Biotech company Bavarian Nordic raises guidance after large U.S. order

[June 10, 2022]  COPENHAGEN (Reuters) - Danish biotechnology company Bavarian Nordic raised its financial guidance for 2022 for the third time in a month on Friday after receiving large order for its monkeypox vaccine by the U.S. Biomedical Advanced Research and Development Authority.

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 estimate of between 900 million and 1.1 billion crowns.

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 company, headquartered in Denmark, is the only one in the world to have approval for a smallpox vaccine called Jynneos in the U.S. and Imvanex in Europe, which is also effective against monkeypox. REUTERS/Lukas Barth

($1 = 7.0165 Danish crowns)

(Reporting by Nikolaj Skydsgaard; Editing by David Goodman)

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