Valuation Still Attractive but in Need of M&A to Break Out Higher

Research evidence excerpt

Valuation Still Attractive but in Need of M&A to Break Out Higher

cquisitions, • Higher 60% market penetration of Vimkunya, • Failure to establish a market for the

allowing improved value realisation of the above our 30%base case, could add DKK25/ Chikungunya vaccine could reduce our

current business. share. valuation by DKK25/share.

• DKK280 Price Target is based on an NPV sum- • Higher uptake of Jynneos in the private • Slower uptake of travel vaccines could reduce

of-the-parts valuation. market could add up to DKK15/share. our valuation by DKK20/share.

• Over a 12-month period, these and other • Over a 12-month period, such setbacks could

smaller potential catalysts could boost our reduce our NPV-derived PT to DKK160.

NPV-derived PT to DKK360.

Sustainability Matters Catalysts

Top ESG issues: (1) Clinical trial diversity to achieve health equity & facilitate market access. • Potential incremental smallpox/mpox

(2) Human capital is critical for an R&D-focused company requiring an inclusive and rewarding Jynneos/Imvamune vaccine contracts

environment that also promotes innovation and productivity, with an incentive structure that rewards • Outbreak updates for both smallpox/mpox

decision-making and optimises efficiency. and chikungunya

ESG targets: No specific aims but seek to (1) improve manufacturing efficiency & processes at • Potential M&A, likely from 2H26E onward

Kvistgaard, Denmark, facility to optimise energy consumption and minimise emissions & waste; (2) • Phase 2 results from equine encephalitis

offer a healthy & inspiring working environment; (3) product quality and responsibility are important vaccine (US funded) during 2026E

elements of corporate culture. • Phase 1 initiations for Lyme disease and