Bavarian Nordic beats Q3 revenue estimates as CFO announces planned 2027 departure

Bavarian Nordic CFO Henrik Juuel plans to step down at the end of April 2027, after serving in the role since 2018. He says he wants more time for family and personal priorities; the company says the transition is planned, and Juuel will help onboard his successor and support new CEO Tarja Stenvall.

The board has begun searching for a successor. Juuel said on the Q3 call that there was “absolutely no drama” behind his decision.

Q3 revenue was DKK 1.805 billion, up slightly from DKK 1.795 billion a year earlier and above analysts’ average estimate of DKK 1.69 billion. Travel-health products were a major driver:
rabies vaccine RabAvert sales rose 37% year over year to DKK 886 million.

The company reported a Q3 EBITDA margin of 34.4% and maintained its 2026 outlook:
revenue of about DKK 6.1 billion and an EBITDA margin around 32%.

The CFO news comes shortly after CEO Tarja Stenvall took over, prompting questions about leadership continuity. Juuel’s extended handover period may ease the transition, but investors will be watching for the successor appointment and execution against the company’s outlook.