Valneva Reports Strong Q1 Revenue Growth and Positive EBITDA Reaffirms Financial Guidance and Pipeline Outlook for 2017
Robust Q1 financial results - confirming financial self-sustainability strategy
- Total revenues and grants of €29.1 million in Q1 2017 (vs €24.7 million in Q1 2016) driven by a strong increase in vaccine sales;
- Q1 product sales performance up 26.7% compared to Q1 2016, mainly driven by IXIARO® sales to the US military and strong sales in the travel market;
- EBITDA of €3.4 million and operating profit of €0.5 million in Q1 2017 compared to an operating loss of €2.7 million in Q1 2016;
- Net loss reduced to €1.7 million in Q1 2017 compared to a net loss of €5.0 million in Q1 2016;
- Cash position at €45.2 million at end of March 2017.
2017 outlook confirmed
- Valneva confirms it expects 2017 overall IFRS revenues to reach €105 to €115 million, reflecting up to 17% total revenue growth compared to 2016, driven mainly by IXIARO®/JESPECT® and DUKORAL® sales;
- The Company confirms it intends to invest between €21 million and €23 million in R&D in 2017, corresponding to approximately 20% of annual revenues;
- Valneva confirms it expects an EBITDA of €5 to €10 million in 2017.
R&D Highlights
- Patient recruitment for the Phase I trials of Valneva’s Lyme vaccine candidate in the US and EU is advancing in accordance with the study protocol and the Company intends to accelerate the program’s progression towards Phase II;
- Valneva plans to advance its Chikungunya vaccine candidate into Phase I in the second half of 2017;
- Valneva also seeks to partner its Phase III-ready Clostridium difficile vaccine candidate in 2017.
Thomas Lingelbach, President and CEO and Franck Grimaud, Deputy CEO of Valneva, commented, “We are very pleased with our first-quarter operational performance which validates our financial guidance for the full year. We will continue to focus on commercial execution while at the same time allocating our capital to promising R&D projects that we believe will create substantial value and patient benefit, such as our Lyme disease vaccine candidate”.
Key Financial Information