Une publication solide masquée par le retrait de GSK - ACHAT - OC 5,5€ (vs 6,1€)
Nous revenons ce matin sur la publication du T1 16 qui se révélait globalement solide tant au niveau des ventes qu’en termes de contrôle des coûts. A ce stade le groupe affiche un niveau de trésorerie de 33,4m€ fin du T1 16. Cette publication a cependant été entachée par l’annonce du retrait de GSK du projet dans le C.Diff. Malgré l’optimisme du groupe pour retrouver un partenaire afin d’accélérer son développement clinique avant la fin de l’année, nous abaissons notre POS sur le vaccin de 50% à 30% pour un lancement inchangé au S2 2021. La performance boursière reposera à court terme sur les résultats attendus au T2 de l’étude de phase II/III du vaccin dans le Pseudomonas. Nous maintenons notre recommandation à ACHAT avec un objectif de cours révisé à 5,5€ vs 6,1€ précédemment.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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