Bavarian Nordic Reports Strong First Half 2024 Financial Results
![Bavarian Nordic Reports Strong First Half 2024 Financial Results](https://investorshangout.com/images/blog/investors-hangout-newswire.jpg)
Bavarian Nordic Reports Strong First Half 2024 Financial Results
COPENHAGEN, Denmark – Bavarian Nordic A/S (OMX: BAVA) announced its interim financial results and business progress for the first half of 2024. The company also released its financial calendar for the year 2025.
Financial Performance Overview
The revenue for the first half reached DKK 2,259 million, while the operating profit (EBITDA) stood at DKK 441 million. The travel health segment saw a remarkable growth of 15% to DKK 1,119 million. Revenue from public preparedness amounted to DKK 1,024 million, aligning with the company's expectations. Additionally, other revenue was reported at DKK 116 million.
Key Revenue Highlights
Sales from Rabipur/RabAvert and Encepur exceeded initial acquisition expectations, leading to a sales milestone of DKK 186 million, payable to GSK in the upcoming quarter.
Updated Guidance for 2024
Bavarian Nordic has confirmed its updated guidance for the year, projecting total revenues to be around DKK 5,300 million and an EBITDA close to DKK 1,350 million. The public preparedness revenue included in this guidance is now mostly secured by contracts, indicating a solid foundation for future sales.
Executive Insights
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic, remarked on the positive developments for Bavarian Nordic in the first half of 2024. He highlighted the global concern regarding mpox, particularly the rising number of cases in Africa, which has prompted declarations of public health emergencies by the African CDC and WHO. Bavarian Nordic is proactively collaborating with various stakeholders to ensure equitable access to its mpox vaccine.
Global Health Engagement
The company has formed a strategic partnership with the Africa Centers for Disease Control (CDC) to explore supply opportunities and expand its manufacturing network within Africa. Furthermore, Bavarian Nordic is actively working alongside WHO to navigate regulatory pathways that facilitate access to vaccines across different countries. This includes pursuing approval for adolescent use and conducting clinical trials targeting children in Africa.
Recent Achievements and Future Orders
Bavarian Nordic's recent achievements include securing a new order for MVA-BN from an undisclosed European country, anticipated as part of its 2024 guidance. The company is also set to increase its vaccine manufacturing capacity to ensure the distribution of 10 million doses by the end of 2025 while being capable of supplying up to 2 million doses this year.
Highlights from Recent Months
- Bavarian Nordic launched its mpox vaccine in the U.S. in April, enhancing access for at-risk populations.
- In April, the company initiated a rolling BLA submission for its chikungunya vaccine candidate, which was completed in June and accepted by the FDA with priority review in August.
- In April, the company received a significant contract valued at EUR 65 million for supplying smallpox vaccines to the rescEU stockpile in 2025.
- Funding from CEPI was allocated in May to support a clinical trial of the mpox vaccine in an African population.
- Bavarian Nordic has taken steps to submit various applications and notifications concerning regulatory approvals for its vaccines to relevant authorities.
Subsequent Events and New Orders
Recent events after reporting have further solidified Bavarian Nordic's operations. Notably, in July, the company transformed its existing undrawn DKK 1 billion revolving credit facility into a sustainability-linked loan (SLL). Additionally, it received positive opinion and recommendations from the EMA for the IMVANEX® vaccine.
Financial Calendar for 2025
Looking ahead, Bavarian Nordic has outlined its financial calendar for 2025:
- 2024 Annual Report - March 5, 2025
- Annual General Meeting - April 9, 2025
- Three-month report (Q1) - May 9, 2025
- Half-year report (Q2) - August 22, 2025
- Nine-month report (Q3) - November 14, 2025
Contact Information
Contact for Europe: Rolf Sass Sørensen, Vice President Investor Relations, rss@bavarian-nordic.com, Tel: +45 61 77 47 43
Contact for the US: Graham Morrell, Paddock Circle Advisors, graham@paddockcircle.com, Tel: +1 781 686 9600
About Bavarian Nordic
Bavarian Nordic is a fully integrated vaccine company on a mission to protect and save lives through its innovative vaccines. The company is a global leader in smallpox and mpox vaccines, supplying governmental bodies to enhance public health preparedness. Bavarian Nordic also has a robust portfolio focusing on vaccines for travelers and endemic diseases.
Frequently Asked Questions
What are the financial highlights of Bavarian Nordic for the first half of 2024?
The company reported revenues of DKK 2,259 million, with an EBITDA of DKK 441 million.
What guidance has Bavarian Nordic provided for 2024?
Bavarian Nordic anticipates approximately DKK 5,300 million in revenue and around DKK 1,350 million in EBITDA for the full year.
How is Bavarian Nordic addressing the mpox crisis?
The company is collaborating with global health organizations to ensure equitable access to its mpox vaccine and ramping up manufacturing capacity.
What significant contracts has Bavarian Nordic secured recently?
Notable contracts include a EUR 65 million award for supplying smallpox vaccines to rescEU and various orders for mpox vaccine supplies.
How can I contact Bavarian Nordic for investor relations?
You can reach Rolf Sass Sørensen at rss@bavarian-nordic.com or call +45 61 77 47 43 for inquiries related to investor relations.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/