Company Announcement  
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022
COPENHAGEN, Denmark, November 9, 2022 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results for the first  
nine months of 2022 and business progress for the third quarter of 2022.  
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “These are exciting times for Bavarian Nordic as we have  
continued to expand our activities to support the global response against monkeypox, while also running two global Phase 3 trials of our late-  
stage pipeline assets. We are highly encouraged to see how our vaccines can truly make a difference by providing comfort for the  
populations at-risk and helping to change the course of the monkeypox outbreak. More than 1 million people have received our vaccine since  
the beginning of the outbreak and the number grows day by day and we have already secured significant orders for 2023 and beyond.  
Deliveries were intensified over the last 3 months and will continue into the fourth quarter as we expand the supply of our  
smallpox/monkeypox vaccine to more than 70 countries worldwide. The increased sales of our products across the portfolio are driving all-  
time high revenues and we are nearing an EBITDA break-even result for 2022.”  
Financial highlights  
•
•
Total revenue in the first nine months was DKK 1,860 million comprised of DKK 1,752 million from product sales, DKK 83 million in  
milestone payments from partners and DKK 25 million from contract work.  
Revenue in the third quarter totaled DKK 1,004 million comprised of DKK 338 million from sale of Rabipur®/RabAvert®, DKK 62  
million from sale of Encepur®, DKK 578 million from sale of JYNNEOS®/IMVANEX®/IMVAMUNE®, DKK 11 million from sale of third-  
party products and DKK 15 million from contract work.  
•
•
•
EBITDA for the first nine months was DKK 14 million.  
Cash position of DKK 2,741 million at the end of third quarter.  
The most recent financial guidance for the full year, issued on September 7, is maintained at revenues between DKK 2,800 and  
3,000 million, EBITDA with a loss between DKK -200 and 0 million and cash and cash equivalents at year-end expected to exceed  
DKK 1,700 million.  
DKK million  
Q3 2022  
1,004  
226  
Q3 2021  
449  
9m 2022  
1,860  
14  
9m 2021  
1,354  
44  
2022 Guidance  
2,800 – 3,000  
(200) – 0  
Revenue  
EBITDA  
52  
Cash and cash equivalents  
2,741*  
2,182*  
2,741*  
2,182*  
> 1,700  
* Repo pledged securities deducted.  
Other highlights  
Monkeypox  
•
In July, the U.S. government ordered an additional 5 million doses of monkeypox vaccine for delivery in 2022 and 2023. The  
vaccines will be filled using existing bulk vaccine, manufactured and invoiced under previous contracts with the U.S. government.  
To expand the manufacturing footprint to increase supply, the doses will also be filled at a U.S. based contract manufacturer  
following the tech transfer of the manufacturing process.  
•
•
•
•
•
•
In July, the European Commission approved an extension of the current marketing authorization for the Company’s smallpox  
vaccine, IMVANEX® to include protection from monkeypox and disease caused by vaccinia virus.  
In July, Bavarian Nordic received approvals from the U.S. and EU regulatory authorities of the fill and finish manufacturing of  
smallpox and monkeypox vaccine at the Company’s new facility in Denmark.  
In August, Bavarian Nordic entered a supply agreement with the Pan American Health Organization (PAHO) enabling access to  
monkeypox vaccines for countries in Latin America.  
In September, Bavarian Nordic was awarded a ten-year contract valued up to USD 434 million for the supply of smallpox and  
monkeypox vaccine to Canada.  
In September, Bavarian Nordic entered an additional contract with the European Health Emergency Preparedness and Response  
Authority (HERA) for the supply of monkeypox vaccines to EU Member States.  
Additional orders for monkeypox vaccine were entered during the quarter with several governments, including significant orders  
for 2023, bringing the total number of countries with access to the vaccine to over 70.  
RSV  
•
Enrollment is proceeding as planned in the global Phase 3 clinical trial of MVA-BN RSV against RSV in older adults.  
Page 1 of 21  
Bavarian Nordic A/S  
Philip Heymans Alle 3  
DK-2900 Hellerup  
Tel. +45 33 26 83 83  
www.bavarian-nordic.com  
CVR-no. 16 27 11 87  
LEI Code: 2138006JCDVYIN6INP51  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 2 of 21  
ABNCoV2 (COVID-19)  
•
In September, Bavarian Nordic initiated a global Phase 3 clinical trial of its COVID-19 booster vaccine candidate, ABNCoV2. The  
trial will assess the non-inferiority of ABNCoV2 compared to Comirnaty® in terms of neutralizing antibodies against the SARS-CoV-2  
(Wuhan wild type).  
Other business  
•
In September, the board of directors appointed Luc Debruyne, former President Global Vaccines at GSK, as an observer to the  
board with the intent to nominate him for election to the board at the ordinary general meeting in March 2023, where he,  
following the board’s constitution, is expected to assume the chairmanship after Gerard van Odijk, who will step down after  
having served for 15 years on the board.  
Events after the reporting date  
•
•
•
In October, Bavarian Nordic signed its first bilateral agreement with a country in Latin America on the supply of monkeypox  
vaccines, thus expanding access to the vaccine in the region beyond the availability of vaccines through PAHO.  
In October, the Company furthermore entered a supply agreement for monkeypox vaccines to Switzerland. Under this agreement,  
Bavarian Nordic will seek regulatory approval of the vaccine with Swissmedic.  
In October, Bavarian Nordic reported results from a six-month follow-up analysis of data from subjects vaccinated in the Phase 2  
clinical trial of its COVID-19 booster vaccine candidate, ABNCoV2, demonstrating that six months post the booster vaccination with  
ABNCoV2, the neutralization antibody titers against Wuhan and the Omicron variant remained high and at levels associated with a  
greater than 90% efficacy.  
Conference call and webcast  
The management of Bavarian Nordic will host an investor/analyst call today at 2 pm CET (8 am EST) to present the interim results followed  
by a Q&A session. A listen-only version of the call and presentation slides can be accessed via https://bit.ly/3Mud65F. To join the Q&A  
session, please register in advance via https://bit.ly/3g5j4gR.  
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. 39 / 2022  
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 also approved 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.  
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 3 of 21  
Management’s Review  
Products and pipeline  
PRODUCT  
INDICATION  
MARKETS  
Our products  
We sell and distribute vaccines to  
over 30 countries globally. During  
2022, we have helped to secure  
access to vaccines in more than 70  
countries in emergency response to  
the global monkeypox outbreak.  
Rabipur®/RabAvert®  
Encepur®  
Rabies  
Marketed globally in 20 countries  
Marketed in 12 EU countries  
Sold to governments  
Tick-borne encephalitis (TBE)  
Smallpox and Monkeypox  
Ebola  
JYNNEOS®/IMVAMUNE®/IMVANEX®  
Mvabea®  
Licensed to Janssen  
Approved in the EU, but not  
commercialized. Janssen has  
made the vaccine available for  
high-risk areas in West Africa.  
Two products were developed using  
our proprietary platform technology  
MVA-BN.  
IXIARO®  
Marketing and distribution  
agreement with Valneva  
Japanese encephalitis  
Cholera  
Germany and Switzerland  
Germany and Switzerland  
Germany  
In recent years, we have expanded  
our commercial portfolio through  
acquisitions and partnerships.  
DUKORAL®  
Marketing and distribution  
agreement with Valneva  
HEPLISAV-B®  
Hepatitis-B  
Marketing and distribution  
agreement with Dynavax  
PRODUCT CANDIDATE  
MVA-BN freeze-dried  
MVA-BN RSV  
INDICATION  
Smallpox/Monkeypox  
RSV  
STATUS / MILESTONE  
Phase 3 completed  
Phase 3 ongoing  
Our pipeline  
Late-stage pipeline with two  
leading product candidates in  
major indications: RSV and COVID-  
19. The latter is supported through  
a funding agreement with the  
Danish State.  
ABNCoV2  
COVID-19  
Phase 3 ongoing  
TAEK-VAC  
Cancer  
Phase 1/2 study ongoing  
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 4 of 21  
Consolidated Key Figures (unaudited)  
DKK thousand  
1/7 - 30/9 2022 1/7 - 30/9 2021 1/1 - 30/9 2022 1/1 - 30/9 2021 1/1-31/12 2021  
Income statements  
Revenue  
1,003,565  
383,752  
50,243  
448,656  
313,913  
37,575  
1,860,320  
1,107,248  
135,559  
1,353,908  
940,555  
1,897,875  
1,327,560  
191,783  
Production costs  
Sales and distribution costs  
Research and development costs  
Administrative costs  
135,671  
360,122  
81,482  
74,511  
649,783  
293,728  
399,159  
69,641  
249,494  
225,571  
292,920  
Income before interest and taxes (EBIT)  
Financial items, net  
127,966  
(108,622)  
19,344  
(46,984)  
(31,834)  
(78,818)  
(81,440)  
(281,764)  
(205,368)  
(487,132)  
(497,005)  
(241,617)  
(115,065)  
(356,682)  
(362,543)  
(313,547)  
(140,883)  
(454,430)  
(464,775)  
Income before company tax  
Net profit for the period  
12,108  
Balance sheet  
Total non-current assets  
Securities, cash and cash equivalents  
Other current assets  
Total assets  
7,749,236  
3,241,578  
1,304,186  
12,295,000  
6,957,830  
3,023,692  
2,313,478  
6,523,564  
2,638,064  
955,896  
7,335,630  
3,716,615  
1,037,024  
12,089,269  
7,374,667  
2,806,044  
1,908,558  
10,117,524  
5,770,699  
2,034,090  
2,312,735  
Equity  
Non-current liabilities  
Current liabilities  
Cash flow statements  
Cash flow from operating activities  
Cash flow from investment activities  
- Investment in intangible assets  
- Investment in property, plant and equipment  
- Net investment in securities  
2,603  
(290,783)  
(275,888)  
(295,047)  
407,092  
(247,117)  
(1,355,880)  
(86,010)  
(358,500)  
(2,876,946)  
(575,324)  
(307,166)  
(947,362)  
1,655,265  
(483,127)  
(1,779,454)  
3,536,080  
Cash flow from financing activities  
404,966  
Financial Ratios1)  
EBITDA  
226,375  
51,581  
14,358  
(7.1)  
98.4  
215  
43,596  
(5.8)  
90.1  
326  
74,764  
(7.4)  
104.7  
269  
Earnings (basic) per share of DKK 10  
Net asset value per share  
Share price at period-end  
Share price/Net asset value per share  
Number of outstanding shares at period-end  
(thousand)  
2.2  
3.6  
2.6  
70,694  
57%  
64,065  
57%  
70,468  
61%  
Equity share  
Number of employees, converted to full-time, at  
period-end  
917  
750  
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  
EBITDA  
127,966  
98,409  
(46,984)  
98,565  
(281,764)  
296,122  
14,358  
(241,617)  
285,213  
43,596  
(313,547)  
388,311  
74,764  
226,375  
51,581  
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 5 of 21  
Continuing our strong commitment to the  
global response against monkeypox  
At its peak in August, more than 1,000 new cases of monkeypox  
were reported globally on average every day. Fortunately, this  
number has declined, which is largely attributed to a positive  
development in European countries where the outbreak first  
began. An improved public health response, awareness campaigns  
and increased vaccine availability have been important tools to  
control the disease and further spread of the virus in the region,  
but it is believed that these measures need to be maintained to  
mitigate the risk of monkeypox becoming endemic.  
providing the vaccines under local exemptions, such as  
emergency use provisions. Upon recommendation from the  
Emergency Task Force of the European Medicines Agency (EMA),  
we worked with the authorities to expedite a review of data to  
support an extension of the current approval of IMVANEX to  
include monkeypox. A positive opinion was adopted by EMA’s  
Committee for Medicinal Products for Human Use (CHMP) in July  
and shortly after, the European Commission formally gave its  
approval, which is valid in all European Union Member States, as  
well as in Iceland, Liechtenstein, and Norway.  
However, since the peak, the global number of cases has doubled  
to more than 70,000 cases across more than 100 countries. This is  
largely driven by new cases in the Americas, which accounts for  
nearly two thirds of all cases reported to date.  
As part of the supply agreement entered in October with the  
Swiss authorities, we will submit an application to Swissmedic  
within three months to support a potential marketing  
authorization of the vaccine against smallpox and monkeypox in  
Switzerland in 2023.  
As the sole manufacturer of an approved monkeypox vaccine, we  
at Bavarian Nordic remain committed to expanding the access to  
our vaccine around the globe.  
During the third quarter, we have entered additional supply  
agreements with governments and supranational organizations,  
including the Pan American Health Organization (PAHO), through  
which countries in Latin America can now obtain the vaccine.  
More than 70 countries across the Americas, Europe, Asia and  
Oceania now have access to the vaccine, reflecting our priority  
to assist as many countries as possible in their initial response to  
the outbreak, while gradually increasing our supply as more  
vaccines become available.  
The demand led us to reprioritize the production schedule at our  
manufacturing facilities and seek partnerships to expand the  
short- to medium term capacity to produce and deliver on  
incoming orders. Specifically, during the third quarter, we  
entered an agreement with a U.S. based contract manufacturer,  
who will assist in filling vials for the U.S. government, thus  
freeing up capacity at our own fill and finish facility to  
accommodate orders from other countries.  
The investment in our bulk facility will now allow us to  
manufacture different life-saving vaccines in parallel and allows  
us to dedicate one part of the facility to the production of our  
smallpox/monkeypox vaccine.  
We have welcomed nearly 50 new employees during the quarter  
to assist us in scaling up our manufacturing activities and we will  
continue to expand the organization.  
Expedited approvals for faster and broader access to the  
vaccine  
The expansion of our manufacturing capabilities over the past  
years has primarily been driven by acquired products and our  
commitments to the U.S. government to supply our smallpox  
vaccine to the Strategic National Stockpile. Hence, we have  
established our own fill and finish facility, which had only just  
started commercial operations when the monkeypox outbreak  
emerged. To expedite the approval of the facility, we have  
worked intensively with both U.S. and EU regulatory authorities  
during the second and third quarters. This required amongst  
others a rescheduling of a planned pre-approval inspection by the  
FDA, which was conducted early July with no observations being  
made. Both the FDA and EMA have subsequently approved the fill  
and finish line and the process established for the  
smallpox/monkeypox vaccine.  
While our vaccine had already been approved for monkeypox in  
the U.S. and Canada, the approval in the EU only covered  
smallpox. Thus, countries within the EU, but also outside, were  
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 6 of 21  
Commercial update  
Comparative figures for 2021 are shown in brackets. Where  
market shares are mentioned, these are measured by value.  
Q3 sales  
9m sales  
mDKK  
Q3 2022  
Q3 2021 Growth  
mDKK  
9m 2022 9m 2021 Growth  
Rabipur/RabAvert  
Encepur  
338  
62  
160  
72  
214  
-
111%  
-13%  
170%  
-
Rabipur/RabAvert  
Encepur  
689  
275  
695  
30  
368  
316  
550  
89  
87%  
-13%  
126%  
-66%  
-
JYNNEOS/IMVANEX/IMVAMUNE  
Mvabea  
578  
-
JYNNEOS/IMVANEX/IMVAMUNE  
Mvabea  
Sale of third-party products  
Milestone payments  
Contract work  
Total  
11  
-
-
Sale of third-party products  
Milestone payments  
Contract work  
64  
-
-
-
-
83  
-
-
15  
3
345%  
124%  
25  
31  
-20%  
37%  
1,004  
449  
Total  
1,860  
1,354  
For the first nine months, revenue from sale of  
JYNNEOS/IMVANEX/IMVAMUNE amounted to DKK 695 million (DKK  
550 million).  
Rabipur/RabAvert  
Rabipur/RabAvert revenue amounted to DKK 338 million (DKK 160  
million) for the third quarter. The 111% growth in revenue versus  
the prior year was driven by continued and significant market  
growth in the US and Germany that represent the two largest  
markets.  
Mvabea (Ebola)  
In the third quarter, revenue from Mvabea was DKK 0 million (DKK  
89 million).  
The US market continued demonstrating strong growth in Q3 and  
reached a year-to-date growth rate of 31% versus prior year.  
RabAvert now has a market share of approximately 67%, slightly  
above the level seen prior to competition facing a stockout  
situation during late 2019 and first half of 2020.  
For the first nine months, Mvabea revenue amounted to DKK 30  
million (DKK 89 million), i.e. a decrease of 66%. Revenue in the  
period is related to the order announced in June 2020.  
Third-party products sale  
Revenue from sale of third-party products in the third quarter was  
DKK 11 million (DKK 0 million), which is related to sale of DUKORAL  
and IXIARO (Valneva products assumed in first quarter 2022) and  
HEPLISAV-B (Dynavax product assumed in second quarter 2022).  
Also, the German market continued the strong growth rate  
demonstrated in previous quarters and reached a year-to-date  
growth of approximately 344%, however the market has not yet  
fully recovered from COVID-19 pandemic. Rabipur achieved a  
market share of 95%, slightly above the 2021 level.  
For the first nine months, revenue from sale of third-party  
products amounted to DKK 64 million (DKK 0 million).  
For the first nine months, Rabipur/RabAvert revenue amounted to  
DKK 689 million (DKK 368 million), i.e. an increase of 87%.  
Contract work  
Encepur  
Revenue from contract work in the third quarter was DKK 15  
million (DKK 3 million), mainly stemming from the remaining  
activities related to the qualification and validation activities of  
to the fill-and-finish plant under contracts with the U.S.  
government.  
Encepur revenue amounted to DKK 62 million (DKK 71 million) for  
the third quarter, i.e. a decrease of 13% versus prior year.  
In Q3 the German market continued the positive growth that  
started in Q2 2022 after a period of market decline. Year-to-date  
the German market has grown by 11% versus prior year. The  
Encepur market share in Germany ended at approximately 29% by  
end of September, slightly below prior year and explained by a  
temporary stockout situation that has since been resolved.  
For the first nine months, revenue from contract work amounted  
to DKK 25 million (DKK 31 million).  
For the first nine months, Encepur revenue amounted to DKK 275  
million (DKK 316 million), i.e. a decrease of 13% despite the  
positive growth in the German market and due to country mix,  
inventory movements at wholesaler and partner level as well as  
the temporary stockout situation in Q3 and which has now been  
resolved.  
JYNNEOS/IMVANEX/IMVAMUNE  
Revenue from sale of JYNNEOS/IMVANEX/IMVAMUNE in the third  
quarter was DKK 578 million (DKK 214 million), all related to  
contracts with various governments in response to the global  
monkeypox outbreak. The order flow has continued during the  
quarter with additional revenues expected in the fourth quarter  
of 2022 and beyond.  
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 7 of 21  
Research & development  
Two product candidates have advanced into global Phase 3  
clinical trials during 2022, thus representing a pivotal year of  
R&D investments by Bavarian Nordic.  
The Phase 3 development of ABNCoV2 is largely funded through  
an agreement with the Danish State to fund up to 800 million DKK  
in the development of ABNCoV2.  
RSV  
Durable antibody responses, six months after booster vaccination  
Encouraging results from the Phase 2 clinical trial were reported  
in October, demonstrating that six months post the booster  
vaccination with ABNCoV2, the neutralization antibody titers  
against Wuhan and the Omicron variant remained high and at  
levels associated with a greater than 90% efficacy.  
A global Phase 3 clinical trial of MVA-BN RSV against respiratory  
syncytial virus (RSV) was initiated in April in adults ≥60 years of  
age. The study is expected to enroll 20,000 subjects by year-end  
2022 with topline results anticipated mid-2023, if the pre-defined  
number of lower-respiratory tract disease (LRTD) events has  
occurred.  
Previously reported results from the trial showed, that  
vaccination with 100ug ABNCoV2 in 103 seropositive subjects was  
able to demonstrate a strong boosting effect, increasing the  
existing levels of SARS-CoV-2 neutralizing antibodies against both  
the Wuhan variant and variants of concern (Alpha, Beta, Delta  
and Omicron) to levels reported to be highly efficacious (>90%)  
against SARS-CoV-21.  
MVA-BN RSV is based on Bavarian Nordic’s proprietary vaccine  
platform technology, MVA-BN, and incorporates five distinct RSV  
antigens to stimulate a broad immune response against both RSV  
subtypes (A and B). In a clinical Phase 2 double-blinded, placebo-  
controlled human challenge trial, a significant reduction in viral  
load was reported in vaccinated subjects versus placebo and  
MVA-BN RSV demonstrated a vaccine efficacy of up to 79% in  
preventing symptomatic RSV infections.  
A cohort of 41 subjects were followed for six months post  
vaccination. From this cohort, two subjects with confirmed  
COVID-19 disease were excluded from the immune analysis. Six  
months post vaccination, neutralization titers were six times  
higher than pre-boost titers against Wuhan and nearly 10 times  
higher than the pre-boost titers for Omicron BA.1. This  
represented less than a 50% decline in the peak neutralizing  
titers after six months and compared to the data published for  
mRNA vaccines 2,3,4, the antibody decay appears less sharp,  
indicating a potentially longer duration of protection across  
variants of concern.  
Based on the preliminary clinical evidence, indicating that the  
vaccine may demonstrate a substantial improvement over  
available therapy on a clinically significant endpoint, MVA-BN RSV  
received special designations from U.S. and EU regulatory  
authorities earlier in 2022, intended to expedite the  
development and regulatory review of the product candidate. In  
February, the U.S. Food and Drug Administration (FDA) granted  
MVA-BN RSV Breakthrough Therapy Designation for the prevention  
of RSV in older adults, and in June, the European Medicines  
Agency (EMA) granted access to its priority medicines (PRIME)  
scheme for MVA-BN RSV in active immunization for the  
Smallpox / monkeypox  
prevention of LRTD caused RSV in adults ≥60 years of age.  
A freeze-dried version of JYNNEOS® with improved shelf-life is  
being developed. The clinical development of this version has  
been completed and Bavarian Nordic is 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 formulation.  
As part of the strategy to commercialize the vaccine globally,  
Bavarian Nordic has entered into a regional license and supply  
agreement with Nuance Pharma in the first quarter of 2022 on  
the development and commercialization of MVA-BN RSV for  
adults in China and selected Asian markets.  
COVID-19  
Immuno-oncology  
In September, the first subject was dosed in the global, double-  
blind, controlled Phase 3 clinical trial of ABNCoV2, a VLP-based,  
non-adjuvanted COVID-19 booster vaccine candidate.  
TAEK-VAC, a tumor antibody enhanced therapeutic vaccine, 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.  
The primary endpoint of the trial is to assess non-inferiority of  
ABNCoV2 compared to Comirnaty® in terms of neutralizing  
antibodies against the SARS-CoV-2 (Wuhan wild type). Other  
variants of concern will be assessed as secondary endpoints.  
During third quarter, the first stage of the study was completed,  
confirming the dose for stage 2, which is expected to start during  
the fourth quarter of 2022. In this stage, two cohorts will initially  
enroll patients with either chordoma (TAEK-VAC given as  
monotherapy) or HER2-positive breast cancer (TAEK-VAC in  
combination treatment with trastuzumab). Once safety of the  
combination treatment has been established in the second  
cohort, two further combination treatment cohorts will be  
opened for recruitment.  
The two-cohort study will enroll approximately 4,000 adult  
subjects who either previously completed primary vaccination or  
have already received one booster dose of a licensed COVID-19  
vaccine. The first cohort, enrolling in the U.S., will evaluate the  
safety and tolerability of the vaccine in 3,000 subjects receiving  
a single 100 µg dose of ABNCoV2. The second cohort, enrolling in  
Denmark and Belgium, comprises 1,000 subjects, who will be  
randomized to receive either a single 100 µg dose of ABNCoV2, or  
a single 30 µg adult booster dose of Comirnaty.  
Initial trial results are expected in the early part of 2023, which  
is a slight delay from the original plan due to a delayed  
recruitment initiation caused by late regulatory challenges and  
logistics associated with the comparator vaccine.  
1 P. B. Gilbert et al., Science 10.1126/science.abm3425 (2021)  
Bellusci et al. Antibody affinity and cross-variant neutralization of SARS-  
CoV-2 Omicron BA.1, BA.2 and BA.3 following third mRNA vaccination  
3 Forgacs et al. The Effect of Waning on Antibody Levels and Memory B Cell  
Recall following SARS-CoV-2 Infection or Vaccination  
Qu et al. Durability of Booster mRNA Vaccine against SARS-CoV-2  
2
4
BA.2.12.1, BA.4, and BA.5 Subvariants (letter)  
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 8 of 21  
Financial review  
Financial statements for the period January 1 – September 30,  
2022 are un-audited. Comparison figures for the same period  
2021 are stated in brackets.  
EBIT/EBITDA  
Income before interest and tax (EBIT) was a loss of DKK 282  
million, compared to a loss of DKK 242 million in the first nine  
months of 2021.  
Revenue  
Revenue for the period was DKK 1,860 million (DKK 1,354  
million). Revenue was composed of DKK 963 million (DKK 684  
million) from sales of Rabipur/RabAvert and Encepur, DKK 695  
million (DKK 550 million) from sale of MVA-BN  
smallpox/monkeypox vaccine, DKK 83 million in milestone  
payments (DKK 0 million) from our RSV partner Nuance, DKK 64  
million (DKK 0 million) from sale of third-party products  
(DUKORAL, IXIARO and HEPLISAV-B), DKK 30 million (DKK 89  
million) from sales of Mvabea (Ebola) to Janssen and finally DKK  
25 million (DKK 31 million) from contract work.  
EBITDA was a gain of DKK 14 million (gain of DKK 44 million).  
Amortization of product rights related to Rabipur/RabAvert and  
Encepur amounted to DKK 205 million (DKK 205 million) whereas  
depreciation on other fixed assets amounted to DKK 91 million  
(DKK 81 million).  
Financial items  
Financial items totaled a net expense of DKK 205 million (net  
expense of DKK 115 million) and consisted of interest expense on  
debt of DKK 16 million (DKK 13 million), net value adjustment of  
deferred consideration of DKK 7 million (DKK 88 million) from the  
acquisition of Encepur and Rabipur/RabAvert and ABNCoV2, net  
loss on derivative financial instruments DKK 11 million (DKK 0  
million), and a net expense from securities (bond portfolio) of  
DKK 194 million (DKK 28 million), partly offset by net foreign  
exchange rate gains of DKK 23 million (DKK 12 million) due to  
increase in USD exchange rate. The negative fair value  
adjustment on the bond portfolio amounted to DKK 209 million  
corresponding to a 6% decrease in value as a consequence of the  
significant increase in the interest levels seen in first nine  
months of 2022.  
Revenue reported for the three months ended September 30,  
2022 was DKK 1,004 million (DKK 449 million).  
Production costs  
Production costs totaled DKK 1,107 million (DKK 941 million).  
Costs related directly to revenue amounted to DKK 568 million  
(DKK 453 million), of which cost of goods sold totaled DKK 554  
million (DKK 432 million). Contract costs totaled DKK 14 million  
(DKK 20 million). Amortization of product rights related to  
Rabipur/RabAvert and Encepur was recognized as part of the  
production costs with a total of DKK 205 million (DKK 205  
million). Other production costs totaled DKK 334 million (DKK 283  
million). The bulk manufacturing facility has just reopened after  
a year of shutdown due to the expansion of the facility for future  
production of Rabipur/RabAvert and Encepur. The shutdown  
resulted in a limited absorption of indirect production costs for  
the first 3 quarters of 2022. In 2021 other production costs were  
also impacted by limited absorption of indirect production costs  
due to the shutdown but also due to production of RSV Phase 3  
clinical trial material, which contributed to a low commercial  
utilization of the manufacturing capacity.  
The net value adjustment of deferred consideration DKK 7 million  
(DKK 88 million) consists of three components; Adjustment of  
deferred consideration due to change in estimated timing of  
payments of DKK 53 million income (income of DKK 7 million),  
currency adjustments of DKK 0 million expense (income of DKK 2  
million) and unwinding5 of the discounting effect related to  
deferred consideration of DKK 60 million (DKK 97 million), see  
note 6 and 7.  
In the third quarter of 2022, production costs were DKK 384  
million (DKK 314 million).  
Income before company tax was a loss of DKK 487 million (loss of  
DKK 357 million).  
The year-to-date gross margin was 40.5% (30.5%), whereas the  
gross margin for Q3 was 61.8% (30.0%) following a substantial  
change in product mix favoring monkeypox/smallpox vaccines  
based on Bavarian Nordic’s proprietary MVA-BN platform and  
produced entirely at BN’s own facilities.  
Tax  
Tax on income was DKK 10 million (DKK 6 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.  
Sales and distribution costs  
Sales and distribution costs totaled DKK 136 million (DKK 136  
million) split between costs for distribution of products of DKK 19  
million (DKK 13 million) and costs for running the commercial  
organization and activities of DKK 117 million (DKK 123 million).  
Research and development costs  
Net profit  
Research and development costs totaled DKK 650 million (DKK  
294 million). The increase compared to 2021 relates to RSV spend  
for the ongoing phase 3 trial. The amount excludes R&D costs of  
DKK 14 million (DKK 20 million) recognized as production costs,  
see note 5. Research and development costs of DKK 171 million  
(DKK 20 million) related to ABNCoV2 were capitalized during the  
period.  
For the first nine months of 2022, Bavarian Nordic reported a net  
loss of DKK 497 million (net loss of DKK 363 million).  
Product rights  
Product rights recognized in the balance sheet totaled DKK 4,708  
million (DKK 4,913 million as of December 31, 2021) and relates  
to Rabipur/RabAvert and Encepur.  
Administrative costs  
Acquired rights and development in progress  
Administrative costs totaled DKK 249 million (DKK 226 million).  
Acquired rights and development in progress relates to the  
development of ABNCoV2 and stood at DKK 897 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  
5
The deferred consideration for product rights is measured at net present  
due is recognized in the income statement as a financial expense over the  
period until expected payment date using the effective interest method.  
value and the difference between the net present value and the amounts  
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 9 of 21  
probable future sales/development milestones DKK 596 million  
and capitalization of development costs for running the  
completed Phase 2 study and the running Phase 3 study, DKK 271  
million. For further description of the asset and the accounting  
policy see note 16 in the Annual Report for 2021.  
Equity  
The Group’s equity as of September 30, 2022 stood at DKK 6,958  
million (DKK 7,375 million as of December 31, 2021).  
Deferred consideration  
Deferred consideration to GlaxoSmithKline for purchase of  
product rights amounted to DKK 2,561 million, whereas deferred  
consideration to AdaptVac related to potential future  
development and sales milestones and tiered royalties amounted  
to DKK 593 million as per September 30, 2022.  
The Group has ensured significant financing for the ABNCoV2  
development program through the funding obtained from the  
Danish Ministry of Health. Under the agreement, the Company is  
entitled to payments of up to DKK 800 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 September 30, 2022, the upfront  
payment of DKK 80 million and further milestones amounting to  
DKK 480 million, in total DKK 560 million, have been received and  
recognized as ‘Prepayment and loan from Government’.  
Debt to credit institutions  
As of September 30, 2022, debt to credit institutions amounted  
to DKK 892 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 20 million. Unchanged compared to  
December 31, 2021, except for mortgage loan which was  
deducted by DKK 1 million.  
Prepayments  
Significant risks and uncertainties  
Production of drug substance for ABNCoV2 is taking place at a  
CMO. The CMO produced the drug substance for the clinical trial  
materials for the Phase 3 and will also produce drug substance  
for future commercial use. Costs related to the scale up  
activities are recognized as prepayments and will be recognized  
as inventory in concurrence with future purchase of products  
from the CMO. As per September 30, 2022 DKK 150 million has  
been recognized as non-current prepayments.  
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.  
Outlook for 2022  
The financial guidance for the full year has been upgraded seven  
times since March 2022 as a result of multiple supply contracts  
being entered since the start of the monkeypox outbreak in May.  
The most recent guidance, issued on September 7, is maintained  
at revenues between DKK 2,800 and 3,000 million, EBITDA with a  
loss between DKK -200 and 0 million and cash and cash equivalents  
at year-end expected to exceed DKK 1,700 million.  
Part of the technology transfer of the production and packaging  
activities for Encepur and Rabipur/RabAvert takes place at CMO's  
(filling of Encepur, labelling and packing). Costs related to the  
technology transfer activities are recognized as prepayments and  
will be recognized as inventory in concurrence with future  
purchase of services from the CMO's. As per September 30, 2022  
DKK 15 million has been recognized as non-current prepayments.  
Beyond the additional revenue generated by the monkeypox  
situation the guidance also reflects the current market conditions  
and general commercial performance as well as the current  
exchange rate levels. The cash and cash equivalent guidance still  
assumes a debt level of DKK 600 million at year-end. Other key  
assumptions for the guidance remain largely unchanged since the  
publication of guidance in the 2021 Annual Report.  
Securities, cash and cash equivalents  
Securities, cash and cash equivalents were DKK 3,242 million as of  
September 30, 2022, including repo pledged securities of DKK 500  
million (DKK 3,717 million as of December 31, 2021, including repo  
pledged securities of DKK 500 million). The net cash position amounts  
to DKK 2,742 million (DKK 3,217 million as of December 31, 2021).  
Cash flow  
The monkeypox outbreak has created a broader, global demand  
for vaccines, and Bavarian Nordic has entered several contracts  
with both existing and new customers to supply its monkeypox  
vaccine for both emergency use and long-term stockpiling beyond  
2022. The recognition of revenue between 2022 and 2023 from  
secured contracts is very sensitive to the final delivery schedules.  
The Company remains in discussions with governments and  
supranational organizations and expects to sign more contracts  
for 2023 and beyond.  
Cash flow generated by operating activities was positive by DKK 3  
million (negative by DKK 247 million). Working capital worsened  
by DKK 47 million (DKK 344 million) compared to December 31,  
2021. Cash flow from investment activities was negative by DKK  
291 million (negative by DKK 1,356 million, including DKK 947  
million net investment in securities) and includes investments in  
property, plant and equipment of DKK 295 million (DKK 307  
million), mainly related to the expansion of the drug substance  
facility for future production of Rabipur/RabAvert and Encepur.  
Investment in other intangible assets amounted to DKK 279  
million (DKK 86 million) and includes the ongoing  
Financial calendar 2022 and 2023  
Rabipur/RabAvert and Encepur technology transfer project, the  
development project for the COVID-19 vaccine and IT system  
investments. Investment in financial assets relates to  
prepayments to CMOs for tech transfer and scale up activities of  
DKK 127 million (DKK 15 million). Cash flow from financing  
activities was a contribution of DKK 405 million (DKK 1,655  
million), primarily from funding received from the Danish Ministry  
of Health. The net change in cash and cash equivalents was  
positive by DKK 117 million (positive by DKK 52 million).  
2022 Annual Report  
March 2, 2023  
March 30, 2023  
May 9, 2023  
Annual General Meeting*  
Three-month report (Q1)  
Half-year report (Q2)  
Nine-month report (Q3)  
August 23, 2023  
November 16, 2023  
*
Pursuant to Article 12 of the Articles of Association,  
shareholders who wish to submit a request for proposals for  
consideration at the annual general meeting must lodge this with  
the Company no later than Wednesday, February 15, 2023.  
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 10 of 21  
Financial statements  
Unaudited Condensed Consolidated Income Statements for the Periods Ended September 30, 2022 and  
2021 and December 31, 2021  
DKK thousand  
Note  
1/7 - 30/9 2022  
1/7 - 30/9 2021  
1/1 - 30/9 2022  
1/1 - 30/9 2021  
1/1-31/12 2021  
Revenue  
3
4
1,003,565
383,752
448,656
313,913
1,860,320
1,107,248
1,353,908
940,555
1,897,875
1,327,560
Production costs  
Gross profit  
619,813
134,743
753,072
413,353
570,315
Sales and distribution costs  
Research and development costs  
Administrative costs  
50,243
360,122
81,482
37,575
74,511
69,641
135,559
649,783
249,494
135,671
293,728
225,571
191,783
399,159
292,920
5
Total operating costs  
491,847
127,966
181,727
(46,984)
1,034,836
(281,764)
654,970
883,862
Income before interest and tax (EBIT)  
(241,617)
(313,547)
Financial income  
6
7
10,034
12,369
44,203
90,999
30,994
50,233
Financial expenses  
118,656
296,367
146,059
191,116
Income before company tax  
19,344
(78,818)
(487,132)
(356,682)
(454,430)
Tax on income for the period  
7,236
2,622
9,873
5,861
10,345
Net profit for the period  
12,108
(81,440)
(497,005)
(362,543)
(464,775)
Earnings per share (EPS) - DKK  
Basic earnings per share of DKK 10  
Diluted earnings per share of DKK 10  
0.2
0.2
(1.3)
(1.3)
(7.1)
(7.1)
(5.8)
(5.8)
(7.4)
(7.4)
Unaudited Condensed Consolidated Statements of Comprehensive Income for the Periods Ended September  
30, 2022 and 2021 and December 31, 2021  
DKK thousand  
1/7 - 30/9 2022  
12,108
1/7 - 30/9 2021  
(81,440)
1/1 - 30/9 2022  
(497,005)
1/1 - 30/9 2021  
(362,543)
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  
30,250
3,834
19,915
7,825
10,081
Change in fair value of financial instruments  
entered into to hedge future cash flows  
(2,493)
27,757
39,865
(3,053)
781
(25)
19,890
(13,839)
(6,014)
(542)
9,539
Other comprehensive income after tax  
Total comprehensive income  
(80,659)
(477,115)
(368,557)
(455,236)
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 11 of 21  
Unaudited Condensed Consolidated Statements of Cash Flow for the Periods Ended September 30, 2022  
and 2021 and December 31, 2021  
DKK thousand  
1/1 - 30/9 2022  
(497,005)
1/1 - 30/9 2021  
(362,543)
1/1-31/12 2021  
(464,775)
Net profit for the period  
Adjustment for non-cash items:  
Financial income  
(90,999)
296,367
9,873
(30,994)
146,059
5,861
(50,233)
191,116
10,345
Financial expenses  
Tax on income for the period  
Depreciation, amortization and impairment losses  
Share-based payment  
296,121
33,429
285,211
55,381
388,310
56,857
Changes in inventories  
(111,171)
(153,688)
217,693
(32,196)
(213,885)
(97,908)
41,039
Changes in receivables  
(364,393)
(146,007)
Changes in current liabilities  
Cash flow from operations (operating activities)  
620
(245,014)
(337,741)
Received financial income  
Paid financial expenses  
Paid company taxes  
18,216
(13,824)
(2,409)
7,323
(7,630)
(1,796)
6,198
(24,383)
(2,574)
Cash flow from operating activities  
2,603
(247,117)
(358,500)
Investments in products rights  
3,595
(279,483)
(295,047)
(126,940)
(380,460)
787,552
-
(86,010)
(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  
(307,166)
(15,342)
(1,138,549)
191,187
(2,115,796)
336,342
Disposal of securities  
Cash flow from investment activities  
(290,783)
(1,355,880)
(2,876,946)
Payment on loans  
(1,617)
400,000
(16,115)
32,087
-
(1,630)
456,418
(14,608)
100,804
-
(2,173)
660,000
(19,507)
107,183
2,856,596
-
Proceeds from loans  
Repayment of lease liabilities  
Proceeds from warrant programs exercised  
Proceeds from rights issue  
Proceeds from capital increase through private placement  
Cost related to issue of new shares  
Purchase of treasury shares  
-
1,148,450
(25,588)
(8,581)
(61)
(57,438)
(8,581)
(9,328)
Cash flow from financing activities  
Cash flow of the period  
404,966
116,786
1,655,265
52,268
3,536,080
300,634
Cash as of 1 January  
591,820
10,040
285,487
4,067
285,487
5,699
Currency adjustments 1 January  
Cash end of period  
718,646
341,822
591,820
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 12 of 21  
Unaudited Condensed Consolidated Statements of Financial Position - Assets as of September 30, 2022 and  
2021 and December 31, 2021  
DKK thousand  
Assets  
Note  
30/9 2022  
30/9 2021  
31/12 2021  
Product rights  
4,708,129
897,233
16,352
4,981,064
49,167
4,912,830
733,770
22,985
Acquired rights and development in progress  
Software  
26,594
Intangible assets in progress  
242,805
105,314
134,371
Intangible assets  
5,864,519
5,162,139
5,803,956
Land and buildings  
329,491
16,357
354,187
10,013
345,953
10,011
Leasehold improvements  
Plant and machinery  
236,382
215,314
846,457
255,972
220,828
421,696
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  
1,644,001
70,613
5,310
1,262,696
79,265
4,692
1,412,668
75,843
4,778
14  
Prepayments  
164,793
170,103
14,772
38,385
Financial assets  
19,464
43,163
Total non-current assets  
Inventories  
7,749,236
591,214
6,523,564
553,278
7,335,630
480,043
8
Trade receivables  
Other receivables  
Prepayments  
9
654,282
26,177
32,513
302,973
43,215
56,430
381,624
66,517
10  
108,840
Receivables  
712,972
402,618
556,981
Securities  
15, 16  
2,522,932
718,646
2,296,242
341,822
3,124,795
591,820
Cash and cash equivalents  
Securities, cash and cash equivalents  
Total current assets  
3,241,578
4,545,764
2,638,064
3,593,960
3,716,615
4,753,639
Total assets  
12,295,000
10,117,524
12,089,269
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 13 of 21  
Unaudited Condensed Consolidated Statements of Financial Position - Equity and Liabilities as of September  
30, 2021 and 2020 and December 31, 2020  
DKK thousand  
Note  
30/9 2022  
30/9 2021  
31/12 2021  
Equity and liabilities  
Share capital  
706,943
(1,463)
640,651
(1,176)
704,684
(1,112)
Treasury shares  
Retained earnings  
Other reserves  
6,131,979
120,371
5,069,631
61,593
6,588,908
82,187
Equity  
6,957,830
5,770,699
7,374,667
Deferred consideration for product rights  
Prepayment and loan from Government  
Debt to credit institutions  
2,392,272
564,616
17,280
1,953,519
-
2,569,090
160,511
18,896
11  
14  
19,443
61,128
Lease liabilities  
49,524
57,547
Non-current liabilities  
3,023,692
2,034,090
2,806,044
Deferred consideration for product rights  
Debt to credit institutions  
Lease liabilities  
761,622
874,372
23,998
19,327
381,904
6,663
957,251
830,787
21,059
50,755
222,795
2,063
577,667
874,373
21,266
16,904
263,611
3,743
11, 15  
14  
Prepayment from customers  
Trade payables  
12  
Company tax  
Other liabilities  
13  
245,592
228,025
150,994
Current liabilities  
2,313,478
5,337,170
12,295,000
2,312,735
4,346,825
10,117,524
1,908,558
4,714,602
12,089,269
Total liabilities  
Total equity and liabilities  
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 14 of 21  
Unaudited Condensed Consolidated Statements of Changes in Equity for the Periods September 30, 2022  
and 2021  
Reserves for  
Reserves for  
currency  
adjustment  
fair value of  
financial  
instruments  
Treasury  
shares  
Retained  
earnings  
Share-based  
payment  
DKK thousand  
Share capital  
704,684
Equity  
Equity as of January 1, 2022  
(1,112)
6,588,908
(30,559)
(1,351)
114,097
7,374,667
Comprehensive income for the period  
Net profit  
-
-
-
(497,005)
-
-
-
(497,005)
19,915
Other comprehensive income  
Exchange rate adjustments on translating  
foreign operations  
-
-
19,915
-
-
Change in fair value of financial  
instruments entered into to hedge future  
cash flows  
-
-
-
-
(25)
-
(25)
Total comprehensive income for the  
period  
-
-
(497,005)
19,915
(25)
-
(477,115)
Transactions with owners  
Share-based payment  
-
-
-
39,049
5,971
-
-
-
-
-
-
-
-
-
-
-
-
-
-
37,580
(9,221)
(5,971)
-
37,580
32,087
-
Warrant program exercised  
Warrant program expired  
2,259
-
-
-
Cost related to issue of new shares  
Purchase of treasury shares  
Transfer regarding restricted stock units  
Total transactions with owners  
-
-
(61)
(61)
-
-
(716)
365
(351)
(8,612)
3,729
-
(9,328)
-
(4,094)
18,294
2,259
40,076
60,278
Equity as of September 30, 2022  
706,943
(1,463)
6,131,979
(10,644)
(1,376)
132,391
6,957,830
Reserves for  
fair value of  
financial  
Reserves for  
currency  
adjustment  
Treasury  
shares  
Retained  
earnings  
Share-based  
payment  
DKK thousand  
Share capital  
584,501
instruments  
Equity  
Equity as of January 1, 2021  
(1,077)
4,246,359
(40,640)
(809)
106,019
4,894,353
Comprehensive income for the period  
Net profit  
-
-
-
(362,543)
-
-
-
(362,543)
7,825
Other comprehensive income  
Exchange rate adjustments on translating  
foreign operations  
-
-
7,825
-
-
Change in fair value of financial  
instruments entered into to hedge future  
cash flows  
-
-
-
-
(13,839)
-
(13,839)
Total comprehensive income for the  
period  
-
-
(362,543)
7,825
(13,839)
-
(368,557)
Transactions with owners  
Share-based payment  
-
-
-
-
119,201
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,818
29,818
100,804
1,148,450
(25,588)
(8,581)
Warrant program exercised  
4,650
(23,047)
Capital increase through rights issue  
Cost related to issue of new shares  
Purchase of treasury shares  
51,500
-
1,096,950
(25,588)
(8,264)
-
-
-
-
-
-
-
(317)
218
(99)
Transfer regarding restricted stock units  
Total transactions with owners  
3,516
(3,734)
3,037
-
56,150
1,185,815
1,244,903
Equity as of September 30, 2021  
640,651
(1,176)
5,069,631
(32,815)
(14,648)
109,056
5,770,699
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 15 of 21  
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  
2021 and in accordance with the recognition and measurement policies in the International Financial Reporting Standards (IFRS) as adopted  
by EU.  
As of September 30, 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. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
1/7 - 30/9  
Page 16 of 21  
1/7 - 30/9  
2021  
1/1 - 30/9  
2022  
1/1 - 30/9  
2021  
1/1-31/12  
2021  
DKK thousand  
2022  
3. Revenue  
MVA-BN smallpox/monkeypox vaccine sale  
Rabipur/RabAvert  
Encepur  
577,719  
337,931  
61,957  
11,366  
988,973  
-
213,667  
160,347  
71,365  
-
694,503  
688,863  
274,976  
94,101  
550,045  
367,537  
316,025  
89,079  
1,322,686  
-
733,593  
505,769  
363,054  
260,225  
1,862,641  
-
Other product sale  
Sale of goods  
445,379  
-
1,752,443  
83,048  
Milestone payments  
Contract work  
14,592  
14,592  
3,277  
3,277  
24,829  
31,222  
31,222  
35,234  
35,234  
Sale of services  
107,877  
Revenue  
1,003,565  
448,656  
1,860,320  
1,353,908  
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  
206,848  
9,229  
108,595  
1,076  
554,073  
13,974  
432,255  
20,305  
539,789  
21,959  
Contract costs  
Amortization product rights  
Other production costs  
68,234  
99,441  
68,234  
136,008  
204,701  
334,500  
204,701  
283,294  
492,877  
272,935  
Production costs  
383,752  
313,913  
1,107,248  
940,555  
1,327,560  
5. Research and development costs  
Research and development costs occurred in the period  
Of which:  
369,351  
75,587  
663,757  
314,033  
421,118  
Contract costs recognized as production costs  
(9,229)  
(1,076)  
(13,974)  
(20,305)  
(21,959)  
Research and development costs  
360,122  
74,511  
649,783  
293,728  
399,159  
6. Financial income  
Financial income from bank and deposit contracts  
Interest income from financial assets measured at  
amortized cost  
-
-
1,243  
1,243  
2,238  
27  
27  
1,340  
1,340  
7,703  
1,739  
1,739  
Financial income from securities  
6,409  
15,312  
11,045  
Adjustment of deferred consideration due to change in  
estimated timing of payments  
26,222  
1,001  
446  
78  
52,541  
(31)  
6,789  
1,865  
32,185  
1,677  
Currency adjustment deferred consideration  
Net gains on derivative financial instruments at fair value  
through the income statement  
(8,921)  
940  
-
940  
-
Net foreign exchange gains  
(14,677)  
7,424  
23,150  
12,357  
3,587  
Financial income  
10,034  
12,369  
90,999  
30,994  
50,233  
7. Financial expenses  
Interest expenses on debt  
Interest expenses on financial liabilities measured at  
amortized cost  
7,143  
7,143  
4,589  
4,589  
15,614  
15,614  
13,473  
13,473  
35,830  
18,487  
18,487  
39,056  
Fair value adjustments on securities  
Unwinding of the discounting effect related to deferred  
consideration  
Net loss on derivative financial instruments at fair value  
through the income statement  
81,921  
12,834  
209,190  
17,676  
11,916  
28,867  
(2,087)  
44,203  
59,647  
11,916  
96,756  
-
133,573  
-
Financial expenses  
118,656  
296,367  
146,059  
191,116  
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 17 of 21  
DKK thousand  
8. Inventories  
30/9 2022  
30/9 2021  
31/12 2021  
Raw materials and supply materials  
Work in progress  
163,955  
300,112  
70,490  
101,774  
460,344  
(79,330)  
80,243  
79,904  
Manufactured goods and commodities  
Write-down on inventory  
252,475  
492,837  
(172,941)  
(125,328)  
Inventories  
591,214  
553,278  
480,043  
Write-down on inventory 1 January  
Write-down during the period  
Use of write-down  
(172,941)  
(6,579)  
45,055  
9,137  
(63,537)  
(76,889)  
61,096  
-
(63,537)  
(171,643)  
62,239  
-
Reversal of write-down  
Write-down end of period  
(125,328)  
(79,330)  
(172,941)  
9. Trade receivables  
Trade receivables from smallpox/monkeypox vaccine sale  
Trade receivables from Encepur and Rabipur/RabAvert  
Trade receivables from other product sale  
226,590  
391,292  
-
-
264,621  
-
78,218  
162,546  
137,731  
3,129  
Trade receivables from contract work  
36,400  
38,352  
Trade receivables  
654,282  
302,973  
381,624  
10. Other receivables  
Receivable VAT and duties  
16,873  
1,854  
7,450  
37,970  
-
55,973  
191  
Derivative financial instruments at fair value  
Interest receivables  
5,245  
10,353  
Other receivables  
26,177  
43,215  
66,517  
11. Debt to credit institutions  
Mortgage  
19,457  
372,195  
500,000  
21,617  
372,195  
456,418  
21,074  
372,195  
500,000  
European Investment Bank (loan in DKK)  
Security lending (repo transactions)  
Debt to credit institutions  
891,652  
850,230  
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  
2,423  
-
74,347  
-
74,347  
33,850  
(23,592)  
(91,293)  
Prepayments from customers end of period  
19,327  
50,755  
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  
17,729  
11,684  
73,793  
123,237  
19,149  
14,762  
30,413  
85,152  
74,404  
23,294  
1,351  
23,917  
68,491  
37,134  
20,101  
Other liabilities  
245,592  
228,025  
150,994  
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 18 of 21  
14. Right-of-use assets and lease liabilities  
Right-of-use assets  
DKK thousand  
Rent facility  
Car leasing  
Equipment  
Total  
Right-of-use assets as of January 1, 2021  
Additions  
73,026  
917  
1,742  
5,879  
1,114  
(1,130)  
(2,112)  
-
1,075  
75,843  
6,796  
-
-
Modifications  
5,326  
(8,529)  
(14,780)  
909  
6,440  
Disposals  
(46)  
(375)  
-
(9,705)  
(17,267)  
909  
Depreciations  
Reversal depreciations  
Exchange rate adjustments  
6,341  
1,211  
45  
7,597  
Right-of-use assets as of September 30, 2022  
63,210  
6,704  
699  
70,613  
Lease liabilities  
DKK thousand  
30/9 2022  
Non-current  
Current  
49,524  
23,998  
Lease liabilities  
73,522  
Amounts included in the income statement  
DKK thousand  
1/1 - 30/9 2022  
1,447  
Interest expense leases  
Depreciation recognized on right-of-use assets  
17,267  
Cost recognized for short term leases (less than 12 months)  
180  
In the first nine months of 2022 the total cash outflow relating to lease was DKKt 17,562 split between interests of DKKt 1,447 and  
repayment of DKKt 16,115.  
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  
30/9 2022  
30/9 2021  
31/12 2021  
Carrying amount of transferred securities  
Carrying amount of associated liabilities (repo transactions)  
Net position  
499,355  
(500,000)  
(645)  
305,050  
(456,418)  
(151,368)  
498,534  
(500,000)  
(1,466)  
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 19 of 21  
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 September 30, 2022  
DKK thousand  
Level 1  
Level 2  
Total  
Securities  
2,023,577  
499,355  
-
-
2,023,577  
499,355  
Transferred securities that are not derecognized  
Derivative financial instruments at fair value through the income statement  
(currency)  
-
2,716  
2,716  
Financial assets measured at fair value through the income statement  
2,522,932  
2,716  
2,525,648  
Derivative financial instruments to hedge future cash flow (currency)  
Derivative financial instruments to hedge future cash flow (interest)  
-
-
(6,524)  
1,854  
(6,524)  
1,854  
Financial assets/liabilities used as hedging instruments  
-
(4,670)  
(4,670)  
Derivative financial instruments at fair value through the income statement  
(currency)  
-
(500,000)  
-
(11,206)  
-
(11,206)  
(500,000)  
(11,684)  
Security lending (repo transactions)  
Liability relating to phantom shares  
(11,684)  
Financial liabilities measured at fair value through the income statement  
(500,000)  
(22,890)  
(522,890)  
As of December 31, 2021  
DKK thousand  
Level 1  
Level 2  
Total  
Securities  
2,626,261  
498,534  
-
-
2,626,261  
498,534  
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  
Derivative financial instruments to hedge future cash flow (currency)  
Derivative financial instruments to hedge future cash flow (interest)  
3,124,795  
191  
(646)  
(705)  
3,124,986  
(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. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 20 of 21  
17. Warrants  
Outstanding warrants as of September 30, 2022  
Addition  
Outstanding as during the  
Warrants  
exercised  
Trans-  
ferred  
Outstanding as of  
September 30  
of January 1  
period  
Annulled Terminated  
Corporate Management  
Other Executive Management  
Other employees  
743,346  
-
63,157  
18,715  
-
-
-
-
(73,445)  
-
669,901  
307,250  
418,163  
-
(143,504)  
-
(174,070)  
(63,429)  
237,499  
1,880,363  
314,612  
(112,612)  
(113,310)  
(4,216)  
(34,074)  
1,575,317  
404,727  
Resigned employees  
Total  
3,356,484  
219  
81,872 (225,922) (143,504) (111,735)  
-
-
2,957,195  
222  
Weighted average exercise price  
190  
142  
250  
240  
247  
Weighted average share price at  
exercise  
Numbers of warrants which can be exercised as of  
September 30, 2022  
469,792  
181  
at a weighted average exercise  
price of DKK  
The total recognized cost of the warrant programs was DKK 29.7 million in the first nine months of 2022 (DKK 22.8 million).  
Specification of parameters for Black-Scholes model  
Nov  
Nov  
Nov  
Jan  
Nov  
Nov  
Apr  
DKK  
2017  
2018  
2019  
2020  
2020  
2021  
2022  
Average share price  
259.50  
303.00  
159.00  
179.60  
154.05  
185.40  
171.20  
197.00  
179.84  
206.82  
307.20  
353.06  
171.35  
190.11  
Average exercise price at grant  
Average exercise price determined at  
date of rights issue March 30, 2020 (DKK)  
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  
-
42.3%  
3.0  
Applied volatility rate  
Expected life (years)  
Expected dividend per share  
Risk-free interest rate p.a.  
Fair value at grant1)  
-
-
-
-
-
-
-
-0.55%  
80  
-0.43%  
52  
-0.69%  
45  
-0.65%  
53  
-0.66%  
41  
-0.53%  
76  
0.39%  
47  
The applied volatility is based on the historical volatility of the Bavarian Nordic share, except for November 2020, November 2021 and April  
2022 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 October 3, Bavarian Nordic announced an agreement with a country in Latin America on the supply of monkeypox vaccines  
On October 14, Bavarian Nordic announced a supply agreement for monkeypox vaccines to Switzerland. Under this agreement, Bavarian Nordic  
will seek regulatory approval of the vaccine with Swissmedic.  
On October 17, Bavarian Nordic announced data from a six-month follow-up analysis of subjects in the Phase 2 clinical trial of its COVID-19  
booster vaccine candidate, demonstrating durable antibody responses  
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 November 9, 2022.  
Company Announcement no. 39 / 2022  
 
Bavarian Nordic Announces Interim Results for the First Nine Months of 2022  
Page 21 of 21  
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 September 30, 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 September 30,
2022, and the results of the group’s activities and cash flows for the period January 1 to September 30, 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, November 9, 2022
Corporate Management:  
Paul John Chaplin
Henrik Juuel
President & CEO
Executive Vice President & CFO
Board of Directors:  
Gerard W.M. van Odijk
Anders Gersel Pedersen
Chairman of the Board
Deputy Chairman
Peter H. Kürstein-Jensen
Frank A.G.M. Verwiel
Anne Louise Eberhard
Thomas Alex Bennekov
Anja Gjøl
Karen Merete Jensen
Linette Munksgaard Andersen
Employee-elected
Employee-elected
Employee-elected
Employee-elected
Company Announcement no. 39 / 2022