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Friday 12 March, 2021

Bavarian Nordic A/S

Bavarian Nordic Publishes Annual Report 2020

Bavarian Nordic Publishes Annual Report 2020

COPENHAGEN, Denmark, March 12, 2021 – Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) today published its Annual Report for 2020. Below is a summary of the financial performance for the year and financial outlook for 2021. The financial performance was in line with the preliminary results announced on January 28, 2021. The full report is attached as a PDF file and can be found on the company's website,

Strong execution and solid financial performance despite challenging markets
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “We embarked on a commercial transition in 2020 with a strengthened product portfolio and a 2025 vision to grow Bavarian Nordic into one of the largest pure play vaccine companies, and saw strong execution in all areas supporting this vision. While our new markets in rabies and tick-borne encephalitis were challenged by the COVID-19 lock-down, we delivered results in line with or better than our original guidance, mostly due to our JYNNEOS  business performing better than originally anticipated, by strong Encepur, Rabipur/RabAvert brand performance and by keeping a tight focus on profitability and cash. We remain focused on the continued execution of our commercial business, including completing the market takeover for Rabipur/RabAvert and Encepur, but 2021 will also bring exciting news from our pipeline. Based on encouraging preclinical results, we have decided to advance the clinical development of the COVID-19 vaccine candidate, which we believe has potential to address many of the challenges seen with the approved vaccines, and we will also move forward our RSV program with a human challenge trial that will provide important results ahead of the phase 3 trial, planned for next year. With the recent private placement, raising approximately DKK 1.1 billion in net proceeds, we have strengthened our capital base, allowing for executing on these exciting plans as well as providing flexibility for pursuing further opportunities for growth.”

Important events after the balance sheet date

  • In March 2021, the Company announced encouraging preclinical data for ABNCoV2, the COVID-19 vaccine candidate in-licensed from AdaptVac. Subsequently, a first-in-human trial of the vaccine has been initiated.
  • In March 2021, the Company announced and completed a directed issue and private placement of 5,150,000 new shares, generating gross proceeds of DKK 1,148 million. Part of the proceeds will be used to fund a phase 2 clinical study and scale-up of manufacturing to accommodate potential future clinical development to support licensure of ABNCoV2. Additionally, the proceeds will be used to secure financial flexibility to strengthen the Company’s manufacturing capabilities, ensure the strategic flexibility necessary to pursue an active M&A strategy, and to strengthen the Company’s capital base and cash preparedness for general corporate purposes.

Financial performance
Bavarian Nordic’s financial results for 2020 were in line with or better than the Company’s most recent guidance and are unchanged compared to the preliminary results announced on January 28, 2021.

  DKK million USD million*
2020 guidance actual guidance actual
Revenue 1,900 1,852 314 306
EBITDA 725 740 120 122
Securities, cash and cash equivalents 1,600 1,670 264 276

* Danish kroner (DKK) is the Company’s reporting currency. The USD figures provided above are based upon an assumed exchange rate of DKK 6.06 per 1.00 USD, which was the exchange rate as of December 31, 2020.

Revenue for the full year was 1,852 million, comprised of DKK 1,082 million from combined sale of Rabipur/RabAvert and Encepur, DKK 704 million from US Government sale, including JYNNEOS revenue and contract work, and finally DKK 66 million from the milestone payment from Janssen (Ebola vaccine approval). COVID-19 negative impact on Encepur and Rabipur/RabAvert revenue was limited to approximately DKK 200 million by strong brand performance in key markets and largely off-set by better than originally expected JYNNEOS revenue. A USD weakening against DKK had some negative impact on RabAvert revenue in the last two months of 2020.

The operating result (EBITDA) came in slightly better than guided due to continued tight focus on cost and profitability and was DKK 740 million, including other operating income of DKK 628 million from the sale of Priority Review Voucher.

Cash position at year-end exceeded guidance due to phasing of ongoing investments and working capital movement and was DKK 1,670 million, excluding unutilized credit facilities of DKK 244 million.

For a detailed financial review, see the annual report.

Outlook for 2021
Due to the uncertainty created by COVID-19, the outlook for 2021 will be less specific than usual and until there is more visibility in the market.

2021E (all numbers are approximate) DKK million USD million
Revenue 1,900 – 2,200 311 - 361
EBITDA 100 - 250 16 - 41
Cash and cash equivalents, year-end 1,400 – 1,600 230 - 262

The low end of the revenue range reflects a scenario where a lockdown due to COVID-19 continues beyond Q1 in key markets like the US and Germany. The higher end of the revenue range reflects a scenario where a gradual reopening will happen in key markets during Q2 and where travel starts picking up again in Q3 and Q4 of 2021.

The smallpox and Ebola business are not expected to be impacted by COVID-19.

For 2021, research and development costs of approximately DKK 750 million are expected, of which approximately DKK 550 million are expected to be expensed through the P&L. The largest single project is the RSV program, for which costs for manufacturing of phase 3 material and costs for the announced human challenge trial are included. The remaining up to approximately DKK 200 million will be capitalized and relate to the COVID-19 program and include a phase 2 trial and scale-up of manufacturing in preparation for a phase 3 trial.

The outlook is based on the following assumptions on currency exchange rates of DKK 6.10 per 1 USD and DKK 7.45 per 1 EUR.

See the annual report for a full description of assumptions for the 2021 outlook.

Conference call and webcast
The management of Bavarian Nordic will host a conference call today at 2 pm CET (8 am EST) to present the annual results followed by a Q&A session. A listen-only version of the call can be accessed via To join the Q&A session, use one of the following dial-in numbers: Denmark: +45 32 72 80 42, UK: +44 (0) 844 571 8892, USA: +1 631-510-7495. Participant code is 5589045.

About Bavarian Nordic
Bavarian Nordic is a fully integrated vaccines company focused on the development, manufacture and commercialization of life-saving vaccines. We are a global leader in smallpox vaccines and have been a long-term supplier to the U.S. Strategic National Stockpile of a non-replicating smallpox vaccine, which has been approved by the FDA under the trade name JYNNEOS®, also for the protection against monkeypox. The vaccine is approved as a smallpox vaccine in Europe under the trade name IMVANEX® and in Canada under the trade name IMVAMUNE®. Our commercial product portfolio furthermore contains the market-leading vaccine Rabipur®/RabAvert® against rabies and Encepur® against tick-borne encephalitis. Using our live virus vaccine platform technology, MVA-BN®, we have created a diverse portfolio of proprietary and partnered product candidates designed to save and improve lives by unlocking the power of the immune system, including an Ebola vaccine, MVABEA®, which is licensed to Janssen. For more information visit

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.

Europe: Rolf Sass Sørensen, Vice President Investor Relations, Tel: +45 61 77 47 43
US: Graham Morrell, Paddock Circle Advisors, [email protected], Tel: +1 781 686 9600

Company Announcement no. 06 / 2021


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