Bavarian Nordic A/S reports 1H results; updates FY outlook

* Bavarian Nordic A/S press release [https://www.bavarian-nordic.com/investor/news/news.aspx?news=7280] (OTCPK:BVNKF [https://seekingalpha.com/symbol/BVNKF]): 1H Revenue of DKK 3B (+32.7% Y/Y).
* Travel Health revenue increased by 24% to DKK 1,386 million compared to the first half of 2024.
* Public Preparedness revenue increased by 51% to DKK 1,546 million compared to the first half of 2024.
* EBITDA was DKK 961 million, corresponding to an EBITDA margin of 32%.
* OUTLOOK: Bavarian Nordic has refined its financial guidance for 2025, which overall remains within the previously announced revenue and EBITDA margin intervals. Full year revenue expectations are narrowed to DKK 6,000-6,600 million, reflecting an upgrade of Travel Health to DKK 2,750 million, which still includes DKK 50-100 million from sale of Vimkunya, and narrowing the Public Preparedness interval to DKK 3,100-3,700 million, with the low end of the interval now secured by contracts. EBITDA margin before special items' guidance remains unchanged at 26-30%. When including the net income of DKK 810 million from the recent sale of the Priority Review Voucher, the total EBITDA margin is expected to be 40-42%.

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