For Investors
Strangvac’s proven properties, the promising results in the development of Piggivac, and the growth of our Swedish veterinary business give me strong confidence in the company’s potential for long-term, sustainable growth.
Our vaccine candidate Piggivac™ is expected to provide broad protection against S. suis, which not only promotes animal health in pigs but also holds significant market potential.
From proven strength to broader impact
Six months have now passed since I took up the position of CEO of Intervacc. During this time, two things have become particularly clear. The first is the strength of the scientific evidence supporting Strangvac®. New data continue to be published, reinforcing the picture of both long-lasting immunity and extended protection. The second is that it has so far been difficult to reach the market in Europe.
Carl-Johan
Dalsgaard took up
the position of CEO in February.
FEW WORDS FROM THE CEO
CEO statement from the interim report, January–June 2026
The text below is an excerpt from the CEO statement in Intervacc’s interim report for January–June 2026, published on August 20, 2026.
Read the full interim report here »
Clear commercial priorities
During the first half of the year, revenue from Strangvac® generated by our Swedish sales team increased by 54 percent compared with the corresponding period last year. At the same time, revenue in the rest of Europe decreased by 63 percent. This development shows that we need to strengthen commercialization in the European markets, and together with Dechra we have therefore intensified our marketing efforts.
In parallel, work continues on Strangvac® in new markets and on the development of the vaccine candidate Piggivac™. Our Swedish operations with other veterinary medicinal products developed positively, with sales increasing by 33 percent during the first
half of the year. Our priorities are clear: to increase the commercial impact of Strangvac, advance our development projects, and build a broader and growing veterinary business.
Stockholm, August 20, 2026
Carl-Johan Dalsgaard
Chief Executive Officer
Carl-Johan
Dalsgaard took up
the position of CEO in February.
“Thanks to the support from Intervacc’s
shareholders, we are able to develop innovative
vaccines that contribute to better health for horses and pigs by protecting against potentially fatal infections,” says Carl-Johan Dalsgaard, CEO.
Proof that we’re making progress
– on several fronts
During my first three months as CEO of Intervacc, my view of the company has been confirmed. I see a company with enormous potential, an organization with dedicated employees, and a vaccine platform that is every bit as outstanding as I had hoped. We now face an exciting phase of expansion in which my focus will be to accelerate our commercialization and scale up operations in order to also achieve profitability.
The intensive, long-term effort in Sweden to raise awareness of strangles, infection control and vaccination is now clearly starting to pay off. Sales of Strangvac® in Sweden during the quarter totaled 3,576 doses, corresponding to a 148% increase compared with the first quarter of 2025.
The increase is clear evidence that our awareness efforts have reached the market and are now translating into actual demand. It also confirms that Strangvac® works well and is a well-regarded product. Our ambition is to continue building on this.
In Europe, outside Sweden, we have not yet achieved the same impact together with our partner Dechra – sales growth has not taken off as we had expected. Sales in the rest of Europe during the quarter totaled 5,936 doses, corresponding to a 62% decrease compared with 2025. The decline is due to the fact that sales during the corresponding period last year benefited from a temporary and successful pricing campaign in the UK.
On a rolling twelve-month basis, total dose sales in Sweden and the EU increased by 58% in Q1 2026 compared with the corresponding period last year.
Two key initiatives
To strengthen the conditions for continued launch in Europe and the upcoming launch in the US, we held a Key Opinion Leader meeting in Edinburgh, Scotland in April, attended by 26 world-leading experts from these markets. The company was also active in “Strangles Awareness Week,” a campaign that started in the UK and Sweden but has now also been introduced in several countries across Europe.
Groundwork laid in the US
The registration-enabling studies with Strangvac® in the US are progressing according to plan. Approximately 100 horses have been included in the ongoing safety study, and only expected and mild side effects have been observed.
We do not expect to encounter the slower sales development we have seen in Europe in the US. There, approximately 75% of all horses are vaccinated against one or more diseases, and around 20% are already vaccinated against strangles – despite only having access to older versions of strangles vaccines with limited documented efficacy and significant side effects. In other words, awareness of the disease and willingness to vaccinate are already in place, providing favorable conditions ahead of the launch of Strangvac®.
A groundbreaking breakthrough for the pig vaccine
Perhaps the most significant event during the first quarter was the strongly positive results from the challenge study with the streptococcal infection S. suis in pigs vaccinated with Piggivac® compared with placebo. The vaccine is administered to sows, which then transfer protective antibodies to their newborn piglets through nursing. The study thus demonstrates protection in newborn piglets against the two most common and serious serotypes of the bacterium.
Work now continues on optimizing dosage and evaluating how broad a protection the vaccine can provide, ahead of the next step involving registration-enabling studies. A vaccine offering broad protection against S. suis has significant market potential, as there are currently no commercial vaccines available and the infection causes substantial economic losses for the pig industry worldwide.
Looking ahead
A number of strategic initiatives have now been launched to accelerate the market introduction of
Strangvac®. We will also continue to develop the product for the US market and continue documenting its clinical and commercial benefits.
As we now conduct studies in the US and engage Key Opinion Leaders there, awareness of the vaccine and its benefits is beginning to spread, and with that momentum we are now beginning to search for a partner for the US market.
My expectations for the company’s vaccine platform are high, and I see two clear catalysts for future growth in particular: the US launch of Strangvac® and the subsequent launch of Piggivac®, which has the potential to become a unique and sought-after product in the pig industry.
A warm thank you
With great confidence in our products, which have demonstrated superior properties, and with optimism ahead of the important upcoming launches, I would like to extend a warm thank you to Intervacc’s shareholders and other stakeholders. It is your support that enables our efforts to develop innovative vaccines that contribute to better health for horses and pigs by protecting against potentially fatal infections.
Stockholm, May 13, 2026
Carl-Johan Dalsgaard
Chief Executive Officer
A FEW WORDS FROM THE CEO
CEO statement from the interim report, January–June 2026
The text below was published on August 20, 2026 as part of Intervacc’s interim report. Information regarding studies, regulatory processes and future development reflects the circumstances and the company’s assessments at the time of publication.
Read the full interim report here »
Carl-Johan
Dalsgaard took up
the position of CEO in February.
Proof that we’re making progress
– on several fronts
During my first three months as CEO of Intervacc, my view of the company has been confirmed. I see a company with enormous potential, an organization with dedicated employees, and a vaccine platform that is every bit as outstanding as I had hoped. We now face an exciting phase of expansion in which my focus will be to accelerate our commercialization and scale up operations in order to also achieve profitability.
The intensive, long-term effort in Sweden to raise awareness of strangles, infection control and vaccination is now clearly starting to pay off. Sales of Strangvac® in Sweden during the quarter totaled 3,576 doses, corresponding to a 148% increase compared with the first quarter of 2025.
The increase is clear evidence that our awareness efforts have reached the market and are now translating into actual demand. It also confirms that Strangvac® works well and is a well-regarded product. Our ambition is to continue building on this.
In Europe, outside Sweden, we have not yet achieved the same impact together with our partner Dechra – sales growth has not taken off as we had expected. Sales in the rest of Europe during the quarter totaled 5,936 doses, corresponding to a 62% decrease compared with 2025. The decline is due to the fact that sales during the corresponding period last year benefited from a temporary and successful pricing campaign in the UK.
On a rolling twelve-month basis, total dose sales in Sweden and the EU increased by 58% in Q1 2026 compared with the corresponding period last year.
Two key initiatives
To strengthen the conditions for continued launch in Europe and the upcoming launch in the US, we held a Key Opinion Leader meeting in Edinburgh, Scotland in April, attended by 26 world-leading experts from these markets. The company was also active in “Strangles Awareness Week,” a campaign that started in the UK and Sweden but has now also been introduced in several countries across Europe.
Groundwork laid in the US
The registration-enabling studies with Strangvac® in the US are progressing according to plan. Approximately 100 horses have been included in the ongoing safety study, and only expected and mild side effects have been observed.
We do not expect to encounter the slower sales development we have seen in Europe in the US. There, approximately 75% of all horses are vaccinated against one or more diseases, and around 20% are already vaccinated against strangles – despite only having access to older versions of strangles vaccines with limited documented efficacy and significant side effects. In other words, awareness of the disease and willingness to vaccinate are already in place, providing favorable conditions ahead of the launch of Strangvac®.
A groundbreaking breakthrough for the pig vaccine
Perhaps the most significant event during the first quarter was the strongly positive results from the challenge study with the streptococcal infection S. suis in pigs vaccinated with Piggivac® compared with placebo. The vaccine is administered to sows, which then transfer protective antibodies to their newborn piglets through nursing. The study thus demonstrates protection in newborn piglets against the two most common and serious serotypes of the bacterium.
Work now continues on optimizing dosage and evaluating how broad a protection the vaccine can provide, ahead of the next step involving registration-enabling studies. A vaccine offering broad protection against S. suis has significant market potential, as there are currently no commercial vaccines available and the infection causes substantial economic losses for the pig industry worldwide.
Looking ahead
A number of strategic initiatives have now been launched to accelerate the market introduction of
Strangvac®. We will also continue to develop the product for the US market and
continue documenting its clinical and commercial benefits.
As we now conduct studies in the US and engage Key Opinion Leaders there, awareness of the vaccine and its benefits is beginning to spread, and with that momentum we are now beginning to search for a partner for the US market.
My expectations for the company’s vaccine platform are high, and I see two clear catalysts for future growth in particular: the US launch of Strangvac® and the subsequent launch of Piggivac®, which has the potential to become a unique and sought-after product in the pig industry.
A warm thank you
With great confidence in our products, which have demonstrated superior properties, and with optimism ahead of the important upcoming launches, I would like to extend a warm thank you to Intervacc’s shareholders and other stakeholders. It is your support that enables our efforts to develop innovative vaccines that contribute to better health for horses and pigs by protecting against potentially fatal infections.
Stockholm, May 13, 2026
Carl-Johan Dalsgaard
Chief Executive Officer
The increase is clear evidence that our awareness efforts have reached
the market and are now
translating into actual demand
“Thanks to the support from Intervacc’s
shareholders, we are able to develop innovative
vaccines that contribute to better health for horses and pigs by protecting against potentially fatal infections,” says Carl-Johan Dalsgaard, CEO.
A FEW WORDS FROM THE CEO
CEO statement from the interim report, January–June 2026
The text below was published on August 20, 2026 as part of Intervacc’s interim report. Information regarding studies, regulatory processes and future development reflects the circumstances and the company’s assessments at the time of publication.
Read the full interim report here »
THE MARKET
Global demand for vaccines against
infectious diseases is rising
The growing interest in vaccines is driven by increasing antibiotic resistance, continued technological development, greater knowledge of immunology, and a stronger global awareness of the importance of preventive animal health and sustainable animal husbandry.
Intervacc’s primary market is veterinary vaccines, a segment expected to remain a key growth driver in the global animal health market. An important driving force is the clear shift toward preventive treatment – preventing disease rather than treating it.
Steady growth in the global veterinary vaccine market
The global veterinary vaccine market was estimated at approximately USD 11–12 billion in 2024 and is expected to grow to around USD 16 billion by 2030, corresponding to an annual growth rate (CAGR) of approximately 6–8%.(1,2)
GROWTH IS DRIVEN BY, AMONG OTHER FACTORS:
» increased demand for livestock production
» a growing proportion of companion animals
» increased awareness of zoonotic diseases
» regulatory requirements and vaccination programs
Estimated horse population by continent. Number of horses in the main markets and the rest of the world – stated in millions.
A reasonable estimate is that there are around 1–2 million trotting horses in the world. In other words, they represent approximately 2–3% of the world’s roughly 60 million horses.
North America and Europe remain mature core markets, while the Asia-Pacific region shows the fastest growth.(1)
The market for strangles vaccine. Strangles is one of the most contagious infectious diseases in horses and occurs globally. In Sweden, approximately 70–100 strangles outbreaks are reported each year, and the disease tends to recur in affected stables and facilities rather than in individual animals.(3) Data show that strangles affects at least one new stable per week on average.(4)
Vaccination, together with diagnostics, isolation and other infection control measures, can be part of preventive efforts against strangles.
Number of horses and market potential
The global horse population is estimated at approximately 55–60 million horses.(5) The US represents one of the largest single markets with over 7 million horses, while Europe represents a large and diversified market.(6) Intervacc’s primary markets – the EU and the US – together account for an estimated 15–20 million horses. Market potential is therefore influenced by the total horse population, vaccination recommendations, assessed risk of infection, and future vaccination rates.
Vaccination rates vary between regions and areas of use, but vaccination against infectious diseases such as influenza is often required for competition and international transport.(7)
References:
(1) MarketsandMarkets (2026) Veterinary Vaccines Market Report
(2) Strategic Market Research (2025) Veterinary Vaccines Market Analysis
(3) HästSverige – strangles outbreaks in Sweden
(4) SVA (2025) Stop strangles
(5) FAO (2024) global horse population
(6) US horse population statistics
(7) FEI Veterinary Regulations
THE MARKET
Global demand for vaccines against
infectious diseases is rising
The growing interest in vaccines is driven by increasing antibiotic resistance, continued technological development, greater knowledge of immunology, and a stronger global awareness of the importance of preventive animal health and sustainable animal husbandry.
Intervacc’s primary market is veterinary vaccines, a segment expected to remain a key growth driver in the global animal health market. An important driving force is the clear shift toward preventive treatment – preventing disease rather than treating it.
Steady growth in the global veterinary vaccine market
The global veterinary vaccine market was estimated at approximately USD 11–12 billion in 2024 and is expected to grow to around USD 16 billion by 2030, corresponding to an annual growth rate (CAGR) of approximately 6–8%.(1,2)
Intervacc’s primary market is veterinary vaccines, a segment expected to remain a key growth driver in the global animal health market. An important driving force is the clear shift toward preventive treatment – preventing disease rather than treating it.
Steady growth in the global veterinary vaccine market
The global veterinary vaccine market was estimated at approximately USD 11–12 billion in 2024 and is expected to grow to around USD 16 billion by 2030, corresponding to an annual growth rate (CAGR) of approximately 6–8%.(1,2)
GROWTH IS DRIVEN BY, AMONG OTHER FACTORS:
» increased demand for livestock production
» a growing proportion of companion animals
» increased awareness of zoonotic diseases
» regulatory requirements and vaccination programs
North America and Europe remain mature core markets, while the Asia-Pacific region shows the fastest growth.(1)
The market for vaccines against strangles Strangles is one of the most contagious infectious diseases in horses and occurs globally. In Sweden, approximately 70–100 strangles outbreaks are reported annually, and the disease recurrently affects
stables and facilities rather than individual animals.(3)
Data shows that strangles affects at least one new stable per week on average.(4)
Vaccination is increasingly viewed as a central tool for reducing the spread of infection and improving animal welfare.
Number of horses and market potential
The global horse population is estimated at approximately 55–60 million horses.(5) The USA constitutes one of the largest individual markets with over 7 million horses, while Europe represents a large and diversified market.(6) Intervacc’s primary markets – the EU and the USA – are together estimated to comprise approximately 15–20 million horses. The market for a strangles vaccine is not based on the number of outbreaks but on the total population of horses that need to be protected for preventive purposes.
Vaccination rates vary between regions and areas of use, but vaccination against infectious diseases such as influenza is often required for competition and international transport.(7)
Number of horses in the main markets and the rest of the world – stated in millions.
North America and Europe remain mature core markets, while the Asia-Pacific region shows the fastest growth.(1)
The market for vaccines against strangles Strangles is one of the most contagious infectious diseases in horses and occurs globally. In Sweden, approximately 70–100 strangles outbreaks are reported annually, and the disease recurrently affects
stables and facilities rather than individual animals.(3)
Data shows that strangles affects at least one new stable per week on average.(4)
Vaccination is increasingly viewed as a central tool for reducing the spread of infection and improving animal welfare.
Number of horses and market potential
The global horse population is estimated at approximately 55–60 million horses.(5) The USA constitutes one of the largest individual markets with over 7 million horses, while Europe represents a large and diversified market.(6) Intervacc’s primary markets – the EU and the USA – are together estimated to comprise approximately 15–20 million horses. The market for a strangles vaccine is not based on the number of outbreaks but on the total population of horses that need to be protected for preventive purposes.
Vaccination rates vary between regions and areas of use, but vaccination against infectious diseases such as influenza is often required for competition and international transport.(7)
A reasonable estimate is that there are around 1–2 million trotters
in the world. In other words, they constitute approximately 2-3% of the world’s approximately 60 million horses.
References:
(1) MarketsandMarkets (2026) Veterinary Vaccines Market Report
(2) Strategic Market Research (2025) Veterinary Vaccines Market Analysis
(3) HästSverige – strangles outbreaks in Sweden
(4) SVA (2025) Stop strangles
(5) FAO (2024) global horse population
(6) US horse population statistics
(7) FEI Veterinary Regulations
THE MARKET
Global demand for vaccines against
infectious diseases is rising
The growing interest in vaccines is driven by increasing antibiotic resistance, continued technological development, greater knowledge of immunology, and a stronger global awareness of the importance of preventive animal health and sustainable animal husbandry.
Intervacc’s primary market is veterinary vaccines, a segment expected to remain a key growth driver in the global animal health market. An important driving force is the clear shift toward preventive treatment – preventing disease rather than treating it.
Steady growth in the global veterinary vaccine market
The global veterinary vaccine market was estimated at approximately USD 11–12 billion in 2024 and is expected to grow to around USD 16 billion by 2030, corresponding to an annual growth rate (CAGR) of approximately 6–8%.(1,2)
Intervacc’s primary market is veterinary vaccines, a segment expected to remain a key growth driver in the global animal health market. An important driving force is the clear shift toward preventive treatment – preventing disease rather than treating it.
Steady growth in the global veterinary vaccine market
The global veterinary vaccine market was estimated at approximately USD 11–12 billion in 2024 and is expected to grow to around USD 16 billion by 2030, corresponding to an annual growth rate (CAGR) of approximately 6–8%.(1,2)
GROWTH IS DRIVEN BY, AMONG OTHER FACTORS:
» increased demand for livestock production
» a growing proportion of companion animals
» increased awareness of zoonotic diseases
» regulatory requirements and vaccination programs
North America and Europe remain mature core markets, while the Asia-Pacific region shows the fastest growth.(1)
The market for vaccines against strangles Strangles is one of the most contagious infectious diseases in horses and occurs globally. In Sweden, approximately 70–100 strangles outbreaks are reported annually, and the disease recurrently affects
stables and facilities rather than individual animals.(3)
Data shows that strangles affects at least one new stable per week on average.(4)
Vaccination is increasingly viewed as a central tool for reducing the spread of infection and improving animal welfare.
Number of horses and market potential
The global horse population is estimated at approximately 55–60 million horses.(5) The USA constitutes one of the largest individual markets with over 7 million horses, while Europe represents a large and diversified market.(6) Intervacc’s primary markets – the EU and the USA – are together estimated to comprise approximately 15–20 million horses. The market for a strangles vaccine is not based on the number of outbreaks but on the total population of horses that need to be protected for preventive purposes.
Vaccination rates vary between regions and areas of use, but vaccination against infectious diseases such as influenza is often required for competition and international transport.(7)
Number of horses in the main markets and the rest of the world – stated in millions.
North America and Europe remain mature core markets, while the Asia-Pacific region shows the fastest growth.(1)
The market for vaccines against strangles Strangles is one of the most contagious infectious diseases in horses and occurs globally. In Sweden, approximately 70–100 strangles outbreaks are reported annually, and the disease recurrently affects
stables and facilities rather than individual animals.(3)
Data shows that strangles affects at least one new stable per week on average.(4)
Vaccination is increasingly viewed as a central tool for reducing the spread of infection and improving animal welfare.
Number of horses and market potential
The global horse population is estimated at approximately 55–60 million horses.(5) The USA constitutes one of the largest individual markets with over 7 million horses, while Europe represents a large and diversified market.(6) Intervacc’s primary markets – the EU and the USA – are together estimated to comprise approximately 15–20 million horses. The market for a strangles vaccine is not based on the number of outbreaks but on the total population of horses that need to be protected for preventive purposes.
Vaccination rates vary between regions and areas of use, but vaccination against infectious diseases such as influenza is often required for competition and international transport.(7)
A reasonable estimate is that there are around 1–2 million trotters
in the world. In other words, they constitute approximately 2-3% of the world’s approximately 60 million horses.
References:
(1) MarketsandMarkets (2026) Veterinary Vaccines Market Report
(2) Strategic Market Research (2025) Veterinary Vaccines Market Analysis
(3) HästSverige – strangles outbreaks in Sweden
(4) SVA (2025) Stop strangles
(5) FAO (2024) global horse population
(6) US horse population statistics
(7) FEI Veterinary Regulations
PROJECT PORTFOLIO
Several projects in the pipeline
Intervacc’s main focus is to develop vaccines against bacterial infectious diseases caused by streptococci. Strangvac® is Intervacc’s first internally developed and approved veterinary vaccine against strangles, an infection caused by Streptococcus equi that affects horses. The vaccine is available in several key European markets.
The initial and pivotal studies with Strangvac® in the American market commenced during the end of 2025. The pipeline also includes the company’s second vaccine candidate, Piggivac™, against S. suis infection in pigs. The vaccine candidate is currently being prepared for GMP manufacturing ahead of planned pivotal clinical studies.
Intervacc’s current project portfolio for vaccines refers to the following projects:
A third pillar – veterinary medicines and vaccines
In addition to internally developed vaccines, Intervacc has a growing business in high-quality veterinary medicines and vaccines – for both companion and livestock animals. These agency products for horses, pigs, cattle, sheep, poultry, dogs, and cats are sold in the Scandinavian markets. The product portfolio creates clear synergies with the vaccines developed by the company.
PROJECT PORTFOLIO
Several projects in the pipeline
Intervacc’s main focus is to develop vaccines against bacterial infectious diseases caused by streptococci. The first internally developed vaccine, Strangvac®, is intended to prevent strangles, an infection caused by Streptococcus equi, which affects horses. The vaccine is available in several key European markets.
The initial and pivotal studies with Strangvac® in the American market commenced during the end of 2025. The pipeline also includes the company’s second vaccine candidate – Piggivac™ – against S. suis infection in pigs. The vaccine is currently being prepared for GMP manufacturing and pivotal clinical studies.
Intervacc’s current project portfolio for vaccines refers to the following projects:
A third pillar – veterinary medicines and vaccines
In addition to internally developed vaccines, Intervacc has a growing business in high-quality veterinary medicines and vaccines – for both companion and livestock animals. These agency products for horses, pigs, cattle, sheep, poultry, dogs, and cats are sold in the Scandinavian markets. The product portfolio creates clear synergies with the vaccines developed by the company.
PROJECT PORTFOLIO
Several projects in the pipeline
Intervacc’s main focus is to develop vaccines against bacterial infectious diseases caused by streptococci. The first internally developed vaccine, Strangvac®, is intended to prevent strangles, an infection caused by Streptococcus equi, which affects horses. The vaccine is available in several key European markets.
The initial and pivotal studies with Strangvac® in the American market commenced during the end of 2025. The pipeline also includes the company’s second vaccine candidate – Piggivac™ – against S. suis infection in pigs. The vaccine is currently being prepared for GMP manufacturing and pivotal clinical studies.
Intervacc’s current project portfolio for vaccines refers to the following projects:
A third pillar – veterinary medicines and vaccines
In addition to internally developed vaccines, Intervacc has a growing business in high-quality veterinary medicines and vaccines – for both companion and livestock animals. These agency products for horses, pigs, cattle, sheep, poultry, dogs, and cats are sold in the Scandinavian markets. The product portfolio creates clear synergies with the vaccines developed by the company.
As a publicly quoted company, Intervacc communicates transparently, responsibly, and in accordance with the rules that ensure a fair and well-functioning capital market.
PRESS RELEASES
Intervacc makes first export of Strangvac to New Zealand under Special Circumstances Permit
Intervacc completes successful evaluation of US strain of strangles pathogen ahead of clinical trials
Emil Billbäck appointed new Chair of the Board of Intervacc
Report from Annual General Meeting in Intervacc
Interim report January – March 2026
Intervacc strengthens management team for future growth
International Awareness Initiative Against Strangles
Intervacc brings together leading US and European experts to jointly tackle strangles
PRESS RELEASES
Intervacc makes first export of Strangvac to New Zealand under Special Circumstances Permit
Intervacc completes successful evaluation of US strain of strangles pathogen ahead of clinical trials
Emil Billbäck appointed new Chair of the Board of Intervacc
Report from Annual General Meeting in Intervacc
Interim report January – March 2026
Intervacc strengthens management team for future growth
International Awareness Initiative Against Strangles
Intervacc brings together leading US and European experts to jointly tackle strangles
PRESS RELEASES
Intervacc makes first export of Strangvac to New Zealand under Special Circumstances Permit
Intervacc completes successful evaluation of US strain of strangles pathogen ahead of clinical trials
Emil Billbäck appointed new Chair of the Board of Intervacc
Report from Annual General Meeting in Intervacc
Interim report January – March 2026
Intervacc strengthens management team for future growth
International Awareness Initiative Against Strangles
Intervacc brings together leading US and European experts to jointly tackle strangles
| Date | Event |
|---|---|
| February 17, 2026 | Year-end report January 1 – December 31, 2025 |
| April 14, 2026 | Annual report 2025 will be published |
| May 13, 2026 | Interim report Q1 January 1 – March 31, 2026 |
| May 13, 2026 | Annual General Meeting 2026 |
| August 20, 2026 | Interim report Q2 January 1 – June 30, 2026 |
| November 12, 2026 | Interim report Q3 January 1 – September 30, 2026 |
| February 17, 2027 | Year-end report January 1 – December 31, 2026 |
Upcoming events
Presented here are the dates for upcoming financial reports, annual general meetings, and other important events.
The calendar is updated continuously and provides investors, shareholders, and other stakeholders with a comprehensive overview of the company’s planned financial communication and key activities.
FINANCIAL CALENDAR
Upcoming events
Presented here are the dates for upcoming
financial reports, annual general meetings, and other
important events.
The calendar is updated continuously and provides investors,
shareholders, and other stakeholders with a comprehensive
overview of the company’s planned financial
communication and key activities.
| Date | Event |
|---|---|
| February 17, 2026 | Year-end report January 1 – December 31, 2025 |
| April 14, 2026 | Annual report 2025 will be published |
| May 13, 2026 | Interim report Q1 January 1 – March 31, 2026 |
| May 13, 2026 | Annual General Meeting 2026 |
| August 20, 2026 | Interim report Q2 January 1 – June 30, 2026 |
| November 12, 2026 | Interim report Q3 January 1 – September 30, 2026 |
| February 17, 2027 | Year-end report January 1 – December 31, 2026 |
FINANCIAL CALENDAR
Financial reports
All listed companies must publish their quarterly reports and annual reports in accordance with laws and stock exchange regulations.
The purpose is to provide all investors with the same information simultaneously so that they can make fair decisions about buying or selling shares. Here in the report archive, you will find all annual reports and quarterly reports, in PDF format, since 2019.
Please notice that all financial reports published before September 2020 are in Swedish only.
Current
Current
2026
REPORTS
Latest
YEAR
2025
2024
2023
2022
Financial reports
All listed companies must publish their quarterly reports and annual reports in accordance with laws and stock exchange regulations.
The purpose is to provide all investors with the same
information simultaneously so that they can make fair decisions about buying or selling shares. Here in the report archive, you will find all annual reports and quarterly reports, in PDF format, since 2019.
Current
Current
2026
REPORTS
Latest
YEAR
2025
2024
2023
2022
Financial reports
All listed companies must publish their quarterly reports and annual reports in accordance with laws and stock exchange regulations.
The purpose is to provide all investors with the same
information simultaneously so that they can make fair decisions about buying or selling shares. Here in the report archive, you will find all annual reports and quarterly reports, in PDF format, since 2019.
Current
Current
2026
REPORTS
Latest
YEAR
2025
2024
2023
2022
| Year | Change | Change in share capital (SEK) | Share capital (SEK) | Change in number of shares | Total number of shares | Quota value (SEK) |
|---|---|---|---|---|---|---|
| 1983 | Company formation | 50 000 | 50 000 | 500 | 500 | 100 |
| 1999 | New share issue | 50 000 | 100 000 | 500 | 1 000 | 100 |
| 2004 | New share issue | 21 300 | 121 300 | 213 | 1 213 | 100 |
| 2008 | New share issue | 11 000 | 132 300 | 110 | 1 323 | 100 |
| 2008 | Bonus issue | 396 000 | 529 200 | 3 969 | 5 292 | 100 |
| 2010 | Share split 200:1 | – | 529 200 | 1 053 108 | 1 058 400 | 0.5 |
| 2010 | Bonus issue | 2 000 000 | 2 529 200 | 4 000 000 | 5 058 400 | 0.5 |
| 2010 | New share issue | 1 000 000 | 3 529 200 | 2 000 000 | 7 058 400 | 0.5 |
| 2010 | New share issue | 250 000 | 3 779 200 | 500 000 | 7 558 400 | 0.5 |
| 2010 | New share issue | 2 727 273 | 6 506 473 | 5 454 545 | 13 012 945 | 0.5 |
| 2012 | New share issue | 6 506 473 | 13 012 945 | 13 012 945 | 26 025 890 | 0.5 |
| 2014 | Non-cash issue | 3 060 200 | 16 073 145 | 6 120 400 | 32 146 290 | 0.5 |
| 2015 | Non-cash issue | 1 013 871 | 17 087 016 | 2 027 742 | 34 174 032 | 0.5 |
| 2015 | New share issue | 2 847 836 | 19 934 852 | 5 695 672 | 39 869 704 | 0.5 |
| 2016 | New share issue | 2 349 589,50 | 22 284 441,50 | 4 699 179 | 44 568 883 | 0.5 |
| 2017 | Reverse share split 1:4 | – | 22 284 441,50 | -33 426 662 | 11 142 220 | 2 |
| 2017 | New share issue | 10 000 000 | 32 284 442.18 | 5 000 000 | 16 142 220 | 2 |
| 2018 | New share issue | 43 045 920 | 75 330 362,18 | 21 552 960 | 37 665 180 | 2 |
| 2019 | New share issue | 11 255 020,76 | 86 585 385,85 | 5 627 510 | 43 292 690 | 2 |
| 2020 | New share issue | 542 400,04 | 87 127 785,89 | 271 200 | 43 563 890 | 2 |
| 2020 | New share issue | 45 200 | 87 172 985,89 | 22 600 | 43 586 490 | 2 |
| 2020 | New share issue | 13 075 946,88 | 100 248 932,77 | 6 537 973 | 50 124 463 | 2 |
| 2020 | New share issue | 21 000 | 100 269 932,77 | 10 500 | 50 134 963 | 2 |
| 2020 | New share issue | 50 850,01 | 100 320 782,78 | 25 425 | 50 160 388 | 2 |
| 2022 | New share issue | 660 910,05 | 100 981 692,83 | 330 455 | 50 490 843 | 2 |
| 2023 | New share issue | 50 490 845,41 | 151 472 538,24 | 25 245 421 | 75 736 264 | 2 |
| 2024 | Reduction of share capital | -136 325 285,44 | 15 147 252,80 | 0 | 75 736 264 | 0.2 |
| 2025 | New share issue | 53 015 384,80 | 68 162 637,60 | 265 076 924 | 340 813 188 | 0.2 |
THE SHARE
Facts about the share
The company has 340,813,188 shares following the rights issue carried out in March 2025. All shares have a quota value of SEK 0.20.
The company’s shares and warrants are listed on Nasdaq First North Growth Market, Stockholm. Since Friday, April 7, 2017, the share has been traded under the ticker code “IVACC” (ISIN code SE0009607252).
The Intervacc share is covered by Penser Access, a service operated by Carnegie that offers comprehensive financial information and qualified analysis of small and mid-cap listed companies in Sweden.
Development of share capital
Intervacc’s share capital and number of shares have changed as shown in the table to the left since the company was founded.
THE SHARE
Facts about the share
The company has 340,813,188 shares following the rights issue carried out in March 2025. All shares have a quota value of SEK 0.20.
The company’s shares and warrants are listed on Nasdaq First North Growth Market, Stockholm. Since Friday, April 7, 2017, the share has been traded under the ticker code “IVACC” (ISIN code SE0009607252).
The Intervacc share is covered by Penser Access, a service operated by Carnegie that offers comprehensive financial information and qualified analysis of small and mid-cap listed companies in Sweden.
Development of share capital
Intervacc’s share capital and number of shares have changed as shown in the table to the left since the company was founded.
| Year | Change | Change in share capital (SEK) | Share capital (SEK) | Change in number of shares | Total number of shares | Quota value (SEK) |
|---|---|---|---|---|---|---|
| 1983 | Company formation | 50 000 | 50 000 | 500 | 500 | 100 |
| 1999 | New share issue | 50 000 | 100 000 | 500 | 1 000 | 100 |
| 2004 | New share issue | 21 300 | 121 300 | 213 | 1 213 | 100 |
| 2008 | New share issue | 11 000 | 132 300 | 110 | 1 323 | 100 |
| 2008 | Bonus issue | 396 000 | 529 200 | 3 969 | 5 292 | 100 |
| 2010 | Share split 200:1 | – | 529 200 | 1 053 108 | 1 058 400 | 0.5 |
| 2010 | Bonus issue | 2 000 000 | 2 529 200 | 4 000 000 | 5 058 400 | 0.5 |
| 2010 | New share issue | 1 000 000 | 3 529 200 | 2 000 000 | 7 058 400 | 0.5 |
| 2010 | New share issue | 250 000 | 3 779 200 | 500 000 | 7 558 400 | 0.5 |
| 2010 | New share issue | 2 727 273 | 6 506 473 | 5 454 545 | 13 012 945 | 0.5 |
| 2012 | New share issue | 6 506 473 | 13 012 945 | 13 012 945 | 26 025 890 | 0.5 |
| 2014 | Non-cash issue | 3 060 200 | 16 073 145 | 6 120 400 | 32 146 290 | 0.5 |
| 2015 | Non-cash issue | 1 013 871 | 17 087 016 | 2 027 742 | 34 174 032 | 0.5 |
| 2015 | New share issue | 2 847 836 | 19 934 852 | 5 695 672 | 39 869 704 | 0.5 |
| 2016 | New share issue | 2 349 589,50 | 22 284 441,50 | 4 699 179 | 44 568 883 | 0.5 |
| 2017 | Reverse share split 1:4 | – | 22 284 441,50 | -33 426 662 | 11 142 220 | 2 |
| 2017 | New share issue | 10 000 000 | 32 284 442.18 | 5 000 000 | 16 142 220 | 2 |
| 2018 | New share issue | 43 045 920 | 75 330 362,18 | 21 552 960 | 37 665 180 | 2 |
| 2019 | New share issue | 11 255 020,76 | 86 585 385,85 | 5 627 510 | 43 292 690 | 2 |
| 2020 | New share issue | 542 400,04 | 87 127 785,89 | 271 200 | 43 563 890 | 2 |
| 2020 | New share issue | 45 200 | 87 172 985,89 | 22 600 | 43 586 490 | 2 |
| 2020 | New share issue | 13 075 946,88 | 100 248 932,77 | 6 537 973 | 50 124 463 | 2 |
| 2020 | New share issue | 21 000 | 100 269 932,77 | 10 500 | 50 134 963 | 2 |
| 2020 | New share issue | 50 850,01 | 100 320 782,78 | 25 425 | 50 160 388 | 2 |
| 2022 | New share issue | 660 910,05 | 100 981 692,83 | 330 455 | 50 490 843 | 2 |
| 2023 | New share issue | 50 490 845,41 | 151 472 538,24 | 25 245 421 | 75 736 264 | 2 |
| 2024 | Reduction of share capital | -136 325 285,44 | 15 147 252,80 | 0 | 75 736 264 | 0.2 |
| 2025 | New share issue | 53 015 384,80 | 68 162 637,60 | 265 076 924 | 340 813 188 | 0.2 |
| Shareholder | Shares | % of capital/votes |
|---|---|---|
| HealthCap IX investments AB | 88 235 294 | 25,9 |
| M. Lundberg | 8 316 666 | 2,4 |
| H. Björklund | 8 312 158 | 2,4 |
| SN-P Särskilda Pensionsstiftelse | 7 349 194 | 2,2 |
| F. Lundgren | 5 057 621 | 1,5 |
| K. Dahlbäck | 4 769 488 | 1,4 |
| Aktie-Ansvar Sverige | 4 725 000 | 1,4 |
| Coeli | 4 485 977 | 1,3 |
| Nordea Småbolagsfonder | 4 019 348 | 1,2 |
| Ålandsbanken ABP, W8IMY | 3 428 884 | 1,0 |
| K. Janzon | 3 366 666 | 1,0 |
| R. Lucander | 3 178 223 | 0,9 |
| P. Petersson | 2 978 457 | 0,9 |
| P. Eriksson | 2 734 393 | 0,8 |
| E. Billbäck | 2 429 008 | 0,7 |
| B. Sjöstrand | 2 395 380 | 0,7 |
| L. Johansson | 2 140 246 | 0,6 |
| J. Penser | 1 650 000 | 0,5 |
| Ålandsbanken ABP | 1 617 041 | 0,5 |
| C. Wegenius | 1 600 000 | 0,5 |
| D. Eriksson | 1 562 122 | 0,5 |
| Other | 176 462 022 | 51,8 |
| Total | 340 813 188 | 100 |
SHAREHOLDER LIST
The company’s shareholders
Intervacc is listed on Nasdaq First North Growth Market under the ticker code “IVACC”. At the end of 2025, the company had approximately 13,600 shareholders – a decrease of approximately 8% compared to the previous year.
The 20 largest shareholders control approximately 50% of the capital and votes. To the right is an overview of the largest shareholders in Intervacc, compiled as of March 31, 2026.
The shareholder list is updated quarterly, once the company has received and compiled the information from Euroclear. This normally means that an updated shareholder list is published approximately two weeks after the end of each quarter.
| Shareholder | Shares | % of capital/votes |
|---|---|---|
| HealthCap IX investments AB | 88 235 294 | 25,9 |
| M. Lundberg | 8 316 666 | 2,4 |
| H. Björklund | 8 312 158 | 2,4 |
| SN-P Särskilda Pensionsstiftelse | 7 349 194 | 2,2 |
| F. Lundgren | 5 057 621 | 1,5 |
| K. Dahlbäck | 4 769 488 | 1,4 |
| Aktie-Ansvar Sverige | 4 725 000 | 1,4 |
| Coeli | 4 485 977 | 1,3 |
| Nordea Småbolagsfonder | 4 019 348 | 1,2 |
| Ålandsbanken ABP, W8IMY | 3 428 884 | 1,0 |
| K. Janzon | 3 366 666 | 1,0 |
| R. Lucander | 3 178 223 | 0,9 |
| P. Petersson | 2 978 457 | 0,9 |
| P. Eriksson | 2 734 393 | 0,8 |
| E. Billbäck | 2 429 008 | 0,7 |
| B. Sjöstrand | 2 395 380 | 0,7 |
| L. Johansson | 2 140 246 | 0,6 |
| J. Penser | 1 650 000 | 0,5 |
| Ålandsbanken ABP | 1 617 041 | 0,5 |
| C. Wegenius | 1 600 000 | 0,5 |
| D. Eriksson | 1 562 122 | 0,5 |
| Other | 176 462 022 | 51,8 |
| Total | 340 813 188 | 100 |
SHAREHOLDER LIST
The company’s shareholders
Intervacc is listed on Nasdaq First North Growth Market under the ticker code “IVACC”. At the end of 2025, the company had approximately 13,600 shareholders – a decrease of approximately 8% compared to the previous year.
The 20 largest shareholders control approximately 50% of the capital and votes. To the right is an overview of the largest shareholders in Intervacc, compiled as of March 31, 2026.
The shareholder list is updated quarterly, once the company has received and compiled the information from Euroclear. This normally means that an updated shareholder list is published approximately two weeks after the end of each quarter.
THE SHARE
Facts about the share
The company has 340,813,188 shares following the rights issue carried out in March 2025. All shares have a quota value of SEK 0.20.
The company’s shares and warrants are listed on Nasdaq First North Growth Market, Stockholm. Since Friday, April 7, 2017, the share has been traded under the ticker code “IVACC” (ISIN code SE0009607252).
The Intervacc share is covered by Penser Access, a service operated by Carnegie that offers comprehensive financial information and qualified analysis of small and mid-cap listed companies in Sweden.
Development of share capital
Intervacc’s share capital and number of shares have changed as shown in the table to the left since the company was founded.
| Shareholder | Shares | % of capital/votes |
|---|---|---|
| HealthCap IX investments AB | 88 235 294 | 25,9 |
| M. Lundberg | 8 316 666 | 2,4 |
| H. Björklund | 8 312 158 | 2,4 |
| SN-P Särskilda Pensionsstiftelse | 7 349 194 | 2,2 |
| F. Lundgren | 5 057 621 | 1,5 |
| K. Dahlbäck | 4 769 488 | 1,4 |
| Aktie-Ansvar Sverige | 4 725 000 | 1,4 |
| Coeli | 4 485 977 | 1,3 |
| Nordea Småbolagsfonder | 4 019 348 | 1,2 |
| Ålandsbanken ABP, W8IMY | 3 428 884 | 1,0 |
| K. Janzon | 3 366 666 | 1,0 |
| R. Lucander | 3 178 223 | 0,9 |
| P. Petersson | 2 978 457 | 0,9 |
| P. Eriksson | 2 734 393 | 0,8 |
| E. Billbäck | 2 429 008 | 0,7 |
| B. Sjöstrand | 2 395 380 | 0,7 |
| L. Johansson | 2 140 246 | 0,6 |
| J. Penser | 1 650 000 | 0,5 |
| Ålandsbanken ABP | 1 617 041 | 0,5 |
| C. Wegenius | 1 600 000 | 0,5 |
| D. Eriksson | 1 562 122 | 0,5 |
| Other | 176 462 022 | 51,8 |
| Total | 340 813 188 | 100 |
RELATED LINKS
DOCUMENTS
Articles of Association (Swedish only)
Minutes from the 2022 Annual General Meeting (Swedish only)
Articles of Association for Intervacc AB (publ), reg. no. 556238-1748
Adopted at the extraordinary general meeting on January 31, 2025
Articles of Association
The Articles of Association (Swedish only) can be downloaded 
here »
Annual General Meeting 2026
The 2026 Annual General Meeting was held on May 13. The notice and other meeting documents are available to read and download here »
Nominating Committee
The nominating committee for the 2027 Annual General Meeting is appointed in accordance with the principles established below.
At the Annual General Meeting on June 14, 2022, the following principles for appointing the nominating committee were adopted.
The Chairman of the Board shall – no later than the end of October each year – ensure that the company’s three largest shareholders or shareholder groups by voting power are each offered the opportunity to appoint a representative to the nominating committee. The determination shall be based on Euroclear Sweden AB’s register of shareholders (grouped by ownership) as of the last banking day in August, or such other evidence that shareholders or shareholder groups present at that time in support of their shareholding.
Where one or more shareholders decline to appoint a member of the nominating committee, one or more of the next largest shareholders by ownership share shall be offered the opportunity to appoint a member of the nominating committee. However, no more than five additional shareholders or shareholder groups need be contacted, unless the Chairman of the Board finds that there are special reasons for doing so. When shareholders are contacted with a request to appoint a member of the nominating committee, the Chairman of the Board shall establish the necessary procedural rules, such as the final response date, etc.
If one or more shareholders who have appointed representatives to the nominating committee no longer belong to the three largest shareholders or shareholder groups by voting power in the company at a point in time more than two months before the Annual General Meeting, the representatives of these shareholders or shareholder groups shall resign from their assignment, and new members shall be appointed by the new shareholders who then belong to the three largest shareholders or shareholder groups.
If a member of the nominating committee resigns from their assignment before the committee’s work is completed, the same shareholder or shareholder group that appointed the departing member shall, if deemed necessary, have the right to appoint a new member, or, if the shareholder or shareholder group is no longer among the three largest shareholders or shareholder groups, the largest shareholder or shareholder group in turn shall have this right. Changes in the composition of the nominating committee shall be announced immediately.
The nominating committee shall appoint a chairman within the group. The composition of the nominating committee shall be announced immediately. No remuneration shall be paid to the members of the nominating committee. The company shall pay the necessary expenses that the nominating committee may incur in connection with its work. The term of office of the nominating committee ends when the subsequent nominating committee has been announced.
The nominating committee shall present proposals on the following matters for resolution by the Annual General Meeting:
a) Proposal for chairman of the meeting
b) Proposal for the Board of Directors
c) Proposal for Chairman of the Board
d) Proposal for auditors
e) Proposal for board fees, divided between the chairman and other board members
f) Proposal for fees for the company’s auditors
g) Proposal for amendments to the guidelines for appointing the nominating committee and instructions for the nominating committee, to the extent deemed necessary.
ARTICLES OF ASSOCIATION
RELATED LINKS
DOCUMENTS
THE ARTICLES OF ASSOCIATION
2025 – Rights issue
Prospectus, February 5, 2025 (Swedish only)
Supplementary prospectus, February 13, 2025 (Swedish only)
2018 – Rights issue
Prospectus, March 13, 2018 (Swedish only)
Previous share issues and prospectuses
Here you will find Intervacc’s prospectuses, supplementary prospectuses, and company descriptions from previous share issues.
PROSPECTUS AND COMPANY DESCRIPTION
Contact Eminova:
Email: adviser@eminova.se
Phone: +46 (0)8-684 211 10
Website: www.eminova.se
Related link:
Intervacc’s CA
Eminova Fondkommission AB is Intervacc’s Certified Adviser, CA. In the role of CA, Eminova guides, supports, and monitors the company’s compliance with the rules and requirements applicable to Nasdaq First North Growth Market.
Eminova is a securities brokerage specializing in small and mid-cap companies, offering a full range of capital markets services within corporate finance, share issues, listings, option programs, valuation matters, and acquisitions.
For companies that are to be listed or are already listed on Nasdaq First North Growth Market or Nordic Growth Market’s growth market Nordic SME, Eminova can also take on the role of Certified Adviser. In this role, Eminova assists Intervacc with matters relating to disclosure, regulatory compliance, and contact with the marketplace.
CERTIFIED ADVISER
Contact Eminova:
Email: adviser@eminova.se
Phone: +46 8-684 211 10
Website: www.eminova.se
Intervacc’s CA
Eminova Fondkommission AB is Intervacc’s Certified Adviser, CA. In the role of CA, Eminova guides, supports, and monitors the company’s compliance with the rules and requirements applicable to Nasdaq First North Growth Market.
Eminova is a securities brokerage specializing in small and mid-cap companies, offering a full range of capital markets services within corporate finance, share issues, listings, option programs, valuation matters, and acquisitions.
For companies that are to be listed or are already listed on Nasdaq First North Growth Market or Nordic Growth Market’s growth market Nordic SME, Eminova can also take on the role of Certified Adviser. In this role, Eminova assists Intervacc with matters relating to disclosure, regulatory compliance, and contact with the marketplace.
CERTIFIED ADVISER
Related link:
Contact Eminova:
Email: adviser@eminova.se
Phone: +46 8-684 211 10
Website: www.eminova.se
Intervacc’s CA
Eminova Fondkommission AB is Intervacc’s Certified Adviser, CA. In the role of CA, Eminova guides, supports, and monitors the company’s compliance with the rules and requirements applicable to Nasdaq First North Growth Market.
Eminova is a securities brokerage specializing in small and mid-cap companies, offering a full range of capital markets services within corporate finance, share issues, listings, option programs, valuation matters, and acquisitions.
For companies that are to be listed or are already listed on Nasdaq First North Growth Market or Nordic Growth Market’s growth market Nordic SME, Eminova can also take on the role of Certified Adviser. In this role, Eminova assists Intervacc with matters relating to disclosure, regulatory compliance, and contact with the marketplace.
CERTIFIED ADVISER
Related link:
