FX.co ★ Valneva Annual Preliminary Revenue Down; Expects Product Sales To Rise In 2024

Valneva SE, a renowned French vaccine manufacturer, recently announced an unfortunate downturn in its preliminary revenue for the year. This downturn is attributed to a decrease in Covid-19 vaccine sales and the negative effects of a 2.8 million euro currency fluctuation on the company's product sales. However, Valneva maintains an optimistic outlook, predicting an increase in product sales by the end of 2024.

By the year's end, Valneva recorded a total revenue of 153.7 million euros, a significant drop from the previous year's 361.3 million euros. One must note, the earlier figure included a significant 280 million euros from revenue recognition, largely associated with prior year agreements for Covid-19 supply.

Despite the overall drop in revenue, Valneva’s product sales increased, with figures rising to 144.6 million euros, from the previous year's 114.8 million euros. When specifically looking at non-Covid-19 product sales, the company made an impressive leap from 85.2 million euros to 138.9 million euros. Regrettably, Covid-19 vaccine sales reduced from 29.6 million euros in 2022 to a meager 7.7 million euros.

Valneva's future is not bleak, though, as it is predicting product sales of between 150 million and 180 million euros for 2024 - thanks to the steady revenue growth of its proprietary items and the projected sales from the launch of IXCHIQ. Moreover, the company is planning to spend between 65 million and 90 million euros on research and development in 2024, primarily investing in early stage research and developing its pipeline programs, as well as the clinical development of its chikungunya vaccine.

Valneva's audited financial results for 2023 are set to be published on the 20th of March.