Bavarian Nordic AS 2026年二季度及上半年财报电话会议纪要

一、AI总结内容 一、核心要点 1. 2026年上半年公司营收超30亿丹麦克朗，息税折旧摊销前利润（EBITDA）利润率达35%；第二季度营收20.34亿丹麦克朗，两大业务板块（公共卫生防备、旅行健康）收入接近持平，均超9.7亿丹麦克朗。 2. 旅行健康业务上半年增长26%，第二季度增长45%，主要驱动为狂犬病疫苗（增长40%，美国、德国两大核心市场增长超20%）、蜱传脑炎（TBE）疫苗（增长17%，提升德国市场份额，疫苗保质期延长至24个月）、鸡公尼亚（Vinkunya）疫苗（上半年收入7800万丹麦克朗，多国获批，因美国疾控中心（CDC）指导意见延迟下调全年指引至2亿丹麦克朗）。 3. 公共卫生防备业务上半年收入超9亿丹麦克朗，已获23亿丹麦克朗订单，第二季度新增美国、欧盟订单，已获订单达20亿丹麦克朗，全年指引区间上修至25亿丹麦克朗，超此前15-20亿基準线。 4. 公司宣布7.5亿丹麦克朗股票回购计划，截至当前现金储备达20亿丹麦克朗，无债务，具备收购融资能力，优先支持有机增长、并购及股东回报。 5. 研发管线进展：莱姆病候选疫苗（临床前数据优异，单剂可实现高免疫保护，拟2028年进入临床）、埃博拉（EBOV）疫苗拟2026年底进入一期临床，正推进森林脑炎疫苗二期、潜在三期，推进天花疫苗制造工艺优化等。 二、投资与业务线索 1. 狂犬病需求：因疫情、旅行者防护意识提升，市场需求持续强劲，公司维持核心市场份额，其他欧洲市场增长91%。 2. 鸡公尼亚疫苗：欧洲市场需求稳定，美国市场因CDC指导意见延迟影响短期需求，公司与多国展开合作推进注册。 3. 公共卫生防备：受多地疫情驱动，订单超基準线，欧盟扩大天花疫苗适用年龄至2岁以上，支持公司后续拓展市场。 4. 莱姆病疫苗：当前数据优于竞品，临床前保护效果优异，具备平台技术优势，是未来增长潜在动力 三、风险与关注 1. 旅行健康业务季节性波动，后续需求受下游经销商库存、疫苗供给节奏影响，需关注下半年业绩表现。 2. 鸡公尼亚疫苗美国市场需求恢复存在不确定性，需等待CDC指导意见发布时间。 3. 研发管线进展仍存在不确定性，尤其莱姆病疫苗需后续临床验证效果。 4. 股票回购计划预计6-7个月完成，需经股东大会、银行等流程确认。 二、音频原文（转写） Please go our hatchhi kane thank you for your presentation today and congraph on the strong halfyear and of three questions the first on rabbi corps so we saw some strong growth of quarter and while you highlight the underlying market growth in u s and germany can you help us bridge that difference so how much is coming fromunderlying volumes or geographic contributions etc and thinking about the next half of this year how muchof the underlying rabies market growth you consider is driven by this structural demand or do you think of something that we can expect to normalize and lastly on the shared by back announcedhow can we now interpret this inof continued semina ambitionthank you好好yeah okay thank you rolling for the question here on on the school i think.Some of the same exosibalian as we just talked about the goss of tbe here.We are growing theproduct by forty per cent the margaret has grownby twenty plus percent.呃forty per centwe only commenting on undues and germany in terms of market performance of the actually already seeing our other markets where growing and just a hundredper cent of their exerciting to contribute to the overall or growth in the marketand then secondly i think what i believe we are seeing on rapids and maybe that's three other question as wellwhat's going to happen for the remainder of theyear i think er obviously we don't know but i think there seems to be a good and very strong inthem out there but we are not expecting that tostop short term there is an extremely high awarenessaround the risk of races and therefore a very high demand falls for all vaccine.But i thinkwhat also happens typically when you see such an approx.Each pale increase in demand is that the other effects of amplifying the good.France was wholesale as they start see that they meet their fire safety stop with a stop level the dees will excellent grow upum so that is one impact that behave that is so amplifying that whole growthalso helping us to explaining the the forty percent that we've seen by first after.那就先拜拜。 嗯，那个声音。你we have concluded that the seven hundredand fifty million is actually a fine balance.Between the care and what we need for the centralies and then after that handling back and money to the showers to give them our return for the investment.We are constantly looking at em and wehope we will identify the right ones.We are no debts to day we can easily go out and endorrow money for potential acquisition.And then we stillhave a a very strong cast position even after sothrough a combination ofdead financing and castprocession we believe that we can actually finance the opportunities that we are looking atgreat opener thank you.Thank you as a reminder to ask a question please press star one and one on your telephone we will now take the next questionfrom the line of alina shamsi from jeffreys please go off ithi thank you for taking my questionsum thirty i was wondering could you please provide an update on the ceo search process and morebroadly do you feel the company can execute a larger strategic transaction during this interimperiod or would you prefer to have a permanent ceo in place.Before considering any significant mand a activity um and then secondly on vinkunyahow do you see disease awareness progressing here and is the focus primarily on educating physicians or travelers thank you.Yeah i guessi'd better take that one so on the ceo search um you know that's with the board um and you know the process needs to take as long as it takes because the board needs to make sure that they get the right candidate.You know i it's on public recordi'm contracted till the end of the year and everything's fine.In terms of m and a i think and again i guess i can say this becausei'm outgoing c oi think there's far too much emphasis put on the change of the c othe ceo is indeed an important person er but in all fairness while i would like to take all the credit for everything that wehave done in terms of ray b c b never assets it 's the o