Bavarian Nordic is preparing for a leadership transition after CEO Paul Chaplin informed the board of his intention to step down for personal reasons.

Chaplin will remain in the role through the end of 2026, or until a successor is appointed, as the board launches a formal search process for the company’s next chief executive.¹

What did Chaplin achieve during his tenure?

Chaplin has been with Bavarian Nordic since 1999 and has served as CEO since 2014, overseeing a period of significant scientific and commercial expansion. During his tenure, the company advanced and commercialized its smallpox and mpox vaccine franchise, a portfolio that has played a meaningful role in global public health preparedness.¹

Under his leadership, Bavarian Nordic evolved from a research-focused organization reliant on a single government customer into a diversified, commercially driven vaccine manufacturer with operations across key global markets.

That transformation was fueled in part by the strategic acquisition of travel vaccines, the buildout of technical transfer capabilities and the establishment of a more robust commercial infrastructure.¹

In recent years, the company has increasingly positioned itself as a profitable, fully integrated vaccine player rather than a niche biodefense supplier.

Reflecting on nearly three decades with the company, Chaplin said, “I am leaving Bavarian Nordic with great pride. I have truly enjoyed the experiences and professional challenges over nearly three decades and have had the privilege of leading many talented colleagues towards a shared mission of improving and saving lives.” He added that while his family plans to relocate back to Australia, he remains “fully committed to the company for the remainder of the year to allow for a stable transition.”

Anne Louise Eberhard, chair of the board, credited Chaplin with guiding the company through both scientific milestones and commercial reinvention. “Paul has steadily led the company through a transformation to becoming a leading and profitable vaccine company,” she said, noting his contributions to both innovation and financial performance. Eberhard added that the board appreciates his commitment to ensuring continuity as the CEO search gets underway.

The upcoming leadership change comes at a pivotal moment for Bavarian Nordic as it continues to balance public health preparedness contracts with an expanding commercial vaccine portfolio.

Bavarian Nordic reported preliminary, unaudited 2025 results that came in ahead of guidance, buoyed by sustained demand for mpox vaccines and continued strength in its travel health portfolio.

Bavarian Nordic’s 2025 financial results

Before Chaplin’s announcement, the company shared that its revenue reached approximately $905 million, surpassing the company’s most recent guidance of about $870 million.²

Public preparedness sales accounted for around $450 million, exceeding the normal annual base business by more than $145 million as demand for mpox vaccines remained elevated throughout 2025.²

The company emphasized that the figures are preliminary and unaudited. Full audited results will be released as part of Bavarian Nordic’s annual report on March 12, 2026, alongside financial guidance for 2026.²

Sources

1. Paul Chaplin Steps Down as CEO of Bavarian Nordic Bavarian Nordic March 2, 2026 https://www.bavarian-nordic.com/investor/news/news.aspx?news=7438
2. Bavarian Nordic Reports Preliminary 2025 Financial Results and Provides Guidance for 2026 Bavarian Nordic February 12, 2026 https://www.bavarian-nordic.com/investor/news/news.aspx?news=7435