Bavarian Nordic Posts Strong Travel Vaccine Growth in 2025; Guidance Reflects Normalizing Preparedness Sales
On February 12, 2026 (ET), Bavarian Nordic released preliminary, unaudited results for 2025 that outpaced its most recent guidance, propelled largely by a surge in demand for travel vaccines and a temporary spike in public preparedness purchases. Management provided a more conservative outlook for 2026 as the company expects preparedness revenues to normalize.
Travel vaccine sales lift Travel Health business
The Travel Health unit recorded DKK 2, 963 million in revenue for 2025, a nearly 30% increase over 2024 and roughly DKK 200 million above the company’s latest guidance. Core products led the rise: rabies vaccines grew by 34% and Tick‑Borne Encephalitis (TBE) vaccines increased by 20%. The company’s chikungunya vaccine generated DKK 85 million in first‑year sales, beating internal expectations by DKK 10 million.
Management emphasized that the Travel Health momentum reflects both sustained demand for established travel vaccine offerings and the commercial impact of recent product additions. Revenue from partnered products, which contributed DKK 228 million in 2025, is scheduled to discontinue from 2026, and the company’s guidance for Travel Health assumes growth from its own portfolios.
Public preparedness spike and 2026 normalization
Public Preparedness brought in DKK 3, 105 million in 2025, exceeding the annual base business by more than DKK 1, 000 million as demand for mpox vaccines remained elevated through the year. Management signalled that this spike is temporary and expects preparedness revenues to return to more typical levels in 2026.
For 2026 the company set revenue guidance at DKK 5, 000–5, 200 million and an EBITDA margin of about 25%. The plan anticipates continued Travel Health growth — roughly 10% from the company’s own products and 14% at constant exchange rates — coupled with a normalized Public Preparedness performance that aligns with the firm’s mid‑term ambitions.
Profitability, cash items and project prioritization
On an operational basis, EBITDA excluding other net operating income was a profit of DKK 1, 732 million, yielding an EBITDA margin of 28%, ahead of the prior guidance of approximately 26%. A one‑time inflow of DKK 810 million from the sale of a Priority Review Voucher lifted total EBITDA including other net operating income to DKK 2, 542 million, or a 41% margin versus guidance near 40%.
Management described 2025 as a transformational year, driven by acquisitions and investment in commercial infrastructure that helped scale the Travel Health business worldwide. The company also acknowledged a need to be selective with pipeline investments. Leadership has slowed the pace on two projects to better prioritize capital and execution, and the CFO stated there is no pre‑packed savings plan awaiting activation.
All figures presented are preliminary and unaudited. The company will publish consolidated, audited financials in its annual report scheduled for March 12, 2026 (ET).
Taken together, the 2025 results underline the growing commercial value of travel vaccine portfolios while highlighting the volatility that can come from outbreak‑driven preparedness demand. The 2026 guidance signals a pivot toward steadier, product‑led growth as management balances near‑term normalization in government purchasing with continued global rollout of key travel vaccines.
