Valneva Annual Preliminary Revenue Down; Expects Product Sales To Rise In 2024

(RTTNews) - Valneva SE (VALN), a French vaccine maker, on Thursday reported a decline in preliminary revenue for the full year, amidst a decline in Covid-19 vaccine sales and an adverse impact of currency fluctuation of 2.8 million euros on product sales.

In addition, the drug maker expects a rise in products sales for the full-year 2024.

For the full year, the company posted a total revenue 153.7 million euros, that sank from 361.3 million euros, recorded for the previous year.

Last year, total revenues included 280 million euros of revenue recognition mainly related to the Covid-19 supply agreements in the prior year.

Valneva's total product sales were 144.6 million euros, up from last year's 114.8 million euros.

Excluding Covid-19, product sales reached 138.9 million euros from last year's 85.2 million euros.

Covid-19 vaccine sales stood at 7.7 million euros as against 29.6 million euros in 2022.

Looking ahead, for the full-year 2024, the company expects product sales of 150 million euros to 180 million euros, reflecting continued revenue growth for proprietary products and IXCHIQ's launch-year sales.

For the full-year 2024, the vaccine maker expects research and development expenses of 65 million euros to 90 million euros, mainly driven by investments in earlier stage research and development pipeline programs and ongoing clinical development activities for its chikungunya vaccine.

The company is scheduled to publish its 2023 audited financial result on March 20.