Bavarian Nordic Announces Annual Report 2018 - Seite 2

Bavarian Nordic achieved its planned goals for the year, while also managing the expenditures better than planned, contributing to a better than guided result and cash preparedness at year-end. 

Revenues were DKK 501 million in line with guidance and the result before interest and tax (EBIT) was a loss of DKK 354 million, compared to a guided loss of DKK 385 million. 

The cash preparedness at year-end was DKK 2,314 million, compared to a guidance of DKK 2,100 million. 

Danish kroner (DKK) is the Company's reporting currency. The USD figures provided below are based upon an assumed exchange rate of DKK 6.52 per 1.00 USD, which was the exchange rate as of December 31, 2018.

	DKK million		USD million
2018	guidance	actual	guidance	actual
Revenue	500	501	77	77
EBIT	(385)	(354)	(59)	(54)
Cash preparedness, year-end*	2,100	2,314	322	355

Revenue was comprised of DKK 323 million from sale of MVA-BN smallpox bulk drug substance to the U.S. Government, DKK 38 million from the sale of MVA-BN smallpox vaccine to other customers and DKK 140 million from ongoing development contracts, with the majority generated by the Janssen agreements.

Outlook for 2019 - Investing for the future

2019E	DKK million	USD million
Revenue	600	92
EBIT	(360)	(55)
Cash preparedness, year-end*	1,600	246

 * Cash preparedness includes cash, cash equivalents, investments in securities and the aggregate amount of undrawn credit lines.