Valneva reports strong operational performance and major corporate progress with H1 2019 results

Valneva has reported that its H1 2019 results are marked by strong operational performance and major corporate progress.

Valneva regains control of key R&D assets and strengthens financial outlook with $23 million CEPI chikungunya grant.

Strong product sales and financial performance in H1 2019

• Product sales revenue of €61.6 million in H1 2019, representing year on year growth of 15% at AER /12% at CER
- Significant growth in IXIARO® revenues to €45.1 million (20% at AER / 15% at CER) in H1 2019
- Growth in DUKORAL® revenues (7% at AER and CER) in H1 2019
• Total revenues of €54.5 million in H1 2019
- €65.2 million excluding the effect of the termination of the GlaxoSmithKline (GSK) Strategic Alliance Agreement (SAA)
• Gross Margin (on Product sales revenue) of 66.1% in H1 2019 (compared to 60.0% in H1 2018)
• Positive EBITDA of €2.4 million in H1 2019
- €13.1 million excluding the effect of the GSK SAA termination
• Net loss of €2.4 million in H1 2019
- Net profit of €8.3 million excluding the effect of the GSK SAA termination
• Strong cash position of €69.9 million at the end of June 2019
- Excludes €9 million GSK SAA termination settlement and European Investment Bank (EIB) drawdown of further €10 million

Key R&D milestones reported in H1 2019
• Final Phase 1 data and first booster data for Lyme disease vaccine candidate, VLA15
• Successful outcome of Lyme Phase 2 Run-in and initiation of second Phase 2 study VLA15-202
• Further Phase 1 results for single-shot chikungunya vaccine candidate, VLA1553
• Up to $23.4 million awarded by the Coalition for Epidemic Preparedness Innovations (CEPI) in July for the late-stage development of VLA1553

David Lawrence, Valneva’s Chief Financial Officer, commented, “The first half of the year has once again been marked by excellent operational performance. We have delivered strong product sales growth and are on track to meet our FY guidance of 15%-20% CER growth. Margins continue to improve and we continue to advance our two leading clinical programs against Lyme disease and the chikungunya virus. We recently regained full control of these assets through the termination of the GSK agreement and are now well positioned to capture their full economic potential. Q3 is off to a great start with the recent $23 million chikungunya award from CEPI.”

For full press release please visit valneva.com/media/press-releases/

Valneva SE

Valneva SE
Commercial stage vaccines

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