Bavarian Nordic Announces Interim Results for the First Three Months of 2024

COPENHAGEN, Denmark, May 8, 2024 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results and business progress for the first three months of 2024.

• Revenue for the first three months was DKK 831 million, and the operating profit (EBITDA) was DKK 22 million.
• Revenue from travel health increased by 20% to DKK 447 million and revenue from public preparedness was DKK 344 million, 59% down from first quarter 2023, which is fully in line with expectations after a peak year in 2023 due to the mpox outbreak. Other revenue was DKK 40 million.
• Financial guidance for the full year is maintained at a revenue of DKK 5,000-5,300 million and EBITDA of DKK 1,100-1,350 million.

DKK million	Q1 2024	Q1 2023	2024 Guidance
Revenue	831	1,252	5,000 – 5,300
EBITDA	22	481	1,100 – 1,350

Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “We are pleased to report continued strong performance in our travel health business, reflecting market growth and a strong brand performance from our leading portfolio of vaccines. Over the next couple of months, we are finalizing our submissions to the U.S. and European regulatory authorities for approval of our chikungunya vaccine, which represents a significant future asset for the travel health business upon expected launch in 2025. We have also successfully launched our mpox vaccine in the U.S. during April and are working with healthcare providers and advocacy groups to enhance awareness and provide a broader access to the vaccine for at-risk populations. This will further diversify our public preparedness business, as we continue to expand orders with both existing and new customers following the 2022-2023 mpox outbreak to support nations in strengthening their smallpox preparedness. Our first quarter reflects the usual seasonality in travel vaccines combined with phasing of our deliveries of smallpox/mpox vaccines towards the end of the year, thus reaffirming our guidance for 2024 with revenues between DKK 5 to 5.3 billion.”

Highlights from the first quarter

• In February, Bavarian Nordic announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) granted accelerated assessment for the upcoming Marketing Authorisation Application (MAA) for CHIKV VLP, the Company’s investigational chikungunya vaccine. Bavarian Nordic remains on track for submission of the MAA in the first half of 2024.
• Bavarian Nordic hosted a capital markets day in February, providing an update on the Company’s business and strategy, including the discontinuation of its immuno-oncology projects.
• In March, Bavarian Nordic received approval from the Swiss Agency for Therapeutic Products, Swissmedic, of JYNNEOS^® (MVA-BN) for active immunization against disease caused by smallpox, mpox and vaccinia viruses in adults 18 years of age and older.

Events after the reporting date

• In April, Bavarian Nordic announced the commercial launch of its mpox vaccine, JYNNEOS^® in the U.S., marking a significant expansion for access to JYNNEOS^® for at-risk populations.
• At the annual general meeting in April, Peter Kürstein, member of the board since 2012, stepped down and Montse Montaner, observer to the board since November 2023, was elected as new board member.
• In April. Bavarian Nordic announced the initiation of a rolling BLA submission for its chikungunya vaccine candidate to the U.S. FDA.
• In April, Bavarian Nordic announced the award of a contract valued at EUR 65 million for the supply of smallpox vaccines to the rescEU stockpile in 2025.

Conference call and webcast
The management of Bavarian Nordic will host an investor/analyst call today at 2 pm CEST (8 am EDT) 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/bavaQ12024. To join the Q&A session, please register in advance via https://bit.ly/bavaQ12024reg.

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

Company Announcement no. 12 / 2024

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 Q1 2024

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