Bavarian Nordic A/S (OMX: BAVA) raised its 2026 revenue guidance to approximately DKK 5,700 million, the upper end of its previous DKK 5,500 million to DKK 5,700 million range, and lifted its expected EBITDA margin to approximately 30% from approximately 28%. Second-quarter revenue rose 23% to DKK 2,034 million, led by Travel Health revenue, which increased 45% to DKK 1,022 million, while Public Preparedness revenue rose 6% to DKK 975 million. First-half revenue increased 3% to DKK 3,092 million and EBITDA reached DKK 1,090 million, for a 35% margin. The company completed a DKK 500 million share buyback in July and plans another program of up to DKK 750 million in 2026. It also reported additional regulatory progress for Vimkunya and MVA-BN, a USD 97 million expansion of a U.S. government contract for freeze-dried JYNNEOS, and another government contract worth more than DKK 700 million for deliveries in 2026 and 2027.