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.DKK2950.8m
Last closeDKK113.00
High / Low (52 weeks)DKK132.5 / DKK64.0
Stock market listingOMX
Forecast net cash (DKKm)370
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(0.9)(9.2)65.0
Relative *(5.3)(12.1)25.1

* % Relative to local index

Other companies in sector Show

4SC aap Implantate AG
Aastrom Biosciences AB Science
Abcam Ablynx
Achillion Pharmaceuticals Acorda Therapeutics
Actinium Pharmaceuticals Active Biotech
Addex Therapeutics Advanced Medical Solutions
Aegerion Pharmaceuticals Aeterna Zentaris
Agennix Alchemia
Alexza Pharmaceuticals Algeta
ALK Abello Alkermes
Allergy Therapeutics Alliance Pharma
Alnylam Pharmaceuticals Amarantus BioScience
Amarin AmpliPhi Biosciences
Animalcare Group Anteo Diagnostics
Anthera Pharmaceuticals Aratana Therapeutics
Ardea Biosciences Arena Pharmaceuticals
Argos Therapeutics Ariad Pharmaceuticals
Ark Therapeutics Group ArQule
Array BioPharma Arrowhead Research Corporation
Astex Pharmaceuticals Athersys
AVEO Pharmaceuticals Avita Medical
Basilea Bellus Health
Benitec Biopharma BioAlliance Pharma
BioCryst Pharmaceuticals BioInvent
BioLight Life Sciences Inv BioLineRx
Bionomics Bionor Pharma
Biota Holdings Biotie Therapies Corp
Biotron Bluebird Bio
BTG Can-Fite BioPharma
Capstone Therapeutics Cardio3 BioSciences
CARMAT Celldex Therapeutics
Cellectis Circadian Technologies
Clavis Pharma Cleveland BioLabs
Clinigen Clinuvel
Consort Medical Curis
Cytori Therapeutics Cytos Biotechnology
CytRx Corporation DBV Technologies
Dechra Pharmaceuticals Delcath Systems
Deltex Medical Derma Sciences
DiaSorin Diaxonhit
e-Therapeutics EKF Diagnostics
Endocyte Epigenomics
Epistem Holdings Erytech Pharma
Esperion Therapeutics Evolva
Evotec Exact Sciences
Exelixis Formycon
Futura Medical Galapagos
Galmed Pharmaceuticals Genfit
Genmab GeoVax
GI Dynamics Gilead Sciences
GW Pharmaceuticals Halozyme Therapeutics
Horizon Discovery Hutchison China MediTech
Hybrigenics iCo Therapeutics
Idenix Immune Pharmaceuticals
Immunodiagnostic Systems Holdings ImmuPharma
Imugene Incyte Corporation
Infinity Pharmaceuticals Innate Pharma
Insmed Invion
Ion Beam Applications Ipsogen
Ironwood Pharmaceuticals Ixico
KaloBios Pharmaceuticals Karolinska Development
Keryx Biopharmaceuticals LCA-Vision
LeMaitre Vascular Lifeline Scientific
Ligand Pharmaceuticals Lombard Medical Technologies
MagForce Mast Therapeutics
Medcom Tech Medicago
Medigene Medivir
Merrimack Pharmaceuticals Merrion Pharmaceuticals
Mesoblast MethylGene
MolMed Mologen AG
MorphoSys Nanobiotix
Nanosonics Nektar Therapeutics
Neovacs Newron Pharmaceuticals
NicOx NMC Health
NorDiag Nordion
NovaBay Pharmaceuticals Novogen
NPS Pharmaceuticals Omega Diagnostics Group
Omeros Corporation OncoGenex Pharmaceuticals
Oncolytics Biotech Inc OncoMed Pharmaceuticals
Onconova Therapeutics Oncothyreon
Onyx Pharmaceuticals OPMEDIC Group
Optos Orexigen Therapeutics
Orexo OvaScience
Oxford BioMedica Pacific Edge
Paion Paladin Labs
Patheon Pharmacyclics
Pharmaxis Pharming Group
Photocure Phylogica
Prima BioMed ProMetic Life Sciences
Prosensa Proteome Sciences
QRxPharma Regeneus
ReNeuron Group Resverlogix
REVA Medical Sangamo BioSciences
Sarepta Therapeutics Sartorius
Scancell Selvita
Simavita Sinclair Pharma
Sirtex Medical Skyepharma
Smith & Nephew Sobi
Sosei Group Corporation Source Bioscience
SQI Diagnostics Stallergenes
StemCells Stentys
Stratec Biomedical Sucampo Pharmaceuticals
Sunesis Pharmaceuticals Surgical Innovations
Sygnis Synairgen
Synergy Health Synta Pharmaceuticals
Tekmira TESARO
Threshold Pharmaceuticals ThromboGenics
TiGenix Tissue Regenix
Tissue Therapies Topotarget
Transgene Trillium Therapeutics
Trimel Pharmaceuticals UCB
uniQure NV United Drug
Vectura Verastem
Verisante Technology Vernalis
Vertex Pharmaceuticals Viralytics
ViroPharma Vivalis
Vivus WaferGen Biosystems
Wilex Xencor
Zafgen Zealand Pharma
Zeltia Ziopharm Oncology
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 2.9 0.2
2014E 1201.0 110.0 43.0 12.0 9.4 1.4
2015E 531.0 (235.0) (292.0) (113.6) N/A N/A

Last updated on 29/08/2014

Investment summary

Phase I MVA-BN Brachyury trial start has expanded the clinical cancer vaccine pipeline, although Prostvac (prostate cancer) remains the main value driver. An ESMO Prostvac update is scheduled (27 September), which will build on ASCO 2014 presentations on mechanism of action and potential synergy with immune checkpoint inhibitors. Combination therapy could maximise Prostvac's clinical and commercial potential; 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); Imvamune Phase III non-inferiority study initiation (H114); and finalisation of the CV-301 CRC development plan based on FDA feedback (H214). Q3 results report on 28 August.

Last updated on 01/09/2014

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 01/09/2014

Key management

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

Company address

Hejreskovvej 10A
DK-3490 Kvistgaard
Denmark
View website