COPENHAGEN, Denmark, May 13, 2026, Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results and business progress for the first three months of 2026.

Revenue for the first three months was DKK 1,058 million, comprised of:

DKK 721 million from Travel Health, an increase of 14% compared to the first quarter of 2025 when adjusting for discontinued partnership revenue. The growth was primarily driven by increased demand for rabies vaccines and the continued launch of the chikungunya vaccine.

DKK 294 million from Public Preparedness, a decrease of 53% compared to the first quarter of 2025, which is in line with expectations as 2026 is expected to be a normalized year for this business without material impact from mpox outbreaks.

DKK 44 million in other revenue.

The operating profit (EBITDA) was DKK 165 million, corresponding to an EBITDA margin of 16%.

The financial guidance for the full year, which was upgraded on May 11, is maintained at a revenue of DKK 5,500 - 5,700 million and an EBITDA margin of approximately 28%.

DKK million

Q1 2026

Q1 2025

FY 2026 GuidanceCurrent

FY 2026 GuidanceOriginal

Revenue

1,058

1,347

5,500, 5,700

5,000, 5,200

EBITDA margin

16%

31%

~28%

~25%

Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: "Our Travel Health business ...