Bavarian Nordic A/S

Bavarian Nordic Announces Interim Results for the First Nine Months of 2020

Bavarian Nordic Announces Interim Results for the First Nine Months of 2020

COPENHAGEN, Denmark, November 11, 2020 – Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) announced today its interim financial results for the first nine months of 2020 and business progress for the third quarter of 2020. The Company raises its EBITDA guidance from DKK 675 million to DKK 725 million and upgrades year-end guidance on cash.

Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “While during the third quarter of 2020 we successfully continued the transformational initiatives linked to the commercialization of Bavarian Nordic, the global COVID-19 pandemic has unfortunately impacted many parts of our business. The markets for Rabipur/RabAvert and Encepur have been adversely impacted by the measures taken to combat COVID-19 and the decline in the travel segment. In contrast, the sales of JYNNEOS have been more robust and resilient allowing us to maintain our revenue expectations for the year and with operational savings we are pleased to upgrade this year’s EBITDA guidance, as well as our year-end cash position. Due to the expected continued challenges from COVID-19 and the added risks associated with potentially low rates of RSV next year, we have decided to postpone the planned Phase 3 efficacy trial for our RSV vaccine candidate. To maintain the momentum of this program we are planning to conduct a human challenge trial to evaluate the efficacy of our promising RSV vaccine candidate. Data from this trial, which is expected during the second half of 2021, will provide the first insights into the protective efficacy of our vaccine, while also further de-risking the planned Phase 3 trial that will now commence in 2022.”

Financial highlights

DKK million Q3 2020 Q3 2019 9M 2020 9M 2019 2020 Guidance
Revenue 558 144 1,623 372 1,900
EBITDA 163 (82) 1,001 (255) 725
Securities, cash and cash equivalents 2,569 1,496 2,569 1,496 1,600*

* Cash guidance includes the EUR 30 million loan from the European Investment Bank as cash, which is currently not drawn upon.

Other highlights

Events after the reporting date

Conference call and webcast
The management of Bavarian Nordic will host a conference call today at 2 pm CET (8 am ET) to present the interim results followed by a Q&A session. A listen-only version of the call can be accessed via To join the Q&A session, use one of the following dial-in numbers: Denmark: +45 32 72 80 42, UK: +44 (0) 844 571 8892, USA: +1 631-510-7495. Participant code is 9341969.

Europe: Rolf Sass Sørensen, Vice President Investor Relations, Tel: +45 61 77 47 43
US: Graham Morrell, Paddock Circle Advisors, [email protected], Tel: +1 781 686 9600

Company Announcement no. 47 / 2020

About Bavarian Nordic
Bavarian Nordic is a fully integrated vaccines company focused on the development, manufacture and commercialization of life-saving vaccines. We are a global leader in smallpox vaccines and have been a long-term supplier to the U.S. Strategic National Stockpile of a non-replicating smallpox vaccine, which has been approved by the FDA under the trade name JYNNEOS®, also for the protection against monkeypox. The vaccine is approved as a smallpox vaccine in Europe under the trade name IMVANEX® and in Canada under the trade name IMVAMUNE®. Our commercial product portfolio furthermore contains market-leading vaccines Rabipur®/RabAvert® against rabies and Encepur® against tick-borne encephalitis. Using our live virus vaccine platform technology, MVA-BN®, we have created a diverse portfolio of proprietary and partnered product candidates designed to save and improve lives by unlocking the power of the immune system, including an Ebola vaccine, licensed to Janssen. For more information visit

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.