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)