February 27, 2020 / 6:52 AM / a month ago

BRIEF-Valneva FY Net Result Turns To Loss Of 1.7 Million Euros

Feb 27 (Reuters) - Valneva SE:

* PRODUCT SALES REVENUE OF EUR 129.5 MILLION (EUR 125.0 MILLION AT CER) IN 2019, REPRESENTING 25% GROWTH

* DUKORAL(®) SALES REVENUE GROWTH OF 4% (3% AT CER) IN 2019

* GROSS MARGIN ON PRODUCT SALES REVENUES OF 65.3% IN 2019

* EBITDA(4) EXCLUDING EFFECT OF GSK SAA TERMINATION WOULD HAVE BEEN EUR 18.5 MILLION IN 2019

* TOTAL REVENUE ESTIMATED TO BE BETWEEN EUR 135 MILLION AND EUR 145 MILLION IN 2020

* NET CASH GENERATED BY OPERATING ACTIVITIES IN FIRST NINE MONTHS OF 2019 AMOUNTED TO EUR 5.5 MILLION COMPARED TO EUR 16.3 MILLION IN 2018

* VALNEVA EXPECTS PRODUCT SALES REVENUES OF BETWEEN EUR 125 MILLION AND EUR 135 MILLION IN 2020

* STRONG CASH POSITION OF €64.4 MILLION AT THE END OF DECEMBER 2019

* MAJOR RESEARCH AND DEVELOPMENT MILESTONES EXPECTED IN 2020: LYME DISEASE VACCINE CANDIDATE VLA15 FIRST PHASE 2 DATA EXPECTED MID-2020

* MAJOR RESEARCH AND DEVELOPMENT MILESTONES EXPECTED IN 2020: CHIKUNGUNYA VACCINE CANDIDATE VLA1553: FINAL PHASE 3 PLANS FOLLOWING EOP2 MEETING WITH FDA EXPECTED DURING FIRST QUARTER 2020

* “RECENTLY STRENGTHENED OUR CAPITAL BASE TO FUND OUR KEY PIPELINE ASSETS AND WITH EYE TO A POTENTIAL US IPO IN FIRST HALF OF 2021” - CFO

* SAYS GROSS MARGIN IS EXPECTED TO BE SIMILAR TO 2019 LEVELS AT AROUND 65% AND NET OPERATING MARGIN, PRIOR TO RESEARCH AND DEVELOPMENT INVESTMENTS5, IS EXPECTED TO BE BETWEEN 30% AND 35%

* EXPECTS NEGATIVE EBITDA OF UP TO €35 MILLION IN 2020 DUE TO THE INVESTMENT INTO ITS LYME AND CHIKUNGUNYA PROGRAMS AS THEY ADVANCE INTO LATE STAGE DEVELOPMENT

* SAYS OTHER REVENUES (SERVICE REVENUE, LICENSE FEES) ARE EXPECTED TO BE UP TO €10 MILLION IN 2020

* VALNEVA’S TOTAL REVENUES IN 2019 WERE €126.2 MILLION (€136.9 MILLION EXCLUDING GSK SAA TERMINATION REVENUE RECOGNITION EFFECT) VERSUS €113.0 MILLION IN 2018

* FY NET LOSS EUR 1.7 MILLION VERSUS PROFIT EUR 3.3 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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