Bavarian Nordic delivered record financial results in 2023

  • Preliminary 2023 results exceed the latest guidance and represents the best-ever financial result in the Company’s history driven by extraordinary growth in travel health and a surge in smallpox/mpox vaccine sales.
  • 2024 revenue of DKK 5,000-5,300 million and EBITDA of DKK 1,100-1,350 million expected.
  • Focused R&D efforts to drive sustainable value creation within infectious diseases; discontinuing immuno-oncology projects.
  • The Company will host three capital markets days during February.

COPENHAGEN, Denmark, February 21, 2024 – Bavarian Nordic A/S (OMX: BAVA) today reports preliminary, unaudited financial results for 2023 and financial guidance for 2024. Furthermore, the Company provides an update on its R&D priorities. 

The preliminary revenue in 2023 was DKK 7,062 million compared to DKK 3,151 million in 2022, thus exceeding the annual guidance of DKK 6,900 million. The improved revenue was driven by the Public Preparedness segment due to a surge in sales of smallpox/mpox vaccines following the unfortunate outbreak in 2022, as well as continued strong growth in the Travel Health business, further supported by the addition of new products through the latest acquisition in May 2023. The preliminary revenue comprised of DKK 5,027 million from Public Preparedness and DKK 1,877 million from Travel Health. Other revenue reached DKK 158 million.

The preliminary operating result (EBITDA) was a profit of DKK 2,615 million compared to DKK 328 million in 2022, thus exceeding the latest guidance of DKK 2,300 million. 

“This historical result is an endorsement of the successful execution of the commercial strategy we initiated back in 2020 and the transition to one of the largest pure play vaccine companies in the world. It is all the more pleasing to see that all parts of the company have contributed to this result, due to our brand performance, resurgence in travel, and expanding our partnerships in public preparedness. While the surge in demand for our smallpox/mpox vaccine is decreasing, in part due to the role our vaccine has played in reducing the mpox cases, the public preparedness base business has grown in the number of customers and the emerging private mpox business. This, together with strong growth in travel health, means Bavarian Nordic is now a DKK 5 billion annual revenue company and growing, with profit margins that can compete with pharma companies. The increased manufacturing capacity and broader customer base also mean that we will be able to respond to future surges in demand, following increased cases of mpox, or extraordinary governmental orders, that will allow us to exceed the growing base business from time to time. I would like to thank all the dedicated and highly skilled employees for delivering an outstanding annual result that has saved millions of lives through access to our life-saving vaccines during 2023,” said Paul Chaplin, President and CEO of Bavarian Nordic.

The consolidated, audited financial results for 2023 will become available on March 6, 2024, in connection with the publication of the Company’s annual report for 2023.

DKK million

Numbers are approximate

FY 2023 guidance
original, 15-Feb-2023

FY 2023 guidance

latest, 03-Aug-2023

FY 2023 actuals
 preliminary, unaudited









2024 financial guidance
For 2024, Bavarian Nordic expects revenue of DKK 5,000-5,300 million and EBITDA of DKK 1,100-1,350 million. 

The expected revenue is comprised of DKK 2,700–3,000 million from Public Preparedness vaccines, of which DKK 1,600 million have already been secured by contracts, approximately DKK 2,100 million from Travel Health vaccines and approximately DKK 200 million from contract work. Travel Health anticipates a 12% growth, driven by a mix of continued market growth and market share gains. 

Research and development costs of approximately DKK 850 million are expected, of which the chikungunya program represents nearly half.

Similarly, the chikungunya program will impact manufacturing costs negatively by approximately DKK 240 million due to the manufacturing of batches as part of the preparations for commercial launch in 2025. Pending approval of the vaccine, it is expected that these costs will be reversed and capitalized in 2025. Adjusting the implicit 2024 EBITDA margin for this effect would give an EBITDA margin range of 27-30%.

Net working capital is expected to increase by approximately DKK 900 million due to final inventory build-up before the completion of tech transfer of rabies and TBE manufacturing. Other tangible investments of approximately DKK 300 million are expected.

Cash outflow in 2024 further includes milestone payments of DKK 1,800 million to GSK and Emergent BioSolutions.

The outlook is based on the following assumptions on currency exchange rates of DKK 6.90 per 1 USD and DKK 7.45 per 1 EUR.

Focused R&D priorities to drive sustainable value creation
Bavarian Nordic’s only active immuno-oncology project, TAEK-VAC, has reached a stage where clinical expansion and further investments would be required. The Company has decided to focus its future R&D efforts on infectious diseases through product improvements to remain competitive and new vaccine development.  As a consequence, the TAEK-VAC project will not be continued, and the Company has no further plans to invest in immuno-oncology vaccine development.

Capital markets days in February
As previously announced, Bavarian Nordic will hold three capital markets days for investors and analysts, by invitation only, on the following dates and locations: February 26 in Copenhagen, February 27 in London, and February 28 in New York City. 

At these half-day events, the management of Bavarian Nordic will provide an update on the Company's strategy, as well as a deep dive into its two business areas: Travel Health and Public Preparedness, and the opportunities ahead. For more information, visit

About Bavarian Nordic
Bavarian Nordic is a fully integrated vaccine company with a mission to protect and save lives through innovative vaccines. We are a global leader in smallpox and mpox vaccines, supplied to governments to enhance public health preparedness and have a strong portfolio of vaccines for travelers and endemic diseases. For more information visit

Forward-looking statements
This announcement 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 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 which may 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. 

Europe: Rolf Sass Sørensen, Vice President Investor Relations, Tel: +45 61 77 47 43
US: Graham Morrell, Paddock Circle Advisors,, Tel: +1 781 686 9600 

Company Announcement no. 01 / 2024

Published on February 21, 2024, 8:13 CET