EL7.AI
StocksMedium•2 November 2026•
4 min read

Bavarian Nordic Wins Four-Year UK Contract to Supply MVA-BN Vaccine

Key Facts

1Bavarian Nordic won a four-year UK contract to supply the MVA-BN vaccine on 2 November 2026.
2The company’s first-half 2026 revenue rose 3% to 3,092 million Danish kroner.
3On 8 October, the company raised its 2026 revenue outlook to 6,100 million kroner and its EBITDA margin outlook to 32% from 30%.
4UK government guidance says MVA-BN is currently the only vaccine available in the routine mpox immunisation programme.
5The company is scheduled to publish its first-nine-months 2026 results on 13 November.

Bavarian Nordic said on 2 November 2026 that it had won a four-year contract with the British government, through the UK Health Security Agency, to supply the MVA-BN vaccine. The contract includes scheduled deliveries throughout its term, along with provisions for optional flexibility. The company said the agreement supports the UK’s long-term preparedness for infectious disease threats. It did not disclose the contract’s financial value or any expected revenue impact. The agreement therefore sets out a multi-year supply framework without making its financial scale measurable.

The UK Health Security Agency’s Director of Commercial Vaccine and Countermeasures Delivery said working with trusted suppliers helps build a resilient and adaptable supply chain. She added that the contract is part of ongoing work to protect the public. Scheduled deliveries provide a clear framework for supplying the vaccine over the agreement’s term, while the optional flexibility provisions allow for adaptation under the contract’s terms. The announcement links these arrangements to the goal of supporting the country’s readiness for infectious disease threats. The statement did not specify quantities or a delivery schedule.

The contract comes as the UK relies on MVA-BN in its routine mpox immunisation programme; government guidance says it is currently the only vaccine available for the programme. The vaccine is used in the country under the name “Imvanex” and is non-replicating. The UK has used it to prevent smallpox since 2013. Since September 2022, it has also been authorised for mpox immunisation. This extended use places the vaccine at the centre of UK supply arrangements related to both diseases.

The UK strategy published in April 2025 says more than 4,000 mpox cases have been recorded in the country since May 2022. It also says the UK Health Security Agency leads the procurement of vaccines and treatments on behalf of other countries when they agree to it. According to the strategy, this gives the agency responsibilities beyond the needs of the domestic immunisation programme. The new contract, however, concerns vaccine supply to the British government through the agency. The announcement did not say the agreement includes purchases for other countries.

As for the company’s business, total revenue in the first half of 2026 was about 3,092 million Danish kroner, up 3% from the same period in 2025. In the second quarter, revenue rose 23% to 2,034 million kroner, while revenue in the Public Preparedness business increased 6% to 975 million kroner. But Public Preparedness revenue fell 18% in the first half, according to the framing in company materials. First-half earnings before interest, taxes, depreciation and amortisation were 1,090 million kroner, with a margin of 35%. These figures provide context for the company’s business, but do not indicate how much the UK contract will add to its results.

Bavarian Nordic said revenue from its Jynneos, Imvanex and Imvamune vaccine business in 2026 was not expected to be materially affected by mpox outbreaks, and that it expected about 2,500 million kroner from the business. On 8 October, the company raised its full-year revenue outlook to about 6,100 million kroner and its EBITDA margin outlook to about 32%, from a previous forecast of about 30%. It kept its Public Preparedness revenue outlook at about 2,500 million kroner and said about 2,400 million kroner of that amount had been booked in orders by that date. Chief Executive Paul Chaplin also said the Travel Health business had posted record first-half revenue, and that additional government contracts for the mpox and smallpox vaccines had strengthened the revenue base and visibility beyond 2026. The company did not link these forecasts to the UK contract announced in November.

The company is scheduled to publish its financial results for the first nine months of 2026 on 13 November. Those results will provide a later update on performance through the end of September, following the UK contract announcement. The company did not say the agreement’s value would appear in the upcoming report or that it would have a specific impact on the nine-month results. The next publication date remains the announced next milestone for investors tracking the company’s performance.