- Total revenues and grants grew to €70.7 million in the first nine months of 2016 (vs. €60.7 million in the same period of 2015) benefiting from a more than 60% increase of IXIARO ®/JESPECT ® revenues to €40.1 million.
- Valneva reported a positive EBITDA of €3.5 million in the first nine months of 2016 (vs. an EBITDA loss of €4.3 million in the same period of 2015) despite a slightly negative EBITDA of minus €1.2 million in the third quarter of 2016 (vs. €1.0 million positive EBITDA in the same period of 2015).
- Nine months 2016 net loss was impacted by a non-cash impairment charge on acquired intangible assets following the discontinuation of the Pseudomonas program in Q2.
- Positive operating cash flow of €8.0 million in the first nine months of 2016 brought cash position to €40.3 million as of September 30, 2016 (vs. €37.3 million as of September 30, 2015).
- Strong nine months performance was driven by revenue and EBITDA growth in the first two quarters of 2016, while third quarter 2016 revenues and grants slightly decreased to €19.4 million (vs. €21.5 million in the third quarter of 2015) due to usual quarterly fluctuations.
- The Company now expects EBITDA profit of €1-5 million in FY 2016 compared to its previous guidance of less than €5 million of EBITDA loss, while still investing around €25 million in R&D.
- Valneva narrows its revenue guidance to the upper end of the previously communicated range and now expects FY 2016 IFRS revenues to reach between €95 and €100 million with product sales of between €75 and €80 million and a gross margin on product sales higher than 50%.
- Following successful completion of Phase II and comparison of its data with the only more advanced vaccine program targeting primary prevention of Clostridium difficile Infections, Valneva continues to seek a partner and is in discussion with several potential partners. The Company has therefore revised its expected timelines for entering into a partnering deal to 2017.
- Valneva confirms it will initiate a Phase I clinical trial of its Lyme borreliosis vaccine candidate before the end of 2016. The Company will hold a Key Opinion Leader conference and live webcast for investors on Lyme in New York on December 12, 2016.
- Valneva expects to launch a second clinical program in 2017 from its promising pre-clinical portfolio which includes vaccine candidates against Chikungunya and Zika.
|€ in thousand||3 months ended September 30,||9 months ended September 30,|
|Revenues & grants||19,354||21,468||70,741||60,682|
|Net operating cash flow||4,155||(6,054||)||7,990||(19,032||)|
|Cash, short-term deposits and marketable securities, end of period||40,293||37,258||40,293||37,258|