Biotech firm Valneva guides for nearly double product sales by 2026

France’s Valneva on Wednesday (Mar 20) said it expects to nearly double its annual product sales by 2026, and edged up its 2024 product sales guidance as it banks on growth from its travel vaccines and the launch of its Ixchiq vaccine.

The biotech firm expects travel vaccines Ixiaro and Dukoral to drive mid-term sales, it said, including Ixiaro sales posting double-digit growth for at least the next three years.

That, coupled with the launch of Ixchiq, the first vaccine for the chikungunya virus which is spread primarily by infected mosquitoes, should allow the group to nearly double annual product sales by 2026, Valneva said.

For 2024, it forecast revenue of 170 million euros (S$247.7 million) to 190 million euros with product sales of 160 million to 180 million, slightly above the range of 150 million to 180 million it gave last month.

At the same time, Valneva said it expects its third-party sales to drop by an estimated 20 to 30 per cent this year, slimming to a fall of less than 5 per cent of product sales by 2026 to 2027, as it ends its collaboration with Bavarian Nordic.

In 2023, Valneva said it had narrowed its adjusted earnings before interest, taxes, depreciation and amortisation loss to 65.2 million euros, from 69.2 million euros a year earlier.

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Its shares were down around 3 per cent at 0850 GMT, after gaining 4.7 per cent in early trading.

Rx Securities analyst Samir Devani noted the sell-off followed a rise in the shares ahead of the results.

The company’s “rosy” mid-term outlook and stringent cost management mean Valneva is “sufficiently financed towards sustainable profitability”, Kempen analysts said. Reuters