Slides
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Conference Call August 21, 2026 Bavarian Nordic Q2 2026 Results
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2 Forward-looking statements This presentation includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements regarding our short-term objectives and opportunities, financial expectations for the full year and financial preparedness as of year-end, as well as statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements whichmay accompany the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.
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Agenda • Key highlights • Travel Health • Public Preparedness • Pipeline • Commercial performance • Financials • Outlook 2026 • Q&A 3 Paul Chaplin CEO Henrik Juuel CFO
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Paul Chaplin, CEO 4
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Key highlights H1 2026 First half driven by strong commercial performance 5 Revenue 3,092 mDKK Q2: 2,034 mDKK Total revenue, Q2/H1 2026 EBITDA margin 35% Q2: 45% 2026 outlook upgraded Total revenue guidance increased to upper end of previous guidance at DKK ~5,700m and EBITDA margin expectation increased to ~30% Travel Health growth of 26% in H1, mainly driven by rabies and TBE, supported by continued chikungunya launch Public Preparedness exceeds base business level driven by two recently announced orders totaling DKK 1.3bn Vimkunya approvals and launches further expanded during H1; approvals received in Switzerland and Canada, in addition to being already approved in the US, EU and UK; currently launched in 15 countries Q2 2025 Q2 2026 1,652 2,034 +23% mDKK H1 2025 H1 2026 2,998 3,092 +3% Share buy-back program of total of DKK 500m completed in July 2026; initiation of another share buy-back program of up to DKK 750m in Q3 2026
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Continued strong momentum in Travel Health Rabies • Continued strong growth in Q2 driven by strong brand performance and market growth • US: Market growth of 20% in H1; market share of 78% in H1 vs 79% prior year • Germany: Market growth of 22% in H1; market share of 96% in H1 vs 97% prior year • Other European markets: revenue growth of 91% in Q2 • Increased awareness of rabies in Europe and the endemic areas in the US mDKK 6 1,209 2022 1,720 2023 2,093 2024 2,735 2025 ~3,000 2026E 2027E Travel Health, Q2/H1 2026 revenue TBE • Strong performance in Q2 after Q1 that was impacted by supply constraints driving wholesaler stock levels down • Germany: Market growth of 3% in H1; market share of 31% in H1 vs 30% prior year • In Q2, Encepur shelf-life extension to 24 months approved by regulatory authorities in several countries Travel Health, annual revenue 705 Q2 2025 Q2 2026 H1 2025 H1 2026 1,022 1,742 1,386+45% +26% mDKK 419 649 778 Q2 2025 Q2 2026 H1 2025 H1 2026 1,090+55% +40% 169 268 374 439 Q2 2025 Q2 2026 H1 2025 H1 2026 +58% +17% 10-12% CAGR 2025-2027E Third-party products * Excluding third-party products, growth of 56% in Q2 and 35% in H1 2026 mDKK mDKK
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Chikungunya • Q2 revenue driven by strong performance in Germany, while US uptake remained slower due to pending MMWR publication Regulatory and launch status • Vimkunya approved in Canada (June); already approved in the US, EU, UK and Switzerland • Vimkunya launched in Switzerland (June); already launched in the US, Germany, France, UK, Nordic countries, Italy, Spain, Portugal, Austria, Belgium and the Netherlands • MAA submitted in Brazil by partner Eurofarma • Ongoing phase 3 studies: • Long-term immunogenicity of Vimkunya being evaluated • Immunogenicity of Vimkunya in children 2-11 years being evaluated Public recommendations • US CDC’s ACIP: Vimkunya recommended for individuals ≥12 years traveling to outbreak areas, considered for longer travel to elevated risk areas, and for laboratory workers with potential exposure • Similar recommendation for Vimkunya by relevant authorities in France, Germany, UK, Switzerland, Austria, Sweden, Finland, Spain, Italy, Belgium, the Netherlands and Portugal Expected news • Post-approval phase 3 efficacy study in a future outbreak area planned • Launch in additional markets in 2026 Vimkunya approvals and launches expanded further 7 mDKK Chikungunya, Q2/H1 2026 revenue 7 37 13 78 Q2 2025 Q2 2026 H1 2025 H1 2026 +415% +522%
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Ongoing studies • Phase 4: Post-exposure vaccination with MVA-BN being evaluated in Africa, incl. children >2 years • Phase 3: Immunogenicity of MVA-BN being evaluated in infants in DRC • Phase 3: Immunogenicity of MVA-BN being evaluated in pregnant/breastfeeding women in DRC Public Preparedness exceeding base business Public Preparedness orders • Q2 revenue impacted by stronger than expected contract base in 2026, and reflecting normal phasing of Public Preparedness revenue over quarters • Public Preparedness business strengthened following US government freeze-dried order of USD 97m, and over DKK 700m order by undisclosed government in Q2 • No material impact from mpox outbreaks in 2026 • Revenue of DKK ~2,300m secured for 2026 • Revenue of DKK ~800m secured for 2027 Strengthening MVA-BN position in supporting global public health preparedness • EC approval received for mpox/smallpox vaccine to expand indication to include children aged 2 to <12 years 2022 2023 2024 2025 2026E 1,730 5,027 3,206 3,105 2,500 mDKK 8 Public Preparedness, annual revenue ~2,300 secured 917 975 Q2 2025 Q2 2026 H1 2025 H1 2026 1,546 1,269+6% -18% Public Preparedness, Q2/H1 2026 revenuemDKK Base business 2,000- 1,500
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Equine encephalitis Pipeline progress Pipeline Phase 2 Phase 3 MVA-BN cell line Phase 1 Lyme disease Epstein-Barr (EBV) Planned 2028 Planned 2026 Post-approval commitments Chikungunya Ongoing 9 Ongoing Increased regulatory obligations and continuous focus on product enhancement to stay competitive, including post-approval commitments for chikungunya vaccine A fully-funded program with the US government to develop an equine encephalitis vaccine; phase 2 study ongoing Early-stage pipeline assets Epstein-Barr Virus and Lyme disease expected to enter clinical development in 2026 and 2028, respectively, pending successful IND filing MVA-BN cell line being developed to significantly expand capacity; phase 2 comparability study required for approval ongoing (study finalizing in 2026)
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Our vaccine for a growing global Lyme disease burden Close to 500k people treated annually for Lyme disease in the US +200k in Europe • A significant medical need • Endemic across North America and Europe, with geographic spread continuing • Covers six most relevant Borrelia strains • Utilizes our new self-assembling antigen particle (SAP) platform Protein-based • Non-viral • Particulate A broadly protective, particulate vaccine designed to combat infection. A vaccine with a novel protective mechanism 10
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x 2 x 3 0 500 1000 1500 2000 2500 3000 3500 Bacterial killing activity x 1 x 2 Negative Control 2 x BN Vaccine Negative Control 2 x BN Vaccine Negative Control 2 x BN Vaccine 0 20 40 60 80 Infection score Robust functional response after one dose, further increased after dose two approximate protective threshold Positive control BN vaccine Strain 3Strain 2Strain 1 Complete protection against a variety of Borrelia strains Vaccine provides robust and durable protection in preclinical models Protection is durable over prolonged periods of time. 11
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Henrik Juuel, CFO 12
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Commercial performance 13 mDKK Q2 2026 Q2 2025 Growth H1 2026 H1 2025 Growth Public preparedness JYNNEOS/IMVANEX/IMVAMUNE 975 917 6% 1,269 1,546 -18% Travel health Rabipur/RabAvert 649 419 55% 1,090 778 40% Encepur 268 169 58% 439 374 17% Vimkunya 37 7 415% 78 13 522% Vivotif 58 46 26% 113 96 19% Vaxchora 8 12 -32% 15 21 -30% Third-party products 2 52 -96% 7 105 -93% 1,022 705 45%¹ 1,742 1,386 26%¹ Other revenue 37 29 27% 81 66 22% Total 2,034 1,652 23% 3,092 2,998 3% • Currency impact on total growth of -2% in Q2 and -3% in H1 • Strong Travel Health performance in both Q2 (+45%) and H1 (+26%) • Travel Health driven by continued strong rabies sales, strong TBE sales, and continued launch of Vimkunya • Continued market growth in both rabies and TBE • Strong TBE performance in Q2 after Q1 that was impacted by supply constraints driving wholesaler stock levels down • Chikungunya driven by strong performance in Germany, while US uptake remains slower pending MMWR publication • Public Preparedness driven by stronger- than-expected contract base in 2026, while also reflecting normal quarterly phasing of revenue from the business • Third-party products reflecting the marketing and distribution agreements with Valneva (expired at year-end 2025) and Dynavax (expired April 2026) Q2 2026 ¹ When adjusting for discontinued partnerships, Travel Health growth was 56% in Q2 2026 and 35% in H1 2026.
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Financials 14 mDKK Q2 2026 Q2 2025 H1 2026 H1 2025 Revenue 2,034 1,652 3,092 2,998 Production costs 803 738 1,387 1,404 Gross profit 1,231 914 1,705 1,594 Gross margin 61% 55% 55% 53% R&D costs 163 293 339 465 SG&A costs 319 249 625 499 Total operating costs 482 543 964 964 EBIT 749 371 742 630 Net financial items 11 2 41 (27) EBT 760 373 783 603 Tax 28 11 34 22 Net profit for the period 732 363 749 581 EBITDA 925 542 1,090 961 EBITDA margin 45% 33% 35% 32% • Gross margin in Q2 (61%) driven by product mix and strong manufacturing performance leading to high level of cost absorption; TBE manufacturing campaign completed and rabies manufacturing will be in H2 • TBE shelf-life extension to 24 months approved by several countries in Q2; partial reversal of 2025 provision included in Q1 2026 • R&D mainly driven by Vimkunya post- marketing studies and MVA-BN cell line comparability study; reduced level compared with prior year mainly due to phasing of Vimkunya studies • Increase in SG&A related to Vimkunya launch in additional countries and organizational expansion into new markets • EBITDA margin positively impacted by high level of revenue, high gross margin and lower R&D
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Cash flow mDKK Q2 2026 Q2 2025 H1 2026 H1 2025 Cash flow from operating activities 351 1,270 (401) 883 Cash flow from investment activities (35) (709) (74) (1,082) Free cash flow 317 561 (474) (199) Cash flow from financing activities (233) (12) (464) (173) Net cash flow for the period 84 549 (938) (372) Cash flow 15 • Negative cash flow from operating activities in H1 following positive net profit being more than offset by increased net working capital; negative cash flow from changes in working capital following high receivable position and the last milestone payment to GSK • Negative cash flow from investment activities due to investments in IT projects, developed production processes and tangible assets • Negative cash flow from financing activities following the planned share buy-back program of total of DKK 500m in 2026 (completed in July) • Initiation of another share buy-back program of up to DKK 750m in Q3 2026 • Strong cash position with current net cash of DKK 2.3bn
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Capital allocation • Strong cash position with current net cash of DKK 2.3bn • Share buy-back program of DKK 500m, executed in three tranches, completed in July 2026 • Initiation of another share buy-back program of up to DKK 750m in Q3 2026; shares under this program planned to be cancelled, pending AGM authorization 16 Invest to grow the current business and pipeline Increasing cash flow generation from mid- 2025 onwards leading to expanded financial flexibility Mid- to long-term excess cash prioritized for synergistic M&A and return to shareholders 2023 2024 2025 H1 2026 1,850 2,160 3,321 2,346 Net cash position mDKK Initiation of new share buy- back in Q3 2026 of up to DKK 750m with a target to optimize the capital structure, including suitable leverage Strong cash generation expands capital allocation flexibility
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Outlook 2026 17 DKK million Current guidance Previous guidance Original Revenue ~5,700 5,500 – 5,700 5,000 – 5,200 Public Preparedness ~2,500 2,300 - 2,500 1,800 – 2,000 Travel Health ~3,000 ~3,000 ~3,000 Other revenue 200 200 200 EBITDA margin ~30% ~28% ~25% Outlook 2026 upgraded to revenue of DKK ~5,700m and EBITDA margin of ~30%, reflecting Public Preparedness order inflow and continued strong Travel Health momentum Key assumptions • Public Preparedness guidance upgraded to DKK ~2,500m (previously DKK 2,300-2,500m) • 2026: Revenue of DKK ~2,300m secured in Public Preparedness • 2027: Revenue of DKK ~800m secured in Public Preparedness • Travel Health guidance unchanged • Vimkunya revenue expectations revised to DKK 200m (previously 250m), related to lower-than- expected US revenue due to pending MMWR publication • Seasonality of Travel Health and timing of revenue recognition from Public Preparedness expected to cause variability in revenue and EBITDA throughout the year • R&D costs of DKK ~750m • CAPEX of DKK ~250m • FX assumption of DKK 6.30/USD and DKK 7.45/EUR 0 2.000 4.000 6.000 8.000 mDKK 2022 2023 2024 2025 2026E Public Preparedness Travel Health Other revenue
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Q&A
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Contact details Contact investors: Anders Hjort, Head of Investor Relations, ahjo@bavarian-nordic.com Disa Tuominen, IR Manager, detu@bavarian-nordic.com Graham Morrell, Gilmartin Group, graham@gilmartinir.com Contact media: Isabel Hagbrink, Head of Media Relations, isha@bavarian-nordic.com