Valneva GAAP EPS of -€0.73, revenue of €153.71M; updates FY24 guidance
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Contributor since / Followers
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8 months ago
- Valneva press release (NASDAQ:VALN): FY GAAP EPS of -€0.73.
- Revenue of €153.71 million (-57.5% Y/Y).
- Valneva’s total product sales reached €144.6 million in 2023 compared to €114.8 million in 2022.
- Cash position of €126.1 million at year-end 2023 enhanced by €95 million from sale of Priority Review Voucher.
- Updated FY 2024 guidance: Valneva raises its 2024 product sales 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 in Scotland.
- Other income is now expected between €100 million and €110 million in 2024, reflecting €95 million in proceeds from the PRV sale in early 2024.
- Valneva anticipates a significantly lower cash burn this year than in 2023 and expects its commercial business to be cash-flow positive and contribute significantly to funding the Company’s R&D from 2025.