Bavarian Nordic A/S - Quarterly Statement of Share Ownership

In accordance with Section 37, (8) of the Danish Securities Trading Act, we hereby state that persons subject to Section 34 (4) (insiders) and Section 37 (3) (closely-related parties) of the Act under ID code DK0015998017 owned the following shares:

	Holdings as of 30 June, 2004, number	Market value as of 30 June 2004, DKK
Board of Directors and corporate management	1,017,315	473,051,475
Others	3,027	1,407,555
Total	1,020,342	474,459,030

Copenhagen, 1 July 2004

Asger Aamund, Chairman of the Board

Contacts:

Anders Hedegaard, President & CEO, Tel.: +45 3326 8383



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