Valneva Reports Loss in Y2021, Has Big Plans for 2022
March 24, 2022Valneva SE (Nasdaq: VALN; Euronext Paris: VLA), a specialty vaccine company, has reported €73 million net loss in its audited consolidated financial results for the year ending December 31, 2021 and provided corporate updates.
The company reported EBITDA loss in 2021 of €47.1 million compared to an EBITDA loss of €45.2 million in 2020.
Valneva reported 216% increase in revenue to €348.1 million. The increase was driven by revenues recognized in relation to the terminated UK COVID-19 vaccine supply agreement for non-refundable payments received up to December 31st, 2021. The company also reported increase in revenues of Third Party product sales which grew by 271.0% to €15.4 million in 2021 from €4.2 million in 2020. The increase in Third Party product sales was driven by incremental sales related to Valneva’s distribution agreement with Bavarian Nordic for the sales of Rabipur/RabAvert and Encepur, which commenced in certain territories in 2021, the company said.
Product sales decreased by 4.5% to €63.0 million in 2021 compared to €65.9 million in 2020 as the travel industry continued to be impacted by the COVID-19 pandemic, the company reported. Also, IXIARO/JESPECT product sales decreased by 6.9% to €45.1 million in 2021 compared to €48.5 million in 2020. The impact of the COVID-19 pandemic was mitigated by sales to the U.S. Government’s Department of Defense (DoD) during the period. DUKORAL product sales declined by 81.7% to €2.4 million in 2021 compared to €13.3 million in 2020.
Research and development investments continued to increase in 2021, growing to €173.3 million compared to €84.5 million in 2020. This was mainly driven by investments in Valneva’s COVID-19 vaccine candidate, VLA2001, as well as Phase 3 clinical study costs for Valneva’s chikungunya vaccine program, VLA1553. Excluding COVID-19, research and development investments amounted to €59.4 million in 2021 compared to €65.5 million in 2020, the company said in its press release.
Peter Bühler, Valneva’s Chief Financial Officer, commented, “2021 was an exceptional year for Valneva, marked by unprecedented R&D progress and our successful Nasdaq listing. 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. With close to €350 million in cash, we entered 2022 in a strong position and will continue to focus on gaining regulatory approvals and preparing market entry for our key late-stage programs.”
Valneva is expecting growth in revenue in 2022 of €430 to €590 million, including: €350 to €500 million of COVID-19 vaccine sales subject to regulatory approvals and deliveries of VLA2001, €60 to €70 million of other vaccine sales and approximately €20 million of Other Revenues (revenues from collaborations, licensing and services).
R&D expenses expected between €160 million to €200 million, the company said in its financial guidance for year 2022.
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