Bavarian Nordic upgrades the financial guidance for 2008

Bavarian Nordic raises its expectations for revenue, result before tax and the net free liquidity for the financial year 2008.

The improved revenue is due to higher income than expected from the RFP-1 and RFP-2 contracts. The result before tax is improved as a result of higher revenue, cost savings and timing differences in some clinical studies as well as in production planning.

As a consequence hereof, Bavarian Nordic raises the full year expectations for revenue from approx. DKK 180 million to approx. DKK 210 million. The result before tax is expected to improve from approx. DKK -225 million to DKK -185 million. The company's net free liquidity at year-end is expected to increase from approx. DKK 620 million to approx. DKK 730 million.

Anders Hedegaard, President & CEO of Bavarian Nordic, said: "During 2008 we have significantly strengthened our pipeline and still we are able to improve our result. This is very encouraging and it further strengthens our already strong financial position, especially the net free liquidity, which is important during the current market conditions. Furthermore the strong financial position contributes to obtaining the company's long term strategic objectives."