Full Year 2024 Valneva SE Earnings Call Transcript
Key Points
- Valneva SE (INRLF) achieved double-digit year-on-year sales growth, with sales exceeding EUR160 million, aligning with their 2024 guidance.
- The company maintained a strong cash position at year-end, close to EUR170 million, with a significantly lower operating cash burn.
- Valneva SE (INRLF) successfully executed regulatory approvals, including three additional IXCHIQ approvals and significant label extensions.
- The company expanded access to IXCHIQ with launches in Canada, Europe, and the UK, and entered a new Asian partnership for key endemic markets.
- Valneva SE (INRLF) anticipates transformative potential for its Lyme vaccine candidate VLA 15, with phase 3 study data readout expected by the end of 2025.
- The company experienced delays in the approval process for IXCHIQ in Brazil, affecting the timeline for starting the pilot vaccination program.
- Valneva SE (INRLF) reported a decrease in third-party sales due to supply constraints and a strategic focus on proprietary products.
- Research and development expenses increased by 24% in 2024, driven by tech transfers and new vaccine candidates, impacting overall costs.
- The company faces uncertainties related to the timing of regulatory processes, such as the MMWR publication and ACIP meetings, affecting market access.
- Valneva SE (INRLF) acknowledged that the ramp-up of IXCHIQ sales was slower than anticipated, requiring a revision of midterm sales guidance.
Hello and thank you for joining us to discuss Valneva's full year 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 12 months end of December 31st, 2024, which were published earlier today, available within the financial report section on our investor website.
I'm joined today by Valneva's CEO, Thomas Lingelbach and CFO, Peter Buhler, who will provide an overview and update on our business as well as our key financial results for 2024. 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'll be making forward-looking statements, which are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements.
You can find additional information about these risks and uncertainties
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