Bavarian Nordic’s shares rose 9.64% to $10.92 in premarket trading on Friday after the Danish vaccine developer upgraded its full-year 2026 revenue guidance and reported a 23% year-over-year increase in second-quarter revenue.
The company, which trades under the ticker BVNRY on the NASDAQ, now expects total revenue of approximately DKK 5.7 billion for 2026, up from its prior range of DKK 5.5 billion to DKK 5.7 billion. The public preparedness segment, anchored by its MVA-BN platform, was revised to DKK 2.5 billion from DKK 2.3 billion to DKK 2.5 billion, while the travel health segment remained unchanged at DKK 3.0 billion. EBITDA margin guidance was also raised to roughly 30% from 28%.
Second-quarter revenue reached DKK 2.03 billion, a 23% increase from the same period last year, while first-half revenue totaled DKK 3.09 billion, up 3% year-over-year. The company reported an EBITDA margin of 45% in Q2 and 35% for the first half, exceeding its full-year target of 28%. Gross margin expanded to 61% in Q2 and 55% for the first half, compared with 53% in the prior year period.
The travel health segment delivered DKK 1.02 billion in Q2 revenue, a 45% year-over-year increase, driven by strong sales of its rabies vaccine, which surged 55% to DKK 649 million. U.S. market share in rabies vaccines reached 78%, while Germany’s market share stood at 96%. Tick-borne encephalitis (TBE) vaccine revenue rose 58% to DKK 268 million, with the product’s shelf life extended to 24 months in several countries.
The company’s chikungunya vaccine, Vimkunya, generated DKK 37 million in Q2 revenue, a 415% year-over-year increase, though full-year 2026 expectations were trimmed to DKK 200 million from DKK 250 million due to delayed U.S. CDC ACIP recommendations. Vimkunya has been approved in 15 countries, including the U.S., EU, and UK, and is available for individuals aged 12 and older.
In the public preparedness segment, Q2 revenue rose 6% to DKK 975 million, supported by a $97 million U.S. government order and another undisclosed government contract exceeding DKK 700 million. The company secured total contracts worth DKK 2.3 billion for 2026 and DKK 800 million for 2027. Regulatory approvals expanded to include children aged 2 to under 12 years in Europe.
Bavarian Nordic completed a DKK 500 million share buyback program in July and plans to initiate another program of up to DKK 750 million in the third quarter. The company ended the first half with a net cash position of DKK 2.3 billion, down from DKK 3.3 billion at the end of 2025. Market capitalization stands at approximately $2.52 billion, with a price-to-earnings ratio of 14.17 and a debt-to-equity ratio of 0.01.
