(Expert Journal) - Bavarian Nordic A/S (BVNKF, BAVA.CO), a leading vaccine developer, reported that the U.S. Biomedical Advanced Research and Development Authority (BARDA) has activated a $97 million option under its existing agreement to deliver freeze-dried doses of the JYNNEOS smallpox vaccine. The FDA cleared this formulation in March 2025.

JYNNEOS, a non-replicating vaccine against smallpox, gained approval in 2019 and has been provided to the U.S. government since 2010.

These options cover the final doses from an initial commitment of 11.5 million. Production and delivery of the freeze-dried version are set for 2027, with bulk vaccine billing in 2026.

The Danish firm explained that the bulk order compensates for liquid-frozen doses used during the 2022-2023 monkeypox outbreak supplied to BARDA. The deal also features extra payments linked to proven extended shelf life.

Buoyed by this contract and smaller deals, Bavarian Nordic has upgraded its 2026 projections. Total revenue is now projected at 5.5 billion to 5.7 billion Danish kroner, versus the earlier range of 5.0 billion to 5.2 billion kroner.

For its Public Preparedness segment, revenue is expected to reach 2.3 billion to 2.5 billion kroner in 2026, marking a roughly 600 million kroner increase over previous forecasts.

The company anticipates an EBITDA margin around 28 percent, improved from the prior 25 percent estimate.

CEO Paul Chaplin described the order as a "key milestone" in the firm's collaboration with the U.S. government, highlighting how the freeze-dried format enhances storage and logistics efficiency.

Bavarian Nordic shares on the Copenhagen Stock Exchange ended Monday up 2.58 percent at 194.60 Danish kroner.