Valneva : Announcement of an attractive medium-term outlook
>Adjusted EBITDA better than expected - Adjusted EBITDA came to -€ 65m, above the consensus at -€ 72m. We retain: 1/ total sales (already reported) down 57% y-o-y at € 154m, impacted by an unfavourable base effect as 2022 included € 280m in revenues related to the Covid vaccine supply agreement (product sales are up 26% and 63% excluding Covid vaccines); 2/ a total gross margin for product sales stable at 46% vs 45.5% in 2022, but down for Ixiaro (52% vs 62% in 2022)...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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