Introduction
Performance
Strategic priorities
Corporate information
Bavarian Nordic at a glance
Letter from the Chair and the CEO
Our purpose and strategy
Partnering for global health
Strong regulatory progress in 2024
Our first 30 years
New product launch in 2025
more reach and impact than TBE. Furthermore, we are
also developing a vaccine candidate against Epstein-
Barr virus, which causes infectious mononucleosis, but
is also known to cause certain cancers. Both diseases
represent large unmet medical needs as there are
currently no vaccines available. We are excited to
launch these programs, which based on pre-clinical
data have the potential to become best in class,
adding further value to our pipeline as we progress
towards clinical trials in 2026.
mpox as a public health emergency, the first vaccines
arrived early September in the DRC, representing
donations from Bavarian Nordic, the EU Commission
and the US government as a first response to the
outbreak. Since then more countries followed along,
and we entered supply agreements with Gavi and
UNICEF, ensuring the combined availability of nearly
3 million doses of our mpox vaccine through dona-
tions and agreements. We also entered a license- and
manufacturing agreement with Serum Institute of
India, the world’s largest vaccine manufacturer by
volume, and we continue to explore further options
to expand capacity to lower- and middle-income
countries to ensure continued equitable access. This
includes the opportunity to increase our output by
introducing a new cell line in our manufacturing, which
would allow us to scale our capacity to meet demand
from even larger outbreaks, including smallpox.
areas were just some of the major roadblocks that
needed to be cleared. Another issue was that the
vaccine had not yet been approved by local regulatory
authorities. These challenges demonstrated the need
for a continued concerted effort and funding from both
local, regional and global societies.
We will further grow the portfolio with the anticipated
launch of the chikungunya vaccine in the first half
of 2025. We are excited by this opportunity, which
represents our first full-scale commercial launch of
a product, leveraging our commercial strengths and
capabilities. VIMKUNYA was approved in the US and
EU in February 2025 as the first chikungunya vaccine
approved for persons as young as 12 years. The vaccine
is well positioned to become the preferred choice for
travelers at risk going to destinations in Asia, Africa,
and the Americas, where chikungunya has emerged
over the past decades.
Our vaccine remains an important tool in governing
public health security, and we are pleased to support
an increasing number of governments and organiza-
tions to build resilience towards current and future
outbreaks. This has driven higher revenue in our Public
Preparedness business over the past years, exceeding
our base projections. We will continue our efforts to
expand the base, also via private markets, which we
launched in 2024 in Germany and the US, where our
mpox vaccine is now available for at-risk populations.
Strong partnerships increase
access to mpox vaccines
The world faced another public health crisis in 2024.
As a more severe strain of mpox continued to spread
beyond its epicenter in the Democratic Republic of
Congo (DRC) to neighboring countries and beyond,
the African health authorities called upon the global
society to assist. Concerted efforts were needed to
curb the outbreak, which caused more than 70,000
suspected cases and nearly 1,300 deaths in Africa in
2024.
Growth through innovation
We continue to explore opportunities to further grow
the portfolio, both organically and through acquisition.
While revenue from Travel Health has gone from zero
to more than DKK 2 billion annually in just five years,
we seek to further solidify this business, strengthening
our resilience to market challenges and comple-
menting our Public Preparedness business.
Our responsibility beyond tomorrow
We also partnered with CEPI who has provided impor-
tant support that enabled us to expand the indication
for mpox vaccine to adolescents, who are dispropor-
tionally affected by the outbreak. Additional activities
are ongoing to expand the use further to include
children under the age of 12.
Improving access to vaccines is one of the core pillars
of our strategy to help build a sustainable future.
Vaccines remain one of the most efficient health
interventions and we recognize our responsibility to
ensure equitable access to our products around the
globe, which we seek to accomplish through part-
nerships with governments and organizations. Most
recently, we entered a partnership with Biological E
Limited in India in order to facilitate future supply of
our chikungunya vaccine for lower- and middle-in-
To succeed, we will continue to invest in our business
to supplement the portfolio. This year, we are bringing
two new programs from our own research into the
pipeline. We are developing a vaccine candidate
against Lyme disease, another tick-borne disease,
which is found in many parts of the world, with far
At the time, we were already manufacturing at scale
to supply existing customers, following the global
mpox outbreak in 2022. However, we changed gears
and responded timely to meet the urgent demand and
facilitate an immediate response together with the
Africa CDC. Only a few weeks after the declaration of
While vaccines inarguably are the remedy needed to
fight the outbreak, lack of funding, poor infrastructure
in the health system, and civil war in highly impacted
Bavarian Nordic Annual Report 2024
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