Valneva: Model Update
Post-FY23 earnings publication on the 20th March, we have updated our model with an unchanged BUY rating and PT at EUR 9. We adjusted our estimates for product sales taking into account the upgraded guidance for 2024 and the mid-term outlook provided by the company, namely i) Ixiaro guided continueValneva, together with its subsidiaries, is focused on vaccine development and antibody discovery. Co. generates revenue from both its marketed product, a vaccine for the prevention of Japanese encephalitis (IXIARO®/JESPECT®), commercial partnerships around a portfolio of product candidates and licensed technology platforms (EB66® cell line, VIVA,Screen antibody discovery technology, and the IC31® adjuvant) developed by Co. Related business activities include product research and development, regulatory and clinical activities, manufacturing of commercial product and advanced clinical product candidates, as well as administrative, corporate development, and marketing and sales activities.
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