Valneva (VLA) Q4 2023 earnings summary

Executive summary

• FY 2023 product sales reached €144.6m, up 26% YoY; excluding COVID-19 vaccine sales, product sales grew 63% YoY.

• FDA approved IXCHIQ in Nov 2023 and ACIP recommended it for certain travelers and laboratory workers; the Lyme Phase 3 trial was fully enrolled.

Financial highlights

• Total revenues were €153.7m vs. €361.3m in FY 2022; product sales rose to €144.6m from €114.8m, while other revenues were €9.1m vs. €246.5m.

• Operating loss narrowed to €82.1m from €113.4m; net loss was €101.4m vs. €143.3m.

• Adjusted EBITDA loss was €65.2m vs. €69.2m; FY 2023 adjusted EBITDA excludes €36.2m of specified items, compared with €74.1m in FY 2022.

Outlook and guidance

• FY 2024 guidance: product sales €160m–€180m, total revenues €170m–€190m, other income €100m–€110m, and R&D expense €60m–€75m; significantly lower cash burn expected vs. 2023.

• Commercial business expected to be cash-flow positive excluding IXCHIQ in 2024, and including IXCHIQ from 2025.

• IXCHIQ sales targeted to exceed €100m in launch year 3, even assuming competitive product entry; IXIARO is expected to deliver double-digit CAGR for at least three years.

• Product-sales guidance assumes a 20%–30% reduction in third-party sales due to external supply constraints.