Bavarian Nordic Publishes Annual Report 2020

COPENHAGEN, Denmark, March 12, 2021 – Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) today published its Annual Report for 2020. Below is a summary of the financial performance for the year and financial outlook for 2021. The financial performance was in line with the preliminary results announced on January 28, 2021. The full report is attached as a PDF file and can be found on the company's website, www.bavarian-nordic.com.

Strong execution and solid financial performance despite challenging markets
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “We embarked on a commercial transition in 2020 with a strengthened product portfolio and a 2025 vision to grow Bavarian Nordic into one of the largest pure play vaccine companies, and saw strong execution in all areas supporting this vision. While our new markets in rabies and tick-borne encephalitis were challenged by the COVID-19 lock-down, we delivered results in line with or better than our original guidance, mostly due to our JYNNEOS  business performing better than originally anticipated, by strong Encepur, Rabipur/RabAvert brand performance and by keeping a tight focus on profitability and cash. We remain focused on the continued execution of our commercial business, including completing the market takeover for Rabipur/RabAvert and Encepur, but 2021 will also bring exciting news from our pipeline. Based on encouraging preclinical results, we have decided to advance the clinical development of the COVID-19 vaccine candidate, which we believe has potential to address many of the challenges seen with the approved vaccines, and we will also move forward our RSV program with a human challenge trial that will provide important results ahead of the phase 3 trial, planned for next year. With the recent private placement, raising approximately DKK 1.1 billion in net proceeds, we have strengthened our capital base, allowing for executing on these exciting plans as well as providing flexibility for pursuing further opportunities for growth.”

Important events after the balance sheet date

• In March 2021, the Company announced encouraging preclinical data for ABNCoV2, the COVID-19 vaccine candidate in-licensed from AdaptVac. Subsequently, a first-in-human trial of the vaccine has been initiated.
• In March 2021, the Company announced and completed a directed issue and private placement of 5,150,000 new shares, generating gross proceeds of DKK 1,148 million. Part of the proceeds will be used to fund a phase 2 clinical study and scale-up of manufacturing to accommodate potential future clinical development to support licensure of ABNCoV2. Additionally, the proceeds will be used to secure financial flexibility to strengthen the Company’s manufacturing capabilities, ensure the strategic flexibility necessary to pursue an active M&A strategy, and to strengthen the Company’s capital base and cash preparedness for general corporate purposes.

Financial performance