Bavarian Nordic Announces Interim Results for the First Nine Months of 2023
16 Novembre 2023 - 7:37AM
Bavarian Nordic Announces Interim Results for the First Nine Months
of 2023
COPENHAGEN, Denmark, November 16,
2023 – Bavarian Nordic A/S (OMX: BAVA) announced today its
interim financial results for the first nine months of 2023 and
business progress for the third quarter of 2023.
- Revenue for the first nine months increased by 148% to DKK
4,615 million compared to the same period last year, while the
operating profit (EBITDA) increased to DKK 1,552 million.
- The increased revenue was driven by growth across both business
areas: travel health and public preparedness. Revenue from travel
health grew by 56% to DKK 1,608 million, as a result of the
continued rebound in global travel, strong brand performance and
the recent expansion of the travel health portfolio. Revenue from
public preparedness grew by 316% to DKK 2,890 million, largely
driven by contracts with governments related to the 2022/2023 mpox
outbreak. Other revenue was DKK 117 million.
- Financial guidance for the full year is maintained at a revenue
of approximately DKK 6,900 million and an EBITDA of approximately
DKK 2,300 million. This assumes that a smaller part of the
previously announced smallpox/mpox orders will likely be delivered
in first half of January 2024 rather than second half of December
due to expected delivery schedules. The effect of this is
compensated by a continued strong travel health business.
DKK million |
Q3 2023 |
Q3 2022 |
9m 2023 |
9m 2022 |
FY 2023 Guidance * |
Revenue |
1,376 |
1,004 |
4,615 |
1,860 |
6,900 |
EBITDA |
380 |
226 |
1,552 |
14 |
2,300 |
* Numbers are approximate
Paul Chaplin, President & Chief Executive
Officer of Bavarian Nordic said: “Our travel health business has
continued to demonstrate very strong performance and with the
recent expansion of our portfolio, along with the prospects of
launching our chikungunya vaccine, we have established a strong
foundation for growth and positioned Bavarian Nordic as a global
leader in travel vaccines. Strong sales related to the 2022/23 mpox
outbreak also contributed to a nearly 150% increase in revenues for
the first nine months and we remain firmly on track to deliver on
the guidance and report a new record-breaking financial year for
the company. While the global demand for mpox vaccines has largely
been driven by the public health emergency response, the recent
national recommendations in the U.S and Germany for mpox
vaccinations highlight an emerging private market where Bavarian
Nordic can improve vaccine access to risk populations, while
creating a steady commercial business segment complementing the
existing smallpox stockpiling business with governments around the
world.”
Highlights from the third
quarter
- The chikungunya vaccine candidate, CHIKV VLP is progressing
towards regulatory submissions in the U.S. and Europe in 2024 after
reporting positive topline results from two Phase 3 clinical trials
in both adults and adolescents aged 12 to 64 years of age and
adults aged 65 and above. A Phase 3 rollover study was initiated to
evaluate the long-term safety and immunogenicity of the vaccine
candidate as well as responses to a booster vaccination up to five
years after the initial vaccination.
- A new contract valued at USD 120 million was received from the
U.S. government, primarily supporting manufacturing of new bulk
vaccine in 2023 to partly replenish the inventory used for the mpox
outbreak.
- A second contract was entered to supply smallpox vaccines to
rescEU, a strategic reserve within the EU. The order valued at more
than EUR 11 million brings the expected total rescEU smallpox
revenues for 2024 to EUR 21 million.
Events after the reporting
date
- In October, the U.S. CDC Advisory Committee on Immunization
Practices (ACIP) voted to recommend the routine use of JYNNEOS® in
adults at risk of mpox infection, thus broadening its previous
recommendation, which only covered outbreak situations. Pending
approval of the updated recommendations, Bavarian Nordic is
targeting a commercial launch of JYNNEOS in the U.S. in the first
half of 2024.
- The Board of Directors has appointed Ms. Montse Montaner Picart
as observer to the board with the intent to nominate her for
election at the annual general meeting in April 2024. Ms. Picart is
former and the first Chief Sustainability Officer of Novartis where
she has held various leading positions. She has more than 30 years
of industry and executive experience and has received several
recognitions for her leadership in driving sustainable
organizations.
Conference call and webcastThe
management of Bavarian Nordic will host an investor/analyst call
today at 2 pm CET (8 am EST) 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/3tonMNp.
To join the Q&A session, please register in advance via
https://bit.ly/48Cp0F2.
ContactsEurope: Rolf Sass
Sørensen, Vice President Investor Relations, Tel: +45 61 77 47
43US: Graham Morrell, Paddock Circle Advisors,
graham@paddockcircle.com, Tel: +1 781 686 9600
Company Announcement no. 36 / 2023About
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.
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.
Bavarian Nordic AS (TG:BV3)
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