Bavarian Nordic - Interim Financial Report for the Period 1 January to 30 September 2012

| Source: Bavarian Nordic A/S
  * Continued, steady improvements in the manufacturing efficiency of IMVAMUNE®
    smallpox vaccines further increases profitability in the infectious disease
  * Group reports a nine-month positive operating profit
  * Raises full year group financial expectations and year-end cash preparedness

KVISTGAARD, Denmark, November 13, 2012 - Bavarian Nordic A/S (OMX: BAVA) today
publishes its interim financial results for the first nine months of 2012.
Revenue for the period was DKK 750 million (2011: DKK 155 million) and the
result before tax was a profit of DKK 17 million (2011: DKK 333 million loss).
For the third quarter ending 30 September 2012, revenue was DKK 304 million
(2011: DKK 97 million) and the result before tax was DKK 30 million (2011: DKK
58 million loss). As of 30 September 2012 the cash preparedness was DKK 666
million, including un-utilized credit lines of DKK 120 million.

The infectious disease division has further improved the efficiency in the
manufacturing of IMVAMUNE® and Bavarian Nordic now expects to deliver more than
8 million doses to the U.S. Strategic National Stockpile in 2012, where it had
previously expected to deliver 7.5 million doses. Also, as result of the
improved efficiency, the group sees lower production costs. In addition, lower
research and development costs will contribute to an improved financial result
for the year as well as improved cash preparedness at year-end. Consequently,
the company again raises its financial expectations for the year with revenues
increasing from approximately DKK 900 million to approximately DKK 975 million
and the result before tax improving by DKK 80 million from a loss of
approximately DKK 150 million to a loss of approximately DKK 70 million. EBIT in
the infectious disease division is raised to approximately DKK 300 million and
EBIT in the cancer vaccine division is raised to a DKK 250 million loss. Also,
the company raises its expectations for the year-end cash preparedness from
approximately DKK 400 million to approximately DKK 525 million.

Significant achievements in the third quarter and up to the reporting date

  * 2.6 million doses of IMVAMUNE® smallpox vaccine delivered to the U.S.
    Strategic National Stockpile during third quarter
  * Continued, steady improvements in the IMVAMUNE® manufacturing efficiency
    throughout the period
  * Smallpox vaccine contract (RFP-3) further expanded by USD 5 million in
    September by the U.S. Government
  * U.S. Government has expanded the population eligible to receive IMVAMUNE® in
    an emergency, thus significantly increasing the future business potential
  * New contract awarded by the U.S. Government to develop a veterinary vaccine
    against Foot-and-mouth disease further broadens the use of MVA-BN® as
    technology platform for the development of biological countermeasures
  * Preliminary Phase 2 data for CV-301 presented at the ESMO 2012 Congress
    shows promise in metastatic breast cancer

Anders Hedegaard, President & CEO commented: "We are very pleased to report a
continued strong performance in our infectious disease division with the
manufacturing and deliveries of IMVAMUNE® smallpox vaccines for the U.S.
Strategic National Stockpile again exceeding our targets. The division has
further improved its profitability, contributing to an improved financial result
for the group. The U.S. Government's recent expansions of our smallpox vaccine
contract coupled with additional new contract awards that broaden the scope of
our technology into new disease areas strengthen our confidence in a sustained
partnership with the U.S. Government to address their requirements for
biological countermeasures. In our cancer vaccine division we remain focused on
the ongoing PROSPECT Phase 3 study in metastatic prostate cancer to strengthen
enrollment in the study."

Selected, anticipated milestones

  * Deliver more than 8 million doses IMVAMUNE® to the U.S. Strategic National
    Stockpile (2012)
  * New IMVAMUNE® order from U.S. Government (2013)
  * Report final Phase 2 data for CV-301 in breast cancer (2012)
  * Expand CRADA with NCI for new cancer targets (2013)
  * Initiate Phase 3 trial of IMVAMUNE® (2013)
  * Initiate new Phase 2 study for the freeze-dried IMVAMUNE® (2013)
  * Receive approval of MAA in Canada for IMVAMUNE® (2013)
  * Receive approval of MAA in EU for IMVANEX® (2013)

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

Conference call
The Company will host a conference call today at 2 pm CET (8 am EST). President
and CEO, Anders Hedegaard will present the interim results. The accompanying
presentation is available on the company's website: http://www.bavarian- Additional participants from Bavarian Nordic are Paul Chaplin,
Executive Vice President and Division President Infectious Diseases, Reiner
Laus, Executive Vice President and Division President Cancer Vaccines, Ole
Larsen, Executive Vice President and CFO and Rolf Sass Sørensen, Vice President
Investor Relations. Dial-in numbers for the conference call are:  UK: +44 (0)20
7162 0077. USA: +1 334 323 6201. The participant code is 924959. For additional
countries and further details please visit

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 third-generation 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 www.bavarian-

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 law.