Valneva Reports Full Year 2023 Revenue and Cash,
Provides First 2024 Guidance
Total revenues of €153.7 million, including product sales of €144.6 million
Product sales surpassed pre-pandemic (2019) sales by 12% and 2022 sales by 26%
Excluding COVID-19 vaccine sales, product sales grew by 63% compared to 2022
Cash position of €126.1 million at December 31, 2023
Excludes recent sale of the Priority Review Voucher (PRV) for $103 million (€95 million)1
Reflects significant payments related to the Phase 3 Lyme disease study, for which Valneva’s cost contributions are expected to be completed in the first half 20242
First full year 2024 guidance
Product sales expected between €150 million and €180 million, reflecting continued revenue growth for proprietary products and IXCHIQ®’s launch-year sales, despite anticipated supply constraints for third-party products and IXIARO®
Other income anticipated between €95 million and €105 million, including the PRV sold in early 2024 for €95 million
Expected R&D expenses between €65 million and €90 million
Saint-Herblain (France), February 15, 2024 – Valneva SE (NASDAQ:VALN, PARIS:VLA) a specialty vaccine company, today reported its revenue and cash balance for the full year 2023 and provided first full year 2024 sales and R&D expense guidance. The Company will publish its 2023 audited consolidated financial statements on March 20, 2024.
Peter Bühler, Valneva’s Chief Financial Officer, commented, “In 2023, Valneva successfully executed on key strategic objectives despite a difficult economic environment. Our chikungunya vaccine IXCHIQ® became the world’s first licensed chikungunya vaccine available to address this unmet medical need and we also managed to surpass our pre-pandemic product sales. Our objective for 2024 is to continue capitalizing on the travel industry recovery to deliver further commercial growth for our existing proprietary products and generate first sales from our chikungunya vaccine IXCHIQ®. With the recent successful sale of our PRV, we are entering 2024 in a good financial position to support our commercial and R&D objectives.”
Revenues
Valneva’s total revenues were €153.7 million in 2023 compared to €361.3 million in 2022. Total revenues in 2022 included €280.0 million of revenue recognition mainly related to the COVID-19 supply agreements in the prior year.
Valneva’s total product sales reached €144.6 million in 2023 compared to €114.8 million in 2022. Currency fluctuations of €2.8 million adversely impacted product sales. COVID-19 vaccine sales in 2023 amounted to €7.7 million compared to €29.6 million in 2022. Excluding COVID-19, product sales reached €138.9 million in 2023 compared to €85.2 million during the comparator period of 2022, an increase of 63%.
IXIARO®/JESPECT® sales were €73.5 million in 2023 compared to €41.3 million in 2022. The 78% increase in sales is primarily …