Bavarian Nordic A/S – Interim Report for the period 1 January to 31 March 2012
KVISTGAARD, Denmark, May 22, 2012 - Bavarian Nordic A/S (OMX:
BAVA) today publishes its first quarter 2012 results, showing a DKK
100 million improvement in income before tax compared to 2011.
Bavarian Nordic generated revenue of DKK 168 million (2011: DKK 29
million) and recorded a loss before tax of DKK 35 million (2011:
DKK 135 million loss). As of 31 March 2012 the cash preparedness
was DKK 649 million, including credit lines of DKK 120 million. The
company maintains its full-year expectations with revenues in the
level of DKK 850 million, and a pre-tax loss in the level of DKK
200 million. The cash preparedness at year-end is expected to be in
the level of DKK 350 million.
Significant achievements in the first quarter and up to
the reporting date
- First quarter income before tax improved by DKK 100 million
compared to first quarter 2011. The infectious disease division is
profitable
- IMVAMUNE® deliveries to the U.S. Strategic National
Stockpile on track with 2.6 million doses delivered in 2012
to-date
- Significant improvements in the IMVAMUNE® manufacturing
productivity
- Marketing application for IMVANEX® (IMVAMUNE®)
submitted to the European Medicines Agency
- Phase 1 study combining PROSTVAC® and ipilimumab
immunotherapies reported, indicating potential synergy from
combining treatments
- RFP-3 contract modifications increases total contract value
with USD 32 million. The contract period has been extended to
2017
- Warrants awarded to certain employees
Anders Hedegaard, President & CEO commented on the interim
report: "We are pleased to report very strong performance in
our infectious disease division with the manufacturing of
IMVAMUNE® smallpox vaccines going very well. In our aim to
improve the divisions' profitability, we have succeeded in
increasing the productivity significantly due to a continued focus
on optimization of resources and processes. In
our cancer vaccine division, we continue to open new clinical trial
sites for the PROSTVAC® Phase 3 trial and the recruitment of
patients is proceeding according to plan."
Selected, upcoming milestones
- Deliver seven million doses IMVAMUNE® to the U.S. Strategic
National Stockpile (2012)
- Phase 2 data for CV-301 in breast cancer (H2, 2012)
- Initiate Phase 3 trial of IMVAMUNE® (H2, 2012)
- Initiate Phase 2 study for the freeze-dried IMVAMUNE® (H1,
2013)
- Approval of MAA in Canada for IMVAMUNE® (H1, 2013)
- Approval of MAA in EU for IMVANEX® (2013)
Contact:
Anders Hedegaard, President & CEO.
Phone: +45 23 20 30 64
