Report of transactions of shares and related securities of Bavarian Nordic by persons holding managerial responsibilities and/or persons/companies closely associated with such

COPENHAGEN, Denmark, November 30, 2023 – Bavarian Nordic A/S (OMX: BAVA) has today received information about the following transactions of the company’s shares/related securities by persons holding managerial responsibilities and/or persons/companies closely associated with such.

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Henrik Juuel
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Financial Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Shares DK0015998017
b)	Nature of the transaction	Exercise of warrants
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 142.00	67,788
d)	Aggregated information Aggregated volume Price	67,788DKK 9,625,896.00
e)	Date of the transaction	2023-11-30
f)	Place of the transaction	Nasdaq Copenhagen A/S, XCSE

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Henrik Juuel
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Financial Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Shares DK0015998017
b)	Nature of the transaction	Sale
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 165.40	4,092
		DKK 167.97	61,907
d)	Aggregated information Aggregated volume Price	65,999DKK 11,075,136.21
e)	Date of the transaction	2023-11-30
f)	Place of the transaction	Nasdaq Copenhagen A/S, XCSE

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Paul Chaplin
2.	Reason for the notification
a)	Position/status	President and Chief Executive Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Shares DK0015998017
b)	Nature of the transaction	Exercise of warrants
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 142.00	73,001
d)	Aggregated information Aggregated volume Price	73,001DKK 10,366,142.00
e)	Date of the transaction	2023-11-30
f)	Place of the transaction	Nasdaq Copenhagen A/S, XCSE

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Paul Chaplin
2.	Reason for the notification
a)	Position/status	President and Chief Executive Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Shares DK0015998017
b)	Nature of the transaction	Sale
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 167.97	73,001
d)	Aggregated information Aggregated volume Price	73,001DKK 12,261,766.27
e)	Date of the transaction	2023-11-30
f)	Place of the transaction	Nasdaq Copenhagen A/S, XCSE

About Bavarian Nordic Bavarian Nordic is a fully integrated vaccine company with a mission to protect and save lives through innovative vaccines. We are a global leader in smallpox and mpox vaccines, supplied to governments to enhance public health preparedness and have a strong portfolio of vaccines for travelers and endemic diseases. For more information visit www.bavarian-nordic.com.

ContactsEurope: Rolf Sass Sørensen, Vice President Investor Relations, Tel: +45 61 77 47 43US: Graham Morrell, Paddock Circle Advisors, graham@paddockcircle.com, Tel: +1 781 686 9600

Company Announcement no. 38 / 2023

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