companies closely associated with such

COPENHAGEN, Denmark, March 12, 2024 – Bavarian Nordic A/S (OMX: BAVA) has today received information about the following transactions of the Company’s shares/related securities by persons holding managerial responsibilities and/or persons/companies closely associated with such, which are hereby reported in accordance with Article 19 of Regulation No. 596/2014 on Market Abuse and Implementing Regulation 2016/523.

The transactions concern the vesting of restricted stock units (RSUs) including matching shares awarded to members of the Company’s Executive Management in 2021 in accordance with the decision by the Board of Directors to defer part of the annual cash bonus related to their performance in 2020 by conversion into RSUs. The three-year vesting period has now expired, and all conditions for release of the shares, including matching shares, have been met.

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Paul Chaplin
2.	Reason for the notification
a)	Position/status	President and Chief Executive Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Shares DK0015998017
b)	Nature of the transaction	Acquisition of shares (vesting of restricted stock units)
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 148.17	8,258
d)	Aggregated information Aggregated volume Price	8,258 DKK 1,223,570.00
e)	Date of the transaction	2024-03-12
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Henrik Juuel
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Financial Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Shares DK0015998017
b)	Nature of the transaction	Acquisition of shares (vesting of restricted stock units)
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 148.18	4,992
d)	Aggregated information Aggregated volume Price	4,992 DKK 739,694.00
e)	Date of the transaction	2024-03-12
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Jean-Christophe May
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Commercial Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Shares DK0015998017
b)	Nature of the transaction	Acquisition of shares (vesting of restricted stock units)
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 148.21	3,987
d)	Aggregated information Aggregated volume Price	3,987 DKK 590,917.00
e)	Date of the transaction	2024-03-12
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Laurence De Moerlooze
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Medical Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Shares DK0015998017
b)	Nature of the transaction	Acquisition of shares (vesting of restricted stock units)
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 148.16	2,991
d)	Aggregated information Aggregated volume Price	2,991 DKK 443,144.00
e)	Date of the transaction	2024-03-12
f)	Place of the transaction	Outside a trading venue

About Bavarian Nordic
Bavarian Nordic is a fully integrated vaccine company with a mission to protect and save lives through innovative vaccines. We are a global leader in smallpox and mpox vaccines, supplied to governments to enhance public health preparedness and have a strong portfolio of vaccines for travelers and endemic diseases. For more information visit www.bavarian-nordic.com.

Contacts
Europe: Rolf Sass Sørensen, Vice President Investor Relations, Tel: +45 61 77 47 43
US: Graham Morrell, Paddock Circle Advisors, graham@paddockcircle.com, Tel: +1 781 686 9600