Intervacc (IVACC) Q2 2025 earnings summary

Executive summary

• Net sales more than doubled year-over-year for the first half of 2025, reaching SEK 11.6 million, driven by strong growth and expanded market penetration for StrangvacⓇ.

• Successful rights issue raised SEK 225 million before costs, strengthening the cash position to over SEK 200 million and supporting a growth-oriented business plan.

• StrangvacⓇ launched in new European markets including Finland, Spain, Portugal, and Slovenia, with positive feedback from field use and veterinarians.

• Approval process for StrangvacⓇ in the US is progressing, with safety and efficacy studies planned for 2025 and 2026.

Financial highlights

• Q2 2025 net sales: SEK 7.0 million (up from SEK 2.7 million in Q2 2024); H1 2025 net sales: SEK 11.6 million (up from SEK 5.1 million year-over-year).

• Operating loss for Q2 2025: SEK -18.6 million (Q2 2024: SEK -18.3 million); H1 2025 operating loss: SEK -32.1 million (improved from SEK -36.3 million year-over-year).

• Cash flow from operating activities for H1 2025: SEK -25.4 million; cash at period end: SEK 202 million.

• Equity at June 30, 2025: SEK 324.8 million, up SEK 162.5 million from year-end 2024.

• Earnings per share H1 2025: SEK -0.12 (H1 2024: SEK -0.47).

Outlook and guidance

• Financing secured for the growth-oriented business plan, including US market entry and continued product development.

• Focus on expanding StrangvacⓇ adoption in Europe and achieving US regulatory approval.

• Ongoing development of new vaccines for animal diseases using proprietary technology platform.