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Bavarian Nordic Announces its Interim Report for the Period 1 January to 31 March 2009
Date:4/28/2009

on (DKK 4 million). The increase primarily derived from increase in commercial activities on IMVAMUNE(R).

Administrative costs totalled DKK 23 million (DKK 17 million).

Income before tax was a deficit of DKK 83 million (deficit of DKK 62 million).

Net result was a deficit of DKK 66 million (deficit of DKK 50 million).

As of 31 March 2009 the Group's net free liquidity was DKK 627 million (DKK 971 million). Year to date cash flow from operations is negative with DKK -132 million (DKK -67 million). Cash flow from investment activities is DKK 33 million (DKK 127 million) and cash flow from financing activities is DKK -4 million (DKK -4 million). The net changes in cash and cash equivalents is negative with DKK -169 million (DKK +57 million) year to date.

After the close of the first quarter, the company decided to reduce the outstanding foreign exchange contracts. The remaining foreign exchange contracts of USD 46 million cover the expected USD income from the RFP-3 contract in 2009. The reduction in the outstanding foreign exchange contracts has been executed in order to eliminate the adverse effect on the liquidity a rise in USD will have.

The Group's equity as of 31 March 2009 was DKK 893 million (DKK 1,226 million.). The decrease flows from retained earnings.

Financial expectations

Bavarian Nordic maintains its expectations for the financial result for 2009. Thus, the company expects revenue in the region of DKK 375 million, and a pre-tax loss in the region of DKK 225 million. Revenue will primarily be generated from the delivery of IMVAMUNE(R) to the United States under the RFP-3 contract and billing of the continuation of the RFP-2 contract and contracts for smallpox vaccines already entered with other countries.

Forward-looking statements

This announcement includes "forward-looking statements" that involve
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SOURCE Bavarian Nordic A/S
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