Company Announcement  
Bavarian Nordic Announces Interim Results for the First Three Months of 2022
COPENHAGEN, Denmark, May 9, 2022 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results and business  
progress for the first three months of 2022.  
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “We have reported strong progress in our pipeline during the  
first quarter with additional Phase 2 results for our COVID-19 vaccine candidate, confirming its potential as a universal booster vaccine and  
we look forward to initiating the Phase 3 trial later this year. Furthermore, our RSV program was granted a Breakthrough Therapy  
Designation by the FDA, underlining the importance of the development of a vaccine to fulfil this high unmet medical need and to that end  
we initiated a Phase 3 program that will read out next year. In line with our RSV commercialization strategy, we were also pleased to enter a  
license and supply agreement covering selected Asian markets for RSV. Our rabies business demonstrated a stronger than expected  
performance in both US and Germany that off sets a slower than expected start of the TBE market during Q1. Based on current financial  
performance and current assessment of uncertainties and risks we maintain our full year financial guidance on revenue, EBITDA and cash.”  
Financial highlights from the first quarter  
Revenue was DKK 320 million comprised of DKK 230 million from product sales, DKK 83 million in milestone payments from our RSV  
partner Nuance Pharma and DKK 7 million from contract work.  
EBITDA was a loss of DKK 94 million.  
Strong cash position of DKK 2,947 million at end of the period  
Financial guidance for the full year is maintained at revenues between DKK 1,100 and 1,400 million, EBITDA with a loss between  
DKK -1,300 and -1,000 million and cash and cash equivalents at year-end unchanged between DKK 1,000 and 1,200 million.  
DKK million  
Q1 2022  
320  
Q1 2021  
535  
2022 Guidance  
1,100 – 1,400  
Revenue  
EBITDA  
(94)  
1
(1,300) – (1,000)  
1,000 – 1,200  
Cash and cash equivalents  
2,947*  
2,589  
* Repo pledged securities deducted.  
Other highlights  
In January, Bavarian Nordic announced the appointment of Russell Thirsk as new EVP and Chief Operating Officer to replace Henrik  
Birk, who has chosen to seek challenges outside Bavarian Nordic. Mr. Thirsk joined Bavarian Nordic in April from GSK, where he  
served as Head of Operations at GSK Vaccines in Belgium.  
In February, the U.S. Food and Drug Administration (FDA) granted a Breakthrough Therapy Designation for the Company’s vaccine  
candidate, MVA-BN® RSV, for the prevention of respiratory syncytial virus (RSV) in older adults. A Breakthrough Therapy  
Designation is designed to expedite the development and regulatory review of medicines that are intended to treat a serious  
condition.  
In February, Bavarian Nordic announced additional results from the Phase 2 trial of its COVID-19 booster vaccine candidate,  
ABNCoV2. The results confirmed the ability of ABNCoV2 to boost neutralizing antibodies to levels reported to be highly efficacious  
(>90%) against SARS-CoV-21 both when used for primary vaccination and when used as a booster in subjects previously vaccinated  
with mRNA or Adeno-based vaccines.  
In March, Bavarian Nordic entered into a license and supply agreement with Nuance Pharma on the development and  
commercialization of MVA-BN RSV for adults in China and selected Asian markets. Under the terms of the agreement, Bavarian  
Nordic could receive up to USD 225 million in upfront and milestone payments in addition to tiered, double-digit royalties. Nuance  
Pharma obtains rights to commercialize MVA-BN RSV in Chinese Mainland, Hong Kong, Macau, Taiwan, South Korea and Southeast  
Asia and will be responsible for all material costs, including development and regulatory.  
Events after the reporting date  
In April, Bavarian Nordic initiated a global Phase 3 clinical trial of MVA-BN RSV against RSV in older adults. The Phase 3 trial is  
planned to enroll approximately 20,000 adults, aged 60 years or older across approximately 115 sites in the U.S. and Germany. The  
trial is designed to run through the RSV season 2022/2023 with topline results expected mid 2023, if the pre-defined number of  
lower-respiratory tract disease events has occurred.  
In May, Bavarian Nordic reported additional Phase 2 results for ABNCoV2, demonstrating that vaccination with ABNCoV2 induced a  
significant boost to the neutralizing antibodies against the Omicron variant in the majority of subjects (87%), who were previously  
1
P. B. Gilbert et al., Science 10.1126/science.abm3425 (2021)  
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 2 of 20  
vaccinated with approved mRNA or adenoviral vaccines. Neutralizing antibodies reached levels reported to be associated with a  
high level of protection (>90%).  
Conference call and webcast  
The management of Bavarian Nordic will host a conference call today at 2 pm CET (8 am ET) 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=6388. To  
join the Q&A session, use one of the following dial-in numbers: Denmark: +45 32 72 04 17, UK: +44 (0) 844 481 9752, USA: +1 646-741-3167.  
Participant code is 7179801.  
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. 15 / 2022  
About Bavarian Nordic  
Bavarian Nordic is a fully integrated vaccines company listed on the NASDAQ Copenhagen exchange and with operations in Europe and the  
USA. Our mission is to save and improve lives by unlocking the power of the immune system and we aspire to become one of the largest pure  
play vaccine companies by developing innovative life-saving vaccines, excelling in commercialization and being a best-in-class vaccine  
manufacturer. 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, 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 and a vaccine against respiratory syncytial virus (RSV), which are  
both entering Phase 3 clinical trials in 2022. 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.  
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 3 of 20  
Consolidated Key Figures (unaudited)  
DKK thousand  
1/1 - 31/3 2022  
1/1 - 31/3 2021  
1/1-31/12 2021  
Income statements  
Revenue  
320,056  
292,183  
37,388  
535,253  
377,341  
51,035  
1,897,875  
1,327,560  
191,783  
399,159  
292,920  
-
Production costs  
Sales and distribution costs  
Research and development costs  
Administrative costs  
104,799  
77,786  
122,140  
72,730  
Other operating income  
Income before interest and taxes (EBIT)  
Financial items, net  
-
-
(192,100)  
(78,519)  
(270,619)  
(271,943)  
(87,993)  
(41,738)  
(129,731)  
(130,845)  
(313,547)  
(140,883)  
(454,430)  
(464,775)  
Income before company tax  
Net profit for the period  
Balance sheet  
Total non-current assets  
Securities, cash and cash equivalents  
Other current assets  
Total assets  
7,552,124  
3,447,069  
992,356  
6,405,533  
2,588,622  
754,279  
7,335,630  
3,716,615  
1,037,024  
12,089,269  
7,374,667  
2,806,044  
1,908,558  
11,991,549  
7,125,298  
2,834,985  
2,031,266  
9,748,434  
5,920,743  
2,378,114  
1,449,577  
Equity  
Non-current liabilities  
Current liabilities  
Cash flow statements  
Cash flow from operating activities  
Cash flow from investment activities  
- Investment in intangible assets  
23,796  
(290,909)  
(148,571)  
(150,018)  
16,826  
(119,535)  
(1,069,407)  
(14,513)  
(358,500)  
(2,876,946)  
(575,324)  
- Investment in property, plant and equipment  
- Net investment in securities  
(81,177)  
(483,127)  
(973,277)  
1,146,119  
(1,779,454)  
3,536,080  
Cash flow from financing activities  
75,389  
Financial Ratios1)  
EBITDA after Other operating income  
EBITDA before Other operating income  
Earnings (basic) per share of DKK 10  
Net asset value per share  
(93,696)  
(93,696)  
(3.9)  
1,264  
1,264  
(2.2)  
92.9  
286  
74,764  
74,764  
(7.4)  
104.7  
269  
101.1  
326  
Share price at period-end  
Share price/Net asset value per share  
Number of outstanding shares at period-end (thousand)  
Equity share  
3.2  
3.1  
2.6  
70,473  
59%  
63,737  
61%  
70,468  
61%  
Number of employees, converted to full-time, at period-end  
830  
711  
759  
1) Earnings per share (EPS) is calculated in accordance with IAS 33 "Earning per share". Other financial ratios have been calculated in accordance with  
the guidelines from the Danish Society of Financial Analysts.  
Reconciliation of EBITDA  
Income before interest and tax (EBIT)  
Depreciation and amortization  
(192,100)  
98,404  
(87,993)  
89,257  
1,264  
(313,547)  
388,311  
74,764  
EBITDA after Other operating income  
(93,696)  
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 4 of 20  
Management’s Review  
observed last year due to COVID-19. The German market share  
Commercial update  
Comparative figures for 2021 are shown in brackets. Where  
market shares are mentioned, these are measured by value.  
was unchanged at approximately 29% by end of March, which is in  
line with the prior year. Our expectation is still that there will be  
signs of recovery during the main TBE vaccination period during  
Q2.  
Rabipur/RabAvert  
Rabipur/RabAvert revenue amounted to DKK 117 million (DKK 80  
million) for the first quarter. The 45% growth in revenue versus  
the prior year was driven by significant market growth in the US  
and Germany that represent the two largest markets.  
Mvabea (Ebola)  
In the first quarter, revenue from Mvabea was DKK 30 million (DKK  
0 million), which is related to the order announced in June 2020.  
Third-party products sale  
The US market grew by approximately 22% compared with last  
year, but the market is still not back at pre-COVID-19 levels.  
RabAvert now has a market share of approximately 64%, in line  
with the level seen prior to competition facing a stockout  
situation in the autumn of 2020.  
Revenue from sale of third-party products in the first quarter was  
DKK 14 million (DKK 0 million), which is related to sale of DUKORAL  
and IXIARO cf. the marketing and distribution agreement with  
Valneva.  
JYNNEOS/IMVANEX/IMVAMUNE  
In accordance with current contracts no smallpox revenue was  
realized during the first quarter (DKK 336 million).  
The German market showed a significant growth of  
approximately 257%. While growing from a COVID-19 depressed  
base, this made a material contribution to the overall growth.  
The market share in Germany remained unchanged at  
approximately 95%.  
Contract work  
Revenue from contract work in the first quarter was DKK 7  
million (DKK 20 million), mainly stemming from the remaining  
activities related to the qualification and validation activities  
relating to the fill-and-finish plant and the phase 3 trial of the  
freeze-dried version of the smallpox vaccine, both under  
contracts with the US government.  
Q1 sales  
mDKK  
Q1 2022 Q1 2021 Growth  
Rabipur/RabAvert  
Encepur  
117  
69  
30  
14  
-
80  
98  
-
45%  
-30%  
Commercial portfolio growing in key markets  
Mvabea  
-
In Germany, a dedicated sales force, initially contracted via a  
third-party during the build-up of the commercial organization,  
has gradually begun transitioning to Bavarian Nordic during the  
first quarter. This sales force will support the expansion of the  
product portfolio in this market, which represents Bavarian  
Nordic’s largest EU market.  
Sale of third-party products  
JYNNEOS/IMVANEX/IMVAMUNE  
Milestone payments  
Contract work  
Total  
-
-
336  
-
-
-
83  
7
20  
535  
-67%  
During first quarter, marketing and distribution of IXIARO® and  
DUKORAL®, Valneva’s vaccines for Japanese Encephalitis and  
cholera in Germany and Switzerland were assumed as planned.  
320  
Encepur  
Furthermore, during second quarter of 2022, the commercial  
portfolio will be expanded to include HEPLISAV-B®, a novel  
hepatitis B vaccine from Dynavax. The vaccine was granted  
marketing authorization by the European Commission in February  
2021 and is the only approved hepatitis B vaccine with a two-  
dose schedule for adults that is completed within one month.  
Dynavax has chosen Bavarian Nordic to launch their product in  
the first market in Europe, Germany.  
Encepur revenue amounted to DKK 69 million (DKK 98 million) for  
the first quarter, i.e. a decrease of approximately 30% versus  
prior year caused by continued negative market development in  
Germany and inventory movements at wholesaler and partner  
level (Valneva).  
The German market declined by 23%. A revenue decline, which is  
larger than the market decline in Germany may reflect the  
hesitancy of wholesalers to build stock based on the low demand  
PRODUCT  
INDICATION  
MARKETS  
Rabipur®/RabAvert®  
Encepur®  
Rabies  
Marketed globally in 20 countries  
Marketed in 12 EU countries  
Tick-borne encephalitis (TBE)  
JYNNEOS®/IMVAMUNE®/IMVANEX® Smallpox (and Monkeypox in the US)  
Sold to governments, primarily U.S. and Canada  
Mvabea®  
Ebola  
Licensed to Janssen, not commercialized but made available for high-risk areas in  
West Africa. Approved in the EU.  
IXIARO®  
Japanese encephalitis  
Cholera  
Licensed by Valneva to Bavarian Nordic to market and distribute the vaccine in  
Germany and Switzerland  
DUKORAL®  
HEPLISAV-B®  
Licensed by Valneva to Bavarian Nordic to market and distribute the vaccine in  
Germany and Switzerland  
Hepatitis-B  
Licensed by Dynavax to Bavarian Nordic to market and distribute the vaccine in  
Germany. Will launch during 2022.  
Company Announcement no. 15 / 2022  
 
After reporting positive topline data in December 2021, Bavarian  
Nordic announced additional results from the Phase 2 trial of  
ABNCoV2 in February 2022. These results were from a group of 66  
seropositive subjects who received one low dose (50 μg) of  
ABNCoV2 that confirmed similar high neutralizing antibody levels  
against the same SARS-CoV-2 variants of concern as observed  
with the high dose (100 μg), reported in December 2021.  
Comparing the induced levels of neutralizing titres by also taking  
into account the starting titre (pre-booster) and/or the time  
since the last vaccination showed that the higher booster dose of  
ABNCoV2 trended towards inducing stronger levels of neutralizing  
titres against SARS-CoV-2.  
Research & development  
2022 represents a pivotal year for Bavarian Nordic with  
significant anticipated news flow from the pipeline, as the  
Company will embark on two global Phase 3 clinical trials.  
Clinical pipeline  
VACCINE  
INDICATION  
STATUS / MILESTONE  
MVA-BN freeze-dried  
MVA-BN RSV  
ABNCoV2  
Smallpox  
RSV  
Phase 3 completed  
Phase 3 ongoing  
Secondly, a group of 28 seronegative subjects, who had not been  
previously vaccinated, or infected with SARS-CoV-2 received 2  
doses of ABNCoV2 (100 μg) 4 weeks apart. These data confirmed  
the high neutralizing levels reported from the Phase 1 clinical  
trial 2 weeks post the second dose, with neutralizing antibody  
levels against the Wuhan variant elevated to levels reported to  
be highly efficacious (>90%) against SARS-CoV-22.  
COVID-19  
Cancer  
Phase 3 planned in Q2 2022  
Phase 1/2 study ongoing  
TAEK-VAC  
RSV  
In April, Bavarian Nordic initiated the global Phase 3 clinical trial  
of MVA-BN RSV against RSV in older adults. The Phase 3 trial will  
enroll approximately 20,000 adults, aged 60 years or older across  
approximately 115 sites in the U.S. and Germany. The Company  
is targeting completion of enrollment by year-end 2022 with  
topline results anticipated mid 2023, if the pre-defined number  
of lower-respiratory tract disease events has occurred.  
In May, further data from the trial were reported, showing that  
vaccination with ABNCoV2 induced a significant boost to the  
neutralizing antibodies against the Omicron variant in the  
majority of subjects (87%), who were previously vaccinated with  
approved mRNA or adenoviral vaccines.  
The overall Phase 2 results confirmed the ability of ABNCoV2 to  
boost neutralizing antibodies to levels reported to be highly  
efficacious against SARS-CoV-2, both when used for primary  
vaccination and when used as a booster in subjects previously  
vaccinated with mRNA- or Adeno-based vaccines. A similar fold  
increase was observed for all SARS-CoV-2 variants of concern  
tested (Wuhan, Alpha, Beta, Delta and Omicron) following the  
booster vaccination with ABNCoV2. While the neutralizing  
antibody titers against Omicron were the lowest when compared  
to all other variants of concern tested, they were boosted to  
levels reported to be associated with a high level of protection  
(>90%).  
As part of the strategy to commercialize the vaccine globally, the  
Company entered into a regional license and supply agreement  
with Nuance Pharma on the development and commercialization  
of MVA-BN RSV for adults in China and selected Asian markets.  
Under the terms of the agreement, Bavarian Nordic is eligible to  
receive up to USD 225 million in upfront and milestone payments  
in addition to tiered, double-digit royalties. Nuance Pharma  
obtains rights to commercialize MVA-BN RSV in Chinese Mainland,  
Hong Kong, Macau, Taiwan, South Korea and Southeast Asia and  
will be responsible for all material costs, including development  
and regulatory.  
In February, the U.S. FDA granted a Breakthrough Therapy  
Designation for MVA-BN RSV, for the prevention of RSV in older  
adults. A Breakthrough Therapy Designation is designed to  
expedite the development and regulatory review of medicines  
that are intended to treat a serious condition.  
The vaccine was generally well-tolerated, with no related serious  
adverse events reported and no relevant difference in the safety  
profile between subjects receiving either the low (50 μg) or high  
dose (100 μg) of ABNCoV2.  
Smallpox  
A Phase 3 trial of the freeze-dried version of JYNNEOS® was  
previously completed and the Company is now working to finalize  
the transfer of the manufacturing process as the last activity to  
support the submission of a supplement Biologics License  
Application (BLA) to the FDA to extend the current approval of  
JYNNEOS for the freeze-dried version.  
COVID-19  
The Phase 2 clinical trial of ABNCoV2, a VLP-based COVID-19  
booster vaccine candidate has been completed with encouraging  
results reported in December 2021 and during first quarter 2022.  
In parallel, preparations for Phase 3 have occurred, including  
manufacturing of vaccines.  
The trial is planned to enroll 4,000 seropositive (previously  
vaccinated) adults aged 18 years or older, who will receive a  
booster vaccination with ABNCoV2 or, through existing local  
vaccination programs, a licensed mRNA vaccine, aiming to  
demonstrate non-inferiority of ABNCoV2 to the licensed mRNA  
vaccine based on the induced levels of neutralizing antibodies.  
Bavarian Nordic is targeting completion of enrollment and  
reporting of results from the trial during second half of 2022,  
with an aim to initiate regulatory submission before year-end.  
The regulatory path forward might change as there are signs that  
comparator vaccines for the Phase 3 trial could become  
available. Bavarian Nordic is assessing potential impact on the  
trial design.  
Immuno-oncology  
A tumor antibody enhanced therapeutic vaccine, TAEK-VAC, is a  
novel immuno-oncology candidate employing the MVA-BN  
technology. A Phase 1/2 open label trial of intravenous  
administration of the vaccine, was initiated in 2021 in patients  
with advanced HER2 and brachyury-expressing cancers. A dose-  
escalation stage of the trial is currently ongoing, before  
advancing into stage 2, expectedly later in 2022.  
Update on partnership with Janssen  
Following the license agreement in 2014 on MVA-BN Filo, the  
Ebola vaccine now approved in the EU under the trade name  
Mvabea, Bavarian Nordic and Janssen Pharmaceutical Companies  
of Johnson & Johnson signed a license and collaboration  
2
P. B. Gilbert et al., Science 10.1126/science.abm3425 (2021)  
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 6 of 20  
agreement on MVA-BN for three infectious disease targets: HPV,  
HBV and HIV. In April 2022, the agreements regarding HPV and  
HBV were terminated. The Ebola and HIV agreements remain in  
force.  
Manufacturing  
Activities to expand Bavarian Nordic’s manufacturing footprint  
are progressing as planned with the expansion of the bulk facility  
to support technology transfer of Rabipur/RabAvert and Encepur  
currently ongoing. The exterior work has largely been completed  
and interior construction work, including commissioning of new  
manufacturing equipment has begun. Meanwhile, training of  
personnel to support the new processes is ongoing. In accordance  
with the expansion plans the bulk facility is currently shut down  
and will not reopen until third quarter of 2022 thus restricting  
the bulk manufacturing capacity in 2022.  
Manufacturing of vaccines for the Phase 3 trial of ABNCoV2 was  
completed at a contract manufacturer and filling has been  
completed at Bavarian Nordic’s own fill and finish facility.  
Release testing of the Phase 3 batches is being finalized.  
Furthermore, validation activities to support transfer of the  
manufacturing process for freeze-dried JYNNEOS have continued.  
This is the last activity to support the submission of a supplement  
to the existing BLA for the vaccine, which is key to unlocking  
further value from contracts with the U.S. government.  
Other matters  
Russell Thirsk appointed new EVP and Chief Operating Officer  
In January, Bavarian Nordic announced the appointment of  
Russell Thirsk as new Executive Vice President and Chief  
Operating Officer to replace Henrik Birk, who has chosen to seek  
challenges outside Bavarian Nordic. Mr. Thirsk joined Bavarian  
Nordic in April from GSK, where he served as Head of Operations  
at GSK Vaccines in Belgium, a role he assumed after GSK’s  
acquisition of Novartis’ vaccine business, where he served for  
more than two decades, holding leadership roles of increasing  
responsibility in vaccine manufacturing operations across various  
geographies. Mr. Thirsk holds a Master of Chemical Engineering  
from University of Nottingham.  
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 7 of 20  
the acquisition of Encepur and Rabipur/RabAvert, a net expense  
from securities of DKK 59 million (net expense of DKK 13 million)  
and a net loss on derivative financial instruments of DKK 2 million  
(loss DKK 1 million), partly offset by net foreign exchange rate  
gains of DKK 8 million (gain DKK 3 million).  
Financial review  
Financial statements for the period January 1 – March 31, 2022  
are un-audited. Comparison figures for the same period 2021 are  
stated in brackets.  
Revenue  
The net value adjustment of deferred consideration consists of  
three components; Adjustment of deferred consideration due to  
change in estimated timing of payments DKK 7 million income  
(income of DKK 0 million), currency adjustments of DKK 1 million  
expense (income of DKK 1 million) and unwinding3 of the  
discounting effect related to deferred consideration DKK 28  
million (DKK 28 million), see note 6 and 7.  
Revenue for the period was DKK 320 million (DKK 535 million).  
Revenue was composed of DKK 186 million (DKK 179 million) from  
sales of the two new products Rabipur/RabAvert and Encepur,  
DKK 30 million (DKK 0 million) from sales of Mvabea to Janssen,  
DKK 14 million (DKK 0 million) from sale of third-party products,  
DKK 83 million milestone payments (DKK 0 million) from our RSV  
partner Nuance and DKK 7 million (DKK 20 million) from contract  
work.  
Income before company tax was a loss of DKK 271 million (loss of  
DKK 130 million).  
Production costs  
Production costs totaled DKK 292 million (DKK 377 million). Costs  
related directly to revenue amounted to DKK 114 million (DKK  
219 million), of which cost of goods sold totaled DKK 112 million  
(DKK 206 million). Contract costs totaled DKK 2 million (DKK 13  
million). Amortization of product rights related to  
Rabipur/RabAvert and Encepur has also been recognized as part  
of the production costs with a total of DKK 68 million (DKK 68  
million). Other production costs totaled DKK 110 million (DKK 90  
million). Since August 2021, the current bulk manufacturing  
facility has been shut down due to the ongoing expansion of the  
drug substance facility for future production of Rabipur/RabAvert  
and Encepur, therefore limited absorption of indirect production  
costs for Q1 2022. In Q1 2021 the production plant was utilized  
for production of RSV Phase 3 clinical trial material, which gave a  
very low utilization of the commercial manufacturing capacity  
leading to low absorption of indirect production costs causing a  
high level of other production costs.  
Tax  
Tax on income was DKK 1 million (DKK 1 million) and relates to  
taxes in subsidiaries. The parent company’s taxable income for  
the full year of 2022 is expected to be negative due to Phase 3  
trial costs for both ABNCoV2 and RSV, leading to an effective tax  
rate close to 0% for the Group as no tax assets will be recognized.  
Deferred tax asset on the balance sheet remains at DKK 0 million.  
The Company retains the right to use the tax losses carried  
forward that was written down in prior year, see note 14 in the  
Annual Report for 2021.  
Net profit  
For the first three months of 2022, Bavarian Nordic reported a  
net loss of DKK 272 million (net loss of DKK 131 million).  
Product rights  
Product rights recognized in the balance sheet totaled DKK 4,845  
million (DKK 4,913 million as of December 31, 2021) and relates  
to Rabipur/RabAvert and Encepur.  
Sales and distribution costs  
Sales and distribution costs totaled DKK 37 million (DKK 51  
million) split between costs for distribution of products of DKK 3  
million (DKK 4 million) and costs for running the commercial  
organization and activities of DKK 34 million (DKK 47 million).  
Acquired rights and development in progress  
Acquired rights and development in progress relates to the  
development of ABNCoV2 and stood at DKK 845 million (DKK 734  
million as of December 31, 2021). The asset includes the upfront  
payment to AdaptVac of DKK 30 million, the net present value of  
probable future sales and development milestones DKK 596  
million and capitalization of development costs for running the  
completed Phase 2 study and the upcoming Phase 3 study, DKK  
219 million. For further description of the asset and the  
accounting policy see note 16 in the Annual Report for 2021.  
Research and development costs  
Research and development costs totaled DKK 105 million (DKK  
122 million). The decrease compared to 2021 relates to  
2021 manufacturing of RSV Phase 3 material. The amount  
excludes R&D costs of DKK 2 million (DKK 13 million) recognized  
as production costs, see note 5.  
Administrative costs  
Administrative costs totaled DKK 78 million (DKK 73 million).  
The Group has ensured significant finance of the ABNCoV2  
development through the funding obtained from the Danish  
Ministry of Health. Under the agreement, the Company is entitled  
to an upfront payment of DKK 80 million, in addition to payments  
of up to DKK 720 million, which are contingent upon reaching a  
number of predefined milestones under the development  
project. All payments are potentially subject to repayment,  
however only upon successful obtainment of marketing  
authorization and upon reaching certain annual levels of doses  
sold. As per March 31, 2022 the upfront payment of DKK 80  
million and further milestones amounting to DKK 160 million, in  
total DKK 240 million, have been received and recognized as  
‘Prepayment and loan from Government’.  
EBIT/EBITDA  
Income before interest and tax (EBIT) was a loss of DKK 192  
million, compared to a loss of DKK 88 million in first three  
months of 2021.  
EBITDA was a loss of DKK 94 million (gain of DKK 1 million).  
Amortization of product rights related to Rabipur/RabAvert and  
Encepur amounted to DKK 68 million (DKK 68 million) whereas  
depreciation on other fixed assets amounted to DKK 30 million  
(DKK 21 million).  
Financial items  
Securities, cash and cash equivalents  
Financial items totaled a net expense of DKK 78 million (net  
expense of DKK 42 million) and consisted of interest expense on  
debt of DKK 4 million (DKK 5 million), net value adjustment of  
deferred consideration of DKK 21 million (DKK 26 million) from  
Securities, cash and cash equivalents were DKK 3,447 million as of  
March 31, 2022, including repo pledged securities of DKK 500 million  
(DKK 3,717 million as of December 31, 2021, including repo pledged  
3
due is recognized in the income statement as a financial expense over the  
period until expected payment date using the effective interest method.  
The deferred consideration for product rights is measured at net present  
value and the difference between the net present value and the amounts  
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 8 of 20  
securities of DKK 500 million). The net cash position amounts to DKK  
2,947 million (DKK 3,217 million as of December 31, 2021).  
Outlook for 2022  
Based on financial performance to date and an assessment of  
uncertainties and risks the financial guidance is maintained.  
Cash flow  
Cash flow generated by operating activities was positive by DKK  
24 million (negative by DKK 120 million). Working capital  
improved by DKK 108 million (worsened DKK 139 million)  
compared to year-end 2021. Cash flow from investment activities  
was negative by DKK 291 million (negative by DKK 1,069 million,  
including DKK 973 million net investment in securities) and  
includes investments in property, plant and equipment, DKK 150  
million (DKK 81 million), mainly related to the ongoing expansion  
of the drug substance facility for future production of  
Rabipur/RabAvert and Encepur. Investment in other intangible  
assets amounted to DKK 152 million (DKK 14 million) and includes  
the ongoing Rabipur/RabAvert and Encepur technology transfer  
project, the development project for the COVID-19 vaccine and  
IT system investments. Cash flow from financing activities was a  
contribution of DKK 75 million (DKK 1,146 million), primarily  
funding received from the Danish Ministry of Health. The net  
change in cash and cash equivalents was negative by DKK 192  
million (negative by DKK 43 million).  
Revenue is expected between DKK 1,100 million and DKK 1,400  
million, EBITDA expectations remain unchanged as well with a  
loss between DKK 1,300 and 1,000 million and cash and cash  
equivalents at year-end also remain unchanged between DKK  
1,000 and 1,200 million.  
The key assumptions for the guidance remain largely unchanged  
since the publication of guidance in the 2021 Annual Report.  
Financial calendar 2022  
Half-year report (Q2)  
August 24, 2022  
Nine-month report (Q3)  
November 9, 2022  
Equity  
The Group’s equity as of March 31, 2022 stood at DKK 7,125  
million (DKK 7,375 million as of December 31, 2021).  
Deferred consideration  
Deferred consideration to GlaxoSmithKline for purchase of  
product rights amounted to DKK 2,566 million, whereas deferred  
consideration to AdaptVac related to potential future  
development and sales milestones and tiered royalties amounted  
to DKK 603 million as per March 31, 2022.  
Debt to credit institutions  
As of March 31, 2022, debt to credit institutions amounted to DKK  
893 million and included the European Investment Bank loan of  
DKK 372 million, a repo position of DKK 500 million and a  
mortgage loan of DKK 21 million. All numbers are unchanged  
compared to December 31, 2021.  
Significant risks and uncertainties  
Bavarian Nordic faces a number of risks and uncertainties,  
common for the biotech/pharma industry. These relate to  
operations, research and development, manufacturing,  
commercial and financial activities. For further information  
about risks and uncertainties which Bavarian Nordic faces, refer  
to page 48-52 “Risk Management” in the 2021 Annual Report.  
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 9 of 20  
Financial statements  
Unaudited Condensed Consolidated Income Statements for the Periods Ended March 31, 2022 and 2021 and  
December 31, 2021  
DKK thousand  
Note  
1/1 - 31/3 2022  
1/1 - 31/3 2021  
1/1-31/12 2021  
Revenue  
3
4
320,056
292,183
535,253
377,341
1,897,875
1,327,560
Production costs  
Gross profit  
27,873
157,912
570,315
Sales and distribution costs  
37,388
104,799
77,786
51,035
122,140
72,730
191,783
399,159
292,920
Research and development costs  
Administrative costs  
5
Total operating costs  
219,973
245,905
(87,993)
883,862
Income before interest and tax (EBIT)  
(192,100)
(313,547)
Financial income  
6
7
19,008
97,527
6,912
50,233
Financial expenses  
48,650
191,116
Income before company tax  
(270,619)
(129,731)
(454,430)
Tax on income for the period  
Net profit for the period  
1,324
1,114
10,345
(271,943)
(130,845)
(464,775)
Earnings per share (EPS) - DKK  
Basic earnings per share of DKK 10  
Diluted earnings per share of DKK 10  
(3.9)
(3.9)
(2.2)
(2.2)
(7.4)
(7.4)
Unaudited Condensed Consolidated Statements of Comprehensive Income for the Periods Ended March 31,  
2022 and 2021 and December 31, 2021  
DKK thousand  
1/1 - 31/3 2022  
(271,943)
1/1 - 31/3 2021  
(130,845)
1/1-31/12 2021  
(464,775)
Net profit for the period  
Items that might be reclassified to the income statement:  
Exchange rate adjustments on translating foreign operations  
1,821
3,834
10,081
Change in fair value of financial instruments entered into to hedge future cash flows  
Other comprehensive income after tax  
1,686
3,507
(12,956)
(9,122)
(542)
9,539
Total comprehensive income  
(268,436)
(139,967)
(455,236)
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 10 of 20  
Unaudited Condensed Consolidated Statements of Cash Flow for the Periods Ended March 31, 2022 and  
2021 and December 31, 2021  
DKK thousand  
1/1 - 31/3 2022  
(271,943)
1/1 - 31/3 2021 1/1-31/12 2021  
Net profit for the period  
(130,845)
(464,775)
Adjustment for non-cash items:  
Financial income  
(19,008)
97,527
1,324
(6,912)
48,650
1,114
(50,233)
191,116
10,345
Financial expenses  
Tax on income for the period  
Depreciation, amortization and impairment losses  
Share-based payment  
98,403
6,642
89,256
26,238
388,310
56,857
Changes in inventories  
(123,527)
169,116
62,213
(31,749)
(10,409)
(96,743)
41,039
Changes in receivables  
(364,393)
(146,007)
Changes in current liabilities  
Cash flow from operations (operating activities)  
20,747
(111,400)
(337,741)
Received financial income  
Paid financial expenses  
Paid company taxes  
8,301
(4,449)
(803)
660
(8,620)
(175)
6,198
(24,383)
(2,574)
Cash flow from operating activities  
23,796
(119,535)
(358,500)
Investments in products rights  
3,595
(152,166)
(150,018)
(9,146)
-
(14,513)
(81,177)
(440)
(371,849)
(203,475)
(483,127)
(39,041)
Investments in other intangible assets  
Investments in property, plant and equipment  
Investments in/disposal of financial assets  
Investments in securities  
(17,209)
34,035
(1,062,058)
88,781
(2,115,796)
336,342
Disposal of securities  
Cash flow from investment activities  
(290,909)
(1,069,407)
(2,876,946)
Payment on loans  
(545)
(544)
(2,173)
660,000
(19,507)
107,183
2,856,596
-
Proceeds from loans  
80,000
-
(4,853)
28,245
-
Repayment of lease liabilities  
Proceeds from warrant programs exercised  
Proceeds from rights issue  
(4,686)
645
-
Proceeds from capital increase through private placement  
Cost related to issue of new shares  
Purchase of treasury shares  
-
(25)
-
1,148,450
(25,179)
-
(57,438)
(8,581)
Cash flow from financing activities  
Cash flow of the period  
75,389
1,146,119
(42,823)
3,536,080
300,634
(191,724)
Cash as of 1 January  
591,820
1,270
285,487
3,171
285,487
5,699
Currency adjustments 1 January  
Cash end of period  
401,366
245,835
591,820
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 11 of 20  
Unaudited Condensed Consolidated Statements of Financial Position - Assets as of March 31, 2022 and 2021  
and December 31, 2021  
DKK thousand  
Assets  
Note  
31/3 2022  
31/3 2021  
31/12 2021  
Product rights  
4,844,596
844,763
23,208
5,117,531
29,813
4,912,830
733,770
22,985
Acquired rights and development in progress  
Software  
16,623
Intangible assets in progress  
168,185
70,587
134,371
Intangible assets  
5,880,752
5,234,554
5,803,956
Land and buildings  
340,492
9,393
367,830
3,513
345,953
10,011
Leasehold improvements  
Plant and machinery  
250,381
218,771
722,638
269,266
222,768
215,374
254,530
223,467
578,707
Fixtures and fittings, other plant and equipment  
Assets under construction  
Property, plant and equipment  
Right-of-use assets  
Other receivables  
1,541,675
77,388
4,845
1,078,751
87,666
4,562
1,412,668
75,843
4,778
14  
Prepayments  
47,464
-
38,385
Financial assets  
52,309
4,562
43,163
Total non-current assets  
Inventories  
7,552,124
603,570
6,405,533
552,831
7,335,630
480,043
8
Trade receivables  
Other receivables  
Prepayments  
9
285,396
36,162
67,228
159,187
23,416
18,845
381,624
66,517
10  
108,840
Receivables  
388,786
201,448
556,981
Securities  
15, 16  
3,045,703
401,366
2,342,787
245,835
3,124,795
591,820
Cash and cash equivalents  
Securities, cash and cash equivalents  
Total current assets  
3,447,069
4,439,425
2,588,622
3,342,901
3,716,615
4,753,639
Total assets  
11,991,549
9,748,434
12,089,269
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 12 of 20  
Unaudited Condensed Consolidated Statements of Financial Position - Equity and Liabilities as of March 31,  
2022 and 2021 and December 31, 2021  
DKK thousand  
Note  
31/3 2022  
31/3 2021  
31/12 2021  
Equity and liabilities  
Share capital  
704,729
(871)
637,368
(946)
704,684
(1,112)
Treasury shares  
Retained earnings  
Other reserves  
6,323,560
97,880
5,224,064
60,257
6,588,908
82,187
Equity  
7,125,298
5,920,743
7,374,667
Deferred consideration for product rights  
Prepayment and loan from Government  
Debt to credit institutions  
2,518,740
240,511
18,352
1,915,908
-
2,569,090
160,511
18,896
11  
14  
392,725
69,481
Lease liabilities  
57,382
57,547
Non-current liabilities  
2,834,985
2,378,114
2,806,044
Deferred consideration for product rights  
Debt to credit institutions  
Lease liabilities  
649,493
874,372
22,922
120,415
204,418
3,976
933,188
2,173
577,667
874,373
21,266
16,904
263,611
3,743
11, 15  
14  
20,890
72,691
273,291
1,126
Prepayment from customers  
Trade payables  
12  
Company tax  
Other liabilities  
13  
155,670
146,218
150,994
Current liabilities  
2,031,266
4,866,251
11,991,549
1,449,577
3,827,691
9,748,434
1,908,558
4,714,602
12,089,269
Total liabilities  
Total equity and liabilities  
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 13 of 20  
Unaudited Condensed Consolidated Statements of Changes in Equity for the Periods March 31, 2022 and  
2021  
Reserves for  
fair value of  
financial Share-based  
Reserves for  
currency  
Share  
capital  
Treasury  
shares  
Retained  
earnings adjustment  
DKK thousand  
instruments  
payment  
Equity  
Equity as of January 1, 2022  
704,684
(1,112)
6,588,908
(30,559)
(1,351)
114,097
7,374,667
Comprehensive income for the period  
Net profit  
-
-
(271,943)
-
-
-
-
-
(271,943)
1,821
Other comprehensive income  
Exchange rate adjustments on translating foreign  
operations  
-
-
-
1,821
Change in fair value of financial instruments  
entered into to hedge future cash flows  
-
-
-
-
1,686
-
1,686
Total comprehensive income for the period  
-
-
(271,943)
1,821
1,686
-
(268,436)
Transactions with owners  
Share-based payment  
-
45
-
-
-
-
785
-
-
-
-
-
-
-
-
-
-
18,447
(185)
-
18,447
645
Warrant program exercised  
Cost related to issue of new shares  
Transfer regarding restricted stock units  
Total transactions with owners  
-
(25)
(25)
-
241
241
2,503
6,595
(2,744)
12,186
-
45
19,067
Equity as of March 31, 2022  
704,729
(871)
6,323,560
(28,738)
335
126,283
7,125,298
Reserves for  
fair value of  
Reserves for  
currency  
Share  
capital  
Treasury  
shares  
Retained  
earnings  
financial Share-based  
DKK thousand  
adjustment  
instruments  
payment  
Equity  
Equity as of January 1, 2021  
584,501
(1,077)
4,246,359
(40,640)
(809)
106,019
4,894,353
Comprehensive income for the period  
Net profit  
-
-
(130,845)
-
-
-
-
(130,845)
3,834
Other comprehensive income  
Exchange rate adjustments on translating foreign  
operations  
-
-
-
3,834
-
Change in fair value of financial instruments  
entered into to hedge future cash flows  
-
-
-
-
(12,956)
-
(12,956)
Total comprehensive income for the period  
-
-
(130,845)
3,834
(12,956)
-
(139,967)
Transactions with owners  
Share-based payment  
-
1,367
51,500
-
-
-
-
34,376
-
-
-
-
-
-
-
-
-
-
-
-
14,841
(7,498)
-
14,841
28,245
Warrant program exercised  
Capital increase through rights issue  
Cost related to issue of new shares  
Transfer regarding restricted stock units  
Total transactions with owners  
-
1,096,950
(25,179)
2,403
1,148,450
(25,179)
-
-
-
-
131
131
(2,534)
4,809
52,867
1,108,550
1,166,357
Equity as of March 31, 2021  
637,368
(946)
5,224,064
(36,806)
(13,765)
110,828
5,920,743
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 14 of 20  
Notes  
11. Debt to credit institutions  
12. Prepayment from customers  
13. Other liabilities  
14. Right-of-use assets and lease liabilities  
15. Transferred financial assets that are not derecognized  
16. Financial instruments  
1. Significant accounting policies  
2. Significant accounting estimates, assumptions and  
uncertainties  
3. Revenue  
4. Production costs  
5. Research and development costs  
6. Financial income  
7. Financial expenses  
8. Inventories  
9. Trade receivables  
10. Other receivables  
17. Warrants  
18. Significant changes in contingent liabilities and other  
contractual obligations  
19. Significant events after the balance sheet date  
20. Approval of the unaudited condensed consolidated  
interim financial statements  
1. Significant accounting policies  
The interim financial statements are prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by EU and the additional  
Danish requirements for submission of interim reports for companies listed on Nasdaq Copenhagen. The interim report has not been audited  
or reviewed by the Company’s auditors.  
The interim financial statements are presented in Danish Kroner (DKK), which is considered the primary currency of the Group’s activities  
and the functional currency of the parent company.  
The accounting policies used in the interim financial statements are consistent with those used in the consolidated financial statements for  
2020 and in accordance with the recognition and measurement policies in the International Financial Reporting Standards (IFRS) as adopted  
by EU.  
As of March 31, 2022, the Company has implemented all new or amended accounting standards and interpretations as adopted by the EU and  
applicable for the 2022 financial year. None of the new or amended standards or interpretations are assessed to have significant impact on  
the consolidated financial statements.  
2. Significant accounting estimates, assumptions and uncertainties  
In the preparation of the interim financial statements according to IAS 34, Interim Financial Reporting, as adopted by the EU, Management is  
required to make certain estimates as many financial statement items cannot be reliably measured but must be estimated. Such estimates  
comprise judgments made on the basis of the most recent information available at the reporting date. It may be necessary to change  
previous estimates as a result of changes to the assumptions on which the estimates were based or due to supplementary information,  
additional experience or subsequent events.  
Similarly, the value of assets and liabilities often depends on future events that are somewhat uncertain. In that connection, it is necessary  
to set out e.g. a course of events that reflects Management’s assessment of the most probable course of events.  
Further to the significant accounting estimates, assumptions and uncertainties, which are stated in the Annual Report 2021, the Management  
has not changed significant estimates and judgments regarding recognition and measurement.  
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 15 of 20  
DKK thousand  
3. Revenue  
1/1 - 31/3 2022  
1/1 - 31/3 2021  
1/1-31/12 2021  
MVA-BN smallpox vaccine sale  
Rabipur/RabAvert  
Encepur  
123  
116,739  
69,338  
44,221  
230,421  
83,048  
6,587  
336,211  
80,332  
98,480  
-
733,593  
505,769  
363,054  
260,225  
1,862,641  
-
Other product sale  
Sale of goods  
515,023  
-
Milestone payments  
Contract work  
20,230  
20,230  
35,234  
35,234  
Sale of services  
89,635  
Revenue  
320,056  
535,253  
1,897,875  
Total revenue includes:  
Fair value adjustment concerning financial instruments entered into to hedge  
revenue  
-
269  
(7,072)  
4. Production costs  
Cost of goods sold  
111,762  
2,158  
205,411  
13,486  
68,234  
90,210  
539,789  
21,959  
Contract costs  
Amortization product rights  
Other production costs  
68,234  
110,029  
492,877  
272,935  
Production costs  
292,183  
377,341  
1,327,560  
5. Research and development costs  
Research and development costs occurred in the period  
Of which:  
106,957  
135,626  
421,118  
Contract costs recognized as production costs  
(2,158)  
(13,486)  
(21,959)  
Research and development costs  
104,799  
122,140  
399,159  
6. Financial income  
Financial income from bank and deposit contracts  
Interest income from financial assets measured at amortized cost  
149  
149  
41  
41  
1,739  
1,739  
Financial income from securities  
4,322  
2,291  
11,045  
Adjustment of deferred consideration due to change in estimated timing of  
payments  
7,274  
(514)  
7,777  
335  
1,366  
2,879  
32,185  
1,677  
3,587  
Currency adjustment deferred consideration  
Net foreign exchange gains  
Financial income  
19,008  
6,912  
50,233  
7. Financial expenses  
Interest expenses on debt  
4,511  
4,511  
4,662  
4,662  
18,487  
18,487  
Interest expenses on financial liabilities measured at amortized cost  
Fair value adjustments on securities  
63,089  
28,236  
14,849  
28,129  
39,056  
Unwinding of the discounting effect related to deferred consideration  
Net loss on derivative financial instruments at fair value through the income  
statement  
133,573  
1,691  
1,010  
-
Financial expenses  
97,527  
48,650  
191,116  
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 16 of 20  
DKK thousand  
8. Inventories  
31/3 2022  
31/3 2021  
31/12 2021  
Raw materials and supply materials  
Work in progress  
110,209  
199,468  
74,086  
60,044  
80,243  
79,904  
Manufactured goods and commodities  
Write-down on inventory  
466,835  
450,329  
(31,628)  
492,837  
(172,941)  
(172,941)  
Inventories  
603,570  
552,831  
480,043  
Write-down on inventory 1 January  
Write-down during the period  
Use of write-down  
(172,941)  
(63,537)  
(2,451)  
34,360  
(63,537)  
(171,643)  
62,239  
-
-
Write-down end of period  
(172,941)  
(31,628)  
(172,941)  
9. Trade receivables  
Trade receivables from smallpox vaccine sale  
Trade receivables from Encepur and Rabipur/RabAvert  
Trade receivables from other product sale  
Trade receivables from milestone payments  
Trade receivables from contract work  
123  
164,389  
30,281  
83,753  
6,850  
12,011  
78,218  
162,546  
137,731  
-
138,725  
-
-
8,451  
3,129  
Trade receivables  
285,396  
159,187  
381,624  
10. Other receivables  
Receivable VAT and duties  
Derivative financial instruments at fair value  
Interest receivables  
29,304  
335  
18,216  
55,973  
191  
-
5,199  
1
6,523  
-
10,353  
-
Other receivables  
Other receivables  
36,162  
23,416  
66,517  
11. Debt to credit institutions  
Mortgage  
20,529  
372,195  
500,000  
22,703  
372,195  
-
21,074  
372,195  
500,000  
European Investment Bank (loan in DKK)  
Security lending (repo transactions)  
Debt to credit institutions  
892,724  
394,898  
893,269  
12. Prepayment from customers  
Prepayments from customers as of January 1  
Prepayments received during the period  
Recognized as revenue during the period  
16,904  
103,511  
-
74,347  
-
74,347  
33,850  
(1,656)  
(91,293)  
Prepayments from customers end of period  
120,415  
72,691  
16,904  
13. Other liabilities  
Financial instruments at fair value  
Liability relating to phantom shares  
Payable salaries, holiday accrual etc.  
Gross to net deduction accrual  
Other accrued costs  
863  
4,036  
13,764  
16,246  
67,722  
24,261  
24,225  
1,351  
23,917  
68,491  
37,134  
20,101  
63,003  
71,212  
16,556  
Other liabilities  
155,670  
146,218  
150,994  
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
14. Right-of-use assets and lease liabilities  
Right-of-use assets  
Page 17 of 20  
DKK thousand  
Rent facility  
Car leasing  
Equipment  
Total  
Right-of-use assets as of January 1, 2021  
Additions  
73,026  
-
1,742  
2,456  
1,066  
-
1,075  
75,843  
2,456  
6,133  
(2,412)  
(5,620)  
909  
-
Modifications  
5,067  
(2,412)  
(4,943)  
909  
-
Disposals  
-
(125)  
-
Depreciations  
(552)  
-
Reversal depreciations  
Exchange rate adjustments  
67  
13  
(1)  
79  
Right-of-use assets as of March 31, 2022  
71,714  
4,725  
949  
77,388  
Lease liabilities  
DKK thousand  
31/3 2022  
Non-current  
Current  
57,382  
22,922  
Lease liabilities  
80,304  
Amounts included in the income statement  
DKK thousand  
1/1 - 31/3 2022  
Interest expense leases  
493  
5,620  
55  
Depreciation recognized on right-of-use assets  
Cost recognized for short term leases (less than 12 months)  
In the first three months of 2022 the total cash outflow relating to lease was DKKt 5.179 split between interests of DKKt 493 and repayment of  
DKKt 4,686.  
15. Transferred financial assets that are not derecognized  
The Company has entered into transactions that transferred ownership of securities to a counterparty, while the Company retains the risks  
associated with the holding of the securities (repo transactions). As the Company retains all risks, the securities remain in the balance sheet,  
and the transactions are accounted for as loans received against collateral (securities lending). The transactions involve selling the securities  
to be repurchased at a fixed price at a later date. Counterparties are entitled to sell the securities or deposit them as collateral for loans.  
DKK thousand  
31/3 2022  
31/3 2021  
31/12 2021  
Carrying amount of transferred securities  
Carrying amount of associated liabilities (repo transactions)  
Net position  
497,575  
(500,000)  
(2,425)  
-
-
-
498,534  
(500,000)  
(1,466)  
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 18 of 20  
16. Financial instruments  
Method and assumption to determine fair value  
The Group has financial instruments measured at fair value at level 1 and level 2.  
Securities (level 1)  
The portfolio of publicly traded government bonds and publicly traded mortgage bonds is valued at listed prices and price quotas.  
Derivative financial instruments (level 2)  
Currency forward contracts, currency option contracts and currency swap contracts are valued according to generally accepted valuation  
methods based on relevant observable swap curves and exchange rates.  
Fair value hierarchy for financial instruments measured at fair value  
As of March 31, 2022  
DKK thousand  
Level 1  
2,548,128  
497,575  
Level 2  
Total  
2,548,128  
497,575  
Securities  
-
-
Transferred securities that are not derecognized  
Financial assets measured at fair value through the income statement  
3,045,703  
(231)  
3,045,472  
Derivative financial instruments to hedge future cash flow (interest)  
-
335  
335  
Financial assets/liabilities used as hedging instruments  
-
335  
335  
Derivative financial instruments at fair value through the income statement  
(currency)  
-
(500,000)  
-
(863)  
-
(863)  
(500,000)  
(4,036)  
Security lending (repo transactions)  
Liability relating to phantom shares  
(4,036)  
Financial liabilities measured at fair value through the income statement  
As of December 31, 2021  
(500,000)  
(4,899)  
(504,899)  
DKK thousand  
Level 1  
2,626,261  
498,534  
Level 2  
Total  
2,626,261  
498,534  
Securities  
-
Transferred securities that are not derecognized  
Derivative financial instruments at fair value through the income statement  
(repo)  
-
191  
191  
Financial assets measured at fair value through the income statement  
3,124,795  
191  
3,124,986  
Derivative financial instruments to hedge future cash flow (currency)  
Derivative financial instruments to hedge future cash flow (interest)  
-
-
(646)  
(705)  
(646)  
(705)  
Financial assets/liabilities used as hedging instruments  
-
(1,351)  
(1,351)  
Liability relating to phantom shares  
-
(23,917)  
(23,917)  
Financial liabilities measured at fair value through the income statement  
-
(23,917)  
(23,917)  
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 19 of 20  
17. Warrants  
Outstanding warrants as of March 31, 2022  
Addition  
Outstanding as during the  
Outstanding  
as of  
Warrants  
exercised  
Trans-  
ferred  
of January 1  
period  
Annulled Terminated  
March 31  
Corporate Management  
Other Executive Management  
Other employees  
743,346  
-
-
-
-
-
-
(73,445)  
669,901  
244,093  
418,163  
-
(4,542)  
-
-
(8,397)  
-
-
(4,216)  
-
(174,070)  
(65,810)  
239,880  
1,880,363  
314,612  
1,797,398  
554,492  
Resigned employees  
Total  
3,356,484  
145  
-
(4,542)  
142  
(8,397)  
313  
(77,661)  
206  
-
-
3,265,884  
144  
Weighted average exercise price  
Weighted average share price at  
exercise  
166  
Numbers of warrants which can be exercised as of March  
31, 2022  
734,825  
219  
at a weighted average exercise price of  
DKK  
The total recognized cost of the warrant programs was DKK 14.3 million in the first three months of 2022 (DKK 10.5 million).  
Specification of parameters for Black-Scholes model  
Jul  
2017  
Nov  
2017  
Nov  
2018  
Nov  
2019  
Jan  
2020  
Nov  
2020  
Nov  
2021  
DKK  
Average share price  
383.50  
430.40  
259.50  
303.00  
159.00  
179.60  
154.05  
185.40  
171.20  
197.00  
179.84  
206.82  
307.20  
353.06  
Average exercise price at grant  
Average exercise price determined at  
date of rights issue March 30, 2020  
(DKK)  
340.40  
44.1%  
3.0  
239.60  
52.4%  
3.0  
142.00  
53.3%  
3.0  
146.60  
52.2%  
3.0  
155.80  
53.0%  
3.0  
-
39.8%  
3.0  
-
41.8%  
3.0  
Applied volatility rate  
Expected life (years)  
Expected dividend per share  
Risk-free interest rate p.a.  
Fair value at grant1)  
-
-
-
-
-
-
-
-0.46%  
98  
-0.55%  
80  
-0.43%  
52  
-0.69%  
45  
-0.65%  
53  
-0.66%  
41  
-0.53%  
76  
The applied volatility is based on the historical volatility of the Bavarian Nordic share, except for November 2020 and  
November 2021 programs where the volatility is based on the volatility for a peer group.  
1) Fair value of each warrant applying the Black-Scholes model  
18. Significant changes in contingent liabilities and other contractual obligations  
No significant changes in contingent liabilities and other contractual obligations have occurred since December 31, 2021.  
19. Significant events after the balance sheet date  
On April 20, Bavarian Nordic announced the initiation of a global Phase 3 clinical trial of MVA-BN RSV against respiratory syncytial virus (RSV)  
in older adults.  
On May 5, Bavarian Nordic reported Omicron data from the Phase 2 trial of ABNCoV2, the COVID-19 booster vaccine candidate.  
20. Approval of the unaudited condensed consolidated interim financial statements  
The unaudited condensed consolidated interim financial statements were approved by the Board of Directors and Corporate Management and  
authorized for issue on May 9, 2022.  
Company Announcement no. 15 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Three Months of 2022  
Page 20 of 20  
Statement from the Board of Directors and Corporate Management
The Board of Directors and Corporate Management have, today reviewed and approved the Bavarian Nordic A/S interim report for the period
January 1 to March 31, 2022.
The interim report has been prepared in accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU and additional Danish
disclosure requirements for interim reports of listed companies, including those of Nasdaq Copenhagen.
In our opinion, the interim report gives a true and fair view of the group’s assets and liabilities and financial position as of March 31, 2022,
and the results of the group’s activities and cash flows for the period January 1 to March 31, 2022.
In our opinion, the management’s review provides a true and fair description of the development in the group’s activities and financial
affairs, the results for the period and the group’s financial position as a whole as well as a description of the most important risks and
uncertainty factors faced by the group.
Hellerup, May 9, 2022
Corporate Management:  
Paul John Chaplin
Henrik Juuel
President & CEO
Executive Vice President & CFO
Board of Directors:  
Gerard W.M. van Odijk
Chairman of the Board
Anders Gersel Pedersen
Deputy Chairman  
Peter H. Kürstein-Jensen
Anne Louise Eberhard
Frank A.G.M. Verwiel
Elizabeth McKee Anderson
Thomas Alex Bennekov
Anja Gjøl
Karen Merete Jensen
Linette Munksgaard Andersen
Employee-elected
Employee-elected
Employee-elected
Employee-elected
Company Announcement no. 15 / 2022