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Bavarian Nordic Update - 2007 Annual Results, IMVAMUNE(R) Delivery Contract, Strategy Process
Date:4/2/2008

WASHINGTON DC, April 2 /PRNewswire-FirstCall/ -- Bavarian Nordic, the Danish-based biopharmaceutical company, recently published its 2007 Annual Report. Below is an extract of the most significant matters in the report as well as events after the balance sheet date.

Bavarian Nordic's revenue for the year 2007 was DKK 332.1 million with a loss before tax of DKK 50.5 million, which was in line with the Company's latest guidance. For 2008, Bavarian Nordic expects revenue in the region of DKK 180 million, and a pre-tax loss in the region of DKK 225 million as the first deliveries of vaccines for the US government under the RFP-3 contract are not expected to take place before 2009.

2007 outline

The year 2007 was a busy and eventful year, but also a very successful year. With the award of the RFP-3 contract from the US authorities Bavarian Nordic fulfilled the most important milestone in the history of the Company. The contract was awarded after prolonged negotiations in which the Company succeeded, as the first in the world, in obtaining advance and milestone payments under Project BioShield. In addition to the base contract of USD 500 million for the delivery of 20 million doses of the company's third-generation smallpox vaccine, IMVAMUNE(R), the contract includes an option contract of USD 1.1 billion for the delivery of an additional 60 million doses.

After the RFP-3 contract was signed, Bavarian Nordic successfully fulfilled all the requirements relating to the development of physical safety, IT security, validation of production and test processes, etc. underlying the advance payment of USD 50 million and the two milestone payments of USD 25 million each. These payments helped make the current financial position the best ever in the Company's history.

In our pipeline, we have presented important data on IMVAMUNE(R). Three out of five Phase II studies have been completed and show very promising results. When the HIV Phase II-d
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SOURCE Bavarian Nordic A/S
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