Bavarian Nordic A/S - Interim Report for the period 1 January to 31 March 2012
KVISTGAARD, Denmark, May 22, 2012 - Bavarian Nordic A/S (OMX: BAVA) today publishes its first quarter 2012 results, showing a DKK 100 million improvement in income before tax compared to 2011. Bavarian Nordic generated revenue of DKK 168 million (2011: DKK 29 million) and recorded a loss before tax of DKK 35 million (2011: DKK 135 million loss). As of 31 March 2012 the cash preparedness was DKK 649 million, including credit lines of DKK 120 million. The company maintains its full-year expectations with revenues in the level of DKK 850 million, and a pre-tax loss in the level of DKK 200 million. The cash preparedness at year-end is expected to be in the level of DKK 350 million.
Significant achievements in the first quarter and up to the reporting date
- First quarter income before tax improved by DKK 100 million compared to first quarter 2011. The infectious disease division is profitable
- IMVAMUNE® deliveries to the U.S. Strategic National Stockpile on track with 2.6 million doses delivered in 2012 to-date
- Significant improvements in the IMVAMUNE® manufacturing productivity
- Marketing application for IMVANEX® (IMVAMUNE®) submitted to the European Medicines Agency
- Phase 1 study combining PROSTVAC® and ipilimumab immunotherapies reported, indicating potential synergy from combining treatments
- RFP-3 contract modifications increases total contract value with USD 32 million. The contract period has been extended to 2017
- Warrants awarded to certain employees
Anders Hedegaard, President & CEO commented on the interim report: "We are pleased to report very strong performance in our infectious disease division with the manufacturing of IMVAMUNE® smallpox vaccines going very well. In our aim to improve the divisions' profitability, we have succeeded in increasing the productivity significantly due to a continued focus on optimization of resources and processes. In our cancer vaccine division, we continue to open new clinical trial sites for the PROSTVAC® Phase 3 trial and the recruitment of patients is proceeding according to plan."
Selected, upcoming milestones
- Deliver seven million doses IMVAMUNE® to the U.S. Strategic National Stockpile (2012)
- Phase 2 data for CV-301 in breast cancer (H2, 2012)
- Initiate Phase 3 trial of IMVAMUNE® (H2, 2012)
- Initiate Phase 2 study for the freeze-dried IMVAMUNE® (H1, 2013)
- Approval of MAA in Canada for IMVAMUNE® (H1, 2013)
- Approval of MAA in EU for IMVANEX® (2013)
Anders Hedegaard, President & CEO. Phone +45 23 20 30 64
The Company will host a conference call today at 2 pm CET (8 am EST). President and CEO, Anders Hedegaard will present the first quarter results. The accompanying presentation is available on the company's website: www.bavarian-nordic.com/q1. Additional participants from Bavarian Nordic are Paul Chaplin, Executive Vice President and Division President Infectious Diseases, Ole Larsen, CFO and Rolf Sass Sørensen, Vice President Investor Relations. Dial-in numbers for the conference calls are: UK: +44 (0)207 1620 177. USA: +1 334 323 6203. The participant code is 916860. For additional countries and further details please visit www.bavarian-nordic.com/q1.
About Bavarian Nordic
Bavarian Nordic is a vaccine-focused biotechnology company developing and producing novel vaccines for the treatment and prevention of life-threatening diseases with a large unmet medical need. The company's pipeline targets cancer and infectious diseases, and includes ten development programs. In oncology, the company's lead program is PROSTVAC®, a therapeutic vaccine candidate for advanced prostate cancer that is the subject of an ongoing pivotal Phase 3 trial and is being developed under a collaboration agreement with the National Cancer Institute. In clinical Phase 1 and Phase 2 trials, PROSTVAC® has been tested in nearly 600 patients. In infectious diseases, the company's lead program is IMVAMUNE®, a third-generation smallpox vaccine candidate that is being developed and supplied for emergency use to the U.S. Strategic National Stockpile under a contract with the U.S. Government. For more information, visit www.bavarian-nordic.com
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Source: Bavarian Nordic A/S via Thomson Reuters ONE