Valneva SE, a specialty vaccine company listed on both Nasdaq and Euronext Paris, reported its revenue and cash balance for the full year 2022 and provided first full year 2023 sales guidance. The Company is set to report its 2022 audited consolidated financial statements on March 23, 2023. This is an exciting development for investors, as they have a better view of the company’s financial performance and future outlook.
In 2022, Valneva achieved remarkable success despite a challenging economic climate. After achieving clinical and regulatory success, the company opted to wind-down its COVID-19 activities and focus on its lead programs. Valneva also managed to capitalize on the travel industry recovery by reactivating the production of commercial vaccines, thereby strengthening its cash and shareholder base. This included attracting leading investors and retaining the backing of existing shareholders. Boasting close to €290 million in cash, Valneva entered 2023 in a strong position to support commercial growth and R&D programs. Peter Bühler, Valneva’s Chief Financial Officer, commented, “We are thrilled with our progress.”
Valneva saw a notable 3.8% increase in its total revenues in 2022, with €361.3 million recorded compared to the previous year’s €348.1 million.
Valneva saw an impressive 82.3% year-on-year increase in product sales in 2022, reaching €114.8 million compared to €63.0 million in 2021. This growth was largely due to a strong recovery in travel vaccine sales (€85.2 million) and COVID-19 vaccine sales in Europe and Bahrain (€29.6 million), which both surpassed expectations. When adjusted for currency exchange rate fluctuations, this represents a 66.7% increase in product sales compared to the previous year.
IXIARO®/JESPECT® saw a decrease of 8.4% (18.6% at CER) in sales for 2022 compared to 2021, with €41.3 million in sales for 2022. This decrease was largely due to lower sales to the U.S. Department of Defense. On the other hand, the recovery of the private travel markets resulted in private sales reaching €28.8 million in 2022, a significant increase from the €7.1 million seen in 2021.
DUKORAL® experienced an impressive 610.3% (629.2% at CER) growth in sales from 2021 to 2022, jumping from €2.4 million to €17.3 million. This tremendous success was largely due to the recovery of the private travel markets.
In 2022, Third Party product sales skyrocketed to €26.5 million, a staggering 72.1% increase from the €15.4 million recorded in 2021.
In 2022, our Other Revenues, which include collaborations, licensing and services, came in at €246.5 million, a decrease from 2021’s €285.1 million. This was largely due to revenue recognition related to prior COVID-19 vaccine supply agreements.
At the end of 2022, our cash and cash equivalents amounted to €289.4 million, a decrease of €57.3 million from the €346.7 million reported at the end of 2021. This decrease was largely due to the strategic investments we made during the year, such as the €102.9 million raised from an upsized global offering in October, the €90.5 million from Pfizer in June, and the $40 million drawn from the Deerfield & OrbiMed loan agreement.
About Valneva SE
Valneva is a specialized vaccine company dedicated to revolutionizing the prevention of infectious diseases. By utilizing their deep understanding of vaccine science, they have developed and commercialized three vaccines, and are rapidly advancing a broad range of candidates including those to fight Lyme disease and the chikungunya virus. With the help of their specialized and targeted approach to vaccine development, they are poised to make a lasting impact in the fight against infectious diseases with significant unmet medical needs.