Bavarian Nordic A/S

A bill sponsored by Rep. Michael McCaul, R-Texas, which would restore the FDA's rare pediatric review voucher program, which expired in December of last year, has passed the House of Representatives. The U.S. House of Representatives has given a unanimous thumbs-up to the Give Kids A Chance Act, which would revive the FDA’s rare pediatric review voucher program following its expiration in December of last year.Rep. Michael McCaul, R-Texas, introduced the legislation in February alongside support from five other Republican Congressmen and five Democrats. The bill now advances to a Senate vote.“By strengthening incentives for pediatric drug development, restoring essential programs such as the FDA Rare Pediatric Disease Priority Review Voucher, and ensuring that life-saving therapies reach the children who need them most, we are making meaningful progress,” Rep. Gus Bilirakis, R-Fla., said in a release.The initiative, which was established in 2012, offered drugmakers a financial incentive in the form of a priority review voucher (PRV) to develop rare disease treatments for children.PRVs are valued commodities in the biopharma industry because they can slash the FDA’s review time of drug applications from the standard 10 months to six months. In many cases, companies that were awarded PRVs for developing approved rare disease drugs sold them to other drugmakers anxious to bring a lucrative product to the market. As it previously appeared that the pediatric review voucher program was not going to gain Congressional reauthorization and the availability of PRVs grew scarce, their prices increased from a standard $100 million. In August of last year, Ipsen received $158 million from an unnamed buyer for a PRV it gained from the FDA upon approval of the rare disease drug Sohonos in August of 2023.Six months ago, an unnamed buyer paid Bavarian Nordic $160 million for a PRV awarded by the FDA under its tropical disease incentive program for the February approval of the chikungunya vaccine Vimkunya. In May, Abeona Therapeutics sold a PRV for $155 million that it had gained just two weeks earlier upon the approval of its gene therapy Zevaskyn.After the rare pediatric review program expired, there were calls from the industry to reestablish it, while critics raised concerns that the ability to sell PRVs at high prices distorted the program's original purpose. In an article published in February, lawyers at Hyman, Phelps & McNamara suggested the end of the rare pediatric PRV program could lead to increased value of the tropical disease PRVs, potentially to a level on par with a record $350 million that AbbVie paid United Therapeutics in 2015.Meanwhile, in June of this year, the FDA introduced a new PRV program designed to shorten drug review time to as little as one or two months. The commissioner’s National Priority Voucher (CNPV) coupon is given to “companies aligned with U.S. national priorities,” the FDA said. Unlike existing PRVs, CNPVs are nontransferable.

COPENHAGEN, Denmark, December 2, 2025 – Bavarian Nordic A/S (OMX: BAVA) today announced its intent to launch a one-time share buy-back program of up to DKK 500 million to be executed over the next 12 months. This decision should be viewed in the context of a current strong cash position, resulting from the recent sale of the Priority Review Voucher and a continued positive cash flow from operations. As of September 30, 2025, securities, cash and cash equivalents were DKK 2,978 million, of which approximately DKK 800 million constitute deferred payments to GSK (last milestone payment) and royalty plus tax related to the sale of the Priority Review Voucher, all payable in the near future. For the time being the Company finds the cash balance post the buy-back program adequate to maintain flexibility and run the business in an uncertain world. Bavarian Nordic intends to hold the shares bought back as treasury stock, for the purpose of adjusting the capital structure. The share buy-back program will be carried out in accordance with the authorization granted by the general meeting of shareholders to the Board of Directors and will be subject to safe harbour regulations. Additional details, including the key terms of the program will be provided upon the final decision of the Board of Directors to launch the program. Bavarian Nordic currently holds 966,845 shares as treasury shares, corresponding to 1.22% of the company’s share capital, part of which will be used to fulfil the company’s obligations relating to the Company’s long-term share-based incentive programs for the Board of Directors and Executive Management. About Bavarian NordicBavarian Nordic is a global vaccine company with a mission to improve health and save lives through innovative vaccines. We are a preferred supplier of mpox and smallpox vaccines to governments to enhance public health preparedness and have a leading portfolio of travel vaccines. 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. 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. Contact investors:Europe: Disa Tuominen, IR Manager, detu@bavarian-nordic.com US: Graham Morrell, Gilmartin Group, graham@gilmartinir.com, Tel: +1 781 686 9600 Contact media:Nicole Seroff, Vice President Corporate Communications, nise@bavarian-nordic.com, Tel: +45 53 88 06 03 Company Announcement no. 45 / 2025 Attachment Bavarian Nordic to Launch Share Buy-back Program of up to DKK 500 Million

The deal will support Gavi’s goal to fully vaccinate 50 million more children against the disease by 2030. Credit: Gavi. UNICEF and Gavi, the Global Alliance for Vaccines and Immunisation now known as the Vaccine Alliance, have announced a pricing deal to expand access to the R21/Matrix-M malaria vaccine, aiming to protect almost seven million more children from the disease. The deal sets the vaccine price at $2.99 per dose and is expected to take effect within a year, supporting Gavi’s goal to fully vaccinate 50 million more children against the disease by 2030. Backed by Gavi and implemented by the United Nations Children’s Fund, UNICEF, the agreement will save up to $90m for Gavi and participating countries, equating to more than 30 million extra vaccine doses. The deal is financed through Gavi’s International Finance Facility for Immunisation mechanism, which accelerates funding by converting long-term pledges into immediate cash. Gavi manages logistics, market shaping, procurement and national immunisation programme integration for malaria vaccines. More than 40 million doses have been delivered through Gavi-supported programmes and they are now part of routine immunisation in 24 African countries bearing above 70% of the global malaria burden. GlobalData Strategic Intelligence US Tariffs are shifting - will you react or anticipate? Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis. By GlobalData Learn more about Strategic Intelligence The R21/Matrix-M vaccine deal was enabled by IFFIm, which has mobilised billions for immunisation projects since inception. Gavi chief vaccine programmes and markets officer An Vermeersch stated: “Today’s announcement is a powerful example of what our Vaccine Alliance does best: leverage innovative financing and partnerships to shape vaccine markets and secure access to affordable vaccines – saving lives and delivering economic benefits to countries in the process. “There has been an unprecedented demand for this new tool that will better protect children against one of Africa’s largest killers of children under five, and we thank our partners who are helping us match the strong commitment countries have already shown to the malaria vaccine.” In September 2024, UNICEF reached an agreement with mpox vaccine manufacturer Bavarian Nordic to supply one million doses of the shot for the hardest-hit countries in Africa. Pharmaceutical Technology Excellence Awards - The Benefits of Entering Gain the recognition you deserve! The Pharmaceutical Technology Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving pharmaceutical advancements. Don’t miss your chance to stand out—submit your entry today! Nominate Now