Quick Read
- Bavarian Nordic’s 2025 revenue reached DKK 6,244 million, exceeding guidance.
- Travel Health segment grew by 30% in 2025, generating DKK 2,963 million.
- Rabies and TBE vaccine sales significantly increased in 2025.
- Chikungunya vaccine launch contributed DKK 85 million in first-year sales.
- 2026 revenue guidance is DKK 5,000 – DKK 5,200 million, reflecting normalization in Public Preparedness.
COPENHAGEN (Azat TV) – Bavarian Nordic A/S announced robust preliminary financial results for 2025, significantly exceeding revenue expectations, primarily driven by exceptional growth in its Travel Health segment. The Danish biotechnology company also provided its 2026 financial guidance, signaling a strategic shift as it anticipates a normalization of its Public Preparedness business following a period of heightened demand for emergency health interventions.
For 2025, Bavarian Nordic reported a total revenue of DKK 6,244 million, surpassing its DKK 6,000 million guidance. This strong performance highlights the company’s adeptness in navigating a dynamic global health landscape, according to reports from El Balad and Filmogaz.
Travel Health Segment Drives 2025 Performance
The Travel Health segment emerged as a key growth engine for Bavarian Nordic in 2025, generating DKK 2,963 million in revenue. This represented a striking 30% year-over-year increase, outpacing the company’s own guidance by nearly DKK 200 million. Core products within this segment, such as rabies vaccines, saw a 34% growth, while Tick-Borne Encephalitis (TBE) vaccines increased by 20%.
Further contributing to this success was the successful launch of the chikungunya vaccine, which generated DKK 85 million in its first year of sales, exceeding internal expectations by DKK 10 million. This performance underscores the growing commercial value and demand for travel-related vaccines globally.
In contrast, the Public Preparedness segment also saw a surge in 2025, with revenues reaching DKK 3,105 million. This gain, primarily from ongoing demand for mpox vaccines, represented an increase of over DKK 1,000 million compared to normative annual levels.
2026 Guidance Signals Strategic Pivot
Looking ahead to 2026, Bavarian Nordic has set a revenue guidance range of DKK 5,000 – DKK 5,200 million, reflecting a planned stabilization in its Public Preparedness business. Management indicated that the spike in preparedness revenues during 2025 was temporary, expecting them to return to more typical levels of DKK 1,800 – DKK 2,000 million in 2026. This represents a significant decrease of 36% to 42% from 2025 figures.
Despite this anticipated decline in emergency-driven demand, the Travel Health segment is expected to maintain its robust performance, with projected revenues of approximately DKK 3,000 million for 2026. This indicates a sustained focus on and confidence in the travel vaccine market. The company also forecast an EBITDA margin of about 25% for 2026. In 2025, a one-time inflow of DKK 810 million from the sale of a Priority Review Voucher lifted total EBITDA to DKK 2,542 million.
Adapting to Evolving Global Health Landscape
Bavarian Nordic’s adjusted financial outlook for 2026 reflects the evolving global health landscape, characterized by a transition from acute pandemic-related public health needs to more normalized demands. The company’s strategy involves optimizing revenue sources, adapting to these shifts, and maintaining a customer-focused approach.
Key strategic initiatives include expanding its Travel Health portfolio through continued investment in new vaccines and lifecycle management of existing products. The company also aims to strengthen ties with government entities worldwide for long-term contracts to buffer impacts from declining public health revenues. This includes continued reliance on established partnerships within the U.S. government for vaccine stockpiles and potential leveraging of products by the UK for health security. Both Canadian and Australian markets are expected to support Travel Health initiatives, driven by increased international travel.
Furthermore, Bavarian Nordic is prioritizing focused R&D initiatives with capped spending of DKK 750 million. Management has acknowledged the need for selectivity with pipeline investments, slowing the pace on two projects to better prioritize capital and execution, according to Filmogaz. The company aims to advance early-stage pipeline assets while safeguarding existing portfolio performance.
The company’s shift in focus towards sustained growth in travel vaccines, even as public preparedness demand normalizes, underscores a broader trend in the pharmaceutical industry to diversify revenue streams beyond crisis-driven needs, positioning it for long-term stability amidst fluctuating global health priorities.