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Bavarian Nordic A/S (BVNRY)
:BVNRY
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Bavarian Nordic
(OTC:BVNRY)
72Outperform
Bavarian Nordic (BVNRY) vs. S&P 500 (SPY)
Market Cap
$1.76B
Dividend YieldN/A
Average Volume (3M)422.00
Price to Earnings (P/E)12.2
Beta (1Y)1.30
Revenue Growth-19.07%
EPS Growth-34.66%
CountryUS
Employees1,605
SectorHealthcare
Sector Strength78
IndustryBiotechnology
Share Statistics
EPS (TTM)0.60
Shares Outstanding236,501,310
10 Day Avg. Volume0
30 Day Avg. Volume422
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)N/A
Price to Sales (P/S)4.21
Price to Cash Flow (P/CF)N/A
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
Bavarian Nordic Business Overview & Revenue Model
Company DescriptionBavarian Nordic (BVNRY) is a biotechnology company headquartered in Denmark, specializing in the development, manufacturing, and commercialization of vaccines for infectious diseases and cancer immunotherapies. The company operates in the biotechnology and pharmaceuticals sectors, focusing on innovative vaccine technologies. Bavarian Nordic's core products include vaccines for smallpox, monkeypox, and Ebola, alongside a robust pipeline of products targeting unmet medical needs in the oncology and infectious disease spaces.
How the Company Makes MoneyBavarian Nordic generates revenue primarily through the sale of its vaccines to governments, healthcare organizations, and other entities focused on public health. The company's key revenue streams include contracts with government agencies for stockpiling vaccines like the smallpox and monkeypox vaccines, sales of its Ebola vaccine, and potential royalties and licensing fees from partnerships. Additionally, Bavarian Nordic collaborates with other pharmaceutical companies and research institutions, leveraging these partnerships to co-develop and commercialize new products, which can further contribute to its revenue. The company also invests in research and development to expand its product offerings, which may lead to future revenue opportunities.
Bavarian Nordic Financial Statement Overview
Summary
Bavarian Nordic demonstrates strong revenue growth and improved profitability, with a robust balance sheet characterized by low leverage and high equity. Cash flow management shows positive trends but needs attention due to past volatility in cash expenditures and investments. The company's financial health appears solid with opportunities for continued growth.Income Statement
Bavarian Nordic has shown impressive revenue growth from 2022 to 2023, with a significant increase in net income, indicating robust profitability. Gross profit margin improved substantially, reflecting effective cost management. However, the EBIT margin decreased to zero in 2024, suggesting challenges in core operating efficiency despite positive EBITDA margin.72
Positive
Balance Sheet
The balance sheet is strong with a high equity ratio, indicating financial stability and low leverage. The debt-to-equity ratio improved over the years, showcasing effective debt management. The return on equity shows an upward trend, emphasizing strong shareholder returns. However, the significant net debt position in 2022 required careful monitoring.78
Positive
Cash Flow
Free cash flow has grown, reflecting improved cash management and operational efficiency. The operating cash flow to net income ratio indicates healthy cash generation relative to net income. However, fluctuations in capital expenditures and investing cash flows suggest potential volatility in cash flow management.68
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 5.72B | 7.06B | 3.15B | 1.90B | 1.85B | Gross Profit |
| 2.82B | 4.60B | 1.70B | 570.32M | 657.29M | EBIT |
| 0.00 | 1.50B | -3.85M | -263.31M | 449.62M | EBITDA |
| 1.67B | 2.14B | 395.40M | 85.94M | 819.13M | Net Income Common Stockholders |
| 987.98M | 1.48B | -347.38M | -464.77M | 277.52M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 2.18B | 1.87B | 2.85B | 3.72B | 1.67B | Total Assets |
| 14.41B | 14.35B | 12.39B | 12.09B | 8.76B | Total Debt |
| 128.25M | 145.30M | 1.76B | 1.13B | 470.06M | Net Debt |
| -1.50B | -1.33B | 1.18B | 540.77M | 184.58M | Total Liabilities |
| 3.00B | 4.01B | 5.24B | 4.71B | 3.86B | Stockholders Equity |
| 11.41B | 10.34B | 7.15B | 7.37B | 4.89B |
| Cash Flow | Free Cash Flow | |||
| 262.19M | 141.80M | -1.16B | -1.42B | -134.80M | Operating Cash Flow |
| 1.95B | 1.12B | 220.05M | -358.50M | 571.91M | Investing Cash Flow |
| -1.87B | -945.56M | -877.40M | -2.88B | -1.91B | Financing Cash Flow |
| 55.77M | 735.83M | 635.82M | 3.54B | 1.33B |
Bavarian Nordic Technical Analysis
Negative
7.32
Price Trends
8.15
Negative
8.64
Negative
9.53
Negative
Market Momentum
-0.19
Positive
30.72
Neutral
9.38
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BVNRY, the sentiment is Negative. The current price of 7.32 is below the 20-day moving average (MA) of 7.84, below the 50-day MA of 8.15, and below the 200-day MA of 9.53, indicating a bearish trend. The MACD of -0.19 indicates Positive momentum. The RSI at 30.72 is Neutral, neither overbought nor oversold. The STOCH value of 9.38 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BVNRY.
Bavarian Nordic Peers Comparison
Overall Rating
UnderperformOutperform
Sector (48)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $1.76B | 12.17 | 9.09% | ― | -19.07% | -34.66% | |
69 Neutral | $77.93B | 23.46 | 19.11% | 3.91% | 6.28% | -47.11% | |
68 Neutral | $137.76B | 17.24 | 9.05% | 6.89% | 8.77% | 272.80% | |
54 Neutral | $21.67B | ― | -3.38% | ― | -27.64% | -172.62% | |
48 Neutral | $6.86B | 1.11 | -50.22% | 2.47% | 16.71% | 1.53% | |
48 Neutral | $9.93B | ― | -28.77% | ― | -52.75% | 25.00% | |
39 Underperform | $965.07M | ― | 30.06% | ― | -30.65% | 77.62% |
* Healthcare Sector Average
Performance Comparison
BVNRY
Bavarian Nordic
7.50
-0.11
-1.45%
GSK
GlaxoSmithKline
39.01
-0.30
-0.76%
NVAX
Novavax
5.60
1.16
26.13%
PFE
Pfizer
24.29
-0.79
-3.15%
MRNA
Moderna
25.73
-76.54
-74.84%
BNTX
BioNTech SE
92.01
2.07
2.30%
Bavarian Nordic Earnings Call Summary
Earnings Call Date: Mar 5, 2025 | % Change Since: -4.81% | Next Earnings Date: May 9, 2025
Earnings Call Sentiment Positive
The earnings call reflects a strong performance in 2024 with significant revenue growth, successful strategy execution, and new pipeline developments. However, there are challenges with certain product revenues and gross margin targets, as well as uncertainties related to U.S. regulatory processes. Overall, the positive aspects outweigh the challenges.Highlights
Strong Revenue and EBITDA Margin
Bavarian Nordic reported a revenue of DKK5.7 billion for 2024 with a 28% EBITDA margin, marking the fifth consecutive year of profitable growth.
Travel Health Vaccine Franchise Growth
The Travel Health vaccine franchise grew by 22% compared to the previous year, driven by a 16% increase in rabies vaccine sales and a 19% increase in TBE vaccine sales.
Public Preparedness Success
Secured contracts for more than 3 million doses due to the mpox public health crisis, with revenues much higher than the base business.
Successful Tech Transfer
Tech transfer for rabies and TBE assets is on track, with rabies completed and TBE expected to be completed this year.
New Pipeline Assets
Announced two new pipeline assets for Lyme disease and Epstein-Barr virus, with clinical studies planned for 2026.
Chikungunya Vaccine Approvals
Chikungunya vaccine approved in the U.S. and EU, with plans to launch in major territories in the first half of the year.
Lowlights
Negative Revenue from Vaxchora
Experienced negative revenue in Q4 for Vaxchora due to product returns, resulting in DKK64 million for the full year.
Gross Margin Below Target
Gross margin of 49%, below targeted levels, due to write-downs, water damage, and manufacturing preparations not capitalized.
ACIP Meeting Cancellation
ACIP meeting for Chikungunya vaccine was cancelled, affecting the U.S. launch plans and creating uncertainty.
Company Guidance
During the Bavarian Nordic 2024 Annual Report Conference call, the company provided strong financial guidance for 2025, projecting revenue between DKK5.7 billion to DKK6.7 billion and maintaining an EBITDA margin of 26% to 30%. The company's Travel Health vaccine franchise experienced a 22% growth, contributing to the overall 2024 revenue of just over DKK5.7 billion with a 28% EBITDA margin, equating to DKK1.6 billion. The 2024 fiscal year saw the successful completion of the tech transfer for rabies, with TBE expected to complete later in the year, and strong growth in public preparedness due to a health crisis involving mpox, securing contracts for over 3 million doses. For 2025, Bavarian Nordic has already secured DKK2.5 billion in public preparedness contracts, with the expectation of delivering DKK3 billion to DKK4 billion in that sector. The company also highlighted strategic advances, including new pipeline assets and the successful U.S. and EU approval of their Chikungunya vaccine, VIMKUNYA, projecting sales of DKK50 million to DKK100 million for this vaccine in 2025.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.