Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2022-12-31 | 12391246000 | vDKK |
| ifrs-full:Assets | 2021-12-31 | 12089269000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2022-01-01 | 2022-12-31 | 3150793000 | vDKK |
| ifrs-full:Revenue | 2021-01-01 | 2021-12-31 | 1897875000 | vDKK |
XML
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<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx49" id="fact1415" xml:lang="en">Statement by management on the Annual Report The Board of Directors and the Corporate Manage- ment have today considered and approved the Annual Report of Bavarian Nordic A/S for the finan- cial year January 1 - December 31, 2022. The consolidated financial statements are presented in accordance with International Financial Reporting Standards as adopted by the EU. The parent financial statements are presented in accordance with the Danish Financial Statements Act. Further, the Annual Report is prepared in accordance with Danish disclo- sure requirements for listed companies. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Groupâs and the Parentâs financial position at December 31, 2022, as well as of the results of their operations and the Groupâs cash flows for the financial year January 1 - December 31, 2022. In our opinion, the management commentary contains a fair review of the development of the Group's and the Parentâs business and financial matters, the results for the year and of the Parentâs financial position and the financial position as a whole of the entities included in the consolidated financial statements, together with a description of the principal risks and uncertainties that the Group and the Parent face. In our opinion, the Annual Report with the file name bava-2022-12-31-en.zip is prepared, in all material respects, in accordance with the ESEF Regulation. We recommend the Annual Report for adoption at the Annual General Meeting Hellerup, March 2, 2023</sob:StatementByExecutiveAndSupervisoryBoards>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx59" id="fact1833" xml:lang="en">Thomas Alex Bennekov</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx59" id="fact1834" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx60" id="fact1835" xml:lang="en">Anja Gjøl</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx60" id="fact1836" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx61" id="fact1837" xml:lang="en">Karen Merete Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx61" id="fact1838" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx62" id="fact1839" xml:lang="en">Linette Munksgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx63" id="fact1840" xml:lang="en">Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx63" id="fact1841" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<arr:IndependentAuditorsReportsAudit contextRef="ctx49" id="fact1451" xml:lang="en">Independent auditor's report</arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx49" id="fact1452" xml:lang="en">To the shareholders of Bavarian Nordic A/S Report on the Financial Statements</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx49" id="fact1454" xml:lang="en">Opinion We have audited the consolidated financial state- ments and the parent financial statements of Bavarian Nordic A/S for the financial year 1 January 2022 â 31 December 2022, which comprise the income statement, statements of financial position, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the statement of comprehensive income and the cash flow statement of the Group (collectively referred to as the âFinan- cial Statementsâ). The consolidated financial state- ments are prepared in accordance with International Financial Reporting Standards as endorsed by the EU and additional requirements of the Danish Financial Statements Act, and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements give a true and fair view of the Groupâs financial position at 31 December 2022, and of the results of its operations and cash flows for the financial year 1 January 2022 â 31 December 2022 in accordance with International Financial Reporting Standards as endorsed by the EU and additional requirements under the Danish Financial Statements Act. Further, in our opinion, the parent financial state- ments give a true and fair view of the Parentâs financial position at 31 December 2022, and of the results of its operations for the financial year 1 January 2022 â 31 December 2022 in accordance with the Danish Financial Statements Act. Our opinion is consistent with our Long-form Audi- torâs report issued to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx49" id="fact1518" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial state- ments and the parent financial statements for the financial year 1 January 2022 â 31 December 2022. These matters were addressed in the context of our audit of the consolidated financial statements and the parent financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter Capitalisation of development costs and prepayments related to ABNCoV2  Acquired rights and incurred development costs related to ABNCoV2 development project (COVID-19 booster vaccine), now in Phase 3, amount to DKK 1,013 million, and prepayments for CMO product supply amount to DKK 324 million. Intangible assets in progress related to costs for the scale up activities amounts to DKK 14 million. Total capitalised development costs and prepayments related to the ABNCoV2 development project amount to DKK 1,351 million as of 31 December 2022. During the past two years, significant development activities have been conducted and directly related development costs from commencement of the Phase 2 studies have been capitalised together with the cost of the acquired rights as Management considers the feasibility of completing a final compound and obtaining regulatory approval probable. Managementâs assessment is based on that the development of other COVID-19 vaccine candidates in the market based on similar technology have shown successful completion rates. Management has obtained significant funding from the Danish Ministry of Health to support the development activities and a significant part of the purchase price for the acquired rights is deferred. Repayment of the funding to the Danish Ministry of Health and the milestone payment for the acquired rights are contingent on obtaining certain milestones after completion of Phase 3. The audit of capitalised development costs regarding ABNCoV2 is considered a key audit matter due to the significant judgement involved in assessing whether the capitalisation criteria have been met. Refer to note 1 âSignificant accounting policiesâ, note 2 âSignificant accounting esti- mates and judgementsâ, note 15 âIntangible assetsâ, note 21 âPrepaymentsâ, note 24 âDeferred considerationâ and note 25 âPrepayment and loan from Governmentâ to the consolidated financial statements. How our audit addressed the key audit matter We have assessed the appropriateness of capitalizing the develop- ment costs regarding ABNCoV2. In this context, we: ⢠inquired Management about the overall development of the Phase 3 study and their assessment of the criteria for capitalisation of development costs. Based on our knowledge of the study and the industry, we have challenged their judgement of the criteria and obtained an understanding of Managementâs process for the judge- ment and tested internal controls over the judgement. ⢠evaluated the nature and the attribution of the capitalised develop- ment costs consisting of capitalised future milestone payments for the acquired rights, external CMO costs, investment in production facilities, test inventory batches and internal labor costs, based on documentation obtained from Management. ⢠tested the external costs, on a sample basis, by agreeing such costs to contracts and external invoices and evaluated the attribution to the ABNCoV2 development project. ⢠obtained specification of hours incurred by employees that are directly attributable to the development activities, which were approved by Management. We tested the hours incurred on the development project to approved timesheets. We discussed with project managers to understand the nature of work performed by these employees. ⢠evaluated agreements and assessed whether the disclosures; note 1, 2, 15, 21, 24 and note 25 in the consolidated financial statements meet the requirements of IFRS.</arr:KeyAuditMattersAudit>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx49" id="fact1489" xml:lang="en">Basis for opinion We conducted our audit in accordance with Inter- national Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and require- ments are further described in the Auditorâs respon- sibilities for the audit of the consolidated financial statements and the parent financial statements section of this auditorâs report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements appli- cable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, we have not provided any prohibited non-audit services as referred to in Article 5(1) of Regulation (EU) No 537/2014. After Bavarian Nordic A/S was listed on Nasdaq OMX Copenhagen in 1998, we were appointed auditors at the Annual General Meeting held on May 27, 1999 for the 1999 financial year. We have been reap- pointed annually at the Annual General Meeting for a total consecutive engagement period of 24 years up to and including the 2022 financial year.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx49" id="fact1587" xml:lang="en">Statement on the management commentary Management is responsible for the management commentary. Our opinion on the consolidated financial state- ments and the parent financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the parent financial state- ments, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management commentary is in accordance with the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the Danish Finan- cial Statements Act. We did not identify any material misstatement of the management commentary.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx49" id="fact1613" xml:lang="en">Management's responsibilities for the Financial Statements Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as endorsed by the EU and additional requirements of the Danish Financial Statements Act as well as the preparation of parent financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Groupâs and the Parentâs ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate the Group or the Entity or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx49" id="fact1639" xml:lang="en">Auditor's responsibilities for the audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and these parent financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: â¢Identify and assess the risks of material misstate-ment of the consolidated financial statements and the parent financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. â¢Obtain an understanding of internal controlrelevant to the audit in order to design audit procedures that are appropriate in the circum- stances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parentâs internal control. â¢Evaluate the appropriateness of accounting poli-cies used and the reasonableness of accounting estimates and related disclosures made by Management. â¢Conclude on the appropriateness of Manage-mentâs use of the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parentâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the consolidated financial statements and the parent financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or condi- tions may cause the Group and the Entity to cease to continue as a going concern. â¢Evaluate the overall presentation, structure andcontent of the Financial Statements, including the disclosures in the notes, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. â¢Obtain sufficient appropriate audit evidenceregarding the financial information of the enti- ties or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direc- tion, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with govern- ance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with rele- vant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and, where applicable, safeguards put in place and measures taken to eliminate threats. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regula- tion precludes public disclosure about the matter or when, in extremely rare circumstances, we deter- mine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx49" id="fact1748" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Financial Statements of Bavarian Nordic A/S, we performed procedures to express an opinion on whether the annual report of Bavarian Nordic A/S for the financial year 1 January 2022 to 31 December 2022 with the file name bava-2022-12-31-en.zip is prepared, in all mate- rial respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation), which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: â¢The preparing of the annual report in XHTMLformat; â¢The selection and application of appropriate iXBRLtags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for financial information required to be tagged using judgement where necessary; â¢Ensuring consistency between iXBRL taggeddata and the consolidated financial statements presented in human readable format; and â¢For such internal control as Management deter-mines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all mate- rial respects, in compliance with the ESEF Regulation based on the evidence we have obtained and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the require- ments set out in the ESEF Regulation, whether due to fraud or error. The procedures include: â¢Testing whether the annual report is prepared inXHTML format; â¢Obtaining an understanding of the companyâsiXBRL tagging process and of internal control over the tagging process; â¢Evaluating the completeness of the iXBRL taggingof the consolidated financial statements including notes; â¢Evaluating the appropriateness of the companyâsuse of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; â¢Evaluating the use of anchoring of extensionelements to elements in the ESEF taxonomy; and â¢Reconciling the iXBRL tagged data with theaudited consolidated financial statements. In our opinion, the annual report of Bavarian Nordic A/S for the financial year 1 January to 31 December 2022 with the file name bava-2022-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
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