Bavarian Nordic drops 10% after earnings guidance comes short

** Shares in Bavarian Nordic BAVA slump around 10% after the Danish vaccine maker announced 2025 earnings guidance below expectations

** The company sees 2025 revenue in the range of 5.7-6.7 billion Danish crowns vs an LSEG estimate of 6.42 billion and expects EBITDA margin of 26%-30%

** It also flagged that revenue and EBITDA will vary throughout the year, with first quarter of 2025 being light

** Kempen Life Sciences Research says the revenue guidance is in line with consensus, but EBITDA outlook came in below

** The stock falls to its lowest since November and is among top losers on Europe-wide STOXX 600 SXXP index