Bavarian Nordic Announces Interim Results for the First Nine Months of 2023
COPENHAGEN, Denmark, November 16, 2023 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results for the first
nine months of 2023 and business progress for the third quarter of 2023.
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Revenue for the first nine months increased by 148% to DKK 4,615 million compared to the same period last year, while the
operating profit (EBITDA) increased to DKK 1,552 million.
The increased revenue was driven by growth across both business areas: travel health and public preparedness. Revenue from
travel health grew by 56% to DKK 1,608 million, as a result of the continued rebound in global travel, strong brand performance
and the recent expansion of the travel health portfolio. Revenue from public preparedness grew by 316% to DKK 2,890 million,
largely driven by contracts with governments related to the 2022/2023 mpox outbreak. Other revenue was DKK 117 million.
Financial guidance for the full year is maintained at a revenue of approximately DKK 6,900 million and an EBITDA of approximately
DKK 2,300 million. This assumes that a smaller part of the previously announced smallpox/mpox orders will likely be delivered in
first half of January 2024 rather than second half of December due to expected delivery schedules. The effect of this is
compensated by a continued strong travel health business.
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DKK million
Revenue
EBITDA
Q3 2023
1,376
380
Q3 2022
1,004
226
9m 2023
4,615
9m 2022 FY 2023 Guidance *
1,860
14
6,900
2,300
1,552
* Numbers are approximate
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “Our travel health business has continued to demonstrate very
strong performance and with the recent expansion of our portfolio, along with the prospects of launching our chikungunya vaccine, we have
established a strong foundation for growth and positioned Bavarian Nordic as a global leader in travel vaccines. Strong sales related to the
2022/23 mpox outbreak also contributed to a nearly 150% increase in revenues for the first nine months and we remain firmly on track to
deliver on the guidance and report a new record-breaking financial year for the company. While the global demand for mpox vaccines has
largely been driven by the public health emergency response, the recent national recommendations in the U.S and Germany for mpox
vaccinations highlight an emerging private market where Bavarian Nordic can improve vaccine access to risk populations, while creating a
steady commercial business segment complementing the existing smallpox stockpiling business with governments around the world.”
Highlights from the third quarter
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The chikungunya vaccine candidate, CHIKV VLP is progressing towards regulatory submissions in the U.S. and Europe in 2024 after
reporting positive topline results from two Phase 3 clinical trials in both adults and adolescents aged 12 to 64 years of age and
adults aged 65 and above. A Phase 3 rollover study was initiated to evaluate the long-term safety and immunogenicity of the
vaccine candidate as well as responses to a booster vaccination up to five years after the initial vaccination.
A new contract valued at USD 120 million was received from the U.S. government, primarily supporting manufacturing of new bulk
vaccine in 2023 to partly replenish the inventory used for the mpox outbreak.
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A second contract was entered to supply smallpox vaccines to rescEU, a strategic reserve within the EU. The order valued at more
than EUR 11 million brings the expected total rescEU smallpox revenues for 2024 to EUR 21 million.
Events after the reporting date
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In October, the U.S. CDC Advisory Committee on Immunization Practices (ACIP) voted to recommend the routine use of JYNNEOS®
in adults at risk of mpox infection, thus broadening its previous recommendation, which only covered outbreak situations. Pending
approval of the updated recommendations, Bavarian Nordic is targeting a commercial launch of JYNNEOS in the U.S. in the first
half of 2024.
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The Board of Directors has appointed Ms. Montse Montaner Picart as observer to the board with the intent to nominate her for
election at the annual general meeting in April 2024. Ms. Picart is former and the first Chief Sustainability Officer of Novartis
where she has held various leading positions. She has more than 30 years of industry and executive experience and has received
several recognitions for her leadership in driving sustainable organizations.
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/3tonMNp. To join the Q&A
session, please register in advance via https://bit.ly/48Cp0F2.
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. 36 / 2023
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
