Bavarian Nordic A/S (BAVA) Earnings Call Transcript & Summary

Good day, and thank you for standing by. Welcome to the Monkeypox Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Rolf Sass. Please go ahead.

Yes. Thank you, operator, and welcome all to this conference call where we want to give you a general update on the monkeypox situation. It's now approximately 1 month ago since we saw the first outbreak here in Europe, and many things have happened since. So we thought it's a good time now to give you an update on how we see the situation. And to do that, I have with me here President and CEO, Paul Chaplin; Executive Vice President and CFO, Henrik Juuel, to give you that presentation and to handle Q&A afterwards. Before we start doing that, just go through this short disclaimer. This presentation includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside our control that could cause actual results to differ materially from the results discussed. Forward-looking statements include statements regarding our short-term objectives, opportunities, financial expectations for the full year and cash position as of year-end as well as statements concerning our plans, objectives, goals, future events, performance and other information that is not historical information. All such forward-looking statements are expressly qualified by these cautionary statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law. And with this, I will hand the presentation over to you, Paul.

Yes. Thanks, Rolf, and welcome, everyone, for this update call. We thought it was a good idea that with everything going on over the last couple of weeks that we would give you an update on monkeypox, the regulatory approvals for MVA, some of the options and data supporting the various different vaccines that may be used, the recommendations. And then Henrik will take over a little bit of some of the recent events in terms of who we've been talking to and the changing guidance at the end before we get to Q&A. So if you turn to Slide 4, actually, I'll talk a little bit about the disease. So I'm sure a few weeks ago, many of you may not have even heard of monkeypox, but monkeypox is an emerging disease. It belongs to the orthopox genus or family, which consists also of smallpox. It has similar symptoms to the smallpox, but it's nowhere near as severe. It is a serious disease, monkeypox, and can have up to mortality 10%, but it is nowhere near as contagious as smallpox. Smallpox, as you know, has been eradicated since 1980 through a very successful vaccination campaign. And one of the reasons it's believed that we could eradicate smallpox is that smallpox was specific to humans; there was no animal reservoir. That's not the same with monkeypox. So monkeypox has an animal reservoir, so it will spread amongst animals. And then obviously is spread from animals to humans. And now there is a clear evidence there is human-to-human transmission, but having an animal reservoir does make it more difficult to eradicate diseases. Monkeypox was actually detected many years ago from a laboratory animal, a monkey. But the first human case wasn't recorded until 1970. And one of the reasons it's believed that monkeypox is emerging is that, obviously, with the eradicate -- with the halting of vaccination against smallpox, the immunity against other members of the same family, such as monkeypox, is dropping. And that's allowing monkeypox to emerge. So it is known historically that if you are vaccinated or if you've been infected with one member of this viral family, you're typically protected against the others. And that is known all the way back from the beginning of vaccination. So Edward Jenner first noticed that cow maids who often got infected with cowpox were not infected with smallpox. And that was actually the very, very first smallpox vaccination. So cowpox prevents against smallpox. And then obviously, vaccinia was used to eradicate smallpox. So we know there is cross-protection. So that's a little bit about the disease. If you go to the next slide on Slide 5, over the last few years, there have been a number of travelers returning from, typically, Nigeria to the U.K., Israel and even the U.S. where there have been isolated cases of these travelers being infected with monkeypox. In the U.K., they have had transmission to health care workers and other close contacts from these returning travelers. And in the U.K., they've previously used IMVANEX, a vaccine against smallpox and monkeypox, in certain territories. But it has been contained. What is different from what we're seeing this year is that there seems to be many, many more cases in many different countries in parallel. So this is an unprecedented outbreak scenario of monkeypox, which may have originated initially from a traveler or from Central Western Africa. There is -- clearly, there is transmission within the community in several countries. And as I said, there's more than now 1,000 cases, based on the official CDC site, in 29 countries. So this is an extremely unusual situation and the first time we've seen such a wide outbreak of monkeypox coming out of Central Western Africa. So if you go to the next slide, Slide 6, let's talk a little bit about MVA-BN, which is our live viral vector, which we've developed over the years in collaboration with a number of different governments. It was approved in 2013 as IMVANEX in the EU, and that also includes the U.K. And in 2013 also in Canada under a different name, IMVAMUNE, both for the smallpox indication. In 2019, it was approved by the FDA in the United States of America as JYNNEOS. And it was approved both for smallpox and monkeypox indication. And later in 2020, the approval in Canada was expanded to include not only smallpox but also the monkeypox and other related orthopox infections in adults. So basically, in all these territories, the vaccine under different trade names is approved for smallpox or monkeypox for the general adult population. So to turn to the next slide, let's talk a little bit about why was JYNNEOS, if I stick to one trade name, JYNNEOS, developed. Well, as I said, smallpox vaccines have eradicated the disease since 1980. They're highly effective. And many years ago, several decades ago, several governments started looking at stockpiling these, what we call, first or second-generation smallpox vaccines in case smallpox reemerged either accidentally or deliberately. And as I said, these vaccines are highly effective and are applied by applying a droplet of the vaccine, which is a live replicating virus, to the skin using a special needle called bifurcated needle, which you can see in the one picture in the upper right. And this causes a local infection in the skin where the virus vaccinia replicates, forming a pustule filled by -- a pustule full of virus to stimulate the protective immune response, eventually scabs and heals over as a scar, a process that's known as a vaccine take. And this is the historical measure of protection. So if you were vaccinated and you see this take, this scar, you are considered protected against smallpox. So if you go to the next slide, so these vaccines, the first and second-generation smallpox vaccine is highly effective. However, they are associated with rare but rather serious adverse events. And the majority are associated with the replicating nature of the virus. So there can be a generalized vaccinia infection, where the vaccinia virus from the vaccine gets into the bloodstream and causes a general infection. If there are skin allergies, it can cause what is called eczema vaccinatum. So obviously, people with skin allergies are contraindicated to these vaccines. Because it's a live replicating virus, if you burst this pustule, you can accidentally infect yourself or others. So you can get autoinoculation, leading to blindness or you can infect a young child that may get one of these other conditions. You can get progressive vaccinia at the site of the vaccination. And one of the other complications that we're seeing in the development of second-generation vaccines is about 1 in every 150 that are vaccinated may have this heart swelling condition known as myopericarditis. And ACAM2000, which is the second-generation vaccine approved in the U.S. actually comes with what is referred to as a black box warning of all these different indications, which unfortunately can lead to death. So due to these unsavory safety conditions led to the development of JYNNEOS. So JYNNEOS is derived from vaccinia, the same virus that was used to eradicate smallpox, but it's highly attenuated in that it fails to replicate in human cells. So it can be given safely and it stimulates the same immune response, but it doesn't replicate in the human host and therefore is considered a safer alternative. So if you go to the next slide, as I said, if you look at the replicating first, second-generation vaccines, whether they have a monkeypox indication or not, they're likely to protect against all members of the orthopox genus since -- monkeypox as well. However, as I've just walked through, there are some serious side effect issues with these vaccines. And that has to be carefully considered in the current situation whether such vaccines should be recommended given the risk profile of monkeypox. On the other hand, we have JYNNEOS. As I said, it's nonreplicating in human cells. We have safety data with more than 10,000 subjects. This includes people with HIV, with low CD4 counts; people who are considered to have full-blown AIDS; the elderly people with eczema, which if you remember is one of the contraindicated populations. And we've shown that you see the same safety -- favorable safety profile as you do in healthy adults. And that's why JYNNEOS is recommended for the general adult population. And the only contraindications are people with -- who are allergic to some of the components of the vaccine. Go to the next slide. Let's talk a little bit about the data. There's a lot of misinformation out there that JYNNEOS was approved under the Animal Rule. That's absolutely not true. JYNNEOS was approved by comparing the immune response, which is considered to be the correlate of efficacy, to ACAM2000 in a pivotal study that has been published in the New England Journal of Medicine. So here, we compared people who were vaccinated with ACAM2000 to people who were vaccinated with JYNNEOS. On the right-hand side is the peak responses, the immune responses in the blood after 2 vaccinations with JYNNEOS, which is the red bar, versus ACAM single vaccination, which is the turquoise bar on the right-hand side, showing -- clearly showing non-inferiority. And on the left-hand side, another important feature is that although JYNNEOS is recommended as a 2-shot regime, after 1 vaccination, on the left-hand side, at a time when ACAM2000 was believed to induce the protective response, i.e. the vaccine take, you can see that the immune responses induced by both vaccines are identical or non-inferior. So a single vaccination with JYNNEOS induces the same immune response as the protective response induced by ACAM and a very much stronger response in the 2-shot regime, on the right-hand side, with JYNNEOS versus ACAM. Now another feature that's important if you're utilizing vaccines to protect close contacts is how quickly does the vaccine work. There is a belief from the eradication program that smallpox vaccines can be given days post exposure, but there's no real evidence of that in the literature. And if you go to the next slide, we can talk about some of the data that has been generated with smallpox vaccines recently. So what I'm showing you here is a mouse model, where mice were vaccinated with either JYNNEOS, Dryvax which is where ACAM2000 is derived in the first-generation vaccine, Elstree or saline as placebo control. And then they're challenged with a lethal dose of mousepox, which is also called ectromelia. And we look at the recovery, how much virus can we recover from the infected lungs so many days post vaccination. So this is all single vaccinations. And you can see 4 days post vaccination, we can't recover any virus from the model to the animals vaccinated with JYNNEOS. However, you recover the same amount of virus from the animals vaccinated with Dryvax, Elstree as you do with those that were given the sham vaccination or a placebo, which is the saline. This means that there is absolutely no protection with first or second-generation smallpox vaccines in this mouse model 4 days post vaccination, but 100% protection in this mouse model given the single vaccination with JYNNEOS. So a much faster onset of protection. If you go to Slide 12, this is a study performed by the National Institute of Health in the U.S. and published, as you can see, in the reference at the bottom. And again, this is now a primate model, where animals, monkeys, were vaccinated either with Dryvax or MVA and then were challenged in the 10 days post vaccination. And if you can see in the first graph on the left-hand side, within the red ring, this is the survival, both groups of animals, whether they receive Dryvax or MVA fully protected. And on the right-hand side, however, if you challenge the animal 4 days post vaccination, the only animals protected are those that received a single vaccination with MVA. Dryvax failed to protect the animals just as they failed to protect in the mouse model. Therefore, if you're really looking at the onset of protection data that's been published by ourselves and others, JYNNEOS has a faster onset of protection and is likely to give you greater protection in the days post being infected. If you go to the next slide, Slide 13, again, some more monkey data supporting that a single vaccination with JYNNEOS offers a considerable amount of protection. As I said, it's approved as a 2-shot regime. But there is data saying that you get a considerable amount of protection with a single vaccination. So this again is primates. We're looking at animals that received a single vaccination of JYNNEOS, 2 vaccinations with JYNNEOS or ACAM2000. And in each case, there was no difference in the protection of these monkeys from a challenge with monkeypox virus given intravenously, which is the most potent way of challenging the animals. All animals are fully protected. All animals only received a single vaccination. So there's a lot of data supporting not only the safety of JYNNEOS but also the efficacy of JYNNEOS by the immunobridging in the clinic to ACAM2000, but also a lot of the animal data, some of which I've just shown you in the last few slides. So on Slide 14 is some of the recent recommendations in the current situation. It was from the EU, CDC or the various different countries or organizations. All are recommending smallpox vaccinations as a kind of prophylactic regime. CDC, for example, in the U.S. is offering both JYNNEOS and ACAM2000. Not really recommending one over the other. And as I said, careful consideration needs to be taken into which vaccine is used based on the risk benefit for the individuals being offered. Interestingly, in the U.K., they're only recommending JYNNEOS or IMVANEX, as it's referred to in the U.K. And they're recommending that 1 dose is probably sufficient. France, again, is only recommending JYNNEOS or IMVANEX but is recommending 2 doses. The Netherlands, again, recommending IMVANEX. And Germany, we expect the recommendation coming through. So smallpox vaccines are recommended. As I've walked you through, there is a big difference between first, second-generation smallpox vaccines that really have some serious considerations in terms of safety. And third-generations like JYNNEOS. JYNNEOS is actually also the only vaccine with an official monkeypox recommendation in Canada and the U.S. and is currently being used off label in Europe. And with that, I can hand over the presentation to Henrik Juuel.

Thank you, Paul. So we are now on Slide #15, and let's talk a little bit about what this means for us from a commercial and organizational perspective. I think first of all, I think ever since it was -- became evident that this outbreak was not just a few cases, coincidence, as we have seen in the past of people traveling back from primarily Africa, it became clear that the outbreak is more than that. As Paul said, the number of confirmed cases is now about 1,000. And we are seeing simultaneous cases in close to 30 or even more than 30 countries in parallel right now. So ever since that became evident, our organization has been extremely busy. I think first of all, the -- our operations team within manufacturing has been extremely busy, creating an overview of what we can do in the short, mid- and long term. Be aware that no manufacturers in the world has smallpox vaccines just sitting on the shelf waiting for orders. There has not been sort of a steady demand in the past. So therefore, I think what we are looking at from a manufacturing perspective is, of course, how can we quickly create products, make them available by looking at converting existing BN Bulk to finished products? How can we work within 6 existing customers to move the manufacturing schedules around? And how can we start ramping up our capacity in particular in the short term within our filling area? So really busy operations team. Our commercial team has been, on the other hand, extremely busy talking to a lot of different countries, governments and organizations who are interested in procuring our vaccine. And I really mean this; the interest has been overwhelming. We have and are speaking to countries representing both Asia, Europe, North America, South America, the Middle East and bodies like BARDA, of course, our long-term partner, but also the equivalent body in Europe here, we are talking to at the moment. So very, very busy organization trying to sort of match up supply and demand, both in the very short term but also in the longer term. It's clear that many of these countries are very concerned about the availability short term. But we are also talking to governments about improving their preparedness on the longer term as well. Other parts of our organization like the medical team has been extremely busy and engaged in expert panels. Discussions with SAGE, WHO and all the expert groups in understanding really this outbreak and understanding again what can be done to contain the outbreak. Also, our communications team -- Investor Relations and communications have been extremely busy. I don't think we have ever seen such an interest from the media to speak to us, not even during our -- the COVID crisis and our involvement with ABNCoV2. I think this is an unprecedented situation. And we are basically getting a lot of media interest from the big papers, more or less all over the world. So of course, something we are doing our best to respond to. So the end of the day, very, very significant increased global awareness of Bavarian Nordic. If we turn to the next slide, that just gives an overview of what that has meant so far to our guidance. We have already signed contracts with several governments. On May 15, we improved our guidance for '22 for the first time. And that was, to a large extent, driven by what we call a larger monkeypox vaccine contract with an unnamed country. But it was also driven by, of course, other events, year-to-date events like an improved U.S. dollar exchange rate; the upfront milestone payments we received in connection with signing the agreement with Nuance, et cetera. So there we upgraded our guidance on May 25. But as we continue to sign contracts with other countries, we improved the guidance again on May 30. And that was driven by several additional monkeypox vaccine contracts of varying size and value. So right now, we are guiding a revenue for the full year of between DKK 1.4 billion and DKK 1.6 billion and an EBITDA loss between DKK 900 million and DKK 1.1 billion and a cash position by the end of this year of DKK 1.2 billion to DKK 1.3 billion. So this guidance that is valid as we speak right here reflects the contracts we have signed so far. We are obviously still in dialogue with a number of countries from different regions of the world. And we are expecting to sign more contracts. I think with some of the countries, I think the whole contracting process is a little heavy. With some other contract countries, we might have had interactions in the past, making the process much more speedy. And that is, of course, why the work continues to close contracts with more countries in the near future here. So all in all, of course, a sad situation, but I think we are very pleased that we actually here can live our mission. And we are here to help the people and the patients out there. But of course, this is also a, I can say, commercial opportunity for the company. This is basically driven by the product that was the whole foundation for Bavarian Nordic. So with that, I think we should ask the operator to open up for questions and answers now.

[Operator Instructions] The first question comes from the line of Thomas Bowers from Danske Bank.

Yes. A couple of questions here. So just in regards to the Canadian contract here this morning, so I understand it primarily reflect sort of a framework for the next 5 years. So can you maybe add some color on what sort of deadline should we see for the vaccine doses to be delivered? Are we looking at sort of a '23, '24 time frame here? And then maybe just to sort of get an idea on the commitment from Canada where this sort of increasing because we are looking at a $ 31 million contract that you had -- was still delivering on here, which was only for a 2-year period? So a little bit of color here would be nice to have. And then also maybe if you can just add, whether this is a frozen liquid or bulk? Or is there any freeze-dried commitment included in this as well? And then just on your '22 guidance. So initially, you included the impact from this -- well, do you include an impact of DKK 203 million from Canada under this USD 31 million order. So given that, to my understanding, that deadline for that one is early '23. So my question is basically how much of the -- how much of total impact on the top line is actually coming from monkeypox orders year-to-date? And has there been any delays of this DKK 200 million into the next fiscal year?

Okay. Let me try to answer that, Thomas. Thanks for the question. So first of all, what we have included in the guidance for this year before monkeypox was this approximately DKK 200 million as you're alluding to. And we are -- there is still the plan that we are delivering all of that this year. So that remains as part of our guidance. Now we made this new contract with Canada and -- which is, in principle, it's a 5-year contract, approximately USD 56 million. And we are though expecting that to be executed over 3 years. It's a firm contract. So -- but in principle, it's a 5-year duration. But -- and you can say we have had a long relationship with the Canadian health authorities. So in principle, this is not driven by monkeypox. But I think it's fair to assume that it probably has accelerated our discussions with them so that we could conclude this a little earlier. So the previous Canadian contracts that were included in our guidance will be all delivered this year. And the new one that we announced this morning, we will start delivering on that next year with approximately 1/3, I think it's a fair assumption, of that contract next year. And it's all liquid frozen vaccines. Did I answer all your questions there, Thomas?

Yes. I think so. Great.

The next question comes from the line of Gil Blum from Needham & Company.

Just a quick one on the JYNNEOS parameters and monkeypox. Is there any data to support use in a post-exposure environment? I think I saw something in that table that you presented earlier.

Yes. I can take that one. So yes, post-exposure. So first of all, if a vaccine is going to work in a post-exposure, it needs to work fast. So the onset of protection data that I walked through is kind of an indicator that if it takes 7 to 10 days to work, it's not likely to work too well in the post-exposure setting, albeit monkeypox and smallpox have a relatively long incubation period. So the faster acting the vaccine is, the more likely it will work post exposure. So that's one piece to the answer. The other one is there is -- and I didn't include that data. There is actually a publication from Bavarian Nordic where there is actually a true post-exposure mouse model, where you can challenge the mice obviously after vaccination with a lethal dose of ectromelia. It's an immune-suppressed mouse model. And in that model, we can protect animals 2 days -- 100% protection 2 days post a lethal challenge. And I think it's like 60% efficacious 3 days post-challenge. And with first and second-generation vaccines, there is absolutely no protection post-challenge. But I didn't include that data. There is data to support those exposures.

All right. Considering the growing interest in monkeypox from various countries and institutions, what are you seeing -- how many of these contracts do you think you're going to be able to convert into renewable contracts as opposed to one-offs?

Well, time will tell on that one, to be honest. I think a lot of the immediate need is the here and now. I think that -- I will be open and honest about that. People are really desperate to get hold of IMVANEX or JYNNEOS or IMVAMUNE because of the improved safety over other vaccines. Henrik just mentioned Canada. That obviously is a longer term commitment. We'll have to wait and see how many of the other governments see this more as a wake-up call that they need to be better prepared because what has been shown to all countries is those countries that had a stockpile, and there are few, are much better prepared than those that didn't. So we'll have to see whether that really translates into longer-term orders or whether it's going to be one-off. I do believe, however, that maybe while all of them won't try to go into long-term contracts, there's indications that several of them already will.

The next question comes from the line of Michael Novod from Equities (sic) [ Nordea Equities ].

It's Michael Novod from Nordea Equities. So a few questions. First of all, to the bulk manufacturing, we know that it's currently shut down for sort of reconstruction or maintenance splitting up the facility. When would sort of be the earliest possible time to sort of reinitiate the bulk manufacturing at your Kvistgaard facility? And then secondly, in your discussions with health agencies across the globe, especially WHO, is there anything you can say about whether this would potentially be upgraded to a public health emergency of international concern? We know it took WHO a very long time with Ebola. And Ebola is not even sort of widespread as monkeypox is right now. So just maybe some flavor on that. And then lastly, if you look very, very long term, what about this massive stockpile of ACAM2000 across the globe, some hundreds of millions of doses? Do you see some sort of entry into potentially replacing some of that very significant stockpile around the globe?

Yes. Thanks, Michael. Let me try and answer your questions. So the first one related to the bulk facility and when is that opening up. So the earliest we can really open the facility up is in August this year. Maybe a bit ahead of the schedule that we originally had, but it's pretty much August. The other question relates to the WHO and the grading of the current outbreak. And to be honest, I don't think I really want to comment on that. I don't think I have any more insights than anyone else on the call. On ACAM2000, you're right, there is a relatively large stockpile in the U.S., I think 100 million doses that BARDA currently holds. I can speculate. So the U.K. now has had in 2018, I think, 2019, '21 and now '22 cases of monkeypox. In none of those instances did they ever turn to their second-generation vaccine that they have in their stockpile. That's not ACAM; it's a different vaccine. But they never turned to it; never offered it. And again, they're only offering IMVANEX. Last year, there was a traveler in the U.S. that returned from Nigeria. And unfortunately, JYNNEOS has not had the ACIP recommendation yet. And those people were offered -- and this is public knowledge, were offered ACAM. And no one was vaccinated. So in the situation of monkeypox, no one really wants to take the risk or the gamble with first- and second-generation vaccines for the safety reasons we've said. And I think that is also a lesson for governments around the world, that vaccine safety is a big issue, even in situations when you're faced with a serious infection. It was a big issue for COVID. It's a big issue for monkeypox. And I believe it will still be a big issue even if we were talking about smallpox. So safety is important. And I think the opportunity is there for us to promote JYNNEOS and the benefits that has.

The next question comes from the line of Boris Peaker from Cowen.

Sure. So first, I wanted to follow up. I don't think we had a complete response to the prior question in terms of your manufacturing facility. When is the earliest you could bring it back online for both manufacturing? And my second question, we're just talking about the lack of use of ACAM2000 vaccine. Do we know how many doses of JYNNEOS or IMVANEX, if we take all the brand names together, have been used so far on this outbreak?

Yes. So yes, the bulk facility will be operational again in August this year. As to the exact number of doses that have been deployed, I'm not 100% sure. I know doses have been deployed to several hospitals in the U.S. because that's in the media. But I'm not aware of exactly how many doses have been deployed. And I haven't seen in the media of any doses of ACAM being deployed.

Got it. And just on the -- you said that you'd be back online for bulk in August. How many doses do you think you'd be able to produce of liquid frozen, let's say, from August through the end of the year?

Well, to be honest -- so the manufacturing of drug product for the filled vials has little impact on what we can produce in drug substance. Drug substance actually takes up to 6 months to release. So what we could manufacture between now and the end of the year is related to the inventory of bulk that we already have. An actual fact that when we bring that up, maybe I'd like to just clarify one thing because I've seen in media and also in some of the reports mentioned that we're utilizing BARDA's bulk or other customers' bulk. That is not the case. BARDA's bulk is BARDA's bulk. Canada's bulk is their bulk. We're not allowed to touch that for other customers. So what we're currently offering is bulk that we have as inventory owned by Bavarian Nordic.

And how many doses is that in that bulk?

Several million.

Got it. So that means that's all you could sell for the rest of the year?

Yes.

[Operator Instructions] The next question comes from the line of Peter Verdult from Citi.

Yes. More of the same, please, Paul. Just so we got our sort of numbers correct, I believe at the moment Bavarian has got a little over 30 million dose capacity, assuming you're back to online. I think there's been variability, depending on whether governments want long shelf life or immediate use, that you could be doing volumes at 2x to 3x higher. I know you're not going to want to go into the exact price points for each individual contract. But we all know that BARDA has high volume, so calling in the price can be lower. But can you at least characterize the price point differential for the vaccine being contracted for monkeypox? Just to help us understand what sort of revenue stream this could be over the long term.

I think -- yes, first, let me try that, Peter. Thanks for the question again. I think on the capacity, and Paul can chip in here as well, I think where the 30 million dose capacity comes from is really what the bulk facility originally was designed for. So that is correct. That is probably the drug substance capacity that we have, if we were to use the capacity only for smallpox, monkeypox vaccines. But please remember that we also in this same facility, we are manufacturing Ebola vaccines now and then when there are orders from Janssen, and we have plans also to manufacture RSV vaccine there going forward. But you're right in principle that the plant is designed to be able to deliver approximately 30 million dose capacity. On the price points, I really don't want to go into the detail on that one simply because we are in continuous discussions with governments at the moment. But it's a range. It's a price definitely. And it very much, of course, depends on the size of the order. We've had countries who are asking for a few hundred doses, which is pretty expensive. And there, you will see a price point -- a relatively high price point, of course. And then we have contracts like the ones with BARDA and with the Canadian government's long-term contracts, higher volumes, significantly lower prices. But in particularly, given the situation that we're in right now, we cannot share more details on the specific price points.

[Operator Instructions] We have another question, comes from the line of -- there was no more questions at this time. Dear speakers, I will pass over to you for closing remarks.

Okay. Thank you. Thanks, everyone, for taking the time to join this update call, and have a great day.

That concludes our conference for today. Thank you for participating. You may all disconnect. Have a nice day.