No room for immuno-oncology despite record sales, profit at Bavarian Nordic

21 Feb 2024
firstwordpharma.com
VaccinePhase 1Financial Statement
Despite recording record revenue and earnings in 2023, Bavarian Nordic will not be spending any of its profit on immuno-oncology, instead deciding to scrap work on its sole candidate in this space.
The company said Wednesday that development of TAEK-VAC will be halted as it has now “reached a stage where clinical expansion and further investments would be required.” The tumour antibody enhanced therapeutic vaccine, which uses Bavarian’s MVA-BN platform, was being investigated in a Phase I study for patients with advanced HER2 and brachyury-expressing cancers.
According to the drugmaker, it “has no further plans to invest in immuno-oncology vaccine development,” and will instead “focus its future R&D efforts on infectious diseases through product improvements to remain competitive and new vaccine development.”
Preliminary results for last year suggest that Bavarian pulled in sales of DKK 7.1 billion ($1 billion), up from DKK 3.2 billion in 2022, and slightly above guidance of DKK 6.9 billion. Meanwhile, operating profit was DKK 2.6 billion, compared to DKK 328 million in the prior year, topping a forecast of DKK 2.3 billion.
CEO Paul Chaplin said the financial results – which were boosted by sales of its smallpox/mpox shot and travel health vaccines – justifies the company’s decision to “transition to one of the largest pure-play vaccine companies in the world.”
For the current year, Bavarian expects sales of between DKK 5 billion and DKK 5.3 billion, as Chaplin noted that “the surge in demand for our smallpox/mpox vaccine is decreasing.” Annual earnings are seen in the range of DKK 1.1 billion to DKK 1.35 billion.
($1 = DKK 6.89849)
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