1 Anders Hedegaard, CEO | 27 March 2012

DELIVERING THE VACCINE PROMISE

Bavarian Nordic

Vaccines for cancer and infectious diseases

• Founded in 1994

• Lead product in Phase 3

• Strong IP position

• Listed on NASDAQ OMX Copenhagen

• Market cap (Mar-2012): DKK 1.3bn

• 450+ employees in Denmark, Germany and USA

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3

Main strategic business areas

Infectious Diseases

SmallpoxAnthrax

Full value chain

Cancer

Prostate cancerBreast cancer

Partnerships

Major Goals Achieved

PROSTVAC® - Phase 3 initiated• Phase 3 initiated in 4Q 2011• Recruitment currently ongoing at centres across the U.S.• Planned to enrol 1,200 patients at approx. 300 centres in 20 countries

Expanded cancer pipeline through collaboration with NCI• Includes rights to vaccine candidate (CV-301) – applicable in multiple

cancers• Includes Ph1 and Ph2 data and ongoing NCI-funded studies• Offers long-term opportunity to develop cancer portfolio in major cancers

(breast, lung and ovarian)

IMVAMUNE® - producing successfully at 4 batches per week• Delivered 4 million doses as planned• Performance-based milestone of USD 25m received after successful scale up

of production• RFP-3 contract modifications adds USD 8m to total value• Phase 3 clinical protocol approved• Submitted marketing application in Canada and Europe4

2011 Financials Better Than Expected

5

Revenue DKK 524 m

Result (loss) before tax DKK -296 m

Cash preparedness at year-end DKK 704

m

Cancer Vaccines - Highlights

PROSTVAC® • Initiated the pivotal Ph3 trial in mCRPC• Attractive news flow from NCI studies

• Initiated randomized Ph2 combination study with chemotherapy in mCRPC • Presented data at ASCO from Ph1 study in locally recurrent PC by intraprostatic

injection • Presented preliminary data at GU-ASCO from Ph2 combination study (flutamide) in

non-metastatic prostate cancer • Data published from Ph1 combination study with ipilimumab in mCRPC

CV-301• Expanded pipeline through NCI collaboration• Broadly applicable technology platform – targeting major cancers• Off-the-shelf product candidates: PROSTVAC® and CV-301

• Investigated in 1000+ patients in more than 30 clinical studies• Multiple NCI-funded studies – ongoing and future

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Cancer Vaccines

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7

Data (1H 2012)

Enrolment (2013)PROSTVAC®

MVA-BN® PRO

Ph1 Ph 1/2 Ph 2 Ph 3 Next milestone

Prostate cancer

Prostate cancer

Data (2H 2012)CV-301 breast Breast cancer

PC

Await CV-301 dataMVA-BN® HER2 Breast cancer

Data update (2012)CV-301 lung Lung cancer

Data update (2012)CV-301 ovarian Ovarian cancer

Therapeutic vaccine platform for major cancers

Prostate cancer – a large unmet medical need

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• Metastatic disease is incurable

• Common cause of death in men

• >250,000 deaths/year

(WW)1

• Increase in cases (780,000 annually)1

• Treated with chemotherapy (limited life-extension and severe side effects)

• Provenge approved in 2010 as first immunotherapy for this patient population

1) Global Cancer Facts & Figures 2007, American Cancer Society

Driving PROSTVAC® into Early Stage Prostate Cancer

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Tumor volume

and activity

Hormone dependent Hormone refractory

No pain Pain

DeathStart of chemotherapy

Hormone treatment

Local treatment

Non-metastatic Metastatic

PROSTVAC®

SizeableMarket

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The PROSTVAC® Opportunity

Prostate cancer therapies market in the US, Japan, and major EU countries of US$3.3 billion (2007), forecasted to grow to US$4.5 billion by 20172

PremiumPrices

Cancer market is occupied by products at premium prices

Shaped Market

Opportunity to enter a vaccine-receptive market shaped by first entrant

Advantageous Product

A standardized therapeutic vaccine with clear advantages to competition

Source: 1 American Cancer Society2 Decision Resources, 2008. Not including primary therapy such as surgery or radiotherapy. Major EU countries include France, Germany, Italy, Spain, and the UK

Market Expansion

Potential application in both early and late-stage prostate cancer

PROSTVAC® - asset with solid data

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Journal of Clinical OncologyMarch 1, 2010 vol. 28 no. 7 1099-1105

Overall Survival Analysis of a Phase II Randomized Controlled Trial of a Poxviral-Based PSA-Targeted Immunotherapy in Metastatic Castration-Resistant Prostate Cancer

Published Ongoing/Not yet

published

Phase 1 4 3

Phase 2 8 4

Phase 3 - 1

Total studies

12 8

Total pts. 580 + 1,470 +

Clinical trial overview

PROSTVAC® specifications

Phase 2 results demonstrated extended overall survival of 8.5 months• Decreased risk of death by 44% (HR =

0.56)

Multicenter Phase 21

• Randomized, placebo-controlled • Double-blind• 125 patients enrolled in 43 sites• 83 PROSTVAC® + GM-CSF• 41 placebo

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• Off-the-shelf vial vaccine

• Sequentially dosed combination of two different Poxviruses

• Targets a unique cancer cell antigen (PSA) and encodes co-stimulatory molecules

• Subcutaneous injectionVaccinia-PSA TRICOM

Fowlpox-PSA-TRICOM

1) Kantoff et al., Journal of Clinical Oncology, January 2010

PROSTVAC® Phase 2 Results

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p=0.0061

Δ 8.5 months

N Deaths

Median

Control 40

37 16.6

PROSTVAC®

82

65 25.1

Hazard ratio0.56 (95% CI 0.37–0.85)

0 12

24 36 48 60

survival(% of patients)

0

20

40

60

80

100

months

Source: Kantoff et al., Journal of Clinical Oncology, January 2010

Significantly extended overall survival

16.6 months

25.1 months

PROSTVAC® Phase 3 Design and Endpoints Agreed in SPADesign

• Strongly powered, single global, placebo-controlled study

• ~1,200 patients - asymptomatic or minimally symptomatic, metastatic castration-resistant prostate cancer

• Three study arms:• PROSTVAC® • PROSTVAC® + GM-CSF • Placebo

Endpoints

• Primary endpoint is overall survival (OS)• Either one or both of the treatment arms

must be superior to placebo• Each comparison requires 534 deaths

with sensitivity for estimated death hazard ratios of 0.82 or less

• Phase 3 clinical trial costs — US$150m:• CRO cost • Manufacturing cost• BN internal cost

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SPA allows for broad margin to be successful

Phase 2 results SPA terms for Phase 3

Demonstrated hazard ratio 0.56

44% reduction in risk of death

Required hazard ratio 0.82 or less

18% reduction in risk of death

Ongoing PROSTVAC® Studies

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Stage Study design Target Endpoint

Ph3n=1,200

Randomized, double-blind, placebo-controlled efficacy trial of PROSTVAC® +/- GM-CSF

Asymptomatic or minimally symptomatic mCRPC

Overall survival

NCI funded studies:Ph2n=144

Comparison of docetaxel (chemo) with/without PROSTVAC®

Metastatic prostate cancer mCRPC

Survival

Ph2n=65

Comparison of flutamide (antihormone) with/without PROSTVAC®

Non-metastatic prostate cancer

Time to progression (TTP)

Ph2n=68

Comparison of samarium (radioactive drug) with/without PROSTVAC®

Metastatic prostate cancer

4 month progression free survival

Ph2n=50

Investigate PROSTVAC® in men with PSA progress

After local therapy (surgery and/or radiation)

PSA progression at 6 months

Ph1n=21

Investigate PROSTVAC® by intraprostatic injection

Progressive or locally recurrent prostate cancer

Safety, PSA and immune responsePROSTVAC® has more clinical data from combination trials and trials in earlier disease

stages than other prostate cancer immunotherapies

CV-301

• Stimulates immune system to destroy tumors by targeting two tumor-associated antigens (TAA):

• CEA: Carcinoembryonic antigen• MUC-1: Mucin 1

• CEA and MUC-1 are over-expressed in multiple cancers

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Type Incidence Mortality CEA+ MUC-1+

Breast 233,000 40,000 50% >90%

Lung 221,000 157,000 70% >80%

Ovarian 22,000 15,000 15-65%* >90%

*Non-Mucinous: Mucinous

Cancer Facts & Figures 2011, American Cancer Society

Selected cancers – U.S. figures

Broadly applicable technology platform

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VF Prime-boost: Vaccinia + Fowlpox

TRICOMTRIad of CO-stimulatory Molecules

PSA MUC-1CEA

• Breast, Lung, Ovarian, Gastric, Bladder, Liver and Renal cancer

• Prostate cancer

PROSTVAC® CV-301

LFA-3ICAM-

1B7.1

GM-CSF can be used as adjuvant in both PROSTVAC® and CV-301

CV-301 breast cancer – ongoing trial

• NCI-funded, open-label Ph2 study (n=48) in metastatic breast cancer

• Docetaxel naïve• Treatment with Docetaxel with/without CV-301• Primary endpoint: Time to progression (TTP)• Enrolment has been completed• Data expected in 2H 2012

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RANDOMIZE

Arm A: Weekly Docetaxel + CV-301

Arm B: Weekly Docetaxel alone

Study Protocol ID: NCT00179309, NCI-6977

Cancer Vaccines - Short Term Objectives• Complete enrolment in the PROSTVAC® Phase 3 trial • Establish PROSTVAC® partnership before market commercialisation • Report preliminary data from five NCI-funded Phase 1 and 2 studies

with PROSTVAC®

• Report breast cancer data from CV-301 studies and determine future development strategy

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Infectious Diseases - highlights

• Delivered 4 million IMVAMUNE® doses to the US Strategic National Stockpile as planned

• Received a USD 25 million milestone payment under the RFP-3 contract after a successful scale-up of production

• Extended the contract for development of a freeze-dried version to a total value of USD 94 million

• Clinical Phase 3 trial plan agreed with the FDA• Marketing Authorization Application submitted in Canada and

Europe• If found acceptable, IMVAMUNE® (IMVANEX® in Europe) will be indicated for active

immunization against smallpox in persons aged 18 and older, including immune compromised individuals

2020

Infectious Diseases

2121

Phase 1 (1H 2012)

Phase 3 (2H 2012)IMVAMUNE®

MVA-BN® Anthrax

Next milestone

Smallpox

Anthrax

Phase 1 (2013)MVA-BN® RSV RSV

New Phase 2 (1H 2013)IMVAMUNE® freeze-dried Smallpox

MarketPh1 Ph 1/2 Ph 2 Ph 3PC

Sold to government stockpiles under national emergency rules

Leading supplier of vaccines for biodefense

IMVAMUNE® US Government Contracts

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RFP-1RFP-2

Early clinical and technical development500,000 doses of IMVAMUNE® deliveredClinical studies will support Emergency Use

RFP-3 Base contract

Option

20 million doses of IMVAMUNE®

Licensing for at-risk individualsDevelopment for immune compromised

RFP Freeze-dried

Validation of production processPreclinical and clinical studies to support advanced development

>US$144m

US$513m

>US$751m

>US$1,100

m

Secured Optional

60 million doses of IMVAMUNE®>US$1,100

m

US$94m

IMVAMUNE® Delivery Status

2010

2011

2012

2013

Deliveries to the US Strategic National Stockpile

Delivered in 2010 2m doses

Delivered in 2011 4m doses

Planned deliveries in 2012 7m doses

Planned deliveries in 2013 7m doses

IMVAMUNE® Freeze-dried

• Contract expanded from USD 40m to USD 94m• Validation of production process• Preclinical and clinical studies to support advanced development

• New Ph2 study planned for 1H 2013 to support emergency use

• Anticipated data availability for stockpiling in 2016

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IMVAMUNE® - Anticipated Developments

2012 2013 2014-

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Maintenance orders (LF), Replacement (FD)

Deliver RFP-3 base

LF: Liquid-frozenFD: freeze-dried

Approval

Approval

Infectious Diseases - Short Term Objectives• Deliver 14 million doses of IMVAMUNE® to the US Strategic National

Stockpile in 2012-2013 (7 million in 2012)• Obtain profitability in division • Secure new IMVAMUNE® orders in the USA• Initiate pivotal Phase 3 trial of IMVAMUNE®

• Obtain marketing authorisation for IMVAMUNE® in Canada• Obtain marketing authorisation for IMVANEX® (IMVAMUNE®) in the

EU

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2012Revenue DKK 850m

Result (loss) before tax DKK -200m

Cash preparedness at year-end

DKK 350m

Assumptions:Deliver and revenue recognize 7 million doses of IMVAMUNE®

R&D costs - GROUP DKK 400m *

Infectious Disease Division, EBITbefore allocation of internal charges

DKK 110m to 130m

Cancer Vaccines Division, EBITbefore allocation of internal charges

DKK -250m to -270m

All numbers are approximate

* R&D costs include approximately DKK 100 million in contract expenses (stated under production costs in the profit and loss statement).

Financial Outlook

Anticipated Future Milestones

CANCER VACCINES• PROSTVAC® Ph3 complete enrolment

(2013)• Data from PROSTVAC ® NCI studies

• Phase 1 recurrent PC• Phase 2 PSA progression• Phase 2 non-metastatic PC• Phase 2 metastatic PC• Phase 2 mCRPC

• CV-301 Ph2 data in metastatic breast cancer (2H 2012)

• MVA-BN® PRO final Ph1/2 data (1H 2012)

INFECTIOUS DISEASES• Deliver 14m doses of IMVAMUNE® to US

government in 2012-2013• IMVAMUNE® Ph3 initiation (2H 2012)• IMVAMUNE® licensure in Canada (2H 2012)• IMVANEX® (IMVAMUNE®) licensure in

Europe (2013)• Anthrax Ph1 funding and initiation (1H

2012)• RSV Ph1 initiation (2013)• Government funding opportunities, current

and future projects

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This presentation 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.

APPENDIX

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Financial Statements

31

DKK million FY 2011 FY 2010

RevenueProduction costs

Gross profit

524403

120

314444

(130)Research and development costsDistribution and administrative costs

Total operating costs

262167

428

189155

344

Income before interest and taxes (308) (474)Financial income/loss

Income before company tax12

(296)(9)

(483)

Tax 28 94

Net profit for the period (268) (390)

Cash preparedness (end of period) 704 460

RFP-3 Contract as of 31 December 2011

USD million P&L Cash Flow

Contract value

Revenue recognise

d

To be recognise

dReceived

To be received

Upfront & Milestone 183 109 74 181 2

Deliveries 2010-2013

270 85 185 56 214

Hold-back 50 - 50 - 50

Security 10 7 3 7 3

TOTAL 513 201 312 244 269

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Based on 6.048 million doses delivered

Overview of USG IMVAMUNE® Contractsas of 31 December 2011

USD million P&L Cash Flow

Contract value

Revenue recognise

d

To be recognise

dReceived

To be received

RFP-3 513 201 312 244 269

RFP-2 116 113 3 112 4

RFP Freeze-dried 95 13 82 11 84

TOTAL 724 327 397 367 357

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PROSTVAC® Extends Survival in Patients with Less Advanced Disease

Open-Label Phase 2 in 32 mCRPC patients

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Median survival (months)

All patients Patients with Halabi-predicted

survival <18 months

Patients with Halabi-predicted

survival ≥18 months

Predicted by Halabi model

17.4 12.3 20.9

With PROSTVAC® (n=32)

26.6 14.6 ≥37.3 (not yet reached)

Δ 9.2 months Δ 2.3 months Δ ≥16.4 months

Patients surviving longer than predicted

22 of 32 (69%) 10 of 17 (59%) 12 of 15 (80%)

Gulley et al. Cancer Immunol Immunother 2009 Nov 5 (Epub ahead of print)