Bavarian Nordic to launch DKK 150 million share buyback program

COPENHAGEN, Denmark, December 11, 2024 – Bavarian Nordic A/S (OMX: BAVA) today announced its intention to launch a share buyback program of up to DKK 150 million in the first quarter of 2025. This decision should be considered in the context of increased visibility around the activities of the Company. The Travel Health activity, driven by a certain number of events carried out and expected in the short term, in particular:

Better than expected performance of the Travel Health business, as evidenced by the recent guidance update.
The near-term completion of the technology transfer of GSK’s rabies and TBE vaccines on time and on budget (Rabipur/RabAvert has already been completed, while Encepur is to be completed in the short term).
Improved gross margins from 2026 after completion of technology transfer.
Significantly improved cash flow following the payment of final considerations of approximately DKK 1,700 million during the first half of 2025 related to the acquisitions of GSK and Emergent BioSolutions.
Near-term completion of the integration of assets acquired from Emergent BioSolutions in 2023, including a final restructuring of the R&D organization, which will generate annual savings of DKK 50-75 million from 2025, unannounced previously.

Paul Chaplin, President and CEO of Bavarian Nordic, said: “We are looking ahead to the finish line of the transformative five-year integration plan for our first acquisition from GSK, which we successfully completed on time and on budget. This transaction catalyzed our global commercial presence and laid the foundation for our leadership position in travel vaccines, which we have continued to expand through further acquisitions. By 2025, we will have completed this transformation, providing a strong platform for profitable growth. Given our capital allocation policy and our strong financial position, we believe the time is right to repurchase shares..”

Bavarian Nordic intends to retain the repurchased shares as treasury shares, with the aim of adjusting the capital structure and fulfilling long-term obligations related to the Company’s share-based incentive programs for the board of directors and general management.

The share buyback program will be carried out in accordance with the authorization given by the general meeting of shareholders to the board of directors and will be subject to safe harbor regulations. Additional details, including key program terms, will be provided upon the board’s final decision to launch the program, expected in the first quarter of 2025.

About Bavarian Nordic
Bavarian Nordic is a global vaccines company with a mission to improve health and save lives through innovative vaccines. We are a preferred supplier of mpox and smallpox vaccines to governments to improve public health preparedness and have a leading portfolio of travel vaccines. For more information, visit www.bavarian-nordic.com

Forward-looking statements
This announcement includes forward-looking statements that involve risks, uncertainties and other factors, many of which are beyond our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements regarding our plans, objectives, goals, future events, performance and/or other information that are not historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements that may accompany the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances after the expected date, except as required by law.

Contacts
Europe: Rolf Sass Sørensen, Vice President Investor Relations, [email protected], Tel. : +45 61 77 47 43
United States: Graham Morrell, Paddock Circle Advisors, [email protected], Tel. : +1 781 686 9600

Company announcement no. 38 / 2024