Bavarian Nordic

MARCH 2021

1 Disclaimer

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 regarding our short-term objectives and opportunities, financial expectations for the full year and financial preparedness as of year end, as well as statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. 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.

2 Bavarian Nordic – a fully integrated vaccine company

By 2025, we aspire to be one of the largest pure play vaccine companies improving and saving lives by excelling in R&D innovation, manufacturing and commercialization

4 Commercial marketed 650 scale Commercial products infrastructure employees manufacturing facility supporting key RSV Profitable +32% with inhouse markets in US late-stage vaccine ii 2020 fill and finish and EU business TBE vaccine being added candidate during 2021 in blockbuster indication

3 Products & pipeline

Products Pipeline

Rabipur/RabAvert Phase 1 Phase 2 Phase 3 Rabies Smallpox MVA-BN freeze-dried Phase 3 lot-consistency study ongoing with anticipated completion in 2021

Respiratory Syncytial Virus (RSV) Encepur MVA-BN RSV Tick-borne encephalitis (TBE) Human challenge study planned for 2021, followed by Phase 3 in 2022.

Immuno-oncology TAEK-VAC Phase 1/2 study ongoing JYNNEOS/IMVANEX/IMVAMUNE Smallpox & Equine encephalitis MVA-BN WEV Phase 1 dose finding study completed

COVID-19 ABNCoV2 MVABEA Ebola Phase 1/2 study planned for initiation Q1 2021. Licensed from AdaptVac Licensed to Janssen Products

5 JYNNEOS - Expanding the smallpox market

FDA approved vaccine • JYNNEOS® is the first and only FDA approved non-replicating vaccine for the prevention of smallpox and monkeypox • Smallpox vaccines approved in Canada and EU under trade names IMVAMUNE® and IMVANEX®

US national stockpiling opportunity • U.S. Government new 10-year contract worth up to USD 539m awarded in 2017 to replace expired stockpile • Freeze-dried well positioned to fulfil U.S. Government long-term stockpiling requirements

Pre-approval (EUA) Post-approval To protect 10 million citizens at risk in the To protect 66 million citizens event of an emergency (contraindicated to ACAM2000 and their household contacts)

20m doses, liquid-frozen 132m doses, freeze-dried

Smallpox beyond national stockpiling • Market opportunities for general adult population expanded beyond national stockpile • Current recommendation: Military personnel in South Korea (50,000 p.a.) • Future potential: All troops entering basic training (~240k p.a.); all active duty military personnel (~3m) • Seek to re-invoke 2002 US smallpox vaccination guidelines: 0.5m to up to 10m healthcare workers; other civilians who wish to be vaccinated

6 Smallpox vaccine contract and development with USG

• New JYNNEOS order from the U.S. government – bulk & liquid-frozen • Positive Phase 3 topline results for freeze-dried version reported in August 2020 • FDA approval expected in 2022 unlocking value of USD 299M contract option

• 2020 JYNNEOS order from USG valued up to USD 202 million • Covers two years of performance and includes the manufacturing of additional bulk vaccine and the supply of up to 1.4 million doses of liquid frozen JYNNEOS • USD 106 million secured in Apr 2020 and USD 83M in Dec 2020 to be invoiced in 2021 • Ensures the availability of a licensed, non-replicating smallpox vaccine in the U.S. Strategic National Stockpile (SNS) for potential use by first-line responders

Timelines 2016-2019 2020 2021 2022-2024

Bulk orders, manufactured/invoiced $333M

New order, bulk and final doses (LF) $202M

Freeze-dried delivery, 13M doses $299M 7 Rabipur/RabAvert – Rabipur/RabAvert #1 position in major and high growth Western markets

Rabies – market characteristics Rabipur/RabAvert • Well established life-saving vaccine with 30 years of market experience, supported by extensive clinical and 59,000 deaths1 safety evidence Annual global mortalities from rabies indicating Product & market dynamics significance of disease • First launched in 1985 • Sterile, freeze dried vaccine indicated for both pre exposure and post exposure prophylaxis in all age groups • Focused on major Western regulated markets and traveller population • Market shares highly supply driven; leading players appear to spend very low 100% effectiveness or no effort on promotion Pre- and post-exposure effectiveness of Rabipur/RabAvert vaccine • Rabipur / RabAvert is a market leader in major Western markets • US and Germany account for the majority of product revenues • EU/US market size approximately €170m

Low risk awareness Of travellers to endemic areas, leading to an extremely low coverage

Source: 1. https://www.cdc.gov/rabies/location/world/index.html. 8 Rabipur/RabAvert sales – strong US performance mDKK Q3 2020 Q3 2019 Growth 9M 2020 9M 2019 Growth mDKK 188 257 -27% 548 692 -21% 300

250

Competitor was out-of-stock in the beginning of the year 200

Post-exposure segment is more resilient and less impacted by COVID-19. US market 150 decline limited to 14% vs LY 100 Market share gain in US market (61% in 1Q19 to 79% in 3Q20) 50 US revenue growth of more than 30% vs LY 0 Pre-exposure (travel) market heavily impacted - down by 92% in Germany in Q1 Q2 Q3 Q4 *

(July/August 2020 versus prior year) 2019 2020 * Q4 2019 significantly positively impacted by competitor’s out of stock situation; nearly DKK 150 million higher than expected

Sales figures from 2019 have been provided by GSK and are presented for comparison only.

9 Encepur – tick-borne encephalitis (TBE) vaccine TBE a growing public health issue in Europe Encepur #2 position in markets with high underlying growth

TBE – market characteristics Encepur • Unique dosing flexibility supported by proven efficacy, effectiveness and long-term persistence data 10-20% paralysis1 Rate of paralysis amongst those infected in Product & market dynamics addition to 1-2% mortality rate • Product launched in 1991 • Vaccine against TBE. Administered in a three dose regimen over a one year or one month period • Commercialized in major European markets • High competitive dynamics. Pfizer has a market leader position 5k-13k cases p.a.2 • Encepur has an established market presence limited historical marketing efforts Reported cases with majority originating from provide attractive upside potential Russia and Central & Eastern Europe • Encepur holds a #2 position in major European markets • Germany and Sweden account for majority of product revenues • EU market size approximately €220m

Three patient segments Living in endemic areas, traveling to endemic areas, occupationally at risk

Source: 1. https://www.cdc.gov/vhf/tbe/pdf/factsheet.pdf; 2. https://wwwnc.cdc.gov/travel/yellowbook/2020/travel-related-infectious-diseases/tickborne-encephalitis. 10 Encepur sales – sign of market rebound mDKK Q3 2020 Q3 2019 Growth 9M 2020 9M 2019 Growth mDKK 110 97 14% 406 484 -16% 250

200 Year-over-year decline was caused by inventory movements in the supply chain and COVID-19 impact in key markets due to limited access to physicians 150

Largest market, Germany slightly declined in July/August, but showing signs of 100 recovery 50 Market share remains stable around 30% Encepur growth of 14% in Q3 vs LY 0 Q1 Q2 Q3 Q4

2018 2019 2020

Sales figures from 2018 and 2019 have been provided by GSK and are presented for comparison only.

11 MVA-BN Filo -

i • In 2019, the WHO recommended deployment of the Janssen/Bavarian 2021 Re-emergence Nordic Ebola vaccine to combat the outbreak in the DRC, Rwanda and In February, the governments Uganda of the DRC and Guinea announced a new outbreak of • An EMA was granted in July 2020 for active immunization for the Ebola in their countries. prevention of disease caused by the Ebola virus in individuals aged one year and above, triggering a $10M milestone payment from Janssen

• Janssen entered into a new supply contract with BN, worth ~$14M to be recognized in 2021, in addition to the +2M doses that have previously been manufactured Guinea Uganda

DR Congo Rwanda Ebola vaccine – a Janssen partnership

Janssen’s AdVac + MVA-BN showed robust and sustained immune responses. Synergistic benefit of combining our technology has been key to establishing collaborations in blockbuster indications

12 Update on manufacturing expansion

Single-bulk facility transforming into a fully-fledged manufacturing plant

Fill and finish

✓ Construction completed ✓ Validation & qualification completed ✓ Ready for first commercial manufacturing

Bulk manufacturing

✓ Construction work ongoing for expansion of facility to allow for simultaneous bulk manufacturing of multiple products

13 Pipeline

14 COVID-19 vaccine program

• AdaptVac is planning the initiation COVID-19 vaccine candidate Flexible platform adaptive to mutations of a first-in-human study, supported • Capsid virus like particle (cVLP) based SARS- by a Horizon 2020 EU grant. Initial CoV-2 subunit vaccine data expected during Q1 2021. • Designed to fulfil WHO’s criteria for a COVID- 19 vaccine during outbreak (e.g. rapid onset • Bavarian Nordic-sponsored NHP of protection, suitable for all ages) study ongoing with preliminary • Licensed from AdaptVac results confirming AdaptVac’s immunogenicity data in mice. Additional data expected during Q1 2021. • Accelerated development plan including Phase 3 design has been NHP study developed. cVLP SARS-CoV2 Preliminary results show that the cVLP vaccine vaccine in patients induces high levels of neutralizing antibodies, comparable with the levels detected in the NHP convalescent sera of SARS-CoV2 patients.

High Low High Low dose dose titers titers 15 RSV – a new approach

• MVA-BN RSV encodes 5 distinct targets of RSV to stimulate a broad protective immune response (T cells & antibodies) • MVA-BN RSV mimics the natural response to an RSV infection and is believed to induce protection for at least one year MVA-BN RSV

• The Phase 2 main study and booster study demonstrated: F(A) o Safe, durable immune response

o Significant and broad antibody & T cell responses G(A) o Strong mucosal immune response

o Immunity against both subtypes (A&B) G(B)

N

M2

16 RSV – de-risking Phase 3 with planned human challenge trial

Human challenge trial Phase 3 in older adults • Human challenge trial in 2021 will provide efficacy insights ahead of • Assessing the effect of vaccination with • Randomized, placebo-controlled trial with MVA-BN-RSV vaccine, in reducing the RSV an adaptive design enrolling 12,000 - Phase 3 viral loads due to the challenge strain 14,000 subjects over two seasons (6,000 when compared to placebo for the first season, 6,000-8,000 for the • Postponing Phase 3 study initiation by • Other predefined outcome measures, such second season) one year into 2022 due to anticipated as symptoms scores will also be evaluated • After passing the first season threshold COVID-19 impact there would be a ~75% chance of successfully reaching the efficacy endpoint of the trial

• Estimated costs to determine futility after the first season will be USD 40m. Second season will cost an additional USD 50-70m

2021 2022 2023 2024

Human challenge trial Phase 3 (season 1) Phase 3 (season 2)

Futility Vaccination Results Vaccination RSV season Vaccination RSV season Results analysis

17 MVA-BN WEV - equine encephalitis an emerging disease

i • A new vaccine program targeting three separate strains of the The virus equine encephalitis virus Transmitted to humans via mosquitos • Eastern (EEEV) While EEEV, VEEV and WEEV vary • Venezuelan (VEEV) in infection rates and severity of disease, all three pathogens are • Western (WEEV) associated with risks of flu-like symptoms, potential central • Multi-year agreement with U.S. Department of Defense of up to nervous disorders, and death USD 36m

• A Phase 1 dose-ranging trial (N=45) has been completed, showing No vaccine favorable safety and immunogenicity Currently no preventative vaccines available • Funding being sought with US agencies to support further preclinical, clinical development and manufacturing to support licensure. U.S. outbreak In 2019, 38 EEEV cases, including 15 deaths were reported, mostly in north-eastern parts of the U.S., making it the worst outbreak yet

18 Financials

19 Financial Results

Preliminary Financial Results for 2020 were released on January 28, 2021 The annual report, including financial guidance, is expected to be published on March 12, 2021 ▪ Revenue for the full year is expected to be approximately DKK 1,852 million: • 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 • DKK 66 million from the milestone payment from Janssen (Ebola vaccine approval)

▪ EBITDA is expected at approximately DKK 740 million: • Including other operating income of DKK 628 million from the sale of Voucher

▪ Cash position at year-end was approximately DKK 1,670 million, excluding unutilized credit facilities of DKK 244 million FY2020 FY2019 Prelim mDKK Actual

Revenue 1,852 662

EBITDA 740 (271)

Securities, Cash and Cash Equivalents 1,670 716

20 21