Valneva Reports Strong Q4 and FY 2016 Business Performance; Expects Further Growth in Sales and EBITDA, R&D Progress in 2017

The Company today announced its unaudited FY 2016 revenues and cash-balance, estimated EBITDA and 2017 outlook

Revenues and grants increased by 17.5% year-on-year and amounted to €97.9 million in 2016 (vs €83.3 million in 2015); Q4 2016 revenues and grants were €27.2 million (vs €22.7 million in Q4 2015) representing a 19.9% growth;

  • FY revenue growth driven mainly by a 73.1% increase in IXIARO®/JESPECT®revenues following the successful establishment and development of the Company’s marketing & distribution network;
  • Valneva reported a positive estimated EBITDA of €2.8 million in 2016 (vs. an EBITDA loss of €8.5 million in 2015);
  • Cash position of €42.2 million at the end of 2016 further strengthened by equity financing proceeds of €7.5 million in Q4;
  • Final 2016 results and audited full financial statements to be released on March 23rd, 2017.

2017 Outlook

  • Valneva expects 2017 overall IFRS revenues to reach €105 to €115 million, reflecting up to 17% total revenue growth compared to 2016;
  • The Company anticipates product sales this year to grow by 10-15% over the €80.4 million reported in 2016, driven mainly by IXIARO®/JESPECT®and DUKORAL®;
  • After reaching operational profitability in 2016 with a positive EBITDA of €2.8 million for the full year, the Group expects to further grow its operational performance to an EBITDA of €5 to €10 million in 2017 while still investing approximately 20% of annual revenues in R&D.

2017 R&D catalysts

  • Valneva seeks to partner its Phase III-ready Clostridium difficile vaccine candidate in 2017 following the publication of positive final Phase II results in 2016;
  • In 2017 the Company expects to execute the Phase I trial of its Lyme vaccine candidate and to accelerate the program´s progression towards Phase II;
  • Valneva also plans to advance at least one additional vaccine candidate into Phase I in the second half of 2017. The preclinical portfolio includes vaccine candidates against Chikungunya and Zika.

Valneva’s CFO resigns to pursue other interests
After 15 years with Valneva (Intercell), Chief Financial Officer, Reinhard Kandera, has decided to resign his position as Management Board member and CFO to pursue other interests. Mr. Kandera will leave at the end of March after the publication of the fully audited 2016 Financial Statements.
Valneva has initiated a process with Korn-Ferry to recruit a new CFO. In the interim, Manfred Tiefenbacher, VP Finance will manage operational Finance matters

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