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.DKK6529m
Last closeDKK233.00
High / Low (52 weeks)DKK387.5 / DKK176.5
Stock market listingOMX
Forecast net cash (DKKm)1169
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(26.4)(20.2)35.5
Relative *(17.3)(7.8)27.8

* % Relative to local index

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Company news

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

Mon, 03 Aug 2015 09:33:30 GMT

Bavarian Nordic A/S Pipeline Review, Industry Analysis, Market Size and ...

Thu, 04 Feb 2016 20:03:45 GMT

Capital Increase in Bavarian Nordic A/S as a Result of Employee Warrant Exercise

Mon, 16 Nov 2015 09:33:37 GMT

BAVARIAN NORDIC ENTERS RESEARCH COLLABORATION TO DEVELOP MRSA VACCINE

Thu, 04 Feb 2016 06:22:30 GMT

Total number of voting rights and share capital in Bavarian Nordic A/S

Mon, 30 Nov 2015 16:33:05 GMT

Y/E Dec Revenue (DKKm) EBITDA (DKKm) PBT (DKKm) EPS (øre) P/E (x) P/CF (x)
2013A 1213.0 181.0 154.0 38.8 6.0 0.4
2014A 1217.0 62.0 110.0 27.3 8.5 0.2
2015E 1188.0 143.0 212.0 66.7 3.5 0.3
2016E 1357.0 272.0 226.0 76.4 3.0 0.3

Last updated on 10/12/2015

Investment summary

Partnerships and collaborations with J&J for Ebola (which was recently expanded) and BMS for Prostvac have provided Bavarian Nordic with sufficient resources to focus on expanding and developing its earlier-stage pipeline. This includes CV-301, now focused on lung cancer, and the start of Phase I development of MVA-BN RSV, which could be a significant new opportunity. The BMS deal will also allow Prostvac's potential to be maximised through exploring combinations with various other cancer immunotherapy products in development at BMS. An addition $133m order from the US Government for smallpox vaccine Imvamune to maintain the current strategic national stockpile was awarded earlier this year. This could convert to freeze-dried (FD) product with a longer shelf-life once the FD manufacturing process has been scaled up.

Last updated on 05/01/2016

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 05/01/2016

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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