EL7.AI
StocksMedium•13 November 2026•
4 min read

Bavarian Nordic’s Travel Health Revenue Rises 22% to DKK 1,144 Million in Third Quarter

Key Facts

1Travel Health revenue was DKK 1,144 million in the third quarter of 2026, up 22%.
2RabAvert/Rabipur sales reached about DKK 886 million, up 37% in the third quarter.
3Vimkunya vaccine revenue was DKK 73 million, up 146% in the third quarter.
4The company maintained its 2026 revenue forecast at about DKK 6,100 million and its EBITDA margin forecast at about 32%.

Bavarian Nordic said Travel Health revenue reached DKK 1,144 million in the third quarter of 2026, up 22% year on year, reflecting strong demand for vaccines in the segment. The increase was 32% excluding discontinued partnerships, according to the company’s statement. The segment’s result came alongside group revenue of DKK 1,805 million, compared with DKK 1,795 million in the third quarter of 2025. Travel Health therefore grew faster than the group’s total revenue during the quarter. The company kept its guidance for fiscal 2026 unchanged, expecting revenue of about DKK 6,100 million and an EBITDA margin of about 32%.

Sales of the RabAvert/Rabipur vaccine were the main driver of Travel Health growth, reaching DKK 886 million in the third quarter, up 37%, the company said. Vimkunya generated revenue of DKK 73 million, up 146%, as its launch continued. The figures show the difference in the products’ contributions: RabAvert/Rabipur sales exceeded Vimkunya revenue, while the latter posted a higher growth rate during the period. Chief Executive Taria Steindal said the results reflected "the strength of our vaccine portfolio and our ability to deliver important vaccines to more people." She added that performance was supported by Travel Health growth and robust execution in Public Preparedness, according to her comments on the nine-month results.

In Public Preparedness, revenue was DKK 606 million in the third quarter, in line with the company’s expectation of full-year revenue of DKK 2,500 million in 2026. The nine-month results showed divergent performance across the two main businesses: Travel Health revenue rose 24% year on year, while Public Preparedness revenue fell 20%. Group revenue for the first nine months reached DKK 4,897 million, up 2% from the corresponding period. The company attributed performance to continued Travel Health growth and robust execution in Public Preparedness, while lower revenue in the latter business weighed on overall group growth. This divergence puts the third-quarter results in the context of performance so far this year, with a stronger contribution from Travel Health offsetting a decline in the other business.

On profitability, third-quarter EBITDA was DKK 621 million, equivalent to a margin of 34.4%, while the gross profit margin reached 51.9%, according to the results statement. The quarterly EBITDA margin exceeded the company’s full-year expectation of about 32%, with that guidance remaining dependent on the timing of revenue and investments. The company said revenue timing and increased investment in the fourth quarter explained its expectation for an annual margin at this level. It said momentum in the remainder of the year was robust, but expected investment to rise in the final quarter. The company therefore maintained its annual guidance alongside strong third-quarter profitability and an expected shift in the timing of revenue and spending in the coming period.

Before the results announcement, the consensus of five analysts was for third-quarter revenue of DKK 1,689 million, while their 2026 revenue estimate was DKK 6,120 million, according to consensus data published by the company. Actual group revenue of DKK 1,805 million exceeded the quarterly estimate, while the annual guidance of about DKK 6,100 million was below the full-year consensus. The comparison between guidance and consensus relates to revenue estimates, while the company’s expected full-year EBITDA margin is about 32%. The information available here did not include the company’s share price movement after the results announcement. Bavarian Nordic also said Chief Financial Officer Henrik Juul, who has held the position since 2018, will leave in April 2027, and that the board has begun searching for a successor.

The company plans to publish its 2026 annual report on 11 March 2027, followed by its first-quarter 2027 results on 14 May of the same year. The annual report date follows the period for which the company targets total revenue of about DKK 6,100 million and an EBITDA margin of about 32%. The first-quarter report is the next financial reporting date listed in the company’s calendar. Juul is also scheduled to leave his position in April 2027, after serving as chief financial officer since 2018, and the board has begun searching for a successor. These remain the next announced milestones in the company’s reporting calendar and management change.