Q3 2024 Valneva SE Earnings Call Transcript
Key Points
- Valneva SE (INRLF) reported product sales of over EUR110 million for the first nine months of 2024, aligning with company guidance.
- The company has a strong cash position of more than EUR150 million, indicating solid financial health.
- Valneva SE (INRLF) is on track with its Lyme Disease vaccine program, with regulatory filings expected in 2026 and potential approval in 2027.
- The company has achieved FDA fast track designation for its Shigella vaccine program, highlighting its potential in addressing a significant health need.
- Valneva SE (INRLF) anticipates sustained profitability from 2027 onwards, driven by successful vaccine programs and improved commercial sales margins.
- The uptake of IXCHIQ in the US market has been slower than anticipated, leading to a narrowed sales guidance.
- Research and development expenses increased due to tech transfer costs, impacting overall financial performance.
- The company faces supply constraints affecting third-party product sales, which declined by 23% year over year.
- Valneva SE (INRLF) is still awaiting the MMWR publication, which is crucial for driving retail growth in the US.
- The transition of manufacturing operations to the new site in Scotland will continue to incur costs into 2025.
Thank you and hello for joining us to discuss the financial results for the first nine months, 2024 and a 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 nine months ended. September 30th 2024 which were published earlier today available within the financial reports section of 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 financial results. 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 risks and
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