vimkunya’s US approval. Voucher sales have historically averaged at around $100m, facilitating a quick cash injection to biotechs selling them.
For its public preparedness business, headed by smallpox/mpox vaccine Jynneos, revenue was up an immense 83% to reach Dkr629m. Bavarian Nordic stated this “exceeded initial expectations” due to orders advanced early into Q1. The company secured a regulatory win when the US Food and Drug Administration (FDA) approved a freeze-dried formulation of Jynneos, supporting the ongoing contract with the US government for stockpiling. This includes recently exercised additional options valued at $144m within the Jynneos stockpiling contract.
Vaccines are under the spotlight due to a polarised landscape in the US. Health Secretary Robert F Kennedy, Jr. has voiced anti-vaccine rhetoric and doubled down on scientifically false claims. In a move last week that upped confidence from infectious disease-specialist biotechs, however, the US Department of Health and Human Services (HHS) launched a $500m initiative to accelerate the development of universal vaccines targeting viruses with pandemic potential.
