The revised guidance lifts full-year revenue expectations from the previous range of DKK 5,500–5,700 million, with Public Preparedness revenue now guided at approximately DKK 2,500 million, up from DKK 2,300–2,500 million, on additional contract awards secured during the year. The company has now secured around DKK 2,300 million for delivery in 2026 and a further DKK 800 million for 2027. The improved revenue mix has also lifted the expected EBITDA margin from approximately 28 to approximately 30 percent.

Not all product lines are moving in the same direction: guidance for the travel vaccine Vimkunya has been revised down to DKK 200 million from DKK 250 million, reflecting softer performance in the US market and a delayed publication of the ACIP’s clinical recommendations there.

Alongside the guidance upgrade, Bavarian Nordic announced a new share buyback programme of up to DKK 750 million.