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Shares up in Valneva (VLA) as it posts revenue increase

12:58, 18 November 2021

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Hand with glove holds syringe next to Valneva logo
Shares recently soared in Valneva on vaccine news - Photo: Alamy

French biotech company Valneva reported “strong” financial results for the first nine months of 2021, driven by increased revenues from third-party product sales, collaborations, licensing and services.

The company, which is developing a Covid-19 vaccine called VLA2001, said Thursday that its total revenues were €69.8m ($79.1m) in the first nine months of this year, compared with €58.8m in the first nine months of 2020.

Product sales slightly declined by 0.9% to €45.5m in the first nine months of 2021, compared with €45.9m in the first nine months of 2020. On a constant exchange rate (CER) basis, product sales increased by 1.8% in the first nine months of 2021 compared with the first nine months of 2020. 

“IXIARO®/JESPECT® sales increased by 9.5% (14.9% at CER) to €33.7m in the first nine months of 2021 compared to €30.8m in the first nine months of 2020 as the impact of the Covid-19 pandemic on the vaccine sales was mitigated by sales to the U.S. Government’s Department of Defense (DoD) during the period,” the company said in a press release. “DUKORAL® sales declined by 95.9% (equally 95.9% at CER) to €0.5m in the first nine months of 2021 compared to €13.2m in the first nine months of 2020”.

Third-party product sales

The business said third-party product sales saw almost 500% growth to €11.2m in the first nine months of 2021, up from €1.9m in the first nine months of 2020. 

“The increase in third-party product sales was driven by incremental sales related to Valneva’s distribution agreement with Bavarian Nordic for the sales of Rabipur®/RabAvert® and Encepur® that commenced in certain territories in 2021,” Valneva said.

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Other revenues, including revenues from collaborations, licensing and services, amounted to €24.4m in the first nine months of 2021, compared with €13.0m in the first nine months of 2020.

Liquidity funds

The business said liquid funds increased to €247.9m as of 30 September 2021, compared with €156.2m as of 31 December 2020. 

“Liquids funds at the end of September 2021 do not include approximately $102.0m of gross proceeds raised in a follow-on offering in the US and Europe in the fourth quarter of 2021,” Valneva noted.

CEO comments

“Valneva is continuing to deliver on its research and development (R&D) objectives. This year, we successfully advanced our clinical programs and reported positive Phase 3 results for two vaccine candidates,” CEO Thomas Lingelbach said in the release. “If approved, we expect both vaccines to make a positive change to people’s lives. Based on the strong tolerability and immunogenicity of our differentiated Covid-19 vaccine candidate, we have been able to get a deal approved by the EC and are grateful for the trust and confidence the European Union (EU) has put in us and VLA2001”.

Shares in the company recently soared after the European Commission agreed to buy as many as 60 million doses of the Covid-19 vaccine the French firm is developing.

Read more: Brent crude falls below on talk of US reserve release

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