Bavarian Nordic (BAVA)

Business description

Bavarian Nordic is a Danish biotech focused on developing and manufacturing novel cancer immunotherapies and vaccines for infectious diseases. Its lead products are Prostvac (prostate cancer) and Imvamune (smallpox).

Share price chart

Share chart

Stock data

Market cap.DKK4989.6m
Last closeDKK181.00
High / Low (52 weeks)DKK193.5 / DKK75.0
Stock market listingOMX
Forecast net cash (DKKm)401
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual20.759.5144.6
Relative *15.456.594.0

* % Relative to local index

Other companies in sector Show

Össur 4SC
aap Implantate AG Aastrom Biosciences
AB Science Abcam
Ablynx Achillion Pharmaceuticals
Acorda Therapeutics Actinium Pharmaceuticals
Active Biotech Addex Therapeutics
Advanced Medical Solutions Aegerion Pharmaceuticals
Aeterna Zentaris Agennix
Alchemia Alexza Pharmaceuticals
Algeta ALK Abello
Alkermes Allergy Therapeutics
Alliance Pharma Alnylam Pharmaceuticals
Amarantus BioScience Amarin
Amplifon AmpliPhi Biosciences
Animalcare Group Anteo Diagnostics
Anthera Pharmaceuticals Aratana Therapeutics
Ardea Biosciences Ardelyx
Arena Pharmaceuticals Argos Therapeutics
Ariad Pharmaceuticals Ark Therapeutics Group
ArQule Array BioPharma
Arrowhead Research Corporation Astex Pharmaceuticals
Athersys AVEO Pharmaceuticals
Avita Medical Basilea
Bellus Health Benitec Biopharma
BioAlliance Pharma BioCryst Pharmaceuticals
BioInvent BioLight Life Sciences Inv
BioLineRx Bionomics
Bionor Pharma Biota Holdings
Biotie Therapies Corp Biotron
Bluebird Bio BTG
Can-Fite BioPharma Capstone Therapeutics
Cardio3 BioSciences CARMAT
Celldex Therapeutics Cellectis
Circadian Technologies Clavis Pharma
Cleveland BioLabs Clinigen
Clinuvel Consort Medical
Curis Cytori Therapeutics
Cytos Biotechnology CytRx Corporation
DBV Technologies Dechra Pharmaceuticals
Delcath Systems Deltex Medical
Derma Sciences DiaSorin
Diaxonhit e-Therapeutics
EKF Diagnostics Endocyte
Epigenomics Epistem Holdings
Erytech Pharma Esperion Therapeutics
Evolva Evotec
Exact Sciences Exelixis
Formycon Futura Medical
Galapagos Galmed Pharmaceuticals
Genfit Genmab
GeoVax GI Dynamics
Gilead Sciences GNI Group Ltd
GW Pharmaceuticals Halozyme Therapeutics
Horizon Discovery Hutchison China MediTech
Hybrigenics iCo Therapeutics
Idenix Immune Pharmaceuticals
Immunodiagnostic Systems Holdings ImmuPharma
Imugene Incyte Corporation
Infinity Pharmaceuticals Innate Pharma
Insmed Invion
Ion Beam Applications Ipsogen
Ironwood Pharmaceuticals Ixico
KaloBios Pharmaceuticals Karolinska Development
Keryx Biopharmaceuticals LCA-Vision
LeMaitre Vascular Lifeline Scientific
Ligand Pharmaceuticals Lombard Medical Technologies
MagForce Mast Therapeutics
Medcom Tech Medicago
Medigene Medivir
Merrimack Pharmaceuticals Merrion Pharmaceuticals
Mesoblast MethylGene
Midatech MolMed
Mologen AG MorphoSys
Nanobiotix Nanosonics
Nektar Therapeutics Neovacs
Newron Pharmaceuticals NicOx
NMC Health NorDiag
Nordion NovaBay Pharmaceuticals
Novogen NPS Pharmaceuticals
Omega Diagnostics Group Omeros Corporation
OncoGenex Pharmaceuticals Oncolytics Biotech Inc
OncoMed Pharmaceuticals Onconova Therapeutics
Oncothyreon Onyx Pharmaceuticals
OPMEDIC Group Optos
Orexigen Therapeutics Orexo
OvaScience Oxford BioMedica
Pacific Edge Paion
Paladin Labs Patheon
Pharmacyclics Pharmaxis
Pharming Group Photocure
Phylogica Prima BioMed
ProMetic Life Sciences Prosensa
Proteome Sciences QRxPharma
Regeneus ReNeuron Group
Resverlogix REVA Medical
Sangamo BioSciences Sarepta Therapeutics
Sartorius Scancell
Selvita Simavita
Sinclair Pharma Sirtex Medical
Skyepharma Smith & Nephew
Sobi Sosei Group Corporation
Source Bioscience SQI Diagnostics
Stallergenes StemCells
Stentys Stratec Biomedical
Sucampo Pharmaceuticals Sunesis Pharmaceuticals
Surgical Innovations Sygnis
SymBio Pharmaceuticals Synairgen
Synergy Health Synta Pharmaceuticals
Tekmira TESARO
Threshold Pharmaceuticals ThromboGenics
TiGenix Tissue Regenix
Tissue Therapies Topotarget
Transgene Trillium Therapeutics
Trimel Pharmaceuticals UCB
UDG Healthcare uniQure NV
Vectura Verastem
Verisante Technology Vernalis
Vertex Pharmaceuticals Viralytics
ViroPharma Vivalis
Vivus WaferGen Biosystems
Wilex Xencor
Zafgen Zealand Pharma
Zeltia Ziopharm Oncology
Y/E Dec Revenue (DKKm) EBITDA (DKKm) PBT (DKKm) EPS (øre) P/E (x) P/CF (x)
2012A 1017.0 (32.0) (49.0) (92.0) N/A 1.5
2013A 1213.0 181.0 154.0 38.8 4.7 0.3
2014E 1233.0 80.0 52.0 21.0 8.6 1.0
2015E 645.0 (51.0) (109.0) (44.5) N/A N/A

Last updated on 30/10/2014

Investment summary

The $187m exclusive global licensing and supply deal for MVA-BN Ebola with J&J secures Bavarian's financial position and provides large pharma validation for the core MVA-BN vaccine platform. Deal terms include a $43m (DKK251m) equity investment (giving J&J a c 6% stake), $25m upfront, $20m in development and regulatory milestones, and a $99.3m supply agreement for up to 1m doses of vaccine (including development and scale-up funding). These doses will be used for clinical trials and emergency use for the current Ebola outbreak; c $71m of the supply agreement will be received upfront in 2014, the rest will be pro-rated with Q115 deliveries. End-FY14 cash preparedness expectation is raised to DKK1,000m from DKK600m, although FY14 revenue guidance is maintained (recognition will occur in 2015). We will update our forecasts post-Q3 results on 13 November.

Last updated on 03/11/2014

Industry outlook

The prostate cancer market is highly dynamic with various newly approved therapies; further Prostvac clinical data will be important in giving further insight into its commercial potential. Imvamune is a non-replicating third-generation smallpox vaccine that does not elicit comparable safety issues to previous generations; future US, European and Canadian orders are expected.

Last updated on 03/11/2014

Key management

Gerard van Odijk, Chairman
Paul Chaplin, CEO
Ole Larsen, CFO
Rolf Sass, IR

Company address

Hejreskovvej 10A
DK-3490 Kvistgaard
Denmark
View website