Bavarian Nordic sees boost from monkeypox vaccine in Q2
Bavarian Nordic (BVNRY), the sole manufacturer of the vaccine being used to protect against monkeypox, said the shot has given the company a 45% boost in year-over-year revenue in the second quarter of 2022 and expects an even greater impact in the latter half of the year.
CEO Paul Chaplin said during an earnings call Wednesday that the company reported $71.7 million in the quarter, of which $22.7 million came from the monkeypox vaccine sales in June.
The company is now only producing the JYNNEOS vaccine, originally developed as a smallpox vaccine, at its Danish plant and is scaling up capacity to meet the unprecedented global demand.
It recently penned a fill-and-finish deal with Michigan-based Grand River Aseptic Manufacturing and is looking for partners for bulk manufacturing of the vaccine product and drug substance. That includes contract manufacturers and large pharmaceutical companies.
"It's clear that while we are doing an awful lot in terms of manufacturing, we need more capacity. The only way we are going to meet that in the short term is by partnerships and licenses," Chaplin said.
To-date, the company has received orders totaling 9 million for 2022-2023 from 70 countries and is working to ensure equitable access in all regions of the world, he said.
In some cases, that includes orders to stockpile, which the company expects to grow as governments think of long-term reserves for use against both smallpox and monkeypox.
The company was irked by the U.S. decision to stretch the number of doses per vial by administering the vaccine through the upper skin layer rather than in the muscle layer of the arm. The EU has followed suit by offering it as an option to health care professionals as a temporary fix while supplies are short.
Chaplin noted the choice was "based on limited data" and expects dosing to return to what is originally approved once supply increases. Some clinicians in the U.S. are unable to get the full five doses and can sometimes only get three or four per vial.
The company has adjusted its guidance, expecting $360 million to $387 million for 2022, according to Chief Financial Officer Henrik Juuel.
He noted that "while monkeypox orders have had a huge impact," strong performance overall in its commercial business, which includes its market-leading rabies vaccines, has contributed to the upgraded guidance.
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