Valneva Reports Preliminary Unaudited 2024 Revenue and Cash and Provides 2025 Outlook
Valneva SE a specialty vaccine company, today reported its preliminary unaudited full-year 2024 revenue and cash results[1] and provided a 2025 outlook. The Company will publish its 2024 audited consolidated financial statements and host an analyst call on March 20, 2025.
2024 Performance
- Total revenues were €169.6 million for the year ended December 31, 2024 compared to
€153.7 million in the year ended December 31, 2023, an increase of 10% - Product sales revenue reached €163.3 million for the year ended December 31, 2024 compared to €144.6 million in the same period of 2023, an increase of 13%
- Cash and cash equivalents were €168.3 million as at December 31, 2024, compared to
€126.1 million at December 31, 2023. Year-end cash of €168.3 million, significantly augmented by the sale of the Priority Review Voucher[2] and successful Private Placement[3]
2025 Financial Outlook
- Sales revenues expected to grow to €170-180 million, driving positive cash-flows for the overall commercial business
- Total revenues expected to reach €180-190 million
- Total R&D investments expected between €90 – €100 million, which will be partially offset by grant funding and anticipated R&D tax credits
- Continued stringent focus on cash management supporting sufficient cash runway to reach key inflection points; substantially lower operating cash burn expected in 2025, less than 30 million compared to over €60.0 million in 2024
Peter Bühler, Valneva’s Chief Financial Officer, commented, “Once again, we successfully delivered double digit sales growth, despite lower than anticipated launch-year IXCHIQ® sales in the U.S. We made significant clinical and regulatory progress last year, setting the stage for several important catalysts to drive value in 2025, most notably with the first Phase 3 study results for our lead Lyme disease vaccine candidate, VLA15. In 2025, we will continue to focus on commercial execution while investing strategically in advancing our science-driven pipeline to generate substantial future value. With over €168 million of cash at the end of 2024, we are entering 2025 in a good financial position to support these objectives.”
Regulatory, R&D and Strategic Highlights
- Continued to progress Lyme disease program according to plan, including completion of primary vaccination in ongoing Phase 3 study, reporting of further positive Phase 2 booster results, and publication of Phase 2 data in the Lancet
- Secured three additional regulatory approvals for world’s first chikungunya vaccine, IXCHIQ® (Canada, Europe, UK); filed adolescent label extension submissions; awarded new $41.3 million grant from the Coalition for Epidemic Preparedness (CEPI)[4]
- Augmented clinical pipeline with a leading tetravalent Shigella vaccine candidate[5] and initiated Phase 2b trial; Granted Fast Track Designation by the United States Food and Drug Administration (FDA)
- Advanced novel Zika vaccine candidate into Phase 1 clinical development
- Finalized new $32.8 million IXIARO® supply contract with the U.S. Department of Defense in January 2025[6]
Key Upcoming Catalysts:
- Lyme disease Phase 3 first data readout by the end of 2025
- Further chikungunya vaccine approvals, including the first endemic country (Brazil) and adolescent label extensions for IXCHIQ® in major travel markets
- Initiation of Phase 3 pediatric trial of IXCHIQ® to support further potential label expansion
- Phase 2b efficacy data from Human Challenge Study (CHIM) of tetravalent Shigella vaccine candidate in mid-2025 and launch of pediatric study
- Phase 1 results for Zika vaccine candidate in the first half of 2025