|
Profit from operations of DKK 59 million. Important agreements have been concluded. Good results within smallpox and HIV. Financial expectations for the year are maintained.
In the first three months of 2003 Bavarian Nordic had revenues of DKK 134.7 million and a profit before interest and tax of DKK 59.1 million. After tax the result was a profit of DKK 52.2 million. The revenues are essentially from the delivery of smallpox vaccines to PowderJect in England and the successive deliveries of smallpox vaccines to the German government.
The result of first quarter of 2003 is satisfactory and according to expectations. Other important events of first quarter 2003 are as follows:
- On 7 February Bavarian Nordic entered into its second agreement with the German government for the supply of Bavarian Nordic’s smallpox vaccine Elstree-BN. The contract was Bavarian Nordic’s largest contract ever. This contract is expected to secure the result targets for 2003, and the contract will significantly strengthen the liquidity and capital preparedness of Bavarian Nordic.
- All of the company’s activities within production and delivery of smallpox vaccines are progressing according to plan. The contract with PowderJect has been concluded and the first supply contract with the German government, entered in 2002, is expected to be concluded shortly.
- On 25 February Bavarian Nordic entered into an agreement with the US Department of Health and Human Services for development of MVA-BN as a safe, third generation smallpox vaccine for the US market. This contract is an international validation of the MVA technology and of Bavarian Nordic’s leading position in smallpox vaccines. The work under the contract proceeds according to plan and Bavarian Nordic increases its market leader position prior to the government’s expected award of a contract for delivery of 30 million doses of MVA vaccine in 2003.
- On 26 February we announced the final results of our clinical phase I trials with MVA-BN within smallpox. The results confirm the MVA-BN’s high level of safety and efficacy. At the same time we announced that Bavarian Nordic entered into a clinical phase II dose-study within smallpox with MVA-BN in Europe. The recruitment of patients has started. The execution of this clinical study is an essential step forward within the development of a safe, third generation MVA-BN smallpox vaccine.
- On 5 March we announced the final results of our clinical phase I/II study within HIV with the MVA-BN HIV nef vaccine. The results are remarkable. Up to 11 months after stopping antiretroviral therapy the level of HIV in 7 patients out of 14 remained below their pre-therapy level and these patients are still kept out of the antiretroviral therapy. This has once again confirmed the high safety and strong immunity of MVA-BN in immune compromised patients. Due to these persuasive data the clinical trial has been extended to monitor the HIV level in these patients. Furthermore the good safety and efficacy data from the HIV trial promote the development of MVA-BN as a safe smallpox vaccine.
- All other development projects are progressing according to the plan.
Bavarian Nordic had as per 31 March cash equivalents and marketable securities totalling DKK 114.2 million. Bavarian Nordic maintains its expectations for the financial year 2003 of revenues of DKK 500 million and a result before tax of approx. DKK 250 million.
Copenhagen, 29 April 2003
Asger Aamund
Chairman of the Board
|
