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Saint-Herblain (France), February 16, 2023 – Valneva SE (NASDAQ:VALN, PARIS:VLA) a specialty vaccine company, today reported its revenue and cash balance for the full year 2022 and provided first full year 2023 sales guidance. The Company will report its 2022 audited consolidated financial statements on March 23, 2023.
Peter Bühler, Valneva's Chief Financial Officer, commented, "In 2022, Valneva successfully executed on key strategic objectives despite a difficult economic environment. After achieving clinical and regulatory success, we decided to wind-down our COVID-19 activities and focus on our lead programs. We were agile in reactivating production of our commercial vaccines to capitalize on the travel industry recovery. We also managed to strengthen our cash and our shareholder base, attracting leading investors and maintaining the support of our existing shareholders. With close to €290 million in cash, we entered 2023 in a strong position to support expected commercial growth and R&D programs."
Revenues
Valneva's total revenues were €361.3 million in 2022 compared to €348.1 million in 2021, an increase of 3.8%.
Valneva's total product sales reached €114.8 million in 2022 compared to €63.0 million in 2021, an increase of 82.3%. This was driven by a continued recovery of travel vaccine sales that surpassed expectations (€85.2 million vs. guidance of €70 to €80 million) complemented by COVID-19 vaccine sales in Europe and Bahrain (€29.6 million). On a constant exchange rate (CER) basis, product sales increased by 66.7% in 2022 as compared to 2021.
IXIARO®/JESPECT® sales were €41.3 million in 2022 compared to €45.1 million in 2021, a decrease of 8.4% (18.6% at CER), driven by lower sales to the U.S. Department of Defense. This decrease was partly offset by the significant recovery of the private travel markets, with IXIARO®/JESPECT® private sales reaching €28.8 million in 2022 compared to €7.1 million in 2021.
DUKORAL® sales were €17.3 million in 2022 compared to €2.4 million in 2021, an increase of 610.3% (629.2% at CER), also benefitting from the significant recovery in the private travel markets.
Third Party product sales grew to €26.5 million in 2022 compared to €15.4 million in 2021, an increase of 72.1%.
Other Revenues, including revenues from collaborations, licensing and services, amounted to €246.5 million in 2022 compared to €285.1 million in 2021. These were mainly driven by revenue recognition related to previous COVID-19 vaccine supply agreements.
Liquidity
Cash and cash equivalents were €289.4 million as of December 31, 2022, compared to €346.7 million as of December 31, 2021. This included €102.9 million of gross proceeds from an upsized global offering completed in October 2022, €90.5 ($95) million from an equity investment by Pfizer completed in June 2022 as well as drawing of a total of $40 million from the Deerfield & OrbiMed loan agreement.
