Valneva SE (VALN), a French biotech company, on Tuesday recorded a turnaround to net income for the first-quarter, supported by a net gain of 90.8 million euros from the sale of the priority review voucher or PRV. In addition, the company has reaffirmed its annual revenue outlook.
For the three-month period, the drug maker registered a net profit of 58.9 million euros, compared with a loss of $18.1 million euros, posted for the same period last year.
Excluding items, EBITDA was at 73 million euros as against a loss of 12.3 million euros in 2023.
Product sales remained flat at 32.1 million euros.
Total revenues slipped to 32.8 million euros from previous year's 33.5 million euros. The company noted that the currency fluctuations had an immaterial impact on sales compared to the comparator period.
Looking ahead, for the full year, Valneva continues to expect other income of 100 million euros to 110 million euros, reflecting 95 million euros in proceeds from the PRV sale.
Annual research and development investments are still projected to be in the range of 60 million euros to 75 million euros, mostly focused on the ongoing chikungunya development activities, the Zika trial, and advancement of pre-clinical programs.
Valneva still projects annual revenues of 170 million euros to190 million euros, which includes 160 million euros to 180 million euros of sales driven by growth of Valneva's proprietary products.
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