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.DKK2779.1m
Last closeDKK106.500
High / Low (52 weeks)DKK108.5 / DKK55.0
Stock market listingNASDAQ OMX Mid Cap
Forecast net cash (DKKm)370
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual10.91.955.5
Relative *7.9(5.3)17.8

* % 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 0.9
2013A 1213.0 181.0 154.0 38.8 2.7 0.2
2014E 1201.0 110.0 43.0 12.0 8.9 1.3
2015E 531.0 (235.0) (292.0) (113.6) N/A N/A

Last updated on 28/03/2014

Investment summary

Improving margins for Imvamune supply to the US government helped deliver Bavarian Nordic’s first pre-tax profit in FY13. Further deliveries are on track for 2014 and two of three Imvamune trials have initiated. However, completion of enrolment in the Phase III PROSPECT trial of main value driver, Prostvac for prostate cancer is now expected by year end. Country-specific regulatory delays have affected clinical site opening in Germany and the Netherlands, but initiatives to boost recruitment in other regions mean the first futility analysis should still happen in 2014. Pipeline progress will see other assets advance further (CV-301) or start (MVA-BN Brachyury) clinical development in 2014.

Last updated on 31/03/2014

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 31/03/2014

Key management

Asger Aamund, Chairman
Anders Hedegaard, CEO
Ole Larsen, CFO
Rolf Sass, IR

Company address

Hejreskovvej 10A
DK-3490 Kvistgaard
Denmark
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