Vaccines (travel health and preparedness)

“Restructuring and workforce reductions at the CDC In 2025, the U.S. Centers for Disease Control and Prevention (“CDC”) underwent a significant restructuring and workforce reduction, including the dismissal of key scientific and policy personnel and operational changes affecting certain programs, with some actions later modified or reversed. These developments have raised concerns among public health and industry stakeholders about the agency’s capacity to maintain vaccine oversight, coordinate immunization programs, and respond to emerging infectious disease threats. Reduced CDC staffing and operational realignments may disrupt the collection and dissemination of critical epidemiological data, delay updates to vaccination guidelines, and impair public confidence in vaccine safety.”

Annual report 2025A · The company itself

“For our tenants and venture investment portfolio companies operating in the vaccine research, development, and manufacturing sectors, diminished CDC engagement could lead to uncertainty in regulatory expectations, lower vaccine uptake rates, and delay the adoption of new immunization technologies.”

Annual report 2025A · The company itself

“Any such disruptions could undermine the commercial viability of vaccine-related products, reduce R&D investment in the field, and in turn negatively impact demand for our specialized life science facilities and the value of our venture investment portfolio.”

Annual report 2025A · The company itself

“In January 2026, the acting CDC Director announced changes to the child and adolescent immunization schedule (January announcement), reducing the number of routinely recommended vaccinations and creating three new categories: immunizations recommended for all children; immunizations recommended for certain high-risk groups or populations; and immunizations based on shared clinical decision-making. Immunizations recommended for all children include vaccines for measles, mumps, rubella, polio, pertussis, tetanus, diphtheria, Haemophilus influenzae type B (Hib), pneumococcal disease, HPV, and varicella.”

Annual report 2025A · The company itself

“China The Company’s business in China experienced significant contraction in 2025 due to lower sales of Gardasil/Gardasil 9.”

Annual report 2025A · The company itself

“Changes could also impact the CDC, including how recommendations for immunizations are issued and maintained. Changes that have been made to the CDC’s recommended immunization schedule which could impact public and private coverage, as well as reduction in state-controlled school immunization requirements, could cause a decline in vaccine uptake.”

Annual report 2025A · The company itself

“Recent Transactions In January 2026, Merck acquired Cidara Therapeutics, Inc. (Cidara), a biotechnology company developing drug-Fc conjugate (DFC) therapeutics, for approximately $9.2 billion (including payments to settle share-based equity awards). Cidara’s lead DFC candidate, MK-1406 (formerly CD388), is a long-acting antiviral designed to prevent seasonal and pandemic influenza.”

Annual report 2025A · The company itself

“Human health vaccine products consist of preventive pediatric, adolescent and adult vaccines. The Company sells these human health vaccines primarily to physicians, wholesalers, distributors and government entities.”

Annual report 2025A · The company itself

“Biomolecular Analysis Automated electrophoresis is a separation technique for biomolecules such as proteins, peptides and nucleic acids (RNA and DNA) and is used to determine the identity of a molecule by either size or charge. It is widely used as a quality control tool to check sample integrity prior to subsequent analysis. Prominent examples are nucleic acid preparation products in front of polymerase chain reaction, next-generation sequencing and microarrays. More recently, quality control based on automated electrophoresis products has become essential throughout in-vitro transcription mRNA workflows, including vaccine development and therapeutics.”

Annual report 2025A · The company itself

“Our Salt Active Nuclease (SAN) program remained a key priority. We made strong progress toward launching a comprehensive GMP-grade nuclease portfolio by mid- 2025. This will uniquely position ArcticZymes to support gene therapies—AAV and Lentivirus—as well as broader biologics like viral vaccines.”

Annual report 2024A · The company itself

“Biomanufacturing ArcticZymes is serving customers with Salt Active Nuclease (SAN) products who are in different stages of therapeutic or vaccine development. The SAN portfolio of enzymes is used for removing non-encapsulated nucleic acid impurities from therapeutic viruses such as Adenovirus, Adeno-Associated Virus (AAV), and Lentivirus. This reduces the risk of adverse effects in the final vaccine product.”

Annual report 2024A · The company itself

“In 2024, ArcticZymes has continued to prioritize organic growth initiatives, making significant strides in its SAN (Salt Active Nuclease) program to achieve a comprehensive GMP nuclease portfolio. • Cell biology/Cell therapy: proteolytic enzymes such as ArcticZymes’ Proteinase represent essential tools for the dissociation and isolation of cells from patients for ex vivo manipulation and treatment. • RNA Therapeutics: The Coronavirus pandemic demonstrated the commercial utility and acceptance of mRNA technology as a therapeutic tool in rapid vaccine manufacturing effective and safe RNA-based vaccines. mRNA technology represents a powerful technology that can be extended to the development of other vaccines or gene therapy applications. Unlike viral vector manufacturing, multiple enzymes are required to manufacture therapeutic mRNAs where the need for novel and high-quality enzymes is in high demand.”

Annual report 2024A · The company itself

“The Company received a 12 MNOK grant from the Research council of Norway to develop new innovative mRNA enzymes. A consortium has been established together with SINTEF and the University of Tromsø with the aim of developing new enzymatic technologies that can aid the manufacturing of mRNA based therapeutics. The project runs over three years and 2.5 MNOK was expensed on this project in 2024.”

Annual report 2024A · The company itself

“Furthermore, a new patented RNA restriction enzyme (ET-N1 is under development and is expected to be the Company’s first unique enzyme offering within the RNA space. Sales in the Biomanufacturing segment experienced a 14% annual decline (-7.7 MNOK) and contributed 47% toward total sales during 2024.”

Annual report 2024A · The company itself

“In February 2024, AstraZeneca completed the acquisition of Icosavax, Inc. (Icosavax), a US-based clinical-stage biopharmaceutical company focused on developing differentiated, high-potential vaccines using an innovative, protein virus-like particle platform.”

Annual report 2025A · The company itself

“Revenue from our Travel Health portfolio increased by 30% to DKK 2,963 million”

Annual report 2025A · The company itself

“First-year sales of our chikungunya vaccine amounted to DKK 85 million, exceeding the guidance”

Annual report 2025A · The company itself

“Bavarian Nordic Annual Report 2025 2025 in brief Business and strategy Performance Corporate information Bavarian Nordic at a glance Our purpose and commitment Strategic priorities Performance A strong year supported by a 30% growth in Travel Health revenue and high performance in Public Preparedness due to continued surge in demand for mpox/smallpox vaccines.”

Annual report 2025A · The company itself

“Our current Good Manufacturing Practices (cGMP) testing services facilities also grow and store well-characterized early-stage client cell lines and virus seed stocks for later development or manufacture of therapeutic proteins and vaccines for clinical trials.”

Annual report 2025A · The company itself

“Global health conditions and changing population or demographic trends Global health conditions may adversely impact our patient census and treatment volumes. For example, severe flu seasons and the ongoing incidence of other infectious diseases such as COVID-19 in recent years have driven elevated mortality in our patient population, which has in turn had a negative impact on treatment volume.”

Annual report 2025A · The company itself

“Sheri McCoy, industriell rådgivare till EQT, tillsammans med Michael Bauer, Global Co-Head of Healthcare, Private Capital, och Per Franzén, Deputy Managing Partner och Head of Private Capital Europe & North America.”

Annual report 2024A · The company itself

“Since acquiring Avanti Engineering AS in 2021, Goodtech has expanded its solution portfolio to include: •Vaccine robots (Robovac™) •Sorting lines using machine vision technology for the aquaculture and fish processing industries Through its acquisition of Skala Flytende, Goodtech has incorporated one of the leading automation environments for hygienic production in the Nordic region, along with its proprietary control system, LT Line.”

Annual report 2024A · The company itself

“There also is the continuing use of vaccines, injectables and other pharmaceuticals in alternate-care settings. We believe we have established a leading position as a vaccine supplier to the office-based physician practitioner.”

Annual report 2025A · The company itself

“We distribute consumable products, small equipment, laboratory products, large equipment, equipment repair services, branded and generic pharmaceuticals, vaccines, dental specialty products, diagnostic tests, infection-control products and vitamins.”

Annual report 2025A · The company itself

“The introduction or broad market acceptance of vaccines or preventatives for the diseases and conditions for which we sell diagnostic tests and services could result in a decline in testing.”

Annual report 2025A · The company itself

“Den årliga globala marknaden för hepatit D uppskattas till cirka USD 1 miljard och marknaden för hepatit B uppskattas till USD 5–6 miljarder.”

Annual report 2024A · The company itself

“Har presenterat positiva kliniska säkerhets- och immunogenicitetsdata från en klinisk fas 1-studie med bolagets universella vaccinkandidat mot covid-19, SVF-002.”

Annual report 2024A · The company itself

“Trots förebyggande vacciner och antivirala behandlingar lever över 250 miljoner människor med en kronisk hepatit B-infektion. Varje år dör en miljon kroniska bärare av viruset på grund av komplikationer.”

Annual report 2024A · The company itself

“Net Product Sales We sell our COVID and RSV vaccines to the commercial market as well as to foreign governments and international organizations. In the U.S., our COVID vaccine and RSV vaccine are sold primarily to wholesalers and distributors, and to a lesser extent, directly to retailers and healthcare providers.”

Annual report 2025A · The company itself

“In 2025, the facility began manufacturing drug substance for our Spikevax, supporting domestic mRNA vaccine production for Canada.”

Annual report 2025A · The company itself

“In Early Life Nutrition, we continue to lead the market in probiotics and HMOs for infant formula.”

Annual report 2025A · The company itself

“I ett strategiskt steg för att skala upp AmorphOX ytterligare ingicks ett partnerskap med Abera Bioscience (Abera), ett företag som är känt för sin expertis inom molekylär och mikrobiologisk vetenskap. Samarbetet syftar till att utveckla nasala pulverbaserade vaccinkandidater, med ett initialt fokus på Aberas influensavaccin.”

Annual report 2024A · The company itself

“COLLABORATION AND CO-PROMOTION AGREEMENTS We use collaboration and/or co-promotion arrangements to enhance our R&D, sales and distribution of certain biopharmaceutical products, which include, among others, the following: •Comirnaty is an mRNA-based coronavirus vaccine to help prevent COVID-19, which is jointly developed and commercialized with BioNTech.”

Annual report 2025A · The company itself

“COVID-19––In response to COVID-19, we developed Paxlovid and collaborated with BioNTech to jointly develop Comirnaty.”

Annual report 2025A · The company itself

“◦BioLegend® ELISA MAX™ Standard Sets, ELISA MAX™ Deluxe Sets, LEGEND MAX™ ELISA Kits, and RAPID MAX™ ELISA Kits as well as complementary solutions and buffers for immunoassays to cover more than 200 targets for human, mouse, and rat samples, many of which are designed to assess the immune environment and its inflammatory state for vaccine, infectious disease and autoimmune disease research. ◦BioLegend® LEGENDplex™ bead-based reagents, which, in contrast to single analyte assays such as enzyme-linked immunosorbent assays (“ELISAs”), can quantitate up to 14 targets from one small sample volume and be read on common flow cytometers, and include both desktop and cloud-based analysis software. ◦BioLegend® best-in-class antibodies, recombinant proteins, and related reagents, which are used across multiple applications and research areas, including flow cytometry, microscopy, proteogenomics, tissue, cell and protein analysis, cancer research, immunology, cell and gene therapy, stem cell therapy and neuroscience.”

Annual report 2025A · The company itself

“KARL THEDÉEN VD OCH KONCERNCHEF Vi investerar för framtida tillväxt Koncernens verksamhet Studsvik levererar tjänster till den internationella kärnkraftsindustrin och till tillverkare av medicinska isotoper.”

Annual report 2024A · The company itself

“Our supplies business also includes electronic sensors and temperature-monitoring labels which incorporate chemical indicators designed to change color upon exceeding predefined time and/or temperature thresholds, used in vaccine distribution and other use cases in healthcare and food safety.”

Annual report 2025A · The company itself

“Public confidence in pharmaceuticals has been challenged in recent years by highly publicized debates about vaccine safety, the spread of misinformation and disinformation on traditional and social media, and increasing skepticism toward public health institutions including animal health institutions. These trends could materially and adversely impact our ability to successfully develop, obtain regulatory approval for, and commercialize our products.”

Annual report 2025A · The company itself