Valneva targets 2022 revenue boost on COVID-19 vaccine

The logo of French-Austrian biotech firm Valneva is seen outside their headquarters in Vienna, Austria, December 16, 2021. REUTERS/Lisi Niesner

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Feb 3 (Reuters) – French vaccine developer Valneva (VLS.PA) expects its COVID-19 vaccine candidate to considerably boost its yearly sales in 2022, after they already fuelled what it calls an “exceptional” 2021.

The company expects to record sales of 350 million to 500 million euros of its VLA2001 COVID-19 vaccine in 2022, bringing its revenue targets for the year to 430 million to 590 million euros ($485.73 million to $666.46 million), subject to regulatory approvals and deliveries of VLA2001.

In December, the European Union’s drug regulator started a rolling review of Valneva’s inactivated-virus COVID-19 vaccine, weeks after the EU signed a deal with the company for up to 60 million shots. read more

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“We reported positive Phase 3 results for two vaccine candidates (COVID-19 and chikungunya) and we expect both vaccines, if approved, to make a positive change to people’s lives,” the biotech’s finance chief, Peter Buehler, said in a statement, adding that 2021 was an “exceptional year” marked by the EU supply agreement and the company’s U.S. listing in May. read more

The sales of other vaccines are expected at 60 million to 70 million euros in 2022, the company said, having reported 2021 revenues soaring 216% to 348.1 million, as it had recognised revenues from a terminated vaccine supply contract in Britain.

In September, the British government ended a 1.4 billion euro contract to supply VLA2001, claiming that Valneva was in breach of its obligations, which the company denied. UK Health Secretary Sajid Javid later added that the country would not have approved the vaccine. read more

The firm’s cash position, boosted by the Nasdaq listing and pre-payments on the EU deal, at the end of December amounted to 346.7 million euros

Valneva’s shares, highly reactive to any news on its COVID-19 vaccine, have fallen about 30% this year so far to, almost half their highest price ever of 28.48 euros reached in November last year.

($1 = 0.8853 euros)

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Reporting by Piotr Lipinski in Gdansk; Editing by Christian Schmollinger and Gerry Doyle

Our Standards: The Thomson Reuters Trust Principles.