Half Year 2024 Valneva SE Earnings Call Transcript
Key Points
- Valneva SE (INRLF) reported product sales of EUR68.3 million for the first half of 2024, including first recognized sales for IXCHIQ, aligning with anticipated supply and sales phasing.
- The company achieved significant R&D milestones, including the development of a new Shigella vaccine and strategic partnerships to accelerate its progress.
- Valneva SE (INRLF) received additional IXCHIQ approvals in Canada and Europe, slightly ahead of schedule, allowing for market launches in the last quarter of the year.
- The company maintained a solid cash position due to the successful sale of a priority review voucher and deferral of loan reimbursement.
- Valneva SE (INRLF) reported positive Phase 3 IXCHIQ data in adolescents and published two-year antibody persistence data, supporting further label extensions.
- DUKORAL sales declined by 13% year-over-year due to reduced marketing investments and regulatory evaluations.
- Total revenues decreased by 4% compared to the first half of 2023, driven by lower revenues from R&D collaborations and prior year COVID-19 vaccine sales.
- The total gross margin was adversely affected by IXCHIQ-related overhead costs and idle costs related to new manufacturing sites.
- Research and development expenses increased from EUR26 million to EUR29.7 million, mainly due to tech transfer costs and higher R&D spend for IXCHIQ.
- The company faces challenges in building awareness and adoption for the new chikungunya vaccine, IXCHIQ, as it is a brand-new disease and vaccine.
Hello and thank you for joining us to discuss Valneva's first half 2024 results and corporate update. It's my pleasure to welcome you today.
In addition to our press release and analyst presentation, you can find our consolidated financial results for the six months ended June 30, 2024, which were published earlier today, available within the Financial Reports section on our Investor website.
I'm joined today by Valneva's CEO Thomas Lingelbach; and our CFO Peter Buhler, who will provide an overview and update on our business as well as our key financial results for the first half. There will be an analyst Q&A session at the conclusion of the prepared remarks.
Before we begin, I'd like to remind listeners that during this presentation, we will be making forward-looking statements which are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by these forward-looking statements. You can find additional information about these
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