Bavarian Nordic Announces Interim Results for the First Nine Months of 2023

COPENHAGEN, Denmark, November 16, 2023 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results for the first nine months of 2023 and business progress for the third quarter of 2023.

• Revenue for the first nine months increased by 148% to DKK 4,615 million compared to the same period last year, while the operating profit (EBITDA) increased to DKK 1,552 million.
• The increased revenue was driven by growth across both business areas: travel health and public preparedness. Revenue from travel health grew by 56% to DKK 1,608 million, as a result of the continued rebound in global travel, strong brand performance and the recent expansion of the travel health portfolio. Revenue from public preparedness grew by 316% to DKK 2,890 million, largely driven by contracts with governments related to the 2022/2023 mpox outbreak. Other revenue was DKK 117 million.
• Financial guidance for the full year is maintained at a revenue of approximately DKK 6,900 million and an EBITDA of approximately DKK 2,300 million. This assumes that a smaller part of the previously announced smallpox/mpox orders will likely be delivered in first half of January 2024 rather than second half of December due to expected delivery schedules. The effect of this is compensated by a continued strong travel health business.

DKK million	Q3 2023	Q3 2022	9m 2023	9m 2022	FY 2023 Guidance *
Revenue	1,376	1,004	4,615	1,860	6,900
EBITDA	380	226	1,552	14	2,300

* Numbers are approximate

Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “Our travel health business has continued to demonstrate very strong performance and with the recent expansion of our portfolio, along with the prospects of launching our chikungunya vaccine, we have established a strong foundation for growth and positioned Bavarian Nordic as a global leader in travel vaccines. Strong sales related to the 2022/23 mpox outbreak also contributed to a nearly 150% increase in revenues for the first nine months and we remain firmly on track to deliver on the guidance and report a new record-breaking financial year for the company. While the global demand for mpox vaccines has largely been driven by the public health emergency response, the recent national recommendations in the U.S and Germany for mpox vaccinations highlight an emerging private market where Bavarian Nordic can improve vaccine access to risk populations, while creating a steady commercial business segment complementing the existing smallpox stockpiling business with governments around the world.”