Company Announcement
Bavarian Nordic Announces First Half 2023 Results
COPENHAGEN, Denmark, August 23, 2023 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results and business
progress for the first half of 2023 and released its financial calendar for 2024.
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Revenue increased by 278% to DKK 3,239 million for the first half and the operating profit (EBITDA) increased to DKK 1,171 million.
For the first half, revenue comprised of DKK 2,182 million from sale of JYNNEOS®/IMVANEX®/IMVAMUNE® mpox/smallpox vaccine,
DKK 555 million from sale of Rabipur®/RabAvert®, DKK 299 million from sale of Encepur®, DKK 35 million from sale of Vivotif® and
Vaxchora®, DKK 81 million from sale of third-party products, and DKK 87 million in other revenue.
Revenue for the second quarter was DKK 1,987 million and comprised of DKK 1,334 million from sale of
JYNNEOS®/IMVANEX®/IMVAMUNE® mpox/smallpox vaccine, DKK 313 million from sale of Rabipur®/RabAvert®, DKK 211 million from
sale of Encepur®, DKK 35 million from sale of Vivotif® and Vaxchora®, DKK 38 million from sale of third-party products, and DKK 56
million in other revenue.
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Cash and cash equivalents at end of the period was DKK 1,385 million.
Financial guidance for the full year is maintained at revenue of approximately DKK 6,900 million and EBITDA of approximately DKK
2,300 million.
DKK million
Revenue
EBITDA
Q2 2023
1,987
690
Q2 2022
537
H1 2023
3,239
H1 2022 FY 2023 Guidance *
857
6,900
2,300
(118)
1,171
(212)
* Numbers are approximate
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “The strong results are a resounding endorsement of our commercial
strategy that has allowed us to report our best half year results to date. As guided, our mpox vaccine continues to generate a significant
revenue stream in 2023, but importantly our travel vaccines have performed stronger quarter by quarter as result of market growth and strong
brand performance. We are looking to further expand and diversify this business via our recent acquisition, adding two marketed vaccines and
a promising vaccine candidate against chikungunya, creating the world’s largest travel vaccine company. With two successful Phase 3 readouts
for our chikungunya vaccine, we are forging ahead towards licensure, and this will be a significant future asset when launched in 2025
preventing a severe and incapacitating disease. While the disappointing Phase 3 results from our RSV program has led to the discontinuation
of the program, we have established a strong foundation for further growth, and we remain focused on a continued strong commercial
execution.”
Highlights from the period
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In May, Bavarian Nordic completed its acquisition of the travel vaccine portfolio from Emergent BioSolutions, thereby assuming
ownership of two marketed vaccines – Vivotif® for the prevention of typhoid fever and Vaxchora® for the prevention of cholera as
well as CHIKV VLP, a Phase 3 vaccine candidate for the prevention of chikungunya virus. The acquisition further included a Swiss-
based manufacturing facility and US-based research and development facilities and personnel. Upon closing, Bavarian Nordic made
a cash payment to Emergent BioSolutions of USD 274 million, which included estimated adjustments for net working capital, debt
and other customary closing adjustments.
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In June, Bavarian Nordic reported Phase 3 topline results of its COVID-19 booster vaccine candidate, ABNCoV2. While the study met
its primary objective, demonstrating non-inferiority to an approved mRNA-vaccine in terms of neutralizing antibodies against the
original SARS-CoV-2 virus (Wuhan wild type), this may be insufficient to support licensure as the ability of the vaccine to provide
efficacy at more distant circulating variants will also be important in the assessment by the authorities of the overall efficacy of
ABNCoV2. Also, long-term follow-up results from a Phase 2 trial of ABNCoV2 were reported, showing persistent antibody levels
associated with protection against the SARS-CoV2 index virus (Wuhan) 12 months post the booster vaccination with ABNCoV2, while
lower levels were seen against a circulating Omicron variant (XBB.1.1), associated with a reduced level of efficacy.
In June, Bavarian Nordic reported initial results from the first Phase 3 trial of CHIKV VLP, showing that CHIKV VLP was immunogenic
in healthy adults ≥65 years of age, as demonstrated by a strong induction of CHIKV neutralizing antibodies against chikungunya in
87% of vaccinees 22 days after vaccination, thus meeting the primary endpoint of the study.
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In June, Bavarian Nordic announced a contract award of EUR 10 million to supply smallpox vaccines to rescEU, a strategic reserve
within the European Union (EU) which aims to strengthen the EU’s ability to respond to biological threats in the future.
Events after the reporting date
In July, Bavarian Nordic announced that the Phase 3 trial of MVA-BN® RSV, its respiratory syncytial virus (RSV) vaccine candidate for
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adults ≥60 years of age did not meet all the primary endpoints of preventing lower respiratory tract disease (LRTD) from RSV. Based
on this outcome, the RSV program has been discontinued, including the partnership with Nuance Pharma to develop and launch the
vaccine for selected Asian markets.
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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
