Valbiotis (ALVAL) H2 2024 earnings summary

Executive summary

• Transitioned from R&D-focused to commercial-stage, launching first products in France in 2024 and expanding commercial infrastructure.

• Ended partnership with Nestlé Health Science, regaining full rights to TOTUM 63 and launching it directly in France.

• Commercialization of Valbiotis PRO® Cholestérol and Valbiotis PLUS® began, with a multichannel strategy targeting pharmacies and e-commerce.

Financial highlights

• Revenue for 2024: €175K, down from €4.7M in 2023, reflecting the end of the Nestlé contract and transition to direct sales.

• Operating loss widened to €10.4M in 2024 from €7.2M in 2023, driven by increased marketing and commercial expenses.

• R&D expenses decreased to €4.6M (2023: €7.2M), while sales and marketing rose to €4.4M (2023: €2.0M).

• Net loss: €10.0M in 2024 (2023: €7.4M).

• Cash and equivalents at year-end 2024: €11.6M (2023: €25.0M).

Outlook and guidance

• Targeting €25M revenue and positive EBITDA in France by 2027; €100M revenue by 2030 with at least 30% international sales and 25–30% EBITDA margin.

• Plans to accelerate international expansion via partnerships and maintain a focus on commercial execution.

• Sufficient liquidity to fund operations through at least H1 2026; may seek additional financing to accelerate growth.