back to news

Valneva Reports Strong 2018 Results, Expects Further Growth and Major Pipeline Progression in 2019


Major R&D milestones achieved in 2018, double-digit product sales revenue growth delivered; Lyme and chikungunya programs expected to advance further in 2019

Strong financial results in 2018

  • Product sales revenue of €103.5 million in 2018, representing 16% growth at constant exchange rate (CER)
  • Exceeded guidance of >€100 million
  • IXIARO® sales revenue growth 19% (CER) in 2018
  • DUKORAL® sales 12% higher (CER) in 2018 despite H1 supply constraints
  • Total revenues were €113.0 million in 2018
  • EBITDA of €13.1 million in 2018
  • Exceeded guidance of €5.0 million to €10.0 million
  • Net profit of €3.3 million; first ever profitable annual result for Valneva
  • R&D investment of €25.3 million in 2018, in line with guidance of €25 million to €30 million
  • €50 million financing led by blue-chip U.S. healthcare investors combined with positive operating cash flow of €16.3 million resulted in strong cash position of €81.7 million at the end of 2018
  • Biopharma (Pharmakon) loan fully repaid in January 2019 thereby reducing cost of capital in 2019
  • Further €15 million European Investment Bank loan facility available
  • Double-digit product sales growth expected to continue in 2019
  • Valneva expects product sales revenues in 2019 of between €115 million and €125 million, representing 15% to 20% (CER) year on year growth
  • New $59 million IXIARO® supply contract with the US Department of Defense (DoD) recently announced; DoD option to increase to $70 Million
  • Doses to be supplied in 2019 and 2020
  • IXIARO® product sales growth expected to be 15% (CER) or more, according to supply logistics with DoD
  • Further DUKORAL® product sales growth of up to 5% (CER) is expected
  • Other revenues (service revenue, license fees) are expected to approach 2018 levels
  • Overall revenue expected to be between €125 million and €135 million in 2019
  • Gross margin is expected to be above 60% and net operating margin, prior to R&D investments4, is expected to be between 25% to 35%
    • Valneva expects to invest €35 million to €40 million in R&D projects, notably Lyme and chikungunya, in 2019
    • Valneva expects to generate EBITDA of €5 million to €10 million in 2019
    • Key R&D Progress reported in 2018
    • Valneva reported nine key R&D milestones in 2018, the highest number in the Company’s history, including:
    • Positive Phase 1 data for its Lyme disease vaccine candidate. Valneva also aligned its development strategy with both the FDA and EMA, and advanced the program into Phase 2
    • Initiation of Phase 1 clinical trial for the Company’s promising vaccine candidates Positive initial data reported for both candidates
    • Further significant R&D progress expected in 2019
    • against chikungunya and Zika
    • Major confirmatory and supportive data points for the Lyme vaccine candidate (VLA15):
    • First booster data including final Phase 1 data5 (Q1)
    • Determination of final doses and initiation of second Phase 2 trial (Q2)
    • Further alignment with regulators on Phase 3 strategy
    • Development acceleration of chikungunya vaccine candidate (VLA1553)
    • Phase 1 data (ungrouped) including first intrinsic human challenge (Q2/3)
    • Alignment with regulators on potential route to licensure (Q2/3)
    • Initiation of next clinical trial (by end 2019)
    • David Lawrence, Valneva’s Chief Financial Officer, commented, “2018 has been a significant year for Valneva. We broke the €100 million threshold for product sales, made significant progress in R&D and successfully executed a strategic capital raise as part of our capital formation strategy. 2019 is already off to an excellent start with the new DoD IXIARO® supply contract and positive Phase 1 interim results for our chikungunya vaccine candidate. We are excited about continuing to execute our strategy and unlocking shareholder value.”

Saint Herblain (France), February 21, 2019 – Valneva SE (“Valneva” or “the Company”), a biotech company developing and commercializing vaccines for infectious diseases with major unmet needs, reported today its full year unaudited6 consolidated financial results for the year ending December 31, 2018. A brief unaudited report, including the profit and loss statement and the balance sheet, is available on the Company’s website,

A webcast for the financial community and media will be held today at 3:00 pm. (CET). A replay will be available on the Company’s website. Please refer to this link:

Valneva Investor and Media Contacts
Laetitia Bachelot-Fontaine
Global Head of Investor Relations & Corporate Communications
M +33 (0)6 4516 7099

Teresa Pinzolits
Corporate Communications Specialist
T +43 (0)1 20620 1116