Company Announcement
Bavarian Nordic Announces First Half 2024 Results
COPENHAGEN, Denmark, August 22, 2024 –
(OMX: BAVA) announced today its interim financial results and business
progress for the first half of 2024 and released its financial calendar for 2025.
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Revenue for the first half was DKK 2,259 million, and the operating profit (EBITDA) was DKK 441 million.
Revenue from travel health increased by 15% to DKK 1,119 million and revenue from public preparedness was DKK 1,024 million,
which is in line with the Company’s expectations. Other revenue was DKK 116 million.
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Revenues from Rabipur/RabAvert and Encepur have reached levels exceeding the original expectations at the time of acquisition,
thus triggering a sales milestone of DKK 186 million to GSK, payable in the third quarter of 2024.
Bavarian Nordic confirms its new guidance for the full year at the upper end of the range, with aggregated revenue of
approximately DKK 5,300 million and EBITDA of approximately DKK 1,350 million. The public preparedness revenue included in the
new guidance is now largely all secured by contracts.
DKK million
Revenue
EBITDA
Q2 2024
1,427
420
Q2 2023
1,987
690
H1 2024
2,259
441
H1 2023
3,239
2024 Guidance
~5,300
1,171
~1,350
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “We are pleased to report strong developments for Bavarian
Nordic during the first half of 2024. Unfortunately, mpox is again making global headlines as a result of the record number of cases reported
in Africa. The situation has urged the African CDC and the WHO to declare public health emergencies and Bavarian Nordic is working closely
with all stakeholders to ensure the equitable access to our mpox vaccine. Importantly, we have built a strong partnership with the Africa
Centers of Disease Control (CDC), both on exploring supply, but also expanding our manufacturing network to include Africa. We are also
working with the WHO on a regulatory path to ensure access to all countries, while in parallel seeking approval for use in adolescents and
also conducting clinical studies in Africa to further expand the use to children. A recent order for MVA-BN was secured by an undisclosed
European country, and this was anticipated as part of the 2024 guidance and as such, has no impact on the remaining vaccine capacity.
Indeed, in response to recent events the company plans to ramp-up vaccine manufacturing to ensure the continued equitable access to our
mpox vaccine. Consequently, we have the capacity to manufacture 10 million doses by the end of 2025, in addition to our current orders,
and could already supply up to 2 million doses this year. Bavarian Nordic is prepared to work with the international community to play our
role in protecting and saving lives around the World and to contain the latest outbreak.”
Highlights from the period
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In April, Bavarian Nordic launched its mpox vaccine in the U.S., thereby expanding access to JYNNEOS® for at-risk populations.
In April, Bavarian Nordic initiated a rolling BLA submission for its chikungunya vaccine candidate to the U.S. Food and Drug
Administration (FDA). The submission was completed in June, and in August, the FDA accepted the BLA with priority review.
In April, Bavarian Nordic was awarded a contract valued at EUR 65 million for the supply of smallpox vaccines to the rescEU
stockpile in 2025.
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In May, Bavarian Nordic announced the departure of EVP and Chief Medical Officer Laurence de Moerlooze. A search process to
identify the next Chief Medical Officer has been initiated.
In May, Bavarian Nordic received funding from CEPI to advance a clinical trial of the mpox vaccine in an African population,
potentially supporting expansion of the current regulatory approvals to include children 2 years of age and older, as well as
potentially supporting approval of the vaccine in Africa.
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In May, Bavarian Nordic submitted a supplemental BLA seeking FDA approval of a freeze-dried formulation of the MVA-BN smallpox
and mpox vaccine.
In June, Bavarian Nordic submitted a Marketing Authorization Application (MAA) for its chikungunya vaccine candidate to the
European Medicines Agency (EMA). The MAA was accepted in July, marking the start of the centralized review procedure under
accelerated assessment.
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In June, Bavarian Nordic announced a donation of mpox vaccines to support the public health response in Africa led by a
consortium of global partners, including Gavi, WHO and UNICEF.
Events after the reporting date
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In July, Bavarian Nordic announced the conversion of its existing undrawn DKK 1 billion revolving credit facility into a
sustainability-linked loan (SLL).
In July, Bavarian Nordic received positive opinion from EMA’s Committee for Medicinal Products for Human Use (CHMP),
recommending approval of a type II variation for IMVANEX® (MVA-BN) smallpox and mpox vaccine, including real-world
effectiveness data from the use of the vaccine during the global 2022 mpox outbreak in the marketing authorization.
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
