On January 16, 2023 Bavarian Nordic A/S (OMX: BAVA) reported preliminary, unaudited financial results for 2022, exceeding the financial guidance for the year (Press release, Bavarian Nordic, JAN 16, 2023, View Source [SID1234626266]). During 2022, the Company upgraded its financial guidance seven times. The results reported today are compared to the latest guidance, which was issued on September 7, 2022. For comparison with original guidance, see table below.

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Revenue for the full year was approximately DKK 3,151 million, compared to guided revenue in the interval of DKK 2,800 to 3,000 million. Revenue was comprised of:
DKK 1,730 million from sale of JYNNEOS/IMVANEX/IMVAMUNE mpox/smallpox vaccine
DKK 879 million from sale of Rabipur/RabAvert
DKK 299 million from sale Encepur
DKK 79 million from sale of third-party products
DKK 164 million in other income
The operating result (EBITDA) was a profit of approximately DKK 329 million, compared to a guided loss in the interval DKK -200 to 0 million.

Cash and cash equivalents at year-end was DKK 1,742 million, compared to a guided amount of DKK >1,700 million. The guidance assumed a bank debt level at year-end of DKK 600 million, however remaining bank debt was repaid during the fourth quarter.

The improved revenue is largely resulting from shipment of more mpox vaccines than anticipated in the latest guidance, which reflected some uncertainty related to the timing of deliveries and invoicing towards the end of 2022. Also, a continued strong performance in the rabies business has contributed to the improvement. Combined with a general cost-conscious approach, the operating result has been significantly improved, and Bavarian Nordic will now deliver profitability on EBITDA for 2022.

"Compared to our original guidance for 2022, we have nearly tripled our revenues and have turned profitable in a year that was otherwise expected to draw on our cash resources as we embarked on two large Phase 3 trials which have driven significant R&D costs. It has been a remarkable year and we are very pleased to announce these results, which primarily have been made possible due to the significant order flow for our mpox vaccine during the year, and it is highly encouraging that we have been able to advance our promising late-stage pipeline and still deliver such a strong financial result for the year," said Paul Chaplin, President and CEO of Bavarian Nordic.

The consolidated, audited financial results for 2022 will become available on March 2, 2023, in connection with publication of the Company’s annual report for 2022.

DKK million

Numbers are approximate

FY 2022 guidance
original, 04-Mar-2022

FY 2022 guidance

latest, 07-Sep-2022

FY 2022 preliminary

unaudited

Revenue

1,100 – 1,400

2,800 – 3,000

3,151

EBITDA

(1,300) – (1,000)

(200) – 0

329

Cash and cash equivalents

1,000 – 1,200*

> 1,700*

1,742*

* Guidance assumed a bank debt level of DKK 600 million whereas actual year-end cash position includes no bank debt, as this was repaid during fourth quarter.