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The result of Bavarian Nordic for 2002 was a loss of DKK 26.7 million before interest and tax (2001: DKK 93.5 million). After capitalisation of the tax asset the 2002 result was a profit of DKK 70.1 million. Turnover on sales of smallpox vaccines was DKK 121.1 million. The result before interest and tax is in accordance with expectations as announced on 13 December 2002. A part of the originally expected turnover of DKK 150 million will be recognized in 2003. The vaccine order of Elstree-BN for the British Government has been produced, invoiced and paid. However, as an unlicensed vaccine for which production guidelines have only recently been established additional release testing was requested. This is now complete, and as a consequense Bavarian Nordic will book the majority of the revenue for the order in the first quarter of 2003.
For 2003 Bavarian Nordic expects a turnover of approximately DKK 500 million and a profit of approximately DKK 250 million before interest and tax.
The year 2002 was the most successful year for Bavarian Nordic so far. The most significant events in 2002 include:
- Bavarian Nordic entered into three very important supply contracts for the MVA-BN and Elstree-BN smallpox vaccines at a total contract value of DKK 360 million. The vaccines are being delivered, and the final deliveries are expected to be completed during first and second quarter of 2003.
- During the year Bavarian Nordic extended its network of international partners within its smallpox business. During 2003 Bavarian Nordic expects to enter into a partnership for the US market.
- The two phase I/II clinical studies with the MVA-BN vaccine within smallpox and within HIV were both successfully completed during 2002. Data from the studies confirm MVA-BN’s high safety and immunogenicity. During 2003 the clinical development programs will be accelerated in both Europe and the US. Bavarian Nordic initiates a phase II study within smallpox in March 2003 and starts the clinical development of the Elstree-BN smallpox vaccine in Europe during the first half of 2003.
- After the balance sheet data Bavarian Nordic signed on 7 February 2003 a contract with the German government for supplies of the Elstree-BN smallpox vaccine. The contract was Bavarian Nordics biggest contract so far and considerably strengthens the company both operationally and financially.
- Also after the balance sheet data Bavarian Nordic signed on 25 February 2003 a collaboration agreement with the US Department of Health and Human Services for the development of MVA-BN as a safe smallpox vaccine for the US market. The contract is an international validation of the MVA technology and a confirmation of Bavarian Nordic’s leading position in the development, production and supplies of smallpox vaccines.
- The phase I/II study in Erlangen, Germany, within HIV was completed during 2002. Efter the balance sheet date we announced the results hereof on 5 March 2003. The data confirmed that our therapeutic MVA-BN HIV vaccine is safe and immunogenetic in immunecompromised individuals. A substantial part of the HIV patients had after more than 11 months after the last vaccination with our HIV vaccine a lower HIV-level than before treatment start, and these patients were during the entire period – and today remain – off antiviral therapy.
Bavarian Nordic is satisfied with the company’s developments during 2002.
Copenhagen, 6 March 2003
Asger Aamund, Chairman of the Board
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