Bavarian Nordic Announces 2011 Full Year Results
(Thomson Reuters ONE) -
KVISTGAARD, Denmark, March 8, 2012 - Bavarian Nordic A/S (OMX: BAVA) today
published its 2011 Annual Report. The 2011 financial statements show improved
revenue, result before tax and year-end cash preparedness compared to the
announced outlook for the year. Revenue was DKK 524 million, compared with a
guidance of DKK 500 million. The revenue was primarily generated from the
deliveries of four million doses of IMVAMUNE® to the US health authorities. The
Group recorded a loss before tax of DKK 296 million, compared with a guided loss
of DKK 350 million. The improved financial result was due to costs that were
lower than anticipated, mainly related to a slight delay in the initiation of
the PROSTVAC® Phase 3 trial, as well as ordinary cost-saving initiatives. At
year-end 2011, the cash preparedness was DKK 704 million, compared with the
latest upgraded guidance of DKK 650 million.
For 2012, Bavarian Nordic expects revenue at the level of DKK 850 million and a
pre-tax loss at the level of DKK 200 million. The revenue will primarily be
generated from deliveries of seven million doses IMVAMUNE® to the US Strategic
National Stockpile. The cash preparedness at year-end is expected to be roughly
DKK 350 million.
Group key figures are found at the end of this announcement. The full financial
statements for 2011 are available in the annual report which can be downloaded
from the Company's website: www.bavarian-nordic.com
Anders Hedegaard, President & CEO of Bavarian Nordic said: "2011 was a year of
substantial achievements, making it among the best operational years in our
history. We met our two major objectives for the year: initiating Phase 3 trials
with PROSTVAC® and delivering four million doses of IMVAMUNE® smallpox vaccines
to the USA after a successful scale-up of production. The year, however also
presented us with the challenge to fund the Phase 3 development of PROSTVAC®."
Significant achievements in 2011 and up to the reporting date
* Initiated the pivotal Phase 3 trial of PROSTVAC® in metastatic prostate
cancer
* Delivered four million doses IMVAMUNE® to the US Strategic National
Stockpile
* Received a USD 25 million milestone payment under the US government contract
after a successful scale-up of production
* Phase 3 protocol for IMVAMUNE® agreed with the FDA
* Extended the contract for development of freeze-dried IMVAMUNE® to a total
value of USD 94 million
* IMVAMUNE® delivery contracts signed with Denmark and an another European
NATO country
* Raised nearly DKK 700 million in a rights issue through the placement of new
shares with both existing shareholders as well as new, international
healthcare specialist investors
* Expanded the cancer pipeline through expanded collaboration with the
National Cancer Institute (NCI) which included rights to new cancer vaccine
product candidates (CV-301) for multiple cancer indications
* Marketing authorization application for IMVAMUNE® submitted to the Canadian
health authorities
* Marketing authorization application for IMVANEX® (IMVAMUNE®) submitted to
the European health authorities in February 2012
Selected, upcoming milestones
* Deliver seven million doses IMVAMUNE® to the US Strategic National Stockpile
(2012)
* Phase 2 data for CV-301 in breast cancer (H2, 2012)
* Initiate Phase 3 trial of IMVAMUNE® (H2, 2012)
* Initiate Phase 2 study for the freeze-dried IMVAMUNE® (H1, 2013)
* Approval of MAA in Canada for IMVAMUNE® (2012)
Changes to financial calendar for 2012
The company has moved its reporting date for the first quarterly results 2012 to
22 May 2012.
Conference call
The Company will a conference call today at 3.30 pm CET (9.30 am EST). President
and CEO, Anders Hedegaard will present the annual results. The accompanying
presentation is available on the company's website:www.bavarian-
nordic.com/ar2011. Additional participants from Bavarian Nordic are Reiner Laus,
Executive Vice President and Division President Cancer Vaccines, Paul Chaplin,
Executive Vice President and Division President Infectious Diseases, Ole Larsen,
CFO and Rolf Sass Sørensen, Vice President Investor Relations. Dial-in numbers
for the conference calls are: UK: +44 (0)20 7162 0077. USA: +1 334 323 6201.
For additional countries and further details please visit www.bavarian-
nordic.com/ar2011.
Asger Aamund
Chairman of the Board
###
Contact
Anders Hedegaard, President & CEO. Phone +45 23 20 30 64
About Bavarian Nordic
Bavarian Nordic is a vaccine-focused biotechnology company developing and
producing novel vaccines for the treatment and prevention of life-threatening
diseases with a large unmet medical need. The company's pipeline targets cancer
and infectious diseases, and includes ten development programs. In oncology, the
company's lead program is PROSTVAC®, a therapeutic vaccine candidate for
advanced prostate cancer that is the subject of an ongoing pivotal Phase 3 trial
and is being developed under a collaboration agreement with the National Cancer
Institute. In clinical Phase 1 and Phase 2 trials, PROSTVAC® has been tested in
nearly 600 patients. In infectious diseases, the company's lead program is
IMVAMUNE®, a third-generation smallpox vaccine candidate that is being developed
and supplied for emergency use to the U.S. Strategic National Stockpile under a
contract with the U.S. Government. 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.
Key Figures
2007-2011
DKK million 2011 2010 2009 2008 2007
--------------------------------------------------------------------------------
Income statement
Revenue 523.6 314.1 74.8 208.8 332.1
Production costs 403.4 444.5 140.1 196.7
64.5
Research and 261.7 188.6 164.0 129.6 243.6
development costs
Distribution and
administrative 166.8 155.1 111.9 92.0 89.1
costs
Income before
interest and tax (308.3) (474.1) (341.2) (209.5) (65.0)
(EBIT)
Financial items, 11.9 10.1 26.2
net (9.4) 14.5
Income before (296.4) (331.1) (183.3)
company tax (483.4) (50.5)
Net profit for (268.4) (266.3) (150.4)
the year (389.9) (63.5)
Balance sheet
Total non-current 865.2 850.6 715.1 594.2 538.8
assets
Total current 1,111.4 616.5 556.0 1,100.0 1,193.2
assets
Total assets 1,976.6 1,467.1 1,271.1 1,694.3 1,732.1
Equity 1,207.6 810.4 704.2 1,015.1 1,217.7
Non-current 105.4 106.5 113.0 52.7 134.7
liabilities
Current 663.6 550.2 453.9 626.5 379.7
liabilities
Cash Flow
Statement
Securities, cash
and cash 584.0 355.7 185.0 795.9 913.6
equivalents
Cash flow from
operating (375.2) (239.9) (484.0) (22.4) 163.2
activities
Cash flow from
investment (261.8) (45.8) 26.1 (81.5) (16.1)
activities
Investment in 31.2 50.6 12.0
tangible assets 45.7 5.8
Cash flow from
financing 642.4 471.0 (30.8) (15.1) 440.4
activities
Financial Ratios
(in DKK)( 1))
Earnings (basis)
per share of DKK (12.9) (18.8) (12.8) (7.3) (3.1)
10(2))
Net asset value
per share 46.3 62.5 88.6 129.9 155.8
(historical)
Net asset value
per share 46.3 31.1 27.0 38.8 46.6
(adjusted)(3))
Share price at
year-end 38 245 144 132 293
(historical)
Share price at
year-end 38 190 94 86 191
(adjusted)(3))
Share price/Net
asset value per
share 0.8 3.9 1.6 1.0 1.9
(historical)
Share price/Net
asset value per
share 0.8 6.1 3.5 2.2 4.1
(adjusted)(2) +
3))
Number of
outstanding 26,094 12,962 7,952 7,816 7,816
shares at year-
end
Equity share 61% 55% 55% 60% 70%
Number of
employees,
converted to 439 402 354 294 264
full-time, at
year-end
(1)) Earnings per share (EPS) is calculated in accordance with IAS 33 "Earning
per share". The financial ratios have been calculated in accordance with
"Anbefalinger og Nøgletal 2010" (Recommendations and Financial ratios 2010).
(2)) Earnings per share and net asset value per share for 2007-2010 have been
recalculated based on the average number of shares for 2011.
(3)) Share price at the end of the 2007-2010 have been adjusted for subsequent
capital increases.
Bavarian Nordic Annual Report 2011:
http://hugin.info/100065/R/1592224/500656.pdf
201203uk:
http://hugin.info/100065/R/1592224/500633.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Bavarian Nordic A/S via Thomson Reuters ONE
[HUG#1592224]
Unternehmensinformation / Kurzprofil:
Datum: 08.03.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 123021
Anzahl Zeichen: 12290
contact information:
Town:
Kvistgård
Kategorie:
Business News
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