Bavarian Nordic’s shares surged 9.64% in premarket trading to $10.92 on Tuesday after the Danish vaccine developer reported strong first-half 2026 results and raised its full-year revenue guidance. The company’s market capitalization stands at $2.52 billion, with a price-to-earnings ratio of 14.17 and a debt-to-equity ratio of 0.01.
First-half 2026 revenue reached DKK 3.092 billion, up from an implied DKK 2.4 billion in the same period of 2025. Second-quarter revenue alone totaled DKK 2.034 billion, while the company raised its full-year 2026 revenue guidance to about DKK 5.7 billion, from a prior range of DKK 5.5 billion to DKK 5.7 billion. EBITDA margin targets were also increased to about 30%, from 28%, with H1 2026 EBITDA margin reported at 35% and Q2 2026 margin at 45%. Gross margin for Q2 stood at 61%, with operating costs of DKK 482 million.
The company’s Travel Health segment reported DKK 1.793 billion in H1 2026 revenue, a 26% increase year-over-year, and 45% growth in Q2. Public Preparedness revenue reached DKK 1.299 billion, with guidance lifted to DKK 2.5 billion, of which DKK 2.3 billion is already contracted. Rabies vaccine sales grew about 40% in the first half, driven by demand in the U.S., Germany, and Europe, where sales surged 91%. Tick-borne encephalitis vaccine sales rose 17%, and typhoid vaccine revenue increased 19%.
Bavarian Nordic trimmed its VIMKUNYA (chikungunya) vaccine revenue guidance to DKK 200 million, down from DKK 250 million, citing slower-than-expected U.S. uptake and delays in CDC ACIP recommendations. The vaccine has been launched in 15 countries, with additional approvals secured in Switzerland and Canada, where a local launch is expected later this year. The company also submitted a dossier with partner Eurofarma for approval in Brazil.
To return capital to shareholders, Bavarian Nordic announced a new DKK 750 million share buyback program, set to begin in Q3 and run for six to seven months. The company also confirmed it has no remaining debt obligations to GSK or Emergent BioSolutions. Cash reserves stood at DKK 2.3 billion as of Q2, with operating cash flow positive at DKK 351 million.
On the development front, the EU approved a younger indication for the MPOX/MVA vaccine, allowing use in patients aged two years and older. Preliminary results for an improved manufacturing process study are expected later this year. The company’s equine encephalitis vaccine, funded by the U.S. Department of Defense, remains in Phase II trials, while a Phase I study for its Epstein-Barr virus vaccine has been brought forward to late 2024. Bavarian Nordic also highlighted progress on a Lyme disease candidate using its self-assembling antigen particle platform, with preclinical data showing superior performance to existing vaccines.
