Bavarian Nordic A S

Good day and thank you for standing by. Welcome to the Bavarian Nordic Q2 and a half year report for the six month period ended 30th of June, 2026 conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising Johannes Reiss. To answer your question, please press star one and one again. Please be advised that today's conference is being recorded. I will now like to hand the conference over to your speaker today, CEO Paul Chaplin. Please go ahead.

Thank you and welcome everyone to our half year conference call. Today we've announced our Q2 results and before I go into them, and then hand over the call to Henrik Juuel, the CFO. Obviously we've announced tremendous results today, driven by very strong growth across the whole commercial portfolio. And before I get into those numbers, I just wanna say these sort of numbers don't happen by chance. It's an endorsement of our strategy, but more importantly, it's an endorsement of our employees and their hard work and dedication, but also our partners around the world and other healthcare professionals who work together with the Verenordic to really ensure that we improve the access to our life saving vaccines. So for the first half year, we've reported just over 3 billion kroner in revenue and an EBITDA margin of 35%. As I said, this really equates to a tremendous result. On travel health, we've seen a tremendous growth of 26% for the first six months. and actually 45% for the second quarter. And that's driven for the whole portfolio, but primarily driven by rabies and TBE, the first assets we acquired back in 2020, but also by a very successful launch for our chikungunya vaccine, vincunia. We have received additional approvals in both Switzerland and Canada for vincunia. and we've continued to launch in different countries and now have 15 countries where we've launched the product and that launch plan will continue into the second half of this year. And I would say is going faster than the original plan that we set out last year. Importantly, these numbers are also contributed by our public preparedness business, which is exceeding our base business of one and a half to 2 billion. and we already have contracts worth 2.3 billion in the books for this year. And this strong performance that we've seen in the first six months is leading to an upgrade in our guidance, which Henrik will talk more about in the coming slides. But essentially we're confirming the approximate upper range of 5.7 billion in revenue and an EBITDA margin of around 30%. We are also coming off the back end of a very strong cash position. And because of that, we have decided to launch another share buyback program up to 750 million Krone. So as I said, very, very strong financial numbers driven by very strong commercial performance across the board. And that is translating into improved access for people who want to receive our life saving vaccine. Let's go to the next slide, slide six. So as I said on travel health, we're really seeing a strong performance, 26% growth compared to this time last year, first half of the year. And if we look at rabies, we are really seeing a strong growth, 40% growth for rabies. If we look at both US and Germany, our key two markets, these are both above 20% and we have very strong market share. and maintaining that strong market share in both those key markets. But also there is outstanding growth in other markets in Europe with a 91% improvement compared to last year. And this I have to say comes down to strong brand performance and an endorsement of our strategy of turning these assets around. We are also obviously seeing continued outbreaks of rabies in the U.S. but I would say we're now moving into the fact that travelers are really much more aware of the devastating effect of rabies and rabies is becoming one of the standard choices of travel health vaccines. On TBE, we've also seen strong growth compared to this time last year and we're seeing a slight improvement in our market share in the key market in Germany. And importantly, and we've talked about this in previous quarters, We have extended the shelf life now to 24 months based on the latest data, and we believe that will have improvements moving forward in terms of our sales. While I'm focusing on this slide to really only talk about rabies and TBE, we shouldn't forget that we are also seeing performance with Vivatif and Vaxcora, our other assets within the Trouble Health portfolio. Go to the next slide, slide seven. On Vinconia, we are still very much in the launch phase. And we obviously, as I already mentioned in the first slide, we've seen additional approvals in both Switzerland and Canada. Switzerland, we've already launched, bringing the total number of countries where we've currently launched to 15. And Canada, hopefully, will be launching later this year. We've also submitted the dossier with our partner Europharma in Brazil. which is the first stage obviously of bringing this product to endemic markets. We are in the guidance readjusting the Vinconia sale guidance down to 200 million kroner for this year and while we are seeing encouraging demand in Europe particularly in Germany with some other markets that we've launched such as the UK In the US, we are seeing headwinds due to the lack of the publication of the ACIP recommendation. This we've talked about before. And unfortunately, while we were hoping that would be already published, it is delayed. And this is causing, as I said, slight headwinds in terms of convincing certain distributors and wholesalers to buy the product. But as I said, encouraging sales in Europe and other territories, and we really believe in Konya will be a future growth story as part of our travel health portfolio. On public preparedness on the next slide. A number of years ago, we guided the market to say that our base business for public preparedness would be somewhere between one and a half to two billion kroner each and every year. And that was based on the and many more. And I must say, since we have guided on that range, we have exceeded the 2 billion range every year. Now, that is primarily because we've come through a number of different Mpox outbreaks, which have obviously impacted sales. And this year, the original guidance was 1.8 to 2 billion kroner, again based on The customer base that was built up. And we have recently announced the number of new contracts. One was with the US government, another was with the undisclosed EU government. And that's meant that this year we've already secured 2.3 billion in contracts. And today we're confirming the upper end of the range, the revised range of 2.5 billion. and this really is an endorsement that we are seeing repeat business from the customer base. And I think really we should be anticipating that our base business is more around the 2 billion Kroner moving forward. We've also seen some regulatory improvements. The EU has approved the younger indication. So MBA is now approved for two years old, and this is important because children are the main targets in Africa and where the disease is endemic and for future UNICEF orders and of course it now means that NVA in Europe and hopefully will expand that to include US and other territories it will be approved for two plus and there are ongoing studies looking at and even younger children that could potentially support an indication for the whole population. This is not only important for access, ensuring that everyone who needs this vaccine can get access to the vaccine, but of course it already, it also improves the indication for NVA and obviously makes it harder should there be any competition arising in the near term. If you go to the next slide, just a few words on the pipeline. We have a lot of lifecycle management activities. These are activities that we invest in to support our commercial portfolio. A large part of the R&D budget for 26 is to support our vincunia vaccine, not only the approvals, but the regulatory requirements. So we have a number of ongoing studies in children, also an efficacy study. which is taking a significant part of the R&D budget. We also have an ongoing study where we're trying to improve the manufacturing process for our MVA smallpox and pox vaccine. This will actually read out preliminary results later this year. We have a study funded by DOD for equine encephalitis which is currently in phase two. and we have submitted a proposal for additional funding to move into phase three. And those discussions are ongoing with DOD. And we have two other assets that are in preclinical. One is for Lyme and one is for EBV. And today we're actually announcing that EBV will actually be initiating the phase one study later this year. We had originally said that that study would start in 27, but we're bringing that forward. And on Lyme, we have further work on our Lyme candidate and have an improved candidate vaccine that will now go into clinical development in 28. And I actually want to spend just a couple of slides talking about Lyme, because we are actually incredibly excited about the new candidate that we've developed. So if you go to the next slide, slide 10, a little bit about Lyme. The number of cases of Lyme disease are increasing both in the US and in Europe. It is a tick-borne disease caused by a bacteria. And in the middle part of this slide, you can see the endemic regions in the US and Europe. And this is caused by a bacteria that has six different strains. And we've been working on a Lyme vaccine for a number of years now, and we have refined our candidate that will now protect based on preclinical data against the six main strains that we see in Europe and the US. And it's based on a new vaccine platform that was developed, which we're referring to as the self-assembling antigen particle or SAP platform. It's a protein-based non-viral particular vaccine that is designed specifically to stimulate very high immune responses in people. and high immune responses translates into better protection. So if we go to the next slide, slide 11, if you look at the left-hand side, what we're looking at here is a positive control line vaccine. This is based on a technology that's currently being developed in the clinic by others. And here you can see what we're looking at is The ability of the vaccine to stimulate immune responses that kill the bacteria that cause Lyme. And with the positive control, there's no protection or activity after two vaccinations. And you can see you actually need three vaccinations to see bacterial killing. And this is at a level that is protective. The second part of that graph is our vaccine candidate. You can see that with one vaccination, you get bacterial killing at a level that is protective. There's equivalent to three vaccinations of the positive control. And if you give two vaccinations, you're now in a completely different league in terms of the immune responses and the bacterial killing. And then on the right hand side, this is a mouse model where you challenge with infected ticks to the three different strains of a line. and with the negative control there's no protection you can detect bacteria and with two shots of our vaccine you get complete protection against all the three different strains that are evaluated in this study. So we have a vaccine candidate that in preclinical models is better than the current vaccines that are being developed whether they're based on RNA or based on other technologies and That I'm showing you this data, this data is actually highly durable, long lasting in the mouse model, which is something that's also a weakness of the current vaccines that have been developed. So we're extremely excited about our Lyme candidate in animal models. It certainly looks better than what's being currently developed by others. We will spend most of next year manufacturing the material and having discussions with regulators and then moving to the clinic in 2018. And with that, I will hand over the presentation to Henrik Juuel.

Thank you very much, Paul. So let's turn to slide number 13, where we start looking into some of the numbers. First slide here is about the commercial performance for the second quarter and the first half year of this year. So second quarter, we delivered very strong revenue performance, 2 billion and 34 million Danish kroner. and more or less equally split between our public preparedness business and our travel health business. And that took us to nearly 3.1 billion Danish kroner for the first six months. So very strong performance during the second quarter. And if we just talk about the individual business legs here, public preparedness first, 975 million for the quarter, very, very strong performance, supply to different customers, but with the US government and HERA, our EU partner being the biggest receivers of products during this quarter here. That takes us on a half year basis to nearly 1.3 billion Danish kroner and we are well on track to deliver on the 2.3 billion that we have secured for the full year and confident that we can deliver on our upgraded guidance of 2.5 and Danish Kroner for the public preparedness business. If we then turn to our travel health business, very, very strong performance. We deliver 45% growth in the second quarter and 26% for the first half year. With these products, one has to be a little careful looking at individual quarters. So I prefer talking to the half year in this case here, as products are, some of them and to varying degree, they are seasonal. But the seasonal pattern does not always remain the same year over year. If we start with our rapist business, very, very strong growth of 40% after six months. And I think mainly driven by significant increased demand, both in Europe and the US, driven by these outbreaks we have seen impacts from rapists, both in Europe, but also on travelers coming back to Europe. So very strong demand. US and Germany basically grew by 20 plus percent. And at the same time, we managed to maintain or gain market share in this business here. So very strong performance. Our Instacore business, we delivered 17% growth, which we are very pleased with. We came out of the first quarter actually with negative growth, but that was based on a very strong first quarter last year. So we are very pleased with the 17% growth on our TBE business. As some of you will recall from our last earnings call, we have been struggling a little with shorter than risk force shelf life on our TBE product. And that has meant that we had to work, I think, very intensively with the wholesalers and distributors in the markets. And we are very happy that we can sit here today Our commercial team, they have done a fantastic job in maintaining our market share during this position and growing the business, the revenue by 17%. And as we said previously, the current 24 months shelf life is an improvement over the initial 18 months we got at the end of last year. And we are very confident that we will work our way back to the 36 months shelf life most likely during next year. So very strong performance by the two product we acquired from GSK back in 2000. VinCunha, we delivered significant growth obviously on an easy background as we only launched April last year. 78 million for the first six months and as Paul already alluded to, we have taken down our assumption for VinCunha and we are now expecting approximately 200 million in revenue and not the 250 we guided for previously. And this is all explained by the short-term headwinds that we see in the US due to the lack of the MNWR application. Other markets are doing as expected or even better. VivoTIV also showing strong growth. That's our typhoid vaccine, 19% growth. And this is an area where we have started to see some of the measures we took by employing an external sales force to help us drive demand in new channels has worked out and we are starting to see this product actually growing in the markets. So all in all 3 billion and 92 million revenue delivered for the first half year so very strong and satisfactory results on the top line. So let's turn to the next page which is our Profit and Loss. And here, looking at the quarter again, 2 billion in revenue, a very strong gross margin of 61%, driven by a favorable product mix, half the public preparedness, half travel health, a lot in the high-priced markets. So that is impacting our gross margin positively. But on top of that, we have also seen continued very strong performance by our operations team meaning high success rates in our production, fewer batches being scrapped, et cetera. So very strong performance leading to a high gross margin. Total operating costs, so that's 482 million. It's lower than what we saw last year for the quarter, but for the half year, it's spot on at the same level we saw in previous years. Lower R&D costs simply due to the timing, primarily of our chicken gunja, and then we see the SG&A cost being higher, mainly explained by some of the expansions we have done within the commercial area, taking business back from our previous partner and building up our presence in new markets. But on a total level, total operating costs unchanged. So for the quarter, turning down to the bottom line, EBITDA margin of 45%, very, very strong profit margin, far beyond We can say our full year expectations, but of course also driven first of all by the high level of revenue which is diluting of the OPEX impact and the strong gross margins as well. So 45% and on a half year basis taking us also to a very strong EBITDA margin of 35%. So let's turn to the next slide where I just want to talk a little about our cash flow and our cash position. So if we first look at the cash flow from operating activities first half year, negative by approximately 400 million. But here you have to remember that that is impacted by the very final milestone we paid to GSK early in the year, 70 million euros. And you will see that in the second quarter we had none of that and we are generating in that quarter alone positive cash flow from operating activities of 351 million. I just want to comment also on the cash flow from financing activities where you will see for the half year negative by 464 million and please remember that that includes our share buyback where the majority of the previous 500 million program was executed during the first half year. So for the quarter net positive cash flow for the period Nielsen for the first half year, but I mentioned the two big reasons for that. The underlying business is generating good, nice cash flow. And that cash flow leads us to a very strong cash position currently of 2.3 billion, allowing us to launch another share buyback program of up to 750 million while still maintaining our financial flexibility to pursue our M&A strategy. The next slide is elaborating a little further on this and in principle nothing new on this one. Just wanted to remind everyone about our capital allocation policy. First priority is of course that we invest in our current business and our pipeline in all the organic growth that we can secure. Secondly, we work to generate an expanded financial flexibility and that second element used to include We will try to balance our cash position with the expected cash flow generation in the future, taking the maturity of our business development pipeline into consideration. And based on all of that, we will evaluate how much cash we need. And at the moment, that balance has led us to initiating the 750 million share buyback program. And our target with all of these initiatives is really to optimize our capital structure, including a suitable leverage of the company in the future. Let's turn to my final slide here, which is just to talk about the outlook. So based on our performance year to date, we are upgrading our financial expectations to the year. Our previous guidance said 5.5 to 5.7 billion Danish kroner, but with the current order book on our property preparedness business, we are upgrading that to approximately 2.5, which gives a total revenue of 5.7 billion. and the Travel Health Guidance for the full year unchanged at approximately 3 billion Danish kroner. And then our EBITDA margin, we have increased from approximately 28% to expected approximately 30%, driven of course by the upgrade on our expectations to the top line, but also by the very strong first six months and the very strong cross market we have seen first half of the year. So with that, I will give the word back to the operator and ask to open up for questions.

Thank you. As a reminder, to ask a question, please press star 1 1 on your telephone and wait for your name to be announced. To answer your question, please press star 1 1 again. We will now take our first question. from the line of Thomas Bowers from SEB. Please go ahead.

Yes, thank you very much and congrats on a very strong quarter here. So just kicking off with the travel health. So you stick to the around 3 billion in your full year guidance. So implied second half year growth is is now minus 20% or you can say minus 10% when you adjust for the partner sales. So my question is, is this mainly lack of transparency or are you maybe facing some capacity issues here in the second half? Then second question, on the EBITDA margin, you lift that by two percentage points since the last upgrade and only a very small generous lift here in the number. So does this actually imply that you see a structurally better gross margin improvement from the tech trends for now? And if I may add to that, so if we're to assume that Geneos were around those sort of midpoint of your long-term target, so 171.8 billion, how should we think about implied EBITDA margin for 26? And then just finally, just in regards to the share buyback, you plan to start in Q3, but can you maybe just elaborate a little bit on when you expect the program to be completed? Thank you.

Yeah, I can. Yeah. Hi, Thomas. Thanks for the question. So on travel health, I think what we need to remember there is that, as I also said in my presentation here, that these products are to varying degree seasonal and the seasons are not necessarily repeated year over year. I think let's take TBE as an example. If you look at TBE last year, 45% of the revenue Our first half came in Q1. This year, we actually saw, sorry, of Q2, 45% of the revenue first half year came in Q2. This time it's 60, more than 60%. So there is often a shift between the quarters over the years. I think what we can say on our travel health is that we are extremely pleased with the current performance. and I think we have taken it as far as saying that if the current trend continues, we will exceed the 3 billion Danish kroner. But we feel it's prudent to see how the third quarter pans out before we do anything further on the travel health business. We should also remember here that we have supply products, TV products or integral product into the market with relatively low shelf life and there is a risk that some of that will come back. We don't know that until They actually expire in the autumn. So it's a slight risk. There's nothing to be concerned about, but there's something we are managing. But it's of course all baked into our guidance for the full year. But of course, if current trend continues, we will exceed the 3 billion. On the EBITDA margin, it's what we are seeing now, a structural improvement. I think that is a little too early to say, and I think here we need to remember that we are now We have been running our TBE manufacturing the first half of this year and we or our team they have been extremely efficient. The success rate has been higher than what we anticipated which means that you can actually absorb more costs into your production. Now we are shifting to rapists for the second half so we can't just copy what we saw in Q1 and paste that into the second half of this year. I think what we can hope for is that The whole concept of campaign manufacturing is paying off, so that you manufacture the same product for a longer period of time. But that is too early to say, and that's why I don't think we can say yet that the good performance is a structural sustainable improvement. And on the share buyback, when are we going to launch that? I think it can be It can happen any time, basically. We have no reason to postpone this. There are just some practical things that we need to agree with the board, the exact date, et cetera, and with the banks and everything. But that is going to happen very soon.

Yeah, sorry. I can see it's queue-free, but I was asking when it can be completed. Is that just going to be before the ATM?

Yeah, I think that's a good question. It really depends, of course, under the safe harbor rules. There's a limit to how much you can actually buy in the market. The last one, the million took approximately six months to complete. We have seen today there's extremely good liquidity. Hopefully the recent years will create some more liquidity in this year, but I would say around six months, six, seven months, it will probably take. So we anticipate that it will be completed before our ATM. And as we have announced, we are intending to Cancel those yes, but that will require an AGM authorization as well. So the timing would fit pretty well with that.

Okay, that's perfect. Great. Thank you very much.

Thank you. We will now take the next question from the line of Hakon Heme from Danske Bank. Please go ahead.

Great. Thanks for taking my questions. First, can you provide some color on the TPE market? You grew 17% and your competitor Tikovac grew with similar rates in H1, while you state that the German market only grew 3%. So what other countries are driving this market growth? And on Vimkunja, your revenue declined in Q2 compared to Q1 during this launch phase. Is the downgrade of the full year sales only due to the delay of the CDC as ACIP recommendation or have any of your launches in Europe not delivered as expected? Thank you.

Hi, Peter. Can you take the question?

Yeah. Yes. So let me... Thanks, Håkon, for the question here. I think on TBE, you're right. When you look at the market growth and our markets here, we are growing faster than the markets. We are gaining this year in the market. There are also other markets in Germany where we don't have all the market details that they're also contributing. And one thing to be aware of with this market data is that it's not perfect. It gives a good indication about in which direction the market is moving. It's typically lacking in terms of time compared to the revenue we are recognizing. Remember our revenue We recognize that when we sell it into the wholesalers. So that means probably the last couple of months in the second quarter, it's not even included in the market because it's sitting with wholesalers still. And the in-market data is based on basically consumption out of pharmacies and other dispensing units. So I think we should be a little careful looking too much of that. But of course, they give us a good idea about the trend. Is the market growing? to what extent, approximately, and how are the market shares doing? And then there was one on Vincunia, Paul, do you want to take that one?

Yeah, so on Vincunia, I mean, there's always a few dynamics when you're in the launch phase, but essentially we are seeing good demand in the EU where we've launched. Germany was one of the first countries where we launched in the EU and we're seeing strong growth. and in other countries where we're also launching. So really the change in the guidance is primarily due to the headwinds that we're seeing in the US. So I am confirming it is mainly the US where we're seeing the headwinds due to the lack of publication. And while we have been successful in encouraging some distributors and wholesalers to purchase, we haven't been successful with everyone where they have Thank you.

Thank you. We will now take the next question. From the line of Romy O'Connor from Kempen, please go ahead.

Hi, team. Thank you for your presentation today and congrats on the strong half year. I have three questions. The first on Rabipur. So we saw quite some strong growth this quarter. And while you highlight the underlying market growth in the U.S. and Germany, can you help us bridge that difference? So how much is coming from underlying volumes or geographic contributions, et cetera? And thinking about the next half of this year, How much of the underlying rabies market growth do you consider is driven by this structural demand, or do you think it's something that we can expect to normalize? And lastly, on the share buyback announced, how can we now interpret this in the context of continued M&A ambitions? Thank you.

Yeah, okay. Thank you, Romi, for the question here. On Ravipur, I think... Some of the same factors play in, as we just talked about, with regards to TPE here. We are growing the product by 40%. The market has grown by 20 plus percent. Other factors explaining up to the 40%. We are only commenting on US and Germany in terms of market performance, but we are actually already seeing our other markets growing just 100%. So they are actually starting to contribute to the overall growth in the market. And then secondly, I think what I believe we are seeing on rapists, and maybe that's to your other question as well, what's going to happen for the remainder of the year? I think obviously we don't know, but I think there seems to be a good and very strong momentum out there, but we are not expecting that to stop short term. There is an extremely high awareness around the risk of rapists and therefore very high demand for all vaccines. But I think what also happens typically when you see such an abrupt increase in demand is that there are other factors amplifying the growth. For instance, wholesalers, they start seeing that they need to buy a safety stock. The stock level with these will actually go up. So that is one impact that is amplifying that whole growth. also helping us to explaining the 40% growth that we've seen in the first half year. On the share buyback, let me see.

Impact on M&A.

Yeah, impact on M&A. I think we have concluded that the 750 million is actually a fine balance between what we need for potential M&As and then after that handing back the money to the shareholders to give them a return for the investment. We are constantly looking at M&A's and we hope we will identify the right ones. We have no debt today. We can easily go out and borrow money for potential acquisition and then we still have a very strong cash position even after a slow buyback. So through a combination of Debt financing and cash possession, we believe that we can actually finance the opportunities that we are looking at.

Great, all clear. Thank you.

Thank you. As a reminder, to ask a question, please press star 1 and 1 on your telephone. We will now take the next question from the line of Alina Shamsi from Jefferies. Please go ahead.

Hi, thank you for taking my questions. Firstly, I was wondering, could you please provide an update on the CEO search process? And more broadly, do you feel the company can execute a larger strategic transaction during this interim period? Or would you prefer to have a permanent CEO in place before considering any significant M&A activity? and then secondly on Vim Kunje, how do you see disease awareness progressing here and is the focus primarily on educating physicians or travelers? Thank you.

Yeah, I guess I better take that one. So on the CEO search, you know, that's with the board and, you know, the process needs to take as long as it takes because The CEO is indeed an important person. But in all fairness, while I would like to take all the credit for everything that we've done in terms of rabies, TB and other assets, it's the organization and the management team that execute. So while the CEO is an important role, an important position, I think it is overemphasized how important one individual is, particularly in an EU setting where we have a management, we have a board, and obviously we have the underlying management who, frankly, do all the heavy lifting. So do we have an appetite for M&A? For sure. If we find one that is right, that fits the mandate that we're looking for, which is a good commercial fit, we'll be announcing it. And regardless of whether I'm here, someone else is here, no one's here or whatever, it will play no role. In terms of Vincunia, it's both to be fair. So awareness is to out in the general population, making sure people are aware that there's a mosquito transmitted disease where they may be going on vacation. That also includes the south of France, for example, where most people think it's safe. But it's also for health care professionals who may not be as familiar with the disease and or the severity of the disease. Because again, when people go to get a travel health vaccine, They are looking for the healthcare professionals to guide them because often you need more than one vaccination. And if it's an out of pocket expense, you really have to decide which one are you going to take. In my presentation, I mentioned that I think rabies is becoming more and more of a standard travel vaccine because of the severity. And I think it's important that not only are the public aware of vincunia and the dangers, but healthcare professionals are also educated on the severity of that disease. So it's on both.

Thank you. Thank you. Our next question comes from the line of Thomas Bowers from SCB. Please go ahead.

Oh, thank you for taking my follow-up. So first just on Joneos. So you have secured 800 million for 27 already. I'm just curious about this relative to a normal underlying base. I know it's difficult to answer, but are you getting a little bit more confident in reaching at least the midpoint of the 1.5 to 2 billion, given the somewhat uncertainty with new barter contract timing? and then just on, I'm not sure if I missed it in the pattern marks here, you didn't mention something on it, Henrik, but just on Valneva and Dynavox, so of course aware that they are fully terminated now, but that revenue you lost here during the first half here, do you have any idea on how much you sort of have recovered on those, I think it was around 100 million for first half, 25 million, So any idea on how much you have gained here since then? Thank you.

I'll take the Janais. So on Janais, Thomas, I think, as you know, it all depends what we normally see in terms of what we're booking for next year. I think it's because it all depends on when the order comes in and when the discussions happen. I think where we're getting is more and more comfortable. As I said, for many years now, we've been saying one and a half, two billion based business. I think we're becoming more and more comfortable that we're going to be in the region at the upper end of that around the two billion mark. You know, when we guided one point eight to two billion this year, we didn't have all that secured, obviously. And we've actually been able to increase the guidance twice now. in response to more orders coming in. So the orders will come in when they come in. I think it's encouraging. There's already 800 million in the book. But to be honest, I would already be confident sitting here that we would be securing around the 2 billion, whether we had that or not. So I think the analysts, yourself and others, as well as the market, should get more and more comfortable with that 2 billion-ish base business moving forward.

Yeah. Then to your other question, Thomas, on the partner products. You're right that we lost approximately 100 million compared to last year. So that was primarily the Japanese-sensitive licensed product that we were promoting primarily in Germany. But on the other hand, we took our own products back in certain markets. And that has actually helped us, first of all, The price that we can recognize on the revenues higher as it's no longer transfer price to our partners, it's the full price to the wholesalers. So there is a positive price impact there. And secondly, we have actually managed to grow the business in these markets beyond the level that our partner could do at the time when they were promoting it. So I think it's too early to say that we have, it's a net gain because we lost 100 million from the Japanese encephalitis, but we have actually seen a very positive impact of taking our product back in the other markets, and it has helped us gain the necessary scale to enter into these markets so that we have an organization in the UK, in France, in Canada today, these markets that were served by our partner previously, and we can use that as a platform also to launch VinCunha and other products. So while we are sad to see 100 million disappearing out, this is a win for Barrier Nordic that are taking the business back.

Great.

Thank you.

Thank you. As a reminder, to ask a question, please press star 1 and 1 on your telephone. That's star 1 and 1. There are no further questions at this time. I would now like to turn the conference back to Paul Chaplin for closing remarks.

Yeah, thank you. Thanks everyone for your time and joining and all the questions. Have a great day. Thank you.

This concludes today's conference call. Thank you for participating. You may now disconnect.