BAVANasdaq CopenhagenBiotechnologyIFRS · DKK

Bavarian Nordic A/S

Bavarian Nordic A/S is a Danish biotechnology company focused on the development, manufacturing, and commercialization of vaccines for infectious diseases and immunotherapies for cancer and infectious disease prevention. Its business centers on specialized vaccine platforms and products distributed across public-health and travel-medicine markets, with operations and sales extending beyond Denmark into international markets.

Liikevaihto6 244milj. DKK
+9,2 %v/v
Liikevoitto (EBIT)1 804milj. DKK
+91,9 %v/v
EBIT-marginaali28,9%
+12,4 %-yks.v/v
Nettotulos1 375milj. DKK
+39,2 %v/v
Vapaa kassavirta2 517milj. DKK
+34,8 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2021–2025

−2 00002 0004 0006 0008 000milj. DKK2021: 1 354 milj. DKK2021: EBIT −47 milj. DKK20212022: 3 151 milj. DKK2022: EBIT −71 milj. DKK20222023: 7 062 milj. DKK2023: EBIT 1 503 milj. DKK20232024: 5 716 milj. DKK2024: EBIT 940 milj. DKK20242025: 6 244 milj. DKK2025: EBIT 1 804 milj. DKK202512 kk 2026: 6 338 milj. DKK12 kk 2026: EBIT 1 916 milj. DKK12 kk6 3381 916
LiikevaihtoLiikevoitto (EBIT)12 kk = viimeiset 12 kuukautta, ei kokonainen tilikausi

Liiketoiminta

Osuus liikevaihdosta
Vaccines70 %

Licensed and commercial vaccines for public-health and travel-medicine use.

Government Countermeasure Supply15 %

Vaccines and related supply arrangements for public-health preparedness programs.

Development Programs10 %

R&D programs for infectious disease and cancer immunotherapy candidates.

Manufacturing and Services5 %

Contract manufacturing and technical services supporting vaccine supply.

Asiakkaat

Bavarian Nordic sells primarily to governments and public-health agencies that procure vaccines for preparedness and outbreak response. It also serves travel-medicine channels, distributors, and healthcare providers that purchase vaccines for individual or occupational protection. In addition, the company works with partners and customers involved in clinical development and manufacturing support.

Government and public-health buyers

Buy vaccines for stockpiles, outbreak response, and preparedness programs.

Travel-medicine market

Buy vaccines used to prevent disease exposure for travelers and at-risk adults.

Healthcare distributors and providers

Buy commercial vaccine supply for resale or administration to end users.

Development and manufacturing partners

Buy technical, clinical, or supply capabilities tied to vaccine programs.

Strategia

Bavarian Nordic’s strategy is centered on expanding its vaccine portfolio, supporting public-health preparedness, and maintaining supply capability for specialized infectious-disease products. It also invests in development programs and manufacturing capabilities that can strengthen its position with governments, healthcare systems, and commercial partners. This combination matters because the company competes on product differentiation, regulatory access, and reliable supply rather than broad consumer branding.

Expand vaccine portfolioKeskipitkä aikaväli

A broader portfolio reduces dependence on a small number of products and channels.

Win public-health procurementLyhyt aikaväli

Government tenders and stockpiling are central to commercial demand and scale.

Strengthen manufacturing and supply reliabilityKeskipitkä aikaväli

Vaccine customers value dependable production, quality control, and delivery timing.

Maantiede

The company is headquartered in Denmark but serves a global customer base through international sales and supply arrangements. Its business is exposed to public-health procurement patterns, regulatory requirements, and disease-prevention demand across multiple regions, which makes market access and product approvals important to growth. Because vaccine demand is often driven by specific outbreaks, travel flows, and government stockpiling, geography directly affects both timing and concentration of revenue.

Riskit

The company faces concentration risk from dependence on a limited number of vaccine products and government/customer procurement cycles. It is also exposed to regulatory, clinical, and manufacturing risks typical of vaccine developers, where delays or quality issues can affect approvals, supply, and market access. Broader biotechnology risks include long development timelines, competition from larger pharmaceutical groups, and uncertain demand once outbreak or preparedness needs normalize.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Product concentration1Regulatory and clinical development risk2Manufacturing execution risk3Government demand timing4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Product concentrationVaikutus: KorkeaTodennäköisyys: Korkea

    A limited product base makes revenue and demand more sensitive to one franchise or program.

    Kohdistuu: Vaccines and preparedness products

  2. Regulatory and clinical development riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Vaccine and immunotherapy programs require approvals and successful trial outcomes.

    Kohdistuu: Pipeline and new indications

  3. Manufacturing execution riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Production quality, batch release, and supply continuity are essential in vaccines.

    Kohdistuu: Commercial supply and contract manufacturing

  4. Government demand timingVaikutus: KeskitasoTodennäköisyys: Korkea

    Public-health orders and stockpiling decisions can shift with outbreaks and budgets.

    Kohdistuu: Public-sector contracts

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition

Customer contracts may recognize revenue at delivery, milestones, or over time depending on obligations.

Vaikutus: Affects timing of reported sales and quarterly comparability

Development cost judgments

Clinical and product-development costs require assessment of capitalization versus expensing.

Vaikutus: Can materially influence operating expenses and assets

Inventory and provisions

Vaccines may require provisioning for expiry, demand shifts, or supply commitments.

Vaikutus: Affects cost of sales and balance-sheet carrying values

Share-based payment valuation

Warrant and option programs depend on volatility and performance assumptions.

Vaikutus: Affects equity compensation expense and dilution

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Päivitetty: 24.10.2026

Bavarian Nordic A/S (BAVA) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo