Bavarian Nordic A/S (BVNRY)
OTHER OTC:BVNRY
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Bavarian Nordic
(OTC:BVNRY)
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Rating:73Outperform
Price Target:
$10.50
▲(1.35% Upside)
Action:ReiteratedDate:03/15/26
The score is supported primarily by strong financial performance (very low leverage and improved profitability/cash generation) and a low P/E valuation. These positives are partially offset by weak technical momentum (price below key moving averages with negative MACD and low RSI/Stoch) and modest earnings-call risks tied to guidance refinement and a U.S. launch delay.
Positive Factors
Very low leverage / strong balance sheet
Exceptionally low leverage provides durable financial flexibility: supports capex for manufacturing, funds R&D and launches without heavy refinancing, lowers interest burden, and gives the company capacity to absorb lumpy government contract timing or invest in commercial growth initiatives.
Negative Factors
Top-line volatility
Lumpy, order-driven revenue makes forecasting and resource allocation harder over the medium term. Dependence on episodic public procurement and outbreak-driven demand risks swinging annual sales and complicates steady investment in commercial infrastructure and manufacturing scale-up.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage / strong balance sheet
Exceptionally low leverage provides durable financial flexibility: supports capex for manufacturing, funds R&D and launches without heavy refinancing, lowers interest burden, and gives the company capacity to absorb lumpy government contract timing or invest in commercial growth initiatives.
Read all positive factors
Bavarian Nordic (BVNRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.39B
Dividend YieldN/A
Average Volume (3M)793.00
Price to Earnings (P/E)11.2
Beta (1Y)1.08
Revenue Growth15.28%
EPS Growth123.92%
CountryUS
Employees1,645
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.20
Shares Outstanding237,712,550
10 Day Avg. Volume0
30 Day Avg. Volume793
Financial Highlights & Ratios
PEG Ratio0.32
Price to Book (P/B)1.15
Price to Sales (P/S)2.49
P/FCF Ratio6.11
Enterprise Value/Market Cap5.74
Enterprise Value/Revenue2.22
Enterprise Value/Gross Profit4.88
Enterprise Value/Ebitda5.55
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Bavarian Nordic Business Overview & Revenue Model
Company Description
Bavarian Nordic A/S develops, manufactures, and commercializes life-saving vaccines. The company offers non-replicating smallpox and monkeypox vaccines under the IMVAMUNE, IMVANEX, and JYNNEOS names; rabies vaccine for human use under the Rabipur/...
How the Company Makes Money
Bavarian Nordic makes money primarily by selling vaccines and related services, supplemented by licensing/partnering and contract revenue tied to government and commercial customers. Key revenue streams include: (1) Product sales: Revenue from com...
Bavarian Nordic Earnings Call Summary
Earnings Call Date:Nov 14, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong growth in both revenue and market expansion for Bavarian Nordic, especially in the Travel Health and Public Preparedness segments. However, there were some challenges related to the refinement of financial guidance and delays affecting the U.S. launch of the chikungunya vaccine.Positive Updates
Record-Breaking Revenue Growth
Bavarian Nordic achieved close to DKK 4.8 billion in total revenues, marking a 32% increase compared to the previous year. This growth was driven by strong performance across both Travel Health and Public Preparedness segments.
Negative Updates
Refinement of Financial Guidance
The financial guidance was refined to the lower end of the previously provided range, primarily due to the unpredictability of securing government contracts on time.
Read all updates
Q3-2025 Updates
Positive
Negative
Record-Breaking Revenue Growth
Bavarian Nordic achieved close to DKK 4.8 billion in total revenues, marking a 32% increase compared to the previous year. This growth was driven by strong performance across both Travel Health and Public Preparedness segments.
Read all positive updates
Company Guidance
During the Bavarian Nordic conference call discussing the fiscal year 2025 third-quarter results, key financial metrics were highlighted. The company achieved close to DKK 4.8 billion in total revenues for the first nine months, marking a 32% increase compared to the same period last year. This growth was attributed to strong performances across both Travel Health and Public Preparedness segments, resulting in an EBITDA margin of 31%. The Travel Health business saw a 23% increase in sales, driven by robust growth in rabies and tick-borne encephalitis (TBE) vaccines, along with the successful launch of the chikungunya vaccine, Vimkunya. Meanwhile, the Public Preparedness segment recorded DKK 3.1 billion in secured contracts, surpassing the normal annual base business. The company's guidance was refined but remained within the initial range, with expectations of achieving DKK 6 billion in total revenue by year-end. The CEO, Paul Chaplin, emphasized that the refinement was not a lowering of guidance but a reflection of the secured business, with Travel Health expected to contribute DKK 2.75 billion. The call also highlighted the company's strategic focus on turning around acquired assets and the ongoing transformation into a profitable vaccine company.Bavarian Nordic Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
81
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.93B | 5.72B | 7.06B | 3.15B | 1.90B |
| Gross Profit | 2.81B | 2.82B | 4.53B | 1.70B | 570.32M |
| EBITDA | 1.57B | 1.67B | 2.05B | 84.28M | 35.80M |
| Net Income | 1.32B | 987.98M | 1.48B | -347.38M | -464.77M |
Balance Sheet | |||||
| Total Assets | 14.95B | 14.41B | 14.35B | 12.39B | 12.09B |
| Cash, Cash Equivalents and Short-Term Investments | 3.33B | 2.18B | 1.87B | 2.85B | 3.72B |
| Total Debt | 130.86M | 128.25M | 145.30M | 1.76B | 1.13B |
| Total Liabilities | 2.08B | 3.00B | 4.01B | 5.24B | 4.71B |
| Stockholders Equity | 12.87B | 11.41B | 10.34B | 7.15B | 7.37B |
Cash Flow | |||||
| Free Cash Flow | 2.42B | 262.19M | 141.80M | -1.16B | -1.42B |
| Operating Cash Flow | 2.62B | 1.95B | 1.12B | 220.05M | -358.50M |
| Investing Cash Flow | -2.39B | -1.87B | -945.56M | -877.40M | -2.88B |
| Financing Cash Flow | -109.97M | 55.77M | 735.83M | 635.82M | 3.54B |
Bavarian Nordic Technical Analysis
Positive
10.36
Price Trends
10.00
Positive
9.95
Positive
10.70
Negative
Market Momentum
<0.01
Negative
59.94
Neutral
96.90
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BVNRY, the sentiment is Positive. The current price of 10.36 is above the 20-day moving average (MA) of 9.63, above the 50-day MA of 10.00, and below the 200-day MA of 10.70, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 59.94 is Neutral, neither overbought nor oversold. The STOCH value of 96.90 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BVNRY.
Bavarian Nordic Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $2.39B | 11.18 | 11.08% | ― | 15.28% | 123.92% | |
62 Neutral | $4.99B | -10.43 | -65.80% | ― | ― | -27.70% | |
59 Neutral | $6.97B | -21.09 | -29.08% | ― | -50.05% | -54.47% | |
58 Neutral | $5.43B | -10.27 | -55.81% | ― | ― | -38.30% | |
56 Neutral | $5.17B | 141.40 | 8.20% | ― | 42.11% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $2.17B | -4.45 | -1024.42% | ― | 20.63% | 8.09% |
* Healthcare Sector Average
BVNRY
Bavarian Nordic
10.08
2.58
34.39%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.