Un EBITDA attendu en perte de moins de -5m€ en 2016 - ACHAT - OC 6,5€ (vs 6,9€)
La société a publié hier ses résultats annuels qui se sont révélés meilleurs qu’attendu pour cette fin d’année 2015. Néanmoins, la guidance d’EBITDA pour l’année 2016 est décevante. La croissance des ventes est attendue en hausse de +30% pour 2016 alors que l’EBITDA devrait se réduire à moins de -5m€ (nous enregistrions initialement un EBITDA positif pour 2016). Nous ajustons ainsi notre objectif de cours qui passe de 6,5€ vs 6,9€ précédemment et nous réitérons notre recommandation à ACHAT (+97%). Deux catalyseurs sont à prévoir à court terme: la levée d’option (ou non) de GSK dans le C.Diff et les résultats de son candidat vaccin dans le pseudomonas (phase II/III attendu au T2)Valneva, 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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