COPENHAGEN, Denmark, August 24, 2022 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results and business progress for the first half of 2022 and released its financial calendar for 2023.
Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “This year we planned to make significant investments for the future growth of Bavarian Nordic, as we moved two late-stage assets that have the potential to meet large unmet medical needs into global Phase 3 trials. While these programs remain on-track we have had to mobilize our entire organization to ensure we concentrate our efforts in the best possible way to manufacture and supply vaccines to help governments around the world combat an unprecedented outbreak of monkeypox. The magnitude of this outbreak was unexpected, however, our long-standing public-private partnership with the U.S. government has ensured that a safe and effective vaccine against monkeypox exists, enabling authorities to respond rapidly to this health crisis. We are making every effort to meet the initial worldwide demand for our monkeypox vaccine and are working diligently to further expand our manufacturing capacity through additional scale-up activities and partnerships.
Despite our heavy investments in R&D, the strong sales performance in all parts of our business during the first six months, together with our projections for the remainder of the year means that we are now nearing a break-even result for 2022, and we see a robust business for the monkeypox vaccine building up beyond 2022.”
Financial highlights
DKK million | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | 2022 Guidance |
Revenue | 537 | 370 | 857 | 905 | 2,700 – 2,900 |
EBITDA | (118) | (9) | (212) | (8) | (300) – (100) |
Cash and cash equivalents | 2,753* | 2,207* | 2,753* | 2,207* | > 1,700 |
* Repo pledged securities deducted.
Other highlights
Smallpox/Monkeypox
Respiratory Syncytial Virus (RSV)
ABNCoV2 (COVID-19)
Events after the reporting date
Conference call and webcast
The management of Bavarian Nordic will host an investor/analyst call today at 2 pm CEST (8 am EDT) to present the interim results followed by a Q&A session. A listen-only version of the call and presentation slides can be accessed via https://bit.ly/3pBUllR. To join the Q&A session, please register in advance via https://bit.ly/3dS5ZGU.
Contacts
Europe: Rolf Sass Sørensen, Vice President Investor Relations, Tel: +45 61 77 47 43
US: Graham Morrell, Paddock Circle Advisors, graham@paddockcircle.com, Tel: +1 781 686 9600
Company Announcement no. 32 / 2022
About Bavarian Nordic
Bavarian Nordic is a fully integrated vaccines company focused on the development, manufacturing 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. Government of a non-replicating smallpox vaccine, which has been approved by the FDA, also for the protection against monkeypox. The vaccine is also approved in Europe and Canada. Our commercial product portfolio furthermore contains market-leading vaccines against rabies and 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, which is licensed to the Janssen Pharmaceutical Companies of Johnson & Johnson. We are also committed to the development of a next generation COVID-19 vaccine. For more information visit www.bavarian-nordic.com.
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.
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