Valneva SE (Nasdaq: VALN; Euronext Paris: VLA), a specialty vaccine company, today announced that the Company is modifying its financial guidance for 2023. Product sales guidance remains unchanged, as do anticipated R&D expenses. The €90 million to €110 million of other income related to proceeds from potential sale of the Company’s priority review voucher (PRV), which was previously expected before year-end, is now expected in early 2024.
The Company’s previous guidance included expected total revenues and other income between €220 million and €260 million1. The modified 2023 guidance now includes the previously stated product sales revenue of €130 million to €150 million, which the Company remains on track to achieve, as well as R&D expenses between €60 million and €70 million, which were recently reduced2, primarily driven by lower than anticipated costs related to the closeout of the Company’s COVID-19 activities.
Peter Bühler, Chief Financial Officer of Valneva, said, “We remain confident in our ability to sell our priority review voucher successfully at a price within the previously suggested range. As we continue to work actively toward a potential sale agreement, we look forward to providing an update in the new year.”
The Company was awarded a tropical disease PRV in November 20233 following U.S. FDA approval of IXCHIQ®, Valneva’s single-dose, live-attenuated vaccine indicated for the prevention of disease caused by chikungunya virus (CHIKV) in individuals 18 years of age and older who are at increased risk of exposure to CHIKV. With this approval, IXCHIQ® became the world’s first licensed chikungunya vaccine available to address this unmet medical need. Valneva expects to launch the vaccine in the U.S. in early 2024.
The Company has also drawn down the remaining $50 million made available under its debt financing agreement with funds managed by U.S. investment firms Deerfield Management Company and OrbiMed4.
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