On January 28, 2021 Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) reported preliminary, unaudited financial results for 2020 in line with or better than the Company’s most recent guidance (Press release, Bavarian Nordic, JAN 28, 2021, View Source [SID1234574382]).

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Revenue for the full year is expected at approximately DKK 1,852 million, comprised of DKK 1,082 million from combined sale of Rabipur/RabAvert and Encepur, DKK 704 million from US Government sale, including JYNNEOS revenue and contract work, and finally DKK 66 million from the milestone payment from Janssen (Ebola vaccine approval).
The operating result (EBITDA) is expected at approximately DKK 740 million, including other operating income of DKK 628 million from the sale of Priority Review Voucher.
Cash position at year-end was approximately DKK 1,670 million, excluding unutilized credit facilities of DKK 244 million.

Revenue in 2020 significantly increased over 2019 as a result of the commercial transformation of Bavarian Nordic following the acquisition of two commercial vaccines, Encepur and Rabipur/RabAvert. COVID-19 negative impact on Encepur and Rabipur/RabAvert revenue was limited to approximately DKK 200 million by strong brand performance in key markets and largely off-set by better than originally expected JYNNEOS revenue. A USD weakening against DKK had some negative impact on RabAvert revenue in the last two months of 2020.

EBITDA came in slightly better than guided due to continued tight focus on cost and profitability.

The year-end cash position exceeded guidance due to phasing of ongoing investments and working capital movements. This was achieved without draw-down of existing credit facilities of DKK 244 million. Due to the strong cash position the draw-down was deferred to 2021.

"We are very pleased to deliver results in line with or better than the original guidance from February 2020 when no-one really understood the full-scale dramatic effect of COVID-19 on the world. These results have been achieved by good market performance in key markets, by the governmental business performing better than originally anticipated and by keeping a tight focus on profitability and cash," said Paul Chaplin, President and CEO of Bavarian Nordic.

Bavarian Nordic will publish its annual report for 2020 on March 12, 2021, including financial guidance for 2021.