Valneva Reports Nine-Month 2021 Revenue and Cash
18 Novembre 2021 - 7:00AM
Strong financial position
- Cash and cash equivalents of
€247.9 million at
the end of September 2021
- Reflects $107.6 million of gross proceeds raised in a US IPO
and placement in Europe in the second quarter of 2021
- Does not include $102.0 million of gross proceeds raised in a
follow-on offering in the US and Europe in the fourth quarter of
2021
Total revenue (excluding COVID) of €69.8
million in the first nine months
of 2021 compared to €58.8 million in the first
nine months of 2020
- Product sales of €45.5 million in
the first nine months of 2021 (€45.9 million in the first nine
months of 2020)
- €24.3 million of Other Revenues
(revenues from collaborations, licensing and services) in the first
nine months of 2021 (€12.9 million in the first nine months of
2020)
Updated 2021 financial
guidance (excluding COVID)
- Total revenues, excluding VLA2001,
now expected between €85 million and €100 million (compared to €80
million to €105 million previously)
- R&D expenses, excluding
VLA2001, now expected between €60 million to €70 million (compared
to €65 million to €75 million previously)
Valneva confirms that Peter
Bühler will join
the Company as Chief Financial Officer on
January 1, 2022 and has appointed
Vincent Dequenne, formerly Senior Vice President Operations, as
Chief Operating Officer.
Key Milestones Achieved in 2021
include:
Lyme Disease
Vaccine Candidate VLA15
- Further positive Phase 2 results
reported, including booster response
Inactivated COVID-19 Vaccine Candidate
VLA2001
- Positive pivotal Phase 3 Results
reported
- Superiority in
terms of neutralizing antibody titer levels compared to comparator
vaccine, AstraZeneca’s AZD1222
- Non-inferiority
in terms of seroconversion rates
- Significantly
better tolerability profile than comparator
- Advance Purchase
Agreement approved by European Commission (EC) for up to 60 million
doses
Single-Shot Chikungunya Vaccine
Candidate VLA1553
- Positive pivotal
Phase 3 results reported
Raised
approximately
$210 million
- Successful
Nasdaq Initial Public Offering (IPO) and concurrent placement in
Europe
- Successful
follow-on offering in the US and Europe
Thomas
Lingelbach,
Valneva’s Chief
Executive Officer, commented,
“Valneva is continuing to deliver on its R&D objectives. This
year, we successfully advanced our clinical programs and reported
positive Phase 3 results for two vaccine candidates. If approved,
we expect both vaccines to make a positive change to people’s
lives. Based on the strong tolerability and immunogenicity of our
differentiated COVID-19 vaccine candidate, we have been able to get
a deal approved by the EC and are grateful for the trust and
confidence the EU has put in us and VLA2001. Our team has delivered
phenomenally well this year and I would like to thank them for
their continued commitment and dedication. I would also like to
thank our long term shareholders for their support.”
Saint Herblain
(France), November 18,
2021 – Valneva SE (Nasdaq: VALN; Euronext Paris: VLA) a
specialty vaccine company, today reported its revenue and cash
balance for the first nine months of the year 2021.
RevenuesValneva’s total
revenues were €69.8 million in the first nine months of 2021
compared to €58.8 million in the first nine months of 2020.
Product sales slightly declined by 0.9% to €45.5 million in the
first nine months of 2021 compared to €45.9 million in the first
nine months of 2020 as the travel industry continued to be impacted
by the COVID-19 pandemic. On a constant exchange rate (CER) basis,
product sales increased by 1.8% in the first nine months of 2021
compared to the first nine months of 2020. IXIARO®/JESPECT® sales
increased by 9.5% (14.9% at CER) to €33.7 million in the first nine
months of 2021 compared to €30.8 million in the first nine months
of 2020 as the impact of the COVID-19 pandemic on the vaccine sales
was mitigated by sales to the U.S. Government’s Department of
Defense (DoD) during the period.DUKORAL® sales declined by 95.9%
(equally 95.9% at CER) to €0.5 million in the first nine months of
2021 compared to €13.2 million in the first nine months of 2020.
Third Party product sales grew by almost 500% to €11.2 million in
the first nine months of 2021 from €1.9 million in the first nine
months of 2020. The increase in Third Party product sales was
driven by incremental sales related to Valneva’s distribution
agreement with Bavarian Nordic for the sales of Rabipur®/RabAvert®
and Encepur® that commenced in certain territories in 2021. Other
Revenues, including revenues from collaborations, licensing and
services, amounted to €24.4 million in the first nine months
of 2021 compared to €13.0 million in the first nine months of 2020.
This increase was attributable to higher revenues related to the
Lyme R&D collaboration agreement with Pfizer, incremental
revenues related to the collaboration with Instituto Butantan for
providing VLA1553 in LMICs as well as higher revenues generated in
the CTM Manufacturing unit in Sweden.
Liquidity Liquid funds
increased to €247.9 million as of September 30, 2021 compared to
€156.2 million as of December 31, 2020. Liquids funds at the end of
September 2021 do not include approximately $102.0 million of gross
proceeds raised in a follow-on offering in the US and Europe in the
fourth quarter of 2021.
About Valneva SEValneva is a
specialty vaccine company focused on the development and
commercialization of prophylactic vaccines for infectious diseases
with significant unmet medical need. The Company takes a highly
specialized and targeted approach to vaccine development and then
applies its deep understanding of vaccine science to develop
prophylactic vaccines addressing these diseases. Valneva has
leveraged its expertise and capabilities both to successfully
commercialize two vaccines and to rapidly advance a broad range of
vaccine candidates into and through the clinic, including
candidates against Lyme disease, the chikungunya virus and
COVID-19.
Valneva Investor and Media ContactsLaetitia
Bachelot-FontaineVP, Global Communications and European Investor
RelationsM +33 (0)6 4516
7099investors@valneva.com |
Joshua Drumm, Ph.D.VP, Global Investor Relations M +001
917 815 4520joshua.drumm@valneva.com |
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Forward-Looking StatementsThis
press release contains certain forward-looking statements relating
to the business of Valneva, including with respect to expected
total revenues and R&D expenses for full fiscal year 2021. In
addition, even if the actual results or development of Valneva are
consistent with the forward-looking statements contained in this
press release, those results or developments of Valneva may not be
indicative of future results. In some cases, you can identify
forward-looking statements by words such as "could," "should,"
"may," "expects," "anticipates," "believes," "intends,"
"estimates," "aims," "targets," or similar words. These
forward-looking statements are based on the current expectations of
Valneva as of the date of this press release and are subject to a
number of known and unknown risks and uncertainties and other
factors that may cause actual results, performance or achievements
to be materially different from any future results, performance or
achievement expressed or implied by these forward-looking
statements. In particular, the expectations of Valneva could be
affected by, among other things, uncertainties involved in the
development and manufacture of vaccines, unexpected clinical trial
results, unexpected regulatory actions or delays, competition in
general, currency fluctuations, the impact of the global and
European credit crisis, the ability to obtain or maintain patent or
other proprietary intellectual property protection, the
cancellation of existing contracts, including but not limited to
the HMG Supply Agreement, and the impact of the COVID-19 pandemic,
the occurrence of any of which could substantially harm Valneva’s
business, financial condition, prospects and results of operations.
In light of these risks and uncertainties, there can be no
assurance that the forward-looking statements made during this
presentation will in fact be realized. Valneva is providing the
information in this press release as of the date hereof and
disclaims any intention or obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise.
- 2021_11_18_Rev&Cash_PR_EN_Final
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