Bavarian Nordic Announces First Half 2023 Results

COPENHAGEN, Denmark, August 23, 2023 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results and business progress for the first half of 2023 and released its financial calendar for 2024.

• Revenue increased by 278% to DKK 3,239 million for the first half and the operating profit (EBITDA) increased to DKK 1,171 million.
• For the first half, revenue comprised of DKK 2,182 million from sale of JYNNEOS/IMVANEX/IMVAMUNE mpox/smallpox vaccine, DKK 555 million from sale of Rabipur/RabAvert, DKK 299 million from sale of Encepur, DKK 35 million from sale of Vivotif and Vaxchora, DKK 81 million from sale of third-party products, and DKK 87 million in other revenue.
• Revenue for the second quarter was DKK 1,987 million and comprised of DKK 1,334 million from sale of JYNNEOS/IMVANEX/IMVAMUNE mpox/smallpox vaccine, DKK 313 million from sale of Rabipur/RabAvert, DKK 211 million from sale of Encepur, DKK 35 million from sale of Vivotif and Vaxchora, DKK 38 million from sale of third-party products, and DKK 56 million in other revenue.
• Cash and cash equivalents at end of the period was DKK 1,385 million.
• Financial guidance for the full year is maintained at revenue of approximately DKK 6,900 million and EBITDA of approximately DKK 2,300 million.

DKK million	Q2 2023	Q2 2022	H1 2023	H1 2022	FY 2023 Guidance *
Revenue	1,987	537	3,239	857	6,900
EBITDA	690	(118)	1,171	(212)	2,300

* Numbers are approximate

Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “The strong results are a resounding endorsement of our commercial strategy that has allowed us to report our best half year results to date. As guided, our mpox vaccine continues to generate a significant revenue stream in 2023, but importantly our travel vaccines have performed stronger quarter by quarter as result of market growth and strong brand performance. We are looking to further expand and diversify this business via our recent acquisition, adding two marketed vaccines and a promising vaccine candidate against chikungunya, creating the world’s largest travel vaccine company. With two successful Phase 3 readouts for our chikungunya vaccine, we are forging ahead towards licensure, and this will be a significant future asset when launched in 2025 preventing a severe and incapacitating disease. While the disappointing Phase 3 results from our RSV program has led to the discontinuation of the program, we have established a strong foundation for further growth, and we remain focused on a continued strong commercial execution.”