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 vesting of restricted stock units (RSUs) including matching shares awarded to members of the Company's Executive Management in 2021 in accordance with the decision by the Board of Directors to defer part of the annual cash bonus related to their performance in 2020 by conversion into RSUs. The three-year vesting period has now expired, and all conditions for release of the shares, including matching shares, 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

Email: graham@paddockcircle.com

Tel: +1 781 686 9600

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