Bavarian Nordic Announces Interim Results for the First Three Months of 2024  
COPENHAGEN, Denmark, May 8, 2024 –
Bavarian Nordic A/S
(OMX: BAVA) announced today its interim financial results and business  
progress for the first three months of 2024.  
•
•
Revenue for the first three months was DKK 831 million, and the operating profit (EBITDA) was DKK 22 million.  
Revenue from travel health increased by 20% to DKK 447 million and revenue from public preparedness was DKK 344 million, 59%  
down from first quarter 2023, which is fully in line with expectations after a peak year in 2023 due to the mpox outbreak. Other  
revenue was DKK 40 million.  
•
Financial guidance for the full year is maintained at a revenue of DKK 5,000-5,300 million and EBITDA of DKK 1,100-1,350 million.  
DKK million  
Revenue  
EBITDA  
Q1 2024  
831  
Q1 2023  
1,252  
481  
2024 Guidance  
5,000 – 5,300  
1,100 – 1,350  
22  
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “We are pleased to report continued strong performance in our  
travel health business, reflecting market growth and a strong brand performance from our leading portfolio of vaccines. Over the next  
couple of months, we are finalizing our submissions to the U.S. and European regulatory authorities for approval of our chikungunya vaccine,  
which represents a significant future asset for the travel health business upon expected launch in 2025. We have also successfully launched  
our mpox vaccine in the U.S. during April and are working with healthcare providers and advocacy groups to enhance awareness and provide  
a broader access to the vaccine for at-risk populations. This will further diversify our public preparedness business, as we continue to expand  
orders with both existing and new customers following the 2022-2023 mpox outbreak to support nations in strengthening their smallpox  
preparedness. Our first quarter reflects the usual seasonality in travel vaccines combined with phasing of our deliveries of smallpox/mpox  
vaccines towards the end of the year, thus reaffirming our guidance for 2024 with revenues between DKK 5 to 5.3 billion.”  
Highlights from the first quarter  
•
In February, Bavarian Nordic announced that the Committee for Medicinal Products for Human Use (CHMP) of the European  
Medicines Agency (EMA) granted accelerated assessment for the upcoming Marketing Authorisation Application (MAA) for CHIKV  
VLP, the Company’s investigational chikungunya vaccine. Bavarian Nordic remains on track for submission of the MAA in the first  
half of 2024.  
•
•
Bavarian Nordic hosted a capital markets day in February, providing an update on the Company’s business and strategy, including  
the discontinuation of its immuno-oncology projects.  
In March, Bavarian Nordic received approval from the Swiss Agency for Therapeutic Products, Swissmedic, of JYNNEOS® (MVA-BN)  
for active immunization against disease caused by smallpox, mpox and vaccinia viruses in adults 18 years of age and older.  
Events after the reporting date  
•
•
•
•
In April, Bavarian Nordic announced the commercial launch of its mpox vaccine, JYNNEOS® in the U.S., marking a significant  
expansion for access to JYNNEOS® for at-risk populations.  
At the annual general meeting in April, Peter Kürstein, member of the board since 2012, stepped down and Montse Montaner,  
observer to the board since November 2023, was elected as new board member.  
In April. Bavarian Nordic announced the initiation of a rolling BLA submission for its chikungunya vaccine candidate to the U.S.  
FDA.  
In April, Bavarian Nordic announced the award of a contract valued at EUR 65 million for the supply of smallpox vaccines to the  
rescEU stockpile in 2025.  
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/bavaQ12024. To join the Q&A  
session, please register in advance via https://bit.ly/bavaQ12024reg.  
Contacts  
Europe: Rolf Sass Sørensen, Vice President Investor Relations, rss@bavarian-nordic.com, Tel: +45 61 77 47 43  
US: Graham Morrell, graham@paddockcircle.com, Tel: +1 781 686 9600  
Company Announcement no. 12 / 2024  
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 | Interim Report Q1 2024  
Page 2  
About Bavarian Nordic  
Bavarian Nordic is a fully integrated vaccine company with a mission to protect and save lives through innovative vaccines. We are a global  
leader in smallpox and mpox vaccines, supplied to governments to enhance public health preparedness and have a strong portfolio of vaccines  
for travelers and endemic diseases. 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.  
 
Bavarian Nordic | Interim Report Q1 2024  
Page 3  
CONSOLIDATED KEY FIGURES (UNAUDITED)  
DKK thousand  
1/1 - 31/3 2024  
1/1 - 31/3 2023  
1/1-31/12 2023  
Income statements  
Revenue  
831,472  
566,237  
88,693  
1,252,053  
428,397  
65,630  
7,062,340  
2,459,294  
331,579  
Production costs  
Sales and distribution costs  
Research and development costs  
Administrative costs  
185,107  
120,330  
(128,895)  
14,754  
298,018  
90,253  
2,228,080  
540,848  
Income before interest and taxes (EBIT)  
Financial items, net  
369,755  
6,725  
1,502,539  
(19,596)  
Income before company tax  
Net profit for the period  
(114,141)  
(114,451)  
376,480  
376,367  
1,482,943  
1,475,189  
Balance sheet  
Total non-current assets  
Securities, cash and cash equivalents  
Other current assets  
Total assets  
8,804,196  
2,291,899  
2,524,836  
13,620,931  
10,174,272  
511,406  
8,057,716  
2,971,164  
2,151,977  
13,180,857  
9,120,901  
2,270,687  
1,789,269  
8,950,162  
1,867,481  
3,535,570  
14,353,213  
10,339,932  
1,225,412  
2,787,869  
Equity  
Non-current liabilities  
Current liabilities  
2,935,253  
Cash flow statements  
Cash flow from operating activities  
Cash flow from investment activities  
Cash flow from financing activities  
435,229  
(1,045,002)  
(10,727)  
(214,695)  
330,892  
584,247  
1,119,206  
(945,564)  
735,832  
Financial Ratios1)  
EBITDA  
21,838  
(1.5)  
130.3  
155  
481,496  
5.1  
2,614,543  
19.2  
Earnings (basic) per share of DKK 10  
Net asset value per share  
117.1  
197  
132.4  
177  
Share price at period-end  
Share price/Net asset value per share  
Number of outstanding shares at period-end (thousand)  
Equity share  
1.2  
1.7  
1.3  
78,098  
75%  
77,873  
69%  
78,098  
72%  
Number of employees, converted to full-time, at period-end  
1,381  
1,040  
1,379  
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  
Impairment loss  
(128,895)  
150,733  
-
369,755  
111,741  
-
1,502,539  
554,321  
557,683  
EBITDA  
21,838  
481,496  
2,614,543  
 
Bavarian Nordic | Interim Report Q1 2024  
BAVARIAN NORDIC AT A GLANCE  
About the company  
Page 4  
Bavarian Nordic is a leading global provider of travel vaccines and a preferred partner  
with governments and international organizations on delivering vaccines for improving  
public preparedness, such as mpox/smallpox vaccines.  
The company employs nearly 1,400 people across its research and development facilities  
in Germany and the USA, manufacturing sites in Denmark and Switzerland and with a  
global commercial organization present in strategic markets across Europe and the USA.  
Bavarian Nordic is listed on the Nasdaq Copenhagen exchange under the ticker symbol  
BAVA.  
Our vaccines  
Public preparedness  
Travel health  
Rabipur/RabAvert is indicated for both pre- and post-  
exposure vaccination against rabies. The vaccine is  
marketed globally in 20 countries.  
JYNNEOS/IMVANEX/IMVAMUNE is a vaccine against both  
mpox and smallpox.  
JYNNEOS is primarily sold to governments and  
organizations but has also been commercially launched in  
the U.S. in April 2024.  
Encepur is a vaccine against tick-borne-encephalitis  
(TBE) and is marketed in 12 countries in the EU.  
Vivotif is an oral typhoid vaccine approved in 25  
countries.  
Vaxchora is an oral cholera vaccine approved in 27  
countries and is the only FDA-approved cholera vaccine.  
Third-party products which are marketed and  
distributed in selected markets by Bavarian Nordic:  
IXIARO® is  
a
Japanese encephalitis vaccine and  
DUKORAL® is a cholera vaccine, both from Valneva, and  
marketed and distributed by Bavarian Nordic in Germany  
and Switzerland  
HEPLISAV-B® is  
a
vaccine against hepatitis  
B
from  
Dynavax, marketed and distributed by Bavarian Nordic in  
Germany.  
 
Bavarian Nordic | Interim Report Q1 2024  
COMMERCIAL PERFORMANCE  
Q1 sales  
Page 5  
The German market grew by 37% in the first quarter versus the  
mDKK  
Q1 2024 Q1 2023 Growth  
prior year, which reflects a milder winter and earlier start of the  
TBE season, combined with a geographical expansion of the risk  
area. Encepur market share was 27%.  
Travel health  
Rabipur/RabAvert  
Encepur  
235  
126  
43  
243  
87  
-3%  
44%  
N/A  
N/A  
-25%  
20%  
Vivotif and Vaxchora  
Revenue from sale of Vivotif in the first quarter was DKK 43  
million and revenue from sale of Vaxchora was DKK 11 million.  
Vivotif  
N/A  
N/A  
43  
Vaxchora  
11  
Third-party products  
32  
Comparative figures for the first quarter of 2023 are not available,  
as the products were taken over from their former owner,  
Emergent BioSolutions, in May 2023.  
447  
373  
Public preparedness  
JYNNEOS/IMVANEX/IMVAMUNE  
Other revenue  
344  
40  
848  
31  
-59%  
28%  
Both products are being relaunched with an ambition to drive  
combined annual peak revenue to a level of USD 100 million.  
Total  
831  
1,252  
-34%  
Third-party products  
Comparative figures for 2023 are shown in brackets. Where  
market shares are mentioned, these are measured by value.  
Revenue from sale of third-party products in the first quarter was  
DKK 32 million (DKK 43 million). Despite strong demand, revenue  
decreased due to a temporary stockout of Ixiaro.  
Travel health  
Public preparedness  
Rabipur/RabAvert  
Revenue from sale of JYNNEOS/IMVANEX/IMVAMUNE in the first  
quarter was DKK 344 million (DKK 848 million) and includes  
revenue from ongoing contracts with the U.S. government as well  
as contracts entered with various other governments and  
organizations in response to the global mpox outbreak.  
The Rabipur/RabAvert business has continued the strong  
performance and delivered revenue amounting to DKK 235 million  
(DKK 243 million) for the first quarter. The slight decrease is  
primarily attributed to a temporary stockout in European  
markets, also for the competitor.  
2023 was a record year for this business due to the mpox outbreak  
that started in 2022, which explains the revenue decrease in the  
first quarter. However, Bavarian Nordic is still projecting DKK  
2,700-3,000 million in revenue from this business in 2024, of which  
DKK 1,600 million has been secured from governments, reflecting a  
higher base business than seen historically. Further government  
contracts are anticipated and the recent commercial launch of  
JYNNEOS in the U.S. in April 2024 will also drive larger revenues in  
the remaining quarters of 2024.  
In the first quarter, the U.S. market grew by 17% versus the prior  
year and RabAvert increased its market share to 71%, 1pp higher  
compared to prior year. The German market dropped by 27% in  
the first quarter versus the prior year, driven by a temporary  
stockout of both Rabipur and competitor’s product in the first  
months. Rabipur market share was negatively impacted by the  
stockout but regained over time and ended the quarter with an  
88% share of the market. The stockout situation has since been  
resolved.  
Other revenue  
Encepur  
Other revenue in the first quarter was DKK 40 million (DKK 31  
million), mainly stemming from ongoing contracts with the U.S.  
government, including the contract to develop an MVA-BN-based  
vaccine against equine encephalitis viruses.  
The Encepur business delivered strong growth with revenue  
amounting to DKK 126 million (DKK 87 million) for the first  
quarter, i.e. an increase of 44% versus prior year.  
BUSINESS UPDATES  
Mpox / smallpox  
remains completely unvaccinated and 15% have received only one  
dose of the vaccine. CDC recommends two doses of the vaccine  
for maximum protection. Infections are still occurring throughout  
the U.S., with around 200 cases every month on average in 2024  
to-date, twice as many as reported in the same period in 2023.  
While 2023 represented a record year in the sales of  
mpox/smallpox vaccines, Bavarian Nordic continues in 2024 to  
fulfil orders received from existing and new customers, including  
the USA, Canada and the EU stockpile initiative, rescEU. These  
governmental and supranational partnerships will remain a  
significant part of the Company’s public preparedness business  
which has grown to a higher base level than previously.  
Launched through its existing nationwide vaccine distribution  
structure, Bavarian Nordic estimates the total gross value of the  
private mpox vaccine market to be approximately USD 250  
million over the next 4 years.  
In April 2024, the EU extended their commitment through the  
award of a contract valued at EUR 65 million to supply smallpox  
vaccines to rescEU in 2025.  
Swissmedic approval of JYNNEOS®  
In March, the Swiss Agency for Therapeutic Products, Swissmedic,  
approved JYNNEOS® (MVA-BN) for active immunization against  
disease caused by smallpox, mpox and vaccinia viruses in adults  
18 years of age and older.  
In addition to stockpiling contracts, a new business segment has  
expanded the commercial opportunities for the vaccine, as  
national authorities across several countries have recommended  
the routine use of the mpox vaccine in at-risk populations. Based  
on such a recommendation from the U.S. Centers for Disease  
Control and Prevention’s (CDC) in 2023, Bavarian Nordic launched  
JYNNEOS® commercially in the U.S. in April 2024.  
The approval represents the first national marketing  
authorization issued to Bavarian Nordic since 2019 and was  
facilitated by the Swiss authorities in response to the 2022 global  
mpox outbreak, where the vaccine was provided under  
emergency use provisions to many countries where full approval  
had not been sought.  
According to estimates from the CDC, the at-risk population  
represents approximately 2 million U.S. individuals, of which 60%  
 
Bavarian Nordic | Interim Report Q1 2024  
Page 6  
R&D PIPELINE  
Chikungunya  
years and above, with antibody titers equal to or above the  
Bavarian Nordic remains on track to complete submissions to U.S.  
and EU regulatory authorities in the first half of 2024, seeking  
approval of the CHIKV VLP vaccine for immunization against  
chikungunya virus infection in individuals 12 years of age and  
older.  
threshold agreed with authorities as a marker of seroprotection.  
CHIKV VLP vaccine was well-tolerated across both studies and  
adverse events were mainly mild or moderate in nature.  
The long-term immunogenicity of CHIKV VLP vaccine is currently  
being evaluated in a follow-up Phase 3 study (NCT06007183) in  
healthy adults and adolescents from the previous Phase 3 study  
(NCT05072080). The new study will evaluate both the safety and  
long-term immunogenicity of a single dose of CHIKV VLP vaccine  
in up to 5 years after vaccination and antibody responses after a  
booster vaccination with CHIK VLP vaccine administered 3, 4, or  
5 years post-initial vaccination.  
In April, the Company initiated a rolling submission of a Biologics  
License Application (BLA) to the U.S. Food and Drug  
Administration (FDA) with an aim to complete the submission by  
end of June.  
Likewise, the Company expects to submit a Marketing  
Authorization Application (MAA) to the European Medicines  
Agency (EMA) in June. In February, the Committee for Medicinal  
Products for Human Use (CHMP) of the EMA granted accelerated  
assessment for the upcoming MAA for CHIKV VLP vaccine.  
Equine encephalitis  
Bavarian Nordic has an ongoing partnership with the U.S.  
Department of Defense (DOD) to develop MVA-BN® WEV, a  
prophylactic vaccine candidate against Western, Eastern and  
Venezuelan equine encephalitis virus.  
The accelerated assessment, which is granted based upon CHMP’s  
decision that the vaccine candidate is of major interest for public  
health and therapeutic innovation, may reduce the timeframe for  
the review of the MAA from 210 days under the standard review  
procedure to 150 days, not counting clock stops when applicants  
must provide additional information.  
After having concluded a Phase 1 clinical trial, Bavarian Nordic  
was awarded a contract by the DOD in 2022 to advance the  
development of MVA-BN WEV. The base agreement of USD 64  
million has been secured for the period 2023-2026 and covers the  
costs for a clinical Phase 2 dose finding study, further non-  
clinical studies, process development and manufacturing of  
clinical trial material. Options under this contract are valued at  
USD 28 million and could support Phase 3 preparations.  
The BLA and MAA submissions are based on, among others, two  
completed Phase 3 studies of CHIKV VLP vaccine (NCT05072080  
and NCT05349617). Both studies met their primary endpoints,  
demonstrating that CHIKV VLP vaccine induced high levels of  
neutralizing antibodies against chikungunya in individuals 12  
Preparations are ongoing to initiate the Phase 2 study in 2024.  
OTHER MATTERS  
New board member  
At the annual general meeting in April, Peter Kürstein, member  
of the Board of Directors since 2012, stepped down and Montse  
Montaner, who had been observer to the Board since November  
2023, was elected as new member.  
Member  
FRAC  
NC  
STI  
Luc Debruyne, chair  
C
M
M
M
Anders G. Pedersen, deputy chair  
Frank Verwiel  
M
C
M
M
Ms. Montaner 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,  
demonstrating a proven track record in sustainability,  
compliance, operations excellence, and business transformation,  
and has received several recognitions for her leadership in driving  
sustainable organizations.  
Anne Louise Eberhard  
Heidi Hunter  
C
Johan van Hoof  
M
M
M
Montse Montaner  
M
Linette M. Andersen, employee-elected  
Thomas A. Bennekov, employee-elected  
Anja Gjøl, employee-elected  
Karen M. Jensen, employee-elected  
Ms. Montaner currently serves as a board member of Children´s  
Tumor Foundation and Ellab A/S. She is member of the advisory  
board and the executive council of 09 Solutions, Inc, and  
scientific advisor at Nordic Capital.  
After constitution of the board and its subcommittees, the board  
composition is as follows:  
FRAC: Finance, Risk and Audit Committee  
NC: Nomination and Compensation Committee  
STI; Science, Technology and Investment Committee  
M: Member, C: Chair  
Developments in the share capital  
There were no changes in the share capital during the first  
quarter of 2024.  
By March 31, 2024, Bavarian Nordic’s share capital was DKK  
780,978,340, comprising 780,978,340 shares of a nominal value of  
DKK 10 each.  
Financial calendar 2024  
Half-year report (Q2)  
August 22, 2024  
Nine-month report (Q3)  
November 15, 2024  
 
Bavarian Nordic | Interim Report Q1 2024  
Page 7  
FINANCIAL REVIEW  
Financial statements for the period January 1 – March 31, 2024 are un-audited. Comparison figures for the same period 2023 are stated in  
brackets.  
Revenue  
relates to the Bern production site (acquired as per May 15, 2023)  
and depreciations on the rebuilt plant in Kvistgaard.  
Revenue for the period was DKK 831 million (DKK 1,252 million).  
Revenue was composed of DKK 447 million (DKK 373 million) from  
the travel health business, DKK 344 million (DKK 848 million)  
from the public preparedness business, DKK 40 million (DKK 31  
million) from sale of service. The growth in the travel health  
portfolio was mainly driven by strong Encepur sales 126 million  
(87 million) and sales from the added products Vivotif and  
Vaxchora 54 million (0 million)  
Financial items  
Financial items totaled a net income of DKK 15 million (net  
income of DKK 7 million) and consisted of interest income of DKK  
17 million (DKK 3 million), net gains on derivative financial  
instruments DKK 1 million (net gain of DKK 4 million), financial  
net income from securities of DKK 5 million (net income of DKK  
34 million), and net foreign exchange rate gain of DKK 34 million  
(gain of DKK 1 million) due to increase in USD exchange rate. This  
is partly offset by interest expense on debt of DKK 2 million (DKK  
6 million) and net value adjustment of deferred consideration of  
DKK 39 million (DKK 29 million) from the acquisition of Encepur  
and Rabipur/RabAvert and Vivotif and Vaxchora.  
Production costs  
Production costs totaled DKK 566 million (DKK 428 million). Costs  
related directly to revenue amounted to DKK 279 million (DKK  
293 million), of which cost of goods sold totaled DKK 249 million  
(DKK 268 million). Contract costs totaled DKK 30 million (DKK 25  
million). Amortization of product rights was recognized as part of  
the production costs with a total of DKK 78 million (DKK 67  
million). Amortization of product rights mainly relates to  
Rabipur/RabAvert and Encepur, DKK 68 million (DKK 67 million),  
whereas amortization of Vivotif and Vaxchora amounted to DKK  
10 million (DKK 0 million). Other production costs totaled DKK  
209 million (DKK 68 million). The increase in other production  
costs is partly related to temporary close-down of bulk  
production due to water damage in Kvistgaard in January leading  
to less allocation of indirect production costs, additional startup  
production runs for Encepur following tech transfer from GSK,  
and inclusion of other production costs from the Bern site, mainly  
due to cost of idle capacity in the first quarter.  
The net value adjustment of deferred consideration was an  
expense of DKK 39 million (DKK 29 million), consists of three  
components; Adjustment of deferred consideration due to change  
in estimated timing of payments of DKK 6 million expense  
(expense of DKK 1 million), currency adjustments of DKK 13  
million expense (expense of DKK 4 million) and unwinding of the  
discounting effect related to deferred consideration of DKK 20  
million (DKK 24 million), see note 6 and 7.  
Income before company tax was a loss of DKK 114 million (gain of  
DKK 376 million).  
Tax  
Sales and distribution costs  
Tax on income was DKK 0 million (DKK 0 million). The effective  
tax rate is -0.3% for the Group. No tax has been recognized for  
the Parent Company due to a substantial non-recognized tax  
asset which can be utilized to reduce future income tax  
payables.  
Sales and distribution costs totaled DKK 89 million (DKK 66  
million) split between costs for distribution of products of DKK 12  
million (DKK 15 million) and costs for running the commercial  
organization and activities of DKK 77 million (DKK 51 million).  
The decrease in distribution costs is linked to lower revenue,  
whereas the increase in running costs is partly related to the  
acquired activity from Emergent BioSolutions, acquired as of May  
15, 2023.  
Net profit  
For the first three months of 2024, Bavarian Nordic reported a  
net loss of DKK 114 million (net gain of DKK 376 million).  
Research and development costs  
Product rights  
Research and development costs totaled DKK 185 million (DKK  
298 million), primarily related to the chikungunya Phase 3 study  
including running cost for the R&D facility in San Diego taken  
over from Emergent BioSolutions. The amount excludes R&D costs  
of DKK 30 million (DKK 25 million) recognized as production  
costs, see note 5.  
Product rights recognized in the balance sheet totaled DKK 4,713  
million (DKK 4,791 million as of December 31, 2023) and relates  
to Rabipur/RabAvert, Encepur, Vaxchora and Vivotif.  
Acquired rights and development in progress  
Acquired rights and development in progress consist of the  
acquired chikungunya Phase 3 study and stood at DKK 1,287  
million (DKK 1,287 million as of December 31, 2023). The  
chikungunya development asset consists of the initial calculated  
fair value of DKK 876 million, including the net present value of  
probable future development milestones, DKK 499 million.  
Administrative costs  
Administrative costs totaled DKK 120 million (DKK 90 million).  
The increase relates to the acquired activity from Emergent  
BioSolutions including integration costs.  
EBIT/EBITDA  
Developed production processes  
Income before interest and tax (EBIT) was a loss of DKK 129  
million, compared to a gain of DKK 370 million in the first three  
months of 2023, following the lower revenue and gross profit for  
the first three months of 2024.  
Developed production processes relates to the technology  
transfer from GSK to Bavarian Nordic of the manufacturing  
process for Rabipur/RabAvert and Encepur. The transfer project  
has been running for the past 4 years in a staged process, starting  
with packaging then filling and ending with the transfer of bulk  
manufacturing. The Company has capitalized incurred costs  
related mainly to internal labor and consultancy working on the  
technology transfer process. The asset was finalized in the  
beginning of 2024 with an initial value of DKK 375 million and will  
EBITDA was a gain of DKK 22 million (profit of DKK 481 million).  
Amortization of product rights amounted to DKK 78 million (DKK  
67 million) whereas depreciation on other fixed assets amounted  
to DKK 73 million (DKK 44 million). The increase in depreciations  
 
Bavarian Nordic | Interim Report Q1 2024  
Page 8  
be amortized over 10 years. The amortization costs will be  
included as part of the cost accounting for produced products.  
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  
Securities, cash and cash equivalents  
Securities, cash and cash equivalents were DKK 2,292 million as  
of March 31, 2024 (DKK 1,867 million as of December 31, 2023).  
about risks and uncertainties which Bavarian Nordic faces, refer  
Cash flow  
to page 37-39 “Risk Management” in the 2023 Annual Report.  
Cash flow generated by operating activities was positive by DKK  
435 million (negative by DKK 215 million). Working capital  
decreased by DKK 354 million (increased by DKK 698 million)  
compared to the December 31, 2023 position, primarily following  
a very high receivable position at year-end 2023 that was brought  
down to a normal level during first quarter of 2024. This positive  
cash impact was partly offset by a reduction in the account  
payable position following the payment in January of milestone  
payments to GSK and AdaptVac (DKK 298 million).  
OUTLOOK FOR 2024  
Bavarian Nordic maintains its financial guidance for 2024 at a  
revenue of DKK 5,000-5,300 million and EBITDA of DKK 1,100-  
1,350 million.  
The expected revenue is comprised of DKK 2,700–3,000 million  
from Public Preparedness vaccines, of which DKK 1,600 million  
have already been secured by contracts, approximately DKK  
2,100 million from Travel Health vaccines and approximately DKK  
200 million from contract work.  
Cash flow from investment activities was negative by DKK 1,045  
million (positive by DKK 331 million) and is related to investment  
in short term securities.  
Travel Health anticipates a 12% growth, driven by a mix of  
continued market growth and market share gains.  
Cash flow from financing activities was negative by DKK 11  
million (DKK 584 million positive), following payment of lease  
liabilities and installment on mortgage debt.  
Key assumptions  
Research and development costs of approximately DKK 850  
million are expected, of which the chikungunya program  
represents nearly half. Similarly, the chikungunya program will  
impact manufacturing costs negatively by approximately DKK 240  
million due to manufacturing of drug substance batches as part of  
the preparations for commercial launch in 2025. Pending  
approval of the vaccine, it is expected that these costs will be  
reversed and capitalized in 2025. Adjusting the implicit 2024  
EBITDA margin for this effect would give an EBITDA margin range  
of 27-30%.  
The net cash flow for the first three months of 2024 was negative  
by DKK 621 million following the investment in securities,  
compared to a positive cash contribution of DKK 700 million in  
first quarter of 2023 following the capital increase, partly offset  
by repayment of repo transaction.  
Equity  
The Group’s equity as of March 31, 2024, stood at DKK 10,174  
million (DKK 10,340 million as of December 31, 2023.)  
Deferred consideration  
Net working capital is expected to increase by approximately DKK  
900 million due to final inventory build-up before completion of  
tech-transfer of rabies and TBE manufacturing.  
Deferred consideration to GSK for purchase of product rights  
amounted to DKK 1,894 million and consists of likely milestone  
payments to GSK dependent on operational steps in the ongoing  
technology transfer of the Encepur and Rabipur related  
production activities.  
Deferred consideration to Emergent BioSolutions for purchase of  
the chikungunya development asset amounted to DKK 521 million  
and consists of milestone payments related to submission and  
approval of Biologics License Application (BLA) to FDA and  
Marketing Authorization Application to EMA.  
Other tangible investments of approximately DKK 300 million are  
expected.  
Cash outflow in 2024 further includes milestone payments of DKK  
1,800 million to GSK and Emergent BioSolutions.  
The outlook is based on the following assumptions on currency  
exchange rates of DKK 6.90 per 1 USD and DKK 7.45 per 1 EUR.  
Most of the above milestone payments are expected to be  
payable with the following 12 months.  
 
Bavarian Nordic | Interim Report Q1 2024  
Page 9  
FINANCIAL STATEMENTS  
Unaudited Condensed Consolidated Income Statements for the Periods Ended March 31, 2024 and 2023 and  
December 31, 2023  
Note  
DKK thousand  
1/1 - 31/3 2024  
1/1 - 31/3 2023  
1/1-31/12 2023  
Revenue  
3
4
831,472
566,237
1,252,053
428,397
7,062,340
2,459,294
Production costs  
Gross profit  
265,235
823,656
4,603,046
Sales and distribution costs  
Research and development costs  
Administrative costs  
88,693
185,107
120,330
65,630
298,018
90,253
331,579
2,228,080
540,848
5
Total operating costs  
394,130
453,901
369,755
3,100,507
1,502,539
Income before interest and tax (EBIT)  
(128,895)
Financial income  
6
7
51,948
37,194
41,164
34,439
112,784
132,380
Financial expenses  
Income before company tax  
(114,141)
376,480
1,482,943
Tax on income for the period  
310
113
7,754
Net profit for the period  
(114,451)
376,367
1,475,189
Earnings per share (EPS) - DKK  
Basic earnings per share of DKK 10  
Diluted earnings per share of DKK 10  
(1.5)
(1.5)
5.1
5.1
19.2
19.2
Unaudited Condensed Consolidated Statements of Comprehensive Income for the Periods Ended March 31,  
2024 and 2023 and December 31, 2023  
DKK thousand  
1/1 - 31/3 2024  
(114,451)
1/1 - 31/3 2023  
376,367
1/1-31/12 2023  
1,475,189
Net profit for the period  
Other comprehensive income  
Remeasurements of defined benefit plans  
Income tax  
-
-
-
-
(32,555)
4,505
Items that will not be reclassified to the income statement  
-
-
(28,050)
Recycled to financial items  
-
-
(31,894)
Change in fair value of financial instruments entered into to  
hedge future cash flows  
(36,353)
(38,499)
(35,226)
(1,934)
45,887
34,489
Exchange rate adjustments on translating foreign operations  
Items that will be reclassified to the income statement  
Other comprehensive income after tax  
Total comprehensive income  
(74,852)
(74,852)
(189,303)
(37,160)
(37,160)
339,207
48,482
20,432
1,495,621
 
Bavarian Nordic | Interim Report Q1 2024  
Page 10  
Unaudited Condensed Consolidated Statements of Cash Flow for the Periods Ended March 31, 2024 and  
2023 and December 31, 2023  
DKK thousand  
1/1 - 31/3 2024  
(114,451)
1/1 - 31/3 2023  
376,367
1/1-31/12 2023  
1,475,189
Net profit for the period  
Adjustment for non-cash items:  
Financial income  
(51,948)
37,194
310
(41,164)
34,439
113
(112,784)
132,380
7,754
Financial expenses  
Tax on income for the period  
Depreciation, amortization and impairment losses  
Share-based payment  
150,733
23,643
111,742
16,603
1,111,504
55,477
Changes in inventories  
(139,151)
1,121,849
(4,131)
(285,298)
(266,118)
-
(599,015)
(1,345,427)
24,744
Changes in receivables  
Changes in provisions  
Changes in current liabilities  
(624,735)
(146,214)
368,739
Cash flow from operations (operating activities)  
399,313
(199,530)
1,118,561
Received financial income  
Paid financial expenses  
Paid company taxes  
50,436
(11,038)
(3,482)
7,789
(20,555)
(2,399)
63,260
(52,412)
(10,203)
Cash flow from operating activities  
435,229
(214,695)
1,119,206
Investments in products rights  
-
(6,678)
11,530
-
-
(211,837)
(31,026)
-
(298,117)
(536,763)
(142,525)
(1,831,573)
(38,706)
Investments in other intangible assets  
Investments in property, plant and equipment  
Cash used for acquisition of businesses  
Investments in/disposal of financial assets  
Investments in securities  
(6,390)
(1,049,090)
5,626
(15,839)
(10,833)
600,427
(10,834)
Disposal of securities  
1,912,954
Cash flow from investment activities  
(1,045,002)
330,892
(945,564)
Payment on loans  
(471)
(1,104,136)
80,000
(5,405)
13,392
1,641,913
(41,517)
-
(1,105,545)
240,000
(34,270)
45,517
Proceeds from loans  
-
Repayment of lease liabilities  
(10,256)
Proceeds from warrant programs exercised  
Proceeds from capital increase through private placement  
Cost related to issue of new shares  
Purchase of treasury shares  
-
-
-
-
1,641,913
(42,795)
(8,988)
Cash flow from financing activities  
Cash flow of the period  
(10,727)
584,247
700,444
735,832
909,474
(620,500)
Cash as of 1 January  
1,477,234
4,080
575,407
(4,134)
575,407  
(7,647)
Currency adjustments 1 January  
Cash end of period  
860,814
1,271,717
1,477,234
 
Bavarian Nordic | Interim Report Q1 2024  
Page 11  
Unaudited Condensed Consolidated Statements of Financial Position - Assets as of March 31, 2024 and 2023  
and December 31, 2023  
DKK thousand  
Assets  
Note  
31/3 2024  
31/3 2023  
31/12 2023  
Product rights  
4,713,275
1,286,749
371,733
9,740
4,571,661
1,186,337
-
4,791,442
1,286,749
-
Acquired rights and development in progress  
Developed production processes  
Software  
13,207
312,458
12,443
391,102
Intangible assets in progress  
22,895
Intangible assets  
6,404,392
6,083,663
6,481,736
Land and buildings  
963,994
23,254
619,889
23,288
987,013
25,047
Leasehold improvements  
Plant and machinery  
400,659
664,540
211,707
311,458
499,556
225,964
412,674
696,060
206,721
Fixtures and fittings, other plant and equipment  
Assets under construction  
Property, plant and equipment  
Right-of-use assets  
Other receivables  
2,264,154
113,519
10,044
1,680,155
65,436
9,037
2,327,515
125,170
11,185
Prepayments  
12,087
219,425
228,462
4,556
Financial assets  
22,131
15,741
Total non-current assets  
Inventories  
8,804,196
1,782,887
8,057,716
1,203,086
8,950,162
1,643,736
8
9
Trade receivables  
Tax receivables  
Other receivables  
Prepayments  
663,090
84
741,363
-
1,778,104
84
10  
38,293
40,482
42,290
165,238
95,136
18,510
Receivables  
741,949
948,891
1,891,834
Securities  
1,431,085
860,814
1,699,447
1,271,717
390,247
Cash and cash equivalents  
1,477,234
Securities, cash and cash equivalents  
Total current assets  
2,291,899
4,816,735
2,971,164
5,123,141
1,867,481
5,403,051
Total assets  
13,620,931
13,180,857
14,353,213
 
Bavarian Nordic | Interim Report Q1 2024  
Page 12  
Unaudited Condensed Consolidated Statements of Financial Position - Equity and Liabilities as of March 31,  
2024 and 2023 and December 31, 2023  
DKK thousand  
Note  
31/3 2024  
31/3 2023  
31/12 2023  
Equity and liabilities  
Share capital  
780,978
(1,291)
778,730
(1,298)
780,978
(1,537)
Treasury shares  
Retained earnings  
Other reserves  
9,220,777
173,808
8,225,725
117,744
9,330,002
230,489
Equity  
10,174,272
9,120,901
10,339,932
Deferred consideration for product rights  
Prepayment and loan from Government  
Debt to credit institutions  
320,558
-
1,563,329
646,420
16,532
-
1,016,856
-
14,664
76,601
27,581
72,002
15,135
80,732
29,068
83,621
Retirement benefit obligations  
Deferred tax liabilities  
-
Lease liabilities  
44,406
Non-current liabilities  
511,406
2,270,687
1,225,412
Deferred consideration for product rights  
Debt to credit institutions  
Lease liabilities  
2,095,275
1,913
1,077,701
1,923
1,360,133
1,913
45,014
480,274
4,319
23,835
444,834
3,945
44,633
954,142
7,205
Trade payables  
Company tax  
Other liabilities  
11  
308,458
237,031
419,843
Current liabilities  
2,935,253
3,446,659
13,620,931
1,789,269
4,059,956
13,180,857
2,787,869
4,013,281
14,353,213
Total liabilities  
Total equity and liabilities  
 
Bavarian Nordic | Interim Report Q1 2024  
Page 13  
Unaudited Condensed Consolidated Statements of Changes in Equity for the Periods March 31, 2024 and  
2023  
Reserves for  
Reserves for  
currency  
adjustment  
fair value of  
financial  
instruments  
Treasury  
shares  
Retained  
earnings  
Share-based  
payment  
DKK thousand  
Share capital  
780,978
Equity  
Equity as of January 1, 2024  
(1,537)
9,330,002
10,932
45,887
173,670
10,339,932
Comprehensive income for the period  
Net profit  
-
-
-
(114,451)
-
-
-
(114,451)
(36,353)
Other comprehensive income  
Exchange rate adjustments on  
translating foreign operations  
Change in fair value of financial  
instruments entered into to hedge future  
cash flows  
-
-
(36,353)
-
-
-
-
-
-
(38,499)
-
(38,499)
Total comprehensive income for the  
period  
-
-
(114,451)
(36,353)
(38,499)
-
(189,303)
Transactions with owners  
Share-based payment  
-
-
-
-
246
246
-
5,226
5,226
-
-
-
-
-
-
23,643
(5,472)
18,171
23,643
-
Transfer regarding restricted stock units  
Total transactions with owners  
23,643
Equity as of March 31, 2024  
780,978
(1,291)
9,220,777
(25,421)
7,388
191,841
10,174,272
Reserves for  
fair value of  
financial  
Reserves for  
currency  
adjustment  
Treasury  
shares  
Retained  
earnings  
Share-based  
payment  
DKK thousand  
Share capital  
707,354
instruments  
Equity  
Equity as of January 1, 2023  
(1,463)
6,300,575
(23,557)
31,894
135,184
7,149,987
Comprehensive income for the period  
Net profit  
-
-
-
376,367
-
-
-
376,367
(1,934)
Other comprehensive income  
Exchange rate adjustments on  
translating foreign operations  
Change in fair value of financial  
instruments entered into to hedge future  
cash flows  
-
-
(1,934)
-
-
-
-
-
-
(35,226)
-
(35,226)
Total comprehensive income for the  
period  
-
-
376,367
(1,934)
(35,226)
-
339,207
Transactions with owners  
Share-based payment  
-
908
-
-
-
15,887
-
-
-
-
-
-
-
-
-
-
-
-
17,919
(3,403)
-
17,919
13,392
Warrant program exercised  
Capital increase through rights issue  
Cost related to issue of new shares  
Transfer regarding restricted stock units  
Total transactions with owners  
70,468
-
-
1,571,445
(41,517)
2,968
1,641,913
(41,517)
-
-
-
-
165
165
(3,133)
11,383
71,376
1,548,783
1,631,707
Equity as of March 31, 2023  
778,730
(1,298)
8,225,725
(25,491)
(3,332)
146,567
9,120,901
 
Bavarian Nordic | Interim Report Q1 2024  
Page 14  
NOTES  
1. Material accounting policies  
2. Key accounting estimates, assumptions and  
uncertainties  
3. Revenue  
4. Production costs  
9. Trade receivables  
10. Other receivables  
11. Other liabilities  
12. Financial instruments  
13. Warrants  
5. Research and development costs  
6. Financial income  
14. Significant changes in contingent liabilities and other  
contractual obligations  
7. Financial expenses  
8. Inventories  
15. Significant events after the balance sheet date  
16. Approval of the unaudited condensed consolidated  
interim financial statements  
1. Material 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  
2023 and in accordance with the recognition and measurement policies in the International Financial Reporting Standards (IFRS) as adopted  
by EU.  
As of March 31, 2024, the Company has implemented all new or amended accounting standards and interpretations as adopted by the EU and  
applicable for the 2023 financial year. None of the new or amended standards or interpretations are assessed to have significant impact on  
the consolidated financial statements.  
2. Key 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 key accounting estimates, assumptions and uncertainties, which are stated in the Annual Report 2023, the Management has  
not changed key estimates and judgments regarding recognition and measurement.  
 
Bavarian Nordic | Interim Report Q1 2024  
Page 15  
DKK thousand  
3. Revenue  
1/1 - 31/3 2024  
1/1 - 31/3 2023  
1/1-31/12 2023  
Travel health  
Rabipur/RabAvert  
Encepur  
234,963  
125,508  
42,990  
11,488  
32,322  
447,271  
242,471  
87,070  
-
1,161,162  
416,756  
118,885  
23,736  
Vivotif  
Vaxchora  
-
Other product sale  
43,189  
372,730  
156,533  
1,877,072  
Public preparedness  
Mpox/smallpox vaccine sale  
Sale of goods  
343,848  
847,845  
5,027,001  
791,119  
1,220,575  
6,904,073  
Contract work  
40,353  
31,478  
158,267  
Sale of services  
40,353  
31,478  
158,267  
Revenue  
831,472  
14,068  
1,252,053  
-
7,062,340  
-
Total revenue includes:  
Fair value adjustment concerning financial instruments entered into to  
hedge revenue  
4. Production costs  
Cost of goods sold  
249,134  
30,064  
208,872  
78,167  
268,074  
24,840  
68,234  
67,249  
1,608,263  
126,877  
426,125  
298,029  
Contract costs  
Other production costs  
Amortization product rights  
Production costs  
566,237  
428,397  
2,459,294  
5. Research and development costs  
Research and development costs occurred in the period  
Of which:  
215,171  
322,858  
1,797,274  
Contract costs recognized as production costs  
Impairment loss of ABNCoV2 development program  
(30,064)  
-
(24,840)  
-
(126,877)  
557,683  
Research and development costs  
185,107  
298,018  
2,228,080  
Impairment loss of ABNCoV2 development program  
Acquired rights and development in progress  
Intangible assets in progress  
-
-
-
-
-
-
-
-
-
-
-
-
1,403,264  
26,224  
Prepayments  
456,551  
Prepayment and loan from Government  
Deferred consideration  
(806,420)  
(521,936)  
557,683  
Impairment loss of ABNCoV2 development program  
6. Financial income  
Financial income from bank and deposit contracts1  
Financial income from securities  
16,812  
6,574  
-
3,309  
6,007  
40,214  
14,340  
30,777  
Fair value adjustments on securities  
27,584  
Adjustment of deferred consideration due to change in estimated timing of  
payments  
(6,156)  
-
(737)  
-
13,759  
2,563  
Currency adjustment deferred consideration  
Net gains on derivative financial instruments at fair value through the  
income statement (held for trading)  
907  
4,183  
818  
11,131  
-
Net foreign exchange gains  
33,811  
Financial income  
51,948  
41,164  
112,784  
1 Interest income on financial assets measured at amortized cost  
 
Bavarian Nordic | Interim Report Q1 2024  
Page 16  
DKK thousand  
1/1 - 31/3 2024 1/1 - 31/3 2023  
1/1-31/12 2023  
7. Financial expenses  
Interest expenses on debt1  
1,616  
6,239  
3,558  
Fair value adjustments on securities  
1,121  
20,143  
12,545  
-
23,985  
4,215  
-
101,961  
-
Unwinding of the discounting effect related to deferred consideration  
Currency adjustment deferred consideration  
Financial expenses, other  
1,769  
-
11,469  
Financial expenses  
37,194  
34,439  
132,380  
1 Interest expenses on financial liabilities measured at amortized cost  
DKK thousand  
31/3 2024  
31/3 2023  
31/12 2023  
8. Inventories  
Raw materials and supply materials  
Work in progress  
364,814  
1,215,040  
413,028  
250,270  
781,996  
317,392  
1,231,857  
319,102  
Manufactured goods and commodities  
Write-down on inventory  
333,239  
(209,995)  
(162,419)  
(224,615)  
Inventories  
1,782,887  
1,203,086  
1,643,736  
Write-down on inventory 1 January  
Additions from acqusition of businesses  
Write-down during the period  
Use of write-down  
(224,615)  
-
(162,419)  
(162,419)  
(14,498)  
(75,300)  
27,602  
-
-
-
(3,675)  
18,295  
Write-down end of period  
(209,995)  
(162,419)  
(224,615)  
9. Trade receivables  
Trade receivables from public preparedness business  
Trade receivables from travel health business  
Trade receivables from contract work  
243,672  
418,582  
836  
406,945  
311,266  
23,152  
1,660,604  
110,832  
6,668  
Trade receivables  
663,090  
741,363  
1,778,104  
10. Other receivables  
Receivable VAT and duties  
Derivative financial instruments at fair value  
Interest receivables  
19,068  
7,388  
11,837  
-
19,456  
1,715  
46,585  
45,887  
2,664  
-
9,594  
Other receivables  
11,525  
Other receivables  
38,293  
42,290  
95,136  
11. 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  
-
-
5,046  
1,850  
-
-
136,884  
129,239  
42,335  
87,867  
115,955  
26,313  
212,122  
159,802  
47,919  
Other liabilities  
308,458  
237,031  
419,843  
 
Bavarian Nordic | Interim Report Q1 2024  
Page 17  
12. Financial instruments  
Fair value hierarchy for financial instruments measured at fair value  
As of March 31, 2024  
DKK thousand  
Level 1  
Level 2  
Total  
Securities  
1,431,085  
-
1,431,085  
Financial assets measured at fair value through the income statement  
1,431,085  
-
1,431,085  
Derivative financial instruments to hedge future cash flow (currency)  
Derivative financial instruments to hedge future cash flow (interest)  
-
-
6,229  
1,159  
6,229  
1,159  
Financial assets/liabilities used as hedging instruments  
-
7,388  
7,388  
As of December 31, 2023  
DKK thousand  
Level 1  
Level 2  
Total  
Securities  
390,247  
-
390,247  
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)  
390,247  
-
44,784  
1,103  
390,247  
44,784  
1,103  
-
-
Financial assets/liabilities used as hedging instruments  
-
45,887  
45,887  
13. Warrants  
Outstanding warrants as of March 31, 2024  
Outstanding as  
of January 1  
Warrants  
Additions exercised  
Trans-  
ferred  
Outstanding as of  
Match 31  
Annulled Terminated  
Corporate Management  
Other Executive Management  
Other employees  
669,064  
484,041  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
669,064  
484,041  
-
(92,268)  
-
2,916,601  
451,209  
(36,310)  
36,310  
2,788,023  
487,519  
Resigned employees  
Total  
4,520,915  
226  
-
-
-
-
-
(92,268)  
251  
-
-
-
-
4,428,647  
226  
Weighted average exercise price  
Weighted average share price at  
exercise  
Numbers of warrants which can be exercised as of  
March 31, 2024  
1,588,688  
187  
at a weighted average exercise  
price of DKK  
The total recognized cost of the warrant programs was DKK 12.5 million in the first three months of 2024 (DKK 12.1 million).  
Specification of parameters for Black-Scholes  
model  
Nov  
2019  
Jan  
2020  
Nov  
2020  
Nov  
2021  
Apr  
2022  
Dec  
20223  
Dec  
DKK  
20233  
Average share price  
154.05  
185.40  
171.20  
197.00  
179.84  
206.82  
307.20  
353.06  
171.35  
190.11  
224.70  
270.91  
172.40  
191.58  
Average exercise price at grant  
Average exercise price at grant -  
Executive Management  
-
-
-
-
-
224.70  
172.40  
Average exercise price determined  
at date of rights issue March 30,  
2020 (DKK)  
Applied volatility rate2  
146.60  
52.2%  
3.0  
155.80  
53.0%  
3.0  
-
39.8%  
3.0  
-
41.8%  
3.0  
-
42.3%  
3.0  
-
46.6%  
3.0  
-
53.3%  
3.0  
Expected life (years)  
Expected dividend per share  
Risk-free interest rate p.a.  
Fair value at grant1  
Fair value at grant - Executive  
Management1)  
-
-
-
-
-
-
-
-0.69%  
45  
-0.65%  
53  
-0.66%  
41  
-0.53%  
76  
0.39%  
47  
2.04%  
64  
2.55%  
62  
78  
68  
 
Bavarian Nordic | Interim Report Q1 2024  
Page 18  
1 Fair value of each warrant applying the Black-Scholes model  
2 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.  
3 The December 2022 and December 2023 programs have two set of exercise conditions. Executive Management can subscribe future shares at a exercise price  
of DKK 224.70/DKK 172.40 per share equivalent to the market price of Bavarian Nordic's shares at the time of grant. Vesting of the warrants is subject to prior  
fulfilment of KPI's as determined by the Board of Directors. Other employees can subscribe future shares at a exercise price of DKK 270.91/DKK 191.58 per  
share, determined as the average market price (closing price) of the Company's shares on Nasdaq Copenhagen over a period of 15 business days prior to grant  
plus 15%.  
14. Significant changes in contingent liabilities and other contractual obligations  
No significant changes in contingent liabilities and other contractual obligations have occurred since December 31, 2023.  
15. Significant events after the balance sheet date  
On April 2, 2024, Bavarian Nordic announced the commercial launch of its mpox vaccine, JYNNEOS®, in the U.S.  
On April 29, 2024, Bavarian Nordic announced the initiation of a rolling BLA submission for its chikungunya vaccine candidate to the U.S. FDA.  
O April 29, 2024, Bavarian Nordic announced the award of a contract valued at EUR 65 million for the supply of smallpox vaccines to the rescEU  
stockpile in 2025.  
16. 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 8, 2024.  
 
Bavarian Nordic | Interim Report Q1 2024  
Page 19  
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, 2024.
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, 2024,
and the results of the group’s activities and cash flows for the period January 1 to March 31, 2024.
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 8, 2024
Corporate Management:  
Paul John Chaplin
Henrik Juuel
President & CEO
Executive Vice President & CFO
Board of Directors:  
Luc Debruyne
Anders Gersel Pedersen
Frank A.G.M. Verwiel
Chairman of the Board
Deputy Chairman
Anne Louise Eberhard
Johan van Hoof
Heidi Hunter
Montse Montaner
Thomas Alex Bennekov
Anja Gjøl
Karen Merete Jensen
Linette Munksgaard Andersen
Employee-elected
Employee-elected
Employee-elected
Employee-elected