Bavarian Nordic delivered record financial results in 2023

• Preliminary 2023 results exceed the latest guidance and represent the best-ever financial result in the Company’s history driven by extraordinary growth in travel health and a surge in smallpox/mpox vaccine sales.
• 2024 revenue of DKK 5,000-5,300 million and EBITDA of DKK 1,100-1,350 million expected.
• Focused R&D efforts to drive sustainable value creation within infectious diseases; discontinuing immuno-oncology projects.
• The Company will host three capital markets days during February.

COPENHAGEN, Denmark, February 21, 2024 – Bavarian Nordic A/S (OMX: BAVA) today reports preliminary, unaudited financial results for 2023 and financial guidance for 2024. Furthermore, the Company provides an update on its R&D priorities.

The preliminary revenue in 2023 was DKK 7,062 million compared to DKK 3,151 million in 2022, thus exceeding the annual guidance of DKK 6,900 million. The improved revenue was driven by the Public Preparedness segment due to a surge in sales of smallpox/mpox vaccines following the unfortunate outbreak in 2022, as well as continued strong growth in the Travel Health business, further supported by the addition of new products through the latest acquisition in May 2023. The preliminary revenue comprised of DKK 5,027 million from Public Preparedness and DKK 1,877 million from Travel Health. Other revenue reached DKK 158 million.

The preliminary operating result (EBITDA) was a profit of DKK 2,615 million compared to DKK 328 million in 2022, thus exceeding the latest guidance of DKK 2,300 million.

“This historical result is an endorsement of the successful execution of the commercial strategy we initiated back in 2020 and the transition to one of the largest pure play vaccine companies in the world. It is all the more pleasing to see that all parts of the company have contributed to this result, due to our brand performance, resurgence in travel, and expanding our partnerships in public preparedness. While the surge in demand for our smallpox/mpox vaccine is decreasing, in part due to the role our vaccine has played in reducing the mpox cases, the public preparedness base business has grown in the number of customers and the emerging private mpox business. This, together with strong growth in travel health, means Bavarian Nordic is now a DKK 5 billion annual revenue company and growing, with profit margins that can compete with pharma companies. The increased manufacturing capacity and broader customer base also mean that we will be able to respond to future surges in demand, following increased cases of mpox, or extraordinary governmental orders, that will allow us to exceed the growing base business from time to time. I would like to thank all the dedicated and highly skilled employees for delivering an outstanding annual result that has saved millions of lives through access to our life-saving vaccines during 2023,” said Paul Chaplin, President and CEO of Bavarian Nordic.