Bavarian Nordic Q1 Revenue Misses Forecast

Bavarian Nordic Q1 revenue fell to DKK1.06 bn, missing the DKK1.13 bn consensus, causing shares to drop over 5% in Copenhagen.
Public Preparedness revenue slipped to DKK294 mn versus DKK384 mn expected, while Travel Health beat forecasts at DKK721 mn versus DKK699 mn.
EBITDA came in at DKK165 mn, well below the DKK277 mn estimate, reflecting lower mpox vaccine sales and higher production costs.
Company raised full‑year 2026 revenue guidance to DKK5.5‑5.7 bn and Public Preparedness outlook to DKK2.3‑2.5 bn, with secured orders of DKK2.0 bn and EBITDA margin target of ~28%.