Bavarian Nordic A/S (BVNRY) Q4 2025 Earnings Call Transcript

Operator

Good day, and thank you for standing by. Welcome to the Bavarian Nordic 2025 Annual Report. [Operator Instructions] Please be advised today’s conference is being recorded. I’d now like to hand the conference over to your first speaker today, CEO, Paul Chaplin. Please go ahead.

Paul Chaplin
CEO & President

Thank you, and welcome, everyone, to today’s presentation, which is an update on our results for last year, 2025. Today, you’ll hear from me a few slides from myself, and then I will hand over to Henrik Juuel, the CFO. So if you turn to Slide 4, we reported very strong results last year, DKK 6.2 billion in revenue with a 28% EBITDA margin. And this is the result of very strong performance of both arms of our commercial business on Travel Health, but also on public preparedness. On Travel Health, we saw a 30% growth last year, which is a very strong performance across the whole portfolio, but also related to the launch of our Chikungunya vaccine. On public preparedness, in ’25, we were at the back end of an outbreak of mpox and we saw more than DKK 3.1 billion in revenues, which is approximately DKK 1 billion above the upper end of our normal base business.

So as I said, very strong performance from both parts of our commercial business in ’25. In addition, we sold the Priority Review Voucher valued at DKK 810 million. And if we included this in the EBITDA, this would bring the EBITDA to a 41% margin. Some events that have happened since — in