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.DKK2989.9m
Last closeDKK114.500
High / Low (52 weeks)DKK132.5 / DKK60.0
Stock market listingNASDAQ OMX Mid Cap
Forecast net cash (DKKm)370
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(8)7.589.3
Relative *(8.4)2.440.1

* % Relative to local index

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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 1.0
2013A 1213.0 181.0 154.0 38.8 3.0 0.2
2014E 1201.0 110.0 43.0 12.0 9.5 1.4
2015E 531.0 (235.0) (292.0) (113.6) N/A N/A

Last updated on 26/06/2014

Investment summary

Bavarian Nordic had significant ASCO activities highlighting prostate cancer vaccine and main value drive, Prostvac. Presentations included mechanism of action data and the potentially synergistic effect on overall survival through combination with immune checkpoint inhibitors. Combination therapy could maximise the clinical and commercial potential of Prostvac, hence further research is ongoing. Completion of enrolment in the Phase III PROSPECT Prostvac monotherapy trial is expected by end-2014; the first futility analysis should happen this year. Other catalysts include securing the second portion of the US Government Imvamune contract (H114); initiation of the Imvamune Phase III non-inferiority study and Phase I MVA-BN Brachyury trial (H114); and finalisation of the CV-301 CRC development plan based on FDA feedback (H214).

Last updated on 30/06/2014

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 30/06/2014

Key management

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

Company address

Hejreskovvej 10A
DK-3490 Kvistgaard
Denmark
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