Bavarian Nordic Publishes Annual Report 2023

COPENHAGEN, Denmark, March 6, 2024 – Bavarian Nordic A/S (OMX: BAVA) today published its Annual Report for 2023. The consolidated, audited results were in line with the preliminary results, announced on February 21, 2024, and exceeded prior guidance. The full report is attached as a PDF file and can be found on the Company's website, www.bavarian-nordic.com.

Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “Delivering our best-ever financial results in 2023, we are now entering a new era for Bavarian Nordic with a broadened portfolio of vaccines, increasing our impact on public health, while also establishing a new base for revenue and growth in the coming years. We are now a DKK 5 billion annual revenue company and growing, with profit margins that can compete with pharma companies. This is an endorsement of our strategy, which has enabled our rapid transition into a leading travel vaccine supplier. Our global commercial infrastructure and expanded manufacturing footprint furthermore support our base business in public preparedness, where we continue to establish strong partnerships with governments to address their future needs for vaccines against mpox and smallpox.”

Important events after the balance sheet date

• In February, Bavarian Nordic announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has granted accelerated assessment for the upcoming Marketing Authorisation Application (MAA) for CHIKV VLP, the Company’s investigational chikungunya vaccine.

Capital markets days
On February 26-27, Bavarian Nordic hosted two capital markets days in Copenhagen and London, where management provided an update on the Company’s business and strategy. A recording of the presentations from the main event in Copenhagen is available at https://bit.ly/bavaCMD2024.

Financial performance
The consolidated, audited financial results for 2023 were in line with the preliminary financial results for 2023 which were announced on February 21, 2024.

Revenue was DKK 7,062 million, comprised of DKK 5,027 million from Public Preparedness, DKK 1,877 million from Travel Health, and DKK 158 million in other revenue. The operating result (EBITDA) was a profit of DKK 2,615 million. For a detailed financial review, see the annual report.

The table below presents the actual, audited financial results for 2023 compared to the original and the latest guidance for 2023.

DKK million

FY 2023 guidance