The Ravens and Broncos settled down after the torrid start to this contest, waiting all the way until 7:26 remained in the second quarter to break a 14-14 tie.
Peyton Manning connected with tailback Knowshon Moreno for a 14-yard touchdown pass that gave Denver a 21-14 lead.
That capped an eight-play, 86-yard drive.
The Ravens' offense has slowed down a bit in the second quarter.
After Joe Flacco went 6-for-8 for 103 yards and a touchdown in the first quarter, Baltimore has punted three times in the second quarter. The Ravens have yet to convert on third down.
Update: Torrey Smith is having one heck of a day against Broncos star cornerback Champ Bailey.
After burning Bailey for a 59-yard touchdown reception in the first quarter, Smith pulled up to leap at the right spot to pull down a 32-yard touchdown grab with 36 seconds remaining in the second quarter.
And the Ravens have drawn even at 21-21.
The tying score was set up by Broncos kicker Matt Prater's badly missed 52-yard field goal. That started the Ravens at their own 42-yard line, and they needed just 40 seconds and three plays to move 58 yards to the end zone.
The first half was pretty even, with Denver holding a 230-202 yardage advantage and a 17:08-12:17 edge in time of possession.
Flacco has completed 10 of 17 passes for 175 yards and two touchdowns. Smith has two catches for 91 yards and two scores.
The running game has been a non-factor, however, as Ray Rice and Bernard Pierce have combined for just 27 yards on the ground. That seemed to be a key to winning this one for the Ravens - maintaining possession to keep the ball away from Manning.
But that hasn't been the case.
Manning has had a solid game, as well. He's 14-for-22 for 178 yards, two touchdowns and an interception that was returned for a score.