Valneva updates 2023 guidance, sees PRV sale in early 2024

Valneva (NASDAQ:VALN) had updated its 2023 financial guidance, with proceeds from the potential sale of a priority review voucher now expected in early 2024.

The French biotech said it now expects the previously estimated EUR 90M to EUR 110M from the potential PRV sale to occur early next year rather than by the end of 2023. Valneva was awarded the PRV in November 2023 following FDA approval of its chikungunya virus vaccine, the company said.

Valneva also said that its total revenue and other income guidance of EUR 220M to EU260M now includes previously stated product sales of EUR 130M to EUR 150M. R&D expenses are expected to come in lower than previously anticipated at EUR 60M to EUR 70M.

The company added that it had drawn down the remaining $50M available under its debt agreement with funds manage by Deerfield Management and OrbiMed.