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

lion, and a pre-tax loss in the region of DKK 225 million.

Revenue is expected to consist of the third milestone payment under the RFP-3 contract and invoicing in continuation of the RFP-2 contract. Except for the contract with an Asian country for the delivery of IMVAMUNE(R) as mentioned below, contracts with other countries for smallpox vaccines are not included in the guidance for 2008, as this would still be too uncertain due to the long-term process involved in obtaining each contract.

Research and development costs in 2008 are expected to be approximately DKK 280 million, including the further development of IMVAMUNE(R) under the RFP-3 contract, of which DKK 70 million expectedly are capitalized in the balance sheet under intangible assets.

In 2008, the Company's cash resources will be extraordinarily affected by increased production costs in connection with the up scaling of production, build-up of vaccine stockpiles under the RFP-3 and increased costs for Phase II studies of IMVAMUNE(R). Thus the liquidity drain in 2008 will be around DKK 400 million. At the end of 2008 the Company's net free liquidity is expected to amount to around DKK 500 million.

The forecast above assumes that, as part of the RFP-3 contract, Bavarian Nordic in late 2008 files the necessary data to the FDA that has the potential to support the use of IMVAMUNE(R) in a declared emergency. Acceptance by the US authorities of this data will be the trigger to initiate delivery of vaccines to the United States. Since approval by the authorities is outside the control of the Company, the budget assumes that approval is not received in time to begin delivery of IMVAMUNE(R) in 2008. Bavarian Nordic expects that the 20 million doses of IMVAMUNE(R) under the RFP-3 contract will be delivered in 2009 - 2011.

Furthermore, the net profit forecast assumes that Bavarian Nordic obtains the necessary approvals to continue its preclinical and clinical trials.

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SOURCE Bavarian Nordic A/S
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