Bavarian Nordic A/S : Bavarian Nordic Announces 2012 Full Year Results

    Bavarian Nordic A/S : Bavarian Nordic Announces 2012 Full Year Results

KVISTGAARD, Denmark - March 12, 2013 - Bavarian Nordic A/S (OMX: BAVA) today
published its 2012 Annual Report. Revenue was DKK 1,017 million (DKK 524
million in 2011). The Group recorded a loss before tax of DKK 49 million (DKK
296 million loss in 2011). Revenue and results were significantly improved,
compared to original expectations for the year. This was primarily due to the
successful optimization of the production of smallpox vaccine which allowed
for more doses to be delivered than anticipated, combined with lower
production costs. A total of 8.3 million doses of IMVAMUNE® were delivered to
the U.S. in 2012. Following the optimization and the increased deliveries, the
infectious disease division became profitable with an EBIT of DKK 282 million
(DKK 52 million loss in 2011).

At year-end 2012, the cash preparedness was DKK 670 million (DKK 704 million
as of 31 December 2011), and this was also significantly improved compared to
the original guidance.

For 2013, Bavarian Nordic expects revenue at the level of DKK 1,100 million
and a break-even result before tax. The revenue will primarily be generated
from deliveries of IMVAMUNE® to the U.S. Strategic National Stockpile. The
cash preparedness at year-end is expected to be roughly DKK 600 million.

Group key figures are found at the end of this announcement. The full
financial statements for 2012 are available in the annual report which can be
downloaded from the Company's website:

Anders Hedegaard, President & CEO of Bavarian Nordic said: "Our financial
results for 2012 were most satisfactory and reflect the progress we have
achieved in our production and deliveries of smallpox vaccine for the U.S.
Government. This part of our business is now profitable and will also
contribute to our expected strong financial results in 2013 as we expect a new
contract from the U.S. Government to be awarded soon for continued delivery of
IMVAMUNE®. We also saw progress in our Phase 3 trial of PROSTVAC®, which is
now active in 10 countries and will soon be initiated in all remaining planned

Significant achievements in 2012 and up to the reporting date

  *The PROSPECT Phase 3 trial of PROSTVAC® in prostate cancer began
    enrollment in Europe and is now active in 10 countries
  *Promising Phase 2 data for CV-301 in breast cancer were presented at the
    European Society of Medical Oncology 2012 congress
  *Productivity of IMVAMUNE® manufacturing significantly improved over the
    year, resulting in more deliveries to the U.S. Additionally, the
    Infectious Diseases division became profitable
  *We delivered 8.3 million doses of IMVAMUNE® to the U.S. Strategic National
  *The U.S. Government expanded the population eligible to receive IMVAMUNE®
    in an emergency, which significantly increased the vaccine's future
    business potential
  *A marketing application for IMVANEX® (IMVAMUNE®) was submitted to the
    European Medicines Agency. A decision on European approval is anticipated
    in 2013, and also from the Canadian health authorities for the application
    that was submitted in 2011
  *Additional USD 55 million was awarded in funding by the U.S. Government to
    support the IMVAMUNE® Phase 3 trial, as well as new research and
    development to expand the use of the MVA-BN® vaccine platform technology
    into other diseases
  *A new order contract for IMVAMUNE® was received from Canada to replenish
    its existing stockpile
  *In January 2013, Bavarian Nordic announced that it will transform its
    manufacturing facility in Kvistgaard into a multipurpose facility to
    accommodate the production of clinical trial material as well as the
    future commercial production of PROSTVAC®
  *In February 2013, James B. Breitmeyer was appointed new President of the
    Cancer Vaccine division. He has also joined the Bavarian Nordic executive

Selected upcoming milestones

  *Obtain new IMVAMUNE® delivery contract with the U.S. Government
  *Deliver 7 million doses of IMVAMUNE® to the U.S. Strategic National
    Stockpile in 2013
  *Complete enrolment in the IMVAMUNE® Phase 3 lot consistency trial
  *Initiate Phase 3 non-inferiority trial of IMVAMUNE®
  *Obtain marketing authorization for IMVAMUNE® in Canada
  *Obtain marketing authorization for IMVANEX® (IMVAMUNE®) in the EU
  *Initiate Phase 2 study with the freeze-dried version of IMVAMUNE® to
    support emergency use
  *Report data from NCI-sponsored clinical trials of PROSTVAC®
  *Report data from NCI-sponsored clinical trials of CV-301 and determine
    development strategy

Webcast and conference call
The Company will host a conference call today at 2.00 pm CET (9.00 am EDT).
President and CEO, Anders Hedegaard will present the annual results followed
by a Q&A session. Additional participants from Bavarian Nordic are James
Breitmeyer, Executive Vice President and Division President Cancer Vaccines,
Paul Chaplin, Executive Vice President and Division President Infectious
Diseases, Ole Larsen, Executive Vice President & CFO and Rolf Sass Sørensen,
Vice President Investor Relations. Dial-in numbers for the conference call
are: Denmark: +45 32 72 80 18, UK: +44 (0) 844 571 8957, USA: +1 866 682 8490.
A webcast of the conference call will be broadcast simultaneously at On this page, the accompanying presentation
will be available prior to the conference call.

Asger Aamund
Chairman of the Board

Anders Hedegaard, President & CEO. Phone +45 23 20 30 64

About Bavarian Nordic
Bavarian Nordic is a vaccine-focused biotechnology company developing and
producing novel vaccines for the treatment and prevention of life-threatening
diseases with a large unmet medical need. The company's pipeline targets
cancer and infectious diseases, and includes ten development programs. In
oncology, the company's lead program is PROSTVAC®, a therapeutic vaccine
candidate for advanced prostate cancer that is the subject of an ongoing
pivotal Phase 3 trial and is being developed under a collaboration agreement
with the National Cancer Institute. In clinical Phase 1 and Phase 2 trials,
PROSTVAC® has been tested in nearly 600 patients. In infectious diseases, the
company's lead program is IMVAMUNE®, a non-replicating smallpox vaccine
candidate that is being developed and supplied for emergency use to the U.S.
Strategic National Stockpile under a contract with the U.S. Government. 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. 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

Group Key Figures 2008-2012

DKK million                           2012     2011     2010     2009     2008

Income statement
Revenue                           1,016.6   523.6   314.1    74.8   208.8
Production costs                    513.6   403.4   444.5   140.1   196.7
Research and development costs      357.4   261.7   188.6   164.0   129.6
Distribution and administrative
costs                               177.3   166.8   155.1   111.9    92.0
Income before interest and tax
(EBIT)                             (31.7) (308.3) (474.1) (341.2) (209.5)
Financial items, net               (17.0)    11.9   (9.4)    10.1    26.2
Income before company tax          (48.7) (296.4) (483.4) (331.1) (183.3)
Net profit for the year           (240.0) (268.4) (389.9) (266.3) (150.4)
Balance sheet
Total non-current assets            644.3   865.2   850.6   715.1   594.2
Total current assets                894.9 1,111.4   616.5   556.0 1,100.0
Total assets                      1,539.2 1,976.6 1,467.1 1,271.1 1,694.3
Equity                              999.7 1,207.6   810.4   704.2 1,015.1
Non-current liabilities              54.2   105.4   106.5   113.0    52.7
Current liabilities                 485.3   663.6   550.2   453.9   626.5
Cash Flow Statement
Securities, cash and cash
equivalents                         549.9   584.0   355.7   185.0   795.9
Cash flow from operating
activities                           20.1 (375.2) (239.9) (484.0)  (22.4)
Cash flow from investment
activities                           71.0 (261.8)  (45.8)    26.1  (81.5)
Investment in tangible assets        20.9    31.2    45.7    50.6    12.0
Cash flow from financing
activities                          (9.6)   642.4   471.0  (30.8)  (15.1)
Financial Ratios (in DKK) ^ 1)
Earnings (basic) per share of DKK
10 ^2)                              (9.2)  (10.3)  (14.9)  (10.2)   (5.8)
Net asset value per share
(historical)                         38.3    46.3    62.5    88.6   129.9
Net asset value per share
(adjusted) ^3)                       38.3    46.3    31.1    27.0    38.9
Share price at year-end
(historical)                           50      38     245     144     132
Share price at year-end
(adjusted) ^3)                         50      38     190      94      86
Share price/Net asset value per
share (historical)                    1.3     0.8     3.9     1.6     1.0
Share price/Net asset value per
share (adjusted) ^2) + 3)             1.3     0.8     6.1     3.5     2.2
Number of outstanding shares at
year-end                           26,094  26,094  12,962   7,952   7,816
Equity share                           65%      61%      55%      55%      60%
Number of employees, converted to
full-time, at year-end                 450      439      402      354     294

1.Earnings per share (EPS) is calculated in accordance with IAS 33 "Earning
    per share". The financial ratios have been calculated in accordance with
    "Anbefalinger og Nøgletal 2010" (Recommendations and Financial ratios
2.Due to rights issue in 2011 earnings per share and net asset value per
    share for 2008-2011 have been recalculated based on the average number of
    shares for 2012/outstanding shares at year-end 2012.
3.Year-end share prices for 2008-2010 have been adjusted for subsequent
    capital increases.

Bavarian Nordic Annual Report 2012


This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.

Source: Bavarian Nordic A/S via Thomson Reuters ONE
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