GlobeNewswire

Bavarian Nordic Reports 2021 Financial Guidance

Share
  • Due to the uncertainty created by COVID-19 the outlook for 2021 will be less specific than usual until there is more visibility in the market

COPENHAGEN, Denmark, March 9, 2021 – Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) today reported 2021 financial guidance.

In 2021, Bavarian Nordic expects revenue between DKK 1,900 million and DKK 2,200 million and an EBITDA between DKK 100 million and DKK 250 million. Cash and cash equivalents at year-end are expected to be between DKK 300 million and DKK 500 million, excluding proceeds from offering.

Key assumptions

Revenue:

  • The low end of the revenue range reflects a scenario where a lockdown due to COVID-19 continues beyond Q1 in key markets like the US and Germany. The higher end of the revenue range reflects a scenario where a gradual reopening will happen in key markets during Q2 and where travel starts picking up again in Q3 and Q4 of 2021.
  • The smallpox and Ebola business are not expected to be impacted by COVID-19.

Research and development:

  • Research and development costs of approximately DKK 750 million are expected for 2021. The single largest project in 2021 is the RSV project for which manufacturing of phase 3 material as well as cost for the announced Human Challenge Trial is included. For the COVID-19 program up to approximately DKK 200 million are expected for a phase 2 trial and scale-up of manufacturing in preparation for a phase 3 trial. These costs are being capitalized and hence the research and development costs expensed through the P&L are expected to be approximately DKK 550 million.

Cash position:

  • Expected payment of approximately DKK 375 million milestones to GSK relating to the tech-transfer process for Rabipur/RabAvert and Encepur.
  • Working capital changes of approximately DKK 300 million, primarily driven by increased inventory levels of Encepur and Rabipur/RabAvert products.
  • Investments of approximately DKK 650 million with the vast majority of the investment linked directly to the acquired vaccines Rabipur/RabAvert and Encepur and relates to the upgrade of the bulk facility and capitalized tech-transfer costs.
  • Draw-down of existing EUR 30 million loan facility with the European Investment Bank.
  • Investment in COVID-19 program of up to approximately DKK 200 million (capitalized R&D costs)

Investments:

  • Approximately half of the total investments relates to the new facility. The design of the facility has been revised to achieve a higher degree of flexibility enabling parallel manufacturing of Bavarian Nordic developed products and allowing space for specific Encepur/Rabipur/RabAvert equipment. The re-design has increased the total expected investments related to the plant to approximately DKK 650 million from previously announced DKK 450 million and the re-build is expected to be finalized in 2022.
  • Capitalization of tech-transfer costs in 2021 is expected to reach approximately DKK 150-200 million.
  • Beyond 2022, and with current plans, annual investments are expected to decline to a level of DKK 50 - 100 million.

The outlook is based on the following currency exchange rate assumptions: DKK 6.10 per 1 USD and DKK 7.45 per 1 EUR.

About Bavarian Nordic
Bavarian Nordic is a fully integrated vaccines company focused on the development, manufacture 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. Strategic National Stockpile of a non-replicating smallpox vaccine, which has been approved by the FDA under the trade name JYNNEOS®, also for the protection against monkeypox. The vaccine is approved as a smallpox vaccine in Europe under the trade name IMVANEX® and in Canada under the trade name IMVAMUNE®. Our commercial product portfolio furthermore contains the market-leading vaccine Rabipur®/RabAvert® against rabies and Encepur® against 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, MVABEA®, which is licensed to Janssen. 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.

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. 03 / 2021

Attachment


About GlobeNewswire

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

https://globenewswire.com

GlobeNewswire 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

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

Latest releases from GlobeNewswire

NetJets Shares First Biannual Global Sustainability Program Progress Update15.4.2021 16:09:19 CEST | Press release

The World's Largest Private Aviation Company Furthers Its Commitment to Sustainable Aviation COLUMBUS, Ohio, April 15, 2021 (GLOBE NEWSWIRE) -- NetJets, the leader in private aviation with more than 760 aircraft worldwide, today releases its first biannual update following the launch of its expanded Global Sustainability Program in October 2020. Since the program announcement, NetJets has taken its commitment to sustainability a step further, acquiring a stake in WasteFuel®, a next generation waste-to-fuel business that transforms landfill waste into sustainable aviation fuel (SAF). NetJets will also purchase 100 million gallons of SAF over the next decade. This represents one of the largest SAF offtakes in the aviation industry and by far the largest in private aviation. In addition to sustainable fuel, NetJets’ initiative focuses on consumer and corporate carbon offsetting. This includes offsetting NetJets’ administrative and training flights, as well as its two corporate offices in

Rovio Entertainment's new team-based RPG Darkfire Heroes releases worldwide today on iOS and Android15.4.2021 15:00:00 CEST | Press release

Rovio’s new team-based RPG Darkfire Heroes releases worldwide today on iOS and Android Espoo, Finland – 15 April 2021 – Build a powerful party of heroes and embark on an adventure for the ages in Rovio Entertainment’s newest game, Darkfire Heroes. The game is available to download for free now worldwide on the App Store and Google Play after a successful soft launch period in select regions. Darkfire Heroes is a strategic team-based RPG set in a rich fantasy world. Players must assemble a powerful team of heroes to take on hordes of baddies. There is a collection of over 60 heroes at launch, each with their own unique style, abilities, and attacks. Choose the right heroes to take into battle, outfit them with powerful gear, and unleash powerful spells against enemies. There’s a substantial campaign for those looking for a single-player experience, but also a PvP arena for players that crave a bit of competition. A new IP in Rovio’s game portfolio, Darkfire Heroes is the first release f

Mid-Hudson Co-Operative Insurance Company Selects Verisk’s Sequel to Deploy Integrated Underwriting and Claims Solutions Following Migration to ISO Electronic Rating Content15.4.2021 14:00:00 CEST | Press release

JERSEY CITY, N.J., April 15, 2021 (GLOBE NEWSWIRE) -- Mid-Hudson Co-Operative Insurance Company (MHC) has selected Verisk’s Sequel to provide underwriting and claims solutions to underpin migration to ISO Electronic Rating Content™ (ERC) for rating support. New York-based MHC is a member of the National Association of Mutual Insurance Companies and provides personal, commercial and farm insurance via New York state agency Statewide Underwriting Services. Verisk’s ISO ERC solution helps insurers stay current and implement the necessary updates ISO makes to its advisory loss costs, rules and forms for a range of insurance classes and reduces the time and effort required to analyze regular ISO updates, eliminating tedious work and quickening ratings workflows. Eddie Harper President and CEO of Statewide Underwriting Services said of the agreement, “We were impressed by both the Sequel technology and expertise and the fact that Sequel is a Verisk solution was an important component in our

COVIS PHARMA GROUP Announces Top-line Safety and Efficacy Data from a Phase 3 Placebo-Controlled COVID-19 Study Using Inhaled Corticosteroid (ciclesonide)15.4.2021 13:00:00 CEST | Press release

ZUG, Switzerland, April 15, 2021 (GLOBE NEWSWIRE) -- Covis Pharma Group (the “Company”), a global specialty pharmaceutical company that markets therapeutic solutions for patients with life-threatening conditions and chronic illnesses, announced today top-line results from a 400 patient phase 3, multicenter, randomized, double-blind, placebo-controlled study to assess the safety and efficacy of ciclesonide metered-dose inhaler in non-hospitalized patients 12 years of age and older with symptomatic COVID-19 infection. The primary endpoint of the study was time to alleviation of COVID-19-related symptoms of cough, dyspnea, chills, feeling feverish, repeated shaking with chills, muscle pain, headache, sore throat, and new loss of taste or smell, defined as symptom-free for a continuous period of ≥ 24 hours by Day 30. A sub-group analysis showed that time to alleviation of cough was the most improved symptom in the ciclesonide arm compared to the placebo arm by 6 days in 75% of the populati

Talenom strengthens its business in the financial management of associations by acquiring Balance-Team Oy and raises its net sales guidance15.4.2021 12:30:00 CEST | Press release

Talenom Plc Inside information 15 April 2021 at 13:30 EEST Talenom strengthens its business in the financial management of associations by acquiring Balance-Team Oy and raises its net sales guidance Talenom Plc has acquired the Helsinki-based Balance-Team Oy, which specialises in financial management for associations. Talenom already has a business unit focused on associations and foundations, which, with the acquisition of Balance-Team Oy will make Talenom a leading provider of financial management services for nonprofit organisations in Finland. The share capital of Balance-Team Oy will be transferred to Talenom on 15 April 2021. The acquired company was formed on 1 April 2021 in a demerger in which non-accounting activities and assets were separated from the company. Net sales of the transferred accounting business for the financial year ended 31 December 2020 were 2.7 million euros (31 December 2019: 2.8 million euros) and EBITDA was 1.0 million euros (31 December 2019: 1.0 million

$125M Growth Round Fuels Keyfactor and PrimeKey Merger to Bring Machine Identity Management to the Mainstream15.4.2021 12:00:00 CEST | Press release

First-Ever Merger Between Certificate Automation and Certificate Authority Providers Set to Impact IAM Strategy for Enterprises CLEVELAND and STOCKHOLM, Sweden, April 15, 2021 (GLOBE NEWSWIRE) -- Keyfactor® and PrimeKey® today announced their intent to merge under the Keyfactor brand while committing to increased investments across all product lines. Keyfactor is the pioneer of PKI as-a-Service, and the recognized leader in certificate lifecycle automation and crypto-agility solutions. PrimeKey’s EJBCA® software offers the most powerful and flexible certificate authority (CA) supporting DevOps, IoT, manufacturing and enterprise use cases. The merger forms an industry-first machine identity management platform, combining Keyfactor’s certificate lifecycle automation with PrimeKey’s EJBCA. The new platform will provide end-to-end machine identity management – with flexible and highly scalable certificate issuance and automated deployment of machine identities across complex enterprise and

$125M i nya investeringar boostar Keyfactor och PrimeKeys fusion och mission att leverera komplett hantering av digitala identiteter15.4.2021 12:00:00 CEST | Pressemelding

Den första sammanslagningen som kombinerar certifikatshantering med -utgivning siktar på att gemensamt göra global skillnad för företags IAM-strategier CLEVELAND och STOCKHOLM, Sverige, April 15, 2021 (GLOBE NEWSWIRE) -- Keyfactor® och PrimeKey® tillkännager sin avsikt att gå samman till en företag under namnet Keyfactor, med ökade investeringar i samtliga produktlinjer. Keyfactor är pionjär inom Public Key Infrastructure (PKI) as-a-Service, och ledande inom livscykelautomatisering för digitala certifikat och lösningar inom kryptoagilitet. PrimeKeys EJBCA® är den mest kraftfulla och samtidigt mest flexibla mjukvaran inom certifikatsutgivning, så kallad Certificate Authority (CA), för DevOps, IoT, industrier samt företag. Sammanslagningen innebär marknadens första identitetshanteringsplattform för digitala identiteter och kombinerar Keyfactors livscykelautomatisering med PrimeKeys EJBCA. Den nya plattformen kommer att erbjuda en helhetslösning för hantering av digitala identiteter, med