veröffentlichten Zahlen.
Bio-Tech-Wert mit fettem Gewinn und noch viel in der Pipeline (HIV):
Bavarian Nordic’s results for 2003 were a revenue of DKK 505 million and earnings before interest and tax of DKK 214 million. They are in close accordance with the company’s previous projections of a revenue of DKK 500 million and earnings before interest and tax of DKK 250 million. The EBIT deviation is due to a shift in the product mix delivered in 2003.
Key Highlights
Financial results
* Revenue was DKK 504.6 million (2002: DKK 121.1 million)
* Earnings before interest and tax were DKK 214 million (2002: DKK -26.7 million)
* Net income reached DKK 150.6 million in 2003 (2002: DKK 70.1 million) and reflects the increased demand for Bavarian Nordic’s unlicensed smallpox vaccines
* Net cash position increased from DKK 108.2 million in the beginning of 2003 to DKK 287.4 million at the end of 2003
* The order portfolio of smallpox vaccines at the end of 2003 was approximately DKK 100 million
* Main revenue in 2003 was generated from governmental contracts for the purchase of unlicensed smallpox vaccines
Smallpox vaccine franchise
* Awarded two substantial financial grants from the US government for the development of MVA-BN® as a safe smallpox vaccine during 2003. Awarded first Request for Proposal (RFP-1 Part A) in February, 2003. Delivered 5,000 doses of MVA-BN® vaccine to the US Government in June 2003, two months ahead of schedule. Awarded an additional financial grant (RFP – 1 Part B) in September 2003 for meeting appropriate milestones in the contract and potential of MVA-BN® in being a successful MVA vaccine candidate.
* Responded in February 2004 to US Government’s RFP-2 which calls for production of 3 million doses of MVA vaccines. This award is expected in the summer of 2004.
* Bavarian Nordic’s goal to globally register MVA-BN® as a safe stand-alone vaccine against smallpox moved forward in 2003. With an extensive preclinical efficacy data package on MVA-BN® and Phase l and ll safety data in more than 250 healthy volunteers, Bavarian Nordic has strengthened its leading position in the clinical development of MVA.
HIV vaccine franchise
* Bavarian Nordic reported promising interim trial results with MVA-BN® nef as a therapeutic vaccine in a Phase l/ll study during 2003. In the extended Phase l/ll study the level of HIV in immune compromised individuals has been monitored after they have received three vaccinations of MVA-BN® nef.
Production
* Bavarian Nordic achieved a milestone in 2003 with the acquisition of a manufacturing facility in Kvistgård, Denmark and a separate pilot facility for clinical trial materials in Berlin, Germany. The manufacturing facility has the capacity to produce 120 million doses of MVA-BN®--based vaccines per year. This achievement has ensured the company’s ability to supply current and future vaccines.
Peter Wulff, President and CEO, said, “2003 was a year of significant events that collectively contributed to Bavarian Nordic’s transformation to a profitable international biopharmaceutical company. We set ambitious goals and we achieved them. Our strong financial performance based on commercial sales of unlicensed smallpox vaccines and financial awards from governments, an agreement to acquire production facilities in 2004, and progress in the clinical development of MVA-BN® -based vaccines against HIV and smallpox were some of our major achievements. Bavarian Nordic is now a company with a broader vision for the future with the capabilities and capacity to establish a larger position in the global vaccine market.”
Bavarian Nordic is satisfied with its developments in 2003.
Projections for 2004
Bavarian Nordic expects a revenue of approximately DKK 400 million in 2004. In comparison with last year, Bavarian Nordic will substantially increase development costs on its HIV vaccine and MVA-BN® smallpox vaccine programmes in 2004. This includes a larger phase ll trial with MVA-BN® nef as an HIV vaccine as well as the technical and clinical development of MVA-BN® as a safe smallpox vaccine. Bavarian Nordic plans to conduct a significant portion of the MVA-BN® safe smallpox vaccine development programme outside of its cooperation with US government in accordance with the company’s global strategy for this product. Provided that the expected revenue is realised, Bavarian Nordic projects a profit before tax in the area of DKK 60-80 million in 2004.
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