Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2024-12-31 | 14405864000 | vDKK |
| ifrs-full:Assets | 2023-12-31 | 14353213000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 5716206000 | vDKK |
| ifrs-full:Revenue | 2023-01-01 | 2023-12-31 | 7062340000 | vDKK |
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<mrv:SustainabilityReport contextRef="ctx1" id="fact2138" xml:lang="en">Sustainability  statements  Introduction  This section forms a new part of our Annual Report  and marks our first year of implementing sustaina-  bility statements in alignment with the EU Corporate  Sustainability Reporting Directive (CSRD) and the  European Sustainability Reporting Standards (ESRS).  This report concludes a significant effort over the  past years to implement the directive, involving  several departments, teams, and individuals  throughout our organization.  The foundation of our statements are based on  a double materiality assessment (DMA), where  we have investigated, researched, and evaluated  impacts, risks, and opportunities within our opera-  tions and value chain.  The material impacts, risks and opportunities (IROs)  identified in the DMA results make up the founda-  tion for our reporting, which in 2024 include disclo-  sures on the following ESRS standards:  ⢠ESRS2 - General disclosures  ⢠E1- Climate change  ⢠E2- Pollution  ⢠E4- Biodiversity and ecosystems  ⢠E5- Resource use and circular economy  ⢠S1- Own workforce  ⢠S2- Workers in the value chain  ⢠S4- Consumers and end-users  ⢠G1- Business conduct  The general disclosures include information on our  business model, strategy and governance, especially  related to sustainability and material IROs. Here,  you can also read about our DMA process and get  an overview of the sustainability matters deemed  material.  In the topical standards you will be presented with  an elaboration of our material impacts, risks and  opportunities (IROs) and information on how we  manage these through policies, processes and  actions. Furthermore, when deemed relevant, we  disclose our ambitions and progress through targets  and metrics.  In these sustainability statements, we use  acronyms and terms that have either been  introduced by the CSRD and the ESRS, or are  in other ways not commonly used outside  our sector. We have therefore included an  index with key terms and acronyms which  can be found in the appendix to these  sustainability statements.  Basis for preparation  Our sustainability statements have been prepared  on the same consolidated basis as the 2024 annual  financial statement, applying the time horizons  advised by the CSRD, unless otherwise stated.  Specifically, these refer to short-term as up to one  year, medium-term as one to five years, and long-  term as more than five years.  Value chain coverage  The sustainability statements cover our own oper-  ations and captures certain elements of our value  chain. The instances in which disclosures within the  sustainability statements are not limited to our own  operations can be found in the following sections:  "Climate Change", "Workers in the value chain",  "Biodiversity and ecosystems", and in "Consumers  and end-users."  The double materiality assessment process provides  a description of the scope we use to identify and  assess material impacts, risks and opportunities  (IROs) in our upstream and downstream value  chain, as prescribed by the European Sustainability  Reporting Standards (ESRS). Where relevant, poli-  cies, actions and targets to manage material IROs,  extend to applicable parts of the value chain. Value  chain data is also included in relevant environ-  mental, social and governance metrics.  Omission of information  Information related to intellectual property,  know-how, or the results of innovation has been  omitted from the sustainability statements in  compliance with ESRS 2 BP-1 5d and the princi-  ples outlined in ESRS1 section 7.7. The omitted  information pertains to the material opportunity,  E5-Resource use and circular economy, involving  changes to certain manufacturing practices aimed at  reducing resource use while increasing productivity.  These changes are currently under exploration as  part of our efforts to optimize production processes  and are as such considered company sensitive  information.  Aligned with our double materiality assessment, we  only report on the data points identified as mate-  rial, along with those mandated under the ESRS. In  doing so, we have applied the phase-in provisions  outlined in Appendix C of ESRS1 and are adhering  to the recommended one- or three-year phase-in  periods, as applicable.  Changes in presentation of  sustainability information  For 2024, we have transitioned our sustainability  reporting to align with the Corporate Sustainability  Reporting Directive (CSRD) requirements as well as  the associated European Sustainability Reporting  Standards (ESRS).  Previously, we published a stand-alone sustaina-  bility report in compliance with the Non-Financial  Reporting Directive (NFRD). With these sustainability  statements, we have established 2024 as the base-  line year, except for metrics related to our scope 1,  2 and 3, which baseline year is 2023 in line with our  Science Based Target initiative (SBTi) commitment.  Incorporation by reference  In the sustainability statements, ESRS disclosure  requirements incorporated by reference to other  sections of the Annual Report are as follows:  ⢠GOV-1:information related to the composition  and diversity of administrative, management,  and supervisory bodies (21a, b, c, d, e). See the  Management review.  ⢠GOV-4:statement on due diligence. See the  Appendix of these sustainability statements.  ⢠SBM-1:elements of our strategy that relate to  or impact sustainability matters, our business  model, and our value chain. See the Management  review.  ⢠IRO-2(56): list of disclosure requirements  complied with in preparing the sustainability  statement and list of datapoints that derive from  other EU legislation. See the Appendix of these  sustainability statements.  The role of the Board and  Executive Management  Management and oversight  of sustainability matters  Our Executive Management oversees the  governance processes, controls and procedures  used to monitor, manage and oversee  IROs through delegated responsibilities of  members of the Executive Management.  Our Corporate Sustainability department is respon-  sible for the sustainability strategy development,  including the identification and management of  material risks, impacts and opportunities through  a double materiality assessment process. The  day-to-day management related to this area is  anchored with the Executive Vice President and  Chief People & Sustainability Officer. The day-to-day  management of the ESG reporting is anchored with  the Vice President Group Finance and Chief Financial  Officer. The responsibility of implementing strategic  initiatives lies with the lines of business under the  respective Executive Vice President.  The members of the Executive Management are  responsible for determining whether the appro-  priate skills related to our material IROs are avail-  able within their respective organizations and  to decide on the need for training and external  support. The Chief People & Sustainability Officer  holds the overall strategic responsibility of the  management of sustainability matters.  Oversight of sustainability reporting is placed with  our Finance Risk and Audit Committee (FRAC), while  oversight of sustainability strategy is placed with  the Board of Directors, which is reflected in their  respective terms of reference.  These governance processes, controls and proce-  dures related to sustainability strategy and sustain-  ability reporting were established in 2023 and will  be continuously developed to monitor, manage and  oversee IROs on an annual basis at minimum. This  includes the possibility of integrating new processes  with existing internal functions.  Target setting and tracking effectiveness  Executive Management is responsible for moni-  toring progress of the sustainability-related targets  related to incentive schemes as described in  Sustainability-related performance in incentive  schemes. Targets disclosed in the topical European  Sustainability Reporting Standards (ESRS) are set  and monitored by the Executive Management. The  goal setting linked to incentives are facilitated by  the Executive Vice President and Chief People &  Sustainability Officer, based on dialogue and input  from various departments. The Board of Directors  approve the strategic company goals and targets as  proposed by our Executive Management.  These sustainability statements mark our first year  of compliance with the Corporate Sustainability  Reporting Directive (CSRD), the target-setting  process relating to our 2024 material IROs has not  been aligned with our overall company-wide target  setting processes, which we may consider to align in  future sustainability statements.  We have therefore not adopted targets on all iden-  tified impacts, risks and opportunities. However,  the effectiveness of the policies and actions in  place is tracked by the departments responsible  for implementing these. The overall responsibility  for tracking and ensuring the effectiveness and  progress at corporate level is anchored with the  Executive Management.  Sustainability matters addressed  The Board of Directors is responsible for setting  strategic direction and overseeing strategic environ-  mental, social and governance matters. Executive  Management is responsible for the day-to-day  management of this area. The Board and Executive  Management consider material impacts, risks, and  opportunities when overseeing strategy, major  transactions, and risk management processes.  However, as this is our first report using the CSRD  framework, these considerations are not formalized  in a structured framework, and the potential associ-  ated trade-offs are not systematically evaluated in  alignment with the ESRS.  We have incorporated sustainability as a recurring  item on the agenda for all Finance Risk and Audit  Committee (FRAC) meetings. Depending on the  need and the sustainability reporting cycle, various  topics are presented by the ESG Finance and Corpo-  rate Sustainability departments to inform and/  or request a decision from the committee on the  following topics:  ⢠Sustainabilityreporting, including progress,  controls and risks  ⢠Methodologyand outcome of the double materi-  ality assessment and material IROs  The Chief Financial Officer and Chief People &  Sustainability Officer are present at the FRAC meet-  ings together with supporting staff when deemed  relevant. The Board of Directors and FRAC meet  when deemed necessary, at least four times a year  each, respectively. In 2024, FRAC held an extraordi-  nary meeting where the sole focus was on imple-  mentation of CSRD reporting and the outcome of the  2024 double materiality assessment.  As we expect to further strengthen governance in  the sustainability strategy and reporting area, the  frequency of Board and FRAC meetings in which  these areas will be discussed can be adjusted  accordingly to ensure an appropriate information  flow. This can include extending the contents of  these meetings to include information on the  implementation of due diligence and the results  and effectiveness of policies, actions, metrics and  targets related to our material IROs.  The following key sustainability matters were  addressed by Executive Management during 2024:  ⢠GHGemissions contributing to climate change:  Addressed with an official commitment to the  Science Based Target initiative (SBTi).  ⢠Relianceon energy sources stemming from use of  fossil fuels: Addressed with our establishment of  a Power Purchase Agreement (PPA).  ⢠Accessto medicine strategy in Low-Income Coun-  tries (LICs) and Lower-Middle-Income Countries  (LMICs): Addressed with the introduction of our  Access strategy.  Sustainability-related performance  in incentive schemes  All members of the Executive Management are  entitled to an annual remuneration in accordance  with the Remuneration Policy which may consist  of fixed and variable remuneration components.  The Executive Management have short-term and  long-term incentives that also include sustainability  targets. The remuneration principles for the Board  and Executive Management are governed by the  Remuneration Policy, which has been approved by  the shareholders of Bavarian Nordic.  The proportion of remuneration deriving from  short-term and long-term incentives dependent on  sustainability-related targets in 2024 amount to 10%  of the total incentive remuneration of Executive  Management.  The targets, referred to as goals below, were  defined before the final adoption of the CSRD and  the ESRS and is as such not aligned with the defi-  nition of targets to address material IROs, but they  address key sustainability elements. Each of the  three goals have equal weight.  Sustainability goals for 2024 cover the following:  Reduction of our environmental footprint  ⢠Implementenergy-saving solutions designed to  reduce future CO2e emissions  Maintain a healthy and engaging workplace  ⢠Deliveremployee turnover ⤠than global  industry standards  ⢠Increasethe number of near-miss-reports with  the aim to reduce absence due to work-related  accidents  Animal welfare  ⢠Submita rationale for an in vitro potency assay  for the rabies vaccine to regulatory authorities  Climate-related considerations in remuneration  We did not in 2024 assess performance against  absolute GHG emission reductions targets (goals).  However climate related considerations are factored  into the remuneration of the Executive Management  in terms of our target to implementing ener-  gy-saving solutions to reduce future CO2e emissions.  With this goal, 3.33% of the total remuneration  derive from climate-related considerations.  Risk management and internal controls  over sustainability reporting  In 2024, we established an ESG Finance department  to lead the task of sustainability reporting. Working  with the Corporate Sustainability department, ESG  Finance collects and controlssustainability data  from relevant business areas, including, but not  limited to Environment, Health and Safety (EHS),  and People, Organization, and Sustainability (PO&S).  These departments are responsible for the accuracy  and completeness of the data which feeds into how  we report on sustainability matters.  Key risks associated with sustainability reporting  include potential inaccuracies, inconsistencies, or  misstatements due to human error, incomplete data,  or fraud. These risks are amplified by our growth in  recent years. To address these risks, we have estab-  lished various controls and procedures:  ⢠Wehave implemented a single, consolidated  system where all sustainability data is gathered  via a dedicated ESG software platform which  informs our risk assessment approach. The plat-  form is equipped with access controls and input  validation mechanisms to ensure transparency,  quality assurance, and data traceability. In addi-  tion, sustainability data is aligned with the ESRS  accounting policy requirements which further  reduces the risk of material misstatement.  ⢠Thesustainability reporting process is supported  by our governance framework. This framework  includes management reviews of the sustaina-  bility reporting process and contents, including  information on reporting risks during meetings  with the Finance, Risk and Audit Committee. A  final approval of the full annual report from the  Board of Directors occurs on an annual basis.  ⢠Additionally,the external auditor provides limited  assurance on our compliance with the CSRD and  the ESRS disclosures, including evaluations of  the information presented in the sustainability  statements. Further details can be found in the  independent auditor's assurance report.  To enhance our understanding of reporting risks, the  ESG Finance department conducted a comprehen-  sive, metric-level risk assessment. This assessment  pinpointed selected areas in quantitative data  needing stronger controls, directly informing the  development of our ESG Accounting Handbook. The  handbook provides clear definitions, scope, method-  ologies, and data quality standards, all aligned with  ESRS requirements. The handbook acts as a guide  for reporting sustainability information into the  software, enabling us to standardize the sustaina-  bility reporting process and reduce human error and  material misstatement.  Interests and views of stakeholders  We have regular engagements with key stake-  holders either through the double materiality  assessment process and/or through interactions  with lines of business as illustrated in the stake-  holder overview table.  Our engagements are integrated into our business  model via dialogue directly with stakeholders  several times yearly and through their represent-  atives to enable an understanding of stakeholder  concerns, expectations and viewpoints. These inter-  actions have informed our due diligence and double  materiality assessment processes.  In addition to our ongoing stakeholder engagement,  we have organized formalized sessions as part  of our double materiality assessment process to  engage both directly with stakeholders and through  proxy representatives.  These sessions have aimed to identify and assess  relevant topics as well as capturing the interests and  views of our stakeholders in our due diligence and  double materiality assessment process, as further  detailed in the double materiality process.  The outcome of our engagement related to the  interests, views and rights of people in our own  workforce, our value chain workers and our  consumers and end-users inform the strategy and  business model in a variety of ways.  Interests and views of our own workforce  We strive to integrate the rights, interests, and  perspectives of our workforce into our strategy and  business model, including respecting and upholding  human rights. Our approach is designed to identify,  address, and manage material impacts related to  our operations, including those affecting workforce  health, safety, and well-being. By embedding these  considerations into our decision-making processes,  we aim to foster a positive and sustainable impact  on our employees while proactively mitigating  any adverse effects, ensuring that the workforce  remains a key contributor to sustainable value chain  creation.  We recognize that our strategy and business model,  including the intensive nature of certain operational  activities, might create health and safety concerns  and negatively impact the health and safety of our  own workforce. To mitigate the negative impact  that may come to exist, we have established an  Employee health & safety organization that supports  regular monitoring, reporting, and implementation  of preventative measures.  Through engagement surveys, forums, and open  communication channels, opportunities to enhance  work-life balance for our employees have been  revealed. Following this, we have established  policies that support flexible working arrangements,  and programs that enhance employee well-being to  address these concerns. Through dialogue with this  stakeholder group, they continuously provide input  to our strategy and business model, ensuring that  the workforce remains a key contributor to sustain-  able value chain creation.  Interests and views of workers  in the value chain  We strive to actively collaborate with suppliers and  partners to respect human rights and labor prac-  tices throughout the value chain. Through ongoing  supplier and business partner engagement, directly  via the responsible lines of business or indirectly  via credible proxies, we monitor and identify  impacts and risks in relation to respecting the  rights of affected workers in our value chain. The  insights gained through engagements inform our  decision-making in relation to selection of suppliers  and setting forth strategic initiatives, including the  further development of our Responsible Value Chain  Program (see Workers in the value chain).  Interests and views of  consumers and end-users  As a provider of critical healthcare solutions, our  strategy and business model is designed to deliver a  positive impact on our consumers and end-users. As  a pioneering force in vaccines, our core purpose is to  expand access to life-changing solutions. This aligns  directly with our commitment to prevent the spread  of infectious diseases and provide vaccines to  endemic countries, contributing to improved public  health outcomes globally and mitigating the risks  associated with infectious disease outbreaks.  To ensure these impacts are meaningful and  sustainable, we actively engage with stakeholders  directly or through credible proxies in various initi-  atives, including advisory boards, Medical Science  Liason visits to HCPs, participation in congresses,  and medical events. These ongoing engagement  initiatives allow us to understand the needs,  expectations, and concerns of our stakeholders.  This insight is critical in enabling us to adapt our  strategy and business model to better address these  needs, ensuring our solutions remain relevant and  impactful. By maintaining a close dialogue with our  stakeholders, we are continuously informed and  equipped to refine our approach, supporting posi-  tive outcomes for consumers and end-users while  advancing our mission to address global health  challenges effectively.  Our quality and safety processes and procedures  support the continuous collection, evaluation, and  management of safety data and quality control.  These systems are supported by procedures for  reporting adverse events, reactions, and product  quality complaints, enabling us to respond promptly  and transparently.  Amendments to strategy and/  or business model  As we engage regularly with our stakeholders and  incorporate their views and interests, we continu-  ously assess and amend our strategy and business  model to ensure alignment with their expectations.  Our commitment remains focused on fostering  sustainable growth and delivering innovative, life-  saving vaccine solutions that expand our reach and  impact. This strategic foundation is informed by the  collective interests and perspectives of our diverse  stakeholder base. While stakeholder engagement is  an integral part of our approach, we currently do not  have initiatives specifically designed to address the  requirements of the CSRD to integrate stakeholder  views directly into our overall business model and  strategy.  Informing administrative and  supervisory bodies  On an annual basis, stakeholder views and inter-  ests are communicated to the Board and Executive  Management during our goal-setting processes,  where individual and departmental goals are  aligned with overall corporate objectives. Further-  more, the Board, relevant committees and Executive  Management are informed about our sustainability  related impacts on an ad hoc basis throughout the  year. This specifically relates to potential negative  risks and impacts, that requires assessment within a  timely matter.  To strengthen the integration of stakeholder  perspectives into decision-making going forward,  we expect the double materiality assessment (DMA)  process to serve as a systematic, annual initiative  to ensure the Board and Executive Management are  consistently informed about stakeholder priorities  and concerns.  Stakeholders  How engagement is organized  Purpose of engagement  Outcomes of engagement  Employees  â¢Inclusion of employee perspectives through representation by  â¢Encourage employees to actively participate in shaping and  â¢Increased engagement and employee influence  employee-elected board members  influencing an inclusive workplace and working environment  â¢Local agreements on changes and improvements  â¢Employee relations and occupational health and safety  â¢Fostering a culture where employees feel valued, heard, and  â¢Including engagement as a regular topic on team meetings  â¢Frequent and ongoing dialogue with worker councils in relevant  motivated to contribute  â¢Actions that support individual development  countries several times yearly  â¢Gathering EHS (Environment, Health, Safety) feedback to ensure  â¢Reduced employee turnover  continuous improvement of workplace  â¢Employee engagement surveys at least annually  â¢Safe and inclusive workplace for both off-site and on-site  â¢Development dialogues between employee & manager  workers  at least twice yearly  â¢Dialogue forums with employees, e.g. 1 to 1, team meetings,  and town halls  Workers in the  â¢Industry collaborations membership in the Pharmaceutical  â¢To gather an understanding of the working conditions provided  â¢Desired long-term outcome: safe workplace for both off-site and  value chain  Supply Chain Initiative (PSCI)  on-site workers in our value chain  â¢Collect knowledge to build on our responsible value chain  â¢Engaging with own workforce as proxy advisors for the workers  program, and capture the needs of the stakeholder group  â¢Building our responsible value chain program  in the value chain  Consumers &  â¢Advisory boards  â¢Collecting insights and feedback to inform our research agenda  â¢Research developed in function of needs of the public health  end-users  â¢MSL (Medical Science Liaison) visits to HCPs (Health Care Profes-  and communication needs  community and HCPs  sional), and reporting of insights  â¢Communication adapted towards the needs of HCPs  â¢Participation congresses, and reporting of insights  Suppliers &  â¢Business partner due diligence  â¢To meet the demands of the market  â¢Continuously implement sustainability clauses into contracts at  Business  relevant suppliers & business partners  â¢Implementing ESG into contract at CMO (Contract Manufacturing  â¢To alleviate internal production capacity  Partners  Organization)  â¢Aligning on mutual sustainability actions and ambitions  â¢Assess and manage business ethics risks of third-party interme-  â¢Member of the Pharmaceutical Supply Chain Initiative (PSCI)  diaries  â¢Business continuation plans  â¢Supplier due diligence/code of conduct  â¢Aligning business ethics requirements with third-party interme-  â¢Industry collaborators  diaries  â¢Regular supplier relationship management  Stakeholders  How engagement is organized  Purpose of engagement  Outcomes of engagement  Investors,  â¢Investor/sell-side meetings  â¢Provide relevant, timely, and accurate information about stra-  â¢Supporting fair valuation of Bavarian Nordic shares  analysts &  tegic, economic, financial, operational, and scientific affairs of  â¢Improved transparency and disclosure of information  â¢Investor roadshows & conferences  media  the company  â¢Stock exchange announcements  â¢Maintained existing shareholder relations  â¢Conference calls  â¢Continued attraction of potential shareholders  â¢Capital Market Days  â¢Identified improvements in ESG targets  â¢Annual General Meetings  â¢ESG questionnaires and ratings  Industry bodies  â¢Direct dialogue with policymakers  â¢Sharing data analysis, reviews, studying data  â¢Provide information for policy makers to make a decision on  & regulators  â¢Regulatory advice on manufacturing development plans,  â¢Gain the regulators alignment on processes related to nonclinical  product use  non-clinical and clinical studies  studies, clinical trials, and manufacturing processes  â¢Implementation of latest regulations, ensuring compliance to  good practice guidelines (GxP) in product development  â¢External ethical committees for clinical and animal studies  â¢Compliance with international ethical standards for human  research and animal welfare  â¢Safe and ethical practices for patients and animals  â¢Submission of marketing approval of a product with regulators  â¢To obtain a marketing license for a product  â¢Compliance with regulatory Good Practice (GxP) standards so  â¢Submission of new product information or changes to product  consumer safety and product quality standards are met  information for request for dialogue with regulatory agencies on  â¢To discuss and align on product information contained within the  product information  label to maintain compliance and accuracy  â¢Aligned product information agreed on with the regulatory  agencies which is used to inform HCPâs about the product  Animals for  â¢Direct communication between Bavarian Nordic appointed  â¢Optical treatment to and prevent any pain to animals  â¢Continuous improvement of animal housing conditions  testing (silent  animal welfare officer and internal animal welfare committee  â¢Provide a forum for discussions on concrete measures to opti-  â¢Continuous improvement of animal (mouse) handling  stakeholder)  mize animal welfare  â¢Upholding the 3R principles: reduction, refinement, and replace-  â¢Timely identification of potential problems  ment  â¢Constant refinement of animal monitoring criteria  â¢Improving processes and inclusion of employee perceptions in  animal testing procedures  The double materiality  assessment process  The 2024 DMA was conducted in accordance with  the ESRS requirements and constitutes the first of  its kind. The DMA process was led by the Corporate  Sustainability department and supported by an  external sustainability consultancy. The assessment  identified and evaluated our actual and potential  positive and negative impacts, risks and opportu-  nities (IROs) as well as the connections between  these. This evaluation determined the materiality  of sustainability matters, considering the sub-topics  and sub-sub-topics in the ESRS.  The process and methodology of the 2024 DMA  included the establishment of thresholds, and a  scoring system based on the principles laid out  in ESRS 1. Internal subject matter experts were  selected to participate in a series of workshops  based on their in-depth knowledge of affected  stakeholders and users of the sustainability state-  ments. The internal subject matter experts repre-  sented external stakeholders such as suppliers,  investors and employees.  The steps performed in the 2024 DMA process included:  Mobilization and hypothesis:  identifying sustainability matters  The assessment reviewed the sustain-  ability matters outlined in the ESRS  in the context of our own activities,  business relationships, key activities  and actors within the value chain, as  detailed in ESRS 1 AR16. The process  included an evaluation of material  IROs among industry peers to provide  a sector-specific perspective and to  identify potential topics relevant to us,  especially those that may give rise to  heightened risks of adverse impacts.  Stakeholder engagement  Subject matter expert insights were  gathered to identify IROs through open  interviews and by reviewing relevant  documents. These interviews were  prepared following a review of internal  documents identified beforehand.  Each interview was structured around  sustainability matters and subtopics  specific to the internal or external  stakeholder in question. Sustainability  matters were discussed on an individual  basis, with a focus on pinpointing the  most significant IROs. Once potentially  high-scoring IROs were identified,  the interview proceeded to the next  sustainability matter.  After the interviews, the identified IROs  were compiled and sent back to the  respective subject matter experts for  validation of scoring, with particular  emphasis on assessing IROs at a gross  level. Any newly identified documents  or stakeholders uncovered during the  interviews were considered for addi-  tional engagement.  Validation session  We held one internal validation session  with Executive Management to help  determine the final decisions regarding  the materiality of each sustainability  matter. The session evaluated whether  the materiality thresholds were appro-  priately set and whether the outcomes  of both material and non-material  sustainability matters provided a fair  and accurate representation of our  material IROs related to people and the  environment.  Finalization and documentation  Following the validation sessions,  IROs were finalized with a pres-  entation summarizing the method,  process and results of the DMA.  The completed list of IROs was  presented to the Danish Bavarian  Nordic Workers Council, reviewed  and signed off by our Executive  Management and approved by  the Board of Directors based on  recommendation for approval by the  Finance, Risk and Audit Committee  (FRAC).  Scoring thresholds and methodology  The thresholds and time horizons used for scoring  IROs were inspired by our Enterprise Risk Manage-  ment (ERM) methods to the greatest extent possible,  however, this was adjusted where not possible.  Internal subject matter experts were tasked  with scoring the IROs, which were then sent and  reviewed by senior management. Actual impacts  were assessed on a gross basis, i.e., there was no  distinction between inherent and residual impacts,  while potential impacts and risks were assessed for  severity/size of financial effect on a gross basis and  assessed for likelihood on an inherent basis.  The scoring parameters used throughout the process  were based on the ESRS:  ⢠Impactmateriality: Scale, scope, irremediability,  likelihood (based on if an impact is positive/nega-  tive and actual/potential). For potential negative  human rights impacts, severity (assessed based on  scale, scope and irremediability) took precedence  over the likelihood of the impact when scoring.  For positive impacts, materiality was determined  according to scale, scope and (for potential positive  impacts), likelihood. These adjustments are made  in alignment with ESRS 1, 45.  ⢠Financialmateriality: Financial magnitude of risk/  opportunity, likelihood, and the nature of the  financial effect.  Decision-making and internal  control procedures  Key decisions during the process pertained to  identifying internal subject matter experts and IROs,  scoring sustainability matters, assessing their mate-  riality, and conducting a final review and sign-off of  the DMA processes.  The Corporate Sustainability department identified  internal subject matter experts with consultation  from an external consultancy team. Regular "sense  checks" were conducted throughout the process to  verify that no IROs were overlooked or insufficiently  considered.  IRO scoring was systematically tracked using an IRO  workbook to maintain consistent application of the  methodology. Each IRO score was accompanied by  a rationale, including the possible interconnections  between impacts and financial risks and opportu-  nities. Double materiality assessments of the IROs  were made based on predetermined criteria, with  input from all participants, and were approved  during workshop and validation sessions.  The validation sessions focused on sustainability  matters where scoring was close to the threshold  of materiality so that borderline cases could be  resolved. The sessions were rooted in the initial  scoring made by internal subject matter experts,  which was subsequently complemented by the  collective knowledge of Executive Management.  Key assumptions  ⢠Point-in-timeassessment. Sustainability issues  evolve over time, influencing their impact, risk,  and significance for us or affected stakeholders.  The DMA conducted in mid-2024 provides a snap-  shot of material IROs at that specific point in time.  ⢠Anticipatedfinancial effects. The financial effects  of sustainability matters were assessed quali-  tatively. Given the early stage of understanding  these impacts, risks, and opportunities, quanti-  fying them was deemed premature at this stage.  ⢠Bestavailable knowledge. Evaluations of  potential impacts, outcomes, and effects were  performed by individuals with industry expertise,  using the best information available. However,  research and comprehension of sustainability  matters vary depending on the topic.  ⢠Useof internal stakeholders as proxies. Internal  stakeholders (also referred to as subject matter  experts) acted as representatives for external  parties such as suppliers, investors, and  employees. The subject matter experts were  selected for their insights and acted as proxies in  the absence of direct external engagement.  ⢠Identificationof relevant stakeholders and  impacts. Our subject matter experts identified  relevant stakeholders and potential impacts using  their expertise and the best available knowledge.  While there is a risk of missing certain impacts  or stakeholders, this was mitigated by reviewing  material IROs against industry peers.  Additional internal documents and data as well as  external sources such as scientific articles, reports  and regulatory information were used as proxies to  identify and assess material IROs.  Future steps: integration,  monitoring and review  Currently, there is no formalized process to integrate  the DMA results of impacts, risks and opportunities  into our Enterprise Risk Management (ERM) process,  although both processes influence and inspire one  another.  The 2024 DMA forms the baseline for future DMAs  conducted under the CSRD. We will conduct an  annual review of the DMA and its findings to  account for evolving trends, shifting assumptions,  changing contexts, and new regulatory develop-  ments. When deemed necessary, an evaluation  of the DMA process will be carried out to ensure it  continues to accurately reflect our material IROs.  The IRO-2 disclosures include the index of ESRS  disclosure requirements and the list of data points  that derive from other EU legislation.  Climate change DMA process  Our DMA is the foundation upon which we assess  and determine material IROs. Climate-related IROs  are a fundamental part of that assessment. Addi-  tionally, our assessments based on the TCFD recom-  mendations also inform this process to identify and  assess material climate-related IROs.  To integrate the identification and management  of climate hazards and/or the risks posed by the  transition to a low-carbon economy into our existing  systems and processes, we have integrated climate  assessments into our Enterprise Risk Management  (ERM) process. The ERM process is coordinated by  the Finance department with responsibility for over-  seeing our ERM program and reports to the Finance  Risk and Audit Committee. Each risk has a defined  risk mitigation plan directed by relevant members of  the senior leadership team.  In 2024, we reviewed our 2022 TCFD assessment.  The review considered updated information,  including the acquisition of two new sites, a  refreshed governance structure, as well as new  additions to our vaccine portfolio.  The 2022 TCFD assessment involved a screening  exercise across our facilities in Denmark to iden-  tify sources of GHG emissions, primarily focusing  on scope 1 and 2 emissions. Actual and potential  impacts on climate change were assessed with  specific emission data reported for heating, elec-  tricity generation and transport emissions.  This process evaluated energy efficiency initiatives,  such as the implementation of LED lighting and heat  pumps to reduce operational emissions. We also  explored the purchase of renewable energy certifi-  cates and measures to decarbonize our value chain,  such as engaging suppliers through responsible  sourcing standards.  We assessed climate-related physical and transi-  tion risks and opportunities against two physical  and two transition scenarios under different time  periods. This analysis covered our own operations  and our upstream and downstream value chain.  Scenario analysis  For the purposes of considering the physical risks  that climate change may pose to us by mid-century,  the Intergovernmental Panel on Climate Change's  Shared Socioeconomic Pathway (SSP) 5-8.5 and 2-4.5  were used. Assessing against these scenarios helps  us identify climate-related hazards and how our  assets and business activities are exposed to such  hazards.  The former is a âworst case-high emissionsâ scenario  that assumes âbusiness-as-usualâ, while the latter  is considered a âmiddle of the roadâ approach to  mitigation and adaptation, with a reduction in GHG  emissions and lower warming threshold than SSP5-  8.5. The timeframes for our physical risk scenario  analysis are split into:  Near-term (present-2040), where initial impacts like  increasing heatwave frequency and water scarcity  are expected to begin affecting operations;  Medium-term (2040-2060), where the severity of  extreme weather events is anticipated to increase  further.  These time horizons were selected based on the  expected lifetime of our assets, strategic planning  horizons, and the evolving capital allocation plans  for infrastructure upgrades.  For the transition risk assessment, the Net Zero  Emissions by 2050 Scenario and the Stated Poli-  cies Scenario from the 2022 World Energy Outlook  report, published by International Energy Agency  were selected. These scenarios represent a âworst  caseâ and a âfavorable caseâ respectively, enabling  a stress test of our resilience to the transition to a  low-carbon economy. These scenarios were consid-  ered over three-time frames: short-term (present-  2025), medium-term (2025-2030) and long term  (2030â2040).  The key drivers considered in these scenarios  include:  Policy assumptions: For example, carbon pricing  and increasing energy efficiency standards are  central in both scenarios.  Energy usage and technology assumptions: The  transition scenarios evaluated the expected shift  towards clean energy sources and the adoption  of low-carbon technologies like heat pumps and  electrification of vehicles. These assumptions were  critical in assessing how quickly our facilities and  supply chains could adapt to future regulations and  market changes.  Macroeconomic trends: The analysis considered  trends like rising carbon prices and the introduction  of emissions trading schemes, which could increase  operational costs and affect our competitiveness.  The transition risk assessment covered both tran-  sition risks and opportunities. For each risk and  opportunity, the scenario analysis assessed different  points in time and the potential impact on our  business was classed between very low to very high  based on predefined materiality criteria, including  financial and reputational thresholds. The outcomes  of the scenario analysis reflect the anticipated level  of risk at those future points in time, rather than  aggregated risks over that period.  The process to identify transition risks and oppor-  tunities included our assets and business activities  that may be deemed incompatible with or need  significant efforts to be compatible with a transition  to a climate-neutral economy in that it included  scope 1 and 2 emissions, which allows us to track  and identify high-emission assets or activities.  related to biodiversity have been included in the  assessment at this stage.  To further investigate potential impacts, we initiated  a long-term biodiversity monitoring project, which  involves daily data collection on insect species  diversity and abundance at our Kvistgaard and Bern  production sites. The results will be compared to  reference sensors and can guide potential future  mitigation efforts. We have not consulted with  affected communities or performed other commu-  nity involvement regarding shared biological  resources or ecosystems.  In relation to biodiversity-sensitive areas, the pond  at our Kvistgaard site, classified as protected, is  under external expert investigation to determine its  habitats and associated species. As these investiga-  tions have yet to be concluded, it is unclear whether  biodiversity mitigation measures will be neces-  sary. This ongoing analysis will guide any required  actions to minimize potential impacts and ensure  compliance with biodiversity-related obligations.  The climate scenarios used in our analysis have  been evaluated in the context of our financial plan-  ning and assumptions to ensure consistency. Specif-  ically, the financial thresholds used in the scenario  analysis, as well as the DMA, are consistent with  the financial materiality thresholds of our Enterprise  Risk Management system.  DMA process for remaining  environmental topics  During the DMA process, interviews with internal  subject matter experts were used to identify and  assess pollution-related, water-related, biodiver-  sity-related and resource use-related actual and  potential impacts, risks and opportunities relating to  our business activities. In our assessment of biodi-  versity and ecosystems, we identified dependencies  in our upstream value chain, specifically our reliance  on horseshoe crab blood for endotoxin testing. Addi-  tionally, site-specific biodiversity assessments were  conducted for our production sites in Kvistgaard,  Denmark, and Bern, Switzerland, using external  sources as proxies. These assessments indicated  a physical risk score of 2.5 (Low) for Bern and 3.5  (Medium) for Kvistgaard. At the Kvistgaard site, a  pond classified as a protected area under the Danish  Protection of Nature Act §3 was identified. The pond  serves as a rainwater retention tank for us and two  neighboring companies. This highlights a depend-  ency on ecosystem services, which we continue to  monitor. However, no transition or systemic risks  Our assessments and actions reflect a commitment  to understanding and addressing biodiversity and  ecosystem-related dependencies and impacts.  Monitoring and further evaluations will support our  decisions on potential mitigation initiatives.  Business conduct DMA process  The identification of IROs in relation to business  conduct matters involved a mapping of key activ-  ities and locations within our value chain with  elevated potential impacts or risks associated with  corruption and bribery risks, and human rights  violations.  Material impacts, risks and opportunities  The table on the following pages summarizes  impacts, risks and opportunities (IROs) deemed  material following our double materiality assess-  ment.  The majority of the identified IROs across the  environmental, social and governance topics are in  our own operations, closely tied to the manufac-  turing of vaccines. For IROs in our downstream value  chain, these are generally related to consumers and  end-users of our vaccines. The identified material  impacts originate from activities closely related  to our business model and are deemed to affect  people and the environment to varying degrees,  depending on our ability to manage these matters  accordingly. There are no significant current finan-  cial effects of our material risks and opportunities.  Further descriptions of each IRO are found in the  respective topical ESRS.  As these sustainability statements mark our first  year of compliance with the CSRD and the ESRS, our  material IROs have not been identified, or presented  in this manner, in previous sustainability reports.  Our 2024 DMAtherefore also forms the baseline  for future DMAs conducted, and all IROs identified  in the 2024 DMA are covered by ESRS disclosure  requirements.  Similarly, as this is the first year of reporting in  accordance with the CSRD and the ESRS, we have,  with regards to identified impacts, risks and oppor-  tunities (IROs), not yet fully formalized processes to  assess resilience in the context of the expectations  laid out by the CSRD and the ESRS. General resil-  ience considerations related to the identified mate-  rial impacts, risks and opportunities were however  captured on a qualitative basis through discussions  with subject matter experts as part of the double  materiality assessment process. This included the  application of the same time horizons assessed in  the double materiality assessment process.  Disclosure requirements covered  in the sustainability statements  Double materiality assessment  for other topics  The identified impacts, risks, and opportunities  related to Water and Marine Resources and Affected  communities were not deemed material because  they did not meet the materiality thresholds estab-  lished during the double materiality assessment.  Our operations, which primarily involve the produc-  tion of vaccines, are not heavily water-dependent  and do not materially affect any communities  through our operations, resulting in minimal impact  and negligible financial or reputational risk in these  areas.  Determination of material information  To determine the material information disclosed  in our sustainability statements, we conducted  an assessment of our material impacts, risks, and  opportunities. This effort was carried out through  close collaboration between the Corporate Sustaina-  bility department and the ESG Finance department,  ensuring an integrated approach across functions.  The process was designed to align the disclosed  information with the outcome of the DMA with the  priorities of our key stakeholders while supporting  our business strategy. See the section The double  materiality assessment process for the full descrip-  tion of this process, including the use of thresholds  and the implementation of criteria related to mate-  rial matters and materiality of information.  List of material impacts, risks and opportunities (IRO)  Location in our  Expected time  ESRS 2 - table 2  value chain  horizon  Applicable ESRS  sub-topic/sub-sub-topic  Name of IRO  Description  Type  E1 â Climate change  Climate change  Extreme weather events in supply  Cases of extreme weather events events, without existing mitigating actions, could have potential impacts  Risk  adaptation  chain  on production and transportation, specifically in relation to shortages and delayed deliveries from Contract  ââManufacturing Organizations and supply of raw materials.  Climate change  Extreme weather events at  Due to weather related effects of climate change, without existing mitigating actions, there could be an  Risk  adaptation  production sites  increased frequency and intensity of extreme weather events, such as storms and floods. These extreme  ââweather events could disrupt manufacturing operations.  Climate change mitigation  GHG emissions contributing to  We emit greenhouse gasses as part of activities related to research, development, manufacturing and  Actual negative  climate change  distribution of vaccines, processes which are dependent on various energy sources and use of fossil fuels,  impact  âââââboth in our own operations (Scope 1 and 2) and throughout our value chain (Scope 3).  Climate change mitigation  Systems controlling refrigerants  A potential failure of systems controlling refrigerants which would result in a release of CO2 equivalents into  Potential negative  ââââthe atmosphere.  impact  Energy  Reliance on energy sources stem-  Our manufacturing processes partly rely on energy sources dependent on fossil fuels, which emit green-  Actual negative  ââââming from use of fossil fuels  house gases and contribute to climate change.  impact  E2 â Pollution  Substances of concern  Use of substances of concern  A part of our processes in Research and Manufacturing makes use of substances classified as substances of  Actual negative  ââââconcern which could be harmful to the environment and/or for people handling the substances.  impact  Substances of very high  Use of substances of very high  A part of our processes in Research and Manufacturing makes use of substances classified as substances of  Actual negative  ââââconcern  concern  very high concern which could be harmful to the environment and/or for people handling the substances.  impact  Substances of very high  Further restriction on the use of  We could face a risk in case of further regulatory restrictions on using SVHC's in our operations. Regulations  Risk  concern  substances of very high concern  banning the use of such substances could have a consequence on the manufacturing process and would  âârequire us to reformulate vaccines.  List of material impacts, risks and opportunities (IRO) - continued  Location in our  Expected time  ESRS 2 - table 2  value chain  horizon  Applicable ESRS  sub-topic/sub-sub-topic  Name of IRO  Description  Type  E4 â Biodiversity and ecosystems  Impacts on the state of  Reliance on horseshoe crabs for  Impact on horseshoe crabs (a species listed on the IUCN Red List) stems from our dependency on Limulus  Actual negative  species  endotoxin testing  Amebocyte Lysate, (LAL). which is derived from horseshoe crab blood. The substance is used for endotoxin  impact  ââââ(safety) testing and is currently a part of our regulatory compliance with quality assurance processes for  testing, and product release to ensuring safety of our vaccines.  Impacts on the state of  Continued regulation on  The use of substances derived from horseshoe crabs, could pose a financial risk if various regulatory  Risk  species  horseshoe crab reliance  bodies, in geographies where we are present, do not align or adopt similar medium- to long-term  ââphase-out provisions on the use of current testing methods, which would not allow us to harmonize any  eventual phase-out.  E5 â Resource use and circular economy  Resource inflows,  Change of certain manufacturing  We are exploring opportunities to optimize production process which could potentially decrease resource  Opportunity  including resource use  practices can reduce resource use  inflow and at the same time increase productivity, amounts of certain vaccines produced per batch,  ââimprove COGS, and other benefits.  Further details are considered company sensitive as disclosed in General disclosures.  Waste  Waste from operations  We generate waste from our research and manufacturing facilities, and non-recyclable waste is sent to  Actual negative  ââââeither incineration and/or landfill, both of which negatively impacts the natural environment.  impact  List of material impacts, risks and opportunities (IRO) - continued  Location in our  Expected time  ESRS 2 - table 2  value chain  horizon  Applicable sub/  sub-sub-topic  Name of IRO  Description  Type  S1 â Own workforce  Equal treatment and  Equal treatment and  Given our global presence and reliance on a highly skilled workforce, we may risk our ability to attract and  Risk  opportunities for all  opportunities  retain talent if we do not keep momentum in current efforts and continuously develop initiatives to ensure  ââthat we maintain an inclusive and diverse workforce.  Health and safety own  Health and safety of our  Some processes in our manufacturing facilities and research facilities could result in a negative impact on a  Actual negative  ââââworkers  workforce  personâs physical health.  impact  Health and safety own  Health and safety of  Some processes in our manufacturing facilities and research facilities could result in a negative impact on a  Potential negative  workers  non-employees  personâs physical health. This also applies to non-employees carrying out activities and services on behalf  impact  ââââof us.  Working conditions  Work-life balance  As an employer, we play a crucial role in shaping the work-life balance of its employees, ultimately  Potential negative  ââââimpacting their overall well-being and job satisfaction.  impact  Working conditions  Attraction and retention of talent  We are dependent on the ability to attract and retain talents for many functions. In situations of intense  Risk  and employees  competition for skilled individuals, or other events leading to adverse impact on our image, this could  ââimpact our ability to perform.  S2 â Workers in the value chain  Working conditions  Health & safety of off-premise  Suppliers and partners in our value chain manage and handle chemicals, which can potentially have a  Potential negative  ââââworkers in the value chain  direct impact on the health and safety of workers in the value chain.  impact  Working conditions  Health & safety of on-premise  We make use of external companies and individuals who carry out various services at our production sites,  Potential negative  workers in the value chain  some of whom may be exposed to processes that could result in a negative impact on a person's physical  impact  ââââhealth.  List of material impacts, risks and opportunities (IRO) - continued  Location in our  Expected time  ESRS 2 - table 2  value chain  horizon  Applicable sub/  sub-sub-topic  Name of IRO  Description  Type  S4 â Consumers and end-users  Personal safety of  Potential adverse effects on  During clinical trials, participants' health could be adversely affected from unexpected adverse reactions /  Potential negative  consumers and or  patients enrolled in clinical trials  events to a vaccine candidate in any stage of clinical trials.  impact  ââââend-users  Personal safety of  Adverse effects due to vaccines  Adverse events due to vaccine administration can happen and could negatively impact patient health.  Potential negative  consumers and or  administration  impact  ââââend-users  Personal safety of  Potential adverse effects on  During clinical trials, adverse events linked to the drug substance represents significant risk as it could stop  Risk  consumers and or  patients enrolled in clinical trials  or pause the development of a vaccine candidate.  ââend-users  Personal safety of  Adverse events as a result of  Adverse events as a result of vaccine administration can occur, and if not handled properly, could result in  Risk  consumers and or  vaccine administration  lawsuits and/or regulatory enforcement.  ââend-users  Social inclusion of  Prevention of spread of infectious  People who have been vaccinated with a vaccine for which we hold the market authorization, can through  Actual positive  ââââconsumers and end users  diseases  increased coverage contribute to the prevention of the spread of infectious diseases.  impact  Social inclusion of  Expanding access to vaccines in  We have an opportunity to distribute vaccines, in our current portfolio, to endemic low- and lower-mid-  Potential positive  consumers and end users  endemic countries  dle-income countries reaching markets currently not served. This could have a positive impact on under-  impact  ââââserved communities by reducing the spread of preventable infectious diseases.  Social inclusion of  Vaccines can prevent the spread  We have an opportunity to provide vaccines which can prevent the spread of infectious diseases which  Actual positive  consumers and end users  of infectious diseases due to  can be correlated to the effects of climate change. Therefore, through our Public Preparedness and Travel  impact  ââââclimate change  Health portfolio, we can have a positive impact on human adaptation to certain effects of climate change.  List of material impacts, risks and opportunities (IRO) - continued  Location in our  Expected time  ESRS 2 - table 2  value chain  horizon  Applicable sub/  sub-sub-topic  Name of IRO  Description  Type  Social inclusion of  Potential to breach responsible  For companies in the pharmaceutical industry, there are strict rules and regulations in place regarding the  Risk  consumers and end users  marketing standards  marketing to customers. These regulations vary across countries; however, violating these regulations or  ââindustry codes could lead to misinformation of health care workers, legal & financial penalties, fines, and  damage to a company's reputation.  Social inclusion of  Potential to further expanding  We have an opportunity to develop or acquire new vaccines to our portfolio which could serve new disease  Opportunity  ââconsumers and end users  vaccine portfolio  areas and prevent the spread of infectious diseases.  Social inclusion of  Access barriers  Distributing vaccines to a global market, we may face situations where access barriers can prevent or slow  Risk  consumers and end users  our ability to deliver vaccines to persons in need. Such barriers may be linked to local regulatory processes,  ââlack of cold-chain transportation, affordability, etc., and could impact our ability to do business, and deliver  vaccines, to certain markets.  Social inclusion of  Opportunity to prevent the spread  With our current portfolio of vaccines, we have a growing opportunity to distribute vaccines that can  Opportunity  consumers and end users  of infectious diseases related to  prevent the spread of certain infectious diseases, whose increasing prevalence can be attributed to the  âââclimate change  impact of climate change on natural habitats.  List of material impacts, risks and opportunities (IRO) - continued  Location in our  Expected time  ESRS 2 - table 2  value chain  horizon  Applicable sub/  sub-sub-topic  Name of IRO  Description  Type  G1 â Business conduct  Animal welfare  Use of mice in in-vivo studies  To fulfill regulatory requirements in preclinical studies and, as part of certain batch-release protocols, we  Actual negative  perform safety and efficacy tests through in-vivo studies (testing on mice). This negatively impacts the  impact  ââââmice as studies can cause various levels of pain and/or distress, and we are required to euthanize the mice  at the end of the study.  Animal welfare  Potential for in-vitro studies in  We have an opportunity to move away from in-vivo studies in batch release testing (testing in mice) to  Opportunity  batch-release testing  in-vitro studies which would not require the testing on mice in conjunction with batch releases. This would  âârepresent a reduction in the number of mice needed for testing, and a financial opportunity to save on  costs compared to in-vivo testing.  Corporate culture  Challenges in maintaining the  As we undergo high growth of onboarding new employees, and as a fast-developing company, we may  Potential negative  corporate culture  negatively impact employees if we do not manage to maintain a healthy and sound corporate culture on  impact  ââââhow we best work together.  Corruption and bribery  Breach of bribery and corruption  We operate in an industry where interactions with government officials and health care professionals is a  Risk  ââlaws  prerequisite of doing business, and breach of these requirements risk severe legal and financial penalties.  Environmental  Climate change  E1  Transition plan for climate change mitigation  We recognize the need to address climate change  and align with the goals of the Paris Agreement. In  response to assessing material impacts, risks and  opportunities, we undertook a review of our green-  house gas emissions and decarbonization strategies.  A transition plan has been developed and it outlines  the steps we will take in advancing our commitment  to reducing our GHG footprint.  In 2024, we initiated a feasibility analysis to assess  the compatibility of our GHG emission reduction  targets with a 1.5°C pathway. Recognizing the  importance of adhering to the Paris Agreement,  we align with the Science-Based Targets initiative  (SBTi), aiming to secure third-party validation for  our emissions trajectory, thereby reinforcing the  integrity and transparency of our commitments.  Bavarian Nordic is not excluded from the EU Paris-  aligned benchmarks.  The feasibility analysis forms the starting point in  our efforts in relation to climate change mitigation.  Approved by Executive Management, the analysis,  targets and transition plan reinforce our commit-  ment to mitigating material climate change-related  impacts and risks and subsequently constitute an  alignment with our overall business strategy and  financial planning.  The analysis included a qualitative assessment of  potential locked-in GHG emissions from Scope 1 and  2 sources. This assessment focused on identifying  emissions associated with long-term, energy-inten-  sive assets that may hinder future reductions if not  managed proactively. By analyzing these assets, we  were able to pinpoint areas where emissions might  persist due to operational dependencies on fossil  fuels or legacy systems. This insight has informed  the decarbonization strategy, allowing us to prior-  itize interventions that mitigate transition risks and  align more closely with a 1.5°C reduction pathway.  Our decarbonization strategy has identified specific  levers for reducing Scope 1, 2, and 3 emissions. The  approach included four steps: target determina-  tion, identifying decarbonization levers, modelling  emissions reduction pathways, and selecting the  most feasible path forward. Key actions and targets  include the following, which are elaborated on the  following pages:  Scope 1 & 2  A 42% reduction in Scope 1 and 2 emissions by  2030 from a 2023 base year, guided by an absolute  reduction trajectory aligned with a 1.5°C pathway.  This reduction will be achieved through optimizing  energy systems across global sites, transitioning  to renewable energy through power purchasing  agreements (PPAs) and electrifying key operational  systems to reduce dependence on fossil fuels.  Scope 3  For Scope 3 emissions, we developed a supplier  engagement overview to assess target maturity  and alignment across our top-spend suppliers.  This overview illustrates the maturity level of key  suppliers and how they align with our ambition  levels in relation to climate change mitigation. This  first step of establishing a supply chain mapping  allows us to make informed decisions supported by  data, ensuring realistic targets. We have not set an  absolute reduction target for Scope 3 emissions.  The transition plan was approved in late 2024 and  serves as a first step in our progress. Additionally  we have in the fourth quarter of 2024 signed a  5-year power purchase agreement (PPA) for our  Danish manufacturing site, shifting our reliance  on energy sources stemming from fossil fuels, to  energy from solar and wind power. We have not  reported any economic activities that are covered by  delegated regulations on climate adaptation or miti-  gation under the Taxonomy regulation, and as such  none of the CapEx, CapEx plans, or OpEx currently  aligns with the criteria established in Commission  Delegated Regulation 2021/2139.  Material impacts  and risks  The double materiality assessment (DMA) described  in General disclosures determined the following  impact and risks associated with climate change. No  opportunities were found in the assessment.  In 2022, we performed a climate scenario analysis,  as described in General disclosures. This analysis  provided input for the DMA, while the results  informed the identification and description of the  following climate-related impacts and risks.  IRO  GHG emissions  Our operations generate greenhouse gas (GHG)  emissions, which arise from our business model;  research, development, manufacturing, and distri-  bution of vaccines, which are reliant on energy  sources that include fossil fuels. These activities  produce Scope 1 and Scope 2 emissions from our  own operations, as well as Scope 3 emissions  throughout our value chain.  This short-, medium-, and long-term impact contrib-  utes to climate change, impacting the environment  by intensifying global warming and associated risks.  We mitigate this impact by actioning several scope 1  and 2 decarbonization levers which include opti-  mizing energy systems across sites, transitioning to  renewable energy and electrifying key operational  systems to reduce dependence on fossil fuels.  IRO  Systems controlling refrigerants  The potential failure of systems controlling refrig-  erants could, without existing mitigating efforts  potentially cause, a release of COâ equivalents.  Refrigerants have a high global warming potential,  and any malfunction of the containment systems  could lead to a release of GHG emissions.  This potential impact originates directly from our  reliance on temperature-sensitive operations,  particularly in the manufacturing, storage, and  distribution of biopharmaceutical products. The  use of refrigerant systems is essential to maintain  the stability and efficacy of temperature-sensitive  products.  To mitigate this risk, all refrigeration units are  inspected and serviced annually according to  legislation in Denmark and the EU. We have service  agreements for inspection & maintenance of all  units every year which includes leak testing for  refrigerants. Some units are inspected four times  per year, over and above requirements because of  cold storage of production critical materials and final  products.  Reliance on energy sources  stemming from use of fossil fuels  Our manufacturing processes rely partly on energy  sources that originate from fossil fuels. This reliance  creates leads to release of GHG emissions associated  with fossil fuel combustion, contributing directly to  climate change.  As part of an effort to mitigate this impact, we have  signed a Power Purchase Agreement for our Danish  manufacturing site to source a portion of our energy  from renewable sources, which is a key step toward  reducing fossil fuel dependency. This effort is one  of the decarbonization levers helping advance our  near-term targets and contributes to a significant  decrease of our market-based scope 2 emissions.  Our strategy and business model demonstrate  increased resilience in addressing this material  impact through the signing of a Power Purchase  Agreement for our manufacturing site in Denmark,  signaling a commitment to sourcing renewable  energy.  IRO  Extreme weather events in supply chain  Without current mitigation efforts, we could face a  risk associated with extreme weather conditions,  which could potentially disrupt our supply chain in  the medium-term. Extreme weather events, such as  floods, storms, or heatwaves, have the potential to  delay or disrupt supplier deliveries.  This could have a cascading effect on our busi-  ness model, leading to increased costs and delays  although our current financial position has not been  affected. To mitigate the potential risk further, we  use dual sourcing and work with minimum inven-  tory levels.  IRO  Extreme weather events  at production sites  Without current mitigation efforts, production sites  could face a physical risk from extreme weather  events, such as flooding, which could disrupt  manufacturing operations at our production sites.  The increased frequency and intensity of storms  and floods, driven by climate change, could impact  facility integrity and production continuity in the  medium-term. This risk could lead to increased oper-  ational costs, repair cost, operational downtime, and  preventive infrastructure investments.  Flooding at production sites could have effects on  our business model by causing production delays  and increased costs. In the medium-term, we may  face the need to allocate additional resources  to flood prevention measures or rapid response  systems to ensure operational continuity.  Currently, we work with minimum inventory levels,  and have business continuity plans in place, and we  are further assessing what can be done in case of  such events.  Policies  Our internal governance documents drive the  management of climate change-related Impacts and  Risks, however we currently do not have policies  related to climate change mitigation, adaptation,  energy efficiency or renewable energy deployment.  A climate-related policy has not been drafted as we  have focused on and allocated resources to estab-  lishing SBTi targets, including an evaluation of the  most efficient decarbonization levers to reduce GHG  emissions.  Actions  In 2024, we focused on a series of strategic actions  to align with our climate commitments and science-  based target ambitions. To drive meaningful  progress toward our emission reduction goals, we  concentrated on three primary initiatives: optimizing  energy systems, transitioning to renewable energy,  and developing a near-term and long-term net-zero  climate target.  During the reporting year, we actioned an energy  optimization program across sites, with a primary  focus on our Danish operations. This initiative has  been central to our effort to increase energy effi-  ciency and reduce future emissions. By enhancing  energy systems within production facilities and  office buildings, we aim to further reduce overall  energy consumption impact on Scope 1 and 2 emis-  sions while also delivering operational cost savings.  In 2024, we secured a Power Purchasing Agreement  for our Danish manufacturing site, covering our  Danish manufacturing with renewable electricity  and reducing Scope 2 market-based emissions  significantly in the coming years.  We have addressed our Scope 3 emissions by devel-  oping a supplier engagement dashboard to evaluate  and track the climate target maturity of our top  suppliers. This program prioritizes suppliers within  Purchased goods, Services, Capital goods, and  Upstream transportation and distribution. By 2029,  we have an ambition that 70% of our suppliers, by  spend in Purchased goods and services, and 90%  by spend in Upstream transportation, will have  committed to setting science-based targets. This  initiative supports our broader climate strategy by  ensuring that key partners align with our values and  reduction targets.  With 2023 serving as a baseline year, we will contin-  uously monitor the progress of these actions against  our climate targets. Initial results have yielded a  12.6% reduction in GHG emissions in total scope  1 and 2 (market-based) emissions. As renewable  energy projects and supplier engagement efforts  expand, further reductions are expected to meet  our Scope 1, 2, and 3 targets over time. This steady  approach reflects our dedication to achieving our  climate objectives in a way that is transparent,  financially sustainable, and aligned with our long-  term business strategy.  We have in 2024 not allocated significant mone-  tary amounts, in relation to CapEx and OpEx, to  implement actions taken or planned, in neither line  items or notes in the financial statements, nor key  performance indicators required under Commission  Delegated Regulation (EU) 2021/2178.  Targets  From 2024 we are committed to science-based  targets to reduce GHG emissions in line with a  1.5°C global warming pathway. This commitment is  grounded in clear, quantitative goals across Scope 1,  2, and 3 emissions, with targets aligned to support  both near-term (2030) and long-term (2050) objec-  tives.  The current targets for Scope 1 and 2 emissions  involve a 42% absolute reduction by 2030, using  2023 as the base year. These are gross targets, with  no reliance on GHG removals, carbon credits, or  avoided emissions.  For Scope 3 emissions, we have not set a quan-  titative target. However, we have committed to  working with suppliers to align their practices with  our climate goals.  The target is for 70% of suppliers, by spend,  covering purchased goods and services and capital  goods, and 90% of suppliers by spend covering  upstream transportation and distribution, to estab-  lish science-based targets by 2029. These efforts are  expected to significantly reduce Scope 3 emissions  by covering key value chain emissions.  Our targets are science-based and align with the  global 1.5°C trajectory. These targets follow a  sectoral decarbonization pathway using a climate  scenario model aligned with the Paris Agreement.  The SBT feasibility analysis incorporated future  factors such as shifts in customer demand, regula-  tory developments, and technology advancements,  which are expected to influence both emissions  levels and reduction potential.  To achieve our GHG reduction targets, we have  identified key decarbonization levers across our  operations:  ⢠Renewableenergy transition: We have committed  to renewable energy sourcing, including a PPA for  our Danish manufacturing site. This transition is  expected to achieve a minimum of 30% reduction  in Scope 2 market-based emissions by 2026.  ⢠Electrificationof key systems: Electrifying core  operational systems to replace fossil fuel-de-  pendent processes is anticipated to reduce Scope  1 emissions.  ⢠Scope3 supplier engagement: Engaging suppliers  to set science-based targets is a major lever for  reducing Scope 3 emissions. This initiative focuses  on high-emission categories such as purchased  goods and upstream transportation. By covering  70-90% of key supplier emissions by 2029, this  action will align our supply chain with our climate  goals.  ⢠Ourcommitment to carbon reduction, through  energy efficiency optimizations, is integrated into  our company goals linked to sustainability-related  performance in incentive schemes.  Scope 1 and 2 reduction target 2024  E1 â table 1  2023  2024  2024  % (Actual/  in tonnes of CO2e  (Base year)(Target)  (Actual)  Base year)  Gross Scope 1 GHG emissions  4,364  4,111  Gross market-based Scope 2 GHG emissions  6,318  5,222  Total Scope 1 and Scope 2 GHG emission  10,682  10,233  9,333  -12.6%  Energy consumption and mix  E1 â table 2  in megawatt hours (MWh)  2024  Fuel consumption from coal and coal products  -Fuel consumption from crude oil and petroleum products  8,027  Fuel consumption from natural gas  9,724  Fuel consumption from other fossil sources  -Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources  14,660  Total fossil energy consumption  32,411  Share of fossil sources in total energy consumption  94%  Consumption from nuclear sources  -Share of consumption from nuclear sources in total energy consumption  -Fuel consumption from renewable sources, including biomass (also comprising industrial and  municipal waste of biologic origin, biogas, renewable hydrogen, etc.)  -Consumption of purchased or acquired electricity, heat, steam,  and cooling from renewable sources  2,201  The consumption of self-generated non-fuel renewable energy  -Total renewable energy consumption  2,201  Share of renewable sources in total energy consumption  6%  Total energy consumption  34,612  Energy intensity per net revenue (MWh/mDKK)  6.1  GHG intensity based on net revenue  E1 - table 3  in tonnes of CO2e/million DKK  2024  Total GHG emissions (location-based) per net revenue  8.9  Total GHG emissions (market-based) per net revenue  9.5  Gross scopes 1, 2, 3 and total GHG emissions  E1 - table 4  2023  in tonnes of CO2e  2024 (Baseyear)  % change  Category  Scope 1 GHG Emissions  Gross Scope 1 GHG emissions  4,111  4,364  -6%  Percentage of Scope 1 GHG emissions from regulated  emission trading schemes  ---Scope 2 GHG Emissions  Gross location-based Scope 2 GHG emissions  1,715  3,038  -44%  Gross market-based Scope 2 GHG emissions  5,222  6,318  -17%  Significant scope 3 GHG emissions  Total Gross indirect (Scope 3) GHG emissions  45,032  87,0241  -48%  1Purchased goods and services  26,111  40,3901  -35%  2Capital goods  5,399  37,8121  -86%  3Fuel and energy-related activities (not included in Scope 1  or Scope 2)  1,620  1,7331  -7%  4Upstream transportation and distribution  4,503  4,1391  9%  5Waste generated in operations  4,430  2121  1,990%  6Business traveling  1,286  1,1481  12%  7Employee commuting  1,683  1,5821  6%  12  End-of-life treatment of sold products  0.4  81  -95%  Total GHG emissions (location-based)  50,858  94,426  -46%  Total GHG emissions (market-based)  54,365  97,706  -44%  1 Not audited  Our Scope 1 emissions remained relatively stable  compared to 2023. They are primarily driven by  the usage of natural gas and diesel oil for heating,  which is highly dependent on weather conditions.  We achieved a substantial reduction in our Scope  2 market-based emissions in 2024, which can  primarily be attributed to our new Power Purchase  Agreement (PPA) for the Kvistgaard site, effective  from November 2024, which enabled us to reduce  750 tonnes of CO2e through the use of the renew-  able electricity source. This will result in further  reductions of emissions in 2025 since the PPA will  have effect for the full twelve months.  Our Scope 2 location-based emissions reduction,  comparing to 2023, mainly derived from a 55%  decrease of the location-based emission factor for  electricity production in Denmark, which reflects an  increased share of renewable sources used in the  country where the majority of our Scope 2 emissions  is generated.  Our Scope 3 emissions also decreased comparing  to 2023 and these developments can be mainly  attributed to GHG emissions yearly reduction in  categories 1 and 2.  Decreased GHG emissions in category 1 reflect  lower operational spendings this year, primarily  on research activities. In 2023 we noted significant  expenses on the late-stage studies related to our  newest vaccine against chikungunya.  Reduction of our GHG emissions category 2 is a  result of extraordinarily high CapEx last year related  to the acquisition of our travel vaccines portfolio  from Emergent BioSolutions in 2023.  Yearly development of emissions in category 5 is  a result of incomplete waste inventory used in our  estimates in 2023. Last year we did not include  wastewater generated by our manufacturing site  in Kvistgaard, This year we improved our internal  review of data for Scope 3 calculations and we  ensured the wastewater is included. This waste  stream itself contributed with 4.2 thousand tonnes  of CO2e in our indirect GHG emissions in 2024.  In line with the GHG Protocol Scope 2 Guidance, we  have applied both the location- and market-based  methods to calculate our Scope 2 GHG emissions.  For the market-based method, we utilized the  following bundled instruments to cover a portion  of our purchased energy consumption: Purchase  Power Agreement covering 8% of our purchased  energy and a Guarantee of Origin covering 5% of our  purchased energy. We did not use any unbundled  instruments during the reporting period.  The methodologies, significant assumptions and  emissions factors used to calculate or measure GHG  emissions are provided in the accounting policies.  Accounting policies  Energy consumption and mix  Energy volumes data are based on meter readings  and suppliers' statements. Energy is considered to be  derived from renewable sources if the origin of the  purchased energy is clearly defined in the contractual  arrangements with its suppliers. This includes renew-  able power purchase agreements and market instru-  ments such as Guarantees of Origin from renewable  sources. Otherwise, it is reported under energy from  fossil sources.  Energy intensity based on net revenue  This metric is relevant for companies operating in high  climate impact sectors only which covers all of our  activities (biotechnology and pharmaceuticals â NACE  code C21). Energy intensity has been calculated as total  energy consumption from all our activities divided by  reported total net revenue in mDKK. Since we operate  in high climate impact sectors only, we have applied  our total net revenue for the intensity calculation. See  note 3 in our financial statement for net revenue used  for the metric.  Scope 1  Scope 1 emissions are reported based on the Green-  house Gas (GHG) Protocol and cover all direct emissions  of greenhouse gases generated by us. They include  GHG emissions from fuels combustion and fugitive  emissions from refrigerants.  In calculating CO2e emissions, specific emission factors  relevant for the emissions type are used. Applied  emission factors are based on the most recent data  provided by third parties, such as the Department for  Environment, Food & Rural Affairs (DEFRA) or refrigerant  suppliers.  Scope 2  Scope 2 emissions are reported based on the GHG  Protocol and include indirect GHG emissions from  the generation of electricity and heat purchased and  consumed by us. When calculating emissions in Scope  2, both the location-based method and the market-  based method are utilized, as recommended by the  GHG Protocol. Location-based emissions are based on  national average emission factors for the respective  locations. Market-based emissions are based on either  supplier specific emission factors (for the electricity  associated with contractual instruments such as Power  Purchase Agreements or Guarantees of Origin) or on  residual mix emission factors.  Scope 3  Scope 3 emissions are calculated based on activity data  and reported in line with the GHG Protocol, where the  scope 3 inventory is split into 15 subcategories. In 2024,  our scope 3 inventory included the following:  â¢Category 1 (Purchased goods and services) based  on spend data multiplied by relevant spend-catego-  ry-specific emission factors,  â¢Category 2 (Capital goods) based on spend data  (CapEx) multiplied by relevant spend-category-spe-  cific emission factors,  â¢Category 3 (Fuel- and energy-related activities)  based on actual fuel consumption multiplied by rele-  vant emission factors,  â¢Category 4 (Upstream transportation and distribu-  tion) based on spend data multiplied by relevant  spend-category-specific emission factors. It includes  fuel for transportation and distribution of both mate-  rials sourced from our suppliers and products deliv-  ered to our customers, provided the transportation is  a service purchased by Bavarian Nordic,  â¢Category 5 (Waste generated in operations) based  on actual waste data multiplied by relevant emission  factors,  â¢Category 6 (Business travel) based on spend data  multiplied by relevant spend-category-specific emis-  sion factors,  â¢Category 7 (Employee commuting) based on the  employeesâ survey used to estimate the distance  travelled and travel type (e.g. car or train),  â¢Category 12 (End-of-life treatment of sold prod-  ucts) based on the material composition of a single  product multiplied by the number of the doses sold.  The following categories are not relevant for Bavarian  Nordic:  â¢Category 8 (Upstream leased assets) as we do not  have any leased assets which are not in our control,  â¢Category 9 (Downstream transportation and distri-  bution) as our outbound logistics is included in Cate-  gory 4 as a purchased service,  â¢Category 10 (Processing of sold products) as our  vaccines are the final products and they do not  undergo any additional processing.  â¢Category 11 (Use of sold products) as there are no  significant emissions associated with administration  of our vaccines to the patients,  â¢Category 13 (Downstream lease assets) as we do not  act as a lessor,  â¢Category 14 (Franchises) as we do not use franchises  in our business model,  â¢Category 15 (Investments) as we do not have any  significant investments which are not already  captured under other categories.  We have set operational control as the organiza-  tional boundaries which means that areas where the  company has the authority to introduce and implement  operating policies, are captured under Scope 1.  In calculating CO2e emissions, specific emission factors  based on calculation method and emissions type are  used. Applied emission factors are based on the data  provided by third parties, such as DEFRA, Exiobase and  Ecoinvent. Category 5 emissions for Danish sites were  pre-calculated by the external waste handling supplier.  Percentage of GHG scope 3 calculated using  primary data  As of 2024 majority of Scope 3 emissions calculation is  estimated based on spend data. Emissions calculated  using primary data from suppliers or other value chain  partners account for 13% of our total Scope 3 emissions.  GHG intensity  GHG intensity based on net revenue has been calcu-  lated as total gross scope 1, scope 2 location-based/  market-based, and gross scope 3 emissions divided  by total reported net revenue in mDKK. See note 3 in  our financial statements for net revenue used for the  metric.  Pollution  E2  Material impacts and risks  Our commitment to sustainability is integral to  our mission of improving public health through  research, development, manufacturing, and distri-  bution of vaccines in our portfolio. While the general  Pollution topic is not material to our operations,  we have deemed Substances of Concern (SoC)  and Substances of Very High Concern (SVHC) to be  material, as the use of such chemicals is part of our  vaccine research and manufacturing process.  IRO  SoC and SVHC  Using SoC and SVHC can be harmful to the environ-  ment and/or for people handling the substances.  The processes in which we use these substances  are related to our business model and strategy, as  research and manufacturing are crucial parts of  our ability to research, develop, and manufacture  vaccines. We use SoC and SVHC in research and  manufacturing in-house as well as through business  relationships with CROs and CMOs. The need to use  these substances is evaluated as part of the daily  and strategic decision-making performed by the  Environmental, Health, and Safety (EHS) depart-  ment. As the current use of SoC and SVHC are crucial  parts of our operations, there is a financial risk  related to potentially having to switch out the use  of these. In the case of authorities applying restric-  tions that would impact our ability to use these  substances, we would have to reformulate vaccines,  which is costly. This risk is deemed to be present  in the medium-term and does not imply current  financial effects.  We use SoC and SVHC within our operations in  research, development, and manufacturing. These  substances play a critical role in our manufac-  turing processes, ensuring that our vaccines meet  the highest standards of quality and safety. We  have appropriate authorizations in place for use  of regulated substances. We do not engage in  the production, distribution, commercialization,  or import/export of these substances. Our focus  remains on ensuring safe and compliant use within  our facilities, adhering to all relevant regulations  and policies.  Policies  Our commitment to sustainability and safety is  reflected in our comprehensive policies designed  to manage and mitigate the impacts and risks  associated with SoC and SVHC. Each of our locations  using such substances, both production and research  facilities (except from the site in Martinsried), have  policies on handling and storage of such substances  to minimize the risk of negative impacts associated  to the usage of these chemicals. These policies  include management's and employees' responsi-  bilities in regards to the management of hazardous  substances and guidelines on safety measures,  both in terms of protective equipment and chem-  icals storage requirements. The polices apply to  all employees involved in chemicals storage and  handling within our own operations. Heads of the  sites are accountable for implementation of those  policies.  We also have a policy on monitoring changes  in environmental laws and compliance which is  described in our EHS Rules and Regulation. The  purpose of the policy is to define the responsibil-  ities for tracking changes in the legislation and to  establish a procedure for evaluation of compliance  which takes place at least once a year. Application  of this policy secures our compliance with legisla-  tion which helps increasing the safety of chemicals  handling and limits the risk of health or environ-  mental hazards associated with usage of these  substances. The policy applies to specifically listed  groups of employees at our Danish sites having EHS  responsibilities within our own operations. Head of  site Kvistgaard is accountable for implementation of  this policy.  Additionally, our EHS Assessment â Chemicals/  Products policy addresses the risk associated with  the use of SVHC in relation to environmental permits  and new regulations. This framework defines  employees' responsibilities both in terms of internal  communication and contact with the authorities  regarding the approval of chemicals consumption.  It requires us to continuously work on evaluating  lower risk alternatives and, if possible, reducing  the use of SVHC. The purpose of the policy is to  ensure that we seek safer alternatives to reduce our  dependency on high-risk substances and prepare us  for potential future restrictions. The policy applies  to all employees at our Danish sites who introduce,  order or buy chemicals. Head of site Kvistgaard is  accountable for implementation of this policy. All  the policies are accessible to affected stakeholders  through our internal document repository, which is  available to all employees.  Actions & targets  In 2024, we initiated a project to better understand  all the potential SoC used in Bavarian Nordic. In  2025, we will continue to evaluate SoC and create  action plans for particular SoC used in our opera-  tions. The purpose of the plans are to ensure safe  handling procedures, minimize risk and potentially  reduce the use of SoC. The expected outcome is a  reduction in the use of some harmful substances,  aligning with our sustainability policies and targets.  The scope of this action encompasses our own  activities. This includes all geographical locations  where we operate, ensuring a consistent approach  to reducing substance consumption.  Another initiative planned for 2025 is implemen-  tation of a global chemicals register across all our  locations. This solution is expected to streamline  and unify our chemicals management and reporting  processes. By having a centralized system, we  can better track and control the use of chemi-  cals, ensuring compliance with regulations and  enhancing our ability to respond to any issues  promptly.  SVHC pose serious hazards to people and the envi-  ronment if not handled and managed safely. There  is also the risk of further restrictions on the use of  SVHC. For these reasons, we are investigating poten-  tial alternatives for these critical substances. This  proactive measure aims to identify viable alterna-  tives that would allow us to continue our operations  relying less on SVHC. With this investigation, we  aim to identify options that could reduce the impact  to the business of regulatory changes, ensuring  the continuity of our manufacturing processes and  reducing the need for costly vaccine reformulations.  At this time, our focus has been on further defining  our policies and actions, and we have not yet  formalized targets.  Substances of concern used during the production  E2 - table 1  in tonnes  2024  Hazard class  Health hazard  6Environmental hazard  1Health & Environmental hazard  604  Total  611  Substances of very high concern used during the production  E2 - table 2  in tonnes  2024  Hazard class  Health hazard  2Environmental hazard  0Health & Environmental hazard  0Total  2Accounting policies  Substances of concern and substances  of very high concern  Only substances of concern and substances of very  high concern consumed at the manufacturing sites  are considered in the disclosure. Substances used at  the research and development facilities are assessed  immaterial for sustainability reporting purposes.  The following three hazard classes have been defined  as the main hazard classes for Bavarian Nordic:  Health hazard, which include the substances of at least  one of the following characteristics:  â¢carcinogenicity categories 1 and 2;  â¢germ cell mutagenicity categories 1 and 2;  â¢reproductive toxicity categories 1 and 2;  â¢endocrine disruption for human health;  â¢Persistent, Mobile and Toxic or Very Persistent, Very  Mobile properties;  â¢Persistent, Bioaccumulative and Toxic or Very Persis-  tent, Very Bioaccumulative properties;  â¢respiratory sensitisation category 1;  â¢skin sensitisation category 1;  â¢specific target organ toxicity, repeated exposure  categories 1 and 2;  â¢specific target organ toxicity, single exposure catego-  ries 1 and 2; or  Environmental hazard, which include the substances  of at least once of the following characteristics:  â¢endocrine disruption for the environment;  â¢chronic hazard to the aquatic environment categories  1 to 4;  â¢hazardous to the ozone layer;  Health and environmental hazard, for substances  associated with hazards from both hazard classes  described above (health and environmental).  Substances classified to any of the hazard classes listed  above are considered substances of concern.  Substances listed in any of the following lists are  considered substances of very high concern:  â¢Substances restricted in Annex XVII to REACH  â¢Authorisation List in Annex XIV of REACH  â¢Candidate List of substances of very high concern for  Authorisation  Substances of very high concern are disclosed similarly  to the substances of concern, using the hazard classes  described above.  Relevant substances to be reported by Bavarian Nordic  are identified based on the mapping from our internal  chemicalsâ management systems.  Volumes of the substances used in the production are  extracted directly from the local ERP systems where  consumption of materials is registered upon their  transfer from a warehouse to production. The volume  units are determined upon the registration of the  substance being delivered to our production sites. As  liquids are typically measured in liters, their volumes  have been converted to kilograms. We performed the  conversion with a substance-specific factor where  possible, otherwise we assumed a uniform density of  one kilogram per liter.  We have not identified any substances of concern or  very high concern leaving our facilities as emissions,  products or part of our products.  Biodiversity  and  ecosystems  E4  Material impacts and risks  IRO  Reliance on horseshoe crabs  for endotoxin testing  Our impact on a vulnerable species stems from our  dependency on Limulus Amebocyte Lysate (LAL),  which is derived from horseshoe crab blood. The  substance is used for endotoxin (safety) testing and  is currently a part of our regulatory compliance with  quality assurance processes for testing, and product  release, to ensuring safety of our vaccines.  The substance on which we rely stems from the  North American horseshoe crab which is currently a  species listed as "Vulnerable" on the IUCN Red List.  After the blood harvesting process is completed, the  horseshoe crabs are released back into their natural  habitat in the wild.  The LAL is sourced from an external supplier who,  is a member of the Pharmaceutical Supply Chain  Initiative (PSCI) and committed to following its  established guidelines regarding this matter.  Additionally, reliance on this biological resource  poses medium-term financial risks due to potential  regulatory changes or restrictions of the testing  method stemming from the species' Vulnerable  status and the existence of an alternative synthetic  method. Such restrictions could limit access to the  substance derived from horseshoe crab's blood,  and result in increased costs, requiring transition  to manage both the environmental and financial  impacts.  We recognize that our biodiversity and ecosystem  impacts, dependencies, risks, and opportunities  originate from our operations and value chain activ-  ities. Currently, we are working to better understand  and specify these impacts and dependencies and  exploring options for how we can transition away  from reliance and use of this substance. Through  this effort we aim to gain the necessary insights to  reduce our biodiversity dependency and impact and  ensure alignment with product safety standards and  regulations.  Our efforts are focused on understanding our  material impact and risks. We have not imple-  mented policies corresponding to the requirements  in the European Sustainability Reporting Standards  (ESRS). Consequently, we have not yet developed  dedicated policies to address biodiversity. We have  not adopted biodiversity and ecosystem protec-  tions policies or policies related to deforestation, or  sustainable land and ocean practices.  To address these concerns and reduce reliance on  the horseshoe crab, we are in the early stages of  exploring the feasibility of alternative methods for  endotoxin testing that could be implemented in  our production process. Due to varying regulations  between countries, products tested with alternative  methods can only be supplied to those countries  where such methods have been approved. At this  time, we have not implemented further actions or  targets, as we are working to increase our under-  standing of the impact and risk to be able to appro-  priately address this matter.  No biodiversity offsets, mitigation measures, or  incorporation of local knowledge and nature-based  solutions have been undertaken at this time.  Resource use and  circular economy  E5  Material impacts and risks  We recognize the importance of sustainable  resource management and the principles of a  circular economy. As part of our resource outflow,  we generate both general waste and hazardous  waste, some of which could pose significant envi-  ronmental risks, and as such we recognize our  responsibility to properly manage such waste.  We have impact from the waste generated at our  research and manufacturing facilities. Non-recy-  clable waste is sent to either incineration or landfill,  both of which negatively impact the natural envi-  ronment.  The waste is primarily generated from our activities  in manufacturing sites located in Denmark and Swit-  zerland, as well as research facilities in Denmark,  the United States and Germany. This impact is as  such concentrated in our own operations and is  connected to our business model in manufacturing  and research. The management of this impact is  a part of our daily and strategic decision-making,  which will be enhanced as a mean of strengthening  the capacity of the Environmental, Health and Safety  (EHS) functions globally and locally. There are no  significant financial effects related to this impact.  Waste materials  Given the nature of our business and industry, we  inherently generate hazardous waste in our manu-  facturing and research activities, including chemicals  and biological materials.  The waste generated from operations includes a  variety of materials, with single-use plastics playing  a significant role due to their usage in equipment,  connections, hoses, and bags for media or buffer  solutions. Discarded plastic items and vials may  contain product residues, including viruses, which  are a clinical risk and are discarded and inciner-  ated as biomedical waste. Waste also comprises  empty raw material packaging in plastic, glass,  and cardboard. Chemical waste emerges from both  laboratory and production processes, encompassing  residues from analytical processes expired mate-  rials, and substances like ethanol.  Waste streams  Wastewater is our primary waste stream, accounting  for over 70% of our overall waste by weight. While  the majority of our wastewater is composed of  water, it also includes organic matters, inactivated  virus, media solutions and antibiotics. It is discarded  and captured in a holding tank as hazardous waste  due to the antibiotic content. The wastewater  we generate is collected by a specialized waste  management service provider, who is respon-  sible for its further treatment. Our wastewater is  combined with waste from other companies and  incinerated to ensure that any hazardous substances  are destroyed.  Policies  Our commitment to sustainability is reflected in  our policies designed to manage and mitigate the  negative impact associated with waste generated.  Each of production and research facilities have a  local policy on handling the residual waste. Those  policies are implemented to ensure that the waste  is properly classified, segregated, transported, and  destroyed by the proper disposal companies and  disposal methods in order to protect the environ-  ment and human health. Their scope includes all  employees involved in managing production and  laboratory waste within our own operations. Heads  of the sites are accountable for implementation of  those policies.  All the policies are accessible to affected stake-  holders through our internal document repository,  which is available to all employees.  Actions & targets  In 2024, we initiated an expansion of our Global EHS  department. This will enable us to reassign current  responsibilities and allocate new, improvement-fo-  cused tasks to our employees, in addition to their  regular operational activities. We anticipate that the  new structure and enhanced capacity of the depart-  ment will further our understanding and manage-  ment of our waste streams and the development of  initiatives aimed at increasing the rate of recycled  waste from our manufacturing and research facili-  ties.  At this time our focus has been on further defining  our actions, and we have not yet formalized targets.  Total amount of waste generated  E5 - table 1  in tonnes  Waste type  2024  Hazardous waste  1,817  Non-hazardous waste  612  Radioactive waste  0Total waste  2,429  Total waste diverted from disposal breakdown by the recovery operation types  E5 â table 2  in tonnes  Recovery operation type  2024  1) Preparation for reuse  Hazardous waste  0Non-hazardous waste  52) Recycling  Hazardous waste  3Non-hazardous waste  146  3) Other recovery operations  Hazardous waste  1Non-hazardous waste  108  Total waste directed to disposal by waste treatment types  E5 â table 3  in tonnes  Treatment type  2024  1) Incineration  Hazardous waste  1,808  Non-hazardous waste  281  2) Landfill  Hazardous waste  0Non-hazardous waste  72  3) Other disposal operations  Hazardous waste  5Non-hazardous waste  0Total non-recycled waste  E5 â table 4  in tonnes  Non-recycled waste  2024  Amount  2,166  Percentage  89%  Accounting policies  Waste  All waste generated across our sites is managed by  local waste handling companies, who collect disposals  directly from our facilities. For our manufacturing sites  and for our research and development facilities in  Hørsholm (Denmark) and San Diego (USA), we main-  tain direct contracts with the suppliers, allowing us  to obtain precise waste data, including waste type,  amounts, and treatment methods.  For our research site in Martinsried, Germany, which  is located in a shared commercial building, waste  management and contracts with waste collectors  are managed by both the landlord and ourselves.  This arrangement results in certain data limitations.  Consequently, for this site, we have applied estimates  based on interviews with the landlord, who confirmed  the capacity of containers and the frequency of waste  collection by the external service supplier.  Our office facilities are excluded from the metrics as  the waste generated there is considered not material  for sustainability reporting purposes. Only waste gener-  ated at manufacturing sites and research facilities is  considered in the disclosure.  All waste subcategories are split between hazardous  and non-hazardous waste, defined in accordance with  the EUâs Waste Framework Directive.  We have not identified any radioactive waste in our  operations.  Non-recycled waste  Total amount of non-recycled waste is calculated as a  sum of waste directed to disposal (incineration, landfill  and other disposal operations). The percentage rate  is calculated as a total amount of non-recycled waste  divided by a total amount of waste generated.  Social  Own workforce  S1  Our employees are a key group of  stakeholders, playing a crucial role  in driving our strategic ambitions.  They are at the core of our mission  of protecting lives by creating access  to vaccines. As a knowledge-based  company, our success relies on the  expertise, skills, and dedication of our  people.  Attracting and retaining top talent is essential to  maintaining our competitive edge and advancing  our innovative agenda. As such, our impact on  employees remains a key focus for us, ensuring we  continue to foster an environment that supports,  develops, and retains the highly capable people,  that our business is built upon.  With our skilled employees in mind, we have identi-  fied the following material impacts and risks related  to our own workforce:  ⢠Talentattraction and retention  ⢠Work-lifebalance  ⢠Equalopportunities  ⢠Healthand safety of own employees  ⢠Healthand safety of non-employees  The identified impacts and risks listed are disclosed  individually except from the two impacts related  to health and safety, which are disclosed at an  aggregate level. The related disclosures on poli-  cies, processes, actions, targets, and metrics are  presented alongside the respective material impacts  and risks. Disclosures stated in General policies and  processes apply to all material impacts and risks  related to our own workforce.  The identified material impacts and risks are  concentrated on our own operations, as these only  relate to our own workforce, including the health  and safety of both employees and non-employees.  Non-employees cover individuals working under a  contract of employment with a contract end. This  group can be either self-employed or third-party  employed and are compensated through invoice  payments, and not processed via our payroll system.  Non-employees are registered with a Bavarian  Nordic email in our HR system. The health and  safety impact related to non-employees described  below applies only to groups of non-employees  handling similar tasks to those of our own work-  force, on-site in research and/or manufacturing.  All people in our workforce who could be materially  impacted are included in the scope of our disclosure.  The material impacts and risks have been identified  taking into consideration particular activities and  contexts in which people in our workforce perform  their tasks. As such, the identified impacts related  to health and safety apply to research and manufac-  turing functions only, as these employees are more  exposed to potential harmful situations as opposed  to workers in an office setting.  We have not identified any risks of child labor or  forced labor in our operations. Though dependencies  between our business model and our own workforce  exist, none of the identified material impacts were  deemed to trigger a risk considering the financial  threshold applied in the double materiality assess-  ment. Nonetheless, when considering the identified  impacts related to our own workforce, these could  collectively result in risks related to attraction and  retention of employees, and equal opportunities as  described further in sections below.  There are no current financial effects related to the  identified risks. Depending on criticality, the Board  and Executive Management evaluate the need for  mitigating actions related to the identified impacts,  risks and opportunities when and if they materi-  alize.  The identified impacts and risks related to our own  workforce do not require changes to our business  model and strategy, as the current mitigating  actions described below this section are deemed  sufficient to prevent or reduce the associated  impacts.  General policies  and processes  The following apply to all impacts and risks related  to our own workforce.  Policies  Human rights policy  We are guided by our commitment to providing  a sustainable impact on society, patients, and  employees. This commitment is reflected through  our Human Rights Policy, which ensures that our  workplace practices uphold the highest standards  of fairness, respect, and inclusivity. By embedding  these principles into our operations, we aim to  empower our employees and ensure a positive and  sustainable working environment that aligns with  our values and long-term vision.  We follow internationally recognized human rights,  as defined by the Universal Declaration of Human  Rights, the International Covenant on Civil and  Political Rights (ICCPR), the International Covenant  on Economic, Social and Cultural Rights (ICESCR),  and the ILO Core Labor Standards. Guided by author-  itative global frameworks, such as the UN Guiding  Principles on Business and Human Rights, and the  OECD Guidelines for Multinational Enterprises, we  identify and address potential adverse impacts  arising from our operations or business relation-  ships.  We adhere to the principles of freedom of associ-  ation, the right to collective bargaining, and the  elimination of discrimination, forced labor, and child  labor as well as minimizing the adverse impacts  from suppliers related to labor. Our policy does  not explicitly address trafficking in human beings,  however our commitment to this is reflected in our  commitment to respect internationally recognized  human rights instruments and upholding applicable  employment laws .  Our commitment extends to the human rights of any  individual who may be impacted by our activities,  including employees, patients, and business part-  ners with a focus on fair employment conditions,  patient data privacy, and responsible sourcing in  collaboration with suppliers and partners.  The Human Rights Policy Statement was adopted by  the Board of Directors in December 2023, and Execu-  tive Management is accountable for the implemen-  tation of the policy. It is publicly accessible through  our website to all stakeholders.  Engaging with our workforce  We strive to maintain a collaborative and trans-  parent approach to workforce engagement and  incorporate the perspectives of own workforce  into decision-making and operational activities by  conducting anonymous employee engagement  surveys and continuous dialogue with workers coun-  cils in Denmark and Germany.  Our approach includes assessing how and when  engagement efforts occur, the roles and respon-  sibilities involved, and the mechanisms in place  to ensure effective outcomes. The Chief People  & Sustainability Officer is the most senior person  accountable for the employee engagement survey.  The Executive Team is collectively responsible for  driving engagement across Bavarian Nordic.  Employee engagement survey  Conducting employee engagement surveys facili-  tates transparent communication and collaboration,  cultivating a supportive and engaging work envi-  ronment and addressing factors impacting work-life  balance, job satisfaction, and overall employee  well-being. As part of our annual people processes  we conduct regular engagement surveys to ensure  employee feedback is transparently integrated  into decision-making and local team dialogues.  The engagement surveys involve different stages:  survey planning, information gathering, and review  phases of responses generated. Through the  engagement survey, employees provide feedback  on matters essential to workplace culture including  health & well-being, diversity and inclusion, and  transformation and change. All employees - across  sites, functions, and organizational levels - are  eligible to participate. Employees are informed  about the surveys and encouraged to participate  through email reminders, intranet announcements,  Teams notifications, and other internal communica-  tion channels. Feedback is collected anonymously,  where aggregated results are shared in each team,  and presented into actionable insights for managers  and leaders, providing a holistic view of organiza-  tional health while identifying areas for targeted  improvement at local level.  The employee engagement survey aims to foster  immediate engagement while establishing a  long-term foundation for enhanced health, well-  being, and job satisfaction. In 2024, three surveys  were conducted, enabling consistent monitoring  of employee perspectives and adaptability to  emerging organizational needs. Surveys are tailored  to address evolving priorities, supporting continuous  alignment with organizational goals.  Workers councils  The workers councils ("Betriebsrat" in Germany  and "Arbejdsmiljøorganisation" in Denmark) func-  tion as a formal channels to incorporate employee  perspectives into organizational decision-making.  It addresses the principles governing local working  conditions, welfare arrangements, and the overar-  ching personnel policies in Denmark and Germany.  Serving as a platform for dialogue, the council  enables management to communicate key informa-  tion while ensuring that employee representatives  are consulted on significant matters. This engage-  ment promotes transparency, cooperation, and  alignment, contributing to the continuous enhance-  ment of our workplace environment and organiza-  tional unity.  Processes for remediation  We encourage all employees to raise concerns with  their manager and/or our HR department, and we  strive to address and resolve any issues that are  raised in the line of business.  Additionally, employees have access to formal  reporting channels including our Ethics Hotline,  which allows for confidential and anonymous  reporting of misconduct or ethical concerns. Read  more about our Ethics Hotline in the Business  Conduct section of these sustainability statements.  Number of employees by gender  S1 â table 1  in headcounts  2024  Male  766  Female  887  Total employees  1,653  Number of employees by country  S1 â table 2  in headcounts  2024  Denmark  979  Germany  301  Switzerland  215  United States of America  123  Other*  35  Total employees  1,653  *Countries with less than 50 employees are reported aggregated as other.  Number of employees by employment characteristics  S1 â table 3  in headcounts  2024  Female  Male  Total  Number of permanent employees  856  749  1,605  Number of temporary employees  31  17  48  Number of non-guaranteed hours employees  000Total employees  887  766  1,653  Rate and number of employees leaving the company  S1 â table 4  in headcounts  2024  Rate of employee turnover  17.4%  Number of employees who left the company  255  Accounting policies  Number of employees breakdown by gender and  country  Employees refer to individuals working part-time or  full-time under a contractual agreement with Bavarian  Nordic. This definition encompasses employees under  local terms and conditions of employment, such as enti-  tlements, payment of social security contributions, and  other applicable obligations. The number of employees  (head counts) by gender and country are recognized  based on records from the HR system at the end of the  reporting period.  Number of employees by employment classification  The number of employees is disaggregated by employ-  ment classification, including permanent, temporary,  and non-guaranteed hours employees, and is reported  in number of headcounts. Permanent employees refers  to employees employed on an indefinite contract,  either full-time or part-time, subject to local terms and  conditions of employment. Temporary employees refer  to employees hired for a specific duration, either full-  time or part-time, to fulfill short-term needs such as  apprenticeships, backfilling, or covering parental leave.  Temporary contracts end at a predefined date or upon  project completion.  Turnover rate  The employee turnover rate, expressed as a  percentage, reflects the proportion of employees who  left the organization within a calendar year either  voluntarily or due to dismissal, retirement or death in  service. The turnover rate is determined by dividing the  number of employees (measured by headcount) who  left during the reporting period by the average number  of employees (headcount) for the same period and  multiplying it by one hundred.  Material impacts and risks  IRO  IRO  Attraction and retention of talent  and work-life balance  Our ability to attract and retain a workforce with the  necessary skills and experience is fundamental to  our success and relates to other identified impacts,  including work-life balance. In a competitive labour  market, as well as under potential reputational  pressures, difficulties in attracting or retaining  employees could negatively impact our performance  and strategic objectives. The identified risk arises  from the dependencies on our own workforce,  particularly those working in locations and function  where there is a high demand within pharmaceu-  tical research, development, manufacturing and  commercial. The risk has been identified through  our Enterprise Risk Management (ERM) process.  The vaccine sector can be subject to fluctuating  market demands, due to external factors such  as urgent responses to disease outbreaks. As an  employer, we are responsible for shaping working  conditions and work-life balance for our employees,  impacting their overall well-being and job satisfac-  tion, which ultimately affects our ability to retain  talent. Peak periods can affect people working  in various departments and sites throughout the  organization, as they could lead to additional work-  load.  Policies & processes  Remote working policy  Our remote working policy defines the governing  framework for employees performing working hours  outside the organization's premises. The policy  applies universally to all employees and is intended  to enhance operational efficiency, employee  engagement and organizational alignment through  structured and flexible working arrangement. The  policy reflects our commitment to flexible workplace  practices, prioritizing well-being and adaptability to  modern work requirements.  The New Ways of Working initiative  With the aim to increase flexibility and enhance  work-life balance, we introduced our New Ways of  Working initiative in 2021. Through this, we actively  encourage employees to work collaboratively and  adopt flexible working arrangements. By fostering a  culture of flexibility, and improved work spaces at our  offices, we provide a framework for work practices,  which support employees in achieving improved  work-life balance, also in peak periods.  Actions  In 2024, we initiated a series of initiatives aimed at  strengthening our ability to attract and retain talent,  with efforts focused on the below key actions:  Leadership development  LeadPioneers is our Leadership development program  that provides a structured approach to leadership,  setting clear expectations and fostering a shared  understanding of effective leadership practices.  Through this program, we equip leaders with the skills  they need to lead their people and organization in line  with present and future demands. LeadPioneers offers  two distinct learning tracks: Leading Others, tailored  for leaders managing individual contributors, and  Leading Leaders designed to educate leaders of other  managers.  Managed by the HR Development Team, LeadPio-  neers trains leaders in cohorts throughout 2025, with  an objective for all leaders with at least three direct  reports to complete the program by third quarter  of 2026. Expected outcomes include consistently  enhancing leadership capabilities, establishing a  culture prioritizing accountability, and a resilient  leadership framework aligned with our strategic  objectives.  Performance management system  Our Performance Management system is a manage-  ment tool to align expectations between employees  and managers. It facilitates collaboration, dialogue,  and follow-up on individual performance and devel-  opment goals. By supporting continuous engagement  and alignment on deliverables and development  plans, it contributes to achieving long-term organi-  zational objectives.  Integrated into annual HR processes, the perfor-  mance management system ensures ongoing value  through structured discussions and actionable  outcomes. Expected benefits include improved  performance tracking, focused development efforts,  and enhanced alignment with organizational prior-  ities.  Targets  Our people are the key to our success and although  we have not formalized targets, we continuously  monitor our performance in relation to talent  attraction and retention, including work-life balance.  This is done through various processes, including  tracking turnover rates, employee engagement  surveys, performance and development talks, lead-  ership development program, one-on-one dialogue  with managers, and exit-interviews.  IRO  Equal treatment and  opportunities for all  Given our global presence and reliance on a highly  skilled workforce, we may risk our ability to attract  and retain talent if we do not keep momentum in  current efforts and continuously develop initiatives  to ensure that we maintain an inclusive and diverse  workforce. This risk is linked to our dependency on  human resources and our ability to attract and retain  talent, including risk considerations related to our  reputation, legal sanctions, and/or labour disputes.  Policies  Diversity and inclusion policy  Our Diversity and inclusion policy outlines our  approach to ensuring equal treatment and oppor-  tunities for all employees, which is a key compo-  nent of our sustainability efforts. The policy aims  to create a work environment where everyone  feels respected and valued in support of a diverse  workplace. The policy covers the following grounds  for discrimination, but not limited to: gender, age,  educational background, ethnicity, physical impair-  ment, religion, or sexual orientation.  The policy addresses material impacts such as elim-  inating biases in selection and promotion processes  and preventing discriminatory behavior.  Executive Management is accountable for the imple-  mentation of the diversity and inclusion policy.  Global policy on sexual harassment and global  policy on bullying and harassment at work  We do not accept any kinds of bullying and harass-  ment. Our policies stress the importance of respect  and dignity while providing guidance on preventing  and remediating inappropriate behaviors. Addition-  ally, they emphasize the collective for cultivating a  workplace where every individual feels safe, valued,  and empowered to contribute fully.  Maintaining a respectful workplace is a shared  responsibility. All employees, including manage-  ment, are accountable for adhering to the principles  outlined in the policies. Members of the Executive  Management are the most senior level account-  able for the implementation of these policies. The  policies are accessible for all employees via our  intranet.  We do not currently have specific policy commit-  ments related to positive action for people from  groups at particular risk of vulnerability  Processes for remediation  We are committed to maintaining a safe, inclusive,  and respectful workplace where all employees  are treated with dignity. We encourage employees  to address concerns at the local level whenever  possible. Employees who experience or witness  inappropriate behavior should first attempt to  resolve the issue by speaking with the individuals  involved, their immediate manager, or a trusted  colleague. If further support is needed, employees  are urged to contact their HR Business Partner,  who will facilitate resolution in line with company  guidelines. In cases where local resolution is not  possible, or if the concern involves a direct manager,  employees may escalate the issue to a higher-level  manager, a union or Workers Council representative  or the Health and Safety Representative.  We uphold a strict non-retaliation policy to protect  employees who report concerns in good faith and  continuously review our processes to ensure they  remain effective, accessible, and aligned with regu-  latory and ethical standards.  Actions  In 2024, we conducted two online programs as part  of our ongoing commitment to educate employees  on the importance of inclusion and unconscious  bias.  The sessions were focused on two key topics.  1. Inclusive Colleagueship - emphasizing the  importance of inclusion, belonging, and allyship  through practical, everyday actions; and  2. Unconscious Bias - exploring the impact of  unconscious bias and impact on the workplace,  providing strategies to mitigate bias.  The sessions offered actionable insights on how  employees contribute to an inclusive work environ-  ment, emphasizing personal and collective respon-  sibility in fostering an inclusive work environment.  Targets  Our people are the key to our success and although  we have not formalized targets, we continuously  monitor our performance in relation to equal  opportunities and treatment. This is done through  awareness trainings, salary benchmarks checks, and  employee engagement surveys.  Gender distribution in Top management  S1 â table 5  in headcounts  2024  Number  Share  Female  11  46 %  Male  13  54 %  Total employees  24  100 %  Age distribution in own workforce  S1 â table 6  in headcounts  2024  Under 30 years old  228  30-50 years old  963  Over 50 years old  462  Total employees  1,653  Remuneration metrics  S1 â table 7  2024  Gender pay gap1  -1,6%  CEO remuneration ratio  29  1Negative gender pay gap reflects a pay gap in favor of males  Accounting policies  Gender diversity at Top management level  Top management is defined as positions at the Vice  President level and above. Gender distribution is shown  as headcounts and share distributed between male and  female. The gender breakdown of employees at the  Top management level is based on records from the HR  system at the end of the reporting period.  Age distribution  The age breakdown of employees is based on records  from the HR system at the end of the reporting period.  Gender pay gap  Gender pay gap is defined as the difference of average  pay levels between female and male employees,  expressed as percentage of the average pay level of  male employees. The metric is calculated based on  total annual remuneration which includes both fixed  and variable components.  CEO remuneration ratio  The CEO remuneration ratio reflects the annual ratio  between the total remuneration of the CEO (the highest  paid individual) and the average remuneration of all  employees (measured in FTEs) within the company,  excluding executive management. The calculation of  the ratio is consistent with the calculation of CEO pay  ratio disclosed in our Remuneration Report.  IRO  Health and safety  We have processes in our manufacturing and  research facilities that could pose a risk of nega-  tive impact on a personâs physical health. This also  applies to non-employees carrying out activities  and services on our behalf. The negative impacts  relate to individual incidents only for the part of our  workforce that work in the context of our vaccines  research and manufacturing. As this is an inherent  part of our business model (end-to-end develop-  ment and manufacturing of vaccines) decreasing the  risk of negative impacts related to health and safety  remains a priority on all our manufacturing and  research facilities. The potential impacts described  inform daily and strategic decision-making.  Policies  Global Environmental, Health & Safety Policy  Our Global Environmental, Health and Safety (EHS)  Policy covers all our business areas and locations.  The policy emphasizes high standards of EHS  performance, ensuring compliance with applicable  EHS laws, managing EHS risks, and continuously  seeking opportunities to reduce risks and improve  performance.  It highlights the importance of educating and  enabling employees and key stakeholders inter-  nally and externally to work safely and responsibly,  fostering positive interactions and work practices  through open dialogue on EHS matters. The EHS  Management System, overseen by governance  arrangements involving all company levels, ensures  that performance is monitored and regularly  reviewed to meet high standards and provide value  to stakeholders.  Site heads are responsible for implementing the  policy and ensuring that it is effective. The content  was revised during 2024, and the updated policy  was published in the beginning of 2025.  Employee vaccination program  The policy aims to ensure health and safety of  employees operating in environments with poten-  tial exposure to infectious agents. It establishes  protocols for vaccination for employees working in  high-risk environments with live viruses.  Objectives include protecting employees from  health risks associated with exposure to infectious  agents, implementing stringent access control to  high-risk areas, aligning with global health and  biosafety standards, thereby minimizing potential  adverse impacts on physical health.  The policy applies to all employees engaged in  activities involving potential exposure to virus,  including employees in production, quality control,  environmental monitoring, and support roles  operating in designated high-risk areas. The policy  primarily addresses operations within our facilities,  specifically activities directly involving the handling  or production of hazardous biological materials.  Engaging with our workforce  We prioritize the health and safety of our employees  through structured engagement processes with  our workforce and their representatives. Our EHS  Committee operates at the strategic level, collab-  orating closely with Site Heads and the ESG repre-  sentatives to plan, lead, and coordinate our efforts  in protecting employee health and safety, the  surrounding environment, and risk prevention. This  committee ensures that strategic decisions align  with our commitment to maintaining a safe and  healthy workplace.  Engagement with our workforce occurs directly and  through workers' representatives. This engage-  ment is integral to our decision-making processes,  ensuring that the perspectives of our workforce are  incorporated into managing actual and potential  impacts. Engagement occurs at multiple stages,  including planning, implementation, and review  phases of health and safety initiatives. The types of  engagement include regular meetings, surveys, and  feedback sessions, conducted frequently to ensure  continuous dialogue and improvement.  The Global EHS Director holds the overall respon-  sibility for setting the strategic direction for EHS,  aligning with each global function, while ensuring  workforce engagement and feedback is the core  of the strategy. The site heads have the overall  responsibility, which is a legal requirement in most  countries.  Our Global EHS Operations team has been estab-  lished at the operational level, working in collabo-  ration with EHS Management to handle and partici-  pate in risk prevention activities. These groups play  a role in addressing unsustainable EHS matters,  either by resolving them directly or escalating them  to the EHS Committee. The EHS Committee act as a  liaison between employees and the work environ-  ment organization, ensuring effective communica-  tion and collaboration. They are also responsible for  providing comprehensive training and instruction  to all employees, ensuring that everyone is well-in-  formed about safety protocols and best practices.  Where relevant, we incorporate specific considera-  tions to vulnerable employees, including pregnant  women. We have an internal policy that outlines  specific tasks pregnant women should avoid to  prevent any risk to their health and safety. This  policy helps protect both the expectant mother and  her unborn child by minimizing workplace hazards.  The policy stipulates that specific individual risk  assessments must be carried out for each pregnant  worker. Where a potential risk is identified and  cannot be eliminated, we will find alternative work  arrangement, which will not impact the expectant  or breastfeeding mother or unborn child. By  providing clear guidelines and adjusting work duties  as needed, we aim to create a supportive and safe  environment for pregnant employees.  Processes for remediation  We apply established processes to address and  remediate negative impacts on employees within  own workforce, and to provide accessible chan-  nels for raising concerns. Employees are provided  multiple options for reporting, including health  and safety management system, health and  safety representatives, or their direct managers.  Employees are encouraged to report incidents, near-  misses, or unsafe conditions to help maintain a safe  and compliant working environment. The health  and safety management system enables structured  reporting and documentation facilitating the anal-  ysis and resolution of reported issues in alignment  with regulatory requirements.  The objective is to implement a health and safety  management system globally to standardize system  management across all locations. Currently, we are  in the process of identifying global internal stand-  ards to ensure that we drive continuous improve-  ment in addition to legislative compliance. Each site  has their individual health and safety management  system. For countries or sites where the health and  safety management system are not yet in place,  local processes, manuals, procedures, and systems  are in effect. EHS representatives responsible for  time-tracking tools and regulatory documentation,  manage the local EHS Management systems and  collaborate closely with our HR department on  health-related concerns and reporting of these to  authorities. All processes adhere to applicable local  legal requirements, ensuring full compliance.  Actions  We have developed a new Global EHS strategy with  the purpose of further defining our roadmap and  focus areas. We have started implementation and  are planning to fill several key full-time positions in  our EHS department with the purpose of driving our  strategic ambitions, including areas related to the  identified potential negative impact. This includes  building governance, leadership, standards and  capabilities on a global and local level across all EHS  topics.  By hiring additional dedicated roles in the EHS area,  we are better equipped to identify and mitigate  risks, provide comprehensive training, and ensure  a safe and supportive work environment for all our  employees.  As part of our strategy, we have introduced the  updated Global EHS Policy with the purpose of  addressing health and safety impacts related to  our own workforce as well as on- and off-premise  workers.  Targets  Our sustainability-related company goals for 2025  include a target relating to the health and safety  of workers on-premise, regardless of their type of  employment. The target is supporting the objectives  of our Global EHS Policy and Global EHS Strategy.  The EHS department and Executive Management  have been involved in the target setting process.  Target performance will be assessed by the end of  the year.  Our target is to further reduce health hazards in our  operating sites by expanding our current portfolio  of risk assessments in each of our locations and  addressing 90% of identified mitigating actions. Risk  assessments are an integral part of how we operate,  and opportunity assessments are underway to  expand on the work previously undertaken by each  location. The baseline will be finalized by the end of  quarter one in 2025, and tracking will be conducted  by EHS on a quarterly basis thereafter. Target perfor-  mance will be assessed by the end of the year.  Health and safety metrics related to own employees  S1 â table 8  in numbers  2024  Percentage of workforce covered under health & safety management system  100%  Fatalities as a result of work-related injuries & ill health  0Recordable work-related accidents  6Rate of recordable work-related accidents  2.3  Total number of incidents, complaints and severe human rights impacts  S1 â table 9  in numbers  2024  Incidents of discrimination, including harassment  0Complaints filed through channels for people to raise concerns  0Fines, penalties, and compensation for damages resulting from discrimination (in DKK)  0Severe human rights incidents  0Fines, penalties and compensation for damages resulting from severe human rights incidents (in DKK)  0Accounting policies  The percentage of employees covered by health  and safety management system  The metric is determined through information gathered  from the health and safety responsible person in each  of our locations. The percentage coverage is calculated  as the number of employees (headcounts) covered by  health and safety management systems divided by all  employees (headcounts).  The number of fatalities as a result of work-related  injuries and work-related ill health  The number of fatalities is determined based on records  from our HR system. It refers to death of employees  resulting from work-related accidents and work-related  ill health. All types of employees are considered for the  metric.  The number and rate of recordable work-related  accidents  A recordable work-related accident is registered if  the accident results in the employee being unable  to perform their usual work for one day or more,  excluding the day of the injury.  The rate of work-related accidents represents the  number of cases per one million hours worked. It is  calculated by dividing the total number of work-re-  lated accidents by the total hours worked by our own  employees, and multiplying the result by one million.  The number of hours worked by our employees is  estimated based on standard full-time equivalent  (FTE) hours, taking into account entitlements to leave  periods, including vacation and public holidays. The  calculation excludes individually registered vacation  days.  Incidents, complaints and severe human rights  impacts  The metrics represent the number of discrimination  incidents, complaints and severe human rights cases  reported to the Ethics Hotline or to our Legal & Compli-  ance team in the reporting period.  Workers in the value chain  S2  We depend on workers in our value chain to  perform services, either as contracted services at  our premises (on-premise workers), or as part of  services and/or production at supplier or business  partner premises (off-premise workers).  On-premise services include repairs, mainte-  nance, construction work, and other similar work  performed by people who are not classified as  employees or non-employees (as defined in the  Own workforce section of these sustainability  statements) but are performing work or services at  our sites.  Off-premise tasks involve upstream activities of  sourcing of raw materials used in our vaccines and  contract research and manufacturing (CROs and  CMOs).  As a part of the double materiality assessment  (DMA) process, we have gathered an increased  understanding of how people in our value chain are  actually and potentially exposed to specific impacts,  risks, and opportunities - for both on-site and  off-site workers. As such, the scope of the following  disclosure includes only people in our value chain  who perform services that are subject to the iden-  tified material potential health and safety impacts  described below. We have not identified any signif-  icant risks of child labor or forced labor among the  stakeholders in our value chain.  The disclosures related to interests and views of  stakeholders and policies related to this topic are  presented at an aggregate level, followed by disclo-  sures on processes, actions and targets, which are  presented alongside each impact.  General policies and processes  On- and off-premise value chain workers are  covered under our Environmental, Health, and  Safety (EHS) Policy which is described in Own work-  force section of these sustainability statements.  Our Responsible Sourcing Standards Policy outlines  our expectations for suppliers regarding health and  safety, aiming to protect workers from work-related  hazards and potential dangers. The general objec-  tives of the policy include compliance with relevant  regulations, proactive risk assessment, and the  implementation of protective measures to safeguard  workers' health and safety. The policy addresses  material impacts such as chemical, biological, and  physical hazards, and outlines the process for moni-  toring compliance through audits and corrective  actions.  The policy applies to all activities within our  upstream and downstream value chain, encom-  passing suppliers and sub-suppliers, including  workers performing services in our value chain,  regardless of their location. The policy excludes no  specific activities or geographies, ensuring compre-  hensive coverage and protection for all stakeholders  involved.  The most senior level accountable for the imple-  mentation of this policy is the Chief Operating  Officer.  Our Code of Conduct and Human Rights Policy  also apply to workers in the value chain and are  described in the Business conduct and Own work-  force section of these statements.  Based on data from our Ethics Hotline (see the Busi-  ness conduct section of these statements), there are  no reported cases of adverse human rights impacts  (incidents and non-respect) of the UN Guiding Prin-  ciples on Business and Human Rights, ILO Declara-  tion on Fundamental Principles and Rights at Work  or OECD Guidelines for Multinational Enterprises  involving value chain workers in our upstream and  downstream value chain.  Material impacts and risks  IRO  Health & safety of on-premise  workers in the value chain  We make use of external companies and individuals  who carry out various services at our manufacturing  sites, some of whom may be exposed to processes  that could result in a negative impact on their  physical health. This impact applies to potential indi-  vidual incidents of on-premise workers in the value  chain who perform services at our sites. The need  for workers in the value chain to perform various  services on-site, e.g. construction and repairs is  related to our business relationships, as the workers  do not fall into the categories of the services and  employment types for the people described in the  topical standard related to our own workforce and  non-employees as defined in the Own workforce  section of these statements. As the impact poten-  tially occurs in our site operations, it is a direct  impact which can potentially involve a reputational  risk for us, however there are no identified material  risks associated with this impact. Due to the nature  of our business needs for having manufacturing  and research sites, there is an inherent risk related  to negative health and safety impact for people  located on-premise. Managing these remains a  priority in all our manufacturing and research facili-  ties, and the identified impact informs the daily and  strategic decision-making.  Engaging with on-premise value chain workers  Our engagement with value chain workers on-site is  direct in relation to training and information about  their health and safety. We engage with this group  of stakeholders as they enter our sites to perform a  visitor induction. The induction includes information  about what the visitors, including the workers, may  encounter when entering our sites, how they are  expected to behave, their duties related to our site  rules. Visitors must sign documentation following  the information provided to them and, depending  on their designated access level, some will be  accompanied by a Bavarian Nordic employee while  on-site.  The site head holds the operational responsibility  for ensuring that the engagement happens and  monthly meetings are held in which EHS matters  are discussed. These inform the decision-making  related to the process for engaging with value chain  workers on-site. The needs of workers who may be  particularly vulnerable are assessed on an indi-  vidual basis, taking into consideration any special  provisions to ensure the health and safety of these  individuals.  Processes for remediation  We have established processes to address and  remediate the potential negative impact on  on-premise value chain workers as part of our  duty of care for people on our sites. These general  processes align with those in place to remediate  the negative impacts for our own employees as  described in the Own workforce section of these  statements.  The monthly EHS meetings are in place to ensure  continuous attention to health and safety-related  impacts on our sites.  Our Ethics Hotline is publicly available and workers  in the value chain can raise confidential and anony-  mous reporting of suspected violations of the Code  of Conduct and applicable laws and regulations.  Actions  Our completed and planned key actions related to  the potential negative impact are described below.  These actions are taken and planned to limit the  likelihood of us causing or contributing to the identi-  fied potential negative impact.  ⢠Wehave developed a new global EHS strategy  with the purpose of further defining our roadmap  and focus areas. We have started implementa-  tion and are planning to fill several key full-time  positions in our EHS department with the purpose  of driving our strategic ambitions, including  areas related to the identified potential negative  impact. This includes building governance, lead-  ership, standards and capabilities on a global and  local level across all EHS topics, including health  and safety for on-premise value chain workers.  ⢠Aspart of our strategy, we have updated our EHS  Policy with the purpose of addressing health and  safety impacts related to our own workforce as  well as on- and off-premise workers. See more in  the Own workforce section of these statments.  ⢠Wehave updated our visitor induction training  on our sites to enable all visitors, including  on-premise workers. The purpose of the induction  is to enable visitors to understand their responsi-  bilities and site rules prior to entering our site.  Our actions will be tracked and assessed regularly  by the site head in collaboration with EHS depart-  ment to ensure that the intended outcomes are met.  Targets  The target disclosed in Health & Safety of our own  workforce also applies to on-premise value chain  workers.  IRO  Health and safety of off-premise  workers in the value chain  Suppliers and partners in our value chain manage  and handle chemicals, which can potentially have a  direct impact on the health and safety of workers in  the value chain. As an inherent part of our business  model, we engage in business relationships with  suppliers from whom we source raw materials  and CMOs whose workers perform services such  as vaccines research and manufacturing. As such,  this impact is connected with our business model,  as we have dependencies on the workers in the  value chain working for suppliers and business  partners. This impact applies to potential individual  incidents of off-premise workers in the value chain.  It is an indirect impact as it originates from our  business relationships with suppliers and partners.  It can potentially involve a reputational risk for  us, however, there are no identified material risks  associated with this impact. As our business model  requires us to source raw materials and engage  CMOs in the manufacturing of our products, there  is an inherent potential health and safety risk for  people working with these tasks and within manu-  facturing facilities. As such, the health and safety of  workers is a priority throughout our value chain, and  the identified potential impact informs our deci-  sion-making related to the suppliers and business  partners we choose to collaborate with.  Engaging with off-premise value chain workers  Our engagement with value chain workers working  off-premise occurs through monthly and ad hoc  meetings in our industry collaboration membership  in the Pharmaceutical Supply Chain Initiative (PSCI).  We consider the PSCI a credible proxy with insights  into the situation of off-premise workers in our  value chain. While key functions at our EHS, Procure-  ment and Corporate Sustainability departments  have taken part of the engagement, and the ESG  Director held the operational responsibility for our  PSCI engagement in 2024. The Global EHS Director  has the operational responsibility for health & safety  engagement with suppliers and CMOs, and the  respective lines of business engage with suppliers  and CMOs through ongoing work and collaboration.  Each are responsible for ensuring that engagement  happens and that the results inform our approach in  the area. This responsibility includes regular assess-  ments of the effectiveness of our engagement,  including the learnings and outcomes gained from  the engagement.  As the PSCI is an organization solely focusing on  pharmaceutical supply chains, the insights provided  by them are deemed to take into consideration the  perspectives of workers that may be particularly  vulnerable to impacts.  Processes for remediation  To further capture the health and safety impacts  in our value chain, we are in the process of further  developing our Responsible Value Chain Program.  Based on risk screenings, we aim to conduct  targeted engagements with suppliers and business  partners to collaborate on tracking, monitoring and  mitigating health and safety impacts.  Our Ethics Hotline is publicly available and workers  in the value chain can raise confidential and anony-  mous reporting of suspected violations of the Code  of Conduct and applicable laws and regulations.  Actions  Our completed and planned key actions related to  the potential negative impact are described below.  ⢠Thefurther development of a supplier manage-  ment program is a strategic priority and a part  of our Responsible Value Chain program. The  purpose of the program is to further develop  our supplier management and engagement  processes to enable an understanding of our  adverse impacts and how to address these. We  have completed a mapping of our value chain and  high-level risk screening of our tier 1 suppliers  and business partners in defined service cate-  gories. The mapping was based on industry  practice and internal guidelines and will guide  our efforts in this area. We plan to develop the  program further in the coming years by building  internal governance structures in the area and  continuously collaborate with new and existing  suppliers and business partners. Key stakeholders  within the EHS, Procurement, External Manufac-  turing, and Corporate Sustainability departments  collaborate on developing and implementing the  program, including the type of action needed  in response to the identified potential negative  impact.  ⢠Asa part of our commitment to the PSCI and its  Principles for Responsible Supply Chain Manage-  ment, we have initiated work to increase the  coverage of supplier audits. This action is also  anchored with our Responsible Value Chain  Program.  ⢠Wehave introduced an EHS Policy with the  purpose of addressing health and safety impacts  related to our own workforce as well as on- and  off-premise workers. See Health & Safety for  on-premise workers in the Own workforce section  of these statements.  Our actions will be tracked and assessed monthly  by the key stakeholders involved in driving forward  the strategic initiative to ensure that the intended  outcomes are met.  Targets  To track the effectiveness of our actions related to  our Responsible Value Chain Program, we have set  a target to increase the share of scoped suppliers  and business partners that have undergone an  audit in accordance with the Pharmaceutical Supply  Chain Initiative (PSCI) audit standards or similar. Our  long-term target is for 70% of all in-scope suppliers  and business partners have undergone an audit in  accordance with PSCI audit principles. The long-term  target is due in 2027 with annual milestone targets.  The target setting process involved internal subject  matters experts and the target was approved by  Executive Management. The monitoring of progress  is performed by key internal stakeholders.  Since 2024 is our first year of tracking the vendor  audit rate, we do not have a baseline value for 2023.  We have reached our target for 2024.  Vendor audit rate  S2 â table 1  Target  Actual  2024  12.5%  12.6%  2025  25%  2026  40%  2027  70%  Accounting policies  Vendor audit rate  Suppliers and business partners in scope refer  to Contract Manufacturing Organizations (CMO's)  or other manufacturing organization or suppliers  providing critical production raw materials for  commercial products.  The metric indicates the proportion of scoped  suppliers that have been audited in compliance with  PSCI audit standards or equivalent. This propor-  tion reflects the ratio of our total expenditures  on audited vendors to all scoped vendor-related  expenditures in the reporting period. No individual  vendor exceeded 10 percentage points of the metric.  Consumers and end-users  S3  The people we serve are the  foundation of our business. Our  commitment to saving and improving  lives by unlocking the power of the  immune system remains strong as we  have continued to increase our impact  on global health in 2024.  Central to our overall sustainability ambitions,  business model and strategy is our ability to expand  access to our vaccines across geographies, where  we foster trust amongst stakeholders through  responsible interactions and by supplying safe and  efficacious vaccines.  We have identified the following impacts, risks  and opportunities (IROs) related to consumers and  end-users, defined as vaccine recipients, clinical trial  participants, and/or health care professionals (HCPs),  in our double materiality assessment. All potentially  affected end-users are included in the scope of  these disclosures.  The identified IROs are disclosed on an aggregate  level, divided into three categories: Safety, Access  to vaccines, and Responsible marketing. These three  areas are central to our business model and strategy  from research, development, manufacturing,  distribution and sales, and are as such anchored  in a combination of our own operations and in our  upstream and downstream value chain. All identi-  fied IROs relating to consumers and end-users occur  in both short-term, medium-term and long-term.  Within each category, we have disclosed applicable  policies, procedures, actions and targets.  Our policies reflect our commitment to human rights  throughout our organization and supply chain, as  defined by the United Nations Guiding Principles on  Business and Human Rights (UNGPs), International  Labour Organizationâs (ILO) Declaration on Funda-  mental Principles and Rights at Work, principles of  the UN Global Compact, and the Universal Declara-  tion of Human Rights (UDHR).  Following regulatory requirements and industry  standard practices, all clinical trials are reviewed  and approved by independent review boards (IRB),  independent bioethics committee (IBC), or an  independent ethics committee (IEC) tasked with  protecting the human of the individuals involved in  clinical trials and ensure that our clinical trials are  ethical, follow applicable regular standards, and  appropriately protect the rights, safety and well-  being of clinical trial participants. We, in compliance  with associated regulations and ethical standards,  require that all clinical trial participants be provided  an opportunity for informed consent, including  risks associated with participation, and that their  informed consent is documented. Our processes  require that both adverse safety events and devia-  tions from the approved protocol be documented,  investigated, assessed, and reported to the IRB  and regulatory authorities, as appropriate. We use  a Corrective and Preventive Action (CAPA) system  to assign and resolve corrective actions to remedy  identified issues and to help prevent future similar  problems. In collaboration with regulatory authori-  ties, relevant safety information from clinical trials  and post-marketing adverse events reports are  included in our product labels to inform healthcare  professionals and the general public about both the  risks and the benefits of our products.  Material impacts, risks  and opportunities  IRO  Access to vaccines  Access to vaccines saves, empowers and improves  lives across the world. We take pride in pioneering  advancements in vaccine development and distribu-  tion. This endeavor protects individuals and safe-  guards communities from the damaging effects of  infectious diseases.  Global health security: Prevention of the  spread of infectious diseases, including  those due to climate change  Vaccination with our vaccines will save and protect  the lives of patients by immunizing them against  infectious diseases. By preventing the spread of  infectious diseases, vaccines contribute to healthier  populations and reduce the burden on healthcare  systems.  In addition, through our Public Preparedness and  Travel Health portfolios, we develop and supply  vaccines which can prevent the spread of infec-  tious diseases. The spread of certain diseases can  be attributed to the effects of climate change, and  infectious diseases that previously were endemic  in certain geographies are now, or have the poten-  tial to, spread to other geographies. Therefore, our  vaccines, on condition that they are administered,  can have a positive impact on human adaptation to  certain effects of climate change that relate to the  spread of certain diseases.  This positive impact through the prevention of the  spread of infectious diseases affects the patients,  communities and public health systems where our  vaccines are administered and occurs in the short  term.  Expanding access to vaccines  in endemic countries  By expanding access to vaccines in our current port-  folio to low- and lower-middle-income countries, we  can help to reduce the spread of preventable infec-  tious diseases and positively impact underserved  communities.  This potential positive impact affects patients living  in endemic regions who cannot access vaccines  Expanding our vaccine portfolio  We have an opportunity to develop or acquire new  vaccines to our portfolio which could serve new  disease areas and prevent the spread of infectious  diseases.  Developing and supplying vaccines that address  unmet medical needs is core to our strategy. This  opportunity, which depends on the successful  development of clinical trials and approval and  implementation of new vaccines, or the successful  acquisition of an existing vaccine, is concentrated  in our own activities in the medium term and  could have positive financial effects for us through  revenue growth.  Barriers to access that slow or  prevent the delivery of vaccines  Distributing vaccines to a global market, we may  face situations where access barriers slow or  prevent our ability to deliver vaccines to persons in  need, particularly in low-income countries (LICs) and  low-middle-income countries (LMICs). These barriers  may be linked to local regulatory processes, lack of  cold-chain transportation, affordability and other  factors, which could impact our ability to do busi-  ness, and deliver vaccines, to certain markets.  Access barriers that prevent us from delivering  vaccines to people in need could have a negative  financial effect on us in the medium term as well  as potentially causing negative reputational conse-  quences for the company.  This risk does not stem from any dependencies  on natural, human and/or social resources for our  business processes.  Policies  We are committed to the prevention of infectious  diseases through innovation in the development,  manufacture and supply of life-saving vaccines.  While we do not have a formal policy related to  access to vaccines, we manage the associated  impacts, risks and opportunities through the actions  described below.  Actions  Mpox: Working with partners to  reach populations in low- and lower-  middle-income countries  During 2024, Africa experienced one of the largest  and deadliest known mpox outbreaks to date, with  the majority of cases occurring in the Democratic  Republic of Congo (the DRC). Both the Africa CDC and  World Health Organization (WHO) declared a public  health emergency in August.  To strengthen the response in the African region, we  collaborated with global health partners, including  WHO, United Nations Children's Fund (UNICEF), Africa  CDC, and Gavi to provide our mpox vaccine, which  served as an important tool to help control the 2022-  2023 mpox outbreak.  In September, our vaccine became the first mpox  vaccine to receive prequalification from WHO, a  prerequisite for governments and organizations like  Gavi and UNICEF to procure and distribute vaccines  in African countries.  As a first response to the 2024 mpox outbreak in  central and eastern Africa, doses were delivered to  the Democratic Republic of Congo (the DRC) in early  September, initiating the delivery of more than  250,000 doses total donated by the U.S. govern-  ment, the European Commissionâs Health Emergency  Preparedness and Response Authority (HERA), and  Bavarian Nordic.  Together with Gavi, the Vaccine Alliance, we  announced an advance purchase agreement (APA)  to secure 500,000 doses of the mpox vaccine to  be supplied to countries in Africa impacted by the  mpox outbreak. The first doses arrived in the Central  African Republic and Liberia in December 2024.  Later that month, we signed an agreement with  UNICEF for the supply of 1 million doses of mpox  vaccine for countries in Africa impacted by the  outbreak. Combined with donations by various  governments, institutions and Bavarian Nordic, this  agreement helped to secure more than 2.5 million  doses, thus fulfilling the short-term requirement as  expressed by the Africa CDC and allowing an imme-  diate response in the affected countries. Through  this contract, we have ensured vaccine access with  the lowest price for the 77 low- and lower-mid-  dle-income countries.  Clinical initiatives to expand  access to groups in need  Children suffer disproportionately from mpox. In  September, our mpox vaccine was approved for  use against mpox and smallpox in adolescents  12-17 years of age after expedited review with the  European Medicines Agency. We are also working  with partners, including the Coalition for Epidemic  Preparedness Innovations (CEPI) to evaluate the  safety and efficacy of the vaccine in children 2-12  years of age as well as in pregnant women and  children between 4 and 23 months of age.  Chikungunya: Expanding our vaccine portfolio  Our chikungunya vaccine candidate was approved  in February 2025 by the U.S. Food and Drug Admin-  istration (FDA), and received a recommendation  for approval in Europe in 2025 (final marketing  authorization is pending adoption by the European  Commission). Chikungunya is a mosquito-borne viral  disease caused by the chikungunya virus (CHIKV).  CHIKV disease typically presents acute symptoms,  including fever, rash, fatigue, headache, and often  severe and incapacitating joint pain. While mortality  is low, morbidity is high; nearly 50% of individuals  with CHIKV disease have debilitating long-term  symptoms that can intensify with age. In the past  20 years, CHIKV has emerged in several previously  non-endemic regions in Asia, Africa, southern  Europe, and the Americas, often causing large  unpredictable outbreaks.  Access to medicine strategy in low-income (LIC)  and lower-middle-income countries (LMIC)  During 2024, we took steps to further formalize our  access and approach to access to relevant vaccines  in our portfolio in LICs and LMICs. The work in 2024  defined the overall strategy approach, defined  timelines for next steps and agreed on a govern-  ance structure to oversee the access strategy and  approach.  The strategy focuses on vaccines which have the  highest impact on unmet medical needs, where  our business model is well suited to manufac-  ture and distribute vaccines. The timeline for the  strategy runs to 2028 beginning with defining and  taking action on concrete steps in 2025. The overall  strategy is anchored with our Executive Manage-  ment.  License and Manufacturing Agreement  We have in 2024 entered into a License and Manu-  facturing Agreement for our mpox vaccine with  Serum Institute of India (SII). Under the agree-  ment, the companies will undertake a technology  transfer of the current manufacturing process for  the mpox vaccine to SII to enable supply for the  Indian market, for which SII obtains the license to  sell and distribute the vaccine. Furthermore, upon  the relevant regulatory approvals, the agreement  enables SII to perform contract manufacturing of  mpox vaccine for Bavarian Nordic which expands  the manufacturing capacity, ensuring global access  even during outbreaks of mpox.  This partnership will significantly expand our supply  capability and will allow us to ensure the access  of the vaccine to a region of the world where we  currently have no presence.  Engaging with consumers and end-users  We have ongoing engagement with supranational  organizations, NGOs, governments and other  partners as described in the Action section above.  We consider these business partners as credible  proxies for the people potentially in need of one of  our vaccines. Our Vice President, Commercial, Rest  of World is the most senior position within Bavarian  Nordic that has the operational responsibility for this  type of engagement.  Targets  As one of the three KPIs included in our Sustain-  ability Linked Loan (SLL) credit facility, we have a  target to finalize our âAccess to vaccinesâ strategy  directed at low- and lower-middle-income countries  by the end of 2024. In 2025, we have a target to  define quantitative targets and execute these in the  following years. The KPI was set in collaboration  with key internal functions, including the Corporate  Sustainability department, Finance and Commercial,  as well as the banks involved in providing the credit  facility.  The target for 2024 is completed as our âAccess  to vaccinesâ strategy was approved by Executive  Management in December 2024. In 2025, we aim to  continue with the next steps as defined in our SLL  agreement.  IRO  Safety  The safety of vaccine recipients and clinical trial  participants is a top priority and is paramount to our  business model.  Vaccine development and delivery is a highly regu-  lated area, with a strong regime of inspections and  approvals which set high standards for our work,  from early research, preclinical development, clinical  trials, product approval, and commercial manufac-  turing through distribution.  Policies  Our commitment to end-user safety is supported  through our framework of quality and safety policies  and procedures which includes, as applicable:  ⢠GoodClinical Laboratory Practice (GCLP)  ⢠GoodManufacturing Practice (GMP)  ⢠GoodDistribution Practice (GDP)  ⢠GoodPharmacovigilance Practice (GVP)  ⢠Applicableethical standards  We follow the regulatory guidelines from the  International Council for Harmonisation (ICH), which  provides guidelines on safety, quality, and efficacy  topics, the Declaration of Helsinki, Good Clinical  Practice (GCP).  Our Quality Management System (QMS) is designed  to ensure compliance with applicable legislation,  safety requirements, and all Good Practice (GxP)  standards across our trials, manufacturing and  testing. It aligns with regulatory expectations and  industry best practices to maintain the highest  quality standards.  The procedures governing our QMS are accessible to  all employees and mandatory training is required to  ensure full understanding and adherence.  The Senior Vice President of Global Quality serves as  the management representative, bearing responsi-  bility for the effective implementation of the QMS.  This includes achieving defined quality objectives,  clearly establishing and communicating roles and  responsibilities, and ensuring the provision of  adequate resources and authority throughout the  organization  Code of Conduct  The Bavarian Nordic Code of Conduct acknowledges  our responsibility to ensure patient safety. We  develop and supply innovative, high-quality prod-  ucts, and we require all employees to comply with  all relevant laws and regulations governing product  quality and safety as well as all requirements  for reporting adverse events and product quality  complaints.  If our employees become aware of an adverse event  or other potential safety issue, they are instructed to  report it to the companyâs pharmacovigilance team.  Engaging with consumers and end-users  Our pharmacovigilance system supports the  ongoing collection, assessment, and notification of  relevant safety data. We have procedures in place  for reporting adverse events, reactions, and/or  product quality complaints, and all our employees  are trained in the proper handling of information,  should they become aware of an adverse event,  reactions, or other potential safety issue related to  our products.  Our Chief Medical Officer is the most senior position  within Bavarian Nordic that has operational respon-  sibility engagement.  Processes for remediation  Efforts to remediate negative impacts for partic-  ipants in clinical trials are handled internally or  through the CRO, to whom we transfer obligations  but maintains oversight and assessment through  the standard operating procedure for selection and  management of vendors for services in the Devel-  opment department. When an adverse event does  occur in connection with a clinical trial, the clinical  trial participant is advised by the responsible health-  care professional.  Participants in clinical trials can contact the respec-  tive investigators or the CRO. All communications  via this channel are addressed through channels  established by the investigators, the CRO and in  agreement with us, and all such engagements are  treated in accordance with data privacy laws. The  effectiveness of this channel for participants is  assessed through mandated regulatory quality and  compliance procedures.  Vaccine recipients of marketed products who expe-  rience adverse effects can raise concerns through a  publicly accessible e-mail, and all communications  via this channel are addressed through established  procedures and treated in accordance with data  privacy laws. The effectiveness of this channel for  participants is assessed through mandated regula-  tory quality and compliance procedures.  Actions & targets  When needed, we update our framework of quality  and safety policies and procedures to align with  changes made by national health regulations.  Internal and external audits are also undertaken to  ensure the effectiveness of the framework.  All relevant employees in our organization are  required to complete âGxPâ refresher trainings every  2 years and when the applicable GxP policies, SOPs  or guidance are updated, either as part of regulatory  requirements or our own initiatives. All employees  in our organization are required to complete training  in pharmacovigilance, which is managed in the  quality management system.  We have not formalized an external reporting target;  however, we do have a Safety Committee, work  to continuously evaluate our pharmacovigilance  program, require pharmacovigilance training for all  employees, and routinely assess the safety of our  products to appropriately inform regulatory authori-  ties, healthcare professionals and the general public  about both the risks and benefits of our products  IRO  Responsible marketing practices  The pharmaceutical industry is highly regulated  regarding product promotion to healthcare profes-  sionals (HCPs) and the public. In many countries,  prescription-only medicines are not allowed to be  promoted to the public. Where it is allowed, we  follow high ethical standards.  We have policies, procedures, and systems in place  to ensure that our promotion of pharmaceutical  products and other communication activities comply  Policies  with all applicable laws and regulations.  Policies  Our approach to responsible marketing to HCPs and  the public is anchored in our Code of Conduct, which  is supported by documented processes and proce-  dures for marketing approval in the countries where  we operate.  Our documented processes include descriptions  of roles and responsibilities for the review and  approval of promotional material, disease aware-  ness (lay public educational material), and other  relevant communications. We respect all local  laws and regulations with regard to our marketing  materials. Where appropriate, our processes include  Medical Affairs, Commercial, Regulatory Affairs,  Legal and Clinical Safety & Pharmacovigilance  review, participation or approval. Additionally,  we utilize a system of record for all advertising  and promotional materials to ensure appropriate  review and that approvals have been obtained, to  document the approvals and uses of materials, to  conduct periodic reviews, for version control, and to  expire and cease use of material that is no longer  relevant.  These processes include all products for which  Bavarian Nordic is a distributor and are designed  to ensure that we are operating ethically and in  compliance with all local rules.  Code of Conduct  The Bavarian Nordic Code of Conduct is committed  to compliance with all applicable legal and regu-  latory requirements, including promotion of our  products.  We communicate to healthcare professionals about  our products to help healthcare professionals make  the best treatment choice for their patients.  We only promote our products consistent with  the regulations of each country, and the product  or commercial information that is shared with  healthcare professionals and patients is scientifi-  cally sound, accurate, balanced, fair, objective and  substantiated.  We have policies, procedures, and systems in place  to ensure that our promotion of pharmaceutical  products and other communication activities,  including social media activities, comply with all  applicable laws and regulations.  The Code of Conduct applies to all employees,  including temporary staff and employees employed  on fixed-term contract, to the Executive Manage-  ment and the Board of Directors. Third parties acting  on behalf of Bavarian Nordic must also adhere to  the standards of Code of Conduct which is publicly  available on our website.  The Code of Conduct was most recently approved by  the Board of Directors in December 2024.  Engaging with consumers and end-users  Marketing and engagements with consumers and  end-users are highly regulated in the pharmaceu-  tical industry, and we follow and apply required  standards and procedures to manage and govern  such interactions and engagements. The disclosures  throughout this section on consumers and end-users  describe in greater detail how such processes and  engagements are managed in relation to impacts.  Processes for remediation  HCPs and members of the public (in countries where  direct-to-consumer advertising is permitted) have  a range of options to raise concerns about our  marketing and promotions activities. These include:  ⢠TheBavarian Nordic Ethics Hotline. See Business  Conduct.  ⢠Regulatoryauthorities such as the U.S. Food and  Drug Administration (FDA), Health Canada, the  European Medicines Agency and the national  competent authorities in each member state  where applicable.  ⢠Nationaladvertising oversight bodies.  Actions & targets  To ensure understanding of the Code of Conduct,  we provide annual training and communication to  employees worldwide.  Training on our processes for review and approval of  marketing materials is mandatory for those partici-  pating in the material creation, review, and approval  processes.  In 2024:  ⢠Relevantemployees received training on  marketing materials review  ⢠Relevantthird parties received appropriate  training, where applicable  ⢠Employeeswere trained on the Code of Conduct  We have not developed any formalized targets due  to the differences in local promotional regulations  and the evolving regulatory landscape. However,  we require that the respective materials review  committees periodically re-review previously  approved marketing materials to ensure that they  remain truthful and non-misleading, and to update  or cease use of the materials as appropriate.  Business conduct  G1  Material impacts and risks  IRO  Anti-coruption and corporate culture  As we undergo high growth and rapidly onboard  new employees, it is central to maintain a healthy  and sound corporate culture and effective collabo-  ration to prevent negative impacts on employees.  We establish our corporate culture through business  conduct policies, including the Code of Conduct,  Anti-Corruption Policy, Third-Party Intermediary  Policy, and Speak-Up Policy. These policies establish  an obligation to report suspected violations and  apply to all employees, Executive Management, the  Board of Directors, as well as third parties acting on  our behalf.  Functions-at-risk identified in the annual Global  Business Ethics Compliance Risk Assessment and  their management are trained on the Anti-Corruption  Procedure. Ad hoc training is provided as necessary.  Trainings include read & understand campaigns, and  face-to-face or virtual trainings.  These efforts are key in an industry where inter-  actions with government officials and healthcare  professionals are a prerequisite for doing business,  as breaches of anti-corruption and anti-bribery  laws could result in, litigation, severe fines, and  charges. To evaluate our corporate culture, we  regularly review and update our policies and training  programs, and conduct annual assessments to  measure compliance and identify areas for improve-  ment.  Reported violations of the Code of Conduct and  applicable laws and regulations are handled according  to the Speak-Up Policy. The Ethics Hotline enables  confidential and anonymous reporting of suspected  violations of the Code of Conduct and applicable laws  and regulations. Claims reported to the Ethics Hotline  are subject to an initial assurance review by outside  counsel and Legal & Compliance which has an inde-  pendent reporting line to the Board through FRAC.  Reports are managed by external counsel or qualified  lawyers in Legal & Compliance, data is stored in a  secure and restricted system, and quarterly reporting  is anonymized to secure the integrity of the process  and to protect whistleblowers and those cooperating  with investigators.  Policies  The Code of Conduct, Anti-Corruption Policy, and  Speak-Up Policy prohibit corruption and bribery and  establish an obligation to report suspected violations  and apply to all employees, Executive Management,  the Board of Directors, and third parties acting on our  behalf. The Global Business Ethics Compliance Program  includes annual monitoring activities including third  parties and Health Care Professionals.  The Ethics Hotline enables confidential and anony-  mous reporting of suspected violations of the Code  of Conduct and applicable laws and regulations,  including corruption and bribery. Claims reported to  the Ethics Hotline are subject to an initial assurance  review by outside counsel and Legal & Compli-  ance which has an independent reporting line to  the Board of Directors through the Finance, Risk &  Audit Committee (FRAC). The Global Business Ethics  Compliance Committee and FRAC receive anonymized  reports on received compliance concerns.  All employees, Executive Management, and the  Board receive training on the Code of Conduct,  Anti-Corruption Policy, and Speak-Up Policy. All  functions-at-risk identified in the annual Global  Business Ethics Compliance Risk Assessment and  their management are trained on the Anti-Corruption  Procedure. Ad hoc training is provided as necessary.  Trainings include read & understand campaigns, and  face-to-face or virtual trainings.  No incidents of corruption or bribery  During the reporting period there have been no  reported incidents of corruption or bribery, no  confirmed incidents, no convictions or fines, and no  actions taken as a result.  The role of the administrative,  management and supervisory bodies  The administrative, management, and supervisory  bodies at Bavarian Nordic play a crucial role in  providing oversight and management of business  conduct matters. The Board of Directors and the  Finance, Risk & Audit Committee (FRAC) oversee  the Global Business Ethics Compliance Program,  ensuring that business conduct aligns with our ethical  standards and regulatory requirements. Our Chief  Compliance Officer, who reports directly to our CEO  and independently to the FRAC, is responsible for  implementing the compliance program and heads the  Legal & Compliance Function.  Our Executive Management oversee day-to-day oper-  ations and ensuring that business conduct policies  are effectively implemented across all levels of the  organization. They are responsible for embedding  ethical practices into our operational processes and  ensuring compliance with regulatory standards.  The expertise of these bodies in business conduct  matters is extensive. Members of the Executive  Management and the Board of Directors bring signif-  icant experience in governance, compliance, and  ethical business practices. This collective expertise  ensures that we adhere to high standards of integrity  and transparency in all its activities.  IRO  Animal welfare  We are committed to high standards of animal  welfare in our research, development, and batch  release testing activities. The use of animals in  our studies is a regulatory necessity driven by the  need and requirement to develop safe and effective  vaccines. Our work with animals is regulated and  conducted under stringent guidelines to ensure their  levels of well-being.  Preclinical and batch release testing are being  performed in our in-house facilities. These activi-  ties are governed by a set of internal requirements,  policies, standard operating procedures (SOPs), and  mandatory national and international guidelines and  regulation. We obtain a specific permit related to  animal welfare as part of any study. This permit is  reviewed by the appropriate authority to ensure that  all formal requirements are met and that appropriate  technologies and methods are used. We are, for  batch-release protocols, exploring the opportunity to  replace in vivo potency testing with in vitro potency  testing.  Our commitment to animal welfare is reflected in our  research and development processes, ensuring that  the animals in our care are treated with respect and  consideration. Our internal policies relate to animal  welfare for research and development activities and  batch release testing. Our Vice President, Research is  accountable for implementation of the policies.  Policies  To ensure proper conduct in our research activities,  we have several policies which are described here in  aggregate.  Our animal facility policy covers general aspects such  as specific premises, access control, and hygiene,  detailing the responsibilities of personnel, biolog-  ical protection and safety levels, and procedures for  entering the facility.  Our policies enforce a daily routine check to ensure  proper living conditions for mice, including equip-  ment checks and animal health inspections, with a  focus on maintaining welfare in housing conditions.  All procedures are subject to both internal and  external approvals to ensure that protocols are  adhered to while emphasizing careful handling and  proper techniques. This applies to both preclinical  studies and tests as part of our batch release proce-  dures â both of which are required from a regulatory  perspective  Code of Conduct  Our Code of Conduct acknowledges the ethical and  humane treatment of animals required for scien-  tific investigation as our responsibility. We value  the 3R-principle (Reduce, Replace & Refine animal  testing) and all applicable regulations with internal  and external evaluation restricting in vivo testing to  the absolute minimum needed to ensure safe and  efficacious treatments.  When conducting our preclinical trials, we care for the  welfare of animals, and all our animal handling staff  is thoroughly trained in best practices and is regu-  larly evaluated to make sure they possess the right  competences and understanding of the well-being of  animals in our care.  Sustainability statements appendix  Statement on due diligence  ESRS 2GOV-4 - Appendix table 1  Core elements of due diligence  Page  a) Embedding due diligence in governance, strategy and business model  43, 44, 53-59  b) Engaging with affected stakeholders in all key steps of the due diligence  43-48  c) Identifying and assessing adverse impacts  49-59  d) Taking actions to address those adverse impacts  63, 64, 69, 71, 73, 84, 85,  88, 91-93, 96, 98, 99  e) Tracking the effectiveness of these efforts and communicating  64-66, 69, 73, 74, 83, 84,  85, 86, 88, 92, 93, 97-99  Content index of material disclosure requirements  ESRS 2 IRO-2 - Appendix table 2  List of material disclosure requirements  Page  ESRS 2 â General disclosures  BP-1  General basis for preparation of the sustainability statements  42  BP-2  Disclosures in relation to specific circumstances  42  GOV-1  The role of the administrative, management, and supervisory bodies  43  Information provided to, and sustainability matters addressed by the under-  GOV-2  takingâs administrative, management and supervisory bodies  43, 44  GOV-3  Integration of sustainability-related performance in incentive schemes  44  GOV-4  Statement on due diligence  103  GOV-5  Risk management and internal controls over sustainability reporting  45  SBM-1  Strategy, business model and value chain  6SBM-2  Interests and views of stakeholders  45-48  Material impacts, risks and opportunities and their interaction with strategy  SBM-3  and business model  53-59  Description of the processes to identify and assess material impacts, risks  IRO-1  and opportunities  49-52  Disclosure requirements in ESRS covered by the undertakingâs sustainability  IRO-2  statements  53  E1 â Climate change  ESRS 2 GOV-3  Integration of sustainability-related performance in incentive schemes  44  E1-1  Transition plan for climate change mitigation  61, 62  Material impacts, risks and opportunities and their interaction with strategy  ESRS 2 SBM-3  and business model  54, 62, 63  Description of the processes to identify and assess material climate-related  ESRS 2 IRO-1  impacts, risks and opportunities  51, 52  E1-2  Policies related to climate change mitigation and adaptation  63  List of material disclosure requirements  Page  E1-3  Actions and resources in relation to climate change policies  63, 64  E1-4  Targets related to climate change mitigation and adaptation  64, 65  E1-5  Energy consumption and mix  65  E1-6  Gross Scopes 1, 2, 3 and Total GHG emissions  66  E1-7  GHG removals and GHG mitigation projects financed through carbon creditsNot material  E1-8  Internal carbon pricing  Not material  Anticipated financial effects from material physical and transition risks and  E1-9  potential climate-related opportunities  Phase-in  E2 - Pollution  Description of the processes to identify and assess material pollution-related  ESRS 2 IRO-1  impacts, risks and opportunities  49, 50, 52  E2-1  Policies related to pollution  68, 69  E2-2  Actions and resources related to pollution  69  E2-3  Targets related to pollution  69  E2-4  Pollution of air, water and soil  Not material  E2-5  Substances of concern and substances of very high concern  69  Anticipated financial effects from pollution-related impacts, risks and oppor-  E2-6  tunities  Phase-in  E4 - Biodiversity and ecosystems  Transition plan and consideration of biodiversity and ecosystems in strategy  E4-1  and business model  71  Material impacts, risks and opportunities and their interaction with strategy  ESRS 2 SBM-3  and business model  55, 71  Description of processes to identify and assess material biodiversity and  ESRS 2 IRO-1  ecosystem-related impacts, risks and opportunities  49, 50, 52  List of material disclosure requirements  Page  E4-2  Policies related to biodiversity and ecosystems  71  E4-3  Actions and resources related to biodiversity and ecosystems  71  E4-4  Targets related to biodiversity and ecosystems  71  E4-5  Impact metrics related to biodiversity and ecosystems change  Not material  Anticipated financial effects from biodiversity and ecosystem-related risks  E4-6  and opportunities  Phase-in  E5 â Resource use and circular economy  Description of the processes to identify and assess material resource use and  IRO-1  circular economy-related impacts, risks and opportunities  49, 50, 52  E5-1  Policies related to resource use and circular economy  73  E5-2  Actions and resources related to resource use and circular economy  73  E5-3  Targets related to resource use and circular economy  73  E5-4  Resource inflow  Not material  E5-5  Resource outflows  72, 73, 74  Anticipated financial effects from resource use and circular economy-related  E5-6  impacts, risks and opportunities  Phase-in  S1 â Own workforce  ESRS 2 SBM-2  Interests and views of stakeholders  45, 46, 47  Material impacts, risks and opportunities and their interaction with strategy  ESRS 2 SBM-3  and business mode  56, 84, 85, 87  S1-1  Policies related to own workforce  81, 84, 85, 87  S1-2  Processes for engaging regarding impacts  82, 84, 87  S1-3  Processes to remediate negative impacts and raise concerns  82, 84, 85, 88  S1-4  Taking action on material impacts on own workforce  84, 85, 88  List of material disclosure requirements  Page  S1-5  Targets related to managing material impacts, risks and opportunities  84, 85, 88  S1-6  Characteristics of the undertakingâs employees  83  S1-7  Characteristics of non-employee workers in the undertakingâs own workforce Phase-in  S1-8  Collective bargaining coverage and social dialogue  Not material  S1-9  Diversity metrics  86  S1-10  Adequate wages  Not material  S1-11  Social protection  Phase-in  S1-12â  Persons with disabilities  Not material  S1-13  Training and skills development metrics  Phase-in  S1-14  Health and safety metrics  88  S1-15  Work-life balance metrics  Phase-in  S1-16  Compensation metrics (pay gap and total compensation)  86  S1-17  Incidents, complaints and severe human rights impacts  88  S2 â Workers in the Value Chain  ESRS 2 SBM-2  Interests and views of stakeholders  45, 46, 47  Material impacts, risks and opportunities and their interaction with strategy  ESRS 2 SBM-3  and business model  56, 91, 92  S2-1  Policies related to value chain workers  90, 91  S2-2  Processes for engaging with value chain workers about impacts  91, 92  Processes to remediate negative impacts and channels for value chain  S2-3  workers to raise concerns  91, 92  S2-4  Actions on material impacts, risks and opportunities  91, 92, 93  S2-5  Targets related to managing material impacts, risks and opportunities  92, 93  List of material disclosure requirements  Page  S4 â Consumers & End-Users  ESRS 2 SBM-2  Interests and views of stakeholders  45, 46, 47  Material impacts, risks and opportunities and their interaction with strategy  ESRS 2 SBM-3  and business model  57, 95, 97, 98  S4-1  Policies related to consumers and end-users  95, 97, 98  S4-2  Processes for engaging with consumers and end-users about impacts  96, 97, 98  Processes to remediate negative impacts and channels for consumers and  S4-3  end-users to raise concerns  97, 99  S4-4  Actions on material impacts, risks and opportunities  96, 98, 99  S4-5  Targets related to managing material impacts, risks and opportunities  97, 98, 99  G1 â Business Conduct  ESRS 2 GOV-1  The role of the administrative, supervisory and management bodies  43, 102  Description of the processes to identify and assess material impacts, risks  ESRS 2 IRO-1  and opportunities  49, 50, 52  G1-1  Corporate culture and Business conduct policies and corporate culture  101, 102  G1-2  Management of relationships with suppliers  Not material  G1-3  Prevention and detection of corruption and bribery  101, 102  G1-4  Confirmed incidents of corruption or bribery  102  G1-5  Political influence and lobbying activities  Not material  G1-6  Payment practices  Not material  Datapoints derived from EU legislation  Disclosure  Datapoint  SFDR reference  Pillar reference  Benchmark  EU Climate Law  Page number  requirement  Regulation  reference  reference  ESRS 2 GOV-1  Board's gender diversity paragraph 21 (d)  ââ34  ESRS 2 GOV-1  Percentage of board members who are independent paragraph 21 (e)  â37  ESRS 2 GOV-4  Statement on due diligence paragraph 30  â103  ESRS 2 SBM-1  Involvement in activities related to fossil fuel activities paragraph 40 (d) i  âââNot material  ESRS 2 SBM-1  Involvement in activities related to chemical production paragraph 40 (d) ii  ââNot material  ESRS 2 SBM-1  Involvement in activities related to controversial weapons paragraph 40 (d) iii  ââNot material  ESRS 2 SBM-1  Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv  âNot material  ESRS E1-1  Transition plan to reach climate neutrality by 2050 paragraph 14  â61, 62  ESRS E1-1  Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g)  ââ61  ESRS E1-4  GHG emission reduction targets paragraph 34  âââ64, 65  ESRS E1-5  Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38  ââ65  ESRS E1-5  Energy consumption and mix paragraph 37  â65  ESRS E1-5  Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43  â65  ESRS E1-6  Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44  âââ66  ESRS E1-7  GHG removals and carbon credits paragraph 56  âNot material  ESRS E1-9  Exposure of the benchmark portfolio to climate-related physical risks paragraph 66  âPhase-in  ESRS E1-9  Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of  âPhase-in  significant assets at material physical risk paragraph 66 (c).  ESRS E1-9  Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c).  âPhase-in  ESRS E1-9  Degree of exposure of the portfolio to climate- related opportunities paragraph 69  âPhase-in  ESRS E2-4  Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer  âNot material  Register) emitted to air, water and soil, paragraph 28  ESRS E3-1  Water and marine resources paragraph 9  âNot material  ESRS E3-1  Dedicated policy paragraph 13  âNot material  ESRS E3-1  Sustainable oceans and seas paragraph 14  âNot material  ESRS E3-4  Total water recycled and reused paragraph 28 (c)  âNot material  Disclosure  Datapoint  SFDR reference  Pillar reference  Benchmark  EU Climate Law  Page number  requirement  Regulation  reference  reference  ESRS E3-4  Total water consumption in m3 per net revenue on own operations paragraph 29  âNot material  ESRS 2- IRO 1  E4 paragraph 16 (a) i  â71  ESRS 2- IRO 1  E4 paragraph 16 (b)  â71  ESRS 2- IRO 1  E4 paragraph 16 (c)  â71  ESRS E4-2  Sustainable land / agriculture practices or policies paragraph 24 (b)  â71  ESRS E4-2  Sustainable oceans / seas practices or policies paragraph 24 (c)  â71  ESRS E4-2  Policies to address deforestation paragraph 24 (d)  â71  ESRS E5-5  Non-recycled waste paragraph 37 (d)  â74  ESRS E5-5  Hazardous waste and radioactive waste paragraph 39  â73  ESRS 2- SBM3  Risk of incidents of forced labour paragraph 14 (f)  â81  - S1  ESRS S1-1  Human rights policy commitments paragraph 20  â81  ESRS S1-1  Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to  â81  8, paragraph 21  ESRS S1-1  Processes and measures for preventing trafficking in human beings paragraph 22  â81  ESRS S1-1  Workplace accident prevention policy or management system paragraph 23  â87  ESRS S1-3  Grievance/complaints handling mechanisms paragraph 32 (c)  â82  ESRS S1-14  Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c)  ââ88  ESRS S1-14  Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)  âPhase-in  ESRS S1-16  Unadjusted gender pay gap paragraph 97 (a)  ââ86  ESRS S1-16  Excessive CEO pay ratio paragraph 97 (b)  â86  ESRS S1-17  Incidents of discrimination paragraph 103 (a)  â88  ESRS S1-17  Non-respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a)  ââ81  ESRS 2- SBM3  Significant risk of child labour or orced labour in the value chain paragraph 11 (b)  â90  â S2  ESRS S2-1  Human rights policy commitments paragraph 17  â91  ESRS S2-1  Policies related to value chain workers paragraph 18  â90,91  ESRS S2-1  Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19  ââ91  Disclosure  Datapoint  SFDR reference  Pillar reference  Benchmark  EU Climate Law  Page number  requirement  Regulation  reference  reference  ESRS S2-1  Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to  â91  8, paragraph 19  ESRS S2-4  Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36  â91  ESRS S3-1  Human rights policy commitments paragraph 16  âNot material  ESRS S3-1  Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines paragraph 17  ââNot material  ESRS S3-4  Human rights issues and incidents paragraph 36  âNot material  ESRS S4-1  Policies related to consumers and end-users paragraph 16  â94  ESRS S4-1  Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17  ââ94  ESRS S4-4  Human rights issues and incidents paragraph 35  â94  ESRS G1-1  United Nations Convention against Corruption paragraph 10 (b)  âNot material  ESRS G1-1  Protection of whistle-blowers paragraph 10 (d)  âNot material  ESRS G1-4  Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a  ââ102  ESRS G1-4  Standards of anti- corruption and anti- bribery paragraph 24 (b)  â102  Key terms and abbreviations  The abbreviations and respective  definitions apply to the sustainability  statement.  ⢠Termswith a single "*" are terms and/or abbrevi-  ations which related to our company  ⢠Termswith a double "**" relate to industry  specific terms or abbreviations  ⢠Allothers relate to CSRD and ESRS related abbre-  viations and terms  CSRD  Corporate Sustainability Reporting Directive is an  EU regulation that mandates companies to disclose  detailed sustainability information, including envi-  ronmental, social, and governance impacts, risks,  and opportunities.  DMA  Double materiality assessment is a process that  evaluates both how sustainability issues impact  a companyâs financial performance and how the  companyâs activities affect the environment and  society.  ESRS  European Sustainability Reporting Standards are  a set of reporting standards developed under the  Corporate Sustainability Reporting Directive. They  define the requirements for companies to disclose  sustainability-related information, covering environ-  mental, social, and governance factors.  FRAC*  Finance Risk and Audit Committee is a governance  body within an organization responsible for over-  seeing financial reporting, risk management, and  audits.  IROs  Impacts, risks, and opportunities refer to the key  sustainability-related impacts, risks, and opportuni-  ties identified through a double materiality assess-  ment.  Impact  Refers to the positive or negative effects that a  companyâs activities, products, operations have on  the environment or society.  Risk  Refers to a potential negative effect that sustainabil-  ity-related factors may have on a company's finan-  cial performance.  Opportunity  Refers to a potential positive effect that sustainabili-  ty-related factors can have on a company's financial  performance.  NFRD  Non-Financial Reporting Directive is an EU regulation  that requires large companies to disclose non-finan-  cial information related to environmental, social,  and governance factors.  Subject matter expert*  Is a professional with knowledge and expertise in a  specific field or industry.  Sustainability matter  Refers to any environmental, social, or governance  (ESG) issue that is relevant to a company's opera-  tions, value chain, or stakeholders. These matters  can include topics, sub-topics and sub-sub-topics.  TCFD  Task Force on Climate-related Financial Disclosures is  a framework for identifying companies' climate-re-  lated financial risks and opportunities.  3R principles**  Reduce, Reuse, Recycle are key guidelines for  sustainable waste management aimed at mini-  mizing environmental impact.  CMOs**  Contract Manufacturing Organizations are third-  party companies that produce products on behalf of  another company.  CROs**  Contract Research Organizations are companies that  provide outsourced research services for another  company.  EHS*  Environmental, Health and Safety.  ERM*  Enterprise Risk Management is a structured  approach used by organizations to identify, assess,  manage, and monitor risks that could impact their  operations, strategy, and financial performance.  GHG Protocol  The Greenhouse Gas Protocol is the global standard  for measuring, managing, and reporting green-  house gas (GHG) emissions. It provides guidelines  and frameworks for organizations to track their  carbon footprint and develop strategies for reducing  emissions.  GO  Guarantee of Origin is an energy certificate that  verifies that a specific amount of electricity was  produced from renewable sources.  GxP**  GxP is a general abbreviation for the Good "x" Prac-  tice which are quality guidelines and regulations  which apply to the pharmaceutical sector (amongst  other sectors). The "x" stands for the various fields  for example Good Clinical Practice (GCP), Good  Manufacturing Practice (GMP), etc.  HCPs**  Healthcare Professionals are individuals who provide  medical care, treatment, and health-related services  to patients.  IUCN Red List  The International Union for Conservation of Nature  Red List is the global indicator on the conservation  status of species, assessing their risk of extinction  from Least Concern to Extinct. A species classified  as Vulnerable faces a high risk of extinction in the  wild due to factors like habitat loss, climate change,  pollution, or overexploitation, indicating a signifi-  cant population decline that requires conservation  efforts to prevent further deterioration.  MSL**  Medical Science Liaison is a scientific expert who  acts as a bridge between pharmaceutical or biotech  companies and healthcare professionals.  NACE code  Nomenclature of Economic Activities is a European  industry classification system used to categorize  businesses based on their economic activities. It is  used for statistical, regulatory, and administrative  purposes within the EU.  PPA*  Power Purchase Agreement is a long-term contract  between an energy producer and a buyer. It defines  the terms for purchasing electricity.  PSCI**  Pharmaceutical Supply Chain Initiative is a non-profit  industry organization focused on promoting respon-  sible supply chain management in the pharmaceu-  tical and healthcare industries.  SBT*  Science-Based Target is a specific, measurable  emissions reduction target set by a company to  align with climate science and the goals of the Paris  Agreement.  SBTi  Science Based Targets initiative is an independent  organization that provides guidance, validation, and  certification for companies setting Science-Based  Targets to ensure they meet credible climate science  criteria.  SLL*  Sustainability-Linked Loan is a type of loan where  the interest rate and terms are tied to the borrow-  er's sustainability performance.  SSP  Shared Socioeconomic Pathways are scenarios used  in climate research to describe possible future global  developments based on different economic, social,  and environmental trends.  UN Global Compact or UNGC *  The UN Global Compact is a United Nations initiative  that encourages businesses worldwide to adopt  sustainable and socially responsible practices. It  is based on ten principles covering human rights,  labor, environment, and anti-corruption, helping  companies align their strategies with global sustain-  ability goals. It also supports the UN Sustainable  Development Goals (SDGs), which are 17 global  objectives designed to address climate change,  poverty, inequality, and environmental protection  by 2030.  The line items in the consolidated financial statements  are XBRL-tagged to the elements of the ESEF taxonomy  that are considered to match the content of those line  items. For line items not considered to be covered by  line items defined in the taxonomy, entity-specific  extensions to the taxonomy have been incorporated.  Except for subtotals, these extensions are anchored to  standard elements of the ESEF taxonomy.  Consistently with the requirements of the ESEF Regu-  lation, the annual report approved by Management is  comprised of a ZIP file bava-2024-12-31-en.zip, which  includes an XHTML file that may be opened using  standard web browsers, and a number of technical  XBRL files enabling mechanical retrieval of the XBRL  data incorporated.  </mrv:SustainabilityReport>
<mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx1" id="fact5029" xml:lang="en">EU Taxonomy  The EU Taxonomy is a European sustainability  classification framework. It enables corporations to  communicate to stakeholders which of their busi-  ness activities have the potential to be considered  sustainable (i.e. are Taxonomy-eligible) and which  activities will be reported as EU Taxonomy-aligned  (i.e. fulfil EU requirements to be considered sustain-  able). For each relevant business activity, we have  to disclose how much of its Turnover, Operating  Expenditures (OpEx) and Capital Expenditures  (CapEx) can be considered eligible and aligned,  respectively.  In 2024 we identified eligible economic activities  based on the six published environmental objec-  tives. Each of the economic activities was assessed  on its percentage of Taxonomy-eligibility. As a  result, we report 96%, 61% and 100% Taxonomy-eli-  gible Turnover, OpEx and CapEx in 2024, respectively.  Eligibility and alignment  We continuously assess our business and economic  activities and the environmental impact hereof.  We utilized a two-step approach in formulating our  Taxonomy disclosures. Initially, we screened the  economic activities outlined in the EU Taxonomy  to identify those relevant, considering our busi-  ness model. Based on our review, we identified  one economic activity to report on in 2024: âPPC  1.2 Manufacture of medicinal productsâ under the  environmental objective of âPollution Prevention  and Controlâ. The screening was performed across  revenue generation, costs, and investments, consid-  ering materiality.  Manufacture of medicinal products is our primary  economic activity which drives the high eligibility  percentage for turnover.  The identified eligible CapEx consists of additions  in 2024 related to Intangible assets, PPE and Right-  of-use assets in note 15, 16 and 17 of the Annual  Report 2024.  We are still assessing our production process against  the technical screening criteria pertaining to the  manufacture of medicines to work towards align-  ment.  Accounting policies  Turnover  Total Turnover consists of total revenue from sale of  goods and services, as defined under IFRS. The Turn-  over KPI is defined as Taxonomy-eligible Turnover  divided by total turnover.  OpEx  The denominator consists of direct non-capitalized  costs that relate to research and development, building  renovation measures, short-term lease, maintenance  and repair, and any other direct expenditures relating  to the day-to-day servicing of assets of property, plant  and equipment by the undertaking or third party to  whom activities are outsourced that are necessary  to ensure the continued and effective functioning of  such assets. OpEx does not include amortizations and  impairments. The numerator equals to the part of the  operating expenditure included in the denominator  that is any of the following: (a) related to assets or  processes that are associated with Taxonomy-aligned  economic activities; (b) part of a CapEx plan to expand  Taxonomy-aligned economic activities; (c) related to the  purchase of output from Taxonomy-aligned economic  activities. The OpEx KPI is defined as Taxonomy-eligible  OpEx divided by total OpEx.  CapEx  The denominator consists of additions to tangible  assets, intangible assets, and right-of-use assets during  the financial year considered before depreciation,  amortization, and any re-measurements, including  those resulting from revaluations and impairments,  for the relevant financial year, excluding any fair value  changes. Thenumerator equals to the part of the  capital expenditure included in the denominator that is  any of the following: (a) related to assets or processes  that are associated with Taxonomy-aligned economic  activities; (b) part of a CapEx plan to expand Taxon-  omy-aligned economic activities; (c) related to the  purchase of output from Taxonomy-aligned economic  activities. In respect of (a), we assess intangible assets,  which have successfully finalized stage 3 clinical  studies, to be associated with our Taxonomy-aligned  (eligible) economic activities. The CapEx KPI is defined  as Taxonomy-eligible CapEx divided by total CapEx.  Contextual information about the KPIs  We perceive the principal part of Bavarian Nordicâs  revenue related to manufacture of medicinal products,  cf. note 3 to the Consolidated financial statements. As  Taxonomy-eligible, we only include CapEx directly asso-  ciated with the manufacturing processes. Eligible CapEx  for 2024 mainly relates product rights and investments  in plant and machinery. Eligible OpEx relates to research  and development directly associated with manufac-  turing processes, cf. note 4 to the Consolidated financial  statements. The narrow EU Taxonomy OpEx definition is  the main reason for a reported low eligibility.  When allocating CapEx and OpEx to economic activi-  ties, we prioritize those that directly contribute to our  primary economic activity first. Secondly, we allocate to  other environmental objectives for which specific tech-  nical screening criteria are set. This is how we avoid  double counting where activities contribute to multiple  environmental objectives. We are adjusting the R&D  cost for amortizations to not double count these costs,  as the amortization would also have been part of CapEx  in prior years.  EU Taxonomy  Turnover  Financial year - 2024  2024  Sustainable contribution criteria  DNSH criteria ("Does Not Significantly Harm")  Economic activities (1)  DKK  Y; N; N/Y; N; N/Y; N; N/Y; N; N/Y; N; N/Y; N; N/  %Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  %ETthousand  EL  EL  EL  EL  EL  EL  A. Taxonomy-eligible activities  A.1. Environmentally sustainable activities (taxonomy-aligned)  None  N/A  N/A  N/A  N/A  N/A  N/A  NNNNNNN0 %  TTurnover of environmentally sustainable  00%  NNNNNNN0 %  activities (Taxonomy-aligned) (A.1)  Of which is enabling  NNNNNNNEOf which is transitional  NNNNNNNTA.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)  EL; N/ELEL; N/ELEL; N/ELEL; N/ELEL; N/ELEL; N/EL  Manufacture of medicinal products  PPC 1.25,487,285  96 %  N/EL  N/EL  N/EL  EL  N/EL  N/EL  98%  Turnover of Taxonomy-eligible but not  environmentally sustainable activities  5,487,285 96%  100 %  98%  (not Taxonomy-aligned activities) (A.2)  A. Turnover of Taxonomy-eligible  activities (A.1+A.2)  5,487,285 96%  %B. Taxonomy-non-eligible activities  Turnover of Taxonomy-non-eligible activities  228,921  4 %  Total  5,716,206 100%  Y â Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective  N â No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective  N/EL â Not eligible, Taxonomy-non-eligible activity with the relevant environmental objective  EU Taxonomy  OpEx  Financial year - 2024  2024  Sustainable contribution criteria  DNSH criteria ("Does Not Significantly Harm")  Economic activities (1)  DKK  Y; N; N/Y; N; N/Y; N; N/Y; N; N/Y; N; N/Y; N; N/  %Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  %ETthousand  EL  EL  EL  EL  EL  EL  A. Taxonomy-eligible activities  A.1. Environmentally sustainable activities (taxonomy-aligned)  None  N/A  N/A  N/A  N/A  N/A  N/A  NNNNNNN0 %  TOpEx of environmentally sustainable  00%  NNNNNNN0 %  activities (Taxonomy-aligned) (A.1)  Of which is enabling  NNNNNNNEOf which is transitional  NNNNNNNTA.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)  EL; N/ELEL; N/ELEL; N/ELEL; N/ELEL; N/ELEL; N/EL  Manufacture of medicinal products  PPC 1.2  490,481  61 %  N/EL  N/EL  N/EL  EL  N/EL  N/EL  18 %  OpEx of Taxonomy-eligible but not  environmentally sustainable activities  490,481  61 %  100 %  18 %  (not Taxonomy-aligned activities) (A.2)  A. OpEx of Taxonomy-eligible  activities (A.1+A.2)  490,481  61 %  %B. Taxonomy-non-eligible activities  OpEx of Taxonomy-non-eligible activities  313,126  39 %  Total  803,607  100 %  Y â Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective  N â No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective  N/EL â Not eligible, Taxonomy-non-eligible activity with the relevant environmental objective  EU Taxonomy  CapEx  Financial year - 2024  2024  Sustainable contribution criteria  DNSH criteria ("Does Not Significantly Harm")  Economic activities (1)  DKK  Y; N; N/Y; N; N/Y; N; N/Y; N; N/Y; N; N/Y; N; N/  %Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  %ETthousand  EL  EL  EL  EL  EL  EL  A. Taxonomy-eligible activities  A.1. Environmentally sustainable activities (taxonomy-aligned)  None  N/A  N/A  N/A  N/A  N/A  N/A  NNNNNNN0 %  TCapEx of environmentally sustainable  00%  NNNNNNN0 %  activities (Taxonomy-aligned) (A.1)  Of which is enabling  NNNNNNNEOf which is transitional  NNNNNNNTA.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)  EL; N/ELEL; N/ELEL; N/ELEL; N/ELEL; N/ELEL; N/EL  Manufacture of medicinal products  PPC 1.2  309,388  100 %  N/EL  N/EL  N/EL  EL  N/EL  N/EL  87%  CapEx of Taxonomy-eligible but not  environmentally sustainable activities  309,388  100 %  100%  87 %  (not Taxonomy-aligned activities) (A.2)  A. CapEx of Taxonomy-eligible  activities (A.1+A.2)  309,388  100 %  100%  B. Taxonomy-non-eligible activities  CapEx of Taxonomy-non-eligible activities  00 %  Total  309,388  100 %  Y â Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective  N â No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective  N/EL â Not eligible, Taxonomy-non-eligible activity with the relevant environmental objective  EU Taxonomy â nuclear and fossil gas related activities  Nuclear energy related activities  Yes/No  1The undertaking carries out, funds or has exposures to research, development,  No  demonstration and deployment of innovative electricity generation facilities that  produce energy from nuclear processes with minimal waste from the fuel cycle.  2The undertaking carries out, funds or has exposures to construction and safe  No  operation of new nuclear installations to produce electricity or process heat,  including for the purposes of district heating or industrial processes such as hydrogen  production, as well as their safety upgrades, using best available technologies.  3The undertaking carries out, funds or has exposures to safe operation of existing  No  nuclear installations that produce electricity or process heat, including for the  purposes of district heating or industrial processes such as hydrogen production from  nuclear energy, as well as their safety upgrades.  Fossil gas related activities  4The undertaking carries out, funds or has exposures to construction or operation of  No  electricity generation facilities that produce electricity using fossil gaseous fuels.  5The undertaking carries out, funds or has exposures to construction, refurbishment,  No  and operation of combined heat/cool and power generation facilities using fossil  gaseous fuels.  6The undertaking carries out, funds or has exposures to construction, refurbishment  No  and operation of heat generation facilities that produce heat/cool using fossil  gaseous fuels.  </mrv:DescriptionofTheTaxonomyRegulation>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx49" id="fact1007" xml:lang="en">Statement by the Board of Directors  and Executive Management on the  Annual Report  The Board of Directors and the Executive Manage-  ment have today considered and approved the  Annual Report of Bavarian Nordic A/S for the finan-  cial year January 1, 2024 - December 31, 2024.  The consolidated financial statements are presented  in accordance with IFRS Accounting Standards as  endorsed by the EU. The parent financial statements  are presented in accordance with the Danish Finan-  cial Statements Act. Furthermore, the Annual Report  is prepared in accordance with Danish disclosure  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 Parent companyâs  financial position at December 31, 2024, as well as of  the results of their operations and cash flows for the  financial year January 1, 2024 - December 31, 2024.  In our opinion, the management commentary  contains a fair review of the development of the  Group's and the Parent companyâs business and  financial matters, the results for the year and of the  Parent companyâs financial position and the finan-  cial 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 company face.  The Sustainability statement is prepared in accord-  ance with the European Sustainability Reporting  Standards (ESRS) as required by the Danish Finan-  cial Statements Act, as well as article 8 in the EU  Taxonomy regulation.  In our opinion, the Annual Report of Bavarian  Nordic A/S for the financial year January 1, 2024 to  December 31, 2024 identified as bava-2024-12-31-en.  zip is prepared, in all material respects, in accord-  ance with the ESEF Regulation.  We recommend the Annual Report for adoption at  the Annual General Meeting.  </sob:StatementByExecutiveAndSupervisoryBoards>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx50" id="fact1698" xml:lang="en">Paul John Chaplin</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx50" id="fact1699" xml:lang="en">President and CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx51" id="fact1700" xml:lang="en">Henrik Juuel</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx51" id="fact1701" xml:lang="en">Executive Vice President and CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx52" id="fact1702" xml:lang="en">Luc Debruyne</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx52" id="fact1703" xml:lang="en">Chairman of the Board</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx53" id="fact1704" xml:lang="en">Anders Gersel Pedersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx54" id="fact1706" xml:lang="en">Montse Montaner</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx53" id="fact1705" xml:lang="en">Deputy Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx55" id="fact1707" xml:lang="en">Frank A.G.M. Verwiel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx56" id="fact1708" xml:lang="en">Anne Louise Eberhard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx57" id="fact1709" xml:lang="en">Johan van Hoof</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx58" id="fact1710" xml:lang="en">Heidi Hunter</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx59" id="fact1711" xml:lang="en">Thomas Alex Bennekov</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx59" id="fact1712" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx60" id="fact1713" xml:lang="en">Anja Gjøl</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx60" id="fact1714" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx61" id="fact1715" xml:lang="en">Karen Merete Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx61" id="fact1716" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx62" id="fact1717" xml:lang="en">Linette Munksgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx63" id="fact1718" xml:lang="en">Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx63" id="fact1719" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<arr:AuditorsReportOnSubstainabilityReport contextRef="ctx49" id="fact1048" xml:lang="en">Independent auditorâs limited assurance  report on sustainability statement  To the shareholders of Bavarian Nordic A/S  Limited assurance conclusion  âGeneralâ section of the sustainability statement;  in a limited assurance engagement is substantially  ment 1, which requires the firm to design, imple-  We have conducted a limited assurance engage-  and  lower than the assurance that would have been  ment and operate a system of quality management  ment on the sustainability statement of Bavarian  obtained had a reasonable assurance engagement  including policies or procedures regarding compli-  Nordic A/S (the âGroupâ) included in the Manage-  ⢠compliance of the disclosures in subsection âEU  been performed.  ance with ethical requirements, professional stand-  mentâs Review (the âsustainability statementâ),  Taxonomyâ within the âEnvironmentalâ section  ards and applicable legal and regulatory require-  page 40 â 111, for the financial year 1 January â 31  of the sustainability statement with Article 8 of  We believe that the evidence we have obtained is  ments.  December 2024.  EU Regulation 2020/852 (the âTaxonomy Regula-  sufficient and appropriate to provide a basis for our  tionâ).  conclusion. Our responsibilities under this standard  Other matter  Based on the procedures we have performed and  are further described in the Auditorâs responsibilities  The comparative information included in the  the evidence we have obtained, nothing has come  Basis for conclusion  for the assurance engagement section of our report.  sustainability statement of the Group was not  to our attention that causes us to believe that the  We conducted our limited assurance engagement in  subject to an assurance engagement on sustaina-  sustainability statement is not prepared, in all mate-  accordance with International Standard on Assur-  Our independence and quality management  bility information prepared in accordance with the  rial respects, in accordance with the Danish Financial  ance Engagements (ISAE) 3000 (Revised), Assurance  We are independent of the Group in accordance with  Danish Financial Statements Act section 99 a. Our  Statements Act paragraph 99 a, including:  engagements other than audits or reviews of histor-  the International Ethics Standards Board for Account-  conclusion is not modified in respect of this matter.  ical financial information (âISAE 3000 (Revised)â)  antsâ International Code of Ethics for Professional  ⢠compliance with the European Sustainability  and the additional requirements applicable in  Accountants (IESBA Code) and the additional ethical  Inherent limitations in preparing  Reporting Standards (ESRS), including that the  Denmark.  requirements applicable in Denmark. We have also  the sustainability statement  process carried out by the management to iden-  fulfilled our other ethical responsibilities in accord-  In reporting forward-looking information in accord-  tify the information reported in the sustainability  The procedures in a limited assurance engagement  ance with these requirements and the IESBA Code.  ance with ESRS, management is required to prepare  statement (the âProcessâ) is in accordance with  vary in nature and timing from, and are less in  the forward-looking information on the basis of  the description set out in subsection âThe double  extent than for, a reasonable assurance engage-  KPMG Statsautoriseret Revisionspartnerselskab  disclosed assumptions about events that may occur  materiality assessment processâ within the  ment. Consequently, the level of assurance obtained  applies International Standard on Quality Manage-  in the future and possible future actions by the  Bavarian NordicAnnual Report 2024  191  Group. Actual outcomes are likely to be different  ⢠the assessment of the materiality of the identi-  assumptions and estimates that are reasonable in  ⢠Considering whether the information identified  since anticipated events frequently do not occur as  fied impacts, risks and opportunities related to  the circumstances.  addresses the applicable disclosure requirements  expected.  sustainability matters by selecting and applying  of the ESRS, and  appropriate thresholds; and  Auditorâs responsibilities for the  Managementâs responsibilities for  assurance engagement  ⢠Designing and performing procedures to eval-  the sustainability statement  ⢠making assumptions that are reasonable in the  Our objectives are to plan and perform the assur-  uate whether the Process is consistent with the  Management is responsible for designing and  circumstances.  ance engagement to obtain limited assurance about  Groupâs description of its Process, as disclosed in  implementing a process to identify the information  whether the sustainability statement is free from  the subsection âThe double materiality assess-  reported in the sustainability statement in accord-  Management is further responsible for the prepara-  material misstatement, whether due to fraud or  ment processâ within the âGeneralâ section of the  ance with the ESRS and for disclosing this Process  tion of the sustainability statement, in accordance  error, and to issue a limited assurance report that  sustainability statement.  as part of the subsection âThe double materiality  with the Danish Financial Statements Act paragraph  includes our conclusion. Misstatements can arise  assessment processâ within the âGeneralâ section  99 a, including:  from fraud or error and are considered material if,  Our other responsibilities in respect of the sustaina-  of the sustainability statement. This responsibility  individually or in the aggregate, they could reason-  bility statement include:  includes:  ⢠compliance with the ESRS;  ably be expected to influence decisions of users  taken on the basis of the sustainability statement as  ⢠Identifying disclosures where material misstate-  ⢠understanding the context in which the Groupâs  ⢠preparing the disclosures in subsection âEU  a whole.  ments are likely to arise, whether due to fraud or  activities and business relationships take place  Taxonomyâ within the âEnvironmentalâ section of  error; and  and developing an understanding of its affected  the sustainability statement, in compliance with  As part of a limited assurance engagement in  stakeholders;  Article 8 of the Taxonomy Regulation;  accordance with ISAE 3000 (Revised) we exercise  ⢠Designing and performing procedures responsive  professional judgement and maintain professional  to disclosures in the sustainability statement  ⢠the identification of the actual and potential  ⢠designing, implementing and maintaining such  scepticism throughout the engagement.  where material misstatements are likely to arise.  impacts (both negative and positive) related  internal control that management determines  The risk of not detecting a material misstate-  to sustainability matters, as well as risks and  is necessary to enable the preparation of the  Our responsibilities in respect of the Process include:  ment resulting from fraud is higher than for  opportunities that affect, or could reasonably be  sustainability statement that is free from material  one resulting from error, as fraud may involve  expected to affect, the Groupâs financial posi-  misstatement, whether due to fraud or error; and  ⢠Obtaining an understanding of the Process but  collusion, forgery, intentional omissions, misrep-  tion, financial performance, cash flows, access  not for the purpose of providing a conclusion on  resentations, or the override of internal control.  to finance or cost of capital over the short-,  ⢠the selection and application of appropriate  the effectiveness of the Process, including the  medium-, or long-term;  sustainability reporting methods and making  outcome of the Process;  Bavarian NordicAnnual Report 2024  192  Summary of the work performed  In conducting our limited assurance engagement,  ⢠Performed substantive assurance procedures on  A limited assurance engagement involves  with respect to the sustainability statement, we:  selected information in the sustainability state-  performing procedures to obtain evidence about the  ment;  sustainability statement.  ⢠Obtained an understanding of the Groupâs  reporting processes relevant to the preparation of  ⢠Evaluated methods, assumptions and data for  The nature, timing and extent of procedures  its sustainability statement including the consol-  developing material estimates and forward-  selected depend on professional judgement,  idation processes by obtaining an understanding  looking information and how these methods were  including the identification of disclosures where  of the Groupâs control environment, processes and  applied;  material misstatements are likely to arise, whether  information systems relevant to the preparation  due to fraud or error, in the sustainability statement.  of the sustainability statement but not evalu-  ⢠Obtained an understanding of the process to  ating the design of particular control activities,  identify taxonomy-eligible and taxonomy-aligned  In conducting our limited assurance engagement,  obtaining evidence about their implementation or  economic activities and the corresponding disclo-  with respect to the Process, we:  testing their operating effectiveness;  sures in the sustainability statement; and  ⢠Obtained an understanding of the Process by  ⢠Evaluated whether material information identified  ⢠Where applicable, compared selected disclosures  performing inquiries to understand the sources  by the Process is included in the sustainability  in the sustainability statement with the corre-  of the information used by management; and  statement;  sponding disclosures in the financial statements  reviewing the Groupâs internal documentation of  and Managementâs Review;  its Process; and  ⢠Evaluated whether the structure and the pres-  entation of the sustainability statement are in  ⢠Evaluated whether the evidence obtained from  accordance with the ESRS;  our procedures about the Process implemented  by the Group was consistent with the description  ⢠Performed inquiries of relevant personnel and  of the Process set out in the subsection âThe  analytical procedures on selected information in  double materiality assessment processâ within  the sustainability statement;  the âGeneralâ section of the sustainability state-  ment.  Bavarian NordicAnnual Report 2024  </arr:AuditorsReportOnSubstainabilityReport>
<arr:SignatureOfSubstainabilityAuditorsPlace contextRef="ctx49" id="fact1322" xml:lang="en">Copenhagen</arr:SignatureOfSubstainabilityAuditorsPlace>
<arr:SignatureOfSubstainabilityAuditorsDate contextRef="ctx49" id="fact1323">2025-03-05</arr:SignatureOfSubstainabilityAuditorsDate>
<cmn:NameOfAuditFirmSubstainability contextRef="ctx64" id="fact1720" xml:lang="en">KPMG Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
<cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx64" id="fact1722">25578189</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
<cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx64" id="fact1723" xml:lang="en">Sara Carstensen</cmn:NameAndSurnameOfSubstainabilityAuditor>
<cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx64" id="fact1724" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
<cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx64" id="fact1725" xml:lang="en">mne34191</cmn:fIdentificationNumberOfSubstainabilityAuditor>
<cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx65" id="fact1726" xml:lang="en">Simon Vinberg Andersen</cmn:NameAndSurnameOfSubstainabilityAuditor>
<cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx65" id="fact1727" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
<cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx65" id="fact1728" xml:lang="en">mne35458</cmn:fIdentificationNumberOfSubstainabilityAuditor>
<arr:IndependentAuditorsReportsAudit contextRef="ctx49" id="fact1324" xml:lang="en">Independent auditorâs report  </arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx49" id="fact1325" xml:lang="en">To the shareholders of Bavarian Nordic A/S  Report on the audit of the Consolidated Financial Statements and  Parent Company Financial Statements  </arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx49" id="fact1328" xml:lang="en">Opinion  In our opinion, the consolidated financial statements  and the Parent Company financial statements give  a true and fair view of the Group's and the Parent  Company's assets, liabilities and financial position at  31 December 2024 and of the results of the Group's  and Parent Company's operations and cash flows  for the financial year 1 January â 31 December 2024.  The consolidated financial statements are prepared  in accordance with the IFRS Accounting Standards as  adopted by the EU and additional requirements in  the Danish Financial Statements Act, and the parent  financial statements are prepared in accordance  with the Danish Financial Statements Act.  Our opinion is consistent with our long-form audit  report to the Board or Directors and the Audit  Committee.  Audited financial statements  Bavarian Nordic A/S' consolidated financial state-  ments and parent company financial statements  for the financial year 1 January â 31 December 2024  comprise the income statement, statement of  comprehensive income, balance sheet, statement  of changes in equity, statement of cash flows and  notes, including summary of material accounting  policy information, for the Group as well as for the  Parent Company (the financial statements). The  consolidated financial statements are prepared in  accordance with the IFRS Accounting Standards as  adopted by the EU and additional requirements in  the Danish Financial Statements Act, and the parent  financial statements are prepared in accordance  with the Danish Financial Statements Act.  </arr:OpinionOnAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx49" id="fact1388" 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 financial statements for the 2024  financial year. These matters were addressed in the  context of our audit of the financial statements as  a whole, and in the forming of our opinion thereon.  We do not provide a separate opinion on these  matters.  Key audit matter  Revenue recognition  Refer to note 3 in the consolidated financial  statements.  The Group recognizes revenue under various  contracts including agreements with govern-  mental institutions. Specifically, the Group  has arrangements with Biomedical Advanced  Research and Development Authority (BARDA)  an institution under the U.S. Department  of Health and Human Services to sell drug  substance batches.  The respective contracts include complexi-  ties such as long-term supply agreements,  discounts, and rebates, and returns policies,  which require management to exercise signif-  icant judgment.  Especially the determination of the timing of  revenue recognition and the determination  of variable considerations are complex, with  the latter also requiring Management to make  assumptions.  How our audit addressed the key audit matter  For the purposes of our audit, the procedures we  carried out included the following:  We obtained an understanding of the related  business processes and assessed design and  implementation of the respective controls.  We evaluated the appropriateness of the Groupâs  accounting for revenue recognition, estimating  sales rebates and chargebacks, including provi-  sions related to contractual discounts, returns,  and other variable considerations.  We evaluated the principles applied by manage-  ment, to determine whether they are compliant  with the requirements of the applicable financial  reporting framework.  We tested the timing of revenue recognition  and the amounts determined for the variable  considerations, assessing their consistency with  contractual terms, and supporting documenta-  tion.  We assessed the reasonableness of the recorded  accruals for variable considerations at the  reporting date by looking at historical trends,  current inventory levels, and contractual terms.  We evaluated the related presentation and  disclosures.  </arr:KeyAuditMattersAudit>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx49" id="fact1361" xml:lang="en">Basis for opinion  We conducted our audit in accordance with Interna-  tional Standards on Auditing (ISAs) and the addi-  tional requirements applicable in Denmark.  Our responsibilities under those standards and  requirements are further described in the "Auditor's  responsibilities for the audit of the financial state-  ments" section of our report.  We believe that the audit evidence we have  obtained is sufficient and appropriate to provide a  basis for our opinion.  Independence  We are independent of the Group in accordance with  the International Ethics Standards Board for Account-  ants' International Code of Ethics for Professional  Accountants (IESBA Code) and the additional ethical  requirements applicable in Denmark, and we have  fulfilled our other ethical responsibilities in accord-  ance with these requirements and the IESBA Code.  We declare, to the best of our knowledge and belief,  that we have not provided any prohibited non-audit  services, as referred to in Article 5(1) of the Regu-  lation (EU) 537/2014 and that we remained inde-  pendent in conducting the audit.  We were appointed auditors of Bavarian Nordic A/S  for the first time on 16 April 2024 for the financial  year 2024.  </arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx49" id="fact1445" xml:lang="en">Statement on the Management's review  Management is responsible for the Management's  review.  Our opinion on the financial statements does not  cover the Management's review, and we do not  express any form of assurance conclusion thereon.  In connection with our audit of the financial state-  ments, our responsibility is to read the Manage-  ment's review and, in doing so, consider whether  the Management's review is materially inconsistent  with the financial statements or our knowledge  obtained during the audit, or otherwise appears to  be materially misstated.  Moreover, it is our responsibility to consider whether  the Management's review provides the information  required by the Danish Financial Statements Act.  This does not include the requirements in paragraph  99a related to the sustainability statement covered  by the separate auditorâs limited assurance report  hereon.  Based on the work we have performed, we  conclude that the Management's review is in  accordance with the financial statements and has  been prepared in accordance with the requirements  of the Danish Financial Statements Act except for  the requirements in paragraph 99a related to the  sustainability statement, cf. above. We did not  identify any material misstatement of the Manage-  ment's review.  </arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx49" id="fact1474" xml:lang="en">Management's responsibility for  the financial statements  Management is responsible for the preparation of  financial statements that give a true and fair view  in accordance with the IFRS Accounting Standards  as adopted by the EU and additional requirements  in the Danish Financial Statements Act and for such  internal control that Management determines is  necessary to enable the preparation of financial  statements that are free from material misstate-  ment, whether due to fraud or error.  In preparing the financial statements, Management  is responsible for assessing the Group's and the  Parent Company's ability to continue as a going  concern, disclosing, as applicable, matters related  to going concern and using the going concern basis  of accounting unless Management either intends  to liquidate the Group or the Parent Company or to  cease operations, or has no realistic alternative but  to do so.  </arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx49" id="fact1494" xml:lang="en">Auditor's responsibilities for the audit  of the financial statements  Our objectives are to obtain reasonable assurance  as to whether the financial statements as a whole  are free from material misstatement, whether due  to fraud or error, and to issue an auditor's 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 may 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 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:  ⢠identify and assess the risks of material misstate-  ment of the 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.  ⢠obtain an understanding of internal control  relevant 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 Group's and  the Parent Company's internal control.  ⢠evaluate the appropriateness of accounting poli-  cies used and the reasonableness of accounting  estimates and related disclosures made by  Management.  ⢠conclude on the appropriateness of Manage-  ment's use of the going concern basis of  accounting in preparing the 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 Parent Company's  ability to continue as a going concern. If we  conclude that a material uncertainty exists, we  are required to draw attention in our auditor's  report to the related disclosures in the 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 auditor's report. However, future events or  conditions may cause the Group and the Parent  Company to cease to continue as a going concern.  ⢠evaluate the overall presentation, structure and  contents of the financial statements, including the  disclosures, and whether the financial statements  represent the underlying transactions and events  in a manner that gives a true and fair view.  ⢠plan and perform the group audit to obtain suffi-  cient appropriate audit evidence regarding the  financial information of the entities or business  units within the Group as a basis for forming an  opinion on the consolidated financial statements  and the Parent Company financial statements. We  are responsible for the direction, supervision and  review of the audit work performed for purposes  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,  actions taken to eliminate threats or safeguards  applied.  From the matters communicated to those charged  with governance, we determine those matters that  were of most significance in the audit of the finan-  cial statements of the current period and therefore  the key audit matters. We describe these matters  in our auditor's report unless law or regulation  precludes public disclosure about the matter or  when, in extremely rare circumstances, we deter-  mined 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="fact1599" xml:lang="en">Report on compliance with the ESEF Regulation  As part of our audit of the Consolidated Financial  Statements and Parent Company Financial State-  ments of Bavarian Nordic A/S we performed proce-  dures to express an opinion on whether the annual  report of Bavarian Nordic A/S for the financial year  1 January â 31 December 2024 with the file name  bava-2024-12-31-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.  Management is responsible for preparing an annual  report that complies with the ESEF Regulation. This  responsibility includes:  ⢠The preparing of the annual report in XHTML  format;  ⢠The selection and application of appropriate iXBRL  tags, 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;  ⢠Ensuring consistency between iXBRL tagged  data and the Consolidated Financial Statements  presented in human readable format; and  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  material respects, in compliance with the ESEF Regu-  lation 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 requirements set out in the ESEF Regulation,  whether due to fraud or error. The procedures  include:  ⢠Testing whether the annual report is prepared in  XHTML format;  ⢠Obtaining an understanding of the companyâs  iXBRL tagging process and of internal control over  the tagging process;  ⢠Evaluating the completeness of the iXBRL tagging  of the Consolidated Financial Statements;  ⢠Evaluating the appropriateness of the companyâs  use 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;  ⢠Evaluating the use of anchoring of extension  elements to elements in the ESEF taxonomy; and  ⢠Reconciling the iXBRL tagged data with the  audited Consolidated Financial Statements.  In our opinion, the Annual Report of Bavarian  Nordic A/S for the financial year January 1, 2024 to  December 31, 2024 identified as bava-2024-12-31-en.  zip is prepared, in all material respects, in accord-  ance with the ESEF Regulation.  </arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx49" id="fact1672" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx49" id="fact1673">2025-03-05</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx67" id="fact1739" xml:lang="en">KPMG Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx66" id="fact1729" xml:lang="en">KPMG Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx67" id="fact1738">25578198</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx66" id="fact1731">25578198</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx66" id="fact1732" xml:lang="en">Sara Carstensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx66" id="fact1733" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx66" id="fact1734" xml:lang="en">mne34191</cmn:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx67" id="fact1735" xml:lang="en">Simon Vinberg Andersen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx67" id="fact1736" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx67" id="fact1737" xml:lang="en">mne35458</cmn:IdentificationNumberOfAuditor>
</xbrli:xbrl>