Company Announcement  
Bavarian Nordic Announces First Half 2022 Results
COPENHAGEN, Denmark, August 24, 2022 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results and business  
progress for the first half of 2022 and released its financial calendar for 2023.  
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “This year we planned to make significant investments for the  
future growth of Bavarian Nordic, as we moved two late-stage assets that have the potential to meet large unmet medical needs into global  
Phase 3 trials. While these programs remain on-track we have had to mobilize our entire organization to ensure we concentrate our efforts  
in the best possible way to manufacture and supply vaccines to help governments around the world combat an unprecedented outbreak of  
monkeypox. The magnitude of this outbreak was unexpected, however, our long-standing public-private partnership with the U.S.  
government has ensured that a safe and effective vaccine against monkeypox exists, enabling authorities to respond rapidly to this health  
crisis. We are making every effort to meet the initial worldwide demand for our monkeypox vaccine and are working diligently to further  
expand our manufacturing capacity through additional scale-up activities and partnerships.  
Despite our heavy investments in R&D, the strong sales performance in all parts of our business during the first six months, together with our  
projections for the remainder of the year means that we are now nearing a break-even result for 2022, and we see a robust business for the  
monkeypox vaccine building up beyond 2022.”  
Financial highlights  
•
•
Total revenue in first half year was DKK 857 million comprised of DKK 764 million from product sales, DKK 83 million in  
milestone payments from partners and DKK 10 million from contract work.  
Revenue in second quarter totaled DKK 537 million comprised of DKK 234 million from sale of Rabipur®/RabAvert®, DKK 144  
million from sale of Encepur®, DKK 117 million from sale of JYNNEOS®/IMVANEX®/IMVAMUNE®, DKK 38 million from sale of  
third-party products and DKK 4 million from contract work. The majority of the 2022 revenue from sale of  
JYNNEOS/IMVANEX/IMVANUNE during the second quarter will be recognized in the second half of 2022 in line with the planned  
deliveries.  
•
•
•
EBITDA in first half year was a loss of DKK 212 million.  
Strong cash position of DKK 2,753 million at end of first half year 2022  
Financial guidance for the full year has been upgraded six times since March 2022 as result of multiple supply contracts being  
entered since the start of the monkeypox outbreak in May. The most recent guidance, issued on July 18, is maintained at  
revenues between DKK 2,700 and 2,900 million, EBITDA with a loss between DKK -300 and -100 million and cash and cash  
equivalents at year-end expected to exceed DKK 1,700 million.  
DKK million  
Q2 2022  
537  
Q2 2021  
370  
H1 2022  
857  
H1 2021  
905  
2022 Guidance  
2,700 – 2,900  
(300) – (100)  
> 1,700  
Revenue  
EBITDA  
(118)  
(9)  
(212)  
(8)  
Cash and cash equivalents  
2,753*  
2,207*  
2,753*  
2,207*  
* Repo pledged securities deducted.  
Other highlights  
Smallpox/Monkeypox  
•
In May, the U.S. government exercised an option for manufacturing of freeze-dried JYNNEOS. The option, valued at USD 119  
million, represents the first of a set of options with a total value of USD 299 million under a contract awarded in 2017 to  
convert bulk vaccine, already manufactured and invoiced under previous contracts, to freeze-dried doses.  
In May, Bavarian Nordic entered several vaccine supply contracts with governments worldwide in response to the global  
monkeypox outbreak.  
•
Page 1 of 23  
Bavarian Nordic A/S  
Philip Heymans Alle 3  
DK-2900 Hellerup  
Tel. +45 33 26 83 83  
www.bavarian-nordic.com  
CVR-no. 16 27 11 87  
LEI Code: 2138006JCDVYIN6INP51  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 2 of 23  
•
In June, Bavarian Nordic entered a multi-year contract with Canada, valued at USD 56 million, to deliver smallpox vaccines  
from 2023 and ahead. Bavarian Nordic has worked with the Canadian authorities since 2008 to ensure availability of the  
vaccine.  
•
•
In June, the U.S. government ordered 500,000 doses of monkeypox vaccine for delivery in 2022. The vaccines will be filled  
using existing bulk vaccine already manufactured and invoiced under previous contracts.  
In June, Bavarian Nordic entered a contract with the European Health Emergency Preparedness and Response Authority  
(HERA) to supply monkeypox vaccines to EU member states in 2022.  
Respiratory Syncytial Virus (RSV)  
•
In April, Bavarian Nordic initiated a global Phase 3 clinical trial of MVA-BN RSV against RSV in older adults. The trial is planned  
to enroll approximately 20,000 adults ≥60 years of age and will run through the RSV season 2022/2023 with topline results  
expected mid-2023.  
•
In June, the European Medicines Agency granted access to its priority medicines (PRIME) scheme for MVA-BN RSV in active  
immunization for the prevention of lower respiratory tract disease caused by RSV in adults ≥60 years of age. MVA-BN RSV has  
previously also been granted Breakthrough Therapy Designation by the U.S. Food and Drug Administration (FDA).  
ABNCoV2 (COVID-19)  
•
In May, Bavarian Nordic reported additional Phase 2 results for the COVID-19 booster vaccine candidate, ABNCoV2,  
demonstrating that vaccination with ABNCoV2 induced a significant boost to the neutralizing antibodies against the Omicron  
variant in the majority of subjects (87%), who were previously vaccinated with approved mRNA or adenoviral vaccines.  
Neutralizing antibodies reached levels reported to be associated with a high level of protection (>90%), similar to what was  
previously reported for ABNCoV2 with respect to other variants of concern.  
•
In June, Bavarian Nordic announced an updated design for its Phase 3 trial for ABNCoV2, which will be a non-inferiority trial  
comparing ABNCoV2 to Comirnaty®. The trial will start enrollment in August 2022.  
Events after the reporting date  
•
•
•
In July, the U.S. government ordered an additional 5 million doses of monkeypox vaccine for delivery in 2022 and 2023. The  
vaccines will be filled using existing bulk vaccine, earlier manufactured and invoiced under previous contracts with the U.S.  
government. A U.S. based contract manufacturer will assist in the filling of vaccines.  
In July, following a positive opinion by the Committee for Medicinal Products for Human Use (CHMP), the European  
Commission approved an extension of the current marketing authorization for the Company’s smallpox vaccine, IMVANEX® to  
include protection from monkeypox and disease caused by vaccinia virus.  
In July, Bavarian Nordic received approvals from U.S. and EU regulatory authorities of the final drug manufacturing of  
smallpox and monkeypox vaccine, which has been transferred to the Company’s fill and finish facility in Denmark. The U.S.  
approval was granted after a successful inspection by FDA earlier in July and the EU approval was granted upon assessment by  
CHMP of an application submitted in June 2022, in supplement to the approval earlier granted by the Danish Medicines Agency  
after inspection of the facility.  
•
In July and August, Bavarian Nordic received additional orders for monkeypox vaccine from several governments, including  
significant orders for 2023.  
Conference call and webcast  
The management of Bavarian Nordic will host an investor/analyst call today at 2 pm CEST (8 am EDT) to present the interim results followed  
by a Q&A session. A listen-only version of the call and presentation slides can be accessed via https://bit.ly/3pBUllR. To join the Q&A  
session, please register in advance via https://bit.ly/3dS5ZGU.  
Contacts  
Europe: Rolf Sass Sørensen, Vice President Investor Relations, Tel: +45 61 77 47 43  
US: Graham Morrell, Paddock Circle Advisors, [email protected], Tel: +1 781 686 9600  
Company Announcement no. 32 / 2022  
About Bavarian Nordic  
Bavarian Nordic is a fully integrated vaccines company focused on the development, manufacturing and commercialization of life-saving  
vaccines. We are a global leader in smallpox vaccines and have been a long-term supplier to the U.S. Government of a non-replicating  
smallpox vaccine, which has been approved by the FDA, also for the protection against monkeypox. The vaccine is also approved in Europe  
and Canada. Our commercial product portfolio furthermore contains market-leading vaccines against rabies and tick-borne encephalitis.  
Using our live virus vaccine platform technology, MVA-BN®, we have created a diverse portfolio of proprietary and partnered product  
candidates designed to save and improve lives by unlocking the power of the immune system, including an Ebola vaccine, which is licensed  
to the Janssen Pharmaceutical Companies of Johnson & Johnson. We are also committed to the development of a next generation COVID-19  
vaccine. For more information visit www.bavarian-nordic.com.  
Forward-looking statements  
This announcement includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of our  
control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking  
statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not  
historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary  
statements which may accompany the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking  
statements to reflect subsequent events or circumstances after the date made, except as required by law.  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 3 of 23  
Consolidated Key Figures (unaudited)  
DKK thousand  
1/4 - 30/6 2022 1/4 - 30/6 2021 1/1 - 30/6 2022 1/1 - 30/6 2021 1/1-31/12 2021  
Income statements  
Revenue  
536,699  
431,313  
47,928  
369,999  
249,301  
47,061  
856,755  
723,496  
85,316  
905,252  
626,642  
98,096  
1,897,875  
1,327,560  
191,783  
Production costs  
Sales and distribution costs  
Research and development costs  
Administrative costs  
184,862  
90,226  
97,077  
289,661  
168,012  
(409,730)  
(96,746)  
(506,476)  
(509,113)  
219,217  
155,930  
(194,633)  
(83,231)  
(277,864)  
(281,103)  
399,159  
83,200  
292,920  
Income before interest and taxes (EBIT)  
Financial items, net  
(217,630)  
(18,227)  
(235,857)  
(237,170)  
(106,640)  
(41,493)  
(148,133)  
(150,258)  
(313,547)  
(140,883)  
(454,430)  
(464,775)  
Income before company tax  
Net profit for the period  
Balance sheet  
Total non-current assets  
Securities, cash and cash equivalents  
Other current assets  
Total assets  
7,670,807  
3,253,439  
1,104,310  
12,028,556  
6,879,095  
2,953,327  
2,196,134  
6,426,395  
2,513,448  
1,068,535  
10,008,378  
5,788,550  
2,391,883  
1,827,945  
7,335,630  
3,716,615  
1,037,024  
12,089,269  
7,374,667  
2,806,044  
1,908,558  
Equity  
Non-current liabilities  
Current liabilities  
Cash flow statements  
Cash flow from operating activities  
Cash flow from investment activities  
- Investment in intangible assets  
- Investment in property, plant and equipment  
- Net investment in securities  
(119,792)  
(487,511)  
(153,096)  
(242,467)  
34,608  
(377,266)  
(1,179,496)  
(41,633)  
(358,500)  
(2,876,946)  
(575,324)  
(171,411)  
(965,891)  
1,454,979  
(483,127)  
(1,779,454)  
3,536,080  
Cash flow from financing activities  
300,652  
Financial Ratios1)  
EBITDA after Other operating income  
Earnings (basic) per share of DKK 10  
Net asset value per share  
(118,319)  
(9,249)  
(212,016)  
(7.2)  
97.6  
(7,985)  
(4.6)  
90.7  
259  
74,764  
(7.4)  
104.7  
269  
Share price at period-end  
234  
Share price/Net asset value per share  
Number of outstanding shares at period-end  
(thousand)  
2.4  
2.9  
2.6  
70,479  
57%  
63,817  
58%  
70,468  
61%  
Equity share  
Number of employees, converted to full-time, at  
period-end  
868  
730  
759  
1) Earnings per share (EPS) is calculated in accordance with IAS 33 "Earning per share". Other financial ratios have been calculated in accordance with  
the guidelines from the Danish Society of Financial Analysts.  
Reconciliation of EBITDA  
Income before interest and tax (EBIT)  
Depreciation and amortization  
(217,630)  
99,311  
(106,640)  
97,391  
(409,730)  
197,714  
(194,633)  
186,648  
(7,985)  
(313,547)  
388,311  
74,764  
EBITDA after Other operating income  
(118,319)  
(9,249)  
(212,016)  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 4 of 23  
Management’s Review  
Our response to the global monkeypox  
outbreak  
Expedited approvals for faster and broader access to the  
vaccine  
While Bavarian Nordic’s vaccine had already been approved for  
monkeypox in the U.S. and Canada, the approval in the EU only  
covered smallpox. Thus, countries within EU, but also outside,  
were providing the vaccines under local exemptions, such as  
emergency use provisions. Upon recommendation from the  
Emergency Task Force of the European Medicines Agency (EMA),  
Bavarian Nordic worked with the authorities to expedite a review  
of data to support an extension of the current approval of  
IMVANEX to include monkeypox. A positive opinion was adopted  
by EMA’s Committee for Medicinal Products for Human Use  
(CHMP) in July and shortly after, the European Commission  
formally gave its approval, which is valid in all European Union  
Member States as well as in Iceland, Liechtenstein, and Norway.  
A new, global health crisis emerged during the second quarter  
2022. Initially, like several times before in recent years, sporadic  
cases of human monkeypox were reported in Europe, imported  
from endemic areas in Africa, and Bavarian Nordic once again  
was able to assist with supplies of its smallpox vaccine for  
healthcare workers and close contacts.  
However, it quickly became clear, that this outbreak was not  
following the same pattern of previous years. Unrelated cases  
were reported across several countries, and numbers rose  
rapidly. By the end of May, more than 600 cases were reported  
across nearly 30 countries. Today, this figure has increased to  
more than 40,000 cases in nearly 100 countries.  
In parallel, Bavarian Nordic has worked with both U.S. and EU  
regulatory authorities to expedite the approval of the fill and  
finish process at its own manufacturing facility. This required  
among others a rescheduling of a planned pre-approval  
inspection by the FDA, which was conducted early July with no  
observations being made. Both the FDA and EMA have  
subsequently approved the fill and finish line and the process  
established for the smallpox/monkeypox vaccine.  
Facing this unexpected event with no prior experience to draw  
from, health authorities around the globe were challenged to  
implement measures while still trying to understand the  
epidemiology of this disease and how this outbreak was evolving.  
As the sole manufacturer of an approved monkeypox vaccine,  
Bavarian Nordic was contacted by authorities from dozens of  
countries, inquiring about the vaccine. Only limited supplies  
were readily available, as no commercial market had previously  
existed beyond the sales to a few government stockpiles for their  
biological preparedness against a related, but far more dangerous  
virus: smallpox.  
Scaling up manufacturing capacity  
Bavarian Nordic’s manufacturing facility in Denmark has  
undergone several upgrades over the past years. These include  
the construction of a fill and finish facility which was put into  
operations in 2021, and which initially has been qualified to  
manufacture the smallpox/monkeypox vaccine. Furthermore, the  
bulk facility has been expanded with an additional line to allow  
for simultaneous manufacturing of different products, including  
Rabipur/RabAvert and Encepur, the Company’s vaccines against  
rabies and tick-bone encephalitis. To enable this expansion, the  
facility was shut down for a period, but has now reopened. This  
planned expansion has had no impact on Bavarian Nordic ability  
to supply IMVAMUNE/IMVANEX/JYNNEOS during the first few  
months of the current outbreak.  
Originally, Bavarian Nordic began the development of MVA-BN as  
a non-replicating smallpox vaccine suitable for immune-  
compromised people who are not recommended vaccination with  
traditional replicating vaccines, but since 2003 this development  
was assisted by the U.S. government. These contracts later  
evolved into procurement contracts and Bavarian Nordic started  
delivering the vaccine in the current liquid-frozen formulation to  
the U.S. in 2010 under an emergency use provision until approval  
by the U.S. Food and Drug Administration in 2019, which included  
the monkeypox indication. In recent years, the Company has  
been contracted by the U.S. to manufacture bulk vaccine with  
the purpose of supplying a freeze-dried formulation of the  
vaccine with a longer shelf life.  
While the original production schedule for the remainder of 2022  
and onwards did not include manufacturing of  
smallpox/monkeypox vaccine, other than what was previously  
contracted by the U.S. and Canada, the increased demand for  
the vaccine has led to a number of initiatives by the Company to  
maximize its production output in the near and medium term.  
These include:  
Hence, bulk vaccine exists to fulfil orders from the U.S  
government as well as a limited company inventory of bulk  
batches that allowed Bavarian Nordic to rapidly initiate the final  
drug production (fill and finish) of the vaccine as demand rose  
during the first months of the outbreak.  
•
•
Scaling up of the bulk production and fill/finish line  
capacity by adding more manpower  
Clearing the bulk production line to free up capacity for  
the monkeypox vaccine, including working on outsourcing  
of RSV commercial manufacturing based on a new  
proprietary cell line technology  
By the reporting date, numerous contracts have been signed,  
ensuring access to the vaccine in 40 countries across the  
Americas, Europe, Asia and Oceania during 2022. Among these  
countries are also existing customers, with whom new contracts  
were swiftly secured. Some countries have also started longer-  
term planning, resulting in orders for 2023 and beyond. Bavarian  
Nordic continues to work with governments and supranational  
organizations that could ensure access to an additional 50+  
countries before the end of this year and has reprioritized its  
production schedule accordingly.  
•
•
Transferring fill/finish to a U.S. based contract  
manufacturer to complement own filling capacity  
Exploring potential new collaborations with third parties  
to further scale up bulk and fill/finish capacity  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 5 of 23  
Commercial update  
Comparative figures for 2021 are shown in brackets. Where  
market shares are mentioned, these are measured by value.  
Q2 sales  
H1 sales  
mDKK  
Q2 2022 Q2 2021 Growth  
mDKK  
H1 2022 H1 2021 Growth  
Rabipur/RabAvert  
Encepur  
234  
144  
117  
-
127  
146  
-
85%  
Rabipur/RabAvert  
Encepur  
351  
213  
117  
30  
207  
245  
336  
89  
-
69%  
-13%  
-65%  
-66%  
-
-2%  
JYNNEOS/IMVANEX/IMVAMUNE  
Mvabea  
-
JYNNEOS/IMVANEX/IMVAMUNE  
Mvabea  
89  
-
-
Sale of third-party products  
Milestone payments  
Contract work  
Total  
38  
-
-
-
Sale of third-party products  
Milestone payments  
Contract work  
53  
-
83  
-
-
4
8
-53%  
10  
28  
905  
-63%  
537  
370  
Total  
857  
monkeypox outbreak. Significant orders for the vaccine were  
received during the quarter, however, the majority of revenue  
from these orders will occur in the second half of 2022 in line  
with deliveries taking place.  
Rabipur/RabAvert  
Rabipur/RabAvert revenue amounted to DKK 234 million (DKK 127  
million) for the second quarter. The 85% growth in revenue  
versus the prior year was driven by significant market growth in  
the US and Germany that represent the two largest markets.  
For the first half year revenue from sale of  
JYNNEOS/IMVANEX/IMVAMUNE amounted to DKK 117 million (DKK  
336 million).  
The Q2 US market showed strong growth of approximately 26%  
compared with last year and reached a level above the 2019 pre-  
COVID level. RabAvert now has a market share of approximately  
65%, in line with the level seen prior to competition facing a  
stockout situation during the autumn of 2020.  
Mvabea (Ebola)  
In the second quarter, revenue from Mvabea was DKK 0 million  
(DKK 89 million).  
The German market continued the strong growth rate  
demonstrated in Q1 2022 and delivered a growth of  
approximately 343%. The market size is still approximately 40%  
below the pre-COVID level, however with an unchanged Rabipur  
market share of 95%, the high growth rates create a substantial  
contribution to Bavarian Nordic’s revenue growth.  
For the first half year Mvabea revenue amounted to DKK 30  
million (DKK 89 million), i.e. a decrease of 66%. Revenue in the  
period is related to the order announced in June 2020.  
Third-party products sale  
Revenue from sale of third-party products in the second quarter  
was DKK 39 million (DKK 0 million), which is related to sale of  
DUKORAL and IXIARO (Valneva products assumed in first quarter  
2022) and HEPLISAV-B (Dynavax product assumed in second quarter  
2022). HEPLISAV-B was launched during the period and revenue  
from the sale of the vaccine is largely attributed to supply chain  
filling.  
For the first half year Rabipur/RabAvert revenue amounted to  
DKK 351 million (DKK 207 million), i.e. an increase of 69%.  
Encepur  
Encepur revenue amounted to DKK 144 million (DKK 146 million)  
for the second quarter, i.e. a decrease of 2% versus prior year.  
However, this is a significant improvement from Q1 2022 that  
demonstrated a significant decline caused by continued negative  
market development in Germany.  
For the first half year revenue from sale of third-party products  
amounted to DKK 53 million (DKK 0 million).  
Contract work  
In Q2 the German market finally returned to positive growth and  
grew by 38% versus prior year, enough to reach a 13% growth for  
the first half year. The German market share was unchanged at  
approximately 30% by end of June, which is in line with the prior  
year.  
Revenue from contract work in the second quarter was DKK 4  
million (DKK 8 million), mainly stemming from the remaining  
activities related to the qualification and validation activities  
relating to the fill-and-finish plant and the phase 3 trial of the  
freeze-dried version of the smallpox vaccine, both under  
contracts with the US government.  
For the first half year Encepur revenue amounted to DKK 213  
million (DKK 245 million), i.e. a decrease of 13% despite the  
positive growth in the German market and due to country mix  
and inventory movements at wholesaler and partner level.  
For the first half year revenue from contract work amounted to  
DKK 10 million (DKK 28 million).  
JYNNEOS/IMVANEX/IMVAMUNE  
Revenue from sale of JYNNEOS/IMVANEX/IMVAMUNE in the  
second quarter was DKK 117 million (DKK 0 million), all related to  
contracts with various governments in response to the global  
Company Announcement no. 32 / 2022  
 
Marketed products  
PRODUCT  
INDICATION  
MARKETS  
Rabipur®/RabAvert®  
Encepur®  
Rabies  
Marketed globally in 20 countries  
Marketed in 12 EU countries  
Sold to governments  
Tick-borne encephalitis (TBE)  
JYNNEOS®/IMVAMUNE®/IMVANEX® Smallpox and Monkeypox  
Mvabea®  
Ebola  
Licensed to Janssen, not commercialized but made available for high-risk areas in West  
Africa. Approved in the EU.  
IXIARO®  
Japanese encephalitis  
Cholera  
Licensed by Valneva to Bavarian Nordic to market and distribute the vaccine in Germany  
and Switzerland  
DUKORAL®  
HEPLISAV-B®  
Licensed by Valneva to Bavarian Nordic to market and distribute the vaccine in Germany  
and Switzerland  
Hepatitis-B  
Licensed by Dynavax to Bavarian Nordic to market and distribute the vaccine in Germany  
Earlier in 2022, the U.S. Food and Drug Administration (FDA)  
granted MVA-BN RSV Breakthrough Therapy Designation, an  
equivalent to the EU PRIME status, for the prevention of RSV in  
older adults.  
Research & development  
2022 represents a pivotal year for Bavarian Nordic with  
significant anticipated news flow from the pipeline, as the  
Company embarks on two global Phase 3 clinical trials.  
As part of the strategy to commercialize the vaccine globally, the  
Company entered into a regional license and supply agreement  
with Nuance Pharma in the first quarter of 2022 on the  
Clinical pipeline  
development and commercialization of MVA-BN RSV for adults in  
China and selected Asian markets. Under the terms of the  
agreement, Bavarian Nordic is eligible to receive up to USD 225  
million in upfront and milestone payments in addition to tiered,  
double-digit royalties. Nuance Pharma obtains rights to  
VACCINE  
INDICATION  
STATUS / MILESTONE  
MVA-BN freeze-dried Smallpox/Monkeypox Phase 3 completed  
MVA-BN RSV  
ABNCoV2  
RSV  
Phase 3 ongoing  
commercialize MVA-BN RSV in Chinese Mainland, Hong Kong,  
COVID-19  
Phase 3 start planned for  
August 2022  
Macau, Taiwan, South Korea and Southeast Asia and will be  
responsible for all material costs, including development and  
regulatory.  
TAEK-VAC  
Cancer  
Phase 1/2 study ongoing  
COVID-19  
The Phase 2 clinical development of ABNCoV2, a VLP-based  
COVID-19 vaccine candidate has been completed with  
encouraging topline results reported in December 2021 and  
additional results reported during first half 2022, confirming the  
vaccine’s potential as a booster vaccine offering broad protection  
against variants of concern.  
RSV  
In April, Bavarian Nordic initiated a global Phase 3 clinical trial of  
MVA-BN RSV against respiratory syncytial virus (RSV) in adults ≥60  
years of age. The Company is targeting completion of enrollment  
of 20,000 subjects by year-end 2022 with topline results  
anticipated mid-2023, if the pre-defined number of lower-  
respiratory tract disease (LRTD) events has occurred.  
A double-blind, controlled Phase 3 clinical trial has been agreed  
with the regulatory authorities, designed to demonstrate that the  
neutralizing antibodies induced by ABNCoV2 are non-inferior to  
the levels stimulated by Comirnaty®, the licensed mRNA-based  
vaccine.  
In June, the European Medicines Agency (EMA) granted access to  
its priority medicines (PRIME) scheme for MVA-BN RSV in active  
immunization for the prevention of LRTD caused RSV in adults  
≥60 years of age.  
Regulatory approvals to initiate the trial have been obtained, and  
site activation is now ongoing with the aim to vaccinate the first  
subjects by the end of August.  
PRIME is a scheme launched by EMA to enhance support for the  
development of medicines that target an unmet medical need.  
Through PRIME, EMA offers early support to medicine developers  
to optimize the generation of robust data on a medicine's  
benefits and risks and enable accelerated assessment of  
medicines applications. The access to PRIME was granted upon an  
assessment that the available clinical data overall show the  
potential of MVA-BN-RSV to address the unmet medical need in  
the proposed target population.  
The trial will enroll approximately 4,000 adult subjects who  
either previously completed primary vaccination or have already  
received one booster dose of a licensed COVID-19 vaccine. The  
trial consists of two groups. The active, controlled group will  
enroll 1,000 subjects who will be randomized to receive either a  
single 100 µg dose of ABNCoV2 or a single 30 µg adult booster  
dose of Comirnaty. The other group will evaluate the safety and  
Page 6 of 23  
Bavarian Nordic A/S  
Philip Heymans Alle 3  
DK-2900 Hellerup  
Tel. +45 33 26 83 83  
www.bavarian-nordic.com  
CVR-no. 16 27 11 87  
LEI Code: 2138006JCDVYIN6INP51  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 7 of 23  
tolerability of the vaccine in 3,000 subjects who will receive a  
single 100 µg dose of ABNCoV2. Initial trial results are expected  
before the end of 2022, which will allow for a rolling submission  
to the regulatory authorities, aiming to obtain approval of the  
vaccine in 2023.  
escalation stage of the trial is currently ongoing, before  
advancing into stage 2, expectedly later in 2022.  
The Phase 3 development of ABNCoV2 is funded through an  
agreement with the Danish State.  
Throughout first half of 2022, Bavarian Nordic reported additional  
results from the ABNCoV2 Phase 2 clinical program. In February,  
results were reported from a group of 66 seropositive subjects  
who received one low dose (50 μg) of ABNCoV2 that confirmed  
similar high neutralizing antibody levels against the same SARS-  
CoV-2 variants of concern as observed with the high dose (100  
μg), reported in December 2021. Comparing the induced levels of  
neutralizing titres by also taking into account the starting titre  
(pre-booster) and/or the time since the last vaccination showed  
that the higher booster dose of ABNCoV2 trended towards  
inducing stronger levels of neutralizing titres against SARS-CoV-2.  
Secondly, a group of 28 seronegative subjects, who had not been  
previously vaccinated, or infected with SARS-CoV-2 received 2  
doses of ABNCoV2 (100 μg) 4 weeks apart. These data confirmed  
the high neutralizing levels reported from the Phase 1 clinical  
trial 2 weeks post the second dose, with neutralizing antibody  
levels against the Wuhan variant elevated to levels reported to  
be highly efficacious (>90%) against SARS-CoV-21.  
In May, further data from the trial were reported, showing that  
vaccination with ABNCoV2 induced a significant boost to the  
neutralizing antibodies against the Omicron variant in the  
majority of subjects (87%), who were previously vaccinated with  
approved mRNA or adenoviral vaccines.  
The overall Phase 2 results confirmed the ability of ABNCoV2 to  
boost neutralizing antibodies to levels reported to be highly  
efficacious against SARS-CoV-2, both when used for primary  
vaccination and when used as a booster in subjects previously  
vaccinated with mRNA- or Adeno-based vaccines. A similar fold  
increase was observed for all SARS-CoV-2 variants of concern  
tested (Wuhan, Alpha, Beta, Delta and Omicron) following the  
booster vaccination with ABNCoV2. While the neutralizing  
antibody titers against Omicron were the lowest when compared  
to all other variants of concern tested, they were boosted to  
levels reported to be associated with a high level of protection  
(>90%).  
The vaccine was generally well-tolerated, with no related serious  
adverse events reported and no relevant difference in the safety  
profile between subjects receiving either the low (50 μg) or high  
dose (100 μg) of ABNCoV2.  
Smallpox / monkeypox  
A freeze-dried version of JYNNEOS® with improved shelf-life is  
being developed. The clinical development of this version has  
been completed and Bavarian Nordic is working to finalize the  
transfer of the manufacturing process as the last activity to  
support the submission of a supplement Biologics License  
Application (BLA) to the FDA to extend the current approval of  
JYNNEOS for the freeze-dried formulation.  
Immuno-oncology  
TAEK-VAC, a tumor antibody enhanced therapeutic vaccine, is a  
novel immuno-oncology candidate employing the MVA-BN  
technology. A Phase 1/2 open label trial of intravenous  
administration of the vaccine, was initiated in 2021 in patients  
with advanced HER2 and brachyury-expressing cancers. A dose-  
1
P. B. Gilbert et al., Science 10.1126/science.abm3425 (2021)  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 8 of 23  
Regulatory updates  
IMVANEX approval extended to include monkeypox  
Spurred by the global monkeypox outbreak, and upon  
recommendation from the Emergency Task Force of the European  
Medicines Agency (EMA), Bavarian Nordic submitted an  
application in June to extend the current approval of the  
IMVANEX smallpox vaccine to include monkeypox. After an  
expedited review, EMA’s Committee for Medicinal Products for  
Human Use (CHMP) issued a positive opinion in July,  
recommending this extension, and shortly after, the European  
Commission formally gave its approval, which is valid in all  
European Union Member States as well as in Iceland,  
Liechtenstein, and Norway.  
New fill and finish facility received U.S. and EU approvals  
In July, Bavarian Nordic received approvals from the U.S. and EU  
regulatory authorities to manufacture JYNNEOS/IMVANEX smallpox  
and monkeypox vaccine at the Company’s fill and finish facility in  
Denmark. With the approvals of the final drug production – the  
process by which the vaccine is formulated and filled into vials –  
the Company is now allowed to deliver drug product manufactured  
at its own site to the U.S. and EU market.  
An expedited pre-approval inspection (PAI) was conducted by the  
FDA at the facility at the beginning of July. The inspection  
included the final drug production of JYNNEOS, which was  
previously performed at a contract manufacturer. The inspection  
was successfully completed with no observations made, leading  
to the approval of Bavarian Nordic as the new drug product  
manufacturer of JYNNEOS.  
The approval by EMA was granted upon assessment by CHMP of a  
type II-variation application submitted in June 2022, which,  
similar to the FDA approval, acknowledges Bavarian Nordic as the  
new drug product manufacturer of the IMVANEX vaccine, in  
supplement to the inspection, and approval earlier granted, by  
the Danish Medicines Agency,  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 9 of 23  
Financial items  
Financial review  
Financial items totaled a net expense of DKK 97 million (net  
expense of DKK 83 million) and consisted of interest expense on  
debt of DKK 7 million (DKK 9 million), net value adjustment of  
deferred consideration of DKK 17 million (DKK 60 million) from  
the acquisition of Encepur and Rabipur/RabAvert and ABNCoV2,  
net gains on hedging of DKK 9 million (DKK 0 million) and a net  
expense from securities of DKK 119 million (net expense of DKK  
18 million), partly offset by net foreign exchange rate gains of  
DKK 38 million (gain DKK 5 million). Fair value adjustment on  
securities amounted to DKK 127 million corresponding to a 4%  
decrease in value as a consequence of the financial market  
conditions seen in first half year of 2022.  
Financial statements for the period January 1 – June 30, 2022  
are un-audited. Comparison figures for the same period 2021 are  
stated in brackets.  
Revenue  
Revenue for the period was DKK 857 million (DKK 905 million).  
Revenue was composed of DKK 564 million (DKK 452 million) from  
sales of Rabipur/RabAvert and Encepur, DKK 117 million (DKK 336  
million) from sale of MVA-BN smallpox/monkeypox vaccine, DKK  
83 million in milestone payments (DKK 0 million) from our RSV  
partner Nuance, DKK 53 million (DKK 0 million) from sale of third-  
party products, DKK 30 million (DKK 89 million) from sales of  
Mvabea to Janssen and DKK 10 million (DKK 28 million) from  
contract work. Revenue reported for the three months ended  
June 30, 2022 was DKK 537 million (DKK 370 million).  
The net value adjustment of deferred consideration DKK 17  
million (DKK 60 million) consists of three components;  
Adjustment of deferred consideration due to change in estimated  
timing of payments DKK 26 million income (income of DKK 6  
million), currency adjustments of DKK 1 million expense (income  
of DKK 2 million) and unwinding2 of the discounting effect related  
to deferred consideration DKK 42 million (DKK 68 million), see  
note 6 and 7.  
Production costs  
Production costs totaled DKK 723 million (DKK 627 million). Costs  
related directly to revenue amounted to DKK 352 million (DKK  
343 million), of which cost of goods sold totaled DKK 347 million  
(DKK 324 million). Contract costs totaled DKK 5 million (DKK 19  
million). Amortization of product rights related to  
Rabipur/RabAvert and Encepur has also been recognized as part  
of the production costs with a total of DKK 136 million (DKK 136  
million). Other production costs totaled DKK 235 million (DKK 147  
million). Since August 2021, the bulk manufacturing facility has  
been shut down due to the planned expansion of the facility for  
future production of Rabipur/RabAvert and Encepur, therefore  
limited absorption of indirect production costs for Q2 2022. The  
facility has now re-opened. In Q2 2021 the production plant was  
utilized for production of RSV Phase 3 clinical trial material,  
which gave a very low utilization of the commercial  
Income before company tax was a loss of DKK 406 million (loss of  
DKK 278 million).  
Tax  
Tax on income was DKK 3 million (DKK 3 million) and relates to  
taxes in subsidiaries. The parent company’s taxable income for  
the full year of 2022 is expected to be negative due to Phase 3  
trial costs for both ABNCoV2 and RSV, leading to an effective tax  
rate close to 0% for the Group as no tax assets will be recognized.  
Deferred tax asset on the balance sheet remains at DKK 0 million.  
The Company retains the right to use the tax losses carried  
forward that was written down in prior year, see note 14 in the  
Annual Report for 2021.  
manufacturing capacity leading to low absorption of indirect  
production costs causing a high level of other production costs.  
In the second quarter of 2022, production costs were DKK 431  
million (DKK 249 million)  
Net profit  
For the first half of 2022, Bavarian Nordic reported a net loss of  
DKK 509 million (net loss of DKK 281 million).  
Sales and distribution costs  
Sales and distribution costs totaled DKK 85 million (DKK 98  
million) split between costs for distribution of products of DKK 8  
million (DKK 10 million) and costs for running the commercial  
organization and activities of DKK 78 million (DKK 88 million).  
Product rights  
Product rights recognized in the balance sheet totaled DKK 4,776  
million (DKK 4,913 million as of December 31, 2021) and relates  
to Rabipur/RabAvert and Encepur.  
Research and development costs  
Research and development costs totaled DKK 290 million (DKK  
219 million). The increase compared to 2021 relates to RSV spend  
increasing by DKK 85 million. The amount excludes R&D costs of  
DKK 5 million (DKK 19 million) recognized as production costs,  
see note 5. Research and development costs of DKK 234 million  
(DKK 0 million) related to ABNCoV2 were capitalized during the  
period.  
Acquired rights and development in progress  
Acquired rights and development in progress relates to the  
development of ABNCoV2 and stood at DKK 813 million (DKK 734  
million as of December 31, 2021). The asset includes the upfront  
payment to AdaptVac of DKK 30 million, the net present value of  
probable future sales and development milestones DKK 596  
million and capitalization of development costs for running the  
completed Phase 2 study and the running Phase 3 study, DKK 219  
million. For further description of the asset and the accounting  
policy see note 16 in the Annual Report for 2021.  
Administrative costs  
Administrative costs totaled DKK 168 million (DKK 156 million).  
EBIT/EBITDA  
The Group has ensured significant financing for the ABNCoV2  
development program through the funding obtained from the  
Danish Ministry of Health. Under the agreement, the Company is  
entitled to payments of up to DKK 800 million, which are  
contingent upon reaching a number of predefined milestones  
under the development project. All payments are potentially  
subject to repayment, however only upon successful obtainment  
of marketing authorization and upon reaching certain annual  
levels of doses sold. As per June 30, 2022, the upfront payment  
of DKK 80 million and further milestones amounting to DKK 400  
Income before interest and tax (EBIT) was a loss of DKK 410  
million, compared to a loss of DKK 195 million in the first half of  
2021.  
EBITDA was a loss of DKK 212 million (loss of DKK 8 million).  
Amortization of product rights related to Rabipur/RabAvert and  
Encepur amounted to DKK 136 million (DKK 136 million) whereas  
depreciation on other fixed assets amounted to DKK 61 million  
(DKK 11 million).  
2
due is recognized in the income statement as a financial expense over the  
period until expected payment date using the effective interest method.  
The deferred consideration for product rights is measured at net present  
value and the difference between the net present value and the amounts  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 10 of 23  
million, in total DKK 480 million, have been received and  
Debt to credit institutions  
recognized as ‘Prepayment and loan from Government’.  
As of June 30, 2022, debt to credit institutions amounted to DKK  
892 million and included the European Investment Bank loan of  
DKK 372 million, a repo position of DKK 500 million and a  
mortgage loan of DKK 20 million. All numbers are unchanged  
compared to December 31, 2021.  
Financial assets  
Production of drug substance for ABNCoV2 is taking place at a  
CMO. The CMO produced the drug substance for the clinical trial  
materials for the Phase 3 and will also be producing drug  
substance for future commercial ABNCoV2 products. Costs  
related to the scale up activities are recognized as prepayments  
and will be recognized as inventory in concurrence with future  
purchase of products from the CMO. As per June 30, 2022 DKK  
148 million has been recognized as non-current prepayments.  
Significant risks and uncertainties  
Bavarian Nordic faces a number of risks and uncertainties,  
common for the biotech/pharma industry. These relate to  
operations, research and development, manufacturing,  
commercial and financial activities. For further information  
about risks and uncertainties which Bavarian Nordic faces, refer  
to page 48-52 “Risk Management” in the 2021 Annual Report.  
Part of the technology transfer of the production and packaging  
activities for Encepur and Rabipur/RabAvert takes place at CMO's  
(filling of Encepur, labelling and packing). Costs related to the  
technology transfer activities are recognized as prepayments and  
will be recognized as inventory in concurrence with future  
purchase of services from the CMO's. As per June 30, 2022 DKK 17  
million has been recognized as non-current prepayments.  
Outlook for 2022  
The financial guidance for the full year has been upgraded six  
times since March 2022 as result of multiple supply contracts being  
entered since the start of the monkeypox outbreak in May. The  
most recent guidance, issued on July 18, is maintained at revenues  
between DKK 2,700 and 2,900 million, EBITDA with a loss between  
DKK -300 and -100 million and cash and cash equivalents at year-  
end expected to exceed DKK 1,700 million.  
Securities, cash and cash equivalents  
Securities, cash and cash equivalents were DKK 3,253 million as of  
June 30, 2022, including repo pledged securities of DKK 500 million  
(DKK 3,717 million as of December 31, 2021, including repo pledged  
securities of DKK 500 million). The net cash position amounts to DKK  
2,753 million (DKK 3,217 million as of December 31, 2021).  
Beyond the additional revenue generated by the monkeypox  
situation the guidance also reflects the current market conditions  
and general commercial performance as well as the current  
exchange rate levels. Other key assumptions for the guidance  
remain largely unchanged since the publication of guidance in  
the 2021 Annual Report.  
Cash flow  
Cash flow generated by operating activities was negative by DKK  
120 million (negative by DKK 377 million) with higher negative  
contribution from net profit partly being compensated by working  
capital improvements by DKK 17 million (worsened DKK 395  
million). Cash flow from investment activities was negative by  
DKK 488 million (negative by DKK 1,179 million, including DKK  
966 million net investment in securities) and includes  
investments in property, plant and equipment, DKK 242 million  
(DKK 171 million), mainly related to the ongoing expansion of the  
drug substance facility for future production of Rabipur/RabAvert  
and Encepur. Investment in other intangible assets amounted to  
DKK 156 million (DKK 42 million) and includes the ongoing  
Rabipur/RabAvert and Encepur technology transfer project, the  
development project for the COVID-19 vaccine and IT system  
investments. Investment in financial assets relates to  
The monkeypox outbreak has created a broader, global demand  
for vaccines, and Bavarian Nordic has entered several contracts  
with both existing and new customers to supply its monkeypox  
vaccine for both emergency use and long-term stockpiling beyond  
2022. The revenue from secured contracts is relatively evenly  
split between 2022 and 2023, however skewed towards 2023 and  
is very sensitive to the final delivery schedules. As the outbreak  
continues to evolve, the Company remains in discussions with  
governments and supranational organizations and expects to sign  
more contracts for 2023 and beyond.  
Financial calendar 2022 and 2023  
The 2023 dates for announcement of the Company’s financial  
reports and the annual general meeting have now been  
determined, and planned future reporting dates are as follows:  
prepayments to CMOs for tech transfer and scale up activities,  
DKK 127 million (DKK 0 million). Cash flow from financing  
activities was a contribution of DKK 300 million (DKK 1,455  
million), primarily funding received from the Danish Ministry of  
Health. The net change in cash and cash equivalents was  
negative by DKK 307 million (negative by DKK 102 million).  
Nine-month report (Q3)  
2022 Annual Report  
November 9, 2022  
March 2, 2023  
Annual General Meeting*  
Three-month report (Q1)  
Half-year report (Q2)  
Nine-month report (Q3)  
March 30, 2023  
May 9, 2023  
August 23, 2023  
November 16, 2023  
Equity  
The Group’s equity as of June 30, 2022 stood at DKK 6,879  
million (DKK 7,375 million as of December 31, 2021).  
*
Pursuant to Article 12 of the Articles of Association,  
Deferred consideration  
shareholders who wish to submit a request for proposals for  
consideration at the annual general meeting must lodge this with  
the Company no later than Wednesday, February 15, 2023.  
Deferred consideration to GlaxoSmithKline for purchase of  
product rights amounted to DKK 2,568 million, whereas deferred  
consideration to AdaptVac related to potential future  
development and sales milestones and tiered royalties amounted  
to DKK 596 million as per June 30, 2022.  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 11 of 23  
Financial statements  
Unaudited Condensed Consolidated Income Statements for the Periods Ended June 30, 2022 and 2021 and  
December 31, 2021  
DKK thousand  
Note  
1/4 - 30/6 2022  
1/4 - 30/6 2021  
1/1 - 30/6 2022  
1/1 - 30/6 2021  
1/1-31/12 2021  
Revenue  
3
4
536,699
431,313
369,999
249,301
856,755
723,496
905,252
626,642
1,897,875
1,327,560
Production costs  
Gross profit  
105,386
120,698
133,259
278,610
570,315
Sales and distribution costs  
Research and development costs  
Administrative costs  
47,928
184,862
90,226
47,061
97,077
83,200
85,316
289,661
168,012
98,096
219,217
155,930
191,783
399,159
292,920
5
Total operating costs  
323,016
227,338
542,989
473,243
883,862
Income before interest and tax (EBIT)  
(217,630)
(106,640)
(409,730)
(194,633)
(313,547)
Financial income  
6
7
61,957
80,184
11,713
53,206
80,965
18,625
50,233
Financial expenses  
177,711
101,856
191,116
Income before company tax  
(235,857)
(148,133)
(506,476)
(277,864)
(454,430)
Tax on income for the period  
1,313
2,125
2,637
3,239
10,345
Net profit for the period  
(237,170)
(150,258)
(509,113)
(281,103)
(464,775)
Earnings per share (EPS) - DKK  
Basic earnings per share of DKK 10  
Diluted earnings per share of DKK 10  
(3.4)
(3.4)
(2.4)
(2.4)
(7.2)
(7.2)
(4.6)
(4.6)
(7.4)
(7.4)
Unaudited Condensed Consolidated Statements of Comprehensive Income for the Periods Ended June 30,  
2022 and 2021 and December 31, 2021  
DKK thousand  
1/4 - 30/6 2022  
(237,170)
1/4 - 30/6 2021  
(150,258)
1/1 - 30/6 2022  
(509,113)
1/1 - 30/6 2021  
(281,103)
1/1-31/12 2021  
(464,775)
Net profit for the period  
Items that might be reclassified to the  
income statement:  
Exchange rate adjustments on translating  
foreign operations  
(12,156)
157
(10,335)
3,991
10,081
Change in fair value of financial instruments  
entered into to hedge future cash flows  
782
(11,374)
(248,544)
2,170
2,327
2,468
(7,867)
(10,786)
(6,795)
(542)
9,539
Other comprehensive income after tax  
Total comprehensive income  
(147,931)
(516,980)
(287,898)
(455,236)
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 12 of 23  
Unaudited Condensed Consolidated Statements of Cash Flow for the Periods Ended June 30, 2022 and 2021  
and December 31, 2021  
DKK thousand  
1/1 - 30/6 2022  
(509,113)
1/1 - 30/6 2021  
(281,103)
1/1-31/12 2021  
(464,775)
Net profit for the period  
Adjustment for non-cash items:  
Financial income  
(80,965)
177,711
2,637
(18,625)
101,856
3,239
(50,233)
191,116
10,345
Financial expenses  
Tax on income for the period  
Depreciation, amortization and impairment losses  
Share-based payment  
197,713
25,508
186,647
34,390
388,310
56,857
Changes in inventories  
(38,366)
(19,253)
110,244
(146,361)
(209,922)
(38,304)
41,039
Changes in receivables  
(364,393)
(146,007)
Changes in current liabilities  
Cash flow from operations (operating activities)  
(133,884)
(368,183)
(337,741)
Received financial income  
Paid financial expenses  
Paid company taxes  
13,653
2,045
4,480
(12,610)
(953)
6,198
(24,383)
(2,574)
(1,606)
Cash flow from operating activities  
(119,792)
(377,266)
(358,500)
Investments in products rights  
3,594
(156,690)
(242,467)
(126,556)
(367,449)
402,057
-
(41,633)
(171,411)
(561)
(371,849)
(203,475)
(483,127)
(39,041)
Investments in other intangible assets  
Investments in property, plant and equipment  
Investments in/disposal of financial assets  
Investments in securities  
(1,116,911)
151,020
(2,115,796)
336,342
Disposal of securities  
Cash flow from investment activities  
(487,511)
(1,179,496)
(2,876,946)
Payment on loans  
(1,089)
320,000
(10,415)
1,545
-
(1,088)
306,706
(9,745)
44,800
-
(2,173)
660,000
(19,507)
107,183
2,856,596
-
Proceeds from loans  
Repayment of lease liabilities  
Proceeds from warrant programs exercised  
Proceeds from rights issue  
Proceeds from capital increase through private placement  
Cost related to issue of new shares  
Purchase of treasury shares  
-
1,148,450
(25,563)
(8,581)
(61)
(57,438)
(8,581)
(9,328)
Cash flow from financing activities  
Cash flow of the period  
300,652
1,454,979
(101,783)
3,536,080
300,634
(306,651)
Cash as of 1 January  
591,820
5,632
285,487
2,197
285,487
5,699
Currency adjustments 1 January  
Cash end of period  
290,801
185,901
591,820
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 13 of 23  
Unaudited Condensed Consolidated Statements of Financial Position - Assets as of June 30, 2022 and 2021  
and December 31, 2021  
DKK thousand  
Assets  
Note  
30/6 2022  
30/6 2021  
31/12 2021  
Product rights  
4,776,363
813,214
19,754
5,049,298
29,813
4,912,830
733,770
22,985
Acquired rights and development in progress  
Software  
28,791
Intangible assets in progress  
204,145
81,969
134,371
Intangible assets  
5,813,476
5,189,871
5,803,956
Land and buildings  
334,774
8,776
361,054
3,313
345,953
10,011
Leasehold improvements  
Plant and machinery  
243,067
214,992
810,638
263,583
219,071
301,398
254,530
223,467
578,707
Fixtures and fittings, other plant and equipment  
Assets under construction  
Property, plant and equipment  
Right-of-use assets  
Other receivables  
1,612,247
75,365
4,969
1,148,419
83,422
4,683
1,412,668
75,843
4,778
14  
Prepayments  
164,750
169,719
-
38,385
Financial assets  
4,683
43,163
Total non-current assets  
Inventories  
7,670,807
518,409
6,426,395
667,443
7,335,630
480,043
8
Trade receivables  
Other receivables  
Prepayments  
9
506,890
29,376
49,635
339,955
27,837
33,300
381,624
66,517
10  
108,840
Receivables  
585,901
401,092
556,981
Securities  
15, 16  
2,962,638
290,801
2,327,547
185,901
3,124,795
591,820
Cash and cash equivalents  
Securities, cash and cash equivalents  
Total current assets  
3,253,439
4,357,749
2,513,448
3,581,983
3,716,615
4,753,639
Total assets  
12,028,556
10,008,378
12,089,269
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 14 of 23  
Unaudited Condensed Consolidated Statements of Financial Position - Equity and Liabilities as of June 30,  
2022 and 2021 and December 31, 2021  
DKK thousand  
Note  
30/6 2022  
30/6 2021  
31/12 2021  
Equity and liabilities  
Share capital  
704,793
(1,463)
638,172
(1,176)
704,684
(1,112)
Treasury shares  
Retained earnings  
Other reserves  
6,082,702
93,063
5,086,384
65,170
6,588,908
82,187
Equity  
6,879,095
5,788,550
7,374,667
Deferred consideration for product rights  
Prepayment and loan from Government  
Debt to credit institutions  
2,400,545
480,511
17,807
1,934,498
-
2,569,090
160,511
18,896
11  
14  
392,182
65,203
Lease liabilities  
54,464
57,547
Non-current liabilities  
2,953,327
2,391,883
2,806,044
Deferred consideration for product rights  
Debt to credit institutions  
Lease liabilities  
762,895
874,373
23,727
118,225
195,456
4,484
947,930
308,878
21,079
51,435
298,545
1,461
577,667
874,373
21,266
16,904
263,611
3,743
11, 15  
14  
Prepayment from customers  
Trade payables  
12  
Company tax  
Other liabilities  
13  
216,974
198,617
150,994
Current liabilities  
2,196,134
5,149,461
12,028,556
1,827,945
4,219,828
10,008,378
1,908,558
4,714,602
12,089,269
Total liabilities  
Total equity and liabilities  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 15 of 23  
Unaudited Condensed Consolidated Statements of Changes in Equity for the Periods June 30, 2022 and  
2021  
Reserves  
for  
currency  
Share-  
based  
payment  
Share  
capital  
Treasury  
shares  
Retained  
Reserves for fair value of  
financial instruments  
DKK thousand  
earnings adjustment  
Equity  
Equity as of January 1, 2022  
704,684
(1,112) 6,588,908
(30,559)
(1,351)
114,097
7,374,667
Comprehensive income for the period  
Net profit  
-
-
-
(509,113)
-
-
-
(509,113)
(10,335)
Other comprehensive income  
Exchange rate adjustments on translating  
foreign operations  
-
-
(10,335)
-
-
Change in fair value of financial  
instruments entered into to hedge future  
cash flows  
-
-
-
-
2,468
-
2,468
Total comprehensive income for the  
period  
-
-
(509,113)
(10,335)
2,468
-
(516,980)
Transactions with owners  
Share-based payment  
-
109
-
-
-
-
1,880
(61)
-
-
-
-
-
-
-
-
-
-
-
-
29,252
(444)
-
29,252
1,545
(61)
Warrant program exercised  
Cost related to issue of new shares  
Purchase of treasury shares  
Transfer regarding restricted stock units  
Total transactions with owners  
-
-
(716)
365
(351)
(8,612)
3,729
2,907
-
(9,328)
-
-
(4,094)
18,743
109
21,408
Equity as of June 30, 2022  
704,793
(1,463) 6,082,702
(40,894)
1,117
132,840
6,879,095
Reserves  
for  
currency  
Share-  
based  
payment  
Share  
capital  
Treasury  
shares  
Retained  
Reserves for fair value of  
financial instruments  
DKK thousand  
earnings adjustment  
Equity  
Equity as of January 1, 2021  
584,501
(1,077) 4,246,359
(40,640)
(809)
106,019
4,894,353
Comprehensive income for the period  
Net profit  
-
-
-
(281,103)
-
-
-
(281,103)
3,991
Other comprehensive income  
Exchange rate adjustments on translating  
foreign operations  
-
-
3,991
-
-
Change in fair value of financial  
instruments entered into to hedge future  
cash flows  
-
-
-
-
(10,786)
-
(10,786)
Total comprehensive income for the  
period  
-
-
(281,103)
3,991
(10,786)
-
(287,898)
Transactions with owners  
Share-based payment  
-
-
-
54,489
-
-
-
-
-
-
-
-
-
-
-
-
-
-
22,989
22,989
44,800
Warrant program exercised  
2,171
-
-
(11,860)
Capital increase through rights issue  
Cost related to issue of new shares  
Purchase of treasury shares  
51,500
1,096,950
(25,563)
(8,264)
-
1,148,450
(25,563)
(8,581)
-
-
-
-
-
-
-
(317)
218
Transfer regarding restricted stock units  
Total transactions with owners  
3,516
(3,734)
7,395
53,671
(99) 1,121,128
1,182,095
Equity as of June 30, 2021  
638,172
(1,176) 5,086,384
(36,649)
(11,595)
113,414
5,788,550
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 16 of 23  
Notes  
11. Debt to credit institutions  
12. Prepayment from customers  
13. Other liabilities  
14. Right-of-use assets and lease liabilities  
15. Transferred financial assets that are not derecognized  
16. Financial instruments  
1. Significant accounting policies  
2. Significant accounting estimates, assumptions and  
uncertainties  
3. Revenue  
4. Production costs  
5. Research and development costs  
6. Financial income  
7. Financial expenses  
8. Inventories  
9. Trade receivables  
10. Other receivables  
17. Warrants  
18. Significant changes in contingent liabilities and other  
contractual obligations  
19. Significant events after the balance sheet date  
20. Approval of the unaudited condensed consolidated  
interim financial statements  
1. Significant accounting policies  
The interim financial statements are prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by EU and the additional  
Danish requirements for submission of interim reports for companies listed on Nasdaq Copenhagen. The interim report has not been audited  
or reviewed by the Company’s auditors.  
The interim financial statements are presented in Danish Kroner (DKK), which is considered the primary currency of the Group’s activities  
and the functional currency of the parent company.  
The accounting policies used in the interim financial statements are consistent with those used in the consolidated financial statements for  
2020 and in accordance with the recognition and measurement policies in the International Financial Reporting Standards (IFRS) as adopted  
by EU.  
As of March 31, 2022, the Company has implemented all new or amended accounting standards and interpretations as adopted by the EU and  
applicable for the 2022 financial year. None of the new or amended standards or interpretations are assessed to have significant impact on  
the consolidated financial statements.  
2. Significant accounting estimates, assumptions and uncertainties  
In the preparation of the interim financial statements according to IAS 34, Interim Financial Reporting, as adopted by the EU, Management is  
required to make certain estimates as many financial statement items cannot be reliably measured but must be estimated. Such estimates  
comprise judgments made on the basis of the most recent information available at the reporting date. It may be necessary to change  
previous estimates as a result of changes to the assumptions on which the estimates were based or due to supplementary information,  
additional experience or subsequent events.  
Similarly, the value of assets and liabilities often depends on future events that are somewhat uncertain. In that connection, it is necessary  
to set out e.g. a course of events that reflects Management’s assessment of the most probable course of events.  
Further to the significant accounting estimates, assumptions and uncertainties, which are stated in the Annual Report 2021, the Management  
has not changed significant estimates and judgments regarding recognition and measurement.  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 17 of 23  
1/4 - 30/6  
2022  
1/4 - 30/6  
2021  
1/1 - 30/6  
2022  
1/1 - 30/6  
2021  
1/1-31/12  
2021  
DKK thousand  
3. Revenue  
MVA-BN smallpox/monkeypox vaccine sale  
Rabipur/RabAvert  
Encepur  
116,661  
234,200  
143,674  
38,514  
533,049  
-
167  
126,858  
146,180  
89,079  
362,284  
-
116,784  
350,932  
213,019  
82,735  
763,470  
83,048  
10,237  
93,285  
336,378  
207,190  
244,660  
89,079  
877,307  
-
733,593  
505,769  
363,054  
260,225  
1,862,641  
-
Other product sale  
Sale of goods  
Milestone payments  
Contract work  
3,650  
7,715  
27,945  
27,945  
35,234  
35,234  
Sale of services  
3,650  
7,715  
Revenue  
536,699  
369,999  
856,755  
905,252  
1,897,875  
Total revenue includes:  
Fair value adjustment concerning financial instruments  
entered into to hedge revenue  
-
-
-
269  
(7,072)  
4. Production costs  
Cost of goods sold  
235,463  
2,587  
118,249  
5,743  
347,225  
4,745  
323,660  
19,229  
539,789  
21,959  
Contract costs  
Amortization product rights  
Other production costs  
68,233  
125,030  
68,233  
57,076  
136,467  
235,059  
136,467  
147,286  
492,877  
272,935  
Production costs  
431,313  
249,301  
723,496  
626,642  
1,327,560  
5. Research and development costs  
Research and development costs occurred in the period  
Of which:  
187,449  
102,820  
294,406  
238,446  
421,118  
Contract costs recognized as production costs  
(2,587)  
(5,743)  
(4,745)  
(19,229)  
(21,959)  
Research and development costs  
184,862  
97,077  
289,661  
219,217  
399,159  
6. Financial income  
Financial income from bank and deposit contracts  
Interest income from financial assets measured at  
amortized cost  
827  
827  
56  
56  
976  
976  
97  
97  
1,739  
1,739  
Financial income from securities  
3,632  
3,174  
7,954  
5,465  
11,045  
Adjustment of deferred consideration due to change in  
estimated timing of payments  
19,045  
(518)  
6,008  
421  
26,319  
(1,032)  
6,343  
1,787  
32,185  
1,677  
Currency adjustment deferred consideration  
Net gains on derivative financial instruments at fair value  
through the income statement  
8,921  
-
8,921  
-
-
Net foreign exchange gains  
30,050  
2,054  
37,827  
4,933  
3,587  
Financial income  
61,957  
11,713  
80,965  
18,625  
50,233  
7. Financial expenses  
Interest expenses on debt  
Interest expenses on financial liabilities measured at  
amortized cost  
3,960  
3,960  
4,222  
4,222  
8,471  
8,471  
8,884  
8,884  
18,487  
18,487  
Fair value adjustments on securities  
Unwinding of the discounting effect related to deferred  
consideration  
Net loss on derivative financial instruments at fair value  
through the income statement  
64,180  
13,735  
(1,691)  
80,184  
8,147  
39,760  
1,077  
127,269  
41,971  
-
22,996  
67,889  
39,056  
133,573  
-
2,087  
Financial expenses  
53,206  
177,711  
101,856  
191,116  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 18 of 23  
DKK thousand  
8. Inventories  
30/6 2022  
30/6 2021  
31/12 2021  
Raw materials and supply materials  
Work in progress  
128,082  
220,209  
69,770  
78,046  
80,243  
79,904  
Manufactured goods and commodities  
Write-down on inventory  
336,430  
529,530  
(9,903)  
492,837  
(172,941)  
(166,312)  
Inventories  
518,409  
667,443  
480,043  
Write-down on inventory 1 January  
Write-down during the period  
Use of write-down  
(172,941)  
(6,579)  
4,072  
(63,537)  
(6,252)  
59,886  
-
(63,537)  
(171,643)  
62,239  
-
Reversal of write-down  
9,137  
Write-down end of period  
(166,311)  
(9,903)  
(172,941)  
9. Trade receivables  
Trade receivables from smallpox/monkeypox vaccine sale  
Trade receivables from Encepur and Rabipur/RabAvert  
Trade receivables from other product sale  
127,976  
375,589  
-
166  
266,418  
68,956  
4,415  
78,218  
162,546  
137,731  
3,129  
Trade receivables from contract work  
3,325  
Trade receivables  
506,890  
339,955  
381,624  
10. Other receivables  
Receivable VAT and duties  
13,486  
10,256  
5,634  
23,228  
-
55,973  
191  
Derivative financial instruments at fair value  
Interest receivables  
4,609  
10,353  
Other receivables  
29,376  
27,837  
66,517  
11. Debt to credit institutions  
Mortgage  
19,985  
372,195  
500,000  
22,159  
372,195  
306,706  
21,074  
372,195  
500,000  
European Investment Bank (loan in DKK)  
Security lending (repo transactions)  
Debt to credit institutions  
892,180  
701,060  
893,269  
12. Prepayment from customers  
Prepayments from customers as of January 1  
Prepayments received during the period  
Recognized as revenue during the period  
16,904  
101,321  
-
74,347  
-
74,347  
33,850  
(22,912)  
(91,293)  
Prepayments from customers end of period  
118,225  
51,435  
16,904  
13. Other liabilities  
Financial instruments at fair value  
Liability relating to phantom shares  
Payable salaries, holiday accrual etc.  
Gross to net deduction accrual  
Other accrued costs  
-
12,090  
68,929  
121,952  
14,003  
11,651  
16,250  
80,511  
63,175  
27,030  
1,351  
23,917  
68,491  
37,134  
20,101  
Other liabilities  
216,974  
198,617  
150,994  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 19 of 23  
14. Right-of-use assets and lease liabilities  
Right-of-use assets  
DKK thousand  
Rent facility  
Car leasing  
Equipment  
Total  
Right-of-use assets as of January 1, 2021  
Additions  
73,026  
917  
1,742  
5,086  
1,114  
-
1,075  
75,843  
6,003  
6,202  
(2,412)  
(11,388)  
909  
-
Modifications  
5,088  
(2,412)  
(9,875)  
909  
-
Disposals  
-
(250)  
-
Depreciations  
(1,263)  
-
Reversal depreciations  
Exchange rate adjustments  
160  
49  
(1)  
208  
Right-of-use assets as of March 31, 2022  
67,813  
6,728  
824  
75,365  
Lease liabilities  
DKK thousand  
30/6 2022  
Non-current  
Current  
54,464  
23,727  
Lease liabilities  
78,191  
Amounts included in the income statement  
DKK thousand  
1/1 - 30/6 2022  
Interest expense leases  
978  
11,388  
99  
Depreciation recognized on right-of-use assets  
Cost recognized for short term leases (less than 12 months)  
In the first half of 2022 the total cash outflow relating to lease was DKKt 11.393 split between interests of DKKt 978 and repayment of DKKt  
10,415.  
15. Transferred financial assets that are not derecognized  
The Company has entered into transactions that transferred ownership of securities to a counterparty, while the Company retains the risks  
associated with the holding of the securities (repo transactions). As the Company retains all risks, the securities remain in the balance sheet,  
and the transactions are accounted for as loans received against collateral (securities lending). The transactions involve selling the securities  
to be repurchased at a fixed price at a later date. Counterparties are entitled to sell the securities or deposit them as collateral for loans.  
DKK thousand  
30/6 2022  
30/6 2021  
31/12 2021  
Carrying amount of transferred securities  
Carrying amount of associated liabilities (repo transactions)  
Net position  
499,355  
(500,000)  
(645)  
305,050  
(306,706)  
(1,656)  
498,534  
(500,000)  
(1,466)  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 20 of 23  
16. Financial instruments  
Method and assumption to determine fair value  
The Group has financial instruments measured at fair value at level 1 and level 2.  
Securities (level 1)  
The portfolio of publicly traded government bonds and publicly traded mortgage bonds is valued at listed prices and price quotas.  
Derivative financial instruments (level 2)  
Currency forward contracts, currency option contracts and currency swap contracts are valued according to generally accepted valuation  
methods based on relevant observable swap curves and exchange rates.  
Fair value hierarchy for financial instruments measured at fair value  
As of June 30, 2022  
DKK thousand  
Level 1  
Level 2  
Total  
Securities  
2,463,283  
499,355  
-
-
2,463,283  
499,355  
Transferred securities that are not derecognized  
Financial assets measured at fair value through the income statement  
2,962,638  
8,386  
2,971,024  
Derivative financial instruments to hedge future cash flow (interest)  
-
1,117  
1,117  
Financial assets/liabilities used as hedging instruments  
-
1,117  
1,117  
Derivative financial instruments at fair value through the income statement  
(currency)  
-
(500,000)  
-
9,138  
-
9,138  
(500,000)  
(12,090)  
Security lending (repo transactions)  
Liability relating to phantom shares  
(12,090)  
Financial liabilities measured at fair value through the income statement  
(500,000)  
(2,952)  
(502,952)  
As of December 31, 2021  
DKK thousand  
Level 1  
Level 2  
Total  
Securities  
2,626,261  
498,534  
-
-
2,626,261  
498,534  
Transferred securities that are not derecognized  
Derivative financial instruments at fair value through the income statement  
(repo)  
-
191  
191  
Financial assets measured at fair value through the income statement  
Derivative financial instruments to hedge future cash flow (currency)  
Derivative financial instruments to hedge future cash flow (interest)  
3,124,795  
191  
(646)  
(705)  
3,124,986  
(646)  
-
-
(705)  
Financial assets/liabilities used as hedging instruments  
-
(1,351)  
(1,351)  
Liability relating to phantom shares  
-
(23,917)  
(23,917)  
Financial liabilities measured at fair value through the income statement  
-
(23,917)  
(23,917)  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
17. Warrants  
Page 21 of 23  
Outstanding warrants as of June 30, 2022  
Addition  
Outstanding as during the  
of January 1  
Warrants  
period exercised  
Trans-  
ferred  
Outstanding as of  
June 30  
Annulled Terminated  
Corporate Management  
Other Executive Management  
Other employees  
743,346  
-
63,157  
18,715  
-
-
-
-
(73,445)  
-
-
(174,070)  
(61,310)  
235,380  
669,901  
307,250  
418,163  
-
(88,654)  
-
1,880,363  
314,612  
(10,599)  
(280)  
(4,216)  
(34,074)  
1,734,299  
515,638  
Resigned employees  
Total  
3,356,484  
219  
81,872  
190  
(10,879)  
142  
(88,654) (111,735)  
229 247  
-
-
3,227,088  
217  
Weighted average exercise price  
Weighted average share price at  
exercise  
201  
Numbers of warrants which can be exercised as of  
June 30, 2022  
684,835  
169  
at a weighted average exercise  
price of DKK  
The total recognized cost of the warrant programs was DKK 21.8 million in the first six months of 2022 (DKK 16.4 million).  
Specification of parameters for Black-Scholes model  
Nov  
2017  
Nov  
2018  
Nov  
2019  
Jan  
2020  
Nov  
2020  
Nov  
2021  
Apr  
2022  
DKK  
Average share price  
259.50  
303.00  
159.00  
179.60  
154.05  
185.40  
171.20  
197.00  
179.84  
206.82  
307.20  
353.06  
171.35  
190.11  
Average exercise price at grant  
Average exercise price determined at  
date of rights issue March 30, 2020 (DKK)  
239.60  
52.4%  
3.0  
142.00  
53.3%  
3.0  
146.60  
52.2%  
3.0  
155.80  
53.0%  
3.0  
-
39.8%  
3.0  
-
41.8%  
3.0  
-
42.3%  
3.0  
Applied volatility rate  
Expected life (years)  
Expected dividend per share  
Risk-free interest rate p.a.  
Fair value at grant1)  
-
-
-
-
-
-
-
-0.55%  
80  
-0.43%  
52  
-0.69%  
45  
-0.65%  
53  
-0.66%  
41  
-0.53%  
76  
0.39%  
47  
The applied volatility is based on the historical volatility of the Bavarian Nordic share, except for November 2020, November 2021 and April  
2022 programs where the volatility is based on the volatility for a peer group.  
1) Fair value of each warrant applying the Black-Scholes model  
18. Significant changes in contingent liabilities and other contractual obligations  
No significant changes in contingent liabilities and other contractual obligations have occurred since December 31, 2021.  
19. Significant events after the balance sheet date  
On July 1, Bavarian Nordic announced a contract with the U.S. Government for supply of additional 2.5 million doses of JYNNEOS.  
On July 15, Bavarian Nordic announced another contract with the U.S. Government for supply of additional 2.5 million doses of JYNNEOS and  
upgraded its financial guidance for 2022.  
On July 18, Bavarian Nordic announced the signing of contracts with multiple governments to supply its monkeypox vaccine and upgraded its  
financial guidance for 2022.  
On July 19, Bavarian Nordic announced the signing of a significant order with a European country for the monkeypox vaccine for delivery in  
2023.  
On July 22, Bavarian Nordic announced that the Committee for Medicinal Products for Human Use of the European Medicines Agency adopted  
a positive opinion recommending an extension of the marketing authorization for IMVANEX to include protecting from monkeypox.  
On July 25, Bavarian Nordic announced the European Commission had approved the extension of the marketing authorization for IMVANEX to  
include protecting from monkeypox.  
On July 27, Bavarian Nordic announced that the U.S. Food and Drug Administration, after a successful pre-approval inspection, had approved  
the Company’s fill and finish facility, and also that the European Medicines Agency had approved the facility for final drug production of  
smallpox and monkeypox vaccines.  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 22 of 23  
On August 3, Bavarian Nordic announced the signing of an additional contract with an Asia-Pacific country for supply of monkeypox vaccines  
in 2023.  
On August 23, Bavarian Nordic announced that Elizabeth McKee Anderson had resigned her position as member of the Board.  
20. Approval of the unaudited condensed consolidated interim financial statements  
The unaudited condensed consolidated interim financial statements were approved by the Board of Directors and Corporate Management and  
authorized for issue on August 24, 2022.  
Company Announcement no. 32 / 2022  
 
Bavarian Nordic Announces First Half 2022 Results  
Page 23 of 23  
Statement from the Board of Directors and Corporate Management
The Board of Directors and Corporate Management have, today reviewed and approved the Bavarian Nordic A/S interim report for the period
January 1 to June 30, 2022.
The interim report has been prepared in accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU and additional Danish
disclosure requirements for interim reports of listed companies, including those of Nasdaq Copenhagen.
In our opinion, the interim report gives a true and fair view of the group’s assets and liabilities and financial position as of June 30, 2022,
and the results of the group’s activities and cash flows for the period January 1 to June 30, 2022.
In our opinion, the management’s review provides a true and fair description of the development in the group’s activities and financial
affairs, the results for the period and the group’s financial position as a whole as well as a description of the most important risks and
uncertainty factors faced by the group.
Hellerup, August 24, 2022
Corporate Management:  
Paul John Chaplin
Henrik Juuel
President & CEO
Executive Vice President & CFO
Board of Directors:  
Gerard W.M. van Odijk
Anders Gersel Pedersen
Chairman of the Board
Deputy Chairman
Peter H. Kürstein-Jensen
Frank A.G.M. Verwiel
Anne Louise Eberhard
Thomas Alex Bennekov
Anja Gjøl
Karen Merete Jensen
Linette Munksgaard Andersen
Employee-elected
Employee-elected
Employee-elected
Employee-elected
Company Announcement no. 32 / 2022