Bavarian Nordic boosts 2025 steerage as takeover supply looms
Bavarian Nordic has upped the underside finish of its 2025 steerage, buoyed by sturdy efficiency within the drugmaker’s journey well being and public preparedness companies.
Topic of a takeover supply by a consortium that values the corporate at round $3bn, the corporate posted complete income for H1 of DKr3bn ($160m), reflecting a 33% in comparison with the identical interval final yr.
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A 24% development in its journey well being enterprise, which features a vary of vaccines, contributed DKr1.4bn to the corporate’s books. Development was fuelled by elevated demand for rabies and tick-borne encephalitis (TBE) vaccines.
There was weaker income for the corporate’s cholera and typhoid vaccines, specifically Vaxchora and Vivotif. Gross sales for the 2 merchandise shrank 36% and a pair of%, respectively, in H1. In an earnings name on 22 August, chief monetary officer Henrik Juuel blamed a declining US marketplace for the efficiency.
Gross sales for Bavarian Nordic’s public preparedness enterprise got here in at DKr1.5bn, a 51% rise from H1 2024. Assessing development on this space is tougher because of the timing of vaccine orders – Bavarian Nordic mentioned that quarterly phasing of orders drove the rise.
Because of the sturdy efficiency in each the journey well being enterprise and readability from the general public preparedness enterprise orders for the rest of the yr, Bavarian Nordic has upped the underside finish of its full-year income. The vaccine specialist now expects full-year income of DKr6bn to DKr6.6bn, in comparison with the earlier vary of DKr5.7-DKr6.7bn.
Bavarian Nordic bolstered its money reserves with a $160m sale of a precedence evaluate voucher in June 2025. The corporate has now included this within the complete EBITDA margin, which is predicted to be 40%-42%.
The rest of the yr may maintain vital change for Bavarian Nordic. The corporate, presently listed on the Copenhagen inventory alternate, is topic to a takeover supply from a consortium led by Nordic Capital and Permira. The consortium is predicted to publish a proposal letter by 26 August, detailing additional phrases, although the bid values the vaccine maker at round DKr19bn.
The deal, which might take the corporate personal, will solely undergo whether it is authorized by shareholders. The corporate’s board of administrators have maintained that the takeover supply from Nordic Capital and Permira “represents a gorgeous supply for the shareholders”.
Alluding to the deal within the convention name, Juuel mentioned the “complete supply doc” will reply a “lot of questions that we’re being confronted with”.
Bavarian Nordic has had a busy 2025 of business wins, spearheaded by approval for its chikungunya vaccine Vimkunya within the US, Europe, and the UK. The regulatory approval gives direct competitors to Valneva’s Ixchiq, which, for some time, was the one chikungunya vaccine available on the market.
“We consider chikungunya [vaccine] will probably be a key asset to our journey well being portfolio within the coming years,” CEO Paul Chaplin commented whereas discussing the corporate’s 2025 exercise on the H1 earnings name.
Bavarian Nordic additionally obtained a lift to its smallpox and mpox vaccine provide chain, successful FDA approval for a freeze-dried formulation in April. The company’s determination is predicted to offer extra flexibility in stockpiling the jab.
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