Bavarian Nordic raises outlook for third time buoyed by U.S. vaccine order

COPENHAGEN, June 10 (Reuters) – Bavarian Nordic (BAVA.CO) raised its financial guidance for 2022 for the third time in a month on Friday after receiving a large order for its monkeypox vaccine by the U.S. Biomedical Advanced Research and Development Authority (BARDA).

The order by BARDA for the company’s smallpox vaccine, which has been approved against monkeypox in Canada and the United States, where it is branded Jynneos, is for 500,000 doses for delivery later this year.

An employee works on a vaccine based on the monkeypox vaccine that has already been developed by the vaccine company Bavarian Nordic at a laboratory of the company in Martinsried near Munich, Germany, May 24, 2022.

“The long-term commitment from the U.S. government to the development and procurement of JYNNEOS has provided the opportunity to act swiftly, ensuring a rapid deployment of vaccines to mitigate the current monkeypox outbreak,” CEO Paul Chaplin said in a statement.

The company said the total U.S. inventory of the vaccine would reach nearly two million doses when combined with a 2020 order for 1.4 million doses.

In recent weeks Bavarian has announced several deals with undisclosed countries for the supply of its monkeypox vaccine, prompting two upgrades to its financial guidance for this year. read more

The vaccine developer, which also produces a vaccine against the Ebola disease, said interest from countries around the world has been “overwhelming”. read more

The company now expects annual revenue in the range of 1.8 billion to 2.0 billion Danish crowns ($256 million to $285 million), up from a previous projection of 1.4 billion to 1.6 billion crowns.

It expects an EBITDA loss of between 700 million and 900 million crowns, against an earlier estimated loss of between 900 million and 1.1 billion crowns.

($1 = 7.0165 Danish crowns)

Reporting by Nikolaj Skydsgaard; editing by David Goodman and Jason Neely

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Source: Reuters