Bavarian Nordic Tops 2025 Guidance, Eyes Normalization in 2026
Event summary
- Bavarian Nordic reported DKK 6.244 billion in 2025 revenue, exceeding latest guidance of DKK 6 billion.
- Travel Health revenue grew 30% YoY to DKK 2.963 billion, driven by rabies, TBE, and chikungunya vaccines.
- Public Preparedness revenue surged to DKK 3.105 billion due to sustained mpox vaccine demand.
- 2026 guidance projects DKK 5-5.2 billion revenue, with Travel Health growth of 10% (14% at constant exchange rates).
- Partnership revenue with Valneva and Dynavax will discontinue in 2026.
The big picture
Bavarian Nordic's strong 2025 performance reflects its strategic pivot toward Travel Health, offsetting volatility in Public Preparedness. The company's ability to maintain growth amid partnership exits and normalize outbreak-driven revenue will test its operational agility. With DKK 6.2 billion in annual revenue, Bavarian Nordic remains a key player in vaccine supply chains, but must prove its commercial infrastructure can support further acquisitions.
What we're watching
- Travel Health Growth
- Whether Bavarian Nordic can sustain 10%+ growth in Travel Health amid partnership disruptions.
- Public Preparedness Normalization
- The pace at which mpox vaccine demand stabilizes and impacts Public Preparedness revenue.
- Pipeline Execution
- How delays in EBV and Lyme vaccine development may affect long-term portfolio resilience.
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