Bavarian Nordic Reports Q1 2024 Interim Results

COPENHAGEN, Denmark, May 8, 2024 – Bavarian Nordic A/S (OMX: BAVA) has released its interim financial results and business developments for the first quarter of 2024. The company reported revenues of DKK 831 million and an operating profit (EBITDA) of DKK 22 million for the period. Revenue from travel health products saw a notable increase of 20%, reaching DKK 447 million. However, revenue from public preparedness dropped by 59% to DKK 344 million, aligning with expectations following a peak year in 2023 due to the mpox outbreak. Additional revenue amounted to DKK 40 million.

The company maintained its financial guidance for the year, expecting total revenue between DKK 5,000 million and DKK 5,300 million and an EBITDA ranging from DKK 1,100 million to DKK 1,350 million.

Paul Chaplin, President and CEO of Bavarian Nordic, expressed satisfaction with the robust performance in the travel health sector, attributing it to market growth and the strong performance of their vaccine portfolio. Chaplin highlighted the forthcoming submissions to U.S. and European regulatory authorities for the approval of their chikungunya vaccine, which is anticipated to be a significant asset in the travel health business upon its expected launch in 2025. The mpox vaccine was also successfully launched in the U.S. in April, with efforts underway to raise awareness and expand access to at-risk populations. This initiative is expected to diversify the public preparedness business further, as the company continues to secure orders from both existing and new customers, thereby supporting nations in bolstering their smallpox preparedness.

Chaplin emphasized that the first quarter's performance reflects the usual seasonality in travel vaccines and the timing of smallpox/mpox vaccine deliveries towards year-end, affirming the company's 2024 financial guidance.

Key developments in the first quarter included the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) granting accelerated assessment for the upcoming Marketing Authorisation Application (MAA) for Bavarian Nordic's investigational chikungunya vaccine, CHIKV VLP. The company remains on track to submit the MAA in the first half of 2024.

In February, Bavarian Nordic hosted a capital markets day to provide an update on their business and strategic direction, including the discontinuation of its immuno-oncology projects. In March, the Swiss Agency for Therapeutic Products, Swissmedic, approved JYNNEOS® (MVA-BN) for active immunization against smallpox, mpox, and vaccinia viruses in adults aged 18 and older.

Post-reporting period events included the commercial launch of the mpox vaccine JYNNEOS® in the U.S., expanding access to at-risk populations. Additionally, during the annual general meeting in April, Peter Kürstein stepped down from the board, and Montse Montaner, who had been an observer since November 2023, was elected as a new board member. Also in April, Bavarian Nordic began a rolling Biologics License Application (BLA) submission for its chikungunya vaccine candidate to the U.S. FDA. Furthermore, the company announced a contract award valued at EUR 65 million for the supply of smallpox vaccines to the rescEU stockpile in 2025.

How to obtain the latest research advancements in the field of biopharmaceuticals?

In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!