Company Announcement
Bavarian Nordic Announces Interim Results for the First Three Months of 2023
COPENHAGEN, Denmark, May 9, 2023 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results and business
progress for the first three months of 2023.
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “We are pleased to report strong results from the first quarter,
driven by the continued deliveries of mpox vaccines to countries worldwide combined with a strong performance in our travel vaccine
business. The major highlight for the quarter was the announcement of the acquisition of the travel vaccine portfolio from Emergent
BioSolutions. This transaction will expand our portfolio of both marketed and pipeline products, broaden our R&D, manufacturing and
commercial capabilities, and not least strengthens our workforce with nearly 300 employees whom we are pleased to welcome to Bavarian
Nordic on our journey to become one of the world’s largest pure play vaccine companies.”
Financial highlights from the first quarter
Revenue for the first quarter was DKK 1,252 million and comprised of DKK 848 million from sale of
JYNNEOS®/IMVANEX®/IMVAMUNE® mpox/smallpox vaccine, DKK 243 million from sale of Rabipur®/RabAvert®, DKK 87 million from
sale of Encepur®, DKK 43 million from sale of third-party products, and DKK 31 million in other revenue.
The operating result (EBITDA) was a profit of DKK 481 million.
Cash and cash equivalents at end of the period was DKK 2,971 million, including proceeds from capital raise in February.
Financial guidance for the full year is maintained at revenue of approximately DKK 6,000 million and EBITDA of approximately DKK
2,200 million, excluding the financial impact from the acquisition of the travel vaccine portfolio from Emergent BioSolutions,
which is pending final closing, expected to occur in the second quarter of 2023.
DKK
Q1
Q1
2023
million
Revenue
EBITDA
2023
2022
Guidance
1,252
481
320
~6,000
~2,200
(94)
Other highlights
In February, Bavarian Nordic announced the acquisition of a portfolio of travel vaccines from Emergent BioSolutions, which
includes two marketed vaccines for the prevention of cholera and typhoid and a Phase 3 vaccine candidate for the prevention of
chikungunya. As part of the acquisition, Bavarian Nordic will also take over a manufacturing facility in Switzerland, an R&D facility
in USA and a smaller specialty sales force in both EU and the US. The total acquisition price is up to USD 380 million including an
upfront payment of USD 270 million and conditional milestone payments of up to USD 110 million. The acquisition is expected to
close in the second quarter of 2023 and the process is progressing as planned. All statutory approvals, including antitrust, have
been secured and only closing conditions between the parties remain outstanding.
In February, Bavarian Nordic completed a private placement of ~7 million new shares, raising gross proceeds of DKK 1,642 million.
The proceeds will be used together with the Company’s existing cash for the payment to Emergent BioSolutions upon closing of the
transaction.
Following the annual general meeting in March, Luc Debruyne, former President Global Vaccines at GSK, was elected as new chair
of the board, succeeding Gerard van Odijk, who had served as member of the board since 2008 and as chair since 2014. In addition
to Luc Debruyne, Heidi Hunter and Johan van Hoof were also elected as new members of the board.
Events after the reporting date
In April, Bavarian Nordic announced the completion of accrual of cases for the primary efficacy analysis in the Phase 3 clinical trial
of MVA-BN® RSV, the Company’s investigational vaccine for the prevention of respiratory syncytial virus (RSV) in adults ≥60 years of
age. Topline results from the study are expected around mid-2023.
Conference call and webcast
The management of Bavarian Nordic will host an investor/analyst call today at 2 pm CEST (8 am EDT) to present the interim results followed
by a Q&A session. A listen-only version of the call and presentation slides can be accessed via https://bit.ly/41wdM0C. To join the Q&A
session, please register in advance via. https://bit.ly/3MMZx3e.
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
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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
