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Bavarian Nordic announced today that it has revised its financial expectations for the year ending 2004. The company now expects revenues of approximately DKK 170 million and a loss of earnings before tax of approximately DKK 80 million.
Revenue
Revenues for the year ending 2004 have been revised and are projected to be DKK 170 million compared with the previous projections of DKK 400 million (revenue for year-end 2003: DKK 524.5 million).
The revised estimate reflects a delay on revenue from sales of the stock of Elstree-BN. The sale will now occur in 2005.
Earnings before tax
Projected earnings before tax for the year ending 2004 have also been revised to a negative of approximately DKK 80 million. Original estimates for earning before tax for year-end 2004 were in the range of DKK 60-80 million (earnings before tax for year-end 2003: DKK 217.7 million).
Cash Position
The delayed revenue is coverable within the company’s cash position. Bavarian Nordic’s expected cash position at year-end 2004 is projected to be between DKK 160-170 million.
Industrial Production of IMVAMUNE™
Test production has begun and demonstrates that the production targets can be met. The building project at Kvistgård continues according to plan and commercial production is expected to start summer 2005.
Copenhagen, 17 December 2004
Asger Aamund, Chairman of the Board
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