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Tuesday 09 March, 2021

Bavarian Nordic A/S

Bavarian Nordic Reports 2021 Financial Guidance

Bavarian Nordic Reports 2021 Financial Guidance
  • Due to the uncertainty created by COVID-19 the outlook for 2021 will be less specific than usual until there is more visibility in the market

COPENHAGEN, Denmark, March 9, 2021 – Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) today reported 2021 financial guidance.

In 2021, Bavarian Nordic expects revenue between DKK 1,900 million and DKK 2,200 million and an EBITDA between DKK 100 million and DKK 250 million. Cash and cash equivalents at year-end are expected to be between DKK 300 million and DKK 500 million, excluding proceeds from offering.

Key assumptions


  • 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.

Research and development:

  • Research and development costs of approximately DKK 750 million are expected for 2021. The single largest project in 2021 is the RSV project for which manufacturing of phase 3 material as well as cost for the announced Human Challenge Trial is included. For the COVID-19 program up to approximately DKK 200 million are expected for a phase 2 trial and scale-up of manufacturing in preparation for a phase 3 trial. These costs are being capitalized and hence the research and development costs expensed through the P&L are expected to be approximately DKK 550 million.

Cash position:

  • Expected payment of approximately DKK 375 million milestones to GSK relating to the tech-transfer process for Rabipur/RabAvert and Encepur.
  • Working capital changes of approximately DKK 300 million, primarily driven by increased inventory levels of Encepur and Rabipur/RabAvert products.
  • Investments of approximately DKK 650 million with the vast majority of the investment linked directly to the acquired vaccines Rabipur/RabAvert and Encepur and relates to the upgrade of the bulk facility and capitalized tech-transfer costs.
  • Draw-down of existing EUR 30 million loan facility with the European Investment Bank.
  • Investment in COVID-19 program of up to approximately DKK 200 million (capitalized R&D costs)


  • Approximately half of the total investments relates to the new facility. The design of the facility has been revised to achieve a higher degree of flexibility enabling parallel manufacturing of Bavarian Nordic developed products and allowing space for specific Encepur/Rabipur/RabAvert equipment. The re-design has increased the total expected investments related to the plant to approximately DKK 650 million from previously announced DKK 450 million and the re-build is expected to be finalized in 2022.
  • Capitalization of tech-transfer costs in 2021 is expected to reach approximately DKK 150-200 million.
  • Beyond 2022, and with current plans, annual investments are expected to decline to a level of DKK 50 - 100 million.

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

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. 03 / 2021


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