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Company Announcement Bavarian Nordic Announces Interim Results for the First Nine Months of 2021 COPENHAGEN , Denmark , November 12 , 2021 - Bavarian Nordic A / S ( OMX : BAVA ) announced today its interim financial results for the first nine months of 2021 and business progress for the third quarter of 2021 . Paul Chaplin , President & Chief Executive Officer of Bavarian Nordic said : " We continued to experience a challenging market environment for our travelers vaccine business during the third quarter , due to COVID - 19 . Despite these headwinds , we remain on track to meet our guidance as both our smallpox and Ebola vaccine sales remain unaffected . This truly highlights the importance of a broader and more diversified product portfolio . We are very pleased with the strong pipeline progress seen during the quarter , where highly promising results for our COVID - 19 booster vaccine candidate were reported and funding for the remaining phases was secured . Likewise , we have presented strong results for our RSV vaccine candidate , which showed remarkable efficacy in reducing symptomatic RSV infections in a challenge study . These assets provide an encouraging outlook for Bavarian Nordic , and we look forward to providing more updates as the work progresses . " Financial highlights Total revenue in the first nine months was DKK 1,354 million comprised of DKK 1,323 million from combined product sales and DKK 31 million from contract work . ● ● ● ** DKK million Revenue EBITDA Securities , cash and cash equivalents Revenue in the third quarter totaled DKK 449 million comprised of DKK 214 million from sales of MVA - BN smallpox vaccine , DKK 160 million from sales of Rabipur / RabAvert , DKK 72 million from sales of Encepur and DKK 3 million from contract work . EBITDA in the first nine months was DKK 44 million . BAVARIAN NORDIO Strong cash position of DKK 2,182 million ** at the end of the period . Full - year guidance maintained with expected revenue of approximately DKK 1,900 million , EBITDA of approximately DKK 100 million and securities , cash and cash equivalents at year - end of approximately DKK 1,400 million . Q3 2021 449 52 2 , 182 ** ● ● Q3 2020 558 163 2,569 * EBITDA in the first nine months of 2020 was positively impacted by the sale of the Priority Review Voucher ( DKK 628 million ) . Unutilized credit facilities of DKK 243 million not included . Repo pledged securities deducted . 9m 2021 1,354 44 Other highlights In August , initial results from the first - in - human trial of the COVID - 19 vaccine candidate , ABNCOV2 were reported , which demonstrated that the vaccine candidate was well tolerated and induced a strong antibody response , higher than currently approved vaccines . Results from the high dose groups are now available and suggest a plateau in the responses as similar high antibody titers were shown for these groups . Importantly , a strong neutralization response was demonstrated against SARS - CoV - 2 variants , including the Delta variant . 2,182 ** Bavarian Nordic A / S Philip Heymans Alle 3 DK - 2900 Hellerup 9m 2020 2021 Guidance 1,623 - 1,900 1,001 * - 100 2,569 - 1,400 In August , Bavarian Nordic initiated a phase 2 clinical trial of ABNCOV2 to investigate the vaccine's potential as a universal booster vaccine for individuals with existing immunity from prior COVID - 19 disease or vaccination . Initial results from the study are expected in December 2021 . Tel . +45 33 26 83 83 www.bavarian-nordic.com In August , Bavarian Nordic entered a funding agreement with the Danish Ministry of Health , under which the Company will be eligible to receive up to DKK 800 million to further advance the development of ABNCOV2 as a booster vaccine for COVID - 19 . The agreement was finally executed in September upon approval from the Finance Committee of the Danish Parliament . In September , Bavarian Nordic reported positive results from the human challenge trial of MVA - BN RSV . The trial achieved the primary endpoint of the pivotal study by demonstrating a statistically significant reduction in viral load in vaccinated versus control ( placebo ) treated volunteers . The vaccine demonstrated a 79 % efficacy in reducing symptomatic RSV infections . Preparations for a phase 3 trial in 2022 continue , pending a final decision driven by regulatory discussions and feedback on the trial design and funding / partnering considerations . Events after the reporting date In accordance with the shareholder authorization for the board of directors and the Company's remuneration policy , the board of directors has today decided to issue warrants to executive management and certain employees in the Bavarian Nordic Group . In accordance with the Company's remuneration policy , President and CEO , Paul Chaplin will receive an extraordinary grant as Page 1 of 20 CVR - no . 16 27 11 87 LEI Code : 2138006JCDVYIN6INP51