Valneva Reports Full Year 2022 Revenue and Cash, Provides First 2023 Guidance
Total revenues of €361.3 million in 2022 were ahead of previously communicated guidance of €340 million to €360 million (compared to €348.1 million in 2021)
- Driven by Product Sales of €114.8 million (82.3% increase compared to 2021), including
€85.2 million of travel vaccine sales and €29.6 million of COVID-19 vaccine sales - €246.5 million of Other Revenues mainly driven by revenue recognition related to previous COVID-19 vaccine supply agreements
Strong cash position of €289.4 million at December 31, 2022
- Raised over €190 million in equity:
- €102.9 million of gross proceeds from an upsized global offering in a challenging economic environment
- €90.5 ($95) million equity investment by Pfizer
- Included drawing of a total of $40 million from Deerfield & OrbiMed loan agreement
Full year 2023 sales guidance
- €130 million to €150 million product sales, including marginal COVID-19 vaccine sales under an existing supply agreement with the Kingdom of Bahrain
Saint-Herblain (France), February 16, 2023 – Valneva SE (Nasdaq: VALN; Euronext Paris: VLA) a specialty vaccine company, today reported its revenue and cash balance for the full year 2022 and provided first full year 2023 sales guidance. The Company will report its 2022 audited consolidated financial statements on March 23, 2023.
Peter Bühler, Valneva’s Chief Financial Officer, commented, “In 2022, Valneva successfully executed on key strategic objectives despite a difficult economic environment. After achieving clinical and regulatory success, we decided to wind-down our COVID-19 activities and focus on our lead programs. We were agile in reactivating production of our commercial vaccines to capitalize on the travel industry recovery. We also managed to strengthen our cash and our shareholder base, attracting leading investors and maintaining the support of our existing shareholders. With close to €290 million in cash, we entered 2023 in a strong position to support expected commercial growth and R&D programs.”
Revenues
Valneva’s total revenues were €361.3 million in 2022 compared to €348.1 million in 2021, an increase of 3.8%.
Valneva’s total product sales reached €114.8 million in 2022 compared to €63.0 million in 2021, an increase of 82.3%. This was driven by a continued recovery of travel vaccine sales that surpassed expectations (€85.2 million vs. guidance of €70 to €80 million) complemented by COVID-19 vaccine sales in Europe and Bahrain (€29.6 million). On a constant exchange rate (CER) basis, product sales increased by 66.7% in 2022 as compared to 2021.
IXIARO®/JESPECT® sales were €41.3 million in 2022 compared to €45.1 million in 2021, a decrease of 8.4% (18.6% at CER), driven by lower sales to the U.S. Department of Defense. This decrease was partly offset by the significant recovery of the private travel markets, with IXIARO®/JESPECT® private sales reaching €28.8 million in 2022 compared to €7.1 million in 2021.
DUKORAL® sales were €17.3 million in 2022 compared to €2.4 million in 2021, an increase of 610.3% (629.2% at CER), also benefitting from the significant recovery in the private travel markets.
Third Party product sales grew to €26.5 million in 2022 compared to €15.4 million in 2021, an increase of 72.1%.
Other Revenues, including revenues from collaborations, licensing and services, amounted to €246.5 million in 2022 compared to €285.1 million in 2021. These were mainly driven by revenue recognition related to previous COVID-19 vaccine supply agreements.
Liquidity
Cash and cash equivalents were €289.4 million as of December 31, 2022, compared to €346.7 million as of December 31, 2021. This included €102.9 million of gross proceeds from an upsized global offering completed in October 2022, €90.5 ($95) million from an equity investment by Pfizer completed in June 2022 as well as drawing of a total of $40 million from the Deerfield & OrbiMed loan agreement.
About Valneva SE
Valneva is a specialty vaccine company focused on the development, manufacturing and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical need. The Company takes a highly specialized and targeted approach to vaccine development and then applies its deep understanding of vaccine science to develop prophylactic vaccines addressing these diseases. Valneva has leveraged its expertise and capabilities both to commercialize three vaccines and to rapidly advance a broad range of vaccine candidates into and through the clinic, including candidates against Lyme disease and the chikungunya virus.
Valneva Investor and Media Contacts
Laetitia Bachelot-Fontaine
VP, Global Communications and European Investor Relations
M +33 (0)6 4516 7099
investors@valneva.com
Joshua Drumm, Ph.D.
VP, Global Investor Relations
M +001 917 815 4520
joshua.drumm@valneva.com