GlobeNewswire by notified

Bavarian Nordic Announces Interim Results for the First Nine Months of 2021

Share

COPENHAGEN, Denmark, November 12, 2021 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results for the first nine months of 2021 and business progress for the third quarter of 2021.

Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “We continued to experience a challenging market environment for our travelers vaccine business during the third quarter, due to COVID-19. Despite these headwinds, we remain on track to meet our guidance as both our smallpox and Ebola vaccine sales remain unaffected. This truly highlights the importance of a broader and more diversified product portfolio. We are very pleased with the strong pipeline progress seen during the quarter, where highly promising results for our COVID-19 booster vaccine candidate were reported and funding for the remaining phases was secured. Likewise, we have presented strong results for our RSV vaccine candidate, which showed remarkable efficacy in reducing symptomatic RSV infections in a challenge study. These assets provide an encouraging outlook for Bavarian Nordic, and we look forward to providing more updates as the work progresses.”

Financial highlights

  • Total revenue in the first nine months was DKK 1,354 million comprised of DKK 1,323 million from combined product sales and DKK 31 million from contract work.
  • Revenue in the third quarter totaled DKK 449 million comprised of DKK 214 million from sales of MVA-BN smallpox vaccine, DKK 160 million from sales of Rabipur/RabAvert, DKK 72 million from sales of Encepur and DKK 3 million from contract work.
  • EBITDA in the first nine months was DKK 44 million.
  • Strong cash position of DKK 2,182 million** at the end of the period.
  • Full-year guidance maintained with expected revenue of approximately DKK 1,900 million, EBITDA of approximately DKK 100 million and securities, cash and cash equivalents at year-end of approximately DKK 1,400 million.
DKK millionQ3 2021Q3 20209m 20219m 20202021 Guidance
Revenue4495581,3541,623~1,900
EBITDA52163441,001*~100
Securities, cash and cash equivalents2,182**2,5692,182**2,569~1,400

* EBITDA in the first nine months of 2020 was positively impacted by the sale of the Priority Review Voucher (DKK 628 million).
** Unutilized credit facilities of DKK 243 million not included. Repo pledged securities deducted.

Other highlights

  • In August, initial results from the first-in-human trial of the COVID-19 vaccine candidate, ABNCoV2 were reported, which demonstrated that the vaccine candidate was well tolerated and induced a strong antibody response, higher than currently approved vaccines. Results from the high dose groups are now available and suggest a plateau in the responses as similar high antibody titers were shown for these groups. Importantly, a strong neutralization response was demonstrated against SARS-CoV-2 variants, including the Delta variant.
  • In August, Bavarian Nordic initiated a phase 2 clinical trial of ABNCoV2 to investigate the vaccine’s potential as a universal booster vaccine for individuals with existing immunity from prior COVID-19 disease or vaccination. Initial results from the study are expected in December 2021.
  • In August, Bavarian Nordic entered a funding agreement with the Danish Ministry of Health, under which the Company will be eligible to receive up to DKK 800 million to further advance the development of ABNCoV2 as a booster vaccine for COVID-19. The agreement was finally executed in September upon approval from the Finance Committee of the Danish Parliament.
  • In September, Bavarian Nordic reported positive results from the human challenge trial of MVA-BN RSV. The trial achieved the primary endpoint of the pivotal study by demonstrating a statistically significant reduction in viral load in vaccinated versus control (placebo) treated volunteers. The vaccine demonstrated a 79% efficacy in reducing symptomatic RSV infections. Preparations for a phase 3 trial in 2022 continue, pending a final decision driven by regulatory discussions and feedback on the trial design and funding/partnering considerations.

Events after the reporting date

  • In accordance with the shareholder authorization for the board of directors and the Company’s remuneration policy, the board of directors has today decided to issue warrants to executive management and certain employees in the Bavarian Nordic Group. In accordance with the Company’s remuneration policy, President and CEO, Paul Chaplin will receive an extraordinary grant as further explained on page 6 in the interim report. A total of 716,256 warrants have been issued, which entitle the warrant holders to subscribe for up to 716,256 shares in total, with a nominal value of DKK 10 each at an exercise price of DKK 353.06 per share.

Conference call and webcast
The management of Bavarian Nordic will host a conference 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 can be accessed via https://www.bavarian-nordic.com/investor/events.aspx?event=6097. To join the Q&A session, use one of the following dial-in numbers: Denmark: +45 32 72 80 42, UK: +44 (0) 844 571 8892, USA: +1 631-510-7495. Participant code is 2839609.

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. 35 / 2021

About Bavarian Nordic
Bavarian Nordic is a fully integrated vaccines company focused on the development, manufacturing and commercialization of life-saving vaccines. We are a global leader in smallpox vaccines and have been a long-term supplier to the U.S. Government of a non-replicating smallpox vaccine, which has been approved by the FDA, also for the protection against monkeypox. The vaccine is approved as a smallpox vaccine in Europe and Canada. Our commercial product portfolio furthermore contains market-leading vaccines against rabies and tick-borne encephalitis. Using our live virus vaccine platform technology, MVA-BN®, we have created a diverse portfolio of proprietary and partnered product candidates designed to save and improve lives by unlocking the power of the immune system, including an Ebola vaccine, which is licensed to the Janssen Pharmaceutical Companies of Johnson & Johnson. We are also committed to the development of a next generation COVID-19 vaccine. 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

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

C.K. McWhorter Slams Nelson Peltz For Attempting To Ruin Disney's Luxury Essence and Visionary Future29.3.2024 15:23:03 CET | Press release

PALM BEACH, Fla., March 29, 2024 (GLOBE NEWSWIRE) -- McWhorter, the luminary investor with an eye for luxury, delivers a blistering retort to Nelson Peltz's antiquated views, revealing his profound misunderstanding of Disney's status as a pinnacle of luxury and innovation. With surgical precision, McWhorter exposes Peltz's detachment from diverse communities and insular worldview, highlighting the glaring gap between Peltz's outdated mindset and Disney's forward-thinking ethos. "At 81 years old, Nelson Peltz's understanding of luxury seems frozen in time, much like the era in which he was born," McWhorter declares. "His failure to grasp the true essence of Disney as a luxury brand underscores his limited exposure to diverse perspectives and his residence within the protective bubble of privilege." In a scathing indictment of Peltz's remarks, McWhorter dismantles the notion that Disney's inclusive storytelling is incompatible with luxury, asserting that diversity and representation are

Baltic Horizon Fund consolidated audited results for 202329.3.2024 10:35:00 CET | Press release

Management Board of Northern Horizon Capital AS has approved the audited financial results of Baltic Horizon Fund (the Fund) for the year 2023. The financial results remained unchanged compared to the preliminary disclosure on 15 February 2024. Executing our strategy In a challenging economic landscape characterized by inflation, interest rate volatility, and recent geopolitical events, the Fund has assessed various strategic options to navigate these complexities and ensure future growth. Over the past year, our focus has been on reshaping our strategy to foster sustainable value, concentrating efforts on avenues that promise reliable and consistent growth for our investors. In light of prevailing market conditions, we firmly believe that the execution of the ‘Modern City Life’ strategy, introduced to investors in summer 2023, is paramount to their best interests. In the coming years, we expect two thirds of the Fund’s NOI to come from the centrally located ‘Modern City Life’ multi-fu

Progress on ABN AMRO share buyback programme 22 – 28 March 202429.3.2024 08:00:00 CET | Press release

Progress on ABN AMRO share buyback programme 22 – 28 March 2024 ABN AMRO reports the transaction details related to its EUR 500 million share buyback programme announced on 14 February 2024. During the week of 22 March 2024 up to and including 28 March 2024 a total of 3,000,000 shares and depositary receipts were repurchased at an average price of €15.47 for a total amount of €46,409,760.00. For detailed information on the daily repurchased shares and depositary receipts, individual share purchase transactions and weekly reports, see the ABN AMRO website at https://www.abnamro.com/en/investor-relations/information/share-buyback-programme. To date the total consideration for shares and depositary receipts repurchased amounts to €279,519,000.00 representing 55.9% of the overall share buyback programme. ABN AMRO Press Office pressrelations@nl.abnamro.com +31 20 6288900ABN AMRO Investor Relations investorrelations@nl.abnamro.com +31 20 6282282 This press release is published by ABN AMRO Ba

Public announcement in accordance with article 7:97, §4/1 of the Belgian Companies and Associations Code (“BCAC”) concerning a capital increase by contribution in kind29.3.2024 07:00:00 CET | Press release

Press release Brussels, 29 March 2024 Regulated information – Inside information Public announcement in accordance with article 7:97, §4/1 of the Belgian Companies and Associations Code (“BCAC”) concerning a capital increase by contribution in kind On 20 November 2023, Orange Belgium SA (the “Company”) received notification from Nethys SA (“Nethys”) of its wish to contribute its 25% + 1 shareholding in VOO Holding SA (“VOO”) to the capital of the Company, provided that such contribution results in Nethys holding at least 11% of the Company's share capital (after contribution), pursuant to the provisions of the shareholders' agreement entered into by and between the Company, Atlas Services Belgium SA (“ASB”) and Nethys on 2 June 2023. Nethys can be considered a “related” party to the Company within the meaning of the IAS standards, as it has significant influence over VOO within the meaning of IAS and VOO is part of the group to which the Company belongs. Date and value of the planned t

McWhorter Foundation Combats Nelson Peltz’s Outdated Ideologies and Advocates for Sustainable Inclusivity In Corporate Leadership29.3.2024 06:59:56 CET | Press release

PALM BEACH, Calif., March 29, 2024 (GLOBE NEWSWIRE) -- C.K. McWhorter, chairman of the McWhorter Foundation, voices concerns over outdated perspectives in corporate leadership, exemplified by recent remarks from Nelson Peltz regarding Disney's film direction. After encountering instances of racism and exclusivity on Town of Palm Beach Island (known as home to Jeffrey Epstein, Nelson Peltz and others), McWhorter reflects on the disconnect between elite boardroom discussions and the realities faced by diverse communities. While briefly meeting Nelson Peltz and shaking hands after both departed separate lunches, McWhorter initially respected his insights. However, recent comments made by Peltz suggesting Disney should avoid inclusive films have raised eyebrows and prompted McWhorter to speak out. "It's concerning when influential figures like Peltz advocate against inclusivity in entertainment," McWhorter comments. "The future is in diversity and representation, especially as millennial a

HiddenA line styled icon from Orion Icon Library.Eye