Health
Bavarian Nordic Shares Surge Amid Rising Mpox Vaccine Orders and Strong Q2 Earnings
Danish biotech giant Bavarian Nordic saw its shares rise on Thursday following the announcement of increased European orders for its Mpox vaccine and a better-than-expected second-quarter earnings report. The company’s robust performance has prompted an upward revision in its 2024 financial guidance, with earnings now expected to hit the higher end of the projected range.
For the full year 2024, Bavarian Nordic anticipates earnings before interest, taxes, depreciation, and amortization (EBITDA) to reach approximately DKK 1,350 million (€180.91 million), while total revenue is projected to be around DKK 5,300 million (€710.38 million). The company’s strong financial outlook is largely attributed to its recent success in securing a 440,000-dose contract for smallpox and Mpox vaccines from an unnamed European country.
This surge in demand for Mpox vaccines across Europe likely stems from heightened efforts by various countries to enhance early preparedness in response to the global Mpox outbreak in 2022. Bavarian Nordic’s Mpox vaccine, JYNNEOS—also known as Imvamune and Imvanes—is one of only two Mpox vaccines approved by the U.S. Food and Drug Administration (FDA). It is also recommended by the World Health Organization’s (WHO) Strategic Advisory Group of Experts on Immunization (SAGE).
Paul Chaplin, President and CEO of Bavarian Nordic, expressed satisfaction with the company’s progress in the first half of 2024. “We are pleased to report strong developments for Bavarian Nordic during the first half of 2024. Unfortunately, Mpox is again making global headlines due to the record number of cases reported in Africa,” Chaplin said.
He also highlighted the company’s expanding partnership with the Africa Centres for Disease Control and Prevention (Africa CDC), focusing on vaccine supply and manufacturing within the continent. In response to the recent spike in Mpox cases, Bavarian Nordic plans to ramp up vaccine production to ensure equitable access, with the capacity to produce about 10 million doses by the end of next year and potentially deliver up to 2 million doses by the end of 2024.
The urgency surrounding Mpox vaccination has intensified following the WHO’s recent declaration of a new strain of Mpox as a public health emergency of international concern (PHEIC). This marks the first such declaration since May 2022, as the new strain has led to a rise in cases in countries previously unaffected by the virus, including Rwanda, Uganda, Burundi, and Kenya.
Professor Dimie Ogoina, speaking on behalf of the WHO, underscored the global significance of the current Mpox upsurge, particularly in Africa. WHO Regional Director for Africa, Dr. Matshidiso Moeti, emphasized ongoing efforts to combat the outbreak through coordinated international action, highlighting the importance of collaboration with communities and governments to bring the crisis under control.
As Bavarian Nordic continues to scale up its vaccine production, the company is poised to play a critical role in addressing the growing Mpox threat on a global scale.
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