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Makes vaccines, including the smallpox/mpox vaccine and travel vaccines such as rabies and cholera.
Makes vaccines, including the smallpox/mpox vaccine and travel vaccines such as rabies and cholera.
A big share comes from government orders for the smallpox and mpox vaccine, awarded as contracts that deliver in lumps; travel vaccines sold to clinics are steadier. Its travel vaccines were bought from other pharma firms, GSK and Emergent, rather than developed in-house.
Moat: narrow (regulatory licence, IP / patents). One of few approved mpox/smallpox vaccine makers with long-term government stockpile contracts.
Headquarters: Hellerup, Denmark · Founded: 1994 · Employees: 1,795
Size Bavarian Nordic A/S (BAVA.CO) is a Denmark Health Care company (Biotechnology) with a market value of $2.93B, the 28th largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 241.00 on 6 Nov 2026.
Performance Over six months the shares gained 27.0%, against -9.1% for the median peer and +8.8% for the Denmark market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue fell 3.3% over the last twelve months (peer median +5.4%); the operating margin is 16.4% (peer median -14.0%).
Valuation It trades at 17.1× forward earnings against a peer median of 31.2× (3rd cheapest of 9).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is -29 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | DKK 6.26B | DKK 6.17B | DKK 5.71B | DKK 7.06B | DKK 3.15B |
| Revenue growth | — | +8% | -19% | +124% | — |
| Gross profit | DKK 3.08B | DKK 2.92B | DKK 2.73B | DKK 4.52B | DKK 1.65B |
| EBITDA | DKK 1.76B | DKK 1.64B | DKK 1.56B | DKK 2.05B | DKK 328M |
| Net income | DKK 1.54B | DKK 1.38B | DKK 988M | DKK 1.48B | -DKK 347M |
| Free cash flow | DKK 1.24B | DKK 2.52B | DKK 1.87B | DKK 977M | -DKK 141M |
| Capital expenditure | DKK 299M | DKK 1.36B | DKK 1.69B | DKK 977M | DKK 1.38B |
| Total debt | DKK 131M | DKK 131M | DKK 128M | DKK 145M | DKK 1.19B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bavarian Nordic A/S BAVA.CO | $2.93B | +27% | -3% | 16% | 17.1× | -2.0% |
| Emergent BioSolutions EBS | $312M | -27% | -18% | 5% | 16.1× | -0.1% |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 9.6× | -5.4% |
| GSK GSK.L | $102B | 0% | +4% | 25% | 10.6× | -0.1% |
| Valneva VLA.PA | $534M | -2% | -27% | -87% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BAVA.CO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.8% | -7.3% | 9th highest of 21 |
| 6-month return | +27.0% | -9.1% | 5th highest of 20 |
| Distance from 52-week high | -6.2% | -31.8% | 3rd highest of 21 |
| Revenue growth (TTM) | -3.3% | +5.4% | 6th lowest of 18 |
| Operating margin | 16.4% | -14.0% | 5th highest of 19 |
| Forward P/E | 17.1× | 31.2× | 3rd cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | -2.0% | 11.4% | least demanding of 7 |
| Growth delivered (Del g) | +27.4% | +22.7% | 4th highest of 7 |
| Hurdle (Req g minus delivered) | -29.4 pp | -19.4 pp | 4th least demanding of 7 |
| ROIC minus cost of capital | +2.3 pp | -7.8 pp | 6th highest of 17 |
| EV / EBITDA | 9.9× | 59.5× | cheapest of 6 |
| Net debt / EBITDA | -1.3× | 2.0× | least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bavarian Nordic A/S BAVA.CO | Denmark | $2.93B | +27% | -3% | 16% | 17.1× | -2.0% | +27.4% |
| Zai Lab 9688.HK | Hong Kong | $2.92B | +13% | +5% | -59% | n/a | n/a | n/a |
| Rubicon Research RUBICON.NS | India | $2.91B | +74% | +37% | 21% | 77.2× | n/a | n/a |
| Caliway Biopharmaceuticals 6919.TW | Taiwan | $3.01B | -37% | -54% | -6,983% | n/a | n/a | n/a |
| Sunshine Lake Pharma 6887.HK | Hong Kong | $2.85B | -9% | +20% | -3% | n/a | n/a | n/a |
| ADMA Biologics ADMA | United States | $2.85B | +56% | +8% | 42% | 15.7× | -0.8% | +64.6% |
| HLB 028300.KS | South Korea | $3.06B | -49% | +29% | -96% | n/a | n/a | n/a |
| Xeris Biopharma XERS | United States | $2.77B | +133% | +36% | 11% | 67.9× | 33.3% | +70.2% |
| Xiamen Amoytop Biotech 688278.SS | China | $2.76B | -23% | +18% | 27% | 16.2× | 0.5% | +36.0% |
| Beam Therapeutics BEAM | United States | $2.73B | -18% | +163% | -268% | n/a | n/a | n/a |
| Walvax Biotechnology 300142.SZ | China | $2.71B | -12% | -23% | 5% | 381.7× | 31.3% | -3.8% |
| Hebei Changshan Biochemical Pharmaceutical 300255.SZ | China | $2.68B | -52% | 0% | -25% | n/a | n/a | n/a |
| Denali Therapeutics DNLI | United States | $3.22B | +2% | n/a | -2,488% | n/a | n/a | n/a |
| Telix Pharmaceuticals TLX.AX | Australia | $3.22B | -6% | +27% | -1% | 36.8× | n/a | n/a |
| Xencor XNCR | United States | $2.66B | +178% | -29% | -206% | n/a | n/a | n/a |
| Arcus Biosciences RCUS | United States | $2.59B | -28% | -55% | -415% | n/a | n/a | n/a |
| Evopoint Biosciences 688837.SS | China | $2.58B | n/a | n/a | n/a | n/a | n/a | n/a |
| XtalPi 2228.HK | Hong Kong | $3.35B | -34% | +4% | -127% | n/a | n/a | n/a |
| Hualan Biological Engineering 002007.SZ | China | $3.37B | -15% | -11% | 17% | 25.5× | 16.7% | -1.8% |
| Dyne Therapeutics DYN | United States | $3.37B | +3% | n/a | n/a | n/a | n/a | n/a |
| Virbac VIRP.PA | France | $3.38B | +5% | +4% | 15% | 17.2× | 6.2% | +9.4% |