Bavarian Nordic Announces Interim Results for the First Nine Months of 2023

COPENHAGEN, Denmark, November 16, 2023 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results for the first nine months of 2023 and business progress for the third quarter of 2023.

• Revenue for the first nine months increased by 148% to DKK 4,615 million compared to the same period last year, while the operating profit (EBITDA) increased to DKK 1,552 million.
• The increased revenue was driven by growth across both business areas: travel health and public preparedness. Revenue from travel health grew by 56% to DKK 1,608 million, as a result of the continued rebound in global travel, strong brand performance and the recent expansion of the travel health portfolio. Revenue from public preparedness grew by 316% to DKK 2,890 million, largely driven by contracts with governments related to the 2022/2023 mpox outbreak. Other revenue was DKK 117 million.
• Financial guidance for the full year is maintained at a revenue of approximately DKK 6,900 million and an EBITDA of approximately DKK 2,300 million. This assumes that a smaller part of the previously announced smallpox/mpox orders will likely be delivered in first half of January 2024 rather than second half of December due to expected delivery schedules. The effect of this is compensated by a continued strong travel health business.

DKK million	Q3 2023	Q3 2022	9m 2023	9m 2022	FY 2023 Guidance *
Revenue	1,376	1,004	4,615	1,860	6,900
EBITDA	380	226	1,552	14	2,300

* Numbers are approximate

Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “Our travel health business has continued to demonstrate very strong performance and with the recent expansion of our portfolio, along with the prospects of launching our chikungunya vaccine, we have established a strong foundation for growth and positioned Bavarian Nordic as a global leader in travel vaccines. Strong sales related to the 2022/23 mpox outbreak also contributed to a nearly 150% increase in revenues for the first nine months and we remain firmly on track to deliver on the guidance and report a new record-breaking financial year for the company. While the global demand for mpox vaccines has largely been driven by the public health emergency response, the recent national recommendations in the U.S and Germany for mpox vaccinations highlight an emerging private market where Bavarian Nordic can improve vaccine access to risk populations, while creating a steady commercial business segment complementing the existing smallpox stockpiling business with governments around the world.”

Highlights from the third quarter

• The chikungunya vaccine candidate, CHIKV VLP is progressing towards regulatory submissions in the U.S. and Europe in 2024 after reporting positive topline results from two Phase 3 clinical trials in both adults and adolescents aged 12 to 64 years of age and adults aged 65 and above. A Phase 3 rollover study was initiated to evaluate the long-term safety and immunogenicity of the vaccine candidate as well as responses to a booster vaccination up to five years after the initial vaccination.
• A new contract valued at USD 120 million was received from the U.S. government, primarily supporting manufacturing of new bulk vaccine in 2023 to partly replenish the inventory used for the mpox outbreak.
• A second contract was entered to supply smallpox vaccines to rescEU, a strategic reserve within the EU. The order valued at more than EUR 11 million brings the expected total rescEU smallpox revenues for 2024 to EUR 21 million.

Events after the reporting date

• In October, the U.S. CDC Advisory Committee on Immunization Practices (ACIP) voted to recommend the routine use of JYNNEOS^® in adults at risk of mpox infection, thus broadening its previous recommendation, which only covered outbreak situations. Pending approval of the updated recommendations, Bavarian Nordic is targeting a commercial launch of JYNNEOS in the U.S. in the first half of 2024.
• The Board of Directors has appointed Ms. Montse Montaner Picart as observer to the board with the intent to nominate her for election at the annual general meeting in April 2024. Ms. Picart is former and the first Chief Sustainability Officer of Novartis where she has held various leading positions. She has more than 30 years of industry and executive experience and has received several recognitions for her leadership in driving sustainable organizations.

Conference call and webcast
The management of Bavarian Nordic will host an investor/analyst call today at 2 pm CET (8 am EST) to present the interim results followed by a Q&A session. A listen-only version of the call and presentation slides can be accessed via https://bit.ly/3tonMNp. To join the Q&A session, please register in advance via https://bit.ly/48Cp0F2.

Contacts
Europe: Rolf Sass Sørensen, Vice President Investor Relations, Tel: +45 61 77 47 43
US: Graham Morrell, Paddock Circle Advisors, graham@paddockcircle.com, Tel: +1 781 686 9600

Company Announcement no. 36 / 2023
About Bavarian Nordic
Bavarian Nordic is a fully integrated vaccine company with a mission to protect and save lives through innovative vaccines. We are a global leader in smallpox and mpox vaccines, supplied to governments to enhance public health preparedness and have a strong portfolio of vaccines for travelers and endemic diseases. For more information visit www.bavarian-nordic.com.

Forward-looking statements
This announcement includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.

Attachment

• Interim Report Q3 2023

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