Bavarian Nordic: A Strong Quarter with a Big Bet on Lyme
Record Results and a New Capital Return
Bavarian Nordic delivered a blockbuster first half, with revenue of just over “DKK 3 billion in revenue and an EBITDA margin of 35%” — Paul Chaplin, Interim CEO · 2026-08-21. The company upgraded its full-year guidance to approximately DKK 5.7 billion revenue and an EBITDA margin of around 30%, while announcing a base business share buyback of up to DKK 750 million. CFO Henrik Juuel explained the reasoning: “the current order book on our Public Preparedness business... gives a total revenue of DKK 5.7 billion” — Henrik Juuel, CFO · 2026-08-21, and the company is confident in its cash generation and growth trajectory.
Travel Health was a standout, with second-quarter revenue growth of 45% and half-year growth of 26%. Rabies and TBE both posted double-digit gains, and Vimkunya — the chikungunya vaccine — continues to expand in Europe despite a U.S. setback. However, the company trimmed its Vimkunya sales target to DKK 200 million from DKK 250 million, citing the ACIP recommendation delay in the U.S. “we are seeing headwinds due to the lack of the publication of the ACIP recommendation” — Paul Chaplin, Interim CEO · 2026-08-21, as CEO Paul Chaplin noted.
JYNNEOS: A Steady Base Business
Public Preparedness continues to exceed expectations. Contract wins with the U.S. and an undisclosed EU government have pushed secured orders to DKK 2.3 billion for the year, and management now guides to approximately DKK 2.5 billion. Chaplin emphasized that
for the recurring base. This is a firm shift from earlier years when the company relied on a handful of outbreak-driven orders.we are getting more and more comfortable that we're going to be in the region at the upper end of that, around the DKK 2 billion mark
Looking back at prior calls, the same themes of JYNNEOS durability and Vimkunya’s U.S. bottleneck have recurred. In May 2026, Henrik Juuel had said on Encepur: “you should see wholesalers stocking back into the market” — Henrik Juuel, Chief Financial Officer · 2026-05-13, a trend that now appears to be materializing. And on the chikungunya launch, Paul Chaplin acknowledged the struggle: “We have convinced some already to go ahead with chikungunya, and we're still convincing others.” — Paul Chaplin, CEO · 2025-11-14
A Pipeline With a New Lyme Candidate
The most intriguing development is the company’s refined Lyme disease vaccine, built on a novel self-assembling antigen particle (SAP) platform. Preclinical data show strong bacterial killing against different strains of the pathogen with fewer doses than competitors. Chaplin stated: “we have a vaccine candidate that in preclinical models is better than the current vaccines that are being developed” — Paul Chaplin, Interim CEO · 2026-08-21. The company also pulled forward EBV Phase I initiation to later this year.
While this is a clear strategic bet, management is pragmatic about near-term profitability. When asked whether the strong EBITDA margin is structural, Juuel said: “I think that is a little too early to say” — Henrik Juuel, CFO · 2026-08-21. Production campaigns are still seasonal, and TBE shelf life normalisation remains a watch item.
The market has yet to react visibly to today’s report—the stock is flat in early trading—but the combination of a beat-and-raise, a new buyback, and a differentiated Lyme vaccine candidate gives investors a fresh narrative. With no debt and a strong cash position, the company has the flexibility to fund both organic and inorganic growth. As Paul Chaplin put it: “if we find one that is right, that it fits the mandate that we're looking for... we'll be announcing it” — Paul Chaplin, Interim CEO · 2026-08-21.