Bavarian Nordic Enters Multiple Vaccine Contracts with Governments in Response to Global Monkeypox Outbreak

• A number of contracts of varying size have been signed
• Deliveries to start immediately aiming to ensure a rapid response to the current monkeypox outbreak
• Company upgrades its financial guidance for 2022

Bavarian Nordic A/S (OMX: BAVA) announced today the signing of a number of supply contracts with undisclosed countries for the Company’s smallpox vaccine with the aim to ensure sufficient supply to meet the requirements for vaccinating individuals at risk for monkeypox in the short to medium term. The vaccine is approved for use against monkeypox by the U.S. Food and Drug Administration and Health Canada as the only vaccine having obtained regulatory approval for this indication in any territory.

Bavarian Nordic will continue the dialogue with countries concerning supply of the vaccine to mitigate the current monkeypox outbreak and to explore opportunities for longer term collaboration to build stockpiles for future preparedness. In this unprecedented situation, the Company is making every possible effort to ensure sufficient availability of vaccines to meet the current demand.

Paul Chaplin, President and CEO of Bavarian Nordic said: “The current monkeypox outbreak continues to call for a swift and coordinated response from health authorities. We are pleased to assist new, as well as existing countries from Europe, Asia, Middle East and the Americas with the supply of vaccines, while we continue our dialogues with other governments to make vaccines available as fast as possible to mitigate the situation.”

While the terms of these agreements remain undisclosed, the sum of these orders together with orders close to signature will significantly impact the Company’s financial guidance for 2022. As a consequence, the Company is upgrading 2022 revenue which is now expected to be between DKK 2,700 and 2,900 million (previously between DKK 2,300 and 2,500 million) and EBITDA raised to a loss between DKK 100 million and DKK 300 million (previously a loss between DKK 400 and 600 million). Due to the timing of supply of the vaccines and considering customary payment terms, the expected cash position is changed and is expected to exceed DKK 1,700 (previously between DKK 1,700 and 1,900 million) million by year-end.

“With the recent upgrades of our financial guidance we have significantly improved our cash position and we are now even approaching a break-even EBITDA for 2022,” said Paul Chaplin.

About the smallpox/monkeypox vaccine
MVA-BN or Modified Vaccinia Ankara-Bavarian Nordic (marketed as IMVANEX^® in Europe, JYNNEOS^® in the U.S. and IMVAMUNE^® in Canada) is a non-replicating smallpox vaccine developed in collaboration with the U.S. government to ensure supply of a smallpox vaccine for the entire population, including immunocompromised individuals who are not recommended vaccination with traditional replicating smallpox vaccines. The vaccine was approved by the European Commission in 2013 for immunization against smallpox in adults aged 18 years and older and has subsequently gained regulatory approvals in Canada and the U.S. where the approval has been extended to include the monkeypox indication as the only vaccine having obtained this to-date.

Bavarian Nordic has ongoing supply contracts with USA and Canada and has delivered the vaccine to a number of undisclosed countries globally as part of their national biological preparedness. In recent years, the vaccine has been supplied in response to sporadic cases of monkeypox.

Forward-looking statements
This announcement includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.