Valneva Reports Nine Month Results for 2018, Confirms Guidance, Strengthens Balance Sheet with €50m Financing

Valneva SE (“Valneva” or “the Company”), a fully integrated, commercial stage biotech company focused on developing innovative lifesaving vaccines, reported today its consolidated financial results for the first nine months of the year ended September 30, 2018.

On track to deliver on multiple key business and R&D milestones

  • €50 million raised in oversubscribed placement led by blue-chip US healthcare investors.
  • Alignment obtained with FDA and EMA on Lyme vaccine development strategy; Phase 2 initiation on track to commence at the end of the 2018.
  • Phase 1 study of Chikungunya vaccine transitioned into re-vaccination phase. Primary endpoint data expected by the end of the year.
  • Data analysis for Phase 1 study of Zika vaccine candidate initiated. Primary endpoint data expected within the next few weeks.
  • New IXIARO® supply contract with US Department of Defense expected before the end of 2018.

On track to deliver against full year revenues and EBITDA guidance

  • FY product sales revenues to exceed €100 million, nine-month product sales revenues of €71.1 million (10% year on year growth at CER , 5% AER growth).
  • FY revenues and grants of €110 million - €120 million confirmed.
  • FY EBITDA expected in the range of €5 million - €10 million. Nine-month EBITDA at €6.1 million.
  • FY R&D investment now estimated to be at €25 million - €30 million. Nine-month R&D investments at €18.2 million

David Lawrence, Valneva’s Chief Financial Officer, commented, “The important milestones that we have achieved during the year reflect the continued execution against our business and R&D objectives. The €50 million financing is a notable achievement to strengthen our shareholder base as we plan our capital needs for future R&D investments, notably the upcoming Lyme Phase 3. Our achievements in the year to date also give us confidence to confirm that we will meet both our business and R&D objectives for the year.”

About Valneva SE

Valneva is a fully integrated, commercial stage biotech company focused on developing innovative life-saving vaccines. Valneva’s portfolio includes two commercial vaccines for travelers: IXIARO®/JESPECT® indicated for the prevention of Japanese encephalitis and DUKORAL® indicated for the prevention of cholera and, in some countries, prevention of diarrhea caused by ETEC. The Company has various vaccines in development including a unique vaccine against Lyme disease. Valneva has operations in Austria, Sweden, the United Kingdom, France, Canada and the US with over 450 employees. More information is available at

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