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Bavarian Nordic A/S: Bavarian Nordic Announces First Quarter 2014 Results

KVISTGAARD, Denmark, May 14, 2014
- Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) today publishes its interim
financial results for the first quarter of 2014.

* Revenue for the period was DKK 286 million (2013: DKK 206 million) and the
result was a net profit of DKK 1 million (2013: DKK 34 million loss)
* Financial expectations for the full year are maintained
* Regulatory approvals for the PROSPECT study have been received in Germany
and the Netherlands, where the first centers are now open for enrollment.
Thus the trial has now opened in all 15 planned countries with more than
190 investigative sites currently active
* In February, the Company was awarded a contract valued at USD 0.5 million
by the Defense Threat Reduction Agency (DTRA), a division of the U.S.
Department of Defense (DOD) for the development of an MVA-BN-based vaccine
against Burkholderia
* In April, the National Cancer Institute initiated a Phase 2 study of the
Company's CV-301 immunotherapy candidate in bladder cancer patients
* In April, the Biomedical Advanced Research and Development Authority
(BARDA) exercised an option at a value of USD 21.9 million under the
existing development contract for freeze-dried IMVAMUNE smallpox vaccine.
This will fund the transfer of the validated manufacturing process to a new
manufacturing line with a larger commercial capacity
* In April, Gerard van Odijk was elected new chairman of the board. He
succeeds Asger Aamund who had chosen to resign from the board after having
served as chairman since 1994. Furthermore Anders Gersel Pedersen was
elected deputy chairman of the board
* Lower contribution margins were seen on IMVAMUNE smallpox vaccine sales in
the first quarter due to temporary higher production costs relating to a
shorter period in 2013. However, as previously communicated, the overall
contribution margin for the full year is expected to be at the same level
as 2013

Anders Hedegaard, President&CEO said: "In both our divisions, we are making
strong progress towards the objectives set out for the year. We recently
received regulatory approvals for the PROSPECT Phase 3 study in the two
remaining countries; Germany and the Netherlands and through a new
NCI-sponsored Phase 2 study of CV-301 in bladder cancer, we also expanded the
cancer immunotherapy pipeline as planned. We were also pleased to report the
recent exercise of a contract option by BARDA, which funds the transfer of
the IMVAMUNE freeze-dried production process to a large-scale facility."

Selected upcoming milestones

* Complete enrollment in the PROSPECT Phase 3 clinical study (H2, 2014)
* Secure the second portion of IMVAMUNE delivery contract with the U.S.
government (USD 118 million) (H1, 2014)
* Complete Phase 2 study of freeze-dried IMVAMUNE to support a pre-EUA
submission (requirement for stockpiling) (2015)
* Initiate final Phase 3 study of IMVAMUNE (H1, 2014)
* Continue research to maximize the potential of PROSTVAC in combination with
checkpoint inhibitors, androgen deprivation therapies and radiotherapy
* Initiate NCI-sponsored Phase 1 study of MVA-BN Brachyury (H1, 2014)
* Finalize development plan for CV-301 in colorectal cancer based upon
feedback from the FDA (H2, 2014) followed by initiation of randomized,
controlled clinical study depending on availability of funds
* Potential IMVANEX/IMVAMUNE orders from rest of world

| Q1 2014 Q1 2013 Q1 2014 Q1 2013 |
| |
| |
| DKK million DKK million USD million USD million |
|Revenue 286 206 53 38 |
|EBIT 1 (34) 0 (6) |
|Cash preparedness 535 543 99 101 |
Danish kroner (DKK) is the Company's functional currency. All USD figures
provided above are based upon a USD/DKK exchange rate of 5.4.

The Company maintains its 2014 full-year expectations with revenues in the
level of DKK 1,200 million and a break-even result before interest and tax
(EBIT). The Infectious Diseases division is expected to generate an EBIT of
approximately DKK 400 million, which will be offset by total costs of DKK 400
million in the Cancer Immunotherapy division, primarily relating to the
global Phase 3 study of PROSTVAC®. The Group's cash preparedness at year-end
is expected to be approximately DKK 600 million.

Group key figures are found at the end of this announcement. The full
financial statements for the period can be downloaded from the Company's
website:www.bavarian-nordic.comalong with a spreadsheet containing selected
accounting figures.

Anders Hedegaard, President&CEO.

Rolf Sass Sørensen, Vice President Investor Relations (EU). Phone +45 61 77 47
Seth Lewis, Vice President Investor Relations (US). Phone + 1 978-298-5654

Webcast and conference call
The Company will host a conference call today at 2.00 pm CET (8.00 am EST).
President and CEO, Anders Hedegaard will present the interim results followed
by a Q&A session with participation of the Company's executive management.
Dial-in numbers for the conference call are: Denmark: +45 32 72 80 18, UK:
+44 (0) 844 571 8957, USA: +1 866 682 8490. A webcast of the conference call
will be broadcast simultaneously
athttp://www.bavarian-nordic.com/investor/events.aspx?event=2872. On this
page, the accompanying presentation will be available prior to the conference

About Bavarian Nordic

Bavarian Nordic is an international biotechnology company developing and
manufacturing novel cancer immunotherapies and vaccines for infectious
diseases. Lead product candidates are PROSTVAC®, an immunotherapy product
candidate for advanced prostate cancer that is the subject of an ongoing
pivotal Phase 3 clinical trial, and IMVAMUNE®, a non-replicating smallpox
vaccine candidate in Phase 3 development, which is being developed and
supplied for emergency use to the U.S. Strategic National Stockpile under a
contract with the U.S. Government. IMVAMUNE® is approved in the European
Union under the trade name IMVANEX®.

Bavarian Nordic's shares are listed on NASDAQ OMX Copenhagen under the symbol
BAVA (Reuters: BAVA.CO, Bloomberg: BAVA.DC). The company has a sponsored
Level 1 ADR program listed in the U.S. (OTC) under the symbol BVNRY.

For more information, visitwww.bavarian-nordic.com.

Forward-looking statements

This announcement includes forward-looking statements that involve risks,
uncertainties and other factors, many of which are outside of our control
that could cause actual results to differ materially from the results
discussed in the forward-looking statements. Forward-looking statements
include statements concerning our plans, objectives, goals, future events,
performance and/or other information that is not historical information. We
undertake no obligation to publicly update or revise forward-looking
statements to reflect subsequent events or circumstances after the date made,
except as required by law.

Group Key Figures

|DKK million Q1 2014 Q1 2013 FY 2013 |
| un-audited un-audited audited |
|Income statements |
|Revenue 285,9 205,7 1.212,5 |
|Production costs 144,4 131,2 484,7 |
|Research and development costs 89,3 73,5 496,6 |
|Distribution costs 10,8 6,8 40,8 |
|Administrative costs 38,0 41,8 157,0 |
|Income before interest and taxes (EBIT) 3,4 (47,6) 33,4 |
|Financial items, net 0,7 7,0 (27,2) |
|Income before company tax 4,1 (40,6) 6,2 |
|Net profit for the period 1,2 (33,8) (46,7) |
| |
|Balance sheet |
|Total non-current assets 560,5 653,0 551,8 |
|Total current assets 771,9 736,2 900,4 |
|Total assets 1.332,4 1.389,2 1.452,2 |
|Equity 978,7 961,5 976,3 |
|Non-current liabilities 84,5 55,0 86,7 |
|Current liabilities 269,2 372,7 389,2 |
| |
|Cash flow statements |
|Securities, cash and cash equivalents 414,9 423,0 532,1 |
|Cash flow from operating activities (79,8) (112,9) 147,1 |
|Cash flow from investment activities (37,7) (99,1) (146,5) |
|- Investment in intangible assets |
|- Investment in property, plant and equipment (12,9) (2,3) (44,4) |
|Cash flow from financing activities (2,1) (2,2) (7,1) |
| |
|Financial Ratios (DKK)1) |
|Earnings (basic) per share of DKK 10 0,0 (1,3) (1,8) |
|Net asset value per share 37,5 36,8 37,4 |
|Share price at period-end 99 69 89 |
|Share price/Net asset value per share 2,6 1,9 2,4 |
|Number of outstanding shares at period-end 26.094 26.094 26.094 |
|Equity share 73% 69% 67% |
|Number of employees, converted to full-time, at period-end 426 449 426 |
1) Earnings per share (EPS...

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