Bavarian Nordic (BV3) Stock Overview

Develops, manufactures, and supplies life-saving vaccines. More details

BV3 fundamental analysis
Snowflake Score
Valuation	6/6
Future Growth	1/6
Past Performance	1/6
Financial Health	6/6
Dividends	0/6

Rewards

Trading at 63.5% below our estimate of its fair value

Earnings are forecast to grow 3.08% per year

Trading at good value compared to peers and industry

Analysts in good agreement that stock price will rise by 52.7%

Risk Analysis

Large one-off items impacting financial results

BV3 Community Fair Values

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Bavarian Nordic A/S Competitors

Price History & Performance

Summary of share price highs, lows and changes for Bavarian Nordic
Historical stock prices
Current Share Price	DKK 23.36
52 Week High	DKK 32.59
52 Week Low	DKK 22.20
Beta	0.96
1 Month Change	-7.89%
3 Month Change	-8.96%
1 Year Change	4.05%
3 Year Change	-9.28%
5 Year Change	-33.20%
Change since IPO	11.24%

Recent updates

Shareholder Returns

	BV3	DE Biotechs	DE Market
7D	-1.2%	-0.6%	-0.8%
1Y	4.1%	-7.8%	2.2%

Return vs Industry: BV3 exceeded the German Biotechs industry which returned -7.8% over the past year.

Return vs Market: BV3 exceeded the German Market which returned 2.2% over the past year.

Price Volatility

Is BV3's price volatile compared to industry and market?
BV3 volatility
BV3 Average Weekly Movement	4.4%
Biotechs Industry Average Movement	8.3%
Market Average Movement	5.7%
10% most volatile stocks in DE Market	13.2%
10% least volatile stocks in DE Market	2.8%

Stable Share Price: BV3 has not had significant price volatility in the past 3 months compared to the German market.

Volatility Over Time: BV3's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1992	1,861	Paul Chaplin	www.bavarian-nordic.com

Bavarian Nordic A/S develops, manufactures, and supplies life-saving vaccines. The company offers non-replicating smallpox and monkeypox vaccines under the IMVAMUNE, IMVANEX, and JYNNEOS names; rabies vaccine for human use under the Rabipur/RabAvert name; tick-borne encephalitis vaccine under the Encepur name; Vaxchora, an oral vaccine for immunization against cholera; and Vivotif/Typhoral, an oral vaccine for immunization against typhoid fever. It is also developing MVA-BN WEV, that is in phase 2 trial for the treatment of encephalitis viruses.

Bavarian Nordic A/S Fundamentals Summary

How do Bavarian Nordic's earnings and revenue compare to its market cap?
BV3 fundamental statistics
Market cap	€1.83b
Earnings (TTM)	€156.99m
Revenue (TTM)	€796.65m

11.7x

P/E Ratio

2.3x

P/S Ratio

Is BV3 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
BV3 income statement (TTM)
Revenue	DKK 5.96b
Cost of Revenue	DKK 3.09b
Gross Profit	DKK 2.87b
Other Expenses	DKK 1.69b
Earnings	DKK 1.17b

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

Aug 21, 2026

Earnings per share (EPS)	15.34
Gross Margin	48.11%
Net Profit Margin	19.71%
Debt/Equity Ratio	0.1%

How did BV3 perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/06/26 00:34
End of Day Share Price	2026/06/26 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Bavarian Nordic A/S is covered by 13 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Jacob Lademann	Carnegie Investment Bank AB
Peter Verdult	Citigroup Inc
Hakon Hemme Jørgensen	Danske Bank

Bavarian Nordic (BV3) Stock Overview

Rewards

Risk Analysis

Bavarian Nordic A/S Competitors

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Price History & Performance

Recent News & Updates

Less than half of directors are independent

Bavarian Nordic A/S Upgrades Earnings Guidance for the Fiscal Year 2026

Bavarian Nordic A/S Approves Board Elections

Bavarian Nordic AS Receives Swissmedic Approval For Chikungunya Vaccine

Bavarian Nordic A/S Submits Data to EMA to Extend Mpox and Smallpox Vaccine Approval to Children Aged 2-11 Years

Bavarian Nordic A/S, Annual General Meeting, Apr 21, 2026

Recent updates

Less than half of directors are independent

Bavarian Nordic A/S Upgrades Earnings Guidance for the Fiscal Year 2026

Bavarian Nordic A/S Approves Board Elections

Bavarian Nordic AS Receives Swissmedic Approval For Chikungunya Vaccine

Bavarian Nordic A/S Submits Data to EMA to Extend Mpox and Smallpox Vaccine Approval to Children Aged 2-11 Years

Bavarian Nordic A/S, Annual General Meeting, Apr 21, 2026

Paul Chaplin Steps Down as CEO of Bavarian Nordic A/S

Bavarian Nordic A/S Provides Earnings Guidance for the Fiscal Year 2026

Bavarian Nordic as Appoints Anne Louise Eberhard as New Chair of the Board of Directors

Bavarian Nordic A/S Provides Earnings Guidance for the Full Year 2025

Bavarian Nordic Announces Changes to the Board of Directors

Nordic Capital Epsilon Sca Sicav-raif and and funds managed and advised by Permira Advisers Ltd cancelled the acquisition of Bavarian Nordic A/S (CPSE:BAVA).

Bavarian Nordic Reports Positive Topline Data for Mpox/Smallpox Vaccine in Pediatric Population

Second quarter 2025 earnings released: EPS: kr.4.50 (vs kr.3.30 in 2Q 2024)

Bavarian Nordic A/S to Report Q3, 2026 Results on Nov 13, 2026

High number of new directors

Nordic Capital Epsilon Sca Sicav-raif and and funds managed and advised by Permira Advisers Ltd proposed to acquire Bavarian Nordic A/S (CPSE:BAVA) for DKK 18.1 billion.

Bavarian Nordic in Takeover Talks, Shares Rally

Bavarian Nordic A/S Receives Acceptance from Health Canada for Review of the New Drug Submission for its Chikungunya Vaccine

Bavarian Nordic’s Chikungunya Vaccine Receives Recommendation from U.S. CDC’s Advisory Committee on Immunization Practices

Bavarian Nordic A/S Receives U.S. FDA Approval of Freeze-Dried Smallpox and Mpox Vaccine

Bavarian Nordic A/S Announces Acceptance of Marketing Authorization Application for Chikungunya Vaccine in the UK for Persons Aged 12 and Older

Bavarian Nordic A/S Receives U.S. FDA Approval of Chikungunya Vaccine for Persons Aged 12 and Older

New major risk - Revenue and earnings growth

Third quarter 2024 earnings released: EPS: kr.0.90 (vs kr.4.40 loss in 3Q 2023)

Investor sentiment deteriorates as stock falls 17%

First Children Vaccinated in New Clinical Study Seeking to Expand the Indication for Bavarian Nordic's Mpox Vaccine

Bavarian Nordic A/S Upgrades Earnings Guidance for the Year 2024

Bavarian Nordic A/S Receives EMA Approval of Mpox Vaccine for Adolescents

Bavarian Nordic Receives WHO Prequalification for Mpox Vaccine

CEO & President recently sold €3.2m worth of stock

Investor sentiment deteriorates as stock falls 16%

Bavarian Nordic A/S Announces First Doses of its Mpox Vaccine, Mva-BN

Bavarian Nordic A/S Receives Approval of Smallpox and Mpox Vaccine in Singapore

Bavarian Nordic A/S, Annual General Meeting, Apr 09, 2025

Second quarter 2024 earnings released

Bavarian Nordic A/S to Report Fiscal Year 2024 Results on Mar 05, 2025

Bavarian Nordic A/S Submits Data to EMA to Extend Mpox/Smallpox Vaccine Approval to Adolescents

Investor sentiment improves as stock rises 34%

New major risk - Share price stability

Bavarian Nordic A/S Receives Positive Chmp Opinion for Including Mpox Real-World Effectiveness Data in European Marketing Authorization for Smallpox and Mpox Vaccine

Bavarian Nordic A/S Receives EMA Filing Acceptance and Validation of the MAA for Its Chikungunya Vaccine

Investor sentiment improves as stock rises 23%

Bavarian Nordic A/S Submits Marketing Authorization Application for Its Chikungunya Vaccine Candidate to Ema

Laurence De Moerlooze to Leave Bavarian Nordic A/S as Executive Vice President and Chief Medical Officer

First quarter 2024 earnings released: kr.1.50 loss per share (vs kr.5.10 profit in 1Q 2023)

Bavarian Nordic A/S Provides Earnings Guidance for the Year 2024

Bavarian Nordic A/S Initiates Rolling Submission of Biologics License Application with FDA for Chikungunya Vaccine Candidate

Bavarian Nordic A/S Receives Approval of Smallpox and Mpox Vaccine in Switzerland

New minor risk - Earnings quality

Full year 2023 earnings released: EPS: kr.19.20 (vs kr.4.93 loss in FY 2022)

Bavarian Nordic A/S Provides Revenue Guidance for the Year 2024

New major risk - Revenue and earnings growth

Third quarter 2023 earnings released: kr.4.40 loss per share (vs kr.0.20 profit in 3Q 2022)

Bavarian Nordic A/S Provides Earnings Guidance for the Year 2023

Bavarian Nordic A/S's Mpox Vaccine Receives Recommendation from U.S. CDC Advisory Committee for Routine Use in Adults at Risk

Investor sentiment improves as stock rises 17%

Bavarian Nordic A/S Reports Additional Phase 3 Results and Provides Update on Development Program for its cVLP-Based COVID-19 Booster Vaccine Candidate, ABNCoV2

Investor sentiment improves as stock rises 15%

Bavarian Nordic A/S, Annual General Meeting, Apr 16, 2024

New major risk - Revenue and earnings growth

New minor risk - Share price stability

Investor sentiment deteriorates as stock falls 24%