COPENHAGEN, Denmark, May 8, 2024 - Bavarian Nordic A/S (OMX: BAVA) announced
today its interim financial results and business progress for the first three
months of 2024.

  * Revenue for the first three months was DKK 831 million, and the operating
    profit (EBITDA) was DKK 22 million.
  * Revenue from travel health increased by 20% to DKK 447 million and revenue
    from public preparedness was DKK 344 million, 59% down from first quarter

2023, which is fully in line with expectations after a peak year in 2023 due

    to the mpox outbreak. Other revenue was DKK 40 million.
  * Financial guidance for the full year is maintained at a revenue of DKK
    5,000-5,300 million and EBITDA of DKK 1,100-1,350 million.
  DKK million   Q1 2024   Q1 2023   2024 Guidance

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  Revenue           831     1,252   5,000 - 5,300
  EBITDA             22       481   1,100 - 1,350

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Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: "We
are pleased to report continued strong performance in our travel health
business, reflecting market growth and a strong brand performance from our
leading portfolio of vaccines. Over the next couple of months, we are finalizing
our submissions to the U.S. and European regulatory authorities for approval of
our chikungunya vaccine, which represents a significant future asset for the
travel health business upon expected launch in 2025. We have also successfully
launched our mpox vaccine in the U.S. during April and are working with
healthcare providers and advocacy groups to enhance awareness and provide a
broader access to the vaccine for at-risk populations. This will further
diversify our public preparedness business, as we continue to expand orders with
both existing and new customers following the 2022-2023 mpox outbreak to support
nations in strengthening their smallpox preparedness. Our first quarter reflects
the usual seasonality in travel vaccines combined with phasing of our deliveries
of smallpox/mpox vaccines towards the end of the year, thus reaffirming our
guidance for 2024 with revenues between DKK 5 to 5.3 billion."
Highlights from the first quarter
* In February, Bavarian Nordic announced that the Committee for Medicinal
Products for Human Use (CHMP) of the European Medicines Agency (EMA) granted

    accelerated assessment for the upcoming Marketing Authorisation Application
    (MAA) for CHIKV VLP, the Company's investigational chikungunya vaccine.

Bavarian Nordic remains on track for submission of the MAA in the first half

    of 2024.
  * Bavarian Nordic hosted a capital markets day in February, providing an

update on the Company's business and strategy, including the discontinuation

    of its immuno-oncology projects.
  * In March, Bavarian Nordic received approval from the Swiss Agency for
    Therapeutic Products, Swissmedic, of JYNNEOS(®) (MVA-BN) for active
    immunization against disease caused by smallpox, mpox and vaccinia viruses
    in adults 18 years of age and older.

Events after the reporting date

  * In April, Bavarian Nordic announced the commercial launch of its mpox
    vaccine, JYNNEOS(®) in the U.S., marking a significant expansion for access
    to JYNNEOS(®) for at-risk populations.
  * At the annual general meeting in April, Peter Kürstein, member of the board
    since 2012, stepped down and Montse Montaner, observer to the board since
    November 2023, was elected as new board member.
  * In April. Bavarian Nordic announced the initiation of a rolling BLA
    submission for its chikungunya vaccine candidate to the U.S. FDA.
  * In April, Bavarian Nordic announced the award of a contract valued at EUR
    65 million for the supply of smallpox vaccines to the rescEU stockpile in
    2025.

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/bavaQ12024. To join the Q&A session, please register in advance
via https://bit.ly/bavaQ12024reg.
Contacts
Europe: Rolf Sass Sørensen, Vice President Investor Relations, rss@bavarian-
nordic.com (mailto:rss@bavarian-nordic.com), Tel: +45 61 77 47 43
US: Graham Morrell, graham@paddockcircle.com (mailto:graham@paddockcircle.com),
Tel: +1 781 686 9600
Company Announcement no. 12 / 2024
About Bavarian Nordic
Bavarian Nordic is a fully integrated vaccine company with a mission to protect and save lives through innovative vaccines. We are a global leader in smallpox and mpox vaccines, supplied to governments to enhance public health preparedness
and have a strong portfolio of vaccines for travelers and endemic diseases. For more information visit www.bavarian-nordic.com (http://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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