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.DKK4922.3m
Last closeDKK188.50
High / Low (52 weeks)DKK188.5 / DKK66.0
Stock market listingOMX
Forecast net cash (DKKm)401
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual72.263.9179.3
Relative *77.664.7127.2

* % 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 1.6
2013A 1213.0 181.0 154.0 38.8 4.9 0.3
2014E 1233.0 80.0 52.0 21.0 9.0 1.0
2015E 645.0 (51.0) (109.0) (44.5) N/A N/A

Last updated on 25/09/2014

Investment summary

Option exercise for the second portion of the Imvamune smallpox vaccine delivery contract to the US government unlocks valuation upside and confirms the strength of the relationship. Other recent developments in the profitable infectious disease division include a first commercial Canadian Imvamune order and increased US government funding for early-stage foot and mouth disease and Ebola programmes, with development of the latter being accelerated. Data from the Phase III PROSPECT prostate cancer trial of Prostvac – the main value driver of the cancer vaccines division – are not expected until H216; however, past and upcoming major conference updates on potential synergies with immune checkpoint inhibitors are contributing to a continuing active dialogue with potential partners.

Last updated on 30/09/2014

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 30/09/2014

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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