Bavarian Nordic wins DKK 700m government vaccine contract
Bavarian Nordic A/S secured a DKK 700 million government contract for its MVA-BN vaccine, boosting its 2026 Public Preparedness orders to DKK 2,200 million. Deliveries start in 2026, but most revenue will be recognized in 2027. Full-year 2026 guidance remains at DKK 5,500–5,700 million revenue and a 28% EBITDA margin.
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Bavarian Nordic A/S has secured a government contract valued over DKK 700 million to supply its MVA-BN smallpox/mpox vaccine to an undisclosed country for delivery in 2026 and 2027. This agreement strengthens the company's position as a preferred supplier of vaccines for public health preparedness. While deliveries under this contract will commence in 2026, the majority of the revenue is expected to be recognized in 2027.
With this new award, Bavarian Nordic has now secured contracts in its Public Preparedness business for 2026 totaling approximately DKK 2,200 million. This figure represents an increase of approximately DKK 200 million compared to the level previously announced by the company. The overall financial guidance for the full year 2026 remains unchanged.
Financial Guidance for 2026
Bavarian Nordic maintained its revenue forecast for the full year 2026, anticipating revenue from the Public Preparedness business to reach DKK 2,300 – 2,500 million. The overall guidance for the company's total revenue in 2026 stands at DKK 5,500 – 5,700 million, with an expected EBITDA margin of approximately 28%.
| Metric | Guidance for 2026 |
|---|---|
| Public Preparedness Revenue | DKK 2,300 – 2,500 million |
| Total Revenue | DKK 5,500 – 5,700 million |
| EBITDA Margin | Approximately 28% |
Strategic Context
Paul Chaplin, President & CEO of Bavarian Nordic, emphasized the importance of the contract in supporting government efforts to protect populations against mpox and smallpox. He noted that MVA-BN remains a critical tool for both outbreak response and long-term stockpiling. Chaplin highlighted that ensuring reliable access to medical countermeasures requires sustained investment in preparedness, strategic stockpiles, and manufacturing capabilities that can be mobilized when needed.
The MVA-BN vaccine, marketed under various brand names such as JYNNEOS, IMVAMUNE, and IMVANEX depending on the region, is the only non-replicating mpox vaccine approved in several markets including the U.S., EU/EAA, and the United Kingdom.
Will the increased order volume for 2026 necessitate an expansion of manufacturing capacity or workforce?
How might the concentration of revenue recognition in 2027 impact cash flow and investment strategies in the interim?
Does this contract signal a broader trend of increasing government budgets for mpox and smallpox biosecurity?
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