COPENHAGEN, Denmark - 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, which are hereby reported in accordance with Article 19 of Regulation No. 596/2014 on Market Abuse and Implementing Regulation 2016/523.

The transactions concern the award of restricted stock units (RSUs) including matching shares to members of the Company's Executive Management in accordance with a decision today by the Board of Directors to defer 50% of the annual cash bonus related to Executive Management's performance in 2023 by conversion into RSUs. The RSUs and matching shares will vest in three years from the date of grant, provided that all vesting conditions have been met.

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.

Contact:

Rolf Sass Sorensen

Tel: +45 61 77 47 43

Graham Morrell

Tel: +1 781 686 9600

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