Bavarian Nordic Announces Interim Results for the First Three Months of 2024

COPENHAGEN, Denmark, May 8, 2024 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results and business progress for the first three months of 2024.

• Revenue for the first three months was DKK 831 million, and the operating profit (EBITDA) was DKK 22 million.
• Revenue from travel health increased by 20% to DKK 447 million and revenue from public preparedness was DKK 344 million, 59% down from first quarter 2023, which is fully in line with expectations after a peak year in 2023 due to the mpox outbreak. Other revenue was DKK 40 million.
• Financial guidance for the full year is maintained at a revenue of DKK 5,000-5,300 million and EBITDA of DKK 1,100-1,350 million.

DKK million	Q1 2024	Q1 2023	2024 Guidance
Revenue	831	1,252	5,000 – 5,300
EBITDA	22	481	1,100 – 1,350

Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “We are pleased to report continued strong performance in our travel health business, reflecting market growth and a strong brand performance from our leading portfolio of vaccines. Over the next couple of months, we are finalizing our submissions to the U.S. and European regulatory authorities for approval of our chikungunya vaccine, which represents a significant future asset for the travel health business upon expected launch in 2025. We have also successfully launched our mpox vaccine in the U.S. during April and are working with healthcare providers and advocacy groups to enhance awareness and provide a broader access to the vaccine for at-risk populations. This will further diversify our public preparedness business, as we continue to expand orders with both existing and new customers following the 2022-2023 mpox outbreak to support nations in strengthening their smallpox preparedness. Our first quarter reflects the usual seasonality in travel vaccines combined with phasing of our deliveries of smallpox/mpox vaccines towards the end of the year, thus reaffirming our guidance for 2024 with revenues between DKK 5 to 5.3 billion.”