Bavarian Nordic - Interim Financial Report for the Period 1 January to 31 March 2013

| Source: Bavarian Nordic A/S
KVISTGAARD, Denmark, May 16, 2013 - Bavarian Nordic A/S (OMX: BAVA) today
publishes its first quarter 2013 results. Revenue for the period was DKK 206
million (2012: DKK 168 million) and the result before tax was a loss of DKK 41
million (2012: DKK 35 million loss). The Infectious Disease division remains
profitable with an EBIT of DKK 38 million in the period (2012: DKK 47 million).
After receiving payments related to the new delivery contract, awarded by the
U.S. Government in April 2013, the cash preparedness was DKK 694 million at the
beginning of May 2013, including unutilized credit lines of DKK 120 million. The
company has research and delivery contracts with the U.S. Government of which
payments of USD 393 million (approx. DKK 2.2 billion) remain by the reporting
date. The company maintains its 2013 full-year expectations with revenues in the
level of DKK 1,100 million and a break-even result before tax. 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 the first quarter 2013 can be downloaded from the Company's

Highlights from the period and up to the reporting date

  * The Company received a new contract valued up to USD 228 million from the
    U.S. Government for the continued production and deliveries of IMVAMUNE®
    smallpox vaccine
  * 1.6 million doses of IMVAMUNE® delivered to the U.S. during first quarter
  * The first of two Phase 3 studies of IMVAMUNE® was initiated in the U.S.
  * A Phase 2 study to support emergency use of the freeze-dried version of
    IMVAMUNE® was initiated
  * Consolidation of manufacturing activities has begun at the facility in
    Kvistgaard, Denmark
  * An interim analysis plan for the Phase 3 PROSPECT trial of PROSTVAC® was
    agreed with the FDA
  * James Breitmeyer was appointed new President of the Cancer Vaccines Division

Anders Hedegaard, President & CEO commented: "2013 has so far been a great year
for Bavarian Nordic as we have accomplished a number of significant results. Our
new, large contract with the U.S. Government ensures our production for the next
years and provides a good foundation for the infectious disease division to
remain profitable. Concurrently, the development of IMVAMUNE® has witnessed
significant progress. We have both initiated the Phase 3 registration study with
the current version of the vaccine as well as a pivotal Phase 2 study with the
freeze-dried version. As part of the consolidation of our manufacturing
activities we will soon be expanding our facility in Denmark to accommodate the
future commercial production of PROSTVAC®, The Phase 3 trial of PROSTVAC®
progresses with a new man at the helm in the cancer vaccine division and we have
reached an agreement with the FDA to conduct an interim analyses of the trial,
which may shorten the development time."

Selected upcoming milestones

  * Deliver 7 million doses of IMVAMUNE® to the U.S. Strategic National
    Stockpile in 2013
  * Complete enrolment in the first IMVAMUNE® Phase 3 trial (lot consistency)
  * Initiate Phase 3 non-inferiority trial of IMVAMUNE®
  * Potential marketing authorization for IMVANEX® (IMVAMUNE®) in the EU
  * Potential marketing authorization for IMVAMUNE® in Canada
  * Initiate Phase 2 combination studies of PROSTVAC® and enzalutamide (hormone
  * Report data from NCI-sponsored clinical trials of PROSTVAC®
  * Determine development strategy for CV-301
  * Expand CRADA with NCI for new cancer targets

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

Webcast and conference call
The Company will host a conference call today at 2.00 pm CET (8.00 am EDT).
President and CEO, Anders Hedegaard will present the interim results followed by
a Q&A session with participation of the Company's executive management. 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.

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
clinical 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. IMVAMUNE® is currently in
clinical Phase 3 development and marketing authorization applications have been
filed in EU and Canada. 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 law.

Group Key Figures

 DKK million                                Q1 2013        Q1 2012      FY 2012
                                         un-audited     un-audited      audited

 Income statements

 Revenue                                    205.7          167.8     1,016.6

 Production costs                           131.2            91.3       513.5

 Research and development costs               78.1           67.5       357.4

 Distribution costs                             6.8            7.1       39.6

 Administrative costs                         37.2           31.7       137.8

 Income before interest and taxes            (47.6)         (29.8)      (31.7)

 Financial items, net                           7.0          (5.5)      (17.0)

 Income before company tax                   (40.6)         (35.3)      (48.7)

 Result for the period                       (33.8)         (29.3)    (240.0)

 Balance sheet

 Non-current assets                         653.0          842.9        644.3

 Current assets                             736.2       1,043.0         894.9

 Assets                                  1,389.2        1,885.9      1,539.2

 Equity                                     961.5       1,195.0         999.7

 Non-current liabilities                      55.0         101.7         54.2

 Current liabilities                        372.7          589.2        485.3

 Cash flow statements

 Net cash including bonds                   423.0          528.9        549.9

 Cash flow from operating activities       (112.9)          (48.4)       20.1

 Cash flow from investment                   (99.1)          32.3        71.0

 Investment in tangible assets                (2.3)          (2.0)      (20.9)

 Cash flow from financing activities          (2.2)          (2.4)        (9.6)

 Financial Ratios (DKK) (1))

 Earnings (basic) per share of DKK            (1.3)          (1.1)        (9.2)

 Net asset value per share                    36.8           45.8        38.3

 Share price at period-end                       69             47          50

 Share price/Net asset value per                1.9            1.0         1.3

 Number of outstanding shares at           26,094         26,094      26,094

 Equity share                                   69%            63%          65%

 Number of employees, converted to             449            446          450
 full-time, at period-end

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 2010).