Bavarian Nordic

Capital/Financing Update • Jun 7, 2022

Company Announcement

Bavarian Nordic Enters a New Multi-Year Vaccine Contract with the Government of Canada

New multi-year contract from Public Health Agency of Canada to procure IMVAMUNE® smallpox vaccine

COPENHAGEN, Denmark, June 7, 2022 – Bavarian Nordic A/S (OMX: BAVA) announced today that the Public Health Agency of Canada (PHAC) will be purchasing IMVAMUNE® smallpox vaccine at a value of approximately USD 56 million. The non-replicating smallpox vaccine is also approved for use against monkeypox in Canada as the only territory other than the USA.

Deliveries of vaccines under this five-year contract are expected to occur from 2023. Hence this contract will have no impact on the Company's financial guidance for 2022.

In parallel, Bavarian Nordic continues to secure contracts with other countries, including Denmark, but also countries outside Europe, to supply the vaccine to mitigate the current monkeypox outbreak and to explore opportunities for longer term collaboration to build stockpiles for future preparedness.

Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic, said: "We are pleased to extend our collaboration with the Government of Canada. We applaud the Government of Canada for their long-term planning, allowing us to execute on this contract in a timely manner."

About the smallpox/monkeypox vaccine

MVA-BN or Modified Vaccinia Ankara-Bavarian Nordic (marketed as IMVANEX® in Europe, JYNNEOS® in the U.S. and IMVAMUNE® in Canada) is a non-replicating smallpox vaccine developed in collaboration with the U.S. government to ensure supply of a smallpox vaccine for the entire population, including immunocompromised individuals who are not recommended vaccination with traditional replicating smallpox vaccines. The vaccine was approved by the European Commission in 2013 for immunization against smallpox in adults aged 18 years and older and has subsequently gained regulatory approvals in Canada and the U.S. where the approval has been extended to include the monkeypox indication as the only vaccine having obtained this to-date.

Bavarian Nordic has ongoing supply contracts with USA and Canada and has delivered the vaccine to a number of undisclosed countries globally as part of their national biological preparedness. In recent years, the vaccine has been supplied in response to non-endemic cases of monkeypox around the world.

About Bavarian Nordic

Bavarian Nordic is a fully integrated vaccines company focused on the development, manufacturing and commercialization of life-saving vaccines. We are a global leader in smallpox vaccines and have been a longterm supplier to the U.S. Government of a non-replicating smallpox vaccine, which has been approved by the FDA, also for the protection against monkeypox. The vaccine is also approved for protection against smallpox and monkeypox in Canada, and as a smallpox vaccine in Europe. Our commercial product portfolio furthermore contains market-leading vaccines against rabies and tick-borne encephalitis. Using our live virus vaccine platform technology, MVA-BN®, we have created a diverse portfolio of proprietary and partnered product candidates designed to save and improve lives by unlocking the power of the immune system, including an Ebola vaccine, which is licensed to the Janssen Pharmaceutical Companies of Johnson & Johnson. We are also committed to the development of a next generation COVID-19 vaccine. For more information visit www.bavarian-nordic.com.

Forward-looking statements

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Bavarian Nordic A/S

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. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. 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.

Contacts

Europe: Rolf Sass Sørensen, Vice President Investor Relations, Tel: +45 61 77 47 43 US: Graham Morrell, Paddock Circle Advisors, graham@paddockcircle.com, Tel: +1 781 686 9600

Company Announcement no. 22 / 2022