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Bavarian Nordic Publishes its Annual Results 2008
Date:3/27/2009

KVISTGAARD, Denmark, March 27 /PRNewswire-FirstCall/ -- Today Bavarian Nordic published the company's Annual Report 2008. The report is available on the company's website: http://www.bavarian-nordid.com.

Bavarian Nordic's revenue for the year 2008 was DKK 209 million with a loss before tax of DKK 183 million, which was in line with the Company's latest guidance. At year-end 2008, net free cash and cash equivalents stood at DKK 796 million. For 2009, Bavarian Nordic 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.

For 2009, the Company will make extraordinarily large drawings on cash as a result of increased costs for scaling up production, the continuing build-up of stockpiles of vaccine, preparation of the Phase III study of PROSTVAC(TM) and increased costs of Phase II and the preparation of Phase III studies of IMVAMUNE(R). It is expected that drawings on cash in the current year will be at the level of DKK 400 million. Accordingly, the Company's net free liquidity is expected to be at the level of DKK 400 million at the end of the year. The expectations regarding the liquidity are based on a dollar exchange rate of approx. 6 DKK/USD. Bavarian Nordic expects to strengthen its net free liquidity in 2010 and in the years ahead via the delivery of already entered IMVAMUNE(R) contracts. Thus, at the end of 2012, Bavarian Nordic's net free liquidity is expected to be in level with 2008.

    2008 highlights

    - Strong progress in the pipeline with two new programmes added and two
      other programmes entered clinical trials:

    - PROSTVAC
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SOURCE Bavarian Nordic A/S
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