Valneva Announces FY 2015 Results and Confirms Positive Trend towards Strong Revenue Growth and EBITDA Break-even in 2016

Solid financial performance in FY 2015 despite integration of Swedish activities and IXIARO® transition

  • Total revenues and grants of €83.3 million in 2015 (vs. €42.4 million in 2014) representing a 96.4% year-on-year increase
  • FY 2015 EBITDA loss of €8.5 million (vs. €7.4 million loss in 2014) driven by R&D spending in new vaccine candidates
  • Profitable Commercial Products and Technology segments generated €13.1 million operating profit before amortization of intangible assets
  • Net loss of €20.6 million in FY2015, an improvement of 21.5% vs. the €26.3 million reported in 2014, driven mainly by acquisition effects
  • €42.6 million cash position at year-end 2015

2016 Outlook

  • Valneva expects 2016 overall IFRS revenues to reach €90 to €100 million with product sales in the expected range of €70 to €80 million, reflecting up to 30% growth over 2015 product sales. More than 60% of the 2016 anticipated product sales are expected to be generated by the Company’s own commercial teams.
  • The Company anticipates continued growth of IXIARO®/JESPECT® sales to approximately €50 million in 2016, up from €30.6 million in 2015.
  • Improved revenues due to Valneva´s new global marketing & distribution network are expected to lead to a gross margin on product sales of approximately 50% in 2016.
  • Valneva will continue to strive towards financial self-sustainability and expects to reduce its EBITDA loss to less than €5 million in 2016 while continuing to invest around €25 million in R&D.

Long-term Strategy

  • Valneva envisions growing its revenues to approximately €250m in 2020 through existing and future products, while generating positive cumulative cash-flows at that time.
  • The Company will continue to build on value growth from R&D and anticipates investing at least 20% of its revenues annually in an innovative R&D pipeline with at least one clinical candidate at the different stages of product development.
  • Valneva expect to execute on this strategy by a combination of organic growth and product development complemented by opportunistic M&A strategies focused on revenue-generating assets.

Thomas Lingelbach, President and CEO and Franck Grimaud, Deputy CEO of Valneva, commented, “Since the creation of Valneva in 2013 we have focused on shaping the company according to our strategic vision, by investing in new commercial products, divesting non-core activities, bringing clinical candidates to new inflection points and launching our own commercial network, in order to build a business that would generate strong revenues and be financially sustainable. We are proud to say that we feel we are very close to achieve that goal in 2016 while still investing around €25 million in R&D. This year Q4 & FY 2015
3 will be marked by two very important milestones in our clinical portfolio, namely the Phase II/III results of our Pseudomonas aeruginosa vaccine candidate and a potential partnership agreement for our Clostridium difficile vaccine candidate, which is now ready to enter phase III. We are also looking forward to our Lyme disease vaccine candidate entering clinical development in the second half of the year and are very much excited by our pre-clinical programs focusing on much-needed vaccines against Zika, Chikungunya, Yellow fever and human Metapneumovirus (hMPV).”

Q4 & FY2015

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