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Bavarian Nordic A/S

Public limited companyCVR 16271187HellerupActive

Bavarian Nordic A/S is a public limited company, based in Hellerup, active in manufacture of pharmaceutical preparations, founded in 1992. Net profit rose 39% from 2024 to 2025, ending at DKK 1.4bn. Measured by gross profit, it ranks no. 5 of 57 companies in the industry in the database. Operations are spread over 6 production units in 3 towns.

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Key figures · financial year 2025

RevenueDKK 6.2bn+9.2% vs. 2024
Net profitDKK 1.4bn+39.2% vs. 2024
EquityDKK 12.9bn+12.8% vs. 2024
Employees1,081latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • Gross profit rose 8% (2024 → 2025), to DKK 3bn.
  • Revenue rose 9% (2024 → 2025), to DKK 6.2bn.
  • Net profit rose 39% (2024 → 2025), to DKK 1.4bn.
  • Equity rose 13% (2024 → 2025), to DKK 12.9bn.

Employees

  • 75 more employees than a year earlier: 1,081 (08/2026) against 1,006 (08/2025).

Management and owners, last 24 months

  • New in management: Christina Anastasia Kiss Teichert (board member, 09/04/2025), Anne Louise Eberhard (chair of the board, 13/11/2025) and Heidi Marie Hunter (deputy chair, 17/12/2025) (+14).
  • Stepped down: Anders Gersel Pedersen (deputy chair, 09/04/2025), Paul John Chaplin (ceo, 15/10/2026) and Anne Louise Eberhard (board member, 08/04/2025) (+13).

Registrations, last 24 months

  • 04/09/2026: Share capital changed from 792,367,280 DKK to 792,653,180 DKK
  • 05/09/2025: Share capital changed from 788,548,570 DKK to 792,367,280 DKK
  • 29/11/2024: Share capital changed from 788,329,820 DKK to 788,548,570 DKK

Calculated from the latest two annual reports in sequence and from registrations in CVR. A figure that is missing in either year gives no line, and we derive no figures.

Financial statements

Financial years 2016–2025 · amounts in DKK thousand

Equity and net profit

−DKK 2bnDKK 0DKK 2bnDKK 4bnDKK 6bnDKK 8bnDKK 10bnDKK 12bn2016201720182019202020212022202320242025
EquityNet profit
Financial figures for Bavarian Nordic A/S
2016201720182019202020212022202320242025Change
Revenue1,006,7421,370,151500,617662,4881,852,3831,897,8753,150,7937,062,3405,716,2066,243,956+9.2%
Gross profit708,9491,079,534245,500307,731657,289570,3151,701,2624,603,0462,818,7583,048,613+8.2%
Operating profit (EBIT)33,007353,194−354,482−328,446379,588−313,547−70,7851,502,539939,7701,803,799+91.9%
Profit before tax39,549302,280−356,635−344,749281,976−454,430−331,6111,482,943971,3571,800,955+85.4%
Net profit30,600181,343−361,927−346,777277,521−464,775−347,3821,475,189987,9771,375,378+39.2%
Total assets2,823,6983,152,6713,060,9367,047,0688,759,06412,089,26912,391,24614,353,21314,405,86414,954,537+3.8%
Equity2,017,2372,506,2972,180,6281,865,4554,894,3537,374,6677,149,98710,339,93211,408,56112,870,078+12.8%
Liabilities806,461646,374880,3085,181,6133,864,7114,714,6025,241,2594,013,2812,997,3032,084,459−30.5%
Cash and cash equivalents853,596282,521266,658297,545285,487591,820575,4071,477,2341,623,4901,714,498+5.6%

Source: annual reports filed with the Danish Business Authority (XBRL). Figures for the company (not the group); change is the latest year against the year before. “–” means the figure is not stated in the annual report.

Download the figures as CSV · free with an account, amounts in whole DKK

DKK 0DKK 2bnDKK 4bnDKK 6bnDKK 8bn2016201720182019202020212022202320242025
Gross profitMedian, the industry (59 companies)

Annual reports

10 financial years
Annual reports for Bavarian Nordic A/S
Financial yearPeriodPublishedFigures forDocuments
202501/01/2025 – 31/12/202530/04/2026The companyPDF not statedXBRL
202401/01/2024 – 31/12/202405/05/2025The companyPDF not statedXBRL
202301/01/2023 – 31/12/202323/04/2024The companyPDF not statedXBRL
202201/01/2022 – 31/12/202227/04/2023The companyPDF not statedXBRL
202101/01/2021 – 31/12/202105/05/2022The companyPDF not statedXBRL
202001/01/2020 – 31/12/202022/04/2021The companyPDF not statedXBRL
201901/01/2019 – 31/12/201918/06/2020The companyPDFXBRL
201801/01/2018 – 31/12/201802/05/2019The companyPDFXBRL
201701/01/2017 – 31/12/201719/04/2018The companyPDFXBRL
201601/01/2016 – 31/12/201627/04/2017The companyPDFXBRL

The figures from all the annual reports are shown on this page. The documents themselves (PDF and XBRL, the machine-readable edition) are downloaded with a Pro account: sign in or create a free account, and then choose Pro. XBRL is the edition the figures on the page are read from.

Employees

monthly figures from CVR
02004006008001,0001,20009/2310/2311/2312/2301/2402/2403/2404/2405/2406/2407/2408/2409/2410/2411/2412/2401/2502/2503/2504/2505/2506/2507/2508/2509/2510/2511/2512/2501/2602/2603/2604/2605/2606/2607/2608/26
Employees

Position in the industry

59 companies in the database

Comparison with the other companies in manufacture of pharmaceutical preparations based on the latest financial year.

Gross profitDKK 3bnNo. 5 of 57
Better than 93% of the companies in the industry
EquityDKK 12.9bnNo. 3 of 59
Better than 97% of the companies in the industry
Number of employees1,081No. 5 of 59
Better than 93% of the companies in the industry

Industry median: gross profit DKK 2.8m, net profit −DKK 2.2m, equity DKK 5.2m, 10 employees.

DKK 266kDKK 8.3mDKK 258mDKK 8bnDKK 79.6bnHere
Distribution of gross profit for 34 companies in the industry (latest financial year, logarithmic scale). Amber bar: where this company sits.

Compared with similar companies

size, age and company form
Rank among similar companies
GroupGross profitEquity
Companies with 1,000 employees or more177 companies in the comparison
No. 23of 147
Better than 85%
No. 15of 177
Better than 92%
Companies that are at least 30 years old10,276 companies in the comparison
No. 26of 10,152
Better than 100%
No. 30of 10,275
Better than 100%
All companies of type A/S18,025 companies in the comparison
No. 40of 17,786
Better than 100%
No. 48of 18,024
Better than 100%

The rank is calculated among companies in the database with a figure for the latest financial year, and is shown only for groups of at least ten companies.

Compare with the industry

Manufacture of pharmaceutical preparations
Gross profit
  1. Bavarian Nordic A/SDKK 3bn
  2. Novo Nordisk A/SDKK 250.3bn
  3. H. Lundbeck A/SDKK 20.4bn
Net profit
  1. Bavarian Nordic A/SDKK 1.4bn
  2. Novo Nordisk A/SDKK 102.4bn
  3. H. Lundbeck A/SDKK 3.2bn
Equity
  1. Bavarian Nordic A/SDKK 12.9bn
  2. Novo Nordisk A/SDKK 194bn
  3. H. Lundbeck A/SDKK 24.9bn
Employees
  1. Bavarian Nordic A/S1,081
  2. Novo Nordisk A/S27,279
  3. H. Lundbeck A/S2,261

Latest financial year per company. Choose up to three companies from the largest in the industry.

Owners and group

from the Public Ownership Register
Owners
  • Arbejdsmarkedets Tillægspension10%
Bavarian Nordic A/S

Management

17 active registrations

Executive management

Executive management at Bavarian Nordic A/S
NameRoleAppointed
Henrik JuuelDirector12/02/2021
Tarja Johanna StenvallCEO15/10/2026

Board of directors

Board of directors at Bavarian Nordic A/S
NameRoleAppointed
Franciscus Arnoldus Gerardus Maria VerwielBoard member20/04/2016
Anja GjølBoard member11/03/2021
Johan Jules Van HoofBoard member30/03/2023
Christina Anastasia Kiss TeichertBoard member09/04/2025
Anne Louise EberhardChair of the board13/11/2025
Heidi Marie HunterDeputy chair17/12/2025
Svend AndersenBoard member21/04/2026
Hans Martin SmithBoard member21/04/2026
Thomas Alex BennekovDeputy board member21/04/2026
Karen Merete JensenDeputy board member21/04/2026
Mathias Ulrich GrünfeldDeputy board member21/04/2026
Charl Gerhard Van ZylBoard member21/04/2026
Sylwia SokolowskaBoard member21/04/2026
Thomas DuschekBoard member01/09/2026
Jakob Møller PaulsenDeputy board member01/09/2026
Auditor
KPMG P/S
Founders
VX 20.181 ApS
Former management (36)
Former management at Bavarian Nordic A/S
NameRoleAppointedResigned
Marianne PhilipBoard member01/07/199217/01/1995
Jørgen Buus LassenBoard member01/07/199226/04/2006
Asger Joseph AamundDirector01/07/199202/09/1994
Per Emil Hasselbalch StakemannDirector01/07/199212/11/1992
Peter Samuel WulffDirector01/07/199201/08/2007
Eigil Bjerl NielsenBoard member01/07/199229/04/2008
Volker Fritz ErfleBoard member01/07/199210/05/2000
Erling JohansenBoard member10/05/200016/04/2012
Ulrik BülowBoard member30/04/200426/04/2006
Flemming PedersenBoard member26/04/200627/04/2010
Anders HedegaardCEO01/08/200728/05/2014
Claus Tycho BræstrupBoard member29/04/200817/04/2018
Erik Gregers HansenBoard member27/04/201005/04/2022
Peter Henrik Kürstein-JensenBoard member16/04/201216/04/2024
Asger Joseph AamundBoard member24/04/201424/04/2014
Anders Gersel PedersenDeputy chair24/04/201409/04/2025
Gerard van OdijkChair of the board24/04/201430/03/2023
Ole LarsenChief financial officer28/05/201401/06/2018
Paul John ChaplinCEO28/05/201415/10/2026
Paul John ChaplinCEO28/05/201428/05/2014
Elizabeth McKee AndersonBoard member25/04/201723/08/2022
Anne Louise EberhardBoard member24/04/201908/04/2025
Christina Anastasia Kiss TeichertDeputy board member11/03/202108/04/2025
Thomas DuschekDeputy board member11/03/202131/08/2026
Linette Munksgaard AndersenBoard member11/03/202109/04/2025
Thomas Alex BennekovBoard member11/03/202109/04/2025
Karen Merete JensenBoard member11/03/202109/04/2025
Trisha Joy WinkelmannDeputy board member11/03/202129/02/2024
Mathias Ulrich GrünfeldDeputy board member11/03/202109/04/2025
Heidi Marie HunterBoard member30/03/202316/12/2025
Luc Eddy DebruyneChair of the board30/03/202313/11/2025
Maria Montserrat Montaner PicartBoard member16/04/202421/04/2026
Anne Louise EberhardDeputy chair09/04/202512/11/2025
Mette Boas SchwartzloseBoard member09/04/202531/08/2026
Britt SkaarupDeputy board member09/04/202531/03/2026
Sylwia SokolowskaDeputy board member09/04/202520/04/2026

Signing rule: Selskabet tegnes af formanden for bestyrelsen i forening med en direktør, af formanden for bestyrelsen i forening med to bestyrelsesmedlemmer, af to bestyrelsesmedlemmer i forening med en direktør eller af to direktører i forening

Address and production units

6 active production units

Philip Heymans Alle 3
2900 Hellerup

Gentofte Municipality · Postcode 2900

Open in OpenStreetMap
Production units
Production unitAddressEmployeesP number
Bavarian Nordic A/SHejreskovvej 10A, 3490 Kvistgård8421025618129
BAVARIAN NORDIC A/SPhilip Heymans Alle 3, 2900 Hellerup1591001069550
Bavarian Nordic A/SHejreskovvej 18, Munkegårde, 3490 Kvistgård481021597283
Bavarian Nordic A/SAgern Alle 1, 2970 Hørsholm301019059800
Bavarian Nordic A/SBøgeskovvej 6, 3490 Kvistgård61025618099
Bavarian Nordic A/SBøgeskovvej 11A, 3490 Kvistgård–1030032221

Purpose

Selskabets formål er at drive forskning, handel, fabrikation og dermed beslægtet virksomhed primært inden for medicinalbranchen.

The purpose is quoted from the register in Danish.

Changes year by year

167 registered events
202618 changesmanagement 16 · capital 1 · accounts 1
  • Tarja Johanna Stenvall appointed ceo
  • Paul John Chaplin stepped down as ceo
  • Share capital changed from 792,367,280 DKK to 792,653,180 DKK
  • Jakob Møller Paulsen appointed deputy board member
  • Thomas Duschek appointed board member
  • Mette Boas Schwartzlose stepped down as board member
  • Thomas Duschek stepped down as deputy board member
  • Annual report for 2025 published
  • Mathias Ulrich Grünfeld appointed deputy board member
  • Karen Merete Jensen appointed deputy board member
  • Thomas Alex Bennekov appointed deputy board member
  • Svend Andersen appointed board member
  • Hans Martin Smith appointed board member
  • Sylwia Sokolowska appointed board member
  • Charl Gerhard Van Zyl appointed board member
  • Maria Montserrat Montaner Picart stepped down as board member
  • Sylwia Sokolowska stepped down as deputy board member
  • Britt Skaarup stepped down as deputy board member
202519 changesmanagement 17 · capital 1 · accounts 1
  • Heidi Marie Hunter appointed deputy chair
  • Heidi Marie Hunter stepped down as board member
  • Anne Louise Eberhard appointed chair of the board
  • Luc Eddy Debruyne stepped down as chair of the board
  • Anne Louise Eberhard stepped down as deputy chair
  • Share capital changed from 788,548,570 DKK to 792,367,280 DKK
  • Annual report for 2024 published
  • Mette Boas Schwartzlose appointed board member
  • Christina Anastasia Kiss Teichert appointed board member
  • Anne Louise Eberhard appointed deputy chair
  • Sylwia Sokolowska appointed deputy board member
  • Britt Skaarup appointed deputy board member
  • Karen Merete Jensen stepped down as board member
  • Linette Munksgaard Andersen stepped down as board member
  • Thomas Alex Bennekov stepped down as board member
  • Mathias Ulrich Grünfeld stepped down as deputy board member
  • Anders Gersel Pedersen stepped down as deputy chair
  • Christina Anastasia Kiss Teichert stepped down as deputy board member
  • Anne Louise Eberhard stepped down as board member
20247 changescapital 3 · accounts 1 · management 3
  • Share capital changed from 788,329,820 DKK to 788,548,570 DKK
  • Share capital changed from 781,165,360 DKK to 788,329,820 DKK
  • Share capital changed from 780,978,340 DKK to 781,165,360 DKK
  • Annual report for 2023 published
  • Maria Montserrat Montaner Picart appointed board member
  • Peter Henrik Kürstein-Jensen stepped down as board member
  • Trisha Joy Winkelmann stepped down as deputy board member
20239 changescapital 4 · accounts 1 · management 4
  • Share capital changed from 779,286,040 DKK to 780,978,340 DKK
  • Share capital changed from 778,730,610 DKK to 779,286,040 DKK
  • Annual report for 2022 published
  • Luc Eddy Debruyne appointed chair of the board
  • Johan Jules Van Hoof appointed board member
  • Heidi Marie Hunter appointed board member
  • Gerard van Odijk stepped down as chair of the board
  • Share capital changed from 777,822,150 DKK to 778,730,610 DKK
  • Share capital changed from 707,353,760 DKK to 777,822,150 DKK
20227 changescapital 4 · management 2 · accounts 1
  • Share capital changed from 706,943,150 DKK to 707,353,760 DKK
  • Share capital changed from 704,792,720 DKK to 706,943,150 DKK
  • Elizabeth McKee Anderson stepped down as board member
  • Share capital changed from 704,729,350 DKK to 704,792,720 DKK
  • Annual report for 2021 published
  • Erik Gregers Hansen stepped down as board member
  • Share capital changed from 704,683,930 DKK to 704,729,350 DKK
202117 changescapital 6 · accounts 1 · ownership 1 · management 9
  • Share capital changed from 640,947,130 DKK to 704,683,930 DKK
  • Share capital changed from 640,651,170 DKK to 640,947,130 DKK
  • Share capital changed from 638,172,480 DKK to 640,651,170 DKK
  • Share capital changed from 637,368,040 DKK to 638,172,480 DKK
  • Annual report for 2020 published
  • Share capital changed from 636,001,120 DKK to 637,368,040 DKK
  • Invesco Advisers INC is no longer registered as owner
  • Karen Merete Jensen appointed board member
  • Christina Anastasia Kiss Teichert appointed deputy board member
  • Thomas Duschek appointed deputy board member
  • Linette Munksgaard Andersen appointed board member
  • Thomas Alex Bennekov appointed board member
  • Trisha Joy Winkelmann appointed deputy board member
  • Mathias Ulrich Grünfeld appointed deputy board member
  • Anja Gjøl appointed board member
  • Share capital changed from 584,501,120 DKK to 636,001,120 DKK
  • Henrik Juuel appointed director
20208 changesownership 6 · accounts 1 · address 1
  • Invesco Advisers INC registered as owner (5%)
  • Annual report for 2019 published
  • Arbejdsmarkedets Tillægspension registered as owner (10%)
  • Nordea Bank Abp is no longer registered as owner
  • Arbejdsmarkedets Tillægspension is no longer registered as owner
  • Nordea Bank Abp registered as owner (5%)
  • JOHNSON & JOHNSON INNOVATION-JJDC, INC. is no longer registered as owner
  • Moved to Philip Heymans Alle 3, 2900 Hellerup
20193 changesaccounts 1 · management 1 · address 1
  • Annual report for 2018 published
  • Anne Louise Eberhard appointed board member
  • Moved to Hejreskovvej 10A, Munkegårde, 3490 Kvistgård
20183 changesmanagement 2 · accounts 1
  • Ole Larsen stepped down as chief financial officer
  • Annual report for 2017 published
  • Claus Tycho Bræstrup stepped down as board member
20173 changesownership 1 · accounts 1 · management 1
  • JOHNSON & JOHNSON INNOVATION-JJDC, INC. registered as owner (5%)
  • Annual report for 2016 published
  • Elizabeth McKee Anderson appointed board member
20161 changemanagement 1
  • Franciscus Arnoldus Gerardus Maria Verwiel appointed board member
20152 changesownership 2
  • Arbejdsmarkedets Tillægspension registered as owner (5%)
  • Arbejdsmarkedets Tillægspension is no longer registered as owner
20149 changescapital 1 · management 8
  • Share capital changed from 314,692,130 DKK to 584,501,120 DKK
  • Paul John Chaplin appointed ceo
  • Ole Larsen appointed chief financial officer
  • Paul John Chaplin stepped down as ceo
  • Anders Hedegaard stepped down as ceo
  • Asger Joseph Aamund appointed board member
  • Asger Joseph Aamund stepped down as board member
  • Gerard van Odijk appointed chair of the board
  • Anders Gersel Pedersen appointed deputy chair
20131 changecapital 1
  • Share capital changed from 314,335,460 DKK to 314,692,130 DKK
20124 changescapital 2 · management 2
  • Share capital changed from 314,235,460 DKK to 314,335,460 DKK
  • Share capital changed from 260,943,610 DKK to 314,235,460 DKK
  • Peter Henrik Kürstein-Jensen appointed board member
  • Erling Johansen stepped down as board member
20112 changescapital 2
  • Share capital changed from 258,806,450 DKK to 260,943,610 DKK
  • Share capital changed from 129,620,520 DKK to 258,806,450 DKK
20105 changescapital 2 · management 2 · ownership 1
  • Share capital changed from 119,120,520 DKK to 129,620,520 DKK
  • Erik Gregers Hansen appointed board member
  • Flemming Pedersen stepped down as board member
  • Share capital changed from 79,517,450 DKK to 119,120,520 DKK
  • Arbejdsmarkedets Tillægspension registered as owner (10%)
20091 changecapital 1
  • Share capital changed from 78,155,680 DKK to 79,517,450 DKK
20083 changesmanagement 2 · industry 1
  • Claus Tycho Bræstrup appointed board member
  • Eigil Bjerl Nielsen stepped down as board member
  • Industry changed to Manufacture of pharmaceutical preparations (212000)
20075 changesaddress 1 · management 2 · capital 2
  • Moved to Hejreskovvej 10A, Munkegårde, 3490 Kvistgård
  • Anders Hedegaard appointed ceo
  • Peter Samuel Wulff stepped down as director
  • Share capital changed from 76,514,160 DKK to 78,155,680 DKK
  • Share capital changed from 63,761,800 DKK to 76,514,160 DKK
20064 changesmanagement 3 · capital 1
  • Flemming Pedersen appointed board member
  • Ulrik Bülow stepped down as board member
  • Jørgen Buus Lassen stepped down as board member
  • Share capital changed from 57,970,550 DKK to 63,761,800 DKK
20052 changesindustry 1 · capital 1
  • Industry changed to Aluminium production (244200)
  • Share capital changed from 46,394,850 DKK to 57,970,550 DKK
20043 changesaddress 1 · capital 1 · management 1
  • Moved to Bøgeskovvej 9, Munkegårde, 3490 Kvistgård
  • Share capital changed from 45,144,850 DKK to 46,394,850 DKK
  • Ulrik Bülow appointed board member
20022 changesaddress 1 · capital 1
  • Moved to Ved Amagerbanen 23, 2300 København S
  • Share capital changed from 35,553,450 DKK to 45,144,850 DKK
20012 changescapital 1 · name 1
  • Share capital changed from 27,342,400 DKK to 35,553,450 DKK
  • Name changed from BAVARIAN NORDIC RESEARCH INSTITUTEA/S to BAVARIAN NORDIC A/S
20003 changesmanagement 2 · capital 1
  • Erling Johansen appointed board member
  • Volker Fritz Erfle stepped down as board member
  • Share capital changed from 27,050,000 DKK to 27,342,400 DKK
19992 changesindustry 1 · address 1
  • Industry changed to Forskning og udvikling inden for naturvidenskab og teknik (731000)
  • Moved to Vesterbrogade 149, 1620 København V
19982 changescapital 2
  • Share capital changed from 18,750,000 DKK to 27,050,000 DKK
  • Share capital changed from 16,750,000 DKK to 18,750,000 DKK
19972 changescapital 2
  • Share capital changed from 10,250,000 DKK to 16,750,000 DKK
  • Share capital changed from 6,250,000 DKK to 10,250,000 DKK
19963 changescapital 3
  • Share capital changed from 3,750,000 DKK to 6,250,000 DKK
  • Share capital changed from 3,000,000 DKK to 3,750,000 DKK
  • Share capital changed from 2,500,000 DKK to 3,000,000 DKK
19953 changescapital 2 · management 1
  • Share capital changed from 1,250,000 DKK to 2,500,000 DKK
  • Share capital changed from 500,000 DKK to 1,250,000 DKK
  • Marianne Philip stepped down as board member
19943 changesname 1 · capital 1 · management 1
  • Name changed from ApS KBUS 38 NR. 2520 to BAVARIAN NORDIC RESEARCH INSTITUTEA/S
  • Share capital changed from 200,000 DKK to 500,000 DKK
  • Asger Joseph Aamund stepped down as director
19929 changesmanagement 8 · founded 1
  • Per Emil Hasselbalch Stakemann stepped down as director
  • Registered as ApS KBUS 38 NR. 2520
  • Per Emil Hasselbalch Stakemann appointed director
  • Jørgen Buus Lassen appointed board member
  • Asger Joseph Aamund appointed director
  • Volker Fritz Erfle appointed board member
  • Eigil Bjerl Nielsen appointed board member
  • Peter Samuel Wulff appointed director
  • Marianne Philip appointed board member

Related companies

Same industry in Gentofte

See all →

Same people in management

Source and updates

The information comes from the Danish Central Business Register (Danish Business Authority) and from annual reports filed with the Danish Business Authority. Last synchronised 23/10/2026.

View in CVRReport a correction