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Bavarian Nordic A/S (BVNRY)
OTHER OTC:BVNRY
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Bavarian Nordic
(OTC:BVNRY)
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Rating:77Outperform
Price Target:
$14.00
▲(14.10% Upside)
Bavarian Nordic's strong financial performance and technical indicators are the primary drivers of its high score. The company's robust revenue growth and efficient operations are complemented by a solid balance sheet. However, cash flow challenges and the lack of a dividend yield slightly temper the overall score.
Bavarian Nordic (BVNRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.90B
Dividend YieldN/A
Average Volume (3M)975.00
Price to Earnings (P/E)13.9
Beta (1Y)1.02
Revenue Growth7.24%
EPS Growth99.19%
CountryUS
Employees1,645
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.24
Shares Outstanding237,712,550
10 Day Avg. Volume59
30 Day Avg. Volume975
Financial Highlights & Ratios
PEG Ratio-0.43
Price to Book (P/B)1.29
Price to Sales (P/S)2.58
P/FCF Ratio56.22
Enterprise Value/Market Cap0.63
Enterprise Value/Revenue0.28
Enterprise Value/Gross Profit0.53
Enterprise Value/Ebitda0.86
Forecast
1Y Price Target
$14.00Price Target Upside14.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering0
Bavarian Nordic Business Overview & Revenue Model
Company DescriptionBavarian 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/RabAvert name; tick-borne encephalitis vaccine under the Encepur name; and Ebola vaccine under the MVABEA name. It is also developing MVA-BN (freeze-dried) that has completed Phase III clinical trials for the treatment of smallpox; MVA-BN RSV, which is in Phase III clinical trials for the treatment of respiratory syncytial virus; ABNCoV2 that has completed Phase II clinical trial for the treatment of SARS-CoV-2; and TAEK-VAC, which is in Phase I/II clinical trial for treatment of advanced HER2 and brachyury-expressing cancers. It has license and collaboration agreement with AdaptVac; and license agreements with National Cancer Institute and Public Health Service. The company operates in the United States, Belgium, Germany, the Netherlands, Sweden, Switzerland, Austria, the United Kingdom, Japan, and internationally. Bavarian Nordic A/S was incorporated in 1992 and is headquartered in Hellerup, Denmark.
How the Company Makes MoneyBavarian Nordic generates revenue primarily through the sale of its vaccine products, including the smallpox vaccine and other vaccines in its pipeline. The company also earns revenue through collaborations and licensing agreements with larger pharmaceutical companies. These partnerships often involve upfront payments, milestone payments based on the successful progression of products through clinical trials, and royalties on sales of partnered products. Additionally, Bavarian Nordic may receive funding and grants from government agencies and non-profit organizations for vaccine development, particularly for infectious diseases of public health concern, such as Ebola and COVID-19. The strategic focus on developing novel immunotherapies further enhances its revenue potential through expanding its product offerings and addressing unmet medical needs.
Bavarian Nordic Earnings Call Summary
Earnings Call Date:Aug 22, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 14, 2025
Earnings Call Sentiment Positive
The earnings call demonstrated strong revenue growth and successful vaccine sales, particularly in the Travel Health and Public Preparedness segments. However, there were some challenges, such as declines in certain vaccine sales and concerns regarding Chikungunya outbreaks. Overall, the positive aspects significantly outweigh the challenges.Q2-2025 Updates
Positive Updates
Strong Revenue Growth
Bavarian Nordic reported a 33% improvement in revenues for the first half of 2025 compared to the previous year, resulting in an EBITDA margin of 32%.
Successful Vaccine Sales
The company sold 5 million doses of vaccines, saving 5 million lives in the first half of the year.
Travel Health Segment Growth
Travel Health saw a 24% improvement, driven by strong sales of rabies and TBE vaccines. The rabies vaccine saw a 26% growth in Q2 and 37% for the first half of the year.
Chikungunya Vaccine Launch
The Chikungunya vaccine is now approved in the EU, U.S., and U.K., with launches in Germany and France. The company expects this vaccine to be a key asset in the Travel Health portfolio.
Public Preparedness Contracts
Bavarian Nordic secured DKK 3.1 billion in Public Preparedness contracts, exceeding the base business expectations.
Priority Review Voucher Sale
The sale of a Priority Review Voucher resulted in net income of DKK 810 million, potentially improving the EBITDA margin to 42% by year-end.
Negative Updates
Encepur Vaccine Performance
The Encepur vaccine reported a 16% decline in Q2 due to possible inventory buildup in Q1, although it showed a 14% growth for the first half of the year.
Vaxchora Revenue Decline
Vaxchora revenues declined compared to last year due to the absence of an outbreak that was present in the previous year.
Chikungunya Outbreak Challenges
Chikungunya is increasingly becoming a concern with outbreaks in Europe, but awareness and misdiagnosis remain challenges.
Company Guidance
In the recent Bavarian Nordic conference call, the company provided updated guidance reflecting a robust financial performance for the first half of 2025. The company reported a 33% increase in revenue year-over-year, achieving an EBITDA margin of 32%, driven by the sale of 5 million vaccine doses. The Travel Health segment saw a 24% growth, with rabies and TBE vaccines contributing significantly, whereas Public Preparedness secured contracts worth DKK 3.1 billion, exceeding the base business expectations of DKK 1.5 billion to DKK 2 billion. The company has maintained its EBITDA margin guidance for the year at 26% to 30% and expects a 42% margin, including a DKK 810 million net income from the sale of a Priority Review Voucher. Additionally, Bavarian Nordic announced a refined revenue guidance, raising the lower end to DKK 6 billion, reflecting confidence in achieving strong year-end results.Bavarian Nordic Financial Statement Overview
Summary
Bavarian Nordic shows strong profitability with impressive margins and revenue growth. The balance sheet is solid with low leverage and strong equity. However, cash flow management requires attention due to negative free cash flow, which could affect future investments and growth.Income Statement
Bavarian Nordic exhibits strong revenue growth with a TTM increase of 3.6% and a solid gross profit margin of 51.9%. The net profit margin has improved to 21.2%, indicating enhanced profitability. EBIT and EBITDA margins are robust at 22.1% and 32.3% respectively, showcasing efficient operational management. However, the revenue growth rate has fluctuated in previous years, which could pose a risk if not stabilized.85
Very Positive
Balance Sheet
The company maintains a low debt-to-equity ratio of 0.01, reflecting prudent financial leverage. Return on equity is healthy at 11.99%, indicating effective use of equity capital. The equity ratio stands at 86.7%, suggesting a strong equity base relative to total assets. However, the historical debt levels were higher, which could have impacted past financial flexibility.78
Positive
Cash Flow
Operating cash flow remains positive, but the free cash flow has turned negative, with a significant decline of 52.9% in the TTM period. The operating cash flow to net income ratio is 0.62, indicating reasonable cash generation relative to net income. However, the negative free cash flow to net income ratio of -0.82 highlights potential cash management challenges.65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.46B | 5.72B | 7.06B | 3.15B | 1.90B | 1.85B |
| Gross Profit | 3.43B | 2.82B | 4.53B | 1.70B | 570.32M | 657.29M |
| EBITDA | 2.12B | 1.67B | 2.05B | 84.28M | 35.80M | 657.91M |
| Net Income | 1.42B | 987.98M | 1.48B | -347.38M | -464.77M | 277.52M |
Balance Sheet | ||||||
| Total Assets | 13.91B | 14.41B | 14.35B | 12.39B | 12.09B | 8.76B |
| Cash, Cash Equivalents and Short-Term Investments | 1.66B | 2.18B | 1.87B | 2.85B | 3.72B | 1.67B |
| Total Debt | 136.05M | 128.25M | 145.30M | 1.76B | 1.13B | 470.06M |
| Total Liabilities | 1.86B | 3.00B | 4.01B | 5.24B | 4.71B | 3.86B |
| Stockholders Equity | 12.05B | 11.41B | 10.34B | 7.15B | 7.37B | 4.89B |
Cash Flow | ||||||
| Free Cash Flow | -433.69M | 262.19M | 141.80M | -1.16B | -1.42B | -134.80M |
| Operating Cash Flow | 1.77B | 1.95B | 1.12B | 220.05M | -358.50M | 571.91M |
| Investing Cash Flow | -1.26B | -1.87B | -945.56M | -877.40M | -2.88B | -1.91B |
| Financing Cash Flow | -79.82M | 55.77M | 735.83M | 635.82M | 3.54B | 1.33B |
Bavarian Nordic Technical Analysis
Positive
12.27
Price Trends
11.65
Positive
10.15
Positive
9.26
Positive
Market Momentum
0.14
Positive
56.37
Neutral
9.44
Positive
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 12.27 is below the 20-day moving average (MA) of 12.35, above the 50-day MA of 11.65, and above the 200-day MA of 9.26, indicating a neutral trend. The MACD of 0.14 indicates Positive momentum. The RSI at 56.37 is Neutral, neither overbought nor oversold. The STOCH value of 9.44 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BVNRY.
Bavarian Nordic Peers Comparison
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $2.90B | 13.86 | 12.17% | ― | 7.24% | 99.19% | |
75 Outperform | 1.87B | 10.48 | 23.40% | ― | 17.74% | 59.96% | |
63 Neutral | 2.72B | -14.96 | -31.89% | ― | 0.00% | 0.00% | |
56 Neutral | 2.10B | -6.78 | -10.75% | ― | 0.00% | 0.00% | |
50 Neutral | 2.07B | -2.67 | -70.61% | ― | 30.14% | -10.08% | |
45 Neutral | 1.92B | -4.69 | 0.00% | ― | -100.00% | 1.62% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
Performance Comparison
BVNRY
Bavarian Nordic
12.27
0.20
1.66%
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29.48
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APLS
Apellis Pharmaceuticals
23.82
-11.81
-33.15%
IMVT
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15.29
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KYMR
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48.78
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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.