Bavarian Nordic Reports Strong Q1 2025 Growth Driven by Travel Health and Vaccine Sales

Why this matters: This growth indicates Bavarian Nordic's strong market position and the increasing global demand for travel vaccines and public health preparedness solutions. The successful launch of VIMKUNYA and continued government support highlight the company's potential for sustained growth.

Travel Health

The Travel Health segment experienced substantial growth, with revenue increasing by 52% to DKK 680 million. This was primarily driven by increased demand for rabies and tick-borne encephalitis (TBE) vaccines. The company is well-positioned to capitalize on the projected 20% CAGR in the travel health market, driven by expanding endemic regions and new vaccine introductions.

Public Preparedness

Public Preparedness revenue increased by 83% to DKK 629 million, exceeding initial expectations due to accelerated deliveries. The U.S. FDA approved the freeze-dried version of JYNNEOS for the prevention of smallpox and mpox, supporting the ongoing contract with the U.S. government. In May 2025, the U.S. government exercised additional options valued at USD 143.6 million to supply the freeze-dried formulation of JYNNEOS.

Chikungunya Vaccine (VIMKUNYA)

VIMKUNYA was approved in the US and EU in February 2025 and has been launched commercially in the US. Regulatory submissions have also been filed in the UK and Canada. The U.S. CDC's Advisory Committee on Immunization Practices (ACIP) recommended VIMKUNYA for individuals aged 12 and older traveling to regions with a high risk of chikungunya. A strategic partnership was established with Biological E. Limited to enhance the supply of chikungunya vaccines to low- and middle-income countries.

Financial Performance

The company reported an operating profit (EBITDA) of DKK 420 million, with an EBITDA margin of 31%. Full-year financial guidance remains at a revenue of DKK 5,700-6,700 million and an EBITDA margin of 26-30%. However, the company faces potential currency exchange risks due to the depreciation of the U.S. dollar against the Euro and Danish Krone. Hedging strategies are in place to mitigate these risks.

Increased demand for rabies and tick-borne encephalitis (TBE) vaccines is primarily driving the growth.

The $143.6 million order enhances existing contracts and signifies strong governmental trust and support for Bavarian Nordic’s products, ensuring the manufacturing and supply of freeze-dried JYNNEOS to the U.S. in 2026.

VIMKUNYA is Bavarian Nordic's Chikungunya vaccine. It has been approved in the US, Europe, and the UK for individuals aged 12 and older.

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