Bavarian Nordic (BAVA)

Business description

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

Stock data

Market cap.DKK7051.6m
Last closeDKK228.00
High / Low (52 weeks)DKK359.5 / DKK215.0
Stock market listingOMX
Forecast net cash (DKKm)1393
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(13.1)(7.9)(28.5)
Relative *(12.4)(8.7)(28.1)

* % Relative to local index

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Company news

Bavarian Nordic A/S Announces Launch of Private Placement

Wed, 13 Apr 2016 15:05:59 GMT

Bavarian Nordic A/S Completes a Private Placement at Market Price

Mon, 18 Apr 2016 06:04:17 GMT

Bavarian Nordic Announces Positive Top Line Results from a Phase 1 Trial of a ...

Mon, 23 May 2016 11:04:41 GMT

Kerrisdale Capital Releases Short-Thesis Report on Bavarian Nordic A/S and ...

Mon, 03 Aug 2015 09:33:30 GMT

Bavarian Nordic Announces USD 100 Million Supply Contract for IMVAMUNE ...

Thu, 19 May 2016 05:37:19 GMT

Y/E Dec Revenue (DKKm) EBITDA (DKKm) PBT (DKKm) EPS (øre) P/E (x) P/CF (x)
2014A 1217.0 62.0 110.0 27.3 8.4 0.2
2015A 1021.0 48.0 80.0 22.4 10.2 0.8
2016E 1032.0 (119.0) (112.0) (38.6) N/A N/A
2017E 3057.0 1805.0 1753.0 542.2 0.4 0.1

Last updated on 02/06/2016

Investment summary

Following a $100m private placement, Bavarian Nordic is ready to push its pipeline forward and create long-term value. Smallpox vaccine Imvamune is being stockpiled by the US and Canadian governments and Prostvac is advancing towards top-line Phase III data in 2017. The MVA-BN RSV vaccine is progressing towards mid-stage studies, while Phase II trials of CV-301 and Prostvac in combination with checkpoint inhibitors will start by mid-year. Our updated valuation of DKK13.4bn includes RSV and the latest bulk Imvamune order.

Last updated on 02/06/2016

Industry outlook

Bavarian Nordic has expertise in both vaccines (with two technology platforms) and manufacturing (with a multipurpose, approved facility). The pipeline includes two Phase III assets (Prostvac and Imvamune) and is largely focused on cancer immunotherapy (Prostvac and CV-301) and infectious diseases (Imvamune/smallpox, RSV and Ebola).

Last updated on 01/06/2016

Key management

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

Company address

Hejreskovvej 10A
DK-3490 Kvistgaard
Denmark
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