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Name | Symbol | Market | Type |
---|---|---|---|
Bavarian Nordic AS (PK) | USOTC:BVNRY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.164 | 1.98% | 8.43 | 8.32 | 8.43 | 8.43 | 8.38 | 8.38 | 493 | 19:14:37 |
At year-end 2013, the cash preparedness was DKK 652 million / USD 120 million (DKK 670 million / USD 124 million as of 31 December 2012), which was DKK 50 million / USD 9 million above the original guidance.
Starting in 2014, the Company will provide its guidance on the result line as earnings before interest and tax (previously earnings before tax). For 2014, Bavarian Nordic expects revenue at the level of DKK 1,200 million / USD 222 million and a break-even result before interest and tax. The revenue will primarily be generated from deliveries of IMVAMUNE to the U.S. Strategic National Stockpile, based on BARDA's expected exercise of the second part of the contract that was awarded in 2013. The cash preparedness at year-end is expected to be in the level of DKK 600 million / USD 111 million.
Danish kroner (DKK) is the Company's functional currency. All USD figures provided above are based upon a USD/DKK exchange rate of 5.4.
Group key figures are found at the end of this announcement. The full financial statements for 2013 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: "2013 was an impactful year for Bavarian Nordic, with the first product approval of IMVANEX based on 10 years of platform and product development work, a new contract from the U.S. government for the continued production and supply of IMVAMUNE smallpox vaccine to the national stockpile valued up to USD 228 million, and sound financial performance. 2013 was also the year where PROSPECT, the Phase 3 study of our PROSTVAC immunotherapy candidate for prostate cancer, went global and by year-end the trial had opened in nearly all of the planned countries and sites. The lengthiness of regulatory processes has prolonged the initiation of key clinical trial sites in important geographic territories. As a consequence, we now anticipate the study to be fully enrolled by year-end 2014. Future interim analyses of the PROSPECT study will offer the opportunity to evaluate whether the results provide opportunity for filing for approval sooner than anticipated."
Significant achievements in 2013 and up to the reporting date
Selected upcoming milestones
Webcast and conference call
The Company will host a conference call today at 2.00 pm CET (9.00 am EDT). President and CEO, Anders Hedegaard will present the annual results followed by a Q&A session with participation of the Company's executive management. Dial-in numbers for the conference call are: Denmark: +45 32 72 80 18, UK: +44 (0) 844 571 8957, USA: +1 866 682 8490. A webcast of the conference call will be broadcast simultaneously at http://www.bavarian-nordic.com/investor/events.aspx?event=2871. On this page, the accompanying presentation will be available prior to the conference call.
About Bavarian Nordic
Bavarian Nordic is an international biotechnology company developing and manufacturing novel cancer immunotherapies and vaccines for infectious diseases. Lead product candidates are PROSTVAC(R), an immunotherapy product candidate for advanced prostate cancer that is the subject of an ongoing pivotal Phase 3 clinical trial and IMVAMUNE(R), a non-replicating smallpox vaccine candidate in Phase 3 development, which is being developed and supplied for emergency use to the U.S. Strategic National Stockpile under a contract with the U.S. Government. The vaccine is approved in Canada under the trade name IMVAMUNE and in the European Union under the trade name IMVANEX(R).
Bavarian Nordic's shares are listed on NASDAQ OMX Copenhagen under the symbol BAVA (Reuters: BAVA.CO, Bloomberg: BAVA.DC). The company has a sponsored Level 1 ADR program listed in the US (OTC) under the symbol BVNRY.
For more information, visit www.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.
Anders Hedegaard, President & CEO. Phone +45 23 20 30 64
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