Valneva reports full year 2023 results and provides business updates and outlook

Total revenues of €153.7 million, including product sales of €144.6 million product sales surpassed pre-pandemic (2019) sales by 12% and 2022 sales by 26% excluding covid-19 vaccine sales, product sales grew by 63% compared to 2022 cash position of €126.1 million at year-end 2023 enhanced by €95 million from sale of priority review voucher (prv) 1     extended the interest-only period of existing debt financing agreement to january 2026 significantly extending cash runway2 operational business considered sufficiently funded (excluding debt repayment) until commercial revenues from lyme program enable sustained profitability excellent progress across r&d pipeline          approval of single-shot chikungunya vaccine ixchiq® in the united states (u.s.) the world's first and only vaccine to address this significant unmet medical need u.s. cdc recently adopted acip recommendations3 regulatory reviews ongoing in europe, canada and brazil completion of recruitment for lyme disease phase 3 study conducted in collaboration with pfizer all execution milestones on track advancing second-generation zika vaccine candidate into phase 1 clinical trial addressing a re-emerging medical need updated fy 2024 guidance valneva raises its 2024 product sales4 guidance to between €160 million and €180 million due to an improved outlook regarding the ixiaro® supply constraints that were anticipated in february 2024.as such, 2024 total revenues are now expected to reach between €170 million and €190 million compared to €153.7 million in 2023, driven by continued sales growth of the company's proprietary travel vaccines and the launch-year sales of ixchiq®.sales are expected to grow this year despite an estimated 20-30% reduction in third-party sales as a result of anticipated supply constraints.in 2024, the company anticipates lower r&d expenses than previously communicated, narrowing guidance to €60 million to €75 million, based on additional visibility for its chikungunya- and zika- related expenses. additionally, valneva expects non-dilutive contributions from institutions for r&d costs in connection with its ongoing chikungunya activities and the product tech transfers to valneva's brand-new state-of the art facility (“almeida”) in scotland.
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