Bavarian Nordic

Report Publication Announcement • Feb 22, 2016

Company Announcement

Bavarian Nordic Announces New Date for Publication of its 2015 Annual Report

COPENHAGEN, Denmark – February 22, 2016 – Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) announced today that the Company has moved the announcement of its 2015 annual report and accounts to Monday, March 7, 2016.

A conference call for investors and analysts will be held at 2:00 pm CET (8:00 am EST) on the same day where Bavarian Nordic's management will present the 2015 results, followed by a Q&A session. Additional details for the conference call will become available on the Company's website www.bavarian-nordic.com shortly.

About Bavarian Nordic

Bavarian Nordic is a fully integrated biotechnology company focused on the development, manufacturing and commercialization of cancer immunotherapies and vaccines for infectious diseases, based on the Company's live virus vaccine platform. Through long-standing collaborations, including a collaboration with the U.S. government, Bavarian Nordic has developed a portfolio of vaccines for infectious diseases, including the nonreplicating smallpox vaccine, IMVAMUNE® , which is stockpiled for emergency use by the United States and other governments. The vaccine is approved in the European Union (under the trade name IMVANEX® ) and in Canada. Bavarian Nordic and its partner Janssen are developing an Ebola vaccine regimen, which has been fasttracked, with the backing of worldwide health authorities, and a vaccine for the prevention and treatment of HPV. Additionally, in collaboration with the National Cancer Institute, Bavarian Nordic has developed a portfolio of active cancer immunotherapies, including PROSTVAC® , which is currently in Phase 3 clinical development for the treatment of advanced prostate cancer. The company has partnered with Bristol-Myers Squibb for the potential commercialization of PROSTVAC. For more information visit www.bavarian-nordic.com or follow us on Twitter @bavariannordic.

Contacts

Rolf Sass Sørensen Vice President Investor Relations (EU) Tel: +45 61 77 47 43

Seth Lewis Vice President Investor Relations (US) Tel: +1 978 341 5271

Company Announcement no. 3 / 2016