- Balanced EBITDA of EUR 0.0m in Q3 2014 (vs EUR -5.5m in Q3 2013). While the Group still expects negative EBITDA in the near future due to R&D investments, it confirms its objective to be EBITDA profitable in the mid-term.
- Net loss decreased to EUR 2.6m in Q3 2014 (vs EUR 10.0m in Q3 2013) benefiting from the positive impact of merger synergies and a strong improvement in the profitability of IXIARO®.
- Revenues and grants were down to EUR 12.8m in Q3 2014 (vs EUR 14.7m in Q3 2013) mainly due to IXIARO®/JESPECT®’s fluctuating supply patterns and a decrease in collaboration and licensing revenues.
- Cash position of EUR 36.9m at quarter-end, only slightly below cash position at end of previous quarter (EUR 37.3m).
OUTLOOK:
- Valneva reconfirms its 2014 overall IFRS revenue expectations of EUR 40 – 45 million and anticipates continued growth of IXIARO®/JESPECT® in-market sales.
- The Company also reaffirms its prior guidance of a significant improvement of its operational results (excluding any non-cash amortization and impairment charges) in 2014 compared to the pro-forma financial performance of the combined two businesses (Vivalis and Intercell) in 2013. This improvement will be mainly due to EUR 5 – 6 million merger synergies and a strong improvement in the profitability of IXIARO®.
- Valneva will continue to financially support the Group‘s strategy of focused spending in research and development in order to create long-term value through innovation while at the same time striving towards mid-term financial break-even. Valneva confirms that its key research and development projects are progressing according to plan.
The condensed consolidated interim financial report is available on the Company’s website www.valneva.com.