The headquarters of Danish biotechnology company Bavarian Nordic in Hellerup, north of Copenhagen, display the company’s logo in a photo taken by Liselotte Sabroe of Afp.
Danish biotech company Bavarian Nordic saw its shares rise over 12% in early trading on Thursday. This was due to the company reporting earnings that exceeded expectations and securing a large vaccine order from an unknown European country in response to the ongoing mpox outbreak.
Bavarian Nordic announced second quarter revenues of 1.43 billion Danish krone ($213 million) and an operating profit of 420 million krone, which surpassed analyst expectations reported by Reuters. By 9:44 a.m. London time, the company’s shares had increased by 11.3%.
The company shared that they had received a contract to supply 440,000 doses of mpox and smallpox vaccines to the European country, in line with their 2024 goals. This order will not impact their production capacity for the rest of the year.
Following the recent mpox outbreak spreading from the Democratic Republic of Congo to neighboring countries, the World Health Organization declared it a global public health emergency. Bavarian Nordic CEO Paul Chaplin stated that the new order reflects a growing recognition by some countries of the need for increased readiness after a previous outbreak in 2022.
Chaplin mentioned that the company still has the capability to provide up to 10 million doses of the vaccine by the end of next year, with two million doses available this year. All 440,000 doses from the recent order will be delivered in 2024, bringing the total value of secured contracts in the Public Preparedness business to nearly DKK 3 billion.
Bavarian Nordic confirmed its new guidance for the year, expecting revenue of approximately DKK 5.3 billion and earnings before interest, taxes, depreciation, and amortization of around DKK 1.35 billion, at the higher end of its range.
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