Bavarian Nordic shares rise on US rabies vaccine demand surge

Bavarian Nordic, a Danish vaccine manufacturer, is seeing a recovery in its stock price, currently trading at 240 DKK, after a failed acquisition attempt by private equity firms Nordic Capital and Permira in November 2025. The firms had offered 233 DKK and later 250 DKK per share, but shareholders rejected the deal as only 60% of shares were tendered, falling short of the required two-thirds majority. The company has raised its full-year revenue forecast three times this year, from an initial 5-5.2 billion DKK to 6.1 billion DKK, and expects an EBITDA margin of 32%, up from 25% at the start of the year. This growth is driven by a one-third year-over-year increase in rabies vaccine usage in the US due to a spread of rabies among raccoons, foxes, and bats. Bavarian Nordic acquired its rabies and tick vaccines from GSK in 2020. Analysts at Jefferies, Lionshot Kempen, and SEB set price targets of 280 DKK, 270 DKK, and 300 DKK respectively, implying up to 25% upside. The company is also buying back shares worth up to 750 million DKK.