REG-Bavarian Nordic Reports Strong Travel Health Growth in the Third Quarter and Confirms Solid Momentum for the Rest of the Year
Key Highlights
- ➤Travel Health revenue DKK 1,144 million, up 22% year over year
- ➤RabAvert/Rabipur sales DKK 886 million, up 37%
- ➤Q3 EBITDA DKK 621 million; margin reached 34.4%
- ➤2026 revenue guidance approximately DKK 6,100 million maintained
- ➤New DKK 750 million share buy-back program announced
Expert Statements
Tarja Stenvall, President & Chief Executive Officer of Bavarian Nordic
“Bavarian Nordic has delivered solid performance in the first nine months of 2026, driven by continued growth in Travel Health and solid execution in Public Preparedness. Our results reflect the strength of our vaccine portfolio and our ability to reach more people with important vaccines, while supporting governments in strengthening their preparedness against infectious diseases. Having recently joined Bavarian Nordic, I see a company with deep expertise, strong capabilities and a proven track record of delivery. My immediate priority is to maintain this momentum while taking a thoughtful approach to shaping the company's next phase of growth.”
COPENHAGEN, Denmark, November 13, 2026 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results and business progress for the third quarter and first nine months of 2026.
Financial highlights * Revenue in the third quarter was DKK 1,805 million, compared to DKK 1,795 million in the third quarter of 2025. * Travel Health revenue increased by 22% (32% when adjusting for discontinued partnerships) to DKK 1,144 million, primarily driven by continued strong RabAvert/Rabipur sales (DKK 886 million, +37%) and supported by the continued launch of Vimkunya (DKK 73 million, +146%). * Public Preparedness revenue reached DKK 606 million in the third quarter, in line with expectations targeting DKK 2,500 million for the full year. * EBITDA in the third quarter was exceptionally strong with DKK 621 million, corresponding to an EBITDA margin of 34.4%. Gross margin reached 51.9% driven by the strong topline and an advantageous product and market mix. Total revenue for first nine months was DKK 4,897 million, an increase of 2%, reflecting the strong growth in Travel Health (+24%) and the year-over-year lower Public Preparedness revenue (-20%) in line with expectations. EBITDA for the first nine months reached DKK 1,711 million, corresponding to an EBITDA margin of 34.9%, driven by the extraordinary performance in the second and third quarters and substantially above our annual EBITDA margin ambition of 25-30%.
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