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.DKK5216m
Last closeDKK188.50
High / Low (52 weeks)DKK193.5 / DKK83.0
Stock market listingOMX
Forecast net cash (DKKm)1058
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual4.767.6121.8
Relative *4.573.177.8

* % 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 1.6
2013A 1213.0 181.0 154.0 38.8 4.9 0.3
2014E 1263.0 63.0 83.0 34.0 5.5 0.1
2015E 1052.0 231.0 183.0 62.0 3.0 N/A

Last updated on 04/12/2014

Investment summary

Bavarian Nordic’s $187m exclusive global licensing and supply deal for its development Ebola vaccine MVA-BN Filovirus with Janssen (part of J&J) secures its financial position and provides large pharma validation for the core MVA-BN vaccine platform. Deal terms include a $43m (DKK251m) equity investment (giving J&J a 4.9% stake) and various licence/supply payments that will boost FY15 revenues, easing the company through an anticipated gap in US government Imvamune orders. End-FY14 cash preparedness guidance is raised to DKK1,000m from DKK600m: revenue guidance is maintained (recognition will occur in 2015). Factoring deal economics into our company valuation increases it to DKK5.3bn.

Last updated on 04/12/2014

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 01/12/2014

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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