Intervacc (IVACC) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 were SEK 3.4 million, down from SEK 4.6 million year-over-year, with an operating loss of SEK -22.2 million compared to SEK -13.5 million in Q1 2025.

• CEO transition occurred in February 2026, with Carl-Johan Dalsgaard appointed as CEO.

• Significant scientific milestone achieved: first demonstration of piglet protection against S. suis serotypes 2 and 9 via sow vaccination.

• StrangvacⓇ sales in Sweden increased by 148% year-over-year, while European sales declined due to the absence of a prior price campaign.

• StrangvacⓇ approved in Iceland post-period, expanding regulatory reach.

Financial highlights

• Operating loss for Q1 2026 was SEK -22.2 million, deteriorating by SEK 8.7 million year-over-year.

• Cash flow from operating activities was SEK -11.6 million, stable compared to Q1 2025.

• Cash and cash equivalents at period end were SEK 145.6 million, down SEK 15.3 million from year-end 2025.

• Equity at period end was SEK 253.2 million, a decrease of SEK 21.7 million since year-end 2025.

• Earnings per share before and after dilution were SEK -0.06, compared to SEK -0.08 in Q1 2025.

Outlook and guidance

• Focus on regulatory approval of StrangvacⓇ in the US and commercial scaling to achieve profitability.

• Strategic initiatives underway to accelerate StrangvacⓇ market introduction and develop PiggivacⓇ for broader protection.

• US market expected to show stronger uptake due to higher vaccination rates and disease awareness.